以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 北京市文化产业投融资协会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行 业大会展开了长期、深度的合作，致力于独家报道，是泛文娱行业第一媒体。 来源丨娱乐资本论（ID： yulezibenlun ） 作者丨 吴晓宇 图源丨Midjourney 潮玩的投资潮，又一次到来了。 上一次潮玩行业能有如此集中的投资热度，还是在2021年末。成立不久的小 品牌卡卡沃 也能收获 VC的青睐，令小娱印象深刻。 去年上半年，泡泡玛特的Labubu全球破圈，线下专营店从东南亚开到了北美乃至西欧。布鲁可等头 部企业也完成港股上市，潮玩和卡牌公司的关注度又回来了 。市场端收到了巨量的正反馈，进而引发 了下半年集中爆发的融资潮。 从闪魂公司完成超亿元的首轮融资开始，到刚刚杰森娱乐获得数亿元战投，几乎每个月都有潮玩公司 官宣拿钱和上市的消息。这样的阵仗其实并不多见。 | 最近半年接受融资或申请IPO的潮玩公司 公司名称 | 融资时间 | 融资轮数/申请IPO | 融资金额 | | --- | --- | --- | --- | | 超级元气工厂 | 2025年 ...

每日晨报│2026 年 1 月 26 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 26,749 | +0.45% | +4.37% | | 恒生科技指数 | 5,798 | +0.62% | +5.11% | | 国企指数 | 9,160 | +0.51% | +2.77% | | 沪深 300 | 4,702 | -0.45% | +1.57% | | 上证综合指数 | 4,136 | +0.33% | +4.22% | | 深证成份指数 | 14,439 | +0.79% | +6.76% | | 中小板指 | 8,883 | +0.69% | +7.50% | | 道琼斯指数 | 49,098 | -0.58% | +2.15% | | 标普 500 指数 | 6,915 | +0.03% | +1.02% | | 纳斯达克指数 | 23,501 | +0.28% | +1.12% | | 伦敦富时指数 | 10,143 | -0.07% | +2.14% | | CAC40 指数 | 8,143 ...

Group 1: Meituan App Upgrade - Meituan App has launched an AI search feature called "Ask Meituan," enhancing user experience by providing accurate local information for dining, entertainment, and services [1][9][11] - The upgrade aims to address user pain points in local consumption decisions, ensuring timely and accurate information to avoid discrepancies between online listings and actual conditions [10][12][13] - The AI model integrates various data sources to deliver personalized recommendations, significantly improving the decision-making process for users [11][12][15] Group 2: Fliggy's Travel Market Insights - Fliggy reports a significant increase in inbound travel ticket bookings, with a growth of over 4 times compared to the previous year, driven by the upcoming Spring Festival holiday [2][18] - The demand for cross-border travel has surged, with outbound service bookings increasing by nearly 40% in recent weeks, and student travel contributing to a 20% year-on-year rise in domestic flight bookings [2][18] - Popular destinations for travel during the Spring Festival include major cities like Beijing, Shanghai, and Guangzhou, with a notable increase in high-star hotel bookings and experiential travel services [18][19] Group 3: NetEase Cloud Music and Universal Music Group Partnership - NetEase Cloud Music has renewed a multi-year strategic agreement with Universal Music Group, ensuring continued access to a vast library of licensed music for users [3][21] - The partnership will enhance collaboration in music products, services, and artist promotion, reflecting a commitment to providing quality content to a young audience [21][22] Group 4: Investment Recommendations - The report suggests that the "AI+" trend is catalyzing valuation optimization in Hong Kong stocks, with new industry leaders emerging in the changing consumer landscape [4][6] - Beneficiary stocks include Alibaba, Tencent, Kuaishou, and Meituan in the internet and technology sector, as well as new consumer leaders like Pop Mart and Ctrip [4][6]

Core Viewpoint - The company, Sunnysondi (Hunan) Group Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the affordable trendy toy market, leveraging popular cultural IPs to drive rapid growth in revenue and market presence [1][2]. Company Overview - Founded by Yang Jie in 2015, Sunnysondi specializes in children's toys and has seen significant growth by collaborating with popular cultural IPs such as "Nezha" and "Wang's Glory" [3][4]. - The company achieved a revenue of approximately 386 million yuan in the first nine months of 2025, marking a year-on-year growth rate of 134.7% [8]. Business Model - Sunnysondi operates in two main segments: IP toy products and "IP toys+" which provides end-to-end solutions for corporate clients [6]. - The company has established partnerships with over 20 IPs, delivering 217 different toy products, and has positioned itself as a leading player in the domestic IP toy market [4][7]. Market Position - The pricing strategy of Sunnysondi is a key differentiator, with products typically priced at 9.9 yuan or below, making them accessible to a broader consumer base [7]. - The company has become the largest domestic cultural IP toy enterprise based on sales volume as of September 30, 2025 [7]. Financial Performance - Sunnysondi's revenue for 2023, 2024, and the first three quarters of 2025 was approximately 107 million yuan, 245 million yuan, and 386 million yuan, respectively, with net profits turning positive in 2025 [8]. - The company has attracted significant investment, including a notable stake from Hillhouse Capital, which now holds 10.57% of the company [8]. Industry Context - The Chinese IP toy market is projected to reach 95.5 billion yuan in 2024, with a compound annual growth rate of 22.1% from 2024 to 2030, indicating a strong growth trajectory for companies like Sunnysondi [11]. - The competitive landscape includes other players like Pop Mart, which has successfully capitalized on popular IPs, highlighting the importance of unique and appealing product offerings in the market [11][12]. Challenges - Sunnysondi faces challenges related to its reliance on licensed IPs, with many of its key licenses having short durations, which could impact future revenue stability [13]. - The company must navigate a tightening IPO environment in Hong Kong, which may limit opportunities for future fundraising [13].

Core Viewpoint - The article discusses the rapid growth and IPO plans of Sunny Sandy (Hunan) Group Co., Ltd., which focuses on affordable IP toys and has seen significant revenue growth due to popular collaborations with domestic cultural IPs like "Nezha" and "Wandering Mountain Little Monster" [5][11]. Company Overview - Sunny Sandy was founded in 2015 by Yang Jie, who initially aimed to enter the Christmas decoration market but pivoted to IP toys after securing a significant order from a Russian buyer [6][7]. - The company has established partnerships with over 20 IPs, delivering 217 IP toy products across various categories, including cultural, sports, and gaming [8][10]. Financial Performance - In the first nine months of 2025, Sunny Sandy reported revenues of approximately 386 million yuan, with a significant increase in revenue growth of 134.7% year-on-year [13]. - The company’s revenue for 2023, 2024, and the first three quarters of 2025 were approximately 107 million yuan, 245 million yuan, and 386 million yuan, respectively, with net profits turning positive in 2025 [13][14]. Market Position - Sunny Sandy has positioned itself as a leading player in the domestic cultural IP toy market, leveraging a pricing strategy that offers products at around 9.9 yuan, making them accessible to a broader consumer base [12][17]. - The company has gained traction in the market, especially during peak seasons, with daily production values reaching 3 million yuan during the Spring Festival [11]. Investment and Shareholding - Hillhouse Capital has become a significant external shareholder, acquiring a 10.57% stake in Sunny Sandy through investments totaling approximately 2.2 billion yuan [14]. - The company plans to use the funds raised from its IPO to enhance product competitiveness, expand its IP portfolio, and strengthen its manufacturing and digital capabilities [16]. Industry Context - The Chinese IP toy market is projected to reach a scale of 955 billion yuan by 2024, with a compound annual growth rate of 22.1% expected from 2024 to 2030 [17]. - The article highlights the competitive landscape, noting that while Sunny Sandy has successfully capitalized on popular IPs, it faces challenges due to reliance on non-exclusive IP licenses, which may expire soon [19][20].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report highlights the strong performance of the tea beverage sector, with leading brands like Luckin Coffee and others expanding rapidly, while the supply in the tea segment is contracting [3][19] - The report notes the expansion of duty-free stores in second and third-tier cities, which is expected to boost high-end consumer spending [18] - The restaurant sector is experiencing a divergence in growth, with strong performance from tea and coffee brands, while traditional Chinese dining brands are also expanding [19][30] Summary by Sections Toy Industry - As of December 2025, the number of offline toy stores in China reached 9,689, with a net increase of 184 stores [12] - The average store efficiency for toy brands increased by 13% year-on-year in December 2025, with leading brands like Pop Mart showing a 47% increase [12][14] Duty-Free Industry - The new policy established 41 new duty-free stores in second and third-tier city airports and waterway ports, aimed at enhancing consumer spending [18] - The policy allows for participation from major operators, which is expected to benefit leading companies in the industry [18] Restaurant Industry - The tea beverage sector is seeing a contraction in supply, while coffee brands are accelerating their growth, with Luckin Coffee adding 7,922 stores in 2025 [19][26] - The average monthly store efficiency for the tea industry was 209,000 yuan, a 2.0% increase year-on-year, while coffee brands achieved an average of 286,000 yuan, up 2.4% [19][20] - The report emphasizes the success of the "community central kitchen" strategy by Guoquan, which has led to popular menu items selling out [3][19] Market Performance - The Hong Kong retail and consumer services sector outperformed the Hang Seng Index, with notable gains in the toy and gold categories [4] - The report recommends several stocks across various sectors, including tourism, education, and consumer services, indicating a positive outlook for these industries [4]

Investment Rating - The report assigns an "Outperform" rating to several companies, including Pop Mart, Anta Sports, Huazhu Group, Li Ning, Miniso, and others, with target prices ranging from 6.99 to 354.00 [1]. Core Insights - The report highlights the enhanced subsidized interest policy for personal consumption loans, which has been extended until the end of 2026, including support for credit card installment payments and the removal of certain limits on subsidy amounts [2]. - Pop Mart's new PUCKY series has gained significant popularity, being referred to as the "electronic wooden fish" due to its unique design and emotional stress-relief features [3]. - Weekly performance shows TCL Electronics (+24.8%), Pop Mart (+23.0%), and others leading the market, while companies like Ecovacs (-1.2%) and Haier Smart Home (-2.2%) lag behind [5][9]. Company Summaries - **Pop Mart**: Recently launched the PUCKY series, which quickly sold out and is now being resold at a premium on secondary markets [3]. The company also repurchased 1.9 million shares [7]. - **TCL Electronics**: Established a joint venture with Sony to take over Sony's home entertainment business, reflecting strategic growth initiatives [8]. - **Huazhu Group**: Engaged in strategic partnerships and is expected to benefit from the ongoing trends in the hospitality sector [4]. - **Li Ning**: Continues to perform well in the market, maintaining a positive outlook with an "Outperform" rating [1]. Industry Dynamics - The report notes significant strategic partnerships, such as Saint Bella's collaboration with Yunji Technology to explore AI and robotics in home care [15]. - The IPO of Busy Ming was oversubscribed by over 1,500 times, indicating strong market interest [10]. - Regulatory developments include the State Council's solicitation of opinions on national standards for pre-made dishes, which could impact the food and beverage sector [10].

Market Overview - The Hong Kong stock market indices experienced a decline last week, with the Hang Seng Index closing at 26,749.51 points, down 0.36% for the week; the Hang Seng China Enterprises Index at 9,160.81 points, down 0.65%; and the Hang Seng Tech Index at 5,798.01 points, down 0.42% [1]. Capital Flow - In the past 5 days, the northbound trading of Hong Kong stocks saw an inflow of +164.91 billion, while in the past 20 days, the inflow was +359.08 billion. Over the last 60 days, the inflow reached +950.43 billion [3]. Sector Performance - The gold and precious metals sector saw a significant weekly increase of 9.14%, with Zijin Mining International rising by 23.98%, Chifeng Jilong Gold Mining by 23.68%, China Gold International by 15.18%, and Shandong Gold by 9.28% [4]. - The new consumption sector showed signs of recovery, with Pop Mart initiating a buyback and its stock rising by 22.96%. Other notable increases included Laopu Gold at 20.49%, Blukoo at 14.04%, and Guming at 10.32% [4]. External Influences - Recent U.S. economic data has shown resilience, with November PCE inflation data aligning with market expectations, indicating no significant rebound in inflation. Market focus has shifted towards the upcoming Federal Reserve meeting and the earnings reports of major tech companies, with particular attention on earnings guidance and sustainability of profits amid high valuations [4]. - In the precious metals market, initial concerns over tariffs from the U.S. on Europe led to a rise in safe-haven demand, pushing gold and silver prices to new highs. However, subsequent easing of tariff threats by the U.S. and discussions on restarting U.S.-EU trade agreements helped restore global market sentiment [5]. Technology Sector Insights - The Davos Forum has emphasized the long-term impacts of AI on the industry, with discussions on potential job structure changes and productivity enhancements. Countries like Japan and South Korea are planning significant investments in AI infrastructure, indicating a continued expansion phase in AI-related investments [6]. - Investors are shifting focus from growth narratives to cash flow and profit quality in the AI sector, with notable market divergence. The immediate trading focus remains on the Federal Reserve meeting and the performance of tech giants [6].

某大幅加仓该股的基金在季报中分析认为，新消费行业标的有望从潮玩公司发展为IP生态运营者，通过 IP多元开发、海外市场深化及产品线拓宽，构建更稳健的增长模式，2026年或进入规模化盈利与结构成 长新阶段。 2025年四季度，"科技牛"继续担纲行情主线，在此期间，"新旧消费"集体表现不振。以泡泡玛特为代表 的新消费板块在上半年的异军突起后趋于沉寂，而以白酒为代表的传统消费的行情走软则贯穿了全年。 基金经理对不同个股的重仓操作也走出了分化。一方面，对于已经积累一定涨幅的泡泡玛特，2025年四 季度内基金整体呈减持态势，而对于毛戈平、蜜雪集团、布鲁可等个股选择增持;另一方面，在白酒股 拥挤度逐渐下降的季度里，基金对五粮液、山西汾酒、泸州老窖等个股选择减持，却在四季度内对贵州 茅台增持了超20万股。 "新消费"去年四季度走势不振 去年四季度内，港股市场中多只新消费个股表现一般，未能延续上半年昂扬的势头。 其中，泡泡玛特下跌29.65%，接近三成，毛戈平下跌21.22%，老铺黄金下跌11.79%，蜜雪集团震荡涨 超5%，其余个股在一众科技股中也较为逊色。 基金持仓方面，作为颇具代表性的个股，泡泡玛特在去年四季度内依旧被1 ...