证券研究报告 | 2025年06月04日 传媒板块本周表现：行业上涨 1.73%，跑赢沪深 300，跑赢创业板指。本周 （5.24-5.30）传媒行业上涨 1.73%，跑赢沪深 300（-1.08%），跑赢创业板 指（-1.40%）。其中涨幅靠前的分别为元隆雅图、时代出版、游族网络、ST 返利等，跌幅靠前的分别为昆仑万维、盛通股份、因赛集团、每日互动等。 横向比较来看，本周传媒板块在所有板块中涨跌幅排名第 5 位。 重点关注：香港《稳定币条例》正式成为法例，DeepSeek 发布新版本并开 源。1）香港特别行政区政府于 5 月 30 日在宪报刊登《稳定币条例》，这意 味着《稳定币条例》正式成为法例；2）DeepSeek-R1-0528 发布并开源，相 比前代版本，R1-0528 在代码生成速度、推理精度以及前端开发能力上均有 显著提升，在减少模型幻觉问题上与 o3 和 Gemini-2.5Pro 等顶尖模型保持 一致；3）Perplexity AI 近期推出了 Perplexity Labs，定位为面向复杂任 务的 AI 驱动解决方案，能够在 10 分钟内完成从创意到成品的完整流程。 本周重要数据跟踪：《Wh ...

今天， 大消费板块爆发，A股三大指数集体收涨 ，超3900只个股飘红。 截至收盘，上证指数涨0.42%，深证成指涨0.87%，创业板指涨1.11%。全市场成交额近1.18万亿元，较 上一交易日增加136亿元。 板块方面，美容护理、啤酒、铜缆高速连接、服装家纺等板块涨幅居前。 今天， 大消费板块集体爆发。美容护理、啤酒、饮料制造、烟草、旅游及酒店等板块涨幅靠前 。若羽 臣涨停，创历史新高；潮宏基、长白山等多股涨停。 | 板块统计 | | | | | | --- | --- | --- | --- | --- | | 実部 | 行业 | 概念 | 风格 | 地域 | | 9区间回顾 | | | 涨幅 ◆ 主力净流入 ◆ | 领涨股名称 ▶ | | 美容护理 | | 3.92% 18527.11万 水羊股份 | | | | 881182 | | | | | | 啤酒概念 | | 3.85% 27705.13万 品渥食品 | | | | 885780 | | | | | | 铜缆高速连接 | | | 2.90% 87602.05万 | 太辰光 | | 886073 | | | | | | 服装家纺 | | | 2.7 ...

行业不会只有一个泡泡玛特，但都想压中下一个泡泡玛特。 继泡泡玛特、布鲁可之后，又一个潮玩公司——52TOYS递交IPO，赴港上市。 尽管在多个场合中，52TOYS称自己不想做泡泡玛特，但二者仍有许多相似之处：同处于风口的潮玩行业，同样做着IP生意的商业模式，甚至有着都选择 在"品牌建立10年"这个时间节点上市的巧合。 与泡泡玛特当初上市时大相径庭的是，如今提交招股书的52TOYS，备受资本市场的青睐，就连万达影业这种看似和潮玩不沾边的企业也参与了52TOYS 的融资。 这里面，有一部分是泡泡玛特的功劳。 这几年，labubu等头部潮玩IP给泡泡玛特带去几十亿的营收，不光让整个市场看到了IP生意翻倍增长的可持续性，更是让整个资本市场见识到了潮玩行业 的巨大潜力：当初那个不被资本们看好的泡泡玛特，今年市值屡创新高，如今甚至超过了安踏和小鹏。 对比起泡泡玛特，52TOYS足够幸运。 一个在于消费市场。 2020年12月，泡泡玛特在港交所成功上市，喜悦消息传来的另一面，便是外界对于泡泡玛特的潮玩IP生意充满了质疑。 这并不奇怪，当时的泡泡玛特，受众依旧仍在小众圈层，受众群体的局限，直接带来外界对于泡泡玛特商业模式增长 ...

在以Z世代为主力的新消费群体持续崛起下，潮玩经济已由一小撮人的"圈地自萌"，逐渐演变为大众消 费，也成为文化经济新的增长极。从IP盲盒，到毛绒玩具，再到动漫周边的卡牌、积木等，这一源自二 次元文化的消费现象，正悄然成为年轻人情感投射与身份认同的新载体。 业绩与股价齐飞 随着情绪经济、盲盒经济在消费市场掀起热潮，国内潮玩板块的领军企业——泡泡玛特（09992.HK)， 正经历"高光时刻"。 2024年以来，泡泡玛特股价在二级市场持续上涨，至今累计涨幅高达1070.65%。6月3日，泡泡玛特盘 中股价再创历史新高，达到235.6港元/股，最新收盘价为234港元/股，总市值为3142亿港元，超越中国 联通，市值在港股排名第42位，也超越海天味业（603288）、山西汾酒（600809）、安踏体育等一众老 牌消费股。 泡泡玛特股价上涨的背后，是业绩的强力支撑。2024年公司实现营收130.38亿元，同比增长106.92%； 经调整净利润为34.03亿元，同比增长185.86%；毛利率与净利率也进一步提升，分别为66.79%和 25.38%。 其他潮玩品牌市场表现同样不俗。以拼搭角色类玩具为核心产品的布鲁可(00325 ...

Group 1 - The core viewpoint of the articles highlights the global rise of the Chinese潮玩 (trendy toy) culture, particularly through the success of LABUBU from Pop Mart, which has gained significant popularity among young consumers and celebrities alike [1][2] - LABUBU's products, including figurines and blind boxes, have become highly sought after, with notable figures like BLACKPINK's Lisa and football star David Beckham endorsing them, leading to a phenomenon where LABUBU's global releases are hard to come by [1] - The潮玩 market is characterized by a shift in consumer preferences, where emotional value and unique designs are prioritized over material possessions, appealing to the psychological needs of younger generations [1] Group 2 - Despite the booming潮玩 market, challenges such as price gouging by resellers, the emergence of counterfeit products, and difficulties in consumer rights protection pose significant risks to brands [2] - The primary consumer base, consisting of millennials and Gen Z, is discerning and willing to pay for meaningful stories but is cautious about investing in products that may lack substance [2] - Industry experts suggest that潮玩 companies should focus on enhancing IP design, content creation, and brand management to build cultural significance and emotional value in their products, while also catering to a broader age demographic [2]

中原期货研究所 晨会纪要 2025 第（97）期 发布日期：2025-06-03 | 投资咨询业务资格 | | | --- | --- | | 证监发【2014】217 | 号 | | 中原期货研究所 | 0371-58620081 | | 0371-58620083 | | | 公司官方微信 | | 公司官方微信 1 中原期货研究所 | 化工 | 主力合约 | 2025/6/3 | 2025/5/30 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 726.00 | 726.00 | 0 | 0 | | | 焦炭 | 1,308.00 | 1,308.00 | 0 | 0 | | | 天然橡胶 | 13,405.00 | 13,405.00 | 0 | 0 | | | 20号胶 | 11,865.00 | 11,865.00 | 0 | 0 | | | 塑料 | 6,960.00 | 6,960.00 | 0 | 0 | | | 聚丙烯PP | 6,875.00 | 6,875.00 ...

海外消费者在泰国曼谷尚泰世界购物中心的泡泡玛特门店选购商品。新华社记者 孙玮彤摄 一款来自中国潮玩品牌的小精灵风格潮玩LABUBU（拉布布），在海外社交平台上的短视频经常获得 数十万次观看；欧美明星抱着中国潮玩合影，粉丝竞相购买……中国潮玩在海外火起来。 线下，从巴黎卢浮宫到伦敦牛津街，欧洲多个城市的黄金地段出现中国潮玩门店，外国粉丝们排队数小 时只为将心仪的玩偶收入囊中。线上，中国潮玩APP登顶苹果美国应用商店购物类榜首。 中国潮玩何以掀起全球消费热潮？ 顾客在泡泡玛特泰国曼谷LABUBU主题店购物。马涛摄 近期，第137届广交会落下帷幕，共有来自219个国家和地区的28.89万名境外采购商到会。图为境外采 购商在广交会玩具展区浏览商品。新华社记者 王瑞平摄 海外门店排长队，外国粉丝专程打卡中国门店 4月，位于法国巴黎拉德芳斯中心商务区的泡泡玛特新店开业。早在正式营业时间开始前，店门口就排 起了数百人的长队。在海外社交平台上，有法国博主发布视频记录下了当天的热闹景象，她在视频中表 示："猜猜我上午10点到的时候前面已经排了多少人？场面太疯狂了，人山人海！"评论区还有当地网友 表示："我早上7点半到的，前面排 ...

Core Viewpoint - The release of ten group standards for trendy toy derivatives marks the end of the "wild growth" phase in the trendy toy industry, promoting quality and safety in consumer products [1][3][7]. Group 1: Industry Standards - The standards were jointly drafted by over 20 industry, academic, and research institutions, including Pop Mart International Group and the Dongguan Customs Technology Center, and were validated through extensive market sampling [3]. - The newly established standards focus on various trendy toy derivatives, including mobile phone cases, headphone charms, and plush products, addressing the urgent need for innovation in the domestic trendy toy industry [3][7]. Group 2: Quality and Environmental Standards - The standards emphasize quality safety and green environmental requirements, which, while increasing compliance costs for companies, are intended to guide the industry away from price competition towards sustainable development [7]. - The packaging regulations within the standards aim to protect consumer health and reduce environmental pollution from packaging waste, enhancing the international competitiveness of Chinese trendy toy brands [7]. Group 3: Economic Impact and Growth - Dongguan has prioritized the development of the trendy toy industry, implementing supportive policies that have led to the establishment of over 4,000 toy manufacturing companies and nearly 1,500 supporting enterprises, making it the largest toy export base in China [8]. - The industrial output value of trendy toy-related enterprises reached over 23.8 billion yuan, with a year-on-year growth of 19%, highlighting the increasing cluster effect, brand influence, and economic benefits of the trendy toy industry [8].

Core Viewpoint - The release of ten group standards for trendy toy derivative products marks a significant milestone in China's trendy toy industry, transitioning from "wild growth" to a new phase driven by standardization for high-quality development [1][3]. Group 1: Industry Standards - The newly established group standards focus on two innovative dimensions: the first specialized standards for domestic two-dimensional derivative products and regulations for popular trendy toy derivatives such as phone cases, headphone charms, trendy clothing, crystal balls, aromatherapy, and plush products [3]. - The standards respond to industry innovation needs and align with international consumer safety requirements, facilitating a shift from "traffic-driven" to "value-driven" development [3][4]. Group 2: Industry Governance - The introduction of these standards fills a gap in systematic industry regulations, providing authoritative technical guidance for design, production, quality testing, and market circulation [3]. - The standards signify a deep advancement in the industry's governance system from "policy guidance" to "standard leadership," aiming for breakthroughs in quality safety, innovative design, green environmental protection, and international alignment [3][8]. Group 3: Environmental and Quality Control - The Chief Quality Officer of Pop Mart International Group highlighted that environmental compliance requirements, while seemingly increasing costs, actually guide the industry away from vicious low-price competition towards sustainable development based on quality [4]. - The standards on packaging environmental protection not only safeguard consumer health and reduce waste but also enhance the international competitiveness of Chinese trendy toy brands, clearing technical barriers for exports to Europe and the U.S. [4]. Group 4: Global Impact - The release of these standards demonstrates China's commitment to building a regulatory framework and provides an innovative and responsible "Chinese solution" for the sustainable development of the global trendy toy industry [8].

Core Insights - The article highlights the rapid growth and increasing market interest in China's潮玩 (trendy toys) and文创 (cultural and creative) industries, with companies like 铜师傅 (Copper Master) and 52TOYS pursuing IPOs to capitalize on this trend [2][15]. Company Overview: 铜师傅 (Copper Master) - 铜师傅 submitted its IPO application to the Hong Kong Stock Exchange on May 9, 2023, aiming for a main board listing, with 招银国际 (Zhaoyin International) as the sole sponsor [4]. - The company, founded in 2013, specializes in copper-based cultural and creative products, with notable IP collaborations including《变形金刚》(Transformers) and《流浪地球》(The Wandering Earth) [6]. - Revenue figures for 铜师傅 from 2022 to 2024 were reported as 5.03 billion, 5.06 billion, and 5.71 billion RMB, with net profits of 56.94 million, 44.13 million, and 78.98 million RMB respectively, indicating a fluctuating net profit margin [6][9]. - The company heavily relies on copper products, which accounted for 96.6% of its revenue in 2024, despite attempts to diversify into other materials [7]. Company Overview: 52TOYS - 52TOYS, established in 2015, is a leading IP toy company in China, with a diverse portfolio of 35 proprietary IPs and 80 licensed IPs [10]. - The company reported revenues of 4.63 billion, 4.82 billion, and 6.30 billion RMB from 2022 to 2024, with a significant portion of revenue derived from licensed IPs, which accounted for 64.5% of total revenue by 2024 [10][11]. - Despite revenue growth, 52TOYS faced net losses of 1.71 million, 71.93 million, and 122 million RMB over the same period, highlighting challenges in profitability [10][11]. - The company is actively expanding internationally, with overseas revenue reaching 1.47 billion RMB in 2024, representing a compound annual growth rate of over 100% [12]. Market Trends - The潮玩 and文创 industries in China are experiencing a surge in consumer demand for personalized and culturally rich products, with the overall潮玩 market size estimated at approximately 345 billion RMB [15]. - The盲盒 (blind box) segment has shown explosive growth, with a compound annual growth rate of 122% from 2017 to 2021, reflecting the evolving consumer preferences [15]. - The article notes a shift in the industry towards more refined operations, with companies leveraging IPOs to expand their IP portfolios and enhance global reach [15][16].