POP MART(09992) Mei Ri Jing Ji Xin Wen·2025-05-21 02:57Group 1 - Pop Mart's stock price reached a historical high of 220 HKD, with a market capitalization approaching 300 billion HKD, driven by a surge in new consumption concepts in the Hong Kong stock market [1] - The newly launched Labubu 3.0 plush toy has gained immense popularity globally, with long queues reported in stores in Los Angeles and London, indicating strong demand [1] - The Labubu 3.0 blind box, originally priced at 99 HKD, is being resold at prices as high as 2300 HKD on secondary platforms, reflecting a more than 20-fold premium over the official price [1] Group 2 - The Hang Seng Consumption Index is currently trading at an attractive valuation, with a price-to-earnings ratio (PE-TTM) of only 18.14, which is below 83% of the time over the past five years [2] - The index's return on equity (ROE) is 16.3%, significantly higher than the 11.9% of major A-share consumption indices, showcasing a "high profitability + low valuation" characteristic [2] - Key trends for the consumer market in 2025 include sustained demand for self-indulgent consumption and travel, a growing willingness to pay for emotional value, and favorable policies that may boost domestic demand and support the export of quality domestic brands [2]