大摩：给予泡泡玛特评级为“增持” 目标价为325港元

Group 1 - Morgan Stanley's report indicates that Pop Mart (09992) is expected to show resilient sales growth in the U.S., with overall sales performance surpassing market expectations [1] - The firm reaffirms Pop Mart as a preferred stock, setting a target price of HKD 325 and maintaining an "Overweight" rating [1] - It is believed that by 2026, market focus may shift from the U.S. market and Labubu products to the overall growth dynamics of the group [1] Group 2 - Although more investment is needed in the North American market to unlock long-term potential, Pop Mart's position in China and Asia will be the cornerstone of the group's growth in 2026 [1]