泡泡玛特，逆市大跌！

Core Viewpoint - The article discusses the recent market performance of Hong Kong stocks, highlighting the significant drop in Pop Mart's shares and NIO's announcement of a stock issuance to fund electric vehicle technology development [2][14][17]. Market Performance - On September 10, Hong Kong's major stock indices rose, with the Hang Seng Index increasing by 1.01% to 26,200.26 points, the Hang Seng Tech Index up by 1.27% to 5,902.69 points, and the Hang Seng China Enterprises Index rising by 0.93% to 9,328.16 points [2][3]. - The total market turnover was 288.21 billion HKD, with net purchases from southbound funds amounting to 7.566 billion HKD [2]. Individual Stock Performance - Among the Hang Seng Index constituents, 65 stocks rose while 21 fell. Lenovo Group led the blue chips with a 4.63% increase, followed by JD Logistics at 4.45% and Sun Hung Kai Properties at 4.28% [4][5]. - Pop Mart experienced a significant decline of 4.51%, attributed to reports of falling second-hand prices for its LABUBU series, with a peak drop of 7.01% during the trading day [6][14]. Sector Performance - The Hang Seng Industry Index showed varied performance, with the financial sector up by 1.85%, the real estate and construction sector up by 1.51%, and the composite enterprises sector up by 0.86%. Conversely, the healthcare sector fell by 0.94%, and the materials sector decreased by 0.41% [9]. Pop Mart's Business Outlook - According to a report by Zhongtai Securities, Pop Mart is advancing its globalization strategy and expanding its business model. The company has significant growth potential in overseas markets, with a projected revenue space of 34.6 billion CNY [16]. - The report forecasts Pop Mart's total revenue for 2025, 2026, and 2027 to be 33.117 billion CNY, 46.961 billion CNY, and 63.487 billion CNY, respectively, with year-on-year growth rates of 154%, 42%, and 35% [16]. NIO's Stock Issuance - NIO announced plans to issue up to 182 million shares, including American Depositary Shares (ADS), to raise funds for core technology development in smart electric vehicles [17][18]. - The net proceeds from the stock issuance will be used to invest in the development of future technology platforms and models, expand battery swapping and charging networks, and strengthen the company's balance sheet [19].