Core Insights - The rise of Labubu rental business reflects a shift in young consumers' spending habits, where ownership is less important than social recognition and emotional connection [2] - Labubu has become a leading IP under Pop Mart, with a staggering revenue increase of 726.6% year-on-year in 2024, making it the top revenue-generating IP for the company [2] - The secondary market for Labubu products has seen significant price increases, with items like the 3.0 blind box rising from an original price of 594 yuan to 1800 yuan, indicating strong demand and speculative trading [3] Group 1: Rental Market Dynamics - Users are renting Labubu figurines on second-hand platforms like Xianyu, with daily rental prices ranging from 30 yuan to 80 yuan [1] - The rental market has seen a tenfold increase in search volume for Labubu-related items since June compared to May, with rental transaction volume doubling in the same period [1] - Sellers in the rental market are primarily Labubu enthusiasts, with some reporting multiple successful transactions over several months [1] Group 2: Consumer Behavior and Market Trends - The trend of renting Labubu items is driven by a desire for social acceptance among younger consumers, particularly those from the "Z generation" [2] - The development of quality IPs like Labubu requires a comprehensive approach that includes creative incubation, commercial transformation, and scene operation, highlighting the importance of industry collaboration [2] - The secondary market for Labubu products is characterized by soaring prices, with certain items fetching prices significantly above their original retail values, indicating a robust collector's market [3]

Group 1 - The rise of the Labubu brand reflects a significant trend in China's IP economy, driven by cultural confidence and commercial innovation [1][9] - Labubu has seen a dramatic increase in rental activity, with daily rental prices ranging from 30 to 80 yuan, and a notable surge in search volume on platforms like Xianyu, increasing tenfold since May [1][8] - The brand's popularity is supported by a strong fan base and substantial market value, with Labubu-related revenue projected to increase by 726.6% year-on-year in 2024, making it the top IP for Bubble Mart [9] Group 2 - The secondary market for Labubu products has experienced significant price inflation, with items originally priced at 594 yuan now selling for 1800 yuan, and limited edition items reaching prices as high as 3000 yuan [9] - The trend of renting Labubu figures indicates a shift in consumer behavior among younger generations, who prioritize emotional connection and social recognition over mere functionality [8][9] - The growth of Labubu's rental business is part of a broader trend that includes related services such as custom clothing and product authentication, highlighting the collaborative innovation within the industry [8][9]

Core Viewpoint - The IP industry chain is experiencing significant value concentration at both ends, with high premium on upstream IP licensing and over 60% profit margin on limited edition sales downstream, while the midstream manufacturing segment generally has lower profits [1][2]. Group 1: IP Industry Overview - The IP economy, centered around intellectual property, transforms intangible cultural assets into diverse products and services across various fields, including film, gaming, animation, cultural products, and consumer goods [2]. - The Chinese潮玩 market was valued at 600 billion yuan in 2023 and is projected to reach 1,101 billion yuan by 2026, indicating robust growth in domestic IP [3]. Group 2: IP Ecosystem and Lifecycle Extension - The construction of an "IP ecosystem" is an effective strategy for extending the lifecycle of IP, utilizing diverse platforms such as film, animation, games, and derivative products to maximize and sustain IP value [3]. - The IP value composite index shows that 76% of the top 50 IPs are based on original film types or have undergone film adaptations, while 76% of literary IPs have been adapted into animation, primarily in fantasy and science fiction genres [3]. Group 3: Policy and Market Potential - Government policies are promoting the development and consumption of IP culture, encouraging the integration of traditional Chinese culture into product design and supporting the development of original IP brands [4]. - The Chinese IP toy market is relatively fragmented, with the top five companies holding a combined market share of 20.8%, indicating strong potential for growth [4]. Group 4: Investment Opportunities - Companies to watch in the IP economy include Yuanlong Yatu, Zhongwen Online, Aofei Entertainment, Light Media, Kaiying Network, Giant Network, Zhangyue Technology, and Xinghui Entertainment, as they are expected to show significant sales changes and extend the lifecycle of various IP carriers [5].

Core Insights - LABUBU has become a global phenomenon, capturing the hearts of consumers worldwide, particularly among the younger generation [1][2][3] - The character's design and emotional appeal resonate with the current trend of seeking unique and relatable expressions in consumer products [3][4] - The sales of LABUBU have significantly increased, with a reported 40% growth in 2023, making it the fastest-growing IP for Pop Mart [1][2] Group 1: Market Performance - LABUBU's sales reached over 100 million units in 2023, reflecting a growth rate of nearly 40% [1] - During the overseas 618 shopping festival, the GMV for the toy category on AliExpress surged by 300%, driven by LABUBU's popularity [2] - The auction of a mint condition LABUBU figure fetched a price of 1.08 million yuan, indicating the high market value of the brand [1] Group 2: Product Offerings and Promotions - AliExpress will launch limited edition LABUBU products, including plush toys and keychains, during the overseas 618 event [2] - The collaboration with influencers for live streaming events aims to enhance consumer engagement and drive sales [2] - LABUBU merchandise is being sold at significantly marked-up prices on various platforms, showcasing its demand [1] Group 3: Cultural and Emotional Significance - LABUBU's design combines playful and quirky elements, appealing to the aesthetic preferences of the younger generation [3] - The character serves as a symbol of emotional healing, promoting a message of acceptance and lightheartedness [4] - The rise of LABUBU reflects a shift in consumer behavior, where collectibles are seen as social capital rather than mere toys [3][5]

Core Viewpoint - The surge in the Hong Kong stock market for trendy toy companies reflects a significant transformation in the Chinese consumer market, with companies like Pop Mart and Blokus achieving remarkable stock price increases and market capitalizations [1][2]. Group 1: IP Economy - The success of IP products in the consumer recovery is attributed to their ability to create "emotional social connections," exemplified by Pop Mart's LABUBU series, which has transformed toys into expressions of individuality for Generation Z [1][2]. - Pop Mart's IP operations have created a unique "nuclear fusion effect," with its Molly series generating related products and even operating a theme park independently of any film IP support [2]. Group 2: Guzi Economy - The rapid rise of trendy toy stocks is driven by the "Guzi economy," which encompasses the peripheral consumer market surrounding anime and game IPs, becoming a growth engine for toy companies [3]. - Collaborations, such as Miniso's partnership with "Jujutsu Kaisen," have led to significant sales, while Blokus has increased its overseas revenue share by tying up with international IPs [3]. - The shift in consumer demographics, particularly among the 18-35 age group, is driving a surge in "self-indulgent consumption," with the market expected to grow significantly by 2024 [3][4]. Group 3: Industry Opportunities and Challenges - The trendy toy market in China is still in its early development stage, with considerable room for growth compared to mature markets like Japan and the U.S. [5]. - Companies are exploring diversified revenue models beyond traditional retail, including online live streaming and NFT initiatives, which could enhance user engagement and create new growth points [5][6]. - Despite the optimistic outlook, the rapid expansion of the industry poses risks, such as the influx of new companies and potential regulatory challenges [5]. Group 4: Cultural Consumption Trends - The journey of Pop Mart symbolizes the shift in the Chinese consumer market from material satisfaction to spiritual consumption, with trendy toys becoming cultural symbols for a generation [7]. - Companies that can consistently create emotional resonance and build IP ecosystems are likely to thrive in the golden age of the trendy toy economy [7].

6月17日晚，泡泡玛特和Labubu多个相关话题冲上热搜。 近日，李佳琦在直播中谈及最近大火的Labubu。 他表示，Labubu的正版产品现在货特别少，根本拿不到货。他建议大家可以稍微等一等， 没有必要加钱买，"现在很夸张的，普通款都要500元一个，蛮贵的，我觉得NO，后面会原 价的。"他说。 对此，网友热议。有人说"主要是他手里没有货，不然你看他让不让你加钱买"，也有人 说，"确实没必要加价买，现在溢价太厉害了"。 图源/21世纪经济报道 二级市场上， 6月17日， 泡泡玛特股价一路走低，截至港股收盘，泡泡玛特下跌6.04%， 市值蒸发约223亿港元（约合204亿元）。 同日，A股方面IP经济概念持续走弱，哈尔斯跌停，柏星龙跌逾10%，萃华珠宝、元隆雅图 跌逾8%，奥雅股份、德艺文创等跌幅居前。 泡泡玛特遭股东 减持套现22亿港元 值得注意的是，股价狂飙后，来自股东高位减持的压力也或利空新消费概念股后续行情。据 Wind， 泡泡玛特股价近两年涨幅明显，从2024年年初低位16.8港元开始启动，一路涨至 250港元关口，涨幅超10倍。 据深圳商报报道，泡泡玛特创始股东之一的蜂巧资本早在5月的第一周，就通过多 ...

Core Viewpoint - The emergence of the "first launch economy" reflects the growing trend of product launches and innovations in the market, driven by consumer demand for unique and personalized experiences [1][3]. Group 1: First Launch Economy - The "first launch economy" is gaining traction, with events like the upcoming Chain Expo showcasing new products and technologies, indicating a shift towards innovative consumption scenarios [1]. - The first launch economy aligns with the trends of consumption upgrades and high-quality development, allowing traditional retail formats to innovate and optimize operations through mechanisms like REITs [1][3]. - The first launch economy has expanded from product launches to include the establishment of first stores, R&D centers, and corporate headquarters, showcasing a city's commercial vitality and competitiveness [3][4]. Group 2: Consumer Behavior and Market Impact - The "00s" generation's preference for differentiated and personalized consumption has led to strong sales of limited edition and co-branded products, while the silver economy also shows significant purchasing power [3][5]. - In the first four months of this year, Shanghai saw the opening of 301 new first stores, with a notable increase in high-level stores, indicating a diverse range of consumer categories and scenarios [2]. - The "618" shopping festival saw significant online sales, with 12 new products achieving over 100 million yuan in sales, highlighting the rapid market response to new product launches [2]. Group 3: Policy and Institutional Support - Local governments are implementing policies to support the first launch economy, such as financial incentives for new stores and initiatives to enhance the efficiency of product launches [3][4]. - Shanghai has introduced innovative measures for the inspection of imported consumer goods, facilitating a smoother experience for first launches [4]. - The central government encourages the development of the first launch economy through tailored policies that promote the establishment of first stores and events [4][5]. Group 4: Future Directions - The first launch economy is expected to drive consumption towards more experiential and interactive formats, with shopping centers evolving to accommodate diverse consumer needs [4][5]. - There is potential for growth in the silver economy, with opportunities in sectors like healthcare, tourism, and technology, reflecting changing societal structures [5]. - The integration of digital technologies and asset management strategies, such as REITs, can enhance operational efficiency and customer experience in shopping centers [5].

对此，网友热议。有人说"主要是他手里没有货，不然你看他让不让你加钱买"，也有人说，"确实没必要加价买，现在溢价太厉害了"。 二级市场上， 6月17日， 泡泡玛特股价一路走低，截至港股收盘，泡泡玛特下跌6.04%，市值蒸发约223亿港元（约合20 4亿元）。 图源/ 2 1世纪经济报道 6月17日晚，泡泡玛特和Labubu多个相关话题冲上热搜。 近日，李佳琦在直播中谈及最近大火的Labubu。 他表示，Labubu的正版产品现在货特别少，根本拿不到货。他建议大家可以稍微等一等，没有必要加钱买，"现在很夸张的，普通款都要500元 一个，蛮贵的，我觉得NO，后面会原价的。"他说。 回顾2024年泡泡玛特的股东减持记录， 屠铮的减持套现从2024年就已经开始。 2024年5月，泡泡玛特海外市场增长明显，公司股价逐渐回 升。屠铮首次进行了减持，单次减持规模为1600万股，出售价为每股35.1港元，套现约5.62亿港元。 2024年10月，屠铮减持500万股，出售价 为每股58.8港元，套现约2.94亿港元。 | 交易日期 | 持有人姓名 | 变动数量(亿股) | 估算金额(亿元) 持有权益类型 | 场内/场外每股均价 ...

从指数表现来看，A股三大指数窄幅整理，上证指数微跌0.04%报3387.4点，深证成指、创业板指分别 下跌0.12%、0.36%，科创50、北证50等指数也普遍小幅收跌；两市成交额维持1.24万亿水平，交投热度 未明显降温。 6月17日，A股与港股整体呈现窄幅震荡格局，市场情绪在题材轮动中保持一定韧性。 驱动逻辑上，A股的结构性行情主要受三方面因素影响：一是外围市场情绪传导，如美股脑机接口标的 的极端表现直接带动A股相关概念；二是政策与事件催化，香港稳定币政策预期及固态电池论坛召开为 对应板块注入动力；三是资金在存量博弈下的高切低节奏，前期热门的创新药、新消费等主题因性价比 降低进入休整，资金转向泛科技方向寻找机会。港股则更多反映个股事件与行业基本面交织影响，如医 疗保健板块的调整或与部分企业新药进展及市场情绪波动相关，而工业等板块的走强或受益于国内稳增 长政策对相关产业链的支撑。 A股行业层面，煤炭（0.89%）、公用事业（0.82%）、石油石化、交通运输、商贸零售均涨超0.5%；医 药生物（-1.44%）、美容护理（-1.24%）、传媒、纺织服饰、轻工制造均跌超0.6%。 港股行业层面，综合企业（0.56 ...

Core Viewpoint - The gaming industry is experiencing a resurgence, driven by favorable policy changes and emerging growth opportunities, despite previous regulatory challenges and market saturation [2][10][13]. Group 1: Market Performance - The gaming index has risen significantly, increasing nearly 2000 points (over 30%) since April [2]. - Several gaming companies have seen substantial stock price increases, with Youzu Network up over 60%, Perfect World up over 50%, and Gigabit up over 40% [2]. - The overall gaming market in China is projected to reach a record revenue of 455.06 billion yuan in 2024, with a compound annual growth rate of 26.8% over the past two decades [14]. Group 2: Regulatory Environment - Recent policy changes, including the introduction of new undergraduate programs like "Game Art Design," indicate a shift in societal perception of gaming [6][8]. - Shenzhen has implemented supportive measures for gaming companies, including one-time rewards of up to 10 million yuan and efficient game license application processes [9][10]. - The gaming industry has seen a significant reduction in company closures compared to previous years, suggesting a more favorable regulatory environment [11][13]. Group 3: Emerging Growth Areas - Mini-games have emerged as a new growth engine, contributing significantly to market revenue, with their market share increasing from less than 1% in 2021 to over 10% in 2024 [21]. - The demand for high-quality gaming hardware is rising, with 78.51% of users considering upgrading their devices due to performance needs [27]. - The IP economy is becoming increasingly important, with successful franchises like "Genshin Impact" generating over $5 billion in revenue in 2024, highlighting the potential for sustained profitability through IP management [38][42]. Group 4: Future Outlook - The gaming industry is expected to see a positive trend with over 30 new games scheduled for release during the summer, indicating a robust pipeline of new content [44]. - Companies with strong IP management capabilities and those focusing on niche markets, such as otome games and party games, may stand out in the evolving landscape [45].