以下文章来源于锌刻度 ，作者孟会缘 锌刻度 . 专注科技互联网原创报道 将投中网设为"星标⭐"，第一时间收获最新推送 这种"收藏+社交+投资"的复合生态中，Labubu盲盒不再只是一款潮玩产品那么简单，它已经成为了 一种潮流符号，一种社交媒介，甚至是年轻人投资理财的新选择。 然而，随着Labubu在二手市场的空前繁荣，市场乱象也随之浮现。 回收空盒、高仿盲盒等投机行为高发，虚标二手价格、恶意炒作隐藏款等现象层出不穷，不仅损害了 消费者的利益，也对Labubu的品牌形象及其所代表的盲盒产业生态构成了严重威胁。 这些乱象的存在如同一面镜子，映照出盲盒市场快速发展背后，是监管缺失与消费者理性不足的双重 困境。 Labubu在二手市场的空前繁荣。 | 作者丨 孟会缘 编辑丨 黎文婕 | | --- | | 来源丨 锌刻度 | 一代人有一代人的鸡蛋要领，而Labubu就是当代年轻人争着抢着都要领的"鸡蛋"。 近期，有银行推出"存款送Labubu盲盒"的活动招揽储户引发广泛热议，尽管此类营销活动已经被叫 停，但Labubu对年轻一代的强大吸引力已不言而喻。 从一款初代薄荷色的Labubu被拍卖出108万元的天价，到二手市 ...

9[Table_Title] 每日复盘 证券研究报告 2025 年 6 月 12 日 2025 年 6 月 12 日 A 股市场全天窄幅震荡，新消费概念再 度爆发 报告要点： 2025 年 6 月 12 日 A 股市场全天窄幅震荡，新消费概念再度爆发。上证 指数上涨 0.01%，深证成指下跌 0.11%，创业板指上涨 0.26%。市场成交额 12716.30 亿元，较上一交易日增加 163.56 亿元。全市场 2358 只个股上涨， 2902 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>成长>周期>0>消费>稳定；中盘 价值>小盘成长>小盘价值>中盘成长>大盘成长>大盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：综合金融 （1.57%），有色金属（1.32%），传媒（1.31%）；表现相对靠后的是：食品饮 料（-1.16%），煤炭（-1.14%），农林牧渔（-1.01%）。概念板块方面，多数 概念板块上涨，盲盒经济、昨日连板_含一字、昨日连板等大幅上涨；刀片 电池、高带宽内存、啤酒等板块走低。 资金筹码方面，主力资金 6 月 12 日净流出 159.12 ...

Market Overview - On June 12, the Shanghai Composite Index closed at 3402.66 points, up 0.01%, with a trading volume of 501.625 billion yuan. The Shenzhen Component Index closed at 10234.33 points, down 0.11%, with a trading volume of 770.16 billion yuan. The ChiNext Index closed at 2067.15 points, up 0.26%, with a trading volume of 378.572 billion yuan. The STAR Market 50 Index closed at 977.97 points, down 0.3%, with a trading volume of 22.227 billion yuan. The total trading volume of both markets was 1.271785 trillion yuan, an increase of 16.318 billion yuan compared to the previous trading day [1]. Sector Performance - The market saw a predominance of rising sectors, with notable gains in non-ferrous metals, media, beauty care, pharmaceutical biology, telecommunications, banking, oil and petrochemicals, and jewelry. Concepts such as blind box economy, millet economy, lottery, innovative drugs, pet economy, Xiaohongshu, controllable nuclear fusion, gold, and film and television also showed active performance. Conversely, sectors like home appliances, coal, food and beverage, agriculture, forestry, animal husbandry, real estate, and national defense and military industry experienced declines [2]. Individual Stock Performance - A total of 2196 stocks rose while 2741 stocks fell, with 194 stocks remaining flat and 20 stocks suspended. Excluding newly listed stocks, there were 73 stocks that hit the daily limit up, while 5 stocks hit the limit down. The most popular stock among those hitting the limit up was Yingli Automobile, with a closing limit up order of 37.7692 million shares [2]. Fund Flow Analysis - The net outflow of main funds in the Shanghai and Shenzhen markets was 9.269 billion yuan, with the ChiNext experiencing a net outflow of 3.304 billion yuan. The CSI 300 index saw a net inflow of 396 million yuan, while the STAR Market experienced a net outflow of 748 million yuan [6]. Industry Fund Flow - Among the 31 primary industries, 12 saw net inflows of main funds. The telecommunications sector had the highest net inflow of 670 million yuan, followed by media, pharmaceutical biology, and coal with net inflows of 395 million yuan, 365 million yuan, and 258 million yuan, respectively. The automotive sector had the largest net outflow of 2.282 billion yuan, followed by electronics, machinery, computers, national defense and military industry, and chemicals [7]. Top Gainers and Losers - The top individual stocks with net inflows included Rongfa Nuclear Power with a net inflow of 884 million yuan, followed by Dongfang Caifu, Wolong Nuclear Materials, Midea Group, and Guangxi Media with net inflows of 636 million yuan, 546 million yuan, 415 million yuan, and 396 million yuan, respectively [8]. Conversely, BYD had the highest net outflow of 698 million yuan, followed by Wuliangye, Yaoji Technology, and Limin Shares [12]. Institutional Activity - Institutional investors had a net buy of approximately 340.355 million yuan, with Yaoji Technology being the most bought stock at a net buy of approximately 226.834 million yuan. The most sold stock was Limin Shares, with a net sell of approximately 99.061 million yuan [16].

一代人有一代人的鸡蛋要领，而Labubu就是当代年轻人争着抢着都要领的"鸡蛋"。 近期，有银行推出"存款送Labubu盲盒"的活动招揽储户引发广泛热议，尽管此类营销活动已经被叫停，但Labubu对年轻一代的强大吸引力已不言而喻。 从一款初代薄荷色的Labubu被拍卖出108万元的天价，到二手市场上部分Labubu溢价超30倍、2024年隐藏款年均收益率超300%，这一系列事件无疑将盲盒 文化，尤其是以Labubu为代表的盲盒IP，推向公众视野的风口浪尖。 收藏者们通过拥有稀有款或隐藏款Labubu，展示自己的独特品味和收藏实力；在社交平台上，Labubu盲盒已经成为年轻人交流的热门话题；而于投资领 域，Labubu盲盒的高溢价和年均收益率，更是让不少投资者眼前一亮，纷纷入局…… 这种"收藏+社交+投资"的复合生态中，Labubu盲盒不再只是一款潮玩产品那么简单，它已经成为了一种潮流符号，一种社交媒介，甚至是年轻人投资理 财的新选择。 然而，随着Labubu在二手市场的空前繁荣，市场乱象也随之浮现。 回收空盒、高仿盲盒等投机行为高发，虚标二手价格、恶意炒作隐藏款等现象层出不穷，不仅损害了消费者的利益，也对Lab ...

Market Overview - The Shanghai Composite Index closed at 3402.32 points, up 0.52%, with a trading volume of 501.81 billion yuan [1] - The Shenzhen Component Index closed at 10246.02 points, up 0.83%, with a trading volume of 753.66 billion yuan [1] - The ChiNext Index closed at 2061.87 points, up 1.21%, with a trading volume of 360.49 billion yuan [1] - The total trading volume of both markets was 1255.47 billion yuan, a decrease of 159.91 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included non-ferrous metals, securities, insurance, agriculture, education, automotive, media, and electric equipment [3] - Notable concepts with active performance included rare earth permanent magnets, blind box economy, integrated die-casting in automotive, and gaming [3] - The pharmaceutical and biotechnology sectors saw the largest declines, with significant weakness in helium, recombinant proteins, and controlled nuclear fusion concepts [3] Stock Performance - A total of 3229 stocks rose, while 1661 stocks fell, with 241 stocks remaining flat and 19 stocks suspended [3] - 71 stocks hit the daily limit up, while 7 stocks hit the limit down [3] - The most popular stock hitting the limit up was Shengli Precision, with a closing limit order of 31.11 million shares [3] Fund Flow Analysis - The net outflow of main funds from the Shanghai and Shenzhen markets was 4.99 billion yuan, with the ChiNext seeing a net outflow of 2.51 billion yuan [7] - The non-bank financial sector had the highest net inflow of 1.63 billion yuan, followed by automotive and electronics sectors [7] - The pharmaceutical sector experienced the largest net outflow of 1.99 billion yuan, with significant outflows also in chemicals and telecommunications [7] Institutional Activity - Institutions had a net selling of approximately 176 million yuan, with the most bought stock being Angli Kang, netting 170 million yuan [19] - The top net selling stock was Lianhua Technology, with a net outflow of 887 million yuan [15] - A total of 2830 stocks were sold by main funds, with 44 stocks seeing net outflows exceeding 100 million yuan [15] Notable Stocks - Ying Shi Innovation had the highest net inflow of 1.09 billion yuan, with a significant increase of 274.44% [12] - Other notable stocks with high net inflows included Dongfang Caifu and BYD, with net inflows of 863 million yuan and 594 million yuan respectively [12] - Conversely, stocks like Lianhua Technology and Zhongke Shuguang saw significant net outflows, with Lianhua at -887 million yuan [16]

Group 1 - LABUBU continues to gain popularity, with a rare mint green collectible selling for 1.08 million yuan at auction, and some limited edition items being resold for over 10,000 yuan [1] - Bubble Mart's stock price has surged over 188% this year, with a tenfold increase since February 2024, making it a significant player in the market [1] - LABUBU's search popularity has surpassed that of Hello Kitty, prompting several institutions to raise Bubble Mart's target price to over 300 HKD [2] Group 2 - Analysts from Morgan Stanley highlight that expansion into North America and Europe will be crucial for Bubble Mart's future growth, with North American sales expected to match China's by 2028-2029 [3] - The demand for LABUBU has led to supply shortages, with counterfeit factories struggling to keep up, and some sellers offering high-quality replicas at lower prices [4][10] - Legal interpretations indicate that manufacturers of counterfeit LABUBU products could face severe penalties, including imprisonment for up to 15 years or life sentences if the infringement is severe [11] Group 3 - Ningbo Customs has seized thousands of counterfeit LABUBU products, including plush toys and blind boxes, which infringe on copyright and trademark rights [12][14] - The customs authority is actively enforcing intellectual property rights, with regulations allowing for the confiscation of infringing goods and potential criminal charges for serious violations [16]

Core Insights - LABUBU has emerged as a leading trendy toy IP since its inception in 2015, characterized by its unique blend of cute and edgy elements, which resonates with contemporary consumer preferences [1][2][5] - The popularity of LABUBU has significantly contributed to the soaring market value of Pop Mart, the company behind it, with LABUBU becoming a cultural phenomenon among young consumers [1][10] Company Overview - Pop Mart, established in 2010, is recognized as a leading cultural entertainment company in China, focusing on trendy toys that integrate art, design, and pop culture, primarily targeting adult consumers [3][20] - The company successfully transitioned to a trendy toy business model in 2016, launching its first self-developed blind box product, which validated the commercial viability of the blind box model [20][22] Market Dynamics - The trendy toy market has evolved from niche to mainstream, with significant contributions from companies like Pop Mart, which has established a comprehensive operational platform covering the entire trendy toy industry chain [3][20] - LABUBU's success is attributed to its effective marketing strategies, including collaborations with global celebrities, which have amplified its visibility and desirability among consumers [8][9][10] Consumer Engagement - The blind box sales model employed by Pop Mart creates a psychological drive for consumers, enhancing the excitement of unboxing and fostering a sense of community among collectors [22][24] - LABUBU has transcended its role as a mere toy, becoming a social currency among young people, who use it as a means of self-expression and identity [11][18] Financial Performance - LABUBU's revenue from the "The MonsterS" series skyrocketed from 368 million yuan in 2023 to 3.041 billion yuan in 2024, marking a staggering year-on-year growth of 726.6% [10] - The surge in LABUBU's popularity has led to a more than 500% increase in Pop Mart's stock price from July 2024 to June 2025 [10]

Investment Rating - The report indicates a strong growth potential for the blind box toy market in China, with a projected market size exceeding 58 billion yuan by 2025, representing a compound annual growth rate (CAGR) of 28% [11][14]. Core Insights - The blind box market in China has evolved from a niche trend to a significant consumer infrastructure, driven by the rise of Generation Z and emotional consumption [11]. - The market is expected to account for 65% of the global blind box market share by 2025, highlighting its prominence [14]. - The report emphasizes the diversification of the blind box market, with traditional toy blind boxes growing at a slower rate of 15%, while functional blind boxes (e.g., educational and health-related) are experiencing a surge with a growth rate of 40% [15][16]. Market Overview - **Definition and Scope**: Blind boxes are defined as toy boxes where consumers cannot know the specific product style in advance, characterized by randomness and surprise [12]. - **Market Size and Growth Trends**: The market size is projected to grow from 100 million yuan in 2020 to 580 million yuan in 2025, with a CAGR of 28% [14]. - **Market Structure Analysis**: The market shows a clear trend of differentiation, with traditional blind boxes slowing down and functional blind boxes gaining traction [15]. Consumer Analysis - **Consumer Demographics**: The primary consumer group consists of young individuals, particularly those aged 18-24, who make up approximately 40% of the market [19][20]. - **Gender Distribution**: Female consumers represent 75% of the market, influenced by product design and preferences for collectible items [22]. - **Income Characteristics**: The main consumer group has a monthly income between 5,000 and 15,000 yuan, accounting for about 65% of purchases [23]. Industry Chain Analysis - **Industry Structure**: The blind box industry chain includes upstream IP design, midstream manufacturing, and downstream marketing and sales [33]. - **IP Authorization Models**: The report highlights the importance of IP in driving market appeal, with a shift towards long-term partnerships for IP licensing [38]. - **Sales Channel Analysis**: The industry is witnessing a dual-channel approach with both online and offline sales, with significant growth in e-commerce platforms [40][42]. Competitive Landscape - **Market Concentration**: The concentration of the blind box industry is increasing, with the top five companies' market share rising from 38% in 2020 to 52% in 2025 [43][44]. - **Brand Analysis**: The report indicates that approximately 40% of regional brands may face elimination due to lack of innovation and competitive pricing strategies [45].

Core Viewpoint - The article discusses the explosive popularity of Labubu, a character from Pop Mart, highlighting its unique appeal and the underlying psychological mechanisms driving consumer behavior, as well as the company's impressive financial performance and growth in the global market [4][12][48]. Group 1: Labubu's Popularity - Labubu has become a global phenomenon, with a unique design that has captivated consumers despite mixed aesthetic opinions [4][13]. - The character's success is attributed to a dopamine-driven "uncertainty reward" mechanism, similar to gambling, where consumers experience excitement from the unpredictability of blind box purchases [15][17]. - Collecting behavior and the Zeigarnik effect play significant roles in consumer engagement, as incomplete collections create a sense of discomfort that drives further purchases [18][21]. Group 2: Market Performance - In 2024, Pop Mart added 38 new stores in mainland China, with membership growing from 26 million in 2022 to over 46 million by the end of 2024 [12]. - The THE MONSTERS series, featuring Labubu, generated revenue of 30.4 billion yuan, a staggering year-on-year increase of 726.6% [49][26]. - Pop Mart's total revenue reached 130.38 billion yuan in 2024, with overseas markets contributing 50.66 billion yuan, a 375.2% increase [48][51]. Group 3: Marketing Strategies - Pop Mart employs scarcity marketing, creating a perception of high value for Labubu through limited availability of hidden variants, which enhances consumer desire [38][39]. - The brand has successfully utilized event marketing and collaborations with popular franchises to expand its reach and maintain consumer interest [41][43]. - The influence of social media and short video platforms like TikTok has significantly boosted Labubu's visibility and appeal among younger consumers [46]. Group 4: Future Outlook - Despite current success, there are concerns about the sustainability of Labubu's popularity, as consumer attention can shift rapidly in the face of new trends [54][55]. - The article suggests that the future of Pop Mart and Labubu will depend on the company's ability to innovate and create new appealing products [55][63].

Market Performance - The Shanghai and Shenzhen stock markets opened higher on June 11, with significant gains observed across major indices, particularly in sectors such as blind box economy, automotive parts, and rare earth permanent magnets [1] - By midday, the Shanghai Composite Index reached 3403.00 points, up 0.54%, with a trading volume of approximately 312.7 billion yuan; the Shenzhen Component Index rose 0.89% to 10252.69 points, with a trading volume of about 477.9 billion yuan [1] Strategic Metals and Nuclear Fusion - Citic Securities highlighted the ongoing geopolitical factors affecting the supply of strategic metals like tin, nickel, and rare earths, suggesting that these factors will continue to catalyze supply dynamics throughout the year [2] - Huatai Securities noted Japan's revised nuclear fusion innovation strategy, advancing the timeline for demonstration power generation from 2050 to 2030, indicating a positive trend in global nuclear fusion policies and potential investment opportunities in the industry [2] Automotive Industry Payment Terms - A collective commitment from multiple automotive companies, including major players like BYD and Geely, to standardize payment terms to a maximum of 60 days is in response to the new regulations aimed at improving payment practices for small and medium enterprises [3] Gaming Industry Support Measures - The Zhejiang provincial government, along with 17 departments, has introduced measures to support the gaming industry's international expansion, including optimizing product approval processes and encouraging collaboration with smart device manufacturers [4]