今日（10月22日），港股市场全天表现低迷。 截至收盘，恒指报收于25781.77点，下跌245.78点，跌幅0.94%。 打开百度APP畅享高清图片 恒生科技指数报收于5923.09点，下跌84.85点，跌幅1.41%。 消息面，美银重申泡泡玛特"买入"评级，预计第四季将持续推出新产品。美银证券发表研究报告指出， 泡泡玛特第三季业绩表现强劲，收入按年增长245%至250%，超出市场预期。该行重申"买入"评级，目 标价为400港元。 此外，中银国际上调泡泡玛特目标价至405.6港元，维持"买入"评级。 瑞银上调泡泡玛特目标价至435港元；摩根大通上调泡泡玛特目标价至350港元；里昂维持泡泡玛特"跑 赢大市"评级。 焦点公司方面，中铝国际（601068.SH）A股涨停，带动H股午后飙升，最终收盘大涨30%。 消息面，有媒体称，力拓考虑与中铝集团进行资产换股权交易，但截至发稿，公司方面尚无正式消息发 布。 另外，泡泡玛特（09992.HK）公布财报后，今日高开近8%，但随后涨幅收窄，最终上涨2.4%，报256.4 港元。 其他方面，盘面上，科网股全线下跌，网易跌超3%，联想跌超2%，快手、百度、阿里巴巴、哔哩哔 ...

Market Overview - The Hong Kong stock market failed to maintain its rebound, with the three major indices experiencing fluctuations and declines. The Hang Seng Index closed down 0.94% at 25,781.77 points, with a total trading volume of 227.54 billion HKD [1] - The largest external uncertainty facing the market is the US-China rivalry, which affects investor sentiment and causes short-term volatility. However, it is anticipated that after this short-term adjustment, the Hong Kong market may present a better entry opportunity [1] Blue-Chip Stocks Performance - Pop Mart (09992) rose 2.4% to 256.4 HKD, contributing 6.98 points to the Hang Seng Index. The company reported a projected revenue growth of 245%-250% year-on-year for Q3 2025, with China revenue up 185%-190% and overseas revenue up 365%-370% [2] - Other blue-chip stocks included China National Pharmaceutical (01099) up 4.27%, Shenzhou International (02313) up 1.72%, while Chow Tai Fook (01929) fell 5.65% and CSPC Pharmaceutical (01093) dropped 5.16%, negatively impacting the index [2] Sector Performance - Large technology stocks showed weak performance, with Alibaba down nearly 2% and Tencent down over 1%. Gold stocks collectively declined due to significant market sell-offs, with China Silver Group (00815) down 8.33% and Lingbao Gold (03330) down 4.75% [3][4] - Conversely, banking and oil stocks were active, with China Oilfield Services (601808) up over 3% and Agricultural Bank of China up 1.56%, reaching a historical high [3][4] Banking Sector Insights - Everbright Securities noted that the banking sector is entering a favorable reallocation window, with strong operational resilience and stable earnings expected for the upcoming quarterly reports. The sector's "high dividend, low valuation" attributes are becoming more pronounced [5] - The banking stocks showed positive movement, with Chongqing Bank (01963) and Agricultural Bank of China (01288) both up 1.56% [4][5] Oil and Gas Sector - Oil and gas stocks generally rose, with Sinopec Oilfield Services (01033) up 4.76% and Shandong Molong (00568) up 4.65%. The deep-sea economy concept is gaining attention, with Brent crude oil futures rising over 2% [5][6] Notable Stock Movements - Xuan Bamboo Biotechnology (02575) surged 31.87% after presenting positive clinical trial results for breast cancer treatment [7] - Chalco International (02068) rose 30.52% amid reports of potential asset swaps with Rio Tinto [8] - Guanghe Tong (00638) fell 11.72% on its first trading day, while Lao Pu Gold (06181) dropped 8.21% due to a planned share placement [9][10] - Innovent Biologics (01801) experienced a decline of 1.96% despite announcing a significant global strategic partnership with Takeda Pharmaceuticals [11]

Market Overview - The Hong Kong stock market failed to maintain its rebound, with the Hang Seng Index closing down 0.94% at 25,781.77 points and a total turnover of 227.54 billion HKD [1] - The largest external uncertainty facing the market is the US-China rivalry, which has impacted investor sentiment and caused short-term volatility [1] Blue Chip Performance - Pop Mart (09992) rose 2.4% to 256.4 HKD, contributing 6.98 points to the Hang Seng Index, with projected revenue growth of 245%-250% year-on-year for Q3 2025 [2] - Other blue chips included China National Pharmaceutical Group (01099) up 4.27% and Shenzhou International (02313) up 1.72%, while Chow Tai Fook (01929) fell 5.65% [2] Sector Performance - Large tech stocks showed weak performance, with Alibaba down nearly 2% and Tencent down over 1% [3] - Gold and silver stocks faced significant declines due to geopolitical factors and profit-taking, with China Silver Group (00815) down 8.33% [4] - Banking stocks were active, with Chongqing Bank (01963) and Agricultural Bank of China (01288) both up 1.56% [4][5] Notable Company Developments - Xuan Bamboo Bio (02575) reached a new high, rising 31.87% after presenting positive clinical trial results for breast cancer treatment [7] - Chalco International (02068) surged 30.52% amid reports of potential asset swaps with Rio Tinto [8] - Guanghe Communication (00638) debuted below its offering price, falling 11.72% [9] - Laopuhuang (06181) saw a significant drop of 8.21% after announcing a discounted share placement [10] - Innovent Biologics (01801) announced a global strategic partnership with Takeda Pharmaceutical, potentially worth up to 114 billion USD [11]

Core Insights - JPMorgan's report indicates that Pop Mart (09992) experienced a significant year-on-year sales growth of 245% in Q3, surpassing the bank's expectation of 140% and the market's expectation of 180% [1] - The quarter-on-quarter growth for Q3 is projected to be 64% [1] - For Q4, JPMorgan forecasts a year-on-year sales growth of 184%, driven by increased production capacity and upcoming traditional holidays such as Halloween, Thanksgiving, Black Friday, and Christmas [1] - The bank has raised its profit forecasts for Pop Mart for the years 2025 to 2027 by 9% to 17% [1] - The current projections for this year indicate a sales growth of 209% and a profit growth of 340% [1] - The target price for Pop Mart has been increased from HKD 320 to HKD 350, maintaining an "Overweight" rating [1]

Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for Pop Mart (09992), projecting significant revenue growth driven by strong IP potential and overseas expansion opportunities [1] Group 1: Business Performance - The company's Q3 2025 unaudited overall revenue is expected to grow by 245%-250% year-on-year, with China region revenue increasing by 185%-190% and overseas revenue by 365%-370% [1] - In the China region, offline channel revenue is projected to grow by 130%-135% year-on-year, while online channel revenue is expected to increase by 300%-305% [1] - The overseas market continues to show high growth, with the Asia-Pacific region expected to grow by 170%-175%, the Americas by 1265%-1270%, and Europe and other regions by 735%-740% [1] Group 2: Market Trends - The online growth rate in the domestic market exceeded 300% in Q3, significantly higher than the 212% growth in the first half of the year, attributed to enhanced channel strategies and new sales channels [2] - The Americas market is expected to experience monthly fluctuations due to restocking rhythms, while the European market focuses on expanding into underdeveloped areas [2] Group 3: Future Outlook - For Q4, the company anticipates continued high revenue growth driven by e-commerce promotions in China and the North American shopping season starting with Halloween [3] - Looking ahead to 2026, the company expects smooth store performance improvements in China and the Asia-Pacific region, with significant growth potential in the Americas and Europe [3]

智通财经APP获悉，摩根大通发布研报称，泡泡玛特(09992)第三季销售同比增长245%至250%，远超该 行预期的140%及市场预期的180%，按季比较第三季料增长64%。小摩预测泡泡玛特第四季销售同比增 长184%，当中主要受到产能增加及即将来临的万圣节、感恩节、黑色星期五及圣诞节等一系列传统节 日所推动，相应将其2025至2027年盈利预测上调9%至17%，目前预测今年销售及盈利同比分别增长 209%及340%，目标价从320港元上调至350港元，评级"增持"。 ...

Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for Pop Mart (09992), projecting significant revenue growth driven by strong IP potential and overseas expansion opportunities [1] Group 1: Business Performance - For Q3 2025, the company's overall revenue is expected to grow by 245%-250% year-on-year, with China revenue increasing by 185%-190% and overseas revenue by 365%-370% [1] - In China, offline channel revenue is projected to grow by 130%-135%, while online channel revenue is expected to increase by 300%-305% [1] - The overseas market shows robust growth, with the Americas expected to grow by 1265%-1270%, Asia-Pacific by 170%-175%, and Europe and other regions by 735%-740% [1] Group 2: Market Dynamics - The online growth in the domestic market exceeded 300% in Q3, significantly higher than the 212% growth in the first half of the year, attributed to enhanced channel strategies and new sales channels [2] - The Americas market is experiencing monthly fluctuations due to restocking rhythms, while the European market focuses on expanding into untapped regions [2] Group 3: Future Outlook - The company anticipates continued high growth in Q4, driven by e-commerce promotions in China and the North American shopping season starting with Halloween [3] - For 2026, the company expects smooth store performance improvements in China and Asia-Pacific, with significant growth potential in the Americas and Europe through new store openings and partnerships [3]

Core Insights - Pop Mart announced a significant revenue growth for Q3 2025, with overall revenue increasing by 245%-250% year-on-year, driven by strong performance in both domestic and international markets [2] Revenue Performance - Domestic revenue in China grew by 185%-190% year-on-year, while overseas revenue surged by 365%-370% [2] - Offline channels, including retail stores and robot stores, saw a year-on-year increase of 130%-135%, whereas online channels, including Pop Mart's box machines and flagship stores on platforms like Tmall and Douyin, experienced a growth of 300%-305% [2] International Market Growth - The Asia-Pacific market reported a revenue increase of 170%-175% year-on-year, while the Americas market saw an extraordinary growth of 1265%-1270% [2] - Europe and other regions experienced a revenue growth of 735%-740% year-on-year [2] IP Performance - The IP LABUBU under Pop Mart achieved explosive growth, with revenue from THE MONSTERS reaching 4.81 billion yuan, accounting for 34.7% of total revenue, compared to 626 million yuan in the same period last year, marking a year-on-year increase of approximately 668.4% [2] Anniversary and Events - This year marks the tenth anniversary of LABUBU, and Pop Mart is hosting a year-long global tour exhibition for THE MONSTERS, with the first stop in Shanghai [3] - Apple CEO Tim Cook attended the Shanghai exhibition alongside Pop Mart's founder Wang Ning and artist Long Jiasheng, showcasing original manuscripts and diverse products from the LABUBU series [3] - The exhibition will continue to various cities, including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [3] Product Development - LABUBU, inspired by Nordic mythology, has launched several products over the years, including the "THE MONSTERS Forest Concert Series" in collaboration with Long Jiasheng in April 2019 [3] - In 2025, the third generation of LABUBU's plush keychains, "High Energy Ahead," was released, leading to Pop Mart's app reaching the top of the US App Store shopping chart for the first time [3]

Core Insights - The LABUBU series from Pop Mart, which previously faced a price collapse and had over 60% of users bearish, has recently regained market interest with new Halloween-themed blind boxes selling out quickly and hidden items commanding premiums over 13 times their original price [1][7]. Price Trends - The LABUBU series experienced a significant price drop in late August, with initial prices for the fourth generation mini LABUBU series soaring to 1500-3200 RMB for unopened sets, but by early September, prices plummeted by over 50% [4][5]. - The third generation LABUBU series also saw drastic declines, with items that were once valued at 594 RMB dropping to 600-700 RMB, and previously high-priced hidden items falling by over 40% [4][5]. Market Sentiment - A survey indicated that among 14,000 users searching for LABUBU, 67% believed prices would continue to decline, reflecting a bearish sentiment in the market [5]. Recent Market Recovery - In October, new releases such as the Halloween "WHY SO SERIOUS" series and the "Star People" series have sparked renewed interest, with the Halloween series selling out within minutes and hidden items reaching peak prices of 2289 RMB, representing a 13.4 times premium [7][8]. - The "Star People" series also showed strong performance, with hidden items like "Little Bear Biscuit" achieving a peak price of 929 RMB, reflecting a nearly 14.7 times premium [8].

Core Viewpoint - Bank of America Securities reports that Pop Mart's Q3 performance is strong, with revenue growth of 245% to 250% year-on-year, exceeding market expectations [1] Group 1: Financial Performance - The company has raised its non-IFRS earnings per share estimates for the next two years by 14% and 12% respectively [1] - The target price for Pop Mart is set at HKD 400, with a reiterated "Buy" rating [1] Group 2: Future Outlook - For Q4, the company is expected to continue launching new products, which will be a key driver of growth [1]