大行评级丨大摩：预计关税对泡泡玛特影响较低 评级“增持”

Core Viewpoint - Morgan Stanley's research report indicates that the impact of US-China trade negotiations on Pop Mart is expected to be low due to the current progress in negotiations [1] Group 1: Trade Impact - Approximately 75% to 80% of toy imports to the US come from China, and even if higher tariffs are imposed on these toys, it is unlikely to alter the company's relative advantage [1] Group 2: Investment Recommendation - The firm has set a target price of HKD 382 for the company and maintains an "Overweight" rating, designating it as a preferred stock in the industry [1]