无需港股通，A股账户就能T+0买港股>> 港股泡泡玛特早盘跳水，盘中一度跌近5%。 ...

Core Viewpoint - The article discusses the shift in investment focus from traditional liquor stocks like Kweichow Moutai to trendy collectibles like Pop Mart's Labubu toys, highlighting the performance of fund manager Hu Xinwei and the challenges faced by his fund management company, Huatai Fund [1][4][14]. Group 1: Fund Performance and Strategy - Hu Xinwei's management of the Huatai Consumption Industry Mixed Fund saw a significant decline, with the fund's net value dropping from a peak of 9.977 yuan to 4.591 yuan, representing a decline of over 50% [1]. - In contrast, Hu Xinwei's other fund, Huatai Consumption Upgrade, achieved a return of approximately 20% this year due to a strategic reduction in Moutai holdings and increased investment in Pop Mart [4]. - The performance disparity among Hu Xinwei's funds has raised concerns about fairness towards investors, as some funds have significantly outperformed others [4][8]. Group 2: Company Challenges and Market Position - Huatai Fund has seen a decline in its industry ranking, dropping to 9th place with a revenue of 4.828 billion yuan, down 10.12% year-on-year, while net profit increased by 9.33% to 1.548 billion yuan [5]. - The company has struggled with a lack of balance in its product offerings, overly focusing on active investment strategies while neglecting passive products, which has limited its market competitiveness [12]. - Huatai's late entry into the index fund market has resulted in a loss of competitive advantage, as passive index fund assets surpassed active equity fund assets for the first time [12]. Group 3: Investment Philosophy and Future Outlook - Hu Xinwei's investment philosophy has evolved to emphasize dividend yield and a more diversified sector allocation, moving away from a heavy reliance on consumer staples [8]. - The article suggests that Hu Xinwei's aggressive investment in Pop Mart may represent a high-stakes gamble for his career, while Huatai Fund faces a critical need to rebuild its research and investment trust [14]. - The article categorizes fund managers into four types based on their investment strategies, with Hu Xinwei identified as a "trend chaser" who has significantly increased his holdings in Pop Mart [9][16].

点评：泡泡玛特在上海开设IP珠宝店，标志着其业务从潮玩向饰品领域延伸。这一举措将IP价值与珠宝 设计结合，可能增强公司品牌影响力，提升相关IP热度。对公司股价而言，此举或增加投资者对泡泡玛 特多元化布局的信心，从而对其估值产生积极影响。对珠宝行业板块，这一跨界尝试可能激发更多IP衍 生品开发，推动行业创新。 NO.3 二手交易平台出现LABUBU租赁服务 随着"LABUBU"走红，有一批用户已经发现新商机——在二手交易平台出租"LABUBU"系列公仔。在二 手交易平台上以"LABUBU出租""拉布布出租"等为关键词搜索，有多位卖家提供实体公仔的出租服务， 主要用于拍照、社交展示、婚宴布置等场景。 点评：二手交易平台出现LABUBU租赁服务，反映出IP热度向消费场景延伸。这表明IP价值得到进一步 挖掘，可能增强市场对泡泡玛特IP衍生品开发能力的认可。对IP衍生品行业板块，租赁模式为IP变现提 供了新思路，或吸引更多关注。对股市整体而言，这反映出消费者对IP周边消费的多元化需求，可能提 升市场对相关消费板块的关注度。 ｜ 2025年6月16日星期一 ｜ NO.1 王长田：《哪吒》系列衍生品销售额有望突破千亿元 6 ...

据悉，泡泡玛特在欧洲已有多家直营零售门店，包括巴黎Forum des Halles旗舰店、卢浮宫快捷馆等 。此次代发仓的上线，标志着其电商体系正式 在法国落地——不仅依托本地物流网络，更能迅速响应消费者需求，从而缩短配送时效并降低清关、运输成本。 法国市场作为潮流文化重地与欧洲重要消费节点，一直是泡泡玛特重点突破方向。官方数据显示，2024年其海外业务整体增速超百亿人民币，其 中欧洲贡献显著 。法国代发仓的启用，将与现有线下渠道协同发力，实现线上线下一体化构建。 巴黎讯 — 近期，中国知名潮玩品牌 泡泡玛特（POP MART） 加速欧洲市场拓展，选用法国海外代发仓服务，该仓由行业经验丰富的第三方物流 提供商在巴黎及周边区域运营，重点面向欧洲本地市场提供一件代发、库存管理、订单处理及尾程配送等全链路支持。 代发仓由本地仓配运营团队负责，采用先进的WMS系统、分拣打包自动化设备和多平台订单接入能力，对接泡泡玛特自营官网、跨境电商平台及 社交电商渠道，确保订单能在24–48小时内完成打包发出。同时支持退货处理、换标补货、本地化质检等增值服务，让欧洲消费者体验尽可能接近 区内品牌标准。 泡泡玛特 据不完全统计，Z世代 ...

01 泡泡玛特的老板王宁，前两天被发现坐在孙燕姿北京演唱会的现场，这让两拨人同时有点不爽：抢Labubu的人、抢演唱会门票的人。 这也可能是同一拨人，反正都是抢不到。 这周我见了几波朋友，无一例外都在讨论Labubu。一位朋友甚至向我强烈安利一款耳机包，只要抢到，转手卖掉至少有5倍收益。可惜我给忘了，朋友后 来发我截图，这款官方售价99元的小包，二手价格已经飙升到1089元。 这利润率比卖白粉的还高。 我没打算参与Labubu的抢购生意，原因放到后面说。我更想从产品与营销的角度去看，它做对了什么，以及怎么做对了。 先说一个反面例子：东方树叶。我最近很喜欢喝这款茶饮，一次扫码参加它的"开盖有惊喜"活动，中了个"1元再来一瓶"的奖励。但这个奖励，需要我用 瓶盖来兑换。 通过奖励活动，促进用户复购，这个活动设计没毛病。出问题的是落地——兑奖规则的设计。 想想啊：没喝完饮料，我怎么可能交出瓶盖？喝完饮料时，我怎么就凑巧能遇到一家能兑换的小卖铺？尤其在北京这种超级城市，我穿条马路可能都得10 分钟。 结果就是，这个中奖的瓶盖现在还在我家桌子上放着。我觉得很有可能哪天就被媳妇当垃圾扔掉。 一个产品成功的逻辑往往并不晦涩， ...

韩国街头，有人为抢购LABUBU通宵扎营；伦敦商场，顾客为争抢玩偶拳脚相向；泰国门店，单日营 业额突破千万大关……泡泡玛特在海外市场的火爆，像一个神话。 面对这个前所未有的消费现象，很多人忧心忡忡：会不会是泡沫？ 从品牌价值的锚点看，泡泡玛特产品特别是LABUBU的火爆，至少有以下几个理由可以解释。 一者，情绪价值成了硬通货。盲盒开箱时心跳加速的惊喜，集齐全套时颅内高潮的满足，"Z世代"用潮 玩标记个性，这种情绪上的"泡沫"也可能是一种基于人性和心理的刚需。 按照泡泡玛特创始人王宁的说法，所有的消费行为都是在解决两件事情：一是满足感，二是存在感。这 算是潮玩的"无用之用"。能真正让人花钱去买一个纯粹的、没有实际功能的商品，其实并不容易。 泡泡玛特的一个厉害之处，是能让有钱人为此买单，形成一种时尚。流行歌手蕾哈娜挽着LABUBU出 街，拍卖槌为限量款敲下108万元天价，泡泡玛特在制造全球性的"悦己经济学"。 二者，IP资产才是真的金矿。从品牌角度看，泡泡玛特就是一家颠覆传统的IP经纪公司，每个潮玩角色 都是它精心培育的"艺人"，重要的是赋能每个IP的品牌价值。 从发掘全球350位艺术家，到13个IP年入过亿元， ...

Big News 泡泡玛特IP珠宝店首店开张 泡泡玛特的业务版图继续扩张。 6月13日，泡泡玛特旗下独立珠宝品牌popop全球首店在上海港汇恒隆广场开业。该店集结了泡泡玛特旗 下HIRONO、SKULLPANDA、MOLLY、CRYBABY、LABUBU等热门IP的珠宝，价格区间在319-2699 元。 泡泡玛特创始人王宁表示："我们其实一直也希望能够通过不同的品类去拓展更多的可能性，珠宝是我 们一直在尝试的非常重要的品类。" 该公司还公布，夏季销售开局放缓，从5月1日到6月9日，按固定汇率计算，销售额仅增长了6%，而去 年同期按固定汇率计算的销售额增长了12%。 报告期内，Inditex集团始终专注于四个关键领域：独特的时尚主张、进一步提升顾客体验、可持续发展 以及人才的发展。 2025年第一季度，Inditex在全球26个市场开设了新的门店。截至本季度末，Inditex共运营5562家门店。 Inditex拥有Zara、Pull & Bear、Bershka以及Massimo Dutti等多个品牌，广泛覆盖年轻人和中产消费群 体，其表现历来被视为全球零售消费的晴雨表。此次财报释放出的信号，不只是公司层面的 ...

A-shares Market - The A-shares market showed a trend of rising and then falling, with the Shanghai Composite Index declining by 0.25% this week, and the CSI 300 also down by 0.25%. The STAR 50 index fell by 1.89%. The pharmaceutical sector performed well, while defense, gold, oil, and shipping sectors strengthened due to changes in international situations [1] Hong Kong Market - The Hong Kong stock market exhibited a mixed trend, with the Hang Seng Index down by 0.47% and the Hang Seng Tech Index down by 0.89%. Conversely, the CSI Hong Kong Connect Pharmaceutical Index rose by 9.1%, and the CSI Hong Kong Connect Internet Index increased by 0.8%. The pharmaceutical stocks collectively surged, while tech stocks experienced fluctuations [2] US Market - The US stock market generally declined, with the Dow Jones Index falling by 1.32%, the Nasdaq Composite Index down by 1.30%, and the S&P 500 decreasing by 0.39%. In terms of sectors, consumer discretionary, utilities, and healthcare sectors saw gains, while the energy sector also experienced some increases [3] Tencent Music Acquisition - Tencent Music Entertainment Group announced a plan to acquire 100% of Himalaya for $12.6 billion in cash, approximately 90.52 billion yuan. After the transaction, Himalaya will become a wholly-owned subsidiary of TME [5] VinFast Performance - VinFast reported a significant increase in electric vehicle deliveries, with a total of 36,330 units delivered in the first quarter, representing a year-on-year growth of 296%. The company's total revenue reached approximately $6.57 billion, a 149.9% increase year-on-year, while the net loss was about $7.12 billion [12] Five Grains Liquid - Five Grains Liquid announced plans to accelerate the development of youth-oriented products based on market conditions. The company already has youth-oriented products and aims to expand its market presence internationally [6][7] Starbucks Price Reduction - Starting June 10, Starbucks will reduce prices on dozens of products by an average of about 5 yuan, particularly in its three major categories: Frappuccino, iced tea, and tea latte. The company will also continue to innovate in non-coffee scenarios [8] OpenAI Price Reduction - OpenAI's CEO announced an 80% price reduction for the o3 model, indicating a significant shift in pricing strategy [11] Honey Snow Ice City Health Violation - Honey Snow Ice City was reported for exceeding the legal limit of bacteria in a frozen dessert sample, leading to a temporary suspension of related products and a requirement for thorough cleaning and disinfection [9] Nezha Automobile Internal Turmoil - Nezha Automobile faced internal turmoil as employees protested for unpaid wages, leading to a decision for employees to work from home. The company has undergone significant changes, including relocating its headquarters [10] Tesla Robotics Project Leadership Change - Tesla's Optimus humanoid robot project will see a leadership change as the project engineer supervisor is set to leave, with the autonomous driving head taking over the project [11] Apple Design Update - Apple announced its largest design update to date, named "Liquid Glass," which will enhance user interaction through dynamic light reflection and a new transparent appearance [8] Market Trends - Various cities in China are encouraging a 4.5-day flexible work schedule, promoting a 2.5-day weekend model to boost consumer spending [21][22] International Relations - China has implemented a visa exemption policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, effective June 9, 2025, enhancing diplomatic relations with these countries [22]

Core Viewpoint - The rise of Pop Mart, a company known for its blind box toys, has sparked significant interest and confusion among investors, leading to a dramatic shift in market perception and investment strategies over the past few years [2][3][4]. Group 1: Company Overview - Pop Mart, founded 10 years ago, gained fame through its blind box toys and the popularity of its Labubu character in markets like Thailand and North America [2]. - The company's stock price surged to 246 HKD, with a market capitalization exceeding 330 billion HKD, making it more valuable than some traditional giants like Moutai [2][18]. - Pop Mart's initial public offering (IPO) on December 11, 2020, saw its stock price rise to 77.1 HKD, reaching a market cap of over 100 billion HKD, but it faced a significant decline in 2021 and 2022, dropping below 10 HKD at one point [4][18]. Group 2: Market Dynamics - The stock experienced a long period of stagnation from late 2022 to early 2024, with a gradual recovery to 25.8 HKD by September 2023, although still below its peak [6]. - Despite the stock's low performance, Pop Mart continued to innovate and expand its product offerings, with significant revenue growth from its IPs, SKULLPANDA and MOLLY, each surpassing 1 billion RMB in revenue in 2023 [6][18]. - The company's overseas revenue grew by 135% year-on-year to 10.66 billion RMB, accounting for 16.9% of total revenue [6]. Group 3: Investment Sentiment - A notable shift in investment sentiment occurred as fund managers who previously exited during the stock's downturn began to reassess its value, leading to increased holdings in Pop Mart [21][22]. - By the first quarter of 2025, 207 funds held Pop Mart shares, with a total market value of 9.93 billion RMB, a significant increase from previous years [21]. - The stock's dynamic price-to-earnings (PE) ratio exceeded 80, raising concerns among some fund managers about potential overvaluation and market corrections [22]. Group 4: Consumer Trends - The emergence of the Z generation as a dominant consumer group has shifted market dynamics, with a focus on emotional value and personalized experiences driving demand for products like Pop Mart's blind boxes [19][20]. - Pop Mart's unique IP design and blind box mechanism cater to the desires of younger consumers, creating a new form of "social currency" [20]. - The changing consumer landscape has prompted some fund managers to adapt their investment strategies, recognizing the potential of new consumption trends [26][27].

?在潮玩行业竞争激烈的市场环境下，泡泡玛特的成功并非偶然，其背后有着难以逾越的竞争壁垒。? 从 IP 资源角度来看，泡泡玛特打造出了现象级 IP，以拉布布为例，它就如同娱乐圈中的周杰伦，具有 强大的影响力和号召力。拉布布不仅自身备受消费者喜爱，还能带动公司旗下其他 IP 如 cry baby 等的 销量增长。更关键的是，泡泡玛特几乎将世界上顶尖的潮玩 IP 艺术家尽数收入麾下，实现了对优质 IP 资源的垄断。这些稀缺且不可复制的 IP 资源，成为了泡泡玛特的核心竞争力。就像娱乐圈中，实力唱 片公司签下顶级歌手，歌手的人气能为公司带来巨大收益，泡泡玛特的 IP 也为其持续创造价值，且这 些 IP 永远 "不会老、不会累"，能长时间为公司贡献力量 。? （原标题：和讯投顾蔡俊俊：深度剖析泡泡玛特的竞争壁垒） 泡泡玛特正是通过对优质 IP 资源的垄断性签约和独特的渠道优势，打造出了坚不可摧的竞争壁垒，使 其在潮玩行业中脱颖而出，持续引领市场潮流。? 以上分析呈现了泡泡玛特的竞争优势，若你还想从财务、市场规模等角度深入剖析，或者有其他需求， 欢迎随时和我讲。 在渠道方面，泡泡玛特构建起了高围墙的终端渠道。这一渠道优势 ...