Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - Great Wall Motor-R (82333) has the highest short-selling ratio at 100.00% [1] - JD Group-SWR (89618) follows with a short-selling ratio of 94.41% [1] - Bank of China Hong Kong-R (82388) ranks third with a short-selling ratio of 93.33% [1] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 4.633 billion [2] - Xiaomi Group-W (01810) has a short-selling amount of 1.448 billion [2] - Tencent Holdings (00700) follows with a short-selling amount of 1.011 billion [2] Group 3: Top Short-Selling Deviation Values - Bank of China Hong Kong-R (82388) has the highest deviation value at 56.68% [1] - China Ping An-R (82318) comes next with a deviation value of 51.38% [1] - China National Offshore Oil Corporation-R (80883) has a deviation value of 48.09% [1]

Group 1 - The core viewpoint of the article is the launch of the SOL China Consumption Trend ETF by Shinhan Asset Management in collaboration with Solactive, aimed at capturing growth in the Chinese consumer market [1][4] - The ETF tracks the Solactive-KEDI China Consumption Trend Index, which focuses on the growth dynamics of the consumer market in mainland China and Hong Kong [1][4] - The index is designed to select and track the top ten consumer or consumer staples companies listed in Hong Kong based on liquidity and growth, with a minimum rolling sales growth rate of 10% [2][3] Group 2 - The index composition includes companies such as 361 Degrees International, Alibaba Pictures, Anta Sports, and others, reflecting a diverse range of sectors including retail, dining, and entertainment [3] - The ETF is set to be listed on the Korean Exchange on November 25, 2025, highlighting the importance of domestic consumption in China's economic transition from export-driven to consumption-driven growth [4][5] - The ETF is positioned as the only "new consumption" ETF in Korea, providing investors with exclusive access to the emerging Chinese consumer market [5]

Group 1: Core Insights - South Korean asset management firm Shinhan Asset Management has launched the SOL China Consumption Trend ETF, which tracks the Solactive-KEDI China Consumption Index to capture growth in the consumer markets of mainland China and Hong Kong [1][5] - The ETF is set to be listed on the Korean Exchange on November 25, 2025, highlighting the importance of domestic consumption in China and the structural shift from export-driven growth to consumption-driven economy [5] Group 2: Index Composition and Methodology - The Solactive-KEDI China Consumption Index selects and tracks the top ten consumer discretionary or staples companies listed in Hong Kong based on liquidity and growth, including sectors like retail, dining, and entertainment [2][3] - Eligible constituents must have a rolling twelve-month sales growth rate of at least 10%, with the scoring based 30% on market capitalization and 70% on sales growth rate [2][3] Group 3: Current Index Constituents - As of now, the index includes companies such as 361 Degrees International Ltd, Alibaba Pictures Group Ltd, Anta Sports Products Ltd, and others, reflecting a diverse range of consumer sectors [4] Group 4: Investment Trends - In the past month, South Korean investors have shown significant interest in Chinese stocks, particularly in sectors like semiconductors and electric vehicles, with net purchases amounting to approximately $46.32 million in the Global X China Semiconductor ETF [6][8] - Cumulatively, since the beginning of 2025, South Korean investors have engaged in transactions totaling $10.32 billion in Hong Kong and A-shares, making China the second most favored overseas market after the United States [8]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor skepticism towards these companies [1][2]. Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 87.71%, followed by Ping An Insurance-R (82318) at 69.65% and Shougang Resources (00639) at 62.81% [1][2]. - The short-selling amounts for Alibaba-SW (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) are the highest, amounting to 5.06 billion, 1.62 billion, and 1.17 billion respectively [1][2]. Deviation Values - Shougang Resources (00639) leads in deviation value at 48.27%, followed closely by Ping An Insurance-R (82318) at 46.76% and FIH Mobile Limited (02038) at 46.20% [1][2]. - The deviation value indicates the difference between the current short-selling ratio and the average short-selling ratio over the past 30 days, suggesting heightened market volatility for these stocks [3].

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with specific focus on the top performers and laggards in terms of capital movement [1][2][3] Fund Inflows - The top three stocks with the highest net inflow are: - 盈富基金 (02800) with a net inflow of 74.33 billion, representing a 24.09% increase in capital [2] - 恒生中国企业 (02828) with a net inflow of 19.17 billion, showing a 29.84% increase [2] - 南方恒生科技 (03033) with a net inflow of 14.88 billion, reflecting a 14.32% increase [2] Fund Outflows - The top three stocks with the highest net outflow are: - 小米集团-W (01810) with a net outflow of -6.11 billion, indicating a -4.66% decrease [2] - 泡泡玛特 (09992) with a net outflow of -2.74 billion, showing an -8.07% decrease [2] - 兖矿能源 (01171) with a net outflow of -1.84 billion, reflecting a -43.34% decrease [2] Net Inflow Ratios - The stocks with the highest net inflow ratios are: - 南方港美科技 (03442) at 75.22% with a net inflow of 711.95 million [2] - 工银南方中国 (03167) at 75.00% with a net inflow of 10.4 million [2] - 保诚 (02378) at 64.37% with a net inflow of 539.33 million [2] Net Outflow Ratios - The stocks with the highest net outflow ratios are: - 中国春来 (01969) at -67.51% with a net outflow of -146.76 million [3] - 丘钛科技 (01478) at -58.59% with a net outflow of -969.83 million [3] - 中国东方教育 (00667) at -56.10% with a net outflow of -1830.56 million [3]

作为全球领先的潮流文化娱乐集团，泡泡玛特今年迎来了集团成立十五周年。2025上半年，泡泡玛特旗 下五大IP营收破十亿，13大IP营收破亿，IP影响力全球破圈，其中多款IP已经成为连接全球的情感纽 带，受到不同文化背景消费者的广泛认可与喜爱。随着国际化战略的深入推进，泡泡玛特的全球影响力 持续攀升：2025上半年，泡泡玛特四大区域业绩均实现超三位数增长，美洲增速超十倍，国际化战略迎 来首轮爆发。 今年以来，泡泡玛特持续进驻全球知名地标，在英国剑桥、印尼巴厘岛等地标性位置开设了首家门店。 截止目前，泡泡玛特全球门店数量已突破570家。近期，泡泡玛特中东地区首家门店登陆卡塔尔多哈哈 马德国际机场，成为首个入驻多哈机场的中国品牌。未来，泡泡玛特将继续坚守品牌初心，不断向上生 长，为全球消费者带来更多快乐和美好。 近日，《福布斯中国》正式发布"2025福布斯中国·出海全球化30&30"榜单。其中，泡泡玛特荣登"2025 福布斯中国出海全球化旗舰品牌30"榜单，一同入选该榜单的还有海尔集团、美的集团、商汤科技、携 程集团等多家企业。此外，泡泡玛特国际集团联席COO文德一也当选了"2025福布斯中国出海领军人 物"。 当下 ...

Core Insights - The Chinese潮玩 (trendy toy) market is rapidly growing, projected to reach 100 billion yuan by 2024, with a year-on-year growth of 26% to 727 billion yuan in 2024, driven by the emotional consumption needs of Generation Z [1][3][15] -潮玩 differs significantly from traditional toys in terms of target audience, functionality, and value, focusing on artistic design and collectibility, primarily appealing to consumers aged 14 and above [1][19][24] Market Overview - The潮玩 market is characterized by a strong presence of brands like泡泡玛特, which leads the industry with its original IPs such as Labubu and Molly, leveraging social media for viral marketing and community engagement [2][3] - The潮玩 industry is integrating new technologies like XR, AI, and NFC to create interactive products, expanding the functionality and user engagement of潮玩 [2] Industry Structure - The潮玩 industry has established a complete value chain from IP rights holders to manufacturers and retailers, with IP being a core driver of consumer demand [2][3] - Notable IPs such as Disney and Pokémon continue to empower潮玩 products through licensing agreements, while domestic IPs like米哈游 are also emerging [2] Segment Analysis - Various潮玩 segments, including blind boxes, cards, and figurines, are experiencing rapid growth, with the "谷子经济" (secondary market) reaching a market size of 168.9 billion yuan in 2024, primarily targeting the post-2000 generation [2][3] International Expansion - Chinese潮玩 brands are expanding into Southeast Asia and North America, with泡泡玛特's overseas revenue growing by 375.2% year-on-year in 2024, indicating increasing global competitiveness [3] Future Outlook - The潮玩 economy reflects a shift in the Chinese toy industry from manufacturing to creativity, with expectations for higher quality growth as technology integration and IP content continue to evolve [3]

Investment Rating - The report rates Pop Mart shares as a Buy, indicating a strong investment opportunity in the pop toy sector [12][4]. Core Insights - Pop Mart is recognized as a leading player in the pop toy industry in China, with a strong capability in IP incubation and operation, which positions it well for growth in the consumer market [12][11]. - The company is expected to see improved investor confidence with upcoming product launches and the popularity of its non-LABUBU IPs in international markets [1]. - The report highlights the company's proactive approach to managing growth sustainability and addressing single IP risks through a diversified IP ecosystem [3]. Financial Performance - For the fiscal year ending December 31, 2025, the projected net profit is RMB 13,551 million, with a diluted EPS of RMB 10.160, reflecting a significant growth of 333% compared to the previous year [3][7]. - The expected total return on shares is 93.9%, with a target price set at HK$415.00, representing a potential share price return of 91.8% from the current price of HK$216.40 [4][7]. Growth Strategy - The company plans to enhance the LABUBU IP with new product launches and designs, aiming for a strong market presence in 2026 [2]. - Pop Mart is expanding its international footprint, with plans to operate over 60 stores in the US by the end of 2025 and additional stores in Canada, Mexico, and the Middle East [8]. - The company is focusing on localized operations in overseas markets, including collaborations with local artists and IP designs [8]. Supply Chain Management - Pop Mart is optimizing its production strategy by initially producing 70% of projected sales volume and adjusting stock based on market demand, which is expected to improve sales projection accuracy [9]. - The company has expanded its overseas supply chain, with a portion of production now in Vietnam, and plans to establish more local warehouses for international markets [9].

November 16, 2025 11:13 PM GMT Pop Mart | Asia Pacific M Update Fun Bites: Labubu Goes Hollywood Key Takeaways Timely news to ease negative narrative on Labubu: We think market has underestimated Pop Mart's proactive measures in driving IP popularity. Beyond new product launches, its engagement in entertainment - such as theme parks, movies, and celebrity collaboration - are effective measures to sustain its IP lifecycle, in our view. If this movie deal comes to fruition, potential upside for consumer reach ...

Group 1 - The core viewpoint of the report is that the潮玩 (trendy toy) industry is experiencing rapid growth in China, driven by factors such as rising disposable income, emotional consumption, and the emergence of quality domestic IPs. The market size is projected to grow from 229 billion to 763 billion yuan from 2020 to 2024, with a CAGR of 35.11% [3][40]. -潮玩 is characterized by its integration of trendy culture, art, design, and various elements, appealing primarily to individuals aged 15 and above, and it serves as a collectible with social and emotional connections [2][19]. - The潮玩 industry value chain is centered around IP, with upstream IP suppliers having strong bargaining power based on the scarcity and popularity of their IPs, while midstream manufacturers face intense competition and lower bargaining power [6][22]. Group 2 - The Chinese潮玩 market is currently fragmented, with the top five companies holding only 26.4% of the market share, indicating significant room for growth compared to Japan's 45% [3][8]. - The report draws parallels with the Japanese toy industry, which saw growth despite economic downturns due to a shift in consumer focus towards anime and gaming, suggesting that similar trends may occur in China as emotional consumption rises [7][26]. - The rise of quality domestic IPs, such as《原神》 and《黑神话:悟空》, is expected to enhance the潮玩 market, although there remains a significant gap in IP value and revenue compared to the US and Japan [3][10]. Group 3 - Multiple factors are driving the expansion of the潮玩 market in China, including increased disposable income, a shift towards emotional consumption, and the growth of the泛二次元 (broad two-dimensional) user base, which is projected to reach 503 million by 2024 [40][48]. - The emotional consumption trend is particularly strong among younger demographics, with 78% of emotional consumers being born in the 1990s and 2000s, highlighting a shift in consumer behavior towards seeking emotional fulfillment through purchases [44][47]. - The rapid increase in offline潮玩 retail stores, such as泡泡玛特 and TOPTOY, enhances consumer experience and supports market growth, with泡泡玛特's store count rising from 329 to 401 between 2022 and 2024 [52][54].