新浪科技讯 1月6日晚间消息，近日，有媒体报道称三星电子会长李在镕在参加中韩商务论坛后，在京 东MALL双井店进行考察，并购买了总计100只Labubu，相关话题迅速冲至热搜。随后，三星方面表示 李在镕此行仅为市场视察，未购买任何商品。 新浪科技讯 1月6日晚间消息，近日，有媒体报道称三星电子会长李在镕在参加中韩商务论坛后，在京 东MALL双井店进行考察，并购买了总计100只Labubu，相关话题迅速冲至热搜。随后，三星方面表示 李在镕此行仅为市场视察，未购买任何商品。 对此，泡泡玛特相关工作人员表示，"还未了解购买100个Labubu的具体情况，但品牌并未入驻京东 MALL双井店。" 责任编辑：何俊熹 对此，泡泡玛特相关工作人员表示，"还未了解购买100个Labubu的具体情况，但品牌并未入驻京东 MALL双井店。" 责任编辑：何俊熹 ...

Core Viewpoint - The report by Bernstein predicts a significant decline in Bubble Mart's stock price due to potential sales drop and consumer interest decline in LABUBU, which they believe could lead to a vicious cycle affecting profitability and market performance [1]. Group 1: Market Analysis - Bernstein's conclusion about Bubble Mart's bubble is criticized as being overly simplistic and based on a misunderstanding of consumer behavior, as many buyers genuinely desire LABUBU products [2]. - The report misinterprets the importance of scarcity in Bubble Mart's business model, which relies more on market penetration than on artificial scarcity [3]. - The comparison to Beanie Babies is deemed inappropriate, as the consumer base and business models of Bubble Mart and Beanie Babies are fundamentally different [3]. Group 2: Business Model and Strategy - Bubble Mart's strategy focuses on direct-to-consumer (DTC) sales, which allows for better control over pricing and distribution, contrasting with traditional models that rely on multiple layers of distribution [13]. - The company has successfully cultivated multiple IPs, with LABUBU becoming a leading product in just five years, showcasing its efficiency in creating popular items [8]. - The product strategy is clearly divided into regular and limited edition items, catering to different consumer segments and enhancing brand loyalty [5]. Group 3: Consumer Behavior and Market Trends - A significant portion of Bubble Mart's consumers purchase products for emotional satisfaction and design rather than for investment purposes, indicating a healthier consumer base [5]. - The decline in search interest for LABUBU is interpreted as a sign of consumer transition from searching to purchasing, reflecting a solid user base with high repurchase rates [11]. - The operational adjustments made by Bubble Mart, such as optimizing store experiences, are aimed at enhancing customer satisfaction rather than indicating a decline in demand [11]. Group 4: Stock Performance and Market Perception - The recent stock price drop of 40% is attributed to broader market factors rather than a direct reflection of Bubble Mart's operational health [14]. - The market's tendency to apply traditional valuation metrics to a new business model like Bubble Mart's is seen as a misunderstanding of the company's unique value proposition [12][15]. - Historical parallels are drawn between Bubble Mart and Tesla, suggesting that misjudgments by analysts could lead to significant market opportunities for the company [16].

摩根士丹利发布研报称，预计泡泡玛特(09992)在美国的销售增长将更具韧性，集团的整体销售表现亦 将超出市场预期。重申泡泡玛特为首选股，予目标价325港元，评级为"增持" 大摩表示，进入2026年，相信市场焦点可能会由美国市场与Labubu产品转向集团整体发展动力。虽然 泡泡玛特的北美市场需有更多投入以释放长期潜力，但其在中国及亚洲的地位将成为集团2026年增长的 基石。 ...

智通财经APP获悉，摩根士丹利发布研报称，预计泡泡玛特(09992)在美国的销售增长将更具韧性，集团 的整体销售表现亦将超出市场预期。重申泡泡玛特为首选股，予目标价325港元，评级为"增持" 大摩表示，进入2026年，相信市场焦点可能会由美国市场与Labubu产品转向集团整体发展动力。虽然 泡泡玛特的北美市场需有更多投入以释放长期潜力，但其在中国及亚洲的地位将成为集团2026年增长的 基石。 ...

摩根士丹利发表研究报告，预计泡泡玛特在美国的销售增长将更具韧性，集团的整体销售表现亦将超出 市场预期。踏入2026年，该行相信市场焦点或会由美国市场与Labubu产品转向集团整体发展动力。大 摩表示，虽然泡泡玛特的北美市场需有更多投入以释放长期潜力，但其在中国及亚洲的地位将成为集团 2026年增长的基石。该行重申泡泡玛特为首选股，予目标价325港元，评级"增持"。 ...

Core Insights - Pop Mart has launched a cooperative production base in Mexico to meet the strong demand for trendy toys in the rapidly growing North American market [1][2] - The company has expanded its supply network by partnering with production facilities in Mexico, Cambodia, and Indonesia, as it does not own any factories [1][2] - Since the Labubu doll became a global phenomenon last year, Pop Mart has been increasing its production capacity to address the soaring demand across China, Japan, the United States, and Southeast Asia, leading to frequent stock shortages in physical stores and rising resale prices [1][2] - As one of the few Chinese brands gaining global consumer popularity, Pop Mart is significantly investing in the U.S. market, planning to double the number of its stores in the country this year, currently operating around 60 stores and 100 "roboshop" vending machines [1][2] - Concerns regarding the sustainability of Labubu's popularity have suppressed Pop Mart's stock price in Hong Kong, which has declined approximately 40% since reaching a record high in August of last year [1][2]

Group 1 - The Hong Kong stock market is showing strength, with various indices opening higher, including the Hang Seng Index which opened at 26,502.40 points, up 155.16 points, a rise of 0.59% [1] - The Hang Seng Tech Index opened at 5,787.01 points, increasing by 45.38 points, a rise of 0.79% [3] - New consumption concept stocks are rebounding, with Pop Mart (HK09992) leading the gains, rising over 5% in early trading and accumulating over 9% since the beginning of the year [5] Group 2 - According to浦银国际, Pop Mart, as a leader in the global trendy toy industry, has a solid fundamental and high certainty for long-term growth, with its current stock price at a 15x PE ratio indicating high value [7] - The short-selling volume has decreased, suggesting improving market sentiment due to recovering short-term sales data and positive news, such as Sony's plans for a Labubu movie [7] -浦银国际 maintains a "Buy" rating for Pop Mart, setting a target price of 286.9 HKD for 2026, anticipating significant recovery potential in stock price and valuation [7] Group 3 - The technology sector is seeing more stocks rise than fall, with notable increases in companies like NetEase and Kuaishou, both up over 3%, while Alibaba has seen a decline of over 1% [7] - The electric power equipment sector opened high, with Yihua Tong rising over 4%, and lithium battery stocks are active, with Tianqi Lithium rising over 3% [7] - Dongwu Securities reports that the Hong Kong stock market is attractive for medium to long-term allocation, expecting continued inflow of southbound funds, particularly into insurance and fixed income [7]

Group 1 - The top short-selling ratios are led by China Resources Beer (100.00%), BYD Company (100.00%), and Xiaomi Group (75.49%) [1][2] - The highest short-selling amounts are recorded for Ping An Insurance (2.081 billion), Alibaba (1.871 billion), and Xiaomi Group (1.624 billion) [1][2] - The highest deviation values are for BYD Company (43.54%), CIFI Holdings (39.74%), and Xiaomi Group (34.28%) [1][2] Group 2 - The top short-selling amounts table shows Ping An Insurance at 2.081 billion, Alibaba at 1.871 billion, and Xiaomi Group at 1.624 billion [2] - The top short-selling ratios table lists China Resources Beer and BYD Company both at 100.00%, followed by Xiaomi Group at 75.49% [2] - The top short-selling deviation values table highlights BYD Company with a deviation of 43.54%, followed by CIFI Holdings at 39.74% and Xiaomi Group at 34.28% [2]

Group 1: Local Government Bonds - Shandong Province issued 723.81 billion yuan in local government bonds, marking the first issuance in the country for the year [2] - The issuance included 467.72 billion yuan in new special bonds and 256.09 billion yuan in refinancing special bonds, focusing on investment in new projects [2] - The Ministry of Finance established a dedicated Debt Management Department to enhance government debt management, which was previously fragmented [2][3] Group 2: Pharmaceutical Industry - In 2025, China approved 76 innovative drugs, significantly surpassing the 48 approved in 2024, with domestic drugs accounting for 85.5% of the total [4] - The total value of authorized transactions for innovative drugs exceeded 130 billion USD, with over 150 transactions, setting a new record [4] - The Chinese pharmaceutical industry has seen substantial growth, particularly in innovative drugs, supported by reforms in drug approval processes and enhanced intellectual property protections [5] Group 3: Automotive Industry - Six major listed car manufacturers reported their 2025 sales, with BYD leading at 4.6024 million units, a 7.73% increase, followed by SAIC and Geely [6] - The growth in sales was driven primarily by the expansion of electric vehicles, with BYD's electric vehicle sales surpassing Tesla for the first time [6][7] - The competitive landscape in the automotive market is intensifying, with companies focusing on optimizing product structures and expanding overseas [7] Group 4: Oil Market - OPEC+ decided to maintain stable oil production levels, postponing planned increases due to ongoing geopolitical tensions [8] - Despite Venezuela's significant oil reserves, production remains low due to insufficient investment, limiting its impact on global supply [8][9] - The global oil market faces challenges in stabilizing prices amid concerns of overproduction and geopolitical factors [9] Group 5: Stock Market Performance - In 2025, 385 Hong Kong stocks saw over 100% growth, with 14 stocks increasing more than tenfold, indicating a strong market performance [14] - The increase in "red stocks" reflects a growing willingness to assign long-term value to internet giants and a high enthusiasm for growth sectors [15] - The A-share market opened positively in 2026, with significant gains across various sectors, particularly in insurance and AI applications [16][17] Group 6: Consumer Products - Prices for certain LABUBU products in the second-hand market have dropped significantly, indicating a shift in supply and demand dynamics [10][11] - The price decline is attributed to increased production by the company, which aims to balance consumer demand with product scarcity [11] Group 7: Technology and AI - Samsung plans to double the number of mobile devices equipped with Google's Gemini AI system, aiming to regain market share in the smartphone sector [12][13] - The integration of AI into various products, including home appliances, highlights a trend towards combining hardware and software solutions [13]

长沙晚报全媒体记者 贾凯清 实习生 王子昕 "去年我花3800元收的Labubu草莓脆饼隐藏款，现在闲鱼上全新未拆的标价才1600多元！"资深潮玩爱好 者小杨苦笑着展示手机上的交易记录，"感觉自己像个被套牢的股民。" 与小杨有相似经历的潮玩爱好者不在少数。曾经风光无限的潮玩市场，特别是Labubu系列，正经历着 一场剧烈的价值重估。 "我手里有5个Labubu的隐藏款，都是高峰期收的，现在算下来亏了将近一万元。"从事设计工作的潮玩 收藏者李先生告诉记者，他的展示柜里面整齐排列着各种造型的Labubu玩偶，"当时觉得这些肯定会升 值，没想到跌得这么狠。" "才短短半年时间，Labubu就降价了，幸亏当时没'入股'！"看着二手交易平台上降价出售的Labubu玩 偶，潮玩爱好者小文感慨道。 曾几何时，泡泡玛特生产的Labubu系列产品被视为潮玩市场"硬通货"，其限量款在二级市场一度被炒至 数千元甚至上万元，成为不少投资者眼中的"理财产品"。然而，短短半年时间，这个被热捧的潮玩IP价 格便"跌下神坛"，部分产品跌幅超过80%，市场价格逐渐回归理性。 从"理财产品"回归"普通消费品"，Labubu降价的背后有哪些因素？ ...