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].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The social retail sales (社零) for May 2025 increased by 6.4%, indicating an upward trend in social consumption [5] - The total retail sales from January to May 2025 reached 20,317.1 billion yuan, with a year-on-year growth of 5.0% [5] - The online retail sales for the same period amounted to 6,040.2 billion yuan, reflecting an 8.5% increase [7] - The report emphasizes the recovery of consumer sentiment and the importance of high-quality companies in sectors aligned with "emotional consumption" [8] Summary by Sections Social Consumption Trends - The retail sales in May 2025 were 41,326 billion yuan, surpassing the Wind consensus forecast of 4.9% [5] - Urban and rural retail sales from January to May grew by 5.1% and 4.9%, respectively [5] Retail Performance - In May, the overall retail sales increased by 6.5%, with essential consumption categories like food and beverages showing strong growth [6] - The sales of home appliances and audio-visual products surged by 53.0% year-on-year, benefiting from government subsidies [6] Online and Offline Channels - Online retail sales of physical goods grew by 6.3%, accounting for 24.5% of total retail sales [7] - Offline retail channels, including supermarkets and convenience stores, showed positive growth, with supermarkets increasing by 5.7% [7] Investment Recommendations - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption, including: 1. Gold and jewelry brands with differentiated product offerings [8] 2. Retail enterprises adapting to market trends [8] 3. High-quality domestic beauty brands [8] 4. Medical beauty product manufacturers with unique pipelines [8]

Economic Performance - In May, industrial added value grew by 5.8% year-on-year, while the service production index increased by 6.2%[1] - The GDP growth rate for May is estimated at 5.6%, consistent with the previous value[1] - Social retail sales in May rose by 6.4% year-on-year, marking the highest growth rate since 1999[1] Consumption Trends - The "old-for-new" policy significantly boosted consumption, with home appliance sales increasing by 53.0% and communication equipment by 33.0%[1] - "Self-indulgence" consumption categories, such as sports and entertainment goods, saw growth rates of 28.3% and 21.8% respectively[1] Investment Insights - Fixed asset investment (excluding rural households) reached 191,947 billion yuan, growing by 3.7% year-on-year; manufacturing investment grew by 8.5%[1] - Real estate development investment fell by 10.7% year-on-year, with an estimated monthly decline of 11.98%[1] Industrial Production - Industrial added value for May was 5.8%, down from 6.1% in April, indicating a marginal slowdown[2] - Manufacturing investment growth is expected to slow down further due to external uncertainties and diminishing returns from equipment renewal policies[1] Employment Situation - The urban survey unemployment rate decreased to 5.0% in May, down from 5.1% in April[2] - Local household unemployment improved significantly, while unemployment among migrant workers increased slightly[2]

阅读即生活，书中有世界。读者朋友们晚上好，湛庐君与你回顾不平凡的一周。 CHEERS' WEEKLY ｜ No.44 这个星期最火的"当红明星"，一定是LABUBU。在社交平台刷屏、席卷全球—— 6月10日，一件初代LABUBU在拍卖行以108万的价格被拍下，"史上最贵"LABUBU诞生。与此同时，福布斯实时富豪榜显示，泡泡玛特创始人王宁身家 已达207亿美元，成为河南新首富。 一面是年轻人"上瘾式存钱"，货比三家追求极致性价比；另一面却是同一批人为心头好设闹钟、排大队、眼都不眨地付款。LABUBU的爆红背后，一场关 于消费本质的革命正在发生。 它到底意味着什么？今天，我们聊聊年轻人的消费观以及由此影响的未来——LABUBU的外表是毛绒的、塑料的、形态各异的，却承载着生活态度、文 化认同，还有与世界对话的方式。 01 情绪消费崛起：Z世代的"快乐经济学" 今年以来，一场由新消费企业引发的狂欢在市场上演——泡泡玛特、蜜雪冰城与老铺黄金成为2025年的"港股新消费三强"。年内，三家公司股价均实现翻 倍增长，总市值合计突破7000亿港元。 新消费市场的爆发早有征兆，据中国玩具和婴童用品协会数据，2023年中国潮玩产 ...

从"反消费主义"倾向到"情绪消费"崛起，中国消费市场正经历从"求物质"到"重精神"的转变。作为 《哪吒》系列电影的主投方，光线传媒实打实吃到了这波IP经济红利。 6月16日，光线传媒股价高开高走，截至午间收盘，其股价封死20cm涨停。 消息面上，《哪吒之魔童闹海》（《哪吒2》全名）动画电影在春节档创下154亿元的超高票 房记录，相关IP国民影响力大幅提升，光线传媒正持续挖掘"哪吒"电影IP价值，通过推出衍生 品、开展实景娱乐等业务实现多元收益。 光线传媒日前在互动平台表示，《哪吒之魔童闹海》上映之后，全国很多地方都提出合建主题 乐园的设想，公司目前正在与部分重点地区洽谈具体合作模式，将以多元化、可持续发展的方 式进行IP开发，希望在提升IP影响力的同时，也为公司带来更多的业绩增长点，为股东创造更 大价值。 国泰海通认为，随着可支配收入的提升、受到欢迎的新晋IP涌现，消费者对于IP衍生品的消费 意愿有望上升；具有较强的产品设计、供应链管理能力、IP运营能力的企业，往往更容易获得 优质IP授权方的青睐。 华创证券表示，长期看好中国IP产业的高景气发展与文化出海进展，建议关注阿里影业（阿里 鱼卡位及高增+大麦高景气 ...

Core Insights - The report highlights the financial data released by the People's Bank of China for May, indicating a year-on-year M2 growth of 7.9%, slightly below the expected 8.1% and the previous month's 8% [2][3] - M1 growth was reported at 2.3%, exceeding expectations of 1.8% and the previous month's 1.5%, suggesting an increase in the velocity of money circulation [3] - The total social financing (社融) year-on-year growth was 8.7%, slightly below the expected 8.8%, with a notable increase in government and corporate bonds [3][4] Macroeconomic Analysis - The report indicates that the incremental social financing for May was 2.29 trillion yuan, surpassing the expected 2.05 trillion yuan and significantly higher than the previous month's 1.16 trillion yuan, reflecting a year-on-year increase of 227.1 billion yuan [3] - Bank credit increased by 620 billion yuan in May, lower than the expected 802.6 billion yuan and the previous month's 280 billion yuan, with a year-on-year decrease of 330 billion yuan [4] - The weighted average interest rate for new loans in May was approximately 3.2%, remaining stable compared to the previous month and about 50 basis points lower than the same period last year [4] Industry Insights - The report discusses a significant contract signed by Weihai Guangwei Composite Materials with Client A for carbon fiber, amounting to 658 million yuan, indicating a resurgence in demand for previously planned non-production items [7] - The ongoing conflict between Iran and Israel is analyzed, suggesting that the likelihood of significant disruptions to oil trade in the Persian Gulf is low, despite the escalation of hostilities [8] - The consumer sector shows strong growth, particularly in the trendy toy market, with a year-on-year increase of 30.7% in related categories, driven by the Z generation's demand for personalized and immersive experiences [10]

Core Insights - The rise of Labubu, a Chinese toy brand, highlights the potential of emotional consumption and cultural resonance, marking a shift from "Made in China" to "Created in China" [2][3] Group 1: Cultural and Technological Innovation - Cultural elements provide the soul for IP, with Chinese toy companies leveraging traditional culture and global expressions to create appealing products like Labubu [3] - Technological advancements enable IP upgrades, with companies reducing mold development time and increasing production capacity significantly through digital modeling and smart manufacturing [3] Group 2: Industry Support and Market Trends - The complete industrial chain in Dongguan supports the realization of IP, facilitating design, production, and logistics, which has allowed local brands to capitalize on popular IPs [3] - In 2023, the value of original IP in Dongguan surpassed that of OEM business, accounting for 53% of the market, indicating a significant shift towards innovation despite the fast-changing trends in consumer preferences [3][4]