返工后，什么东西能让一到工位就感觉腰酸背痛的打工人，乖乖一坐一天？ 不是画饼，不是激励，而是一堆塑料：拼豆！ 为了拼出一个带派的作品，有人聚精会神地坐了一下午。 有人耗时3个小时，"花100块拼100块"。 更有甚者，有个博主为了拼一幅《千里江山图》，耗时23天，每天一坐就是几小时，耐心地将总计12万粒的塑料颗粒一粒粒戳进模板。 与此同时，拼豆店也纷纷冒了出来，收费一小时几十块，赚得盆满钵满。24小时营业的拼豆店里，不少人通宵拼豆，仿佛努力赚加班费的流水线女工。 甚至支个路边摊，也能招揽一堆年轻人交钱埋头拼豆。 不了解拼豆的人表示，看不懂却大受震撼。 就是这么个看似"幼儿园级别"的手工活，现在却席卷了线上线下。 根据抖音发布的春节消费报告，Z世代下单的团购里，拼豆同比增幅高达9018%，甩出第二名十条街；淘宝把它列为2025年度十大商品，搜索 量暴涨500%。 一堆塑料颗粒，凭什么让年轻人慷慨解囊、玩到停不下来？ 老年人玩剩下的玩具，成了00后的"十字绣" 拼豆的爆火，让一些人感慨：果然时尚是个轮回。 后来拼豆还传进中国，但一直不温不火，窝在DIY小圈子里吃灰。所以这次拼豆火出天际，让老玩家们大感莫名其妙。 ...

Group 1 - The core idea of the article highlights Chengdu's transformation into a trendy destination during the Spring Festival, leveraging its industrial heritage and cultural resources to create engaging experiences [1] - The 2026DIGI-PARK International Digital Art Light and Shadow Season is a key attraction, integrating ancient Shu culture, industrial memories, and elements of the Year of the Horse into its light displays, and is open 24 hours [1] - Various events such as the Chenghua District "Village Sugar Fair," locomotive market, and the original artwork exhibition of "One Person Below" contribute to making the park a popular spot for trendy activities [1] Group 2 - Chengdu aims to establish itself as a significant cultural and creative center and a hub for the digital cultural industry, introducing new activities like the Nebula Wonderful Night Season 3, Sci-Fi Exhibition, New Year drone performances, robot dance shows, AR immersive exhibitions, and national defense technology exhibitions [1] - The combination of "cultural tourism + digital creativity," "cultural tourism + trendy activities," and "cultural tourism + technology" creates a vibrant landscape for Chengdu's Spring Festival tourism market [1] - The Chengdu Sci-Fi Museum has become a popular destination for families and sci-fi enthusiasts, attracting an average daily footfall of over 30,000 visitors [1]

下午2点，浙江义乌国际商贸城一家潮玩门店，挂着不少马年主题的毛绒玩偶、挂件，店主杨扬正穿梭 在货架间盘货理货。"这款棕粉色的'马上有钱'小马玩偶，卖了快2万个。这款红色的小马挂件，一个俄 罗斯客户订了5000个。"杨扬说。 义乌国际商贸城，近8万个商位汇聚了210多万种商品，与230多个国家和地区有贸易往来。不同语言的 洽谈声与计算器按键声交织，奏响新春外贸的交响曲。（记者欧阳洁 罗珊珊 刘军国） 好生意背后，是外贸人"久经沙场"的敏锐。"去年初泡泡玛特火遍全球，我就知道'换赛道'的机会来 了。"谁能想到，眼前这个对潮玩如数家珍的外贸人，此前一直做的是珠宝首饰生意。"年轻人愿意为热 爱买单，海外消费者对中国潮玩的接受度飙升。"察觉到新的市场需求，杨扬开始转型——广东东莞的 潮玩中心、上海的玩具展，她一家家寻求IP（知识产权）授权。 同样看到机遇，去年10月，义乌国际商贸城全球数贸中心开业，500间店铺入驻创意潮玩专区，杨扬的 店铺也是其中之一。"创意潮玩专区增加了辨识度、提高了供需对接效率，吸引大量客商来扫货。"杨扬 说，店里有700多种商品，开业4个月，接到7个海外新客户的订单。今年，她要再开两间潮玩店铺， ...

Group 1 - The core viewpoint of the article highlights the launch of the "Film+" consumption pilot program in 16 cities, aiming to integrate film consumption with market activities, alongside the initiation of the "2026 Film Economy Promotion Year" with a budget of at least 1.2 billion yuan for subsidies to encourage movie attendance [1] - The domestic film market is expected to recover in 2025, with projected box office revenue reaching 51.832 billion yuan, representing a year-on-year growth of 21.95%, and total audience attendance of 1.238 billion, an increase of 22.57% [1] - The extended 9-day Spring Festival holiday in 2026 is anticipated to boost viewing demand, with improved content supply likely to elevate box office performance during this peak period [1] Group 2 - The media industry is experiencing a favorable policy environment, with increased regulatory certainty and supportive measures aimed at promoting healthy industry development, which is expected to enhance content supply and meet the growing demand for quality content [1] - The performance of the Spring Festival period is crucial for the film and television sector's financial results and market valuations, as the industry faces demand growth limitations [3] - Film companies are diversifying their business models beyond core operations by exploring new commercial avenues such as IP collaborations, trendy merchandise, offline entertainment, and AI-generated content to enhance competitiveness and stabilize performance [3]

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 25 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年01月23日 华源晨会精粹 20260125 固定收益 25Q4 理财资产配置有何变化——中国银行业理财市场年度报告（2025 年）点评：截至 25 年末，银行理财市场存续规模 33.29 万亿元，较 25Q3+1.2 万亿 元，较 24 年末+3.3 万亿元。由于债券收益率处于历史低位，我们预计 26 年混合类 产品存续规模会持续回升。2026 年理财规模仍有望增长 3 万亿以上。截至 25 年末， 全市场一共有 191 家理财机构，其中有 159 家银行机构，32 家理财公司，较 25Q3 分别-22 家/持平。我们预计至 26 年底，理财市场或将向理财公司持续转移。25Q4 理财大幅增配公募基金，减配权益类资产和同业存单，债券投资占比处于近年低位。 低利率时代，25Q4 理财产品平均收益率走弱。2026 年债市行情可能好于预期。建 议关注超长债波段操作机会，建议重点配置 3-5Y 资本债以获取票息，超长债搓波段， 关注多资产投资机会。 风险提示。财政政策超预期发力，导 ...

Core Insights - The focus of the Beijing Two Sessions in 2026 includes the development of a "global consumption center city" and the improvement of the business environment [1] - Young people are particularly interested in the growth of fashion and trendy products [1] Group 1 - The Beijing Municipal Bureau of Commerce is responding to concerns raised by representatives and committee members regarding commercial development [1] - The bureau emphasizes the importance of addressing suggestions and proposals from the representatives and committee members [1]

Core Viewpoint - The recent launch of the "PUCKY Knock Knock Series" by Pop Mart has gained significant attention on social media, primarily due to its innovative design that transforms a traditional wooden fish into an electronic sound device aimed at emotional relief [1]. Product Details - The "PUCKY Knock Knock Series" features plush blind box keychains that activate sound effects when the head is tapped, catering to the emotional relief needs of the younger demographic [1][2]. - Each blind box is priced at 99 yuan, with a set of six boxes available for 594 yuan, and the series includes six regular characters plus one hidden character [4][5]. Market Performance - The hidden character "Success" saw its market price rise from 99 yuan to 396 yuan, reflecting a more than threefold increase, while regular characters like "Wisdom" and "Wealth" also experienced price increases to 162 yuan and 169 yuan respectively [11]. - The average price of the product has increased by 25% recently, with second-hand platforms listing the items at prices starting from 245 yuan [14][16]. Stock Market Impact - Following the product's popularity, Pop Mart's stock price surged over 6% on January 22, closing at 206 Hong Kong dollars per share, resulting in a market capitalization of 276.4 billion Hong Kong dollars [18]. - On January 21, Pop Mart announced a share buyback of 50,000 shares for a total of 96.49 million Hong Kong dollars, marking the second buyback within the week, with a cumulative buyback amount nearing 350 million Hong Kong dollars [20].

Core Viewpoint - The recent launch of the "PUCKY Knock Knock Series" plush blind boxes and Valentine's Day limited products has gained significant popularity among consumers, leading to sold-out status on official platforms and substantial price increases on secondary markets [1][8]. Product Highlights - The "PUCKY Knock Knock Series" features plush blind boxes with 6 regular characters and 1 hidden character, priced at 99 yuan per box and 594 yuan for a full set [1]. - The product's unique selling point is its ability to produce a clear wooden fish sound when tapped, appealing to young consumers seeking stress relief [1][8]. - Valentine's Day limited hidden variants "Together White-Head" and "Together Grow Old" have seen prices soar from 89 yuan to 699 yuan, marking a nearly 7-fold increase, the highest premium for a product since 2026 [8]. Market Performance - On the "DeWu" platform, the hidden variant "Success" has increased from 99 yuan to 396 yuan, a 3-fold premium, while the most popular regular variant "Wisdom" rose from 99 yuan to 209 yuan, a 1-fold premium [4]. - The overall market trend indicates that while regular variants have modest premiums, hidden variants are priced significantly higher, often above 250 yuan [4]. Company Actions - On January 21, the company announced a share buyback of 500,000 shares for a total of 96.49 million HKD, with a buyback price range of 191.1 to 194.9 HKD [9]. - Following the product's success, the company's stock price saw a notable increase, rising nearly 7% on January 23, with a market capitalization reaching 295.4 billion HKD [9].

Core Viewpoint - The company has announced a share buyback plan, indicating confidence in its future performance and market position [1] Group 1: Domestic Market Outlook - The domestic market is experiencing an upward trend in demand [1] - The company has a large and highly engaged user base, with a diversified IP matrix maintaining popularity [1] - Recent actions to adjust supply and demand dynamics have led to a more balanced market, allowing the company to regain pricing power [1] - The reasonable pricing in the secondary market fosters a healthy commercial ecosystem based on genuine consumer demand, which is beneficial for long-term user base expansion and brand value accumulation [1] Group 2: Overseas Market Potential - There is significant potential in overseas markets, which are still in the early stages of development compared to the domestic market [2] - The company is actively increasing offline supply to encourage consumers to shift from online to offline purchasing [2] - Challenges include short IP cycles, weaker channel capacity, and reliance on single IPs, necessitating improvements in supply chain and logistics [2] - The U.S. market, as a key consumer market for trendy toys, presents substantial growth opportunities, with a focus on operational capabilities in the short term and IP-driven growth in the long term [2] Group 3: Sales Tracking - Google Trends data indicates that the search interest for the company's core IP "Labubu" peaked around Christmas and remains above average [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at a price range of HKD 177.7 to 181.2 per share [1] - The domestic market is experiencing upward momentum, with a large and sticky user base, and a diversified IP matrix maintaining its popularity [2] - The company is actively adjusting its supply and production to stabilize the second-hand market prices, which is beneficial for long-term brand value and user base expansion [2] - The overseas market presents significant potential, with many global markets still in the early stages of development and a strong certainty for future channel expansion [2] - The company is focusing on resolving supply chain and logistics issues before prioritizing IP product layout for better long-term overseas development [2] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 135.1 billion, CNY 179.0 billion, and CNY 216.1 billion respectively, with corresponding P/E ratios of 18.0X, 13.6X, and 11.3X [3] - The company's revenue is forecasted to grow significantly, with expected revenues of CNY 38.891 billion in 2025, CNY 50.835 billion in 2026, and CNY 61.142 billion in 2027, reflecting growth rates of 198%, 31%, and 20% respectively [5] - The earnings per share (EPS) are projected to increase from CNY 10.07 in 2025 to CNY 16.11 in 2027 [5] Key Financial Metrics - The company's operating income is expected to reach CNY 13,038 million in 2024, with a growth rate of 107% [5] - The gross margin is projected to be 66.79% in 2024, increasing to 78.24% by 2027 [8] - The return on equity (ROE) is expected to be 29.26% in 2024, decreasing to 41.85% by 2027 [8]