Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index rising by 0.17% to close at 26,629.96 points, while the Hang Seng China Enterprises Index fell by 0.09% to 9,114.3 points, and the Hang Seng Tech Index increased by 0.28% to 5,762.44 points. The total trading volume was HKD 234.86 billion [1] Blue Chip Performance - Pop Mart (09992) led the blue-chip stocks, rising by 5.97% to HKD 206, contributing 13.8 points to the Hang Seng Index. The company has been in the spotlight due to its new product launch and share buybacks totaling nearly HKD 350 million [2] - Other notable blue-chip performers included Wharf Real Estate (01997) up 4.81%, Li Auto-W (02015) up 4.13%, while China Life (02628) fell by 3.82%, dragging the index down by 15.13 points [2] Sector Highlights - Large tech stocks had mixed results, with Baidu rising over 4% and Alibaba nearly 1%, while Tencent fell by 0.83%. The construction and cement sectors performed well, with China Liansu up over 8% and China National Building Material up nearly 7% [3] - Oil and gas stocks were active, with Shanghai Petrochemical (00338) up 3.45% and Sinopec (00386) up 3.41%. The International Energy Agency (IEA) raised its global oil demand growth forecast for 2026 to 930,000 barrels per day, up from a previous estimate of 860,000 barrels per day [3][4] Commercial Aerospace - The commercial aerospace sector saw renewed interest, with JunDa Co. (02865) rising nearly 16% and other related companies also showing significant gains. Reports indicate that Elon Musk is pushing for a SpaceX IPO, which could further stimulate the sector [4] Real Estate Sector - Hong Kong real estate stocks showed positive performance, with Wharf Real Estate (01997) and Sun Hung Kai Properties (00016) both rising significantly. Analysts predict a continued upward trend in property prices, although the growth rate may moderate due to resilient mortgage rates [5][6] Gold Stocks - Gold stocks experienced a decline, with Lingbao Gold (03330) down 3.16% and Zijin Mining (02899) down 2.3%. This drop is attributed to easing risk aversion, leading to a decrease in gold prices from historical highs [6] Notable Stock Movements - Minth Group (00425) saw a significant increase of 13.94% following a positive report from Citigroup, which initiated a 90-day upward catalyst observation [7] - ASMPT (00522) continued its upward trend, rising 6.29% as it evaluates options for its surface mount technology business [8] - Baidu (09888) was active, rising 4.1% after the release of its new AI model, which supports various forms of information processing [9] - Longqi Technology (09611) debuted with a 3.55% increase, raising approximately HKD 1.52 billion from its IPO [10] - Nanshan Aluminum (02610) faced a decline of 6.89% after announcing a share placement at a discount to its previous closing price [11]

泡泡玛特(09992)领涨蓝筹。截至收盘，涨5.97%，报206港元，成交额44.44亿港元，贡献恒指13.8点。 今日下午新华社官方微博宣布，节目《扬声》将于本周五播出，由新华社记者张扬对话泡泡码特创办人 王宁。此外，泡泡玛特近期推出的"PUCKY敲敲系列"毛绒挂件盲盒，因内置电子木鱼功能成为热议焦 点。值得一提的是，泡泡玛特近日连续回购股份， 累计金额近3.5亿港元。 智通财经APP获悉，港股三大指数走势不一，恒指及恒科指数尾盘成功转涨。截止收盘，恒生指数涨 0.17%或44.9点，报26629.96点，全日成交额为2348.6亿港元；恒生国企指数跌0.09%，报9114.3点；恒 生科技指数涨0.28%，报5762.44点。 兴业证券认为，港股有望继续震荡向上。该行指出，岁末的资金阶段性收紧效应过去，内资继续流入； 如果海外形势带来扰动反而是机会。一旦特朗普"TACO"，反而可能通过弱美元与资金再配置，对港股 形成边际支撑。此外，政策和产业层面也存在催化。 蓝筹股表现 其他蓝筹股方面，九龙仓置业(01997)涨4.81%，报26.6港元，贡献恒指3.32点；理想汽车-W(02015)涨 4.13%，报6 ...

中银国际发表研报指，公司此次启动的股份回购应能重振市场信心。中银国际预期，随着新产品推出，Labubu在今年销售 中仍将是关键支柱，而其他IP亦将随着海外消费者对它们更熟悉而提升表现。故该行仍相信泡泡玛特在海外扩张方面将保 持强劲动能，并预期今年营收、净利润将分别实现按年实现32.8%、37.6%的强劲增长，重申"买入"评级。 港股频道更多独家策划、专家专栏，免费查阅>> 1月22日，泡泡玛特(9992.HK)拉升大涨近7%，报207.6港元。消息面上，1月21日，泡泡玛特发布公告称将斥资9649万港元 回购50万股股份，每股回购价191.1-194.9港元。就在1月19日，泡泡玛特曾发布公告称将斥资2.51亿港元回购140万股股份。 本周，泡泡玛特累计回购金额近3.5亿港元。 责任编辑：磐石 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】A股上涨，泡泡玛特又火了 中国基金报记者 泰勒 兄弟姐妹们啊，今天的市场，整体表现不错，三大指数震荡上涨，一起看看发生了什么事情。 A股上涨 1月22日，A股震荡上涨，盘中一度回落，截至收盘，沪指涨0.14%，深成指涨0.5%，创业板指涨 1.01%。 市场共3577只个股上涨，92只个股涨停，1777只个股下跌。 | 880005 涨跌家数 | | | | --- | --- | --- | | 日中 | 涨停 | 92 | | 涨幅 | > 7% | 158 | | 涨幅 | 5-7% | 137 | | 张唱 | 3-5% | 386 | | 张旭 | 0-3% | 2897 | | 跌幅 | 0-3% | 1567 | | 跌幅 | 3-5% | 159 | | 跌幅 | 5-7% | 31 | | 跌幅 | > 7% | 20 | | 真中 | 跌停 | 5 | | 上涨家数 | | 3577 | | 下跌家数 | | 1777 | | 平盘停牌 当日种数 | | 119 | | | | 5473 | ...

泡泡玛特(9992.HK)拉升大涨近7%，报207.6港元。消息面上，1月21日，泡泡玛特发布公告称将斥资 9649万港元回购50万股股份，每股回购价191.1-194.9港元。就在1月19日，泡泡玛特曾发布公告称将斥 资2.51亿港元回购140万股股份。本周，泡泡玛特累计回购金额近3.5亿港元。 中银国际发表研报指，公司此次启动的股份回购应能重振市场信心。中银国际预期，随着新产品推出， Labubu在今年销售中仍将是关键支柱，而其他IP亦将随着海外消费者对它们更熟悉而提升表现。故该行 仍相信泡泡玛特在海外扩张方面将保持强劲动能，并预期今年营收、净利润将分别实现按年实现 32.8%、37.6%的强劲增长，重申"买入"评级。 ...

（文章来源：每日经济新闻） 每经AI快讯，泡泡玛特(09992.HK)午后涨近6%，截至发稿，涨5.86%，报205.8港元，成交额23.21亿港 元。 ...

消息面上，泡泡玛特近期出手回购。1月19日，泡泡玛特斥资2.51亿港元回购140万股股份；1月21日， 公司斥资约9648.96万港元回购50万股。摩根士丹利表示，泡泡玛特自2024年初以来首次回购股份。估 算泡泡玛特在2025年录得净利润126亿元人民币，并于2025年底持有200亿元的净现金人民币，显示公司 具备充裕的财务资源以进一步回馈股东。 华泰证券发表研报称，该行追踪的数据显示，泡泡玛特去年第四季国内及海外业绩按季表现具高韧性， 在经历Labubu3.0销售高峰后，IP矩阵的力量对销售增长形成坚实支撑。该行认为泡泡玛特业绩增长的 可持续性以及中长期空间受低估，在目前市场分歧阶段估值具吸引力。 泡泡玛特(09992)午后涨近6%，截至发稿，涨5.86%，报205.8港元，成交额23.21亿港元。 ...

华泰证券发表研报称，该行追踪的数据显示，泡泡玛特去年第四季国内及海外业绩按季表现具高韧性， 在经历Labubu 3.0销售高峰后，IP矩阵的力量对销售增长形成坚实支撑。该行认为泡泡玛特业绩增长的 可持续性以及中长期空间受低估，在目前市场分歧阶段估值具吸引力。 消息面上，泡泡玛特近期出手回购。1月19日，泡泡玛特斥资2.51亿港元回购140万股股份；1月21日， 公司斥资约9648.96万港元回购50万股。摩根士丹利表示，泡泡玛特自2024年初以来首次回购股份。估 算泡泡玛特在2025年录得净利润126亿元人民币，并于2025年底持有200亿元的净现金人民币，显示公司 具备充裕的财务资源以进一步回馈股东。 智通财经APP获悉，泡泡玛特(09992)午后涨近6%，截至发稿，涨5.86%，报205.8港元，成交额23.21亿 港元。 ...

Core Viewpoint - Pop Mart has announced a share buyback plan, indicating confidence in its market position and future growth potential [1] Group 1: Domestic Market - The domestic market is experiencing an upward trend, with Pop Mart having a large and highly engaged user base [1] - The company's diverse IP matrix, including MOLLY, SKULLPANDA, CRYBABY, and DIMOO, maintains balanced popularity, while the STAR PERSON IP is rapidly gaining traction [1] - Recent actions to frequently release products have helped stabilize the second-hand market prices, allowing the company to regain pricing power and create a healthier commercial ecosystem based on real consumer demand [1] Group 2: Overseas Market - The overseas market presents significant potential, with many global markets still in the early stages of development and lower channel density compared to the domestic market [1] - There is a strong certainty for future channel expansion, although challenges such as short IP cycles and reliance on single IPs exist [1] - The company is actively increasing offline supply globally to encourage consumers to shift from online to offline purchases [1] - Supply chain issues have arisen due to substantial growth in the American market, necessitating improvements in logistics, product structure, and local team configurations [1] Group 3: Operational Strategy - The company should prioritize resolving operational issues before focusing on IP product expansion to support long-term overseas development [2] - The U.S. market, as a key consumer market for trendy toys, offers significant growth potential, with a strategy of building operational capabilities in the short term and leveraging IP potential for long-term growth [2] Group 4: Sales Tracking and Profit Forecast - Google Trends data indicates that the search popularity of Pop Mart's core IP "Labubu" peaked around Christmas, remaining above average levels [2] - Profit forecasts for the company project net profits of 135.1 billion, 179.0 billion, and 216.1 billion yuan for 2025-2027, with corresponding PE ratios of 18.0X, 13.6X, and 11.3X [2]

研究员：樊俊豪/石狄/刘思奇 机构：华泰证券 风险提示：宏观消费需求不及预期，行业竞争加剧，新业务发展不及预期。 近期泡泡玛特市场预期受短期高频追踪数据影响明显，并导致对IP 热度、业绩成长持续性的担忧有所 升温。我们追踪的数据显示，公司Q4 国内、海外业绩环比趋势呈现高韧性，在度过Labubu 3.0 销售高 峰后，IP 矩阵的力量对销售增长形成坚实支撑。我们梳理了市场观点的三个潜在预期差：高频数据的 综合判断、新锐IP 成长性、内容等IP 生态布局的潜力。公司1 月19 日以2.51 亿港元回购140 万股股 份，每股回购价177.7-181.2 港元，彰显对成长前景的信心。我们认为公司业绩增长的可持续性以及中 长期空间受低估，在当前市场分歧阶段估值具备吸引力，维持"买入"评级，继续重点推荐。 维度一：Q4 海外市场表现或好于市场悲观预期 Q4 市场追踪部分三方数据及二手价格，导致对海外尤其北美表现担忧。我们预计Q4 海外环比表现好于 市场悲观预期。1）北美：我们跟踪Tik Tok Q4销售额环降约10%。但Q3 因门店缺货，线上占比或高达 60-70%，Q4 门店货品充足，线下收入预计明显好于Q3，全渠 ...