摩根大通下调评级 泡泡玛特开盘即大跌

Core Viewpoint - Morgan Stanley downgraded Pop Mart's stock rating to "Neutral" due to a lack of clear growth catalysts and unattractive current valuation, raising market concerns about the potential decline in product popularity [1] Group 1: Stock Performance - On September 15, Pop Mart's stock opened with a significant drop, falling over 8% at one point, and closed at 259 HKD, reflecting a decline of 6.43% [1] - Since reaching an all-time high on August 26, Pop Mart's stock price has decreased by 30% [3] Group 2: Product Market Trends - Concerns have emerged regarding the waning popularity of Pop Mart's products, particularly the Labubu series, with its trading prices on the secondary market experiencing volatility [1] - The average transaction price for the Labubu series has shown a downward trend, with some regular models trading below their original price of 99 CNY [1] - The hidden version "Ben Wo," a limited edition product, has seen its second-hand market price drop to around 700-800 CNY, with some listings going as low as just over 200 CNY [2]