Core Insights - LABUBU has sparked a wave of emotional consumption, with various merchandise and creative adaptations gaining immense popularity across social media platforms [1][3][5] Group 1: Product Popularity - LABUBU-themed products, including golden jewelry, cakes, and clothing, are highly favored among young consumers, with sales reaching thousands of units in a short period [3][5] - The LABUBU night light wallpaper, priced between 0.1 to 1.5 yuan, has sold over ten thousand units on e-commerce platforms [5] - The LABUBU brand has expanded into various merchandise, including dynamic wallpapers, emojis, and animations, receiving thousands of likes on social media [11][19] Group 2: Social Media Influence - The viral spread of LABUBU is primarily driven by social media, with users creating diverse content, including unboxing videos and AI-generated adaptations [16][23] - AI technology has played a crucial role in bringing LABUBU to life, allowing creators to generate engaging content that resonates with audiences [19][23] - The brand's narrative is shaped by user-generated content, which enhances its appeal and fosters community engagement [58][61] Group 3: Future Plans and IP Development - Bubble Mart aims to establish LABUBU as a long-lasting brand, akin to Disney, by developing animated series and films featuring the character [23][24] - The company has registered the copyright for the first season of the LABUBU animated series, indicating a commitment to expanding the brand's storytelling [23][62] - Industry experts believe that the integration of content is essential for maintaining the value and influence of the LABUBU IP, as well as generating additional revenue streams [24][58] Group 4: AI and Creative Economy - The rise of AI-generated LABUBU content has led to new business opportunities, with creators offering courses on how to produce similar content [65][66] - The cost of creating AI-generated LABUBU content is relatively low, making it accessible for many creators [69][71] - 3D printing enthusiasts are capitalizing on the LABUBU trend, creating and selling custom models, which has become a lucrative business [78][80]

Group 1 - On July 2, 2025, Alibaba-W (09988), Chongqing Steel (01053), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.17 billion, 2.93 billion, and 2.83 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 2.41 billion, 1.59 billion, and 1.58 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a trading amount of 3.17 billion and a net buy of -788 million, Chongqing Steel (01053) with 2.93 billion and a net buy of 116 million, and Xiaomi Group-W (01810) with 2.83 billion and a net buy of -222 million [2] - The Southbound Stock Connect for Shenzhen-Hong Kong also featured Alibaba-W (09988) with a trading amount of 2.41 billion and a net buy of -945 million, Tencent Holdings (00700) with 1.59 billion and a net buy of -259 million, and Xiaomi Group-W (01810) with 1.58 billion and a net buy of -147 million [2]

Group 1: Market Overview - On July 2, the Hong Kong stock market saw a net inflow of 50.36 billion HKD from northbound trading, with 12.79 billion HKD from the Shanghai Stock Connect and 37.57 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Innovent Biologics (01801), and Meituan-W (03690) [1] - The most sold stocks were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2: Stock Performance - Alibaba-W had a buy amount of 11.91 billion HKD and a sell amount of 19.79 billion HKD, resulting in a net outflow of 7.88 billion HKD [2] - Xiaomi Group-W had a buy amount of 13.02 billion HKD and a sell amount of 15.25 billion HKD, leading to a net outflow of 2.22 billion HKD [2] - Tencent had a buy amount of 7.39 billion HKD and a sell amount of 11.10 billion HKD, resulting in a net outflow of 3.71 billion HKD [2] Group 3: Sector Insights - The Tracker Fund of Hong Kong (02800) received a net inflow of 16.74 billion HKD, with analysts suggesting that the current market conditions provide a favorable window for investment, particularly in the technology sector [5] - Innovent Biologics (01801) and 3SBio (01530) received net inflows of 6.51 billion HKD and 1.09 billion HKD, respectively, following new measures to support the development of innovative drugs [5] - Meituan-W (03690) saw a net inflow of 3.38 billion HKD, while Alibaba-W and Tencent experienced significant net outflows [6] Group 4: Company-Specific Developments - Chongqing Steel (01053) received a net inflow of 1.44 billion HKD amid rumors of production cuts in Tangshan, which could impact capacity utilization [6] - Pop Mart (09992) received a net inflow of 1.22 billion HKD after being recognized in Time magazine's list of the "100 Most Influential Companies" for 2025 [7] - Xiaomi's Yu7 model orders exceeded expectations, leading to an upward revision of shipment forecasts for 2025 to 2027 [8]

以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 娱乐资本论隶属于界面财联社（上海报业集团主管主办），持有新闻牌照，是北京市文化产业投融资协 会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行业大会展开了长期、深度 的合作，致力于独家报道，是泛文娱行业第一媒体。 来源丨 娱乐资本论（ID：yulezibenlun） 作者丨吴晓宇 中国潮玩的这把火，在海外越烧越旺。 上月中旬，韩国泡泡玛特停止了Labubu在线下店铺的销售，原因是担心潜在的安全事故。英国的盛 况也不遑多让。泡泡玛特门前多次发生斗殴，为的就是抢到一个小小的Labubu。 各种中国潮玩开售即秒光的情况下，海外的粉丝们也开始寻找一些新门路。线下店抢不到心爱的款 式，那就跑到国内的销售平台抢玩偶、抢配件甚至是抢娃衣。在这种狂热的氛围下，中国潮玩公司出 海抢地盘，几乎成为一种必然。 如果说2021年是潮玩出海的1.0时代，那么 今 年奔向海外市场的潮玩厂商正在实现几何倍数的增 长，步入了2.0时代。日韩、东南亚和欧美，这些地区的潮玩市场早已挤满了中国公司，各家厂商似 乎正在把国内激烈厮杀的故事重演一遍。 笔者与多家潮玩厂商交流 ...

Core Viewpoint - The popularity of Pop Mart's Starry People series collectibles has surged, leading to rapid sellouts and significant price increases in the secondary market [1][7][10]. Sales Performance - The Starry People series, following the success of Labubu and Zimomo, has seen items sold out almost immediately upon release in various stores [1]. - Consumers have reported difficulty in finding the Starry People series in Shanghai, indicating high demand and low supply [5]. Market Dynamics - Prices for the Starry People series collectibles have reportedly skyrocketed, with some items reaching levels that consumers find hard to comprehend [7][10]. - Despite the high prices, many consumers are still opting to purchase these items at a premium [8]. Theft Incident - A theft incident occurred in a Pop Mart store in Shanghai, where a customer stole two display items from the Starry People series after they sold out [11][14]. - The suspect, identified as Qi, justified her actions by stating that she believed the items were not worth much and thought she would not face consequences [16][19]. - The stolen items, valued at 178 yuan in total, led to legal repercussions for the suspect, highlighting the lengths to which consumers may go to obtain these popular collectibles [19].

Core Insights - The concept of "emotional value" is becoming a significant investment theme in the Hong Kong stock market, driven by products like blind boxes, gold jewelry, and Chinese tea drinks [1] - The rise of "new conspicuous consumption" reflects a shift in consumer behavior towards identity expression and social recognition [1][3] - Labubu's success story illustrates how celebrity endorsements and high-fashion events can elevate a brand from niche to mainstream, emphasizing the importance of social status in consumer choices [2][3] Group 1: Emotional Value and Consumption Trends - Emotional value encompasses various aspects such as self-satisfaction, social recognition, and therapeutic consumption, with a focus on new forms of conspicuous consumption [1] - The historical context of conspicuous consumption shows its evolution from overt displays of wealth to more subtle forms of identity expression [1][11] - Labubu's transformation into a symbol of status is linked to its presence at Milan Fashion Week and endorsements from global celebrities, which sparked a buying frenzy among consumers [2][3] Group 2: Market Dynamics and Brand Positioning - Labubu's marketing strategies, including social media campaigns and collaborations, have significantly contributed to its brand recognition and sales growth [2][6] - The luxury market in China is evolving, with brands like Laopoo Gold leveraging cultural significance and craftsmanship to appeal to consumers seeking identity expression through luxury goods [7][11] - The rapid growth of Labubu's overseas market revenue, particularly in the Americas and Europe, indicates a strong demand for emotional and identity-driven products [6] Group 3: Cultural and Economic Context - China's economic development has led to a growing middle class with increasing disposable income, creating a fertile ground for luxury and identity-driven consumption [9][10] - The concept of "face economy" in the Middle East highlights a similar trend where consumers seek to express their status through virtual goods and social media engagement [12][16] - The interplay between cultural heritage and modern luxury consumption is evident in the success of brands that can effectively communicate their identity and value propositions [11][17]

Core Insights - The 2025 "Shanghai Summer" International Consumption Season aims to boost inbound tourism and consumption, showcasing Shanghai's summer vitality and charm [1][2] Group 1: Inbound Tourism and Consumption Growth - The first "Shanghai Summer" event achieved significant results, with inbound traveler numbers increasing by 42.2% and foreign card consumption rising by 68.2% [1] - From January to June, Shanghai welcomed 4.248 million inbound tourists, a year-on-year increase of 38.5%, and saw a remarkable 85% growth in tax refund sales for goods [1] - The rapid rise in inbound consumption is expected to diversify market demand in Shanghai [1] Group 2: Event Highlights and Focus Areas - The 2025 "Shanghai Summer" will focus on attracting global travelers through a combination of activities, products, services, and policies, tailored to different regional characteristics [2] - This year's event will feature a broader brand participation, diverse activities, and precise demand matching, including the introduction of city-customized events by well-known domestic and international brands [2] - Notable activities include the "潮玩之夏" IP series by Pop Mart, a limited-time experience space by Van Cleef & Arpels, and the integration of Lululemon's "Summer Challenge" event [2] Group 3: Targeted Audience Engagement - The event will introduce the "LEGO World Fun Festival" targeting family audiences, synchronized with global events in London, Berlin, and Boston [3] - For younger audiences, the inaugural "Shanghai Summer International Animation Month" will feature three major anime exhibitions and special ticket sales [3] - The 2026 Spring/Summer Shanghai Fashion Week is expected to attract over 80,000 industry elites and thousands of overseas guests, while major sports events like the World Rowing Championships and ATP Shanghai Masters will also take place [3]

7月2日，《财富》（中文版）发布了2025年中国最具影响力的商界女性榜单（Most Powerful Women，简称MPW）。这份榜单始于2010年，在过去的十多 年里，中国商界几乎所有重要的女性领导者都在其中有迹可循。 立讯精密的王来春连续第三年位列榜首。曾经是流水线工人的王来春创立了立讯精密，并将其从一家小型代工厂发展为《财富》世界500强企业。 "果链"企业的女性创始人们在今年的榜单上引人瞩目。 和王来春一同登上这份榜单的同行还包括蓝思科技的周群飞和领益智造的曾芳勤。她们在全球政 治经济局势复杂多变的背景下，通过全球产能布局、核心技术创新、多元化客户结构、积极切入新能源汽车和人工智能（AI）硬件等新赛道，来应对不 确定性。立讯精密在一份声明中表示：公司始终将风险控制前置到战略决策中。 "果链"不仅仅是一套难以被复制的制造生态系统，更是中国制造向中国创造跃升过程的缩影，彰显了中国企业在地缘政治动荡中的定力与韧性。 中国的创意经济在数字技术的驱动下展现出巨大活力。 由高准担任首席财务官的字节跳动是全球最重要的社交媒体公司，估值已经超过3,000亿美元，该 公司也在AI赛道上加紧步伐，其豆包大模型成为自De ...

Core Insights - The article highlights the rise of new consumer brands in Henan, such as Mixue Ice City, Pop Mart, and Pang Donglai, which have capitalized on the trend of affordable consumption and the "slow to fast" strategy, focusing on supply chain and industry chain development [3][7][9] Group 1: Consumer Trends - The 20 to 39 age group was the primary driver of consumption growth from 2010 to 2018, contributing 30.3% to overall growth, but from 2018 to 2022, this group became a major reason for the decline in consumption growth, accounting for approximately 44% of the decrease [5] - The "Z generation" (post-95) is characterized by rational spending and a focus on value for money, emphasizing emotional value and spiritual resonance in their purchasing behavior [5][6] - Mixue Ice City has successfully captured the "Z generation" mindset with its 4 yuan lemon water, selling 1 billion cups in a year, achieving consumption equality between high-tier and low-tier cities [5] Group 2: Business Strategies - Pang Donglai adopts a direct sourcing model for 80% of its products, reducing costs and ensuring quality by eliminating middlemen, with a pricing strategy of "cost price + reasonable profit" [6] - New consumer brands are thriving by focusing on quality-price ratio, experience, and personalization, with Mixue Ice City and Pop Mart meeting consumer demands for taste and emotional satisfaction through innovative product offerings [6][7] Group 3: Supply Chain and Industry Chain - The success of Mixue Ice City and Pang Donglai is attributed to their deep engagement with supply chains and industry chains, which is influenced by Henan's unique resource endowments and market environment [7][9] - Mixue Ice City has built a "super supply chain" that includes self-owned planting bases and production facilities, achieving raw material costs below industry averages, such as a 20% lower procurement price for lemons compared to the industry average [7][8] Group 4: Cultural and Social Impact - The founders of these brands embody the "Yushang" culture of integrity and mutual benefit, which is deeply rooted in Henan's commercial history [9][10] - These companies are not only focused on profit but also on social responsibility, as seen in Mixue Ice City's significant donations during natural disasters and Pang Donglai's profit-sharing model with employees [10][11] - The brands are expanding globally, with Mixue Ice City opening over 5,000 stores in 12 countries and Pop Mart's LABUBU series achieving significant sales growth in international markets [11]

之所以在此刻探讨这个话题，因为新一代的创业周期正在开启——无论你称之为AI还是科技，理论上将有更多素未谋面的创始人们，逐渐被识别、被所知。 这也是我们邀请这三位投资人一个原因。何愚投资的泡泡玛特王宁、曹曦投资的宇树科技王兴兴、胡博予投资的霸王茶姬张俊杰，都是过去几年才大范围浮现的 创业者。而在投资之初，后者们也都只是芸芸众生中的有志青年而已。所以，这三组投资故事，都充分证明了投资行业最美妙的"人的流淌"的发生。 对话里，他们还透露了一些与这三位明星创始人的相处细节，比如：王宁对小到门店里的一块板，都有精确的成本计量；王兴兴最初决定做人形机器人，是因 为"订单来了"；以及张俊杰第一次见胡博予，就完整讲述了他堪称奇绝的童年往事。 除了对创始人，他们也聊了聊他们自己、以及投资这个行业的人来人往。 WAVES是36氪推出的全新峰会IP，今年是第三届。本场对话由「暗涌Waves」主编刘旌主持。 Part01 看创始人 「 新造的人，新在哪？ 」 人是万物的标尺。 某些方面，记者和投资人的工作是相像的：都是在寻找人、观察人、研究人，并得出结论。只是投资人要比记者更往前一步：他们还要为他们对人的判断买单。 所以，在本届的W ...