(本文来自第一财经) 南向资金净买入15.40亿港元，小米集团-W、中芯国际、泡泡玛特净买入额位列前三，分别获净买入 11.73亿港元、4.67亿港元、4.32亿港元。净卖出方面，腾讯控股、华虹半导体、中国平安分别遭净卖出 7.62亿港元、2.09亿港元、1.80亿港元。 ...

(本文来自第一财经) 南向资金今日净买入15.40亿港元，小米集团-W、中芯国际、泡泡玛特净买入额位列前三，分别获净买 入11.73亿港元、4.67亿港元、4.32亿港元。净卖出方面，腾讯控股、华虹半导体、中国平安分别遭净卖 出7.62亿港元、2.09亿港元、1.80亿港元。 ...

Core Viewpoint - Pop Mart experienced a significant stock decline, with a drop of nearly 8.5% on December 8, marking its largest decline in over six weeks, and a cumulative drop of over 14% in the past month, resulting in a market value loss of over 180 billion HKD compared to its August peak [1] Group 1: Stock Performance - On December 8, Pop Mart's short-selling amount reached 1.092 billion HKD, an increase of 210.58% from the previous trading day, and up 47.35% compared to the average of the last 30 trading days [3] - The short-selling ratio was 19.23%, deviating by -17.33% from the average short-selling ratio over the last 30 trading days [3] - The number of shares sold short increased from 1.1106 million shares to 1.6170 million shares from December 2 to December 8, with the short-selling amount rising from 241 million HKD to 623 million HKD during the same period [3] Group 2: Financial Performance - Pop Mart's overall revenue for Q3 2025 is expected to surge by 245%-250% year-on-year, driven by the launch of new products like Mini Labubu and SP Insomnia Theater, along with revenue recognition from pre-sales in Q2 [4] - The core IP Labubu continues to maintain global popularity, serving as a key growth driver [4] Group 3: Market Sentiment and Product Strategy - Following the launch of the Labubu new product on November 13, market enthusiasm has noticeably declined, with secondary market premiums dropping by over 50% and regular versions selling below official retail prices [5] - Deutsche Bank's latest report indicates that Pop Mart plans to increase Labubu production capacity from 10 million units in the first half of the year to an average of 50 million units per month by the end of the year, warning that large-scale production often signals a decline in market enthusiasm for brands reliant on unique design and scarcity [5]

Group 1 - The stock price of Pop Mart (09992.HK) closed at 200.4 HKD, reflecting a decline of 8.49% [1]

【香港恒生指数收跌1.23% 泡泡玛特跌超8%】智通财经12月8日电，香港恒生指数收跌1.23%，恒生科 技指数收平。卓越睿新上市首日涨超87%；芯片股走强，华虹半导体涨超4%，上海复旦涨超3%，中芯 国际涨近3%。黄金股下跌，老铺黄金跌超6%，紫金黄金国际跌超4%；泡泡玛特跌超8%。 转自：智通财经 ...

Group 1 - The core viewpoint of the article highlights the significant decline in Pop Mart's stock price, which dropped nearly 10% on December 8, marking a 40% decrease from its peak, primarily due to concerns over slowing sales growth in the U.S. market [3][6] - Market analysts express worries that Pop Mart's sales performance during the "Black Friday" promotional period may not meet expectations, impacting investor confidence in the company's growth prospects [6][7] - Following a reported over 1200% year-on-year sales surge in the U.S. for Q3, the sustainability of overseas sales has become a critical focus for investors, with short-selling positions rising to 6.3% of the company's float, the highest level since August 2023 [6][7] Group 2 - Bernstein's analyst estimates that Pop Mart's U.S. sales growth has slowed to below 500% for the current quarter, reflecting a broader trend of weakening offline sales in North America during November [7] - The analysis from Xinda Securities indicates that sales data during the Thanksgiving week showed no significant month-on-month growth, suggesting a "lackluster peak season," while supply chain issues have eased without significantly boosting demand [7][8] - Concerns have been raised regarding the accuracy of high-frequency sales data, which is based on credit and debit card sampling and may not fully represent actual sales performance [8] Group 3 - The article notes that only 3% of Pop Mart's consumers are "scalpers," and the company's supply strategy is focused on ensuring genuine consumers can access products rather than relying on marketing hype [8] - Excluding the U.S. market, regions such as Europe, China, and Southeast Asia continue to show positive growth trends, indicating a balanced global development for Pop Mart [8] - Despite current performance controversies, analysts suggest that mid-term investment decisions should focus on the company's underlying capabilities and business model, as the accumulation of IP potential requires time [8]

Group 1 - Pop Mart experienced a significant drop of nearly 10% on December 8, marking its largest decline in over six weeks, with the stock price down approximately 40% from its peak due to concerns over slowing sales growth in the U.S. market [1][13] - Investors are worried that Pop Mart's sales performance during the U.S. "Black Friday" promotions may fall short of expectations, impacting confidence in the company's growth prospects [3][14] - Following a reported over 1200% year-on-year increase in U.S. sales for Q3, the sustainability of overseas sales has become a key focus for investors [3][14] Group 2 - Analysts from Bernstein noted that the stock's weakness is largely attributed to a decline in North American offline sales trends throughout November, estimating that U.S. sales growth for Pop Mart has slowed to below 500% for the current quarter [4][14] - The consumer team at Cinda Securities observed that sales data during the Thanksgiving week showed no significant growth, indicating a "weak peak season" characteristic [4][15] - Recent short-selling reports have emerged, with some foreign institutions predicting a 10% to 20% decline in both Chinese and overseas markets next year, raising concerns about future performance uncertainty [4][14] Group 3 - Cinda Securities emphasized that high-frequency data may not accurately reflect actual sales, as it is based on credit and debit card sampling, and monthly data may be subject to later revisions [5][15] - The reports questioning future growth are primarily based on second-hand market premiums and store supply conditions, while the actual consumer base for Pop Mart's products is healthy, with only 3% being speculative buyers [5][15] - Excluding the U.S. market, growth trends in Europe, China, and Southeast Asia remain positive, indicating balanced global development [5][15] Group 4 - The overall A-share market showed a strong performance, with the ChiNext index rising over 3% and the Shanghai Composite Index increasing by 0.54% [6][16] - A total of 3,409 stocks rose, with 78 hitting the daily limit up, while 1,866 stocks declined [7][16]

12月8日市场高开高走，截至收盘，沪指涨0.54%，深成指涨1.39%，创业板指涨2.6%。沪深两市成交额2.05万亿，较上一个交易日放量3127亿。全市场超 3400只个股上涨。 福建板块再度爆发，安记食品（603696）5连板，舒华体育（605299）、福建金森（002679）等10余股涨停。 算力硬件概念走强，天孚通信（300394）触及20cm涨停创新高，光库科技（300620）、长光华芯、源杰科技、联特科技（301205）等多股涨逾10%。一 共有17只股票涨停或涨幅超过10%。 中信建投（601066）认为，近期，AI产业链催化不断，包括谷歌新模型性能大幅提升及TPU展示出的较强能力、DeepSeek V3.2正式版发布、亚马逊发布 Trainium3，以及摩尔线程上市市场展现出的高参与热情等等，同时更多公司包括英伟达、阿里、AMD等否认AI泡沫的观点，均展现了AI的良好发展前 景。目前，世界正处于AI产业革命中，类比工业革命，影响深远，不能简单对比近几年的云计算、新能源等，需要以更长期的视角、更高的视野去观 察。因此，对AI带动的算力需求以及应用非常乐观。 消息面上，据智通财经，德银最新研报指出 ...

美国市场表现成为焦点，此前泡泡玛特在三季度财报中披露美国销售同比增长超1200%，令投资者对海 外扩张充满期待。 但最新迹象显示增长动能正在减弱。伯恩斯坦驻香港亚洲消费股分析师Melinda Hu指出，股价疲软"很 可能是受11月份北美线下销售趋势下滑推动"，她预计公司本季度美国销售增速将放缓至500%以下。 晨星分析师Jeff Zhang警告，潜在的美国销售疲软可能削弱市场对泡泡玛特增长的信心，海外销售势头 此前一直是投资者紧密追踪的关键指标。 泡泡玛特股价周一遭遇重挫，投资者对这家潮玩制造商在美国市场的增长势头产生疑虑。在公司此前公 布美国市场超预期增长后，市场正密切关注其销售动能能否维持。 周一，泡泡玛特港股盘中一度暴跌9%，为逾一个月最大跌幅，较8月高点累计回撤约40%。市场担忧其 在美国"黑五"促销期间的销售可能未达预期，打击了投资者信心。 股价承压之际，做空力量持续集聚。据标普全球数据，截至上周四，泡泡玛特的卖空股份已升至流通股 的6.3%，创2023年8月以来最高水平。 光大证券国际策略师Kenny Ng表示，投资者对泡泡玛特销售势头放缓存在担忧，同时卖方的一些谨慎 观点也打压了股价。 从增长1 ...

Core Viewpoint - Pop Mart's stock price has been declining, currently down 8.95% to HKD 199.40, as it transitions from explosive growth to sustainable growth, according to Morgan Stanley's report [2] Group 1: Financial Performance - Pop Mart's revenue for Q3 2025 saw a significant year-on-year increase of 245%-250%, driven by new product launches and revenue recognition from pre-sales [2] - Revenue in the Chinese market grew by 185%-190%, with offline channels increasing by 130%-135% and online channels by 300%-305% [2] - Internationally, revenue surged by 365%-370%, with the Americas experiencing a staggering growth of 1265%-1270% [2] Group 2: Market Sentiment - Despite strong financial results, Pop Mart's stock has been under pressure, with a notable drop of 8.08% on October 21 and 9% on October 23, marking the largest single-day decline since April [3] - Analysts express concerns that Pop Mart's revenue growth may peak this year, leading to potential slowdowns in the following year [3] - Short-selling activity has increased significantly, with shares shorted rising from 1.11 million to 1.62 million and the short-selling amount increasing from HKD 241 million to HKD 623 million [3][4]