有金融专家就向媒体指出，Labubu的生命力源于对视觉符号和社交裂变的依赖，这也意味着，一旦审 美趋于饱和或平台流量生态转移，Labubu的情绪价值就可能随之衰减。从消费者的角度解释，Labubu 作为一个潮玩产品是成功的，但若以"塑料黄金""塑料茅台"视之，消费时存在投机心理，无疑是不明智 的。一个小小的原价几十元的塑料玩具，其核心价值是供给快乐，而非成为投机工具，这既不符合品牌 形象与定位，由此加剧的市场无序竞争同样对普通消费者而言有百害而无一利。 2023年6月，国家市场监管总局发布的《盲盒经营行为规范指引（试行）》正式实施，其中提到，鼓励 盲盒经营者自觉承诺不囤货、不炒作、不直接进入二级市场，并自觉接受社会监督。事实上，也有必要 在此基础上鼓励有关企业对二级市场进行适当引导与干预，例如保证产品数量的充足和渠道方面加强管 理，从源头上杜绝炒作囤货。 说到底，引导盲盒消费回归基本面，不仅仅是维护广大消费者的权益，更是让盲盒行业回归可持续发展 的健康轨道，重拾潮玩产品快乐治愈的设计初心，也还给消费者收藏把玩的本真乐趣。于消费者而言， 面对当前二级市场价格高企的相关产品，也要量入为出、理性消费。要认识到，购买 ...

来源丨凤凰网《风暴眼》 核心提示： 1.Labubu持续爆火，舆论两极分化。一方质疑为"当代郁金香"；另一方强调其为Z世代"情绪刚 需"，承载身份表达，代际消费价值观出现明显断层。 3.跳出"泡沫论"与"价值论"的争议，在Z世代消费逻辑变迁的宏观背景下，既要承认情绪消费的合 理性，但同时也要警惕资本炒作给品牌带来的风险。 几天前，在一个拍卖会上，"全球唯一一只"131cm薄荷色的LABUBU，以108万元的价格拍卖成 交，引发舆论哗然。 凤凰网对此做了一个小调查，对于Labubu被炒出天价，4%的人认为是因为切中潮流和年轻人需 求，40%的人认为是"太多人盲目跟风"，42%的人表示"我看不懂，但我大为震撼"。 在现在的互联网上，关于Labubu的消息，总有种割裂感。 2.高溢价下，资本正通过饥饿营销、限量拍卖将Labubu捧成天价"稀缺资产"，抢购冲突、黄牛泛 滥，普通爱好者被迫承担溢价或退出，产品提供的情绪价值一定程度上被当下的热闹反噬。 关于钱的话题，一次次刺激人们的神经。它背后公司的掌舵者王宁，凭借1479亿身家，超越"猪 王"、"雪王"，成为河南新首富；泡泡玛特股价一次次创新高，一年多时间股价已经翻了 ...

来源丨凤凰网《风暴眼》 核心提示： 1.Labubu持续爆火，舆论两极分化。一方质疑为"当代郁金香"；另一方强调其为Z世代"情绪刚 需"，承载身份表达，代际消费价值观出现明显断层。 2.高溢价下，资本正通过饥饿营销、限量拍卖将Labubu捧成天价"稀缺资产"，抢购冲突、黄牛泛 滥，普通爱好者被迫承担溢价或退出，产品提供的情绪价值一定程度上被当下的热闹反噬。 3.跳出"泡沫论"与"价值论"的争议，在Z世代消费逻辑变迁的宏观背景下，既要承认情绪消费的合 理性，但同时也要警惕资本炒作给品牌带来的风险。 几天前，在一个拍卖会上，"全球唯一一只"131cm薄荷色的LABUBU，以108万元的价格拍卖成 交，引发舆论哗然。 凤凰网对此做了一个小调查，对于Labubu被炒出天价，4%的人认为是因为切中潮流和年轻人需 求，40%的人认为是"太多人盲目跟风"，42%的人表示"我看不懂，但我大为震撼"。 在现在的互联网上，关于Labubu的消息，总有种割裂感。 关于钱的话题，一次次刺激人们的神经。它背后公司的掌舵者王宁，凭借1479亿身家，超越"猪 王"、"雪王"，成为河南新首富；泡泡玛特股价一次次创新高，一年多时间股价已经翻了 ...

Group 1 - The sale of water from Peking University's Weiming Lake has become a topic of discussion, initially intended as a marketing gimmick by sellers [1][2] - Multiple sellers on online second-hand trading platforms are offering 500ml of Weiming Lake water for prices ranging from 20 yuan to nearly 100 yuan, with some claiming it enhances brain power and wisdom [2][3] - Peking University and Tsinghua University officials have stated that the water is a valuable resource for maintaining a healthy ecosystem and should not be commodified for illegal profit [1][2] Group 2 - The absurdity of selling lake water has drawn public attention, prompting the universities to issue statements through media channels [2] - The universities are taking action by contacting relevant platforms to remove these listings, emphasizing that such practices violate campus management regulations [2][3] - The phenomenon raises questions about consumer behavior, as it indicates that there are individuals willing to purchase such products, which could reflect poorly on societal values [3]

| | | | | 操作评级 | 2025年06月13日 | | --- | --- | --- | | 息一 | な☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆粕 | ななな | 吴小明 首席分析师 | | 豆油 | ななな | F3078401 Z0015853 | | 棕櫚油 | ななな | 董甜甜 高级分析师 | | 薬粕 | ★☆☆ | F0302203 Z0012037 | | 薬油 | ★☆☆ | 宋腾 高级分析师 | | 玉米 | な☆☆ | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | な☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 国产大豆主力合约今日大幅反弹，跟国内谷物价格价差进一步走强。中东地缘紧张局势升级，原油价格大幅上 涨，给商品价格带来一定扰动。进口大豆方面欧洲气象中心的集合预报显示，从最新的6月份报告来看显示出大 豆生长期的关键月份7-8月份面临温度偏高，降水偏少的风险。25/26年度美豆单产同比调高之后，美豆供需 ...

Core Viewpoint - Yingli Automotive (601279.SH) has issued a risk warning announcement indicating that its current operating conditions are normal, with no significant fluctuations in production costs or sales, and the internal production and operational order remains stable [1] Group 1: Company Performance - The company reports that its market environment and industry policies have not undergone major adjustments [1] - There are no significant changes in the company's production costs and sales [1] - The company's current price-to-earnings (P/E) ratio is 141.62, which is significantly higher than the manufacturing industry average P/E ratio of 27.12 [1] Group 2: Market Risks - The high P/E ratio suggests a potential risk of irrational speculation in the stock [1]

近日，据极目新闻报道，记者在某线上二手交易平台发现，多位商家售卖北京大学未名湖湖 水、清华大学校河河水，每500毫升标价20元至168元不等，有商家称用"高档矿泉水瓶"包 装，取水时可拍摄视频。 在商品页面上，商家称："未名湖湖水对多种植物生长具有神奇效果。将装有未名湖湖水的容 器置于室内，有助于调节空气湿度。每日凝视未名湖湖水，可提振精神，激发智慧，EQ飙 升。慎购，仅供观赏。" "清华校河河水对部分植物具有延年益寿的功效。将盛放校河河水的器皿摆放在房间内，有保 持湿度的作用。每天膜拜可提神醒脑，增益脑力，IQ爆表。慎拍，请勿饮用。" 记者注意到，网上不仅售卖支持拍摄视频的北大未名湖水，还有在销售北大校内土。 有业内人士认为，商家利用大众对名校的向往与崇拜心理，利用名校的知名度和文化附加 值，将校内水土包装成具有特殊意义的商品，夸大功效，正是迎合了部分消费者对名校文化 的猎奇心理。 据央视新闻报道，北京大学、清华大学相关部门负责人13日向记者表示，校内河湖水是维系 良好生态系统的宝贵资源，不应成为用以非法牟利的商品，坚决反对这样的行为。同时，这 种行为也违反了校园管理相关规定。 目前，两校已联系相关平台，督 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-6-13 均重偏高，生猪近月仍有压力 油脂：马棕增产压力或边际减弱，美豆产区天气正常 蛋⽩粕：豆粕10-1月基差放量，盘面套保压力增大 ⽟⽶/淀粉：现货涨势放缓，盘面偏弱 ⽣猪：均重偏高，现货及近月仍有压力 橡㬵：反弹结束，午后快速跳水 合成橡㬵：先跌后涨，维持偏弱对待 纸浆：盘面走低，平台下破可能更大 棉花：库存偏低，后续需求较为关键 ⽩糖：新作预期宽松，糖价延续走弱 原⽊：现货松动，盘面偏弱 【异动品种】 ⽣猪观点：均重偏⾼，现货及近⽉仍有压⼒ 主要逻辑：大猪出栏，需求淡季，生猪现货偏弱，猪粮比下跌后，6月11 日进行猪肉收储，市场情绪获得提振，但当前库存均重偏高，短期仍有压 力。（1）供应：短期，生猪出栏体重下降，大猪出栏占比明显提高， 活体库存加速释放中。中期，2025年1月~4月新生仔猪数量持续增加， 按照仔猪→商品猪6个月出栏时间推算，预计三季度生猪出栏量呈递增趋 势，供应压力继续增长。长期，当前产能仍在高位，据农业部口径，全国 能繁母猪存栏在2024年底增至高点后，2025年一季度母猪产能在高位呈现 增减波动。 ...

Core Viewpoint - The recent trend of new stocks in the A-share market shows significant initial price surges, but many investors face losses shortly after due to high opening prices and subsequent declines [1][2][4]. Group 1: New Stock Performance - As of June 12, 2023, all 48 new stocks listed this year experienced price increases on their first day, with none facing a decline [2]. - Over 85% of new stocks doubled in price on their debut, with some surging over 600% [2]. - More than 70% of new stocks reached their peak price on the first day, indicating a pattern of high opening followed by declines [2][3]. Group 2: Investor Behavior - The number of investors participating in online subscriptions for new stocks has significantly increased, with 36 new stocks attracting over 10 million accounts [2]. - Many fund managers express confusion over the sources of capital driving these initial surges, suggesting a lack of understanding of market dynamics [3]. - A substantial portion of investors who bought stocks on the first day experienced losses, with over 70% of them facing declines if they held onto their shares until June 12 [3][4]. Group 3: Market Dynamics - The phenomenon of high opening prices followed by declines is attributed to speculative trading, which distorts the stock's reasonable valuation [4]. - Fund managers typically adopt a strategy of selling new stocks on the first day, reflecting a cautious approach to initial public offerings [4][5]. - The turnover rate for new stocks on their first day exceeds 60%, with nearly half surpassing 80%, indicating high trading activity [4]. Group 4: Institutional Participation - Public fund managers show a low level of participation in new stocks during their initial phase, often waiting for a period before conducting research [5]. - Less than 30% of the top ten shareholders in new stocks listed in the first quarter of 2023 were public institutions, highlighting a trend of individual investors dominating early investments [5].

Core Viewpoint - Nanjing Commercial Travel (600250.SH) has experienced significant stock price fluctuations, with a cumulative increase of 38.72% over four trading days, despite no major changes in the company's fundamentals [1] Company Summary - The company issued a risk warning announcement due to the recent stock price volatility, indicating that the stock price has hit the daily limit up for three out of the last four trading days [1] - As of June 12, 2025, the company's latest static price-to-earnings (P/E) ratio is 95.82, and the latest price-to-book (P/B) ratio is 7.20 [1] - These ratios are significantly higher than the industry averages, with the wholesale industry (F51) showing a static P/E ratio of 23.88 and a P/B ratio of 1.55 [1] Industry Summary - The company's static P/E and P/B ratios indicate a potential risk of irrational speculation and a possible short-term price correction due to their substantial deviation from industry averages [1]