Core Viewpoint - The blind box economy, particularly the LABUBU series from Pop Mart, has experienced extreme fluctuations, with a recent auction fetching 1.08 million yuan and a market drop of 22.3 billion HKD in a single day, highlighting the volatility and demand in this sector [2][12]. Group 1: Market Dynamics - The LABUBU blind boxes have seen a massive surge in demand, with secondary market prices skyrocketing, such as a 99 yuan box selling for as much as 2548 yuan, indicating a profit margin exceeding 20 times [5][12]. - The phenomenon has led to significant involvement from scalpers, who capitalize on the limited supply, with one scalper noting that prices remain high as long as there is no restock [3][5]. - Pop Mart's initial underestimation of the LABUBU's popularity has resulted in a supply-demand imbalance, which has been misinterpreted as a strategy of "hunger marketing" [3][12]. Group 2: Sales and Revenue Growth - The blind box market in China is projected to exceed 58 billion yuan by 2025, capturing 65% of the global market share, with a compound annual growth rate of 28% [17]. - Pop Mart's overall revenue is expected to grow by 165%-170% year-on-year in Q1 2025, with domestic revenue increasing by 95%-100% [18]. - International revenue has also seen remarkable growth, with a 475%-480% increase, particularly in the Americas, which surged by 895%-900% [19]. Group 3: Product and IP Strategy - The LABUBU series has significantly contributed to Pop Mart's revenue, generating 3.04 billion yuan, which accounts for 23.3% of total revenue, marking a year-on-year increase of 726.6% [19]. - Pop Mart is actively developing new IPs, such as the Crybaby series, which is projected to grow by 1537.2% in revenue in 2024, aiming to diversify beyond reliance on a single IP [20]. - The company plans to expand production capacity in Vietnam and Indonesia by the second half of 2025 to address ongoing supply shortages of LABUBU plush products [20].

Group 1 - Amazon's global anti-counterfeiting team has expanded from operating in two countries to twelve, including the US, China, France, India, and the UK over the past five years [1] - The team has initiated over 200 civil lawsuits against bad actors and has facilitated more than $180 million in related compensation and enforcement penalties [1] - More than 65 individuals have been sentenced to prison as a result of Amazon's anti-counterfeiting efforts, which have also encouraged law enforcement agencies to pursue lawsuits and criminal penalties against counterfeiters [1] Group 2 - Amazon successfully collaborated with Chinese cultural brand POP MART to combat a supplier selling counterfeit products, specifically the THE MONSTERS LABUBU toys [2] - The counterfeit supplier was identified after months of tracking and investigation by Amazon's global anti-counterfeiting team, leading to a local enforcement action that seized over 700 counterfeit LABUBU keychains and thousands of packaging materials [2] - This partnership helped protect POP MART's brand reputation and intellectual property, aiding its expansion into international markets [2]

6月25日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 01788 | 国泰君安国际 | 1787201.65 | 166176.90 | 198.39 | | 00981 | 中芯国际 | 714696.62 | 142450.93 | 5.64 | | 00939 | 建设银行 | 136010.80 | 89258.81 | 1.38 | | 02318 | 中国平安 | 107162.00 | 73808.28 | 3.00 | | 06060 | 众安在线 | 222740.68 | 24284.98 | -1.53 | | 03678 | 弘业期货 | 353694.26 | 10724.00 | 33.25 | | 09992 | 泡泡玛特 | 245826.19 | 6511.95 | -1.90 | | 03690 | 美团-W | 326494.69 | -11165.04 | 1.38 | | 01810 | 小米集团-W | 502098.68 | ...

证券时报·数据宝统计，6月25日港股通全天合计成交金额为1416.41亿港元，成交净买入95.74亿港元。 具体来看，沪市港股通成交金额907.68亿港元，成交净买入47.54亿港元；深市港股通成交金额508.73亿 港元，成交净买入48.20亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，国泰君安国际成交额为134.25亿港元，成交金额居 首；其次是中芯国际、小米集团-W，成交金额分别为41.45亿港元、30.79亿港元。以净买卖金额统计， 国泰君安国际净买入额为13.69亿港元，净买入金额居首，该股收盘股价上涨198.39%。净卖出金额最多 的是小米集团-W，净卖出4.16亿港元，收盘股价下跌0.44%。 6月25日恒生指数上涨1.23%，报收24474.67点，全天南向资金通过港股通渠道合计净买入95.74亿港 元。 6月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01788 | 国泰君安国际 | 港股通(沪) | 1342454.1 ...

Core Viewpoint - The consumer sector is experiencing significant structural differentiation, with new consumption companies like Pop Mart and Lao Pu Gold outperforming traditional sectors like liquor, which has seen a decline in stock prices [1][2][3] Group 1: Market Performance - Pop Mart's stock has surged 5.6 times over the past year, while Guizhou Moutai's stock has dropped nearly 40% from its peak four years ago [1] - The consumer theme funds have shown a performance gap of 53 percentage points this year, with some funds heavily investing in new consumption stocks while others maintain positions in traditional liquor stocks [1][4] - Lao Pu Gold's stock has increased over 11 times in the past year, and both Pop Mart and Ruo Yu Chen have seen stock price increases exceeding 5.6 times [3] Group 2: Fund Manager Strategies - Fund managers exhibit clear divergence in strategies, with some increasing their positions in new consumption stocks while others remain committed to traditional liquor stocks [5][9] - Some funds, like the Yi Fangda High-Quality Selection, have significantly increased their holdings in liquor stocks, while others have shifted focus to new consumption stocks like Pop Mart [5][6] - The performance of funds heavily invested in liquor stocks has lagged, with some experiencing declines of over 20% this year [4][6] Group 3: Consumer Preferences and Market Dynamics - The decline in the liquor sector is attributed to cyclical factors rather than a fundamental change in long-term value logic [2][9] - The current market dynamics suggest that younger consumers are less inclined to consume liquor, but this is not the primary reason for the sector's struggles [7][9] - The liquor sector's challenges are linked to macroeconomic factors, including weak effective demand and limited consumption scenarios [7][9] Group 4: Investment Outlook - Despite the ongoing decline in the liquor sector, there is a growing interest in bottom-fishing opportunities, with significant inflows into liquor-themed index products [6] - Analysts suggest that the current consumer market is at a turning point, with potential for recovery in traditional consumption sectors if the macroeconomic environment stabilizes [9][10] - The new consumption sector is viewed with caution due to its reliance on discretionary spending and rapidly changing consumer preferences [9][10]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 95.74 billion HKD on June 25, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Net Buy and Sell Highlights - The stocks with the highest net buy were Guotai Junan International (01788) with 16.61 billion HKD, SMIC (00981) with 14.24 billion HKD, and China Construction Bank (00939) with 8.92 billion HKD [6][7]. - The stocks with the highest net sell were Tencent (00700) with 5.51 billion HKD, Alibaba-W (09988) with 4.6 billion HKD, and Xiaomi Group-W (01810) with 3.06 billion HKD [8]. Group 2: Company-Specific Developments - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, marking a significant step for traditional Chinese financial institutions in the virtual asset space [6]. - SMIC's net buy was influenced by potential tightening of semiconductor technology exemptions by the U.S., which could benefit local wafer foundries in China [6]. - China Construction Bank's attractiveness is supported by its high dividend yield of over 5.5%, as noted by Changjiang Securities [7]. - Bubble Mart (09992) saw a net buy of 6511 million HKD, attributed to improved supply chain capabilities and a healthier operational model [8].

引言：商场入口，往往是泡泡玛特的"专属铺位"，人流量大、IP众多、色彩冲击，三重因素实现了商场与泡泡玛特的位置双赢。展台之上，摆在中心的 LABUBU系列盲盒最令人瞩目，但在抢购热潮中，所有门店均标明"售罄"。在明星效应加持，情绪价值拉满背后，换装、鉴定、跨境代购等生态也如藤蔓 般疯长；热潮之下，黄牛囤货、斗殴纠纷、品控乱象逐渐浮出水面，更让 IP 生命周期出现隐忧。令全球疯狂的LABUBU到底有什么魔力？LABUBU的爆 火能够为其他品牌提供哪些商业借鉴，面对市场乱象潮玩行业又该如何破局？ 当森林精灵成为"造富怪兽" 2016 年，香港艺术家龙家升笔下"The Monsters"系列里，绿耳尖牙的 LABUBU 诞生了，那是它还只是小众潮玩圈的涂鸦符号。在设定中，LABUBU是个 爱捣蛋的女孩子，身高与猫猫差不多大小，数量大约有100只，在森林里过着无忧无虑的生活。另外在龙家升创造的精灵天团中还有ZIMOMO、 MOKOKO、以及TYCOCO等其他精灵。 来源：小红书 2019年，泡泡玛特将 LABUBU 装入盲盒，但起初并未大火。在2022年与2023年，THE MONSTERS系列的营收只有2.63亿元 ...

Core Insights - The collaboration between the IP "The King's Avatar" and Pop Mart's brand GONG aims to create a co-branded series that enhances character appeal and stimulates creativity through cross-industry expression [1] Group 1: Collaboration and Innovation - The partnership will leverage the popularity of both brands to offer diverse and creative expressions in the collectible toy market [1] - The initiative is expected to attract a wider audience by merging the realms of digital assets and physical collectibles [1] Group 2: Blockchain Technology - The company has developed the "Right Watch Chain" based on the Chang'an Chain as the underlying blockchain technology [1] - The launch of the "Certificate of Rights" platform aims to provide services for rights confirmation, evidence collection, and rights protection for various types of data and content on the internet [1] - This platform represents a comprehensive, open system for online management and protection of digital asset sovereignty, addressing data rights protection across multiple application scenarios [1]

Core Insights - The founder of Mixue Ice City, Zhang Hongchao and Zhang Hongfu, have become the new richest individuals in Henan with a net worth of 117.94 billion yuan, surpassing the previous top billionaire, Qin Yinglin of Muyuan Foods [1][2] - Mixue Ice City has achieved significant growth, with a total of 46,479 stores globally as of December 31, 2024, marking an increase of 8,914 stores compared to the same period in 2023 [2] - The company went public on the Hong Kong Stock Exchange on March 3, 2024, with an initial market capitalization of 98.79 billion HKD, which has since risen to over 201.2 billion HKD [2] Company Development - The entrepreneurial journey of Mixue Ice City began in 1997 when Zhang Hongchao started a "cold ice" stall with 3,000 yuan saved by his grandmother [1] - The first fresh ice cream store was established in 2007, and the brothers divided responsibilities, with Zhang Hongchao focusing on supply chain and Zhang Hongfu on brand expansion [2] - The company has surpassed Starbucks in terms of the number of beverage stores globally, indicating its leading position in the market [2] Financial Performance - The stock price of Mixue Ice City surged by 29.38% on its listing day, reflecting strong market interest and confidence in its business model [2] - The net worth of the Zhang brothers increased from approximately 85 billion HKD to 117.94 billion yuan within three months post-IPO, showcasing their rapid financial ascent [2]

Group 1 - Pop Mart is recruiting talent in the home appliance sector, indicating a potential entry into the industry with positions such as small appliance procurement supervisor and quality expert, offering salaries between 12,000 to 45,000 yuan [2] - Alibaba's founder Jack Ma and CEO Wu Yongming were spotted at a meeting for Taobao Flash Sale, suggesting increased investment and resource integration in this business area due to its demonstrated potential [3] - NVIDIA CEO Jensen Huang sold 100,000 shares of NVIDIA stock for nearly 14.4 million USD as part of a pre-established trading plan [4] Group 2 - OpenAI's CEO Sam Altman confirmed the company's intention to develop a hardware voice AI agent, following the acquisition of a company named io, which aims to enhance AI hardware capabilities [5] - Elon Musk's xAI is reportedly developing an advanced document editor for Grok that supports AI processing of spreadsheets, indicating a competitive move against major players like OpenAI, Google, and Microsoft [6] - The 2025 New Fortune Rich List revealed Zhang Yiming as the richest individual with a valuation of 481.57 billion yuan, while Lei Jun's family saw a significant wealth increase of 96% to 201 billion yuan, ranking 6th [7] Group 3 - Tencent apologized for a brief issue with QQ that caused some users to experience crashes, which was resolved quickly [8] - A report from the National Cybersecurity Center identified 45 mobile apps, including several short drama applications, for illegally collecting personal information [9] - Yikong Zhijia completed over 400 million yuan in Series D financing, led by CATL's investment platform, indicating strong interest in the autonomous driving sector [10] - Jiangsu Liwan Electronics announced the completion of several million yuan in A+ round financing, highlighting ongoing investment in the semiconductor testing equipment sector [11]