智通财经网·2025-10-16 01:47Core Viewpoint - Pop Mart (09992) has seen a stock price increase of over 4%, currently trading at 284.2 HKD, with a transaction volume of 8.82 billion HKD. Morgan Stanley upgraded its rating from "Neutral" to "Overweight" and raised the target price from 300 HKD to 320 HKD based on strong IP performance and improved valuation attractiveness [1]. Group 1: Key Factors for Upgrade - The first key factor for the upgrade is the sustained strength of popular IPs. Despite Labubu's production capacity increasing tenfold compared to Q1, Labubu 3.0 and Mini Labubu remain sold out in all regions. Additionally, the new IP "Star People" is rapidly emerging and is expected to contribute 8% to sales in 2027 [1]. - The second key factor is the significant improvement in valuation attractiveness. Pop Mart's stock price has corrected by 24% from its August peak, while the Hang Seng Index has risen by 7%. Currently, the stock is projected to have a price-to-earnings ratio of only 20 times for 2026, making the risk-reward ratio more appealing [1].