Market Overview - The Hong Kong stock market showed a narrow range of fluctuations on January 5, with the Hang Seng Index slightly up by 0.03%, the Hang Seng China Enterprises Index down by 0.22%, and the Hang Seng Tech Index up by 0.09% [1][2]. Sector Performance - Large tech stocks exhibited mixed performance, with Kuaishou surging by over 11%, while other notable stocks like Bilibili and Alibaba also saw gains of over 5% and 2%, respectively. Conversely, stocks like NetEase and Xiaomi fell by over 2% [2][4]. - The biotechnology sector was active, with companies like Rongchang Bio and Kelun-Bothai rising over 7%, and other firms like Fuhong Hanlin and Tigermed increasing by over 6% [7]. - The insurance sector saw strong gains, with China Pacific Insurance up over 6% and New China Life Insurance up over 5%. Analysts highlighted five key trends in the life insurance industry for 2026, including rapid growth in new business and a shift in customer demographics [8]. - The automotive sector faced declines, with Great Wall Motors dropping over 6% and NIO nearly 6%. Despite some brands achieving record sales in 2025, only a few met their annual sales targets [10]. Notable Stock Movements - Kuaishou's stock price reached 73.60 HKD, reflecting an increase of 11.09% with a market cap of 317.91 billion HKD [5]. - Nanjing Panda Electronics surged by nearly 40%, while Micron Brain Science and Brainhole Technology rose by nearly 20% and over 17%, respectively, following news of Neuralink's plans for large-scale production of brain-computer interface devices [6][4]. - The "three oil giants" saw significant declines, with China Petroleum and China National Offshore Oil Corporation both dropping over 3% due to geopolitical tensions and OPEC+ decisions [9]. Capital Flows - Southbound funds recorded a net inflow of 18.723 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 9.809 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 8.914 billion HKD [12]. Future Outlook - Goldman Sachs recommends overweighting Chinese stocks, predicting a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027. Guosen Securities also sees potential in the market driven by a weaker US dollar and improved domestic liquidity in the spring of 2026 [15].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泡泡瑪特國際集團有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09992 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.0001 USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.0001 USD | | 500,000 | 本月底法定/註冊股本總額： USD 500,0 ...

Core Viewpoint - Labubu has significantly increased its restocking efforts, leading to improved availability of products, although some popular items remain out of stock both online and offline [1][2]. Group 1: Restocking Efforts - Labubu's restocking frequency has noticeably increased, with notifications of new arrivals frequently appearing in store communities [1][2]. - During the New Year period, a large-scale restocking was conducted by Pop Mart, resulting in consumers successfully purchasing the Labubu heart password series [2]. - Despite the increased restocking, certain Labubu series products, such as the front high-energy series and heart password series, remain sold out in both physical and online stores [1][2]. Group 2: Consumer Demand and Market Dynamics - Consumer enthusiasm for purchasing older Labubu products remains high, indicating a persistent demand gap between supply and demand [2]. - The transition from online-only purchases to allowing in-store purchases reflects a shift in sales strategy, aimed at improving consumer access to products [2]. - The secondary market prices for Labubu products have significantly adjusted downward, indicating that the brand is regaining pricing power and moving towards a healthier market environment [3].

Core Viewpoint - The Labubu series products from Pop Mart are still experiencing stock shortages in popular shopping areas like Sanlitun and He Shenghui, despite improved availability compared to previous times [1][3]. Group 1: Product Availability - Many Labubu products, particularly the "Frontline High Energy" and "Heart Code" series, remain out of stock in both physical and online stores, indicating a persistent demand-supply gap [3][4]. - A significant restock occurred during the New Year period, but products sold out quickly, highlighting the ongoing high consumer interest [3][4]. Group 2: Consumer Behavior - Consumers are increasingly utilizing fan communities to receive real-time restock notifications, which enhances their chances of purchasing desired items [3]. - The purchasing enthusiasm for older Labubu products remains strong, suggesting that demand continues to outpace supply [4]. Group 3: Market Dynamics - The recent changes in restocking frequency and sales rules reflect a strategic shift by Pop Mart to combat scalpers and stabilize the secondary market, which had seen inflated prices due to high demand [4]. - Since June, Pop Mart has implemented large-scale restocking efforts aimed at curbing scalper activities and promoting a healthier market environment, which has led to a noticeable decrease in secondary market prices [4].

Core Viewpoint - Pop Mart (09992) has officially opened its first store in Canada, marking a significant step in its expansion into the North American market [1][5]. Group 1: Store Opening and Market Response - The new store is located in Richmond Center, Vancouver, and features popular IP products such as THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO, attracting considerable consumer interest [1][5]. - The opening generated a buying frenzy, with queues extending to nearby stores within just two days [1][5]. - Pop Mart's Americas business representative noted that there has been substantial demand from Canadian consumers on social media and e-commerce platforms prior to the store opening [1][5]. Group 2: Expansion Plans - Pop Mart currently operates over 60 physical stores in the United States [1][5]. - The company plans to open additional stores in Vancouver by early 2026 and will also enter the Toronto market, completing its presence in key cities on both coasts of Canada [1][5].

Core Viewpoint - Pop Mart (09992) has opened its first store in Canada, marking a significant step in its expansion into the North American market, with strong consumer interest observed during the opening period [1] Group 1: Company Expansion - Pop Mart's first Canadian store is located in Richmond, Vancouver, and features popular IP products such as THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO, attracting considerable consumer attention [1] - The store experienced a buying frenzy within two days of opening, with queues extending to nearby stores, indicating strong demand [1] - The company plans to open additional stores in Canada, including a new location in Vancouver by early 2026 and its first store in Toronto, aiming to establish a presence in key cities on both coasts [1] Group 2: Market Performance - Following the news of the store opening, Pop Mart's stock price increased by over 4% during trading, closing at 199.5 HKD, with a trading volume of 1.294 billion HKD [1]

Core Viewpoint - The year 2025 is highlighted as a "high光 year" for China's IP economy, marking a significant leap where local IPs are becoming global symbols and innovating based on traditional roots [1]. Group 1: Achievements of Chinese IP - Labubu participated in the New York Manhattan Flower Parade alongside global icons like Mickey Mouse and Super Mario [1]. - "Nezha: The Devil's Child" broke box office records, ending Hollywood's long-standing dominance in animation history [1][4]. - The film achieved a domestic box office of 15.446 billion yuan and a global total of over 15.9 billion yuan (approximately 1.902 billion USD), ranking fifth in global box office history and first in animation history [4]. Group 2: Market Performance and Trends - In 2025, both Pop Mart and Laopu Gold saw stock price increases exceeding 100%, with significant capital inflow into the IP toy and gold jewelry sectors [1]. - Pop Mart's stock reached a peak of 339.8 HKD, with a market cap of approximately 456 billion HKD, and reported a revenue of 13.876 billion yuan, a year-on-year increase of 204.4% [7]. - Laopu Gold achieved a revenue of 12.3 billion yuan in the first half of 2025, a year-on-year increase of 251%, with a gross profit margin exceeding 41% [11]. Group 3: Cultural and Economic Impact - The integration of Chinese IP into films, games, toys, and jewelry represents a new approach to monetizing cultural assets [1]. - Laopu Gold is recognized as a significant competitor in the luxury goods market, with predictions that it will surpass Richemont's total revenue in China by 2025 [11]. - The emergence of new players like Mingchuang Yipin is expected to further propel Chinese IP onto the global stage [12].

Core Viewpoint - Pop Mart (09992) has successfully opened its first store in Canada, marking a significant step in its expansion into the North American market [1] Group 1: Store Opening and Market Response - The new store is located in Richmond, Vancouver, and features popular IP products such as THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO, attracting considerable consumer attention [1] - The opening generated a buying frenzy, with queues extending to nearby stores within just two days [1] Group 2: Business Expansion Plans - Pop Mart's North American operations have seen significant growth, with over 60 physical stores established in the United States [1] - The company plans to open additional stores in Vancouver and make its debut in Toronto by early 2026, completing its strategic presence in key cities across Canada [1]

Core Viewpoint - Pop Mart (09992) has successfully opened its first store in Canada, marking a significant step in its expansion into the North American market, with strong consumer interest and demand for its popular IP products [1] Group 1: Store Opening and Market Expansion - Pop Mart's first Canadian store opened in Richmond, Vancouver, attracting considerable consumer attention with popular products like THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO [1] - The store experienced a buying frenzy within just two days of opening, with queues extending to nearby stores [1] - The company plans to open additional stores in Canada, including a new location in Vancouver and its first store in Toronto by early 2026, aiming to establish a presence in key cities across the country [1] Group 2: Financial Performance and Stock Movement - Following the news of the store opening, Pop Mart's stock price increased by over 4% during trading, with a current increase of 3.31%, reaching HKD 199.5, and a trading volume of HKD 1.294 billion [1]

Group 1 - The current rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024 due to stabilization in both domestic and external demand and macroeconomic policy support [1][24] - The Hang Seng Index is transitioning from traditional economic cycles to focus on hard technology sectors such as AI applications, new energy, and semiconductors, with the weight of new economy sectors in the index increasing from 17% to nearly 50% [1][34] - The performance of Hong Kong stocks is expected to shift from being liquidity-driven to being driven by both profitability and liquidity, with earnings growth projected to rebound to 10.8% in 2026 [1][25] Group 2 - The current low valuation levels of quality companies in Hong Kong stocks highlight their growth potential, and the market sentiment has likely adjusted to current liquidity and emotional factors [6][24] - The structural recovery in profitability is evident, with emerging industries experiencing rapid growth while traditional sectors are still stabilizing [28][29] - The performance of individual stocks correlates positively with earnings growth, with high-growth companies significantly outperforming those under profit pressure [33] Group 3 - The upcoming liquidity improvements, including potential dovish signals from the new Federal Reserve chair and a decrease in HIBOR rates, could provide upward momentum for Hong Kong stocks [52][70] - The AH premium is expected to decline further due to increased investment from insurance funds in H-shares and the growing convenience for foreign capital to allocate resources in Hong Kong [71][74] - The spring market rally in Hong Kong stocks has historically shown a high probability of positive returns, indicating a potential opportunity for investors [56][60]