出品｜搜狐财经 2024年一季度，谢治宇旗下兴全合宜买入泡泡玛特1437.7万股，市值3.7亿元，为全市场对泡泡玛特持股数最多的基金；算上兴全社会价值三年当时持有的 241.29万股，彼时谢治宇共持有泡泡玛特约1679万股。 据兴全合宜2024年一季报，报告期内泡泡玛特为其第9大重仓股，不过占基金净值比例仅2.82%。由于持仓比例较低，虽然当季度泡泡玛特大涨44.61%，基 金净值仍然下跌4.44%。 回顾谢治宇对泡泡玛特的操作，最早可追溯到2022年第二季度，彼时泡泡玛特为兴全合宜的第45大持仓，不过2022年年底大笔减持。 作者｜汪梦婷 一只獠牙坏笑的精灵玩偶，正以令基金经理瞠目结舌的方式颠覆传统消费估值逻辑。 6月10日，上海永乐拍卖会上，一只薄荷色Labubu以108万元落槌，价格堪比顶级艺术品。资本洪流从核心IP向外溢散，2025年至今泡泡玛特股价犹如火箭蹿 升，累计涨幅接近200%，最新市值超过3500亿港元。 截止2025年一季度末，公募市场共有207只基金投资泡泡玛特，相比一年前增加171只。在重仓泡泡玛特的基金经理中，"消费四大天王"却不见踪影，不算已 离职的王宗合，张坤、萧楠、刘彦春全部" ...

Group 1 - The EU has canceled high-level economic dialogues with China due to a lack of progress on trade issues, leading to a negative sentiment in the A-share market [1] - The technology sector in A-shares experienced a significant adjustment, with the computer sector seeing a maximum decline of 25% before a weak rebound, indicating that valuations have not been adequately digested [3][6] - The current price-to-earnings ratio (TTM) of the computer sector remains high at 80 times, suggesting potential downside risk [6] Group 2 - The Hong Kong stock market is experiencing a slight decline, but there is still a bullish outlook due to key level breakthroughs and liquidity benefits from anticipated interest rate cuts by the Federal Reserve [6] - The Hong Kong innovative drug sector saw a nearly 5% drop, but the investment strategy remains to increase positions during significant declines [6] - The price-to-earnings ratio (TTM) of the Hong Kong technology index has decreased to 22.8 times, which is only higher than 18.8% of the time in the past three years, indicating a more favorable valuation [6] Group 3 - The consumer sector in Hong Kong is being highlighted, particularly through the E Fund Hong Kong Consumer ETF, which tracks the National Index and includes major companies benefiting from domestic economic growth [11] - The new consumption trend is characterized by the "self-indulgence economy," where young consumers are willing to spend for emotional value, as evidenced by the 50% repurchase rate of collectibles like Pop Mart [11][12] - Changing consumption scenarios show a shift from traditional activities to experiences like park visits and CityWalk, which are among the fastest-growing leisure activities [12][13] Group 4 - The resurgence of traditional domestic products is noted, with high-end gold products gaining popularity through cultural and technological integration, redefining the luxury market [14]

Group 1 - The core viewpoint of the articles highlights the shift in Beijing's consumer market towards experience-driven and diversified consumption, with a reported 1.3% year-on-year growth in total market consumption from January to May, and a 4.9% increase in service consumption driven by new consumption scenarios and channels [1] - The rise of immersive shopping experiences and the integration of cultural, artistic, and entertainment elements into retail spaces are key trends observed in Beijing's shopping districts, as consumers increasingly prioritize the shopping experience over traditional purchasing [1][2] - The average per capita consumption expenditure of residents has continued to rise, with a 2.3% increase in the first quarter, indicating a growing willingness to spend on unique cultural experiences and limited edition products [1] Group 2 - The transformation of shopping environments, such as the renovation of the Sanlitun Taikoo Li North District, emphasizes improved accessibility and aesthetic appeal, enhancing the overall consumer experience [2] - Emotional consumption is on the rise, with events like the Hello Kitty and Beast Party collaboration attracting significant consumer interest, showcasing the evolving nature of retail beyond mere transactions [2][3] - The new consumer groups, particularly Generation Z, are increasingly focused on the emotional value and lifestyle representation of their purchases, suggesting a potential shift in retail strategies towards offering unique cultural experiences and personalized services [3]

投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 消费上市潮。 作者 I 杨继云 报道 I 投资界-天天IPO 以下文章来源于天天IPO ，作者杨继云 天天IPO . 椰子水也要上市了。 投资界-天天IPO消息，近日IFBH Limit e d已通过港交所主板上市聆讯——这个乍看陌生 的公司名，实际上就是市场熟知的椰子水品牌if。 if的创始人是一名来自泰国的富二代——苏旺集团"太子爷"彭萨克，他未拘泥于父辈的商 业帝国，转而创办一家饮料公司并一路走到了IPO前夕。而If的销售9成以上都在中国， 名副其实是被"中国人喝出的" IPO。 这无疑是港股消费狂欢的 一缕 写照。港股三姐妹（泡泡玛特、老铺黄金、蜜雪冰城）的 惊人暴涨还历历在目，也让越来越多的消费公司冲向了IPO。 他把椰子水卖到中国 要去IPO了 出生于198 0年的彭萨克（Pong s a k o r n Po ngs a k），来自一个显赫的商业世家。他的父亲 是泰国纺织巨头苏旺集团（Suwa n Spi nni ng a nd We a vi ng）的创办人，在泰国商界举足 轻重，如今的产业遍布房地产、酒店、制造业等多个 ...

社交传播也进一步放大了情绪价值的影响力。在社交媒体时代，独特的消费体验已成为用户展示自我、 构建社交关系的"货币"。从泡泡玛特的盲盒狂欢到毛绒玩具的"精神布洛芬"，从《原神》的全球爆火到 沉浸式戏剧的破圈传播，企业不再是单纯售卖商品，而是通过情感共鸣、文化认同与体验升级，构建与 年轻一代的深度链接。 服务消费，一头连着经济，一头连着民生。国际经验表明，人均国内生产总值超过1万美元后，服务消 费占居民消费支出的比重将超过50%，消费结构将加快从商品消费为主转向商品和服务消费并重。当 前，我国人均GDP已经超过1.3万美元，服务消费进入了快速增长阶段。而激发服务消费潜力，做大情 绪消费是一个重要抓手。 "禁止蕉绿"等文创产品的现象级走红，心理疗愈类APP的爆发式增长，沉浸式体验馆的持续火爆，数字 陪伴产品的热销浪潮……情绪消费正成为消费市场的新增长点。行为经济学研究指出，消费决策并非完 全理性，消费者会为情感满足单独设立"心理账户"，并愿意为此支付额外溢价。情绪消费的崛起，不仅 是一种市场现象，更折射出消费逻辑的深层转变——从物质积累到精神满足，从功能消费到意义消费， 从拥有物品到体验生活。这种转变在商业实践中呈 ...

Group 1: Market Trends - The Shanghai Composite Index and ChiNext Index have shown significant fluctuations over the past year, with the Shanghai Composite Index experiencing a decline of 32% and the ChiNext Index a decline of 16% [1] - In the past week, the top-performing sectors included Communication (+2.105%), Computer (+1.987%), Real Estate (+1.849%), and Comprehensive (+1.755%) [4][2] Group 2: Real Estate Sector Insights - In May 2025, the sales area of commercial housing nationwide was 353 million square meters, a year-on-year decrease of 2.9%, while the sales amount was 3.41 trillion yuan, down 3.8% year-on-year [36] - New housing prices in first-tier cities showed a mixed trend, with Shanghai and Hangzhou leading in price increases, while second-hand housing prices continued to decline [11][10] - The real estate market is gradually stabilizing, with expectations for a weak recovery trend supported by improved marketing efforts and supply increases [40] Group 3: Consumer Market Dynamics - In May 2025, the total retail sales of consumer goods reached 4.1326 trillion yuan, reflecting a year-on-year increase of 6.4%, indicating a positive trend in social consumption [30] - The online retail sector showed growth, with a total online retail sales of 604.02 billion yuan from January to May 2025, up 8.5% year-on-year [33] - The consumer market is witnessing a recovery, particularly in discretionary spending categories such as home appliances, which saw a significant year-on-year increase of 53% [31] Group 4: Gaming Industry Outlook - The gaming market in China reached a scale of 857.04 billion yuan in Q1 2025, with a year-on-year growth of 17.99% [24] - New game releases have performed well, with several titles achieving high rankings in the iOS game charts, indicating strong market demand [27] - Policy support for the gaming industry, particularly for international expansion, is expected to enhance the competitiveness of domestic gaming products [28] Group 5: Automotive Industry Developments - Several automotive companies are committing to optimize supplier payment terms, which is expected to promote a healthier industry environment [41] - The domestic automotive market is experiencing intense competition, particularly in the luxury segment, where companies are expected to achieve better profitability [41] - The trend towards intelligent driving and the development of high-growth component companies are anticipated to create significant opportunities in the automotive sector [43] Group 6: Financial Sector Analysis - In May 2025, new RMB loans increased by 620 billion yuan, reflecting a year-on-year decrease of 330 billion yuan, indicating a slowdown in credit growth [45] - The total social financing in May was 2.28 trillion yuan, with government bonds contributing significantly to this growth [46] - The banking sector is expected to benefit from stable dividend strategies and improved credit conditions, with recommendations for specific banks to capitalize on these trends [48]

前些年就听说了其盲盒经济搞得蛮好，但想着也是一阵风，不会持久。 想不到啊！想不到！现在搞得满世界皆知啦！ 这两天各大电台电视台都在报道关注啊！ 再看其港股价格，更是一路直上云霄！ 不知道这家公司还会搞得多大呢？ zoetina52 每一代人都有每一代人的邮票。 huxj2015 想起当年的集邮，花了近万元..........不如儿子花1000元买的1.25312枚比特币..........目前价 值差数百倍...........世事难料啊。 成智雷 小时候，小店门前的1元转卡机，投1元硬币进去会出一张圣斗士闪卡，小时候没钱，喜欢的 卡没钱买，只能站在旁边看别小朋友抽，后来长大了，工作了，就开始了童年报复性补偿。 拼命的收集30年前的圣斗士老卡，150一张，也会买，再后来一买买了5位数，才停手，现在 这些卡放在角落里积灰，也就这样了，卖都卖不掉。 泡泡玛特其实也一样，价格就是买家觉得是这个价，卖家也觉得是这个价，大家都觉得是这 个价还会涨，那么就会炒上去。大家都觉得不是这个价了，没人要了，那价格就会降下来。 童年的情怀补了，钱花了，也就那样了，商家的饥饿营销，让人们得不到的永远在骚动。 知足即是幸福 烈火烹油， ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry index decreased by 1.49% in the week of June 9 to June 13, 2025, underperforming the Shanghai Composite Index by 1.24 percentage points [6][13] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 4.99% and a year-to-date increase of 37.10% [17][20] - The opening of the POPOP store by Pop Mart in Shanghai represents a strategic expansion into the jewelry market, leveraging popular IPs to attract young consumers [25][26] Summary by Sections Retail Market Review - The retail industry index closed at 2120.43 points, down 1.49% for the week, and down 5.29% year-to-date [6][13] - Among 31 primary industries, the retail sector ranked 25th in performance [14][16] POPOP Store Opening - Pop Mart's POPOP store features products based on popular IPs, targeting young consumers with a price range of 400 to 3000 yuan [25][26] - The store aims to resonate emotionally with consumers, highlighting the importance of jewelry as a cultural and emotional symbol for the youth [26][29] Investment Recommendations - Investment focus on high-quality companies in high-growth sectors driven by emotional consumption themes [7] - Key recommendations include: - Gold and jewelry brands with differentiated product offerings: Old Paved Gold, Chao Hong Ji, and Zhou Da Sheng [31] - Retail companies adapting to trends: Yonghui Supermarket and Aiying Room [31] - High-quality domestic beauty brands: Maogeping, Proya, and Shangmei [32] - Medical beauty product manufacturers: Aimeike and Kedi-B [32] Company-Specific Insights - Old Paved Gold achieved a revenue of 8.506 billion yuan in FY2024, a 167.5% increase, with a net profit of 1.473 billion yuan, up 253.9% [33] - Chao Hong Ji reported a revenue of 6.518 billion yuan in 2024, a 10.5% increase, with a net profit of 194 million yuan, down 41.9% [39] - Zhou Da Sheng's revenue for 2024 was 13.891 billion yuan, down 14.7%, with a net profit of 1.010 billion yuan, down 23.2% [43]

Group 1 - The unique mint green "LABUBU" was auctioned for 1.08 million yuan, showcasing a significant increase in value from its original purchase price in 2020 [1] - The price of the 2025 Flying Moutai has dropped below 2,000 yuan per bottle, indicating a decline in the market for traditional collectible liquors [1][2] - The market for collectible items is shifting, with younger consumers showing a preference for trendy and emotional products like "LABUBU" over traditional collectibles like Moutai [5][7] Group 2 - The rise of "LABUBU" reflects a broader trend of emotional consumption among younger demographics, who prioritize products that resonate with their personal experiences [5][6] - The liquor industry is encouraged to innovate and adapt to the emotional needs of younger consumers, moving beyond traditional quality and price considerations [7][8] - Companies like Huawei and Pop Mart are leading the way in integrating innovative resources to enhance consumer experiences and meet evolving market demands [7]

Group 1: Overview - The report indicates a weak recovery in domestic demand for the home furnishing sector, while the pan-entertainment toy industry is experiencing upward momentum driven by emotional consumption [15][39]. Group 2: Home Furnishing Industry - Domestic demand for home furnishings is under pressure, with a projected decline of 3.9% in building materials and home sales for 2024, but a gradual improvement is expected in Q4 2024 due to government subsidies [4][16]. - The introduction of a doubling of the old-for-new subsidy to 300 billion yuan in 2025 is anticipated to stimulate demand and help leading companies increase market share [4][28]. - Key companies in the home furnishing sector, such as Gujia Home and Sophia, are expected to show resilience in performance due to high dividend yields and strong brand advantages, with PE ratios generally below 15 [4][30][32]. - Export performance for home furnishing companies has been improving since November 2023, driven by overseas retailers replenishing inventory, although uncertainties remain due to changing tariff policies [4][33]. Group 3: Pan-Entertainment Toy Industry - The pan-entertainment toy industry in China is rapidly expanding, with GMV projected to grow from 48.8 billion yuan in 2019 to 101.8 billion yuan in 2024, reflecting a compound annual growth rate of 15.8% [5][51]. - The industry is categorized into card games and IP toys, with card games holding a 70% market share, while the IP toy market is more fragmented [5][54]. - Key players such as Pop Mart and Blokus are experiencing significant growth, with Pop Mart's revenue expected to increase substantially due to its diverse IP matrix and strong online and offline channels [5][61][64]. - The report highlights the importance of emotional consumption and the rise of local designers as key drivers for the future development of the pan-entertainment toy industry [5][51].