POP MART(HK:09992) Shanghai Securities·2026-02-06 13:25Investment Rating - The industry investment rating is "Hold" [9] Core Insights - The total retail sales of social consumer goods in 2025 exceeded 50 trillion yuan, with online retail sales and service retail sales growing by 8.6% and 5.5% respectively. The contribution rate of final consumption expenditure to economic growth reached 52.0% [3][9] - The 2026 CES showcased a strong embrace of AI technology, focusing on "application landing," with major chip companies like NVIDIA, AMD, and Intel turning their attention to physical AI and edge AI [12][9] - The popularity of collectible toys is rising, with products from Pop Mart, such as the PUCKY series and the "Starry Person" blind box, quickly selling out and becoming new market highlights [14][15][9] Summary by Sections Industry Data - In 2025, the total retail sales of social consumer goods reached 50.12 trillion yuan, a 3.7% increase from the previous year. Retail sales excluding automobiles were 45.14 trillion yuan, growing by 4.4%. Online retail sales amounted to 15.97 trillion yuan, with an 8.6% year-on-year increase [3] - Service consumption is becoming increasingly vibrant, with service-related spending accounting for 46.1% of per capita consumption expenditure in 2025. Various sectors such as tourism, entertainment, and sports are experiencing double-digit growth [3][11] AI and Consumption - The CES 2026 highlighted the transition of AI hardware from conceptual stages to practical applications, with numerous mature products showcased. AI glasses, in particular, are evolving, with significant advancements in functionality [12][9] Collectible Toys - Pop Mart's new products, including the electronic wooden fish and the "Starry Person" blind box, have gained significant attention, with rapid sell-outs and increased market prices, indicating a strong demand in the collectible toy market [14][15][9] Investment Recommendations - Suggested companies to focus on include those in the AI and consumption sectors such as Luxshare Precision, GoerTek, and KANAT Optical, as well as collectible toy companies like Pop Mart, Blokus, and TOPTOY [16]