POP MART(HK:09992) HUAXI Securities·2025-06-15 14:58Investment Rating - The industry rating is "Recommended" [4] Core Insights - The report highlights the successful launch of the popop jewelry brand by Pop Mart, which has opened its first store in Shanghai, targeting the light luxury market with products priced between 300 to 2700 yuan [1] - The report emphasizes the growing importance of the cultural and sports industry in driving local economic growth, with significant increases in ticket sales and tourism-related spending in Jiangsu province [2] - The report suggests five investment themes, including the revival of traditional retail, advancements in AI technology, increased consumer willingness to pay for emotional value, cyclical recovery in demand, and the potential for domestic brands to expand internationally [3][6] Summary by Sections Industry & Company Dynamics - Pop Mart's popop brand utilizes affordable materials like S925 silver and zircon, with a focus on popular IPs to enhance consumer engagement and drive sales [1] - The report notes a 305% year-on-year increase in ticket bookings for Jiangsu's attractions, indicating a strong recovery in the tourism sector [2] Investment Recommendations - The report recommends focusing on traditional retail recovery, AI technology advancements, high-growth new retail sectors, cyclical recovery in demand, and opportunities in international expansion for domestic brands [3][6]