华尔街谈LABUBU与茅台：似曾相识还是范式转移？

Core Insights - The report from Bank of America compares Labubu, a trendy IP, to the traditional liquor giant Moutai, highlighting the differences in their social currency attributes and consumer engagement [1][2] - Labubu's appeal is rooted in the interests and values of the younger generation, while Moutai's social function is tied to power and hierarchy, reflecting a shift from traditional to new consumption patterns [1][2] Group 1: Social Currency and Consumer Behavior - Labubu and Moutai both possess social currency but differ in generational appeal; Moutai serves as a "social/business lubricant," while Labubu caters to emotional value in a digital social media context [2] - The transition from an investment-driven model to a consumption-driven model in China is indicated by Labubu's success, which aligns with global trends [2] Group 2: IP Lifecycle and Investment Attributes - Both Bubble Mart and Moutai face challenges related to IP lifecycle and investment attributes, with the potential for slowed global growth if there is a long gap between Labubu and the next hit IP [3][4] - The historical resilience of Moutai, with its centuries of legacy, contrasts with the relatively short histories of Bubble Mart and Labubu, which are 15 and 10 years old respectively [4] Group 3: Regulatory and Market Risks - Regulatory risks are significant for both Moutai and Bubble Mart, with the latter facing scrutiny as its consumer base diversifies; however, its growing overseas business may mitigate some risks [7] - The phenomenon of "crowded trades" in capital markets, similar to the influx of funds into Moutai from 2016 to 2021, is now observed in the new consumption sector represented by Bubble Mart [8]