本文源自：金融界AI电报 泡泡玛特(9992.HK)盘中涨近6%，报293.4港元，再创历史新高，市值逼近4000亿港元。 摩根士丹利近 日发研报称，泡泡玛特的平台价值可能被低估，指公司目前有四个区域销售产品，但其自有IP主要来源 于大中华区，例外是来自泰国的Crybaby和美国的Peach Riot。泡泡玛特有很大潜力挖掘美国、欧洲、日 本和东南亚的丰富艺术资源。因此，该行预计未来3-5年，泡泡玛特的IP和产品组合将更具文化多样 性。该行认为泡泡玛特内在价值远超其拥有的IP，此点被市场低估，维持"增持"评级及目标价365港 元，相当于预测今年市盈率46倍。 ...

Market Overview - A-shares opened higher on August 7, with the three major indices showing early gains, driven by a surge in Apple-related stocks, particularly Industrial Fulian, which rose over 9% to reach a new high [1] - The Hong Kong market experienced fluctuations but saw the Hang Seng Index rise, with Apple-related stocks also performing well, including Sunny Optical Technology, which increased by over 5% [1][9] - The bond market saw an increase in government bond futures, with the 30-year main contract rising by 0.06% [4] Apple-Related Stocks - Apple-related stocks in A-shares opened strong, with Industrial Fulian rising by 5.5%, and other companies like Luxshare Precision and Lens Technology also seeing gains [5][6] - The overnight performance of Apple shares in the US, which rose by 5%, contributed to the positive sentiment in the Apple supply chain [5][7] Commodity Market - In the commodity market, domestic futures showed mixed results, with lithium carbonate rising over 2% while polysilicon fell by more than 2% [1][11] - The opening of commodity futures saw lithium carbonate, coking coal, and aluminum oxide main contracts increase by over 1%, while other commodities like rapeseed meal and shipping indices experienced declines [11][12]

人民财讯8月7日电，港股新消费股走强，泡泡玛特涨超3%创历史新高，老铺黄金涨超2%，蜜雪集团、 毛戈平涨超1%。 ...

Group 1 - Pop Mart's stock rose over 3%, reaching an all-time high [1] - A-share Apple concept stocks increased, with Industrial Fulian rising over 6% [1] - Other companies such as Luxshare Precision, Lens Technology, and GoerTek also saw gains [1] Group 2 - Overnight, Apple shares in the US surged by 5% [1]

Core Insights - The stock of Pop Mart has surged over 3% during trading, reaching an all-time high [1] Group 1 - Pop Mart's stock performance indicates strong market confidence and investor interest [1]

Core Viewpoint - The new consumption sector in the Hong Kong stock market has shown significant growth, with several companies reporting positive earnings forecasts, contributing to the overall bullish trend in this segment [3][4][6]. Group 1: Stock Performance - Pop Mart (09992.HK) rose by 7.87%, while Shangmei Co. (02145.HK) increased by 7.34%, and Laopu Gold (06181.HK) saw a rise of 5.93% [1][2]. - The New Consumption Concept Index has recorded a year-to-date increase of 64.97%, outperforming the Hang Seng Index, which has risen by 24.18% [3]. Group 2: Earnings Forecasts - Shangmei Co. expects revenue for the first half of 2025 to be between 4.09 billion to 4.11 billion yuan, a year-on-year growth of 16.8% to 17.3%, with net profit projected to reach 540 million to 560 million yuan, an increase of 30.9% to 35.8% [3]. - Laopu Gold anticipates revenue of 12 billion to 12.5 billion yuan for the first half of 2025, representing a year-on-year growth of 241% to 255%, with net profit expected to be between 2.23 billion to 2.28 billion yuan, a growth of 279% to 288% [4]. - Pop Mart forecasts a revenue increase of no less than 200% and a profit increase of no less than 350% for the first half of 2025 [5]. Group 3: Market Trends and Sentiment - Investment firms are optimistic about the new consumption sector, noting a shift towards personalized and service-oriented consumption among residents [6]. - The Hong Kong consumption sector is seen as more aligned with current new consumption trends compared to the A-share market, indicating significant growth potential [6]. - Despite the current high valuations in the new consumption sector, the macro trend towards personalized and rational consumption remains intact, suggesting continued growth in related areas such as trendy toys, beauty care, and pet products [7][8].

投资要点 腾讯控股今日涨1.70%，短线资金持续流入，前5日加仓416万股。 阿里巴巴-W今日涨0.60%，短线资金以流入为主，前5日加仓1654万股。 中芯国际今日涨3.14%，短线资金流入趋缓，前5日加仓784万股。 晶泰控股今日涨12.42%，短线资金加速流入，前5日加仓2319万股。 小米集团-W今日跌0.55%，短线资金以流入为主，前5日加仓6177万股。 泡泡玛特今日涨7.87%，短线资金延续流出趋势，前5日减持326万股。 注：由于港交所T+2结算，实际为向前递延两个交易日的前5日数据。 | | | 1322.93 智通财经8月6日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1259.74亿港元，较前一日微幅下滑；约为今日恒指成交总额的58.53%，占比近两日 连续抬高。 全天恒指横盘震荡，南向资金净流入约94.85亿港元，其中沪港股通净流入约44.69亿港元，深港股通净流入约50.16亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：腾讯控股(0700.HK)15.18亿港元；阿里巴巴-W(09988.HK)8.76亿港元；中芯国际(00981.HK)6.12亿港元；晶泰 ...

Core Viewpoint - Morgan Stanley's report highlights the potential growth and undervalued platform value of Pop Mart, particularly following their participation in the recent international toy exhibition in Beijing [1] Group 1: Product Performance - The Twinkle Twinkle product booth attracted significant crowds, with items such as figurines, artwork, bags, and accessories selling out quickly, indicating that Twinkle Twinkle could start contributing significantly to sales from 2024 onwards [1] - The Crybaby product line, including T-shirts, baseball caps, cushions, and slippers, was also well-received, with an average selling price exceeding 250 yuan [1] Group 2: Market Potential - Morgan Stanley believes that Pop Mart's platform value may be underestimated, noting that the company currently sells products in four regions, with its primary IP sources being Greater China, along with Crybaby from Thailand and Peach Riot from the United States [1] - There is significant potential for Pop Mart to tap into rich artistic resources in the United States, Europe, Japan, and Southeast Asia, suggesting that the company's IP and product portfolio will become more culturally diverse over the next 3-5 years [1] Group 3: Valuation and Rating - The intrinsic value of Pop Mart is considered to far exceed its current IP holdings, a point that the market has overlooked, leading Morgan Stanley to maintain an "overweight" rating with a target price of 365 HKD, which corresponds to a projected price-to-earnings ratio of 46 times for this year [1]

（文章来源：每日经济新闻） 每经AI快讯，8月6日，港股新消费概念股回暖，泡泡玛特(09992.HK)涨超8%，老铺黄金(06181.HK)涨 近6%，蜜雪集团(02097.HK)涨超4%，毛戈平(01318.HK)涨3.8%。 ...

Core Viewpoint - Pop Mart (09992) has seen a stock increase of over 5%, currently at 270.6 HKD, with a trading volume of 1.884 billion HKD, driven by positive analyst outlooks following the 2025 PTS Beijing International Trend Toy Exhibition [1] Group 1: Analyst Insights - Morgan Stanley analysts maintain an "overweight" rating on Pop Mart, emphasizing that the market undervalues its platform capabilities [1] - Analysts believe investors are overly focused on the ceiling of individual IPs, neglecting the company's core long-term investment value in platform incubation [1] - The success of Pop Mart is attributed to its platform capabilities rather than any single IP, with Labubu's contribution to sales rising from 6% two years ago to significant global recognition today [1] Group 2: Revenue and Growth Projections - DBS recently issued a report forecasting that Pop Mart's revenue and profit will grow by over 140% and 180% respectively this year, driven by strong demand for proprietary IPs like Labubu and Molly [1] - The bank has initiated a "buy" rating with a target price of 312 HKD, projecting a compound annual growth rate of 81% for revenue and 99% for profit from 2024 to 2026 [1]