以下文章来源于凤凰网科技 ，作者凤凰网科技 凤凰网科技 . 凤凰科技频道官方账号，带你直击真相。 来源丨 凤凰网科技 （ID： ifeng_tech ） 作者丨 王佩薇 编辑丨 董雨晴 今年国庆，泡泡玛特最忙的IP不再是LABUBU，在上海、北京、成都多地，泡泡玛特旗下IP星星人展 出了多个快闪店与主题展，势要拿下这一波国庆假期高峰流量。泡泡玛特位于北京朝阳的乐园内，也 搭建了新的星星人舞台。 一切都在泡泡玛特的计划之中。 就在国庆前的9月29日晚10点，其新品"星星人美味时刻系列"盲盒正式发售，官方平台瞬间售罄，二 手市场同样掀起抢购热潮。 数据显示，隐藏款"小熊饼干"挂件官方价仅59元，二级市场价飙至929元溢价16倍，整盒成交价从 354元上涨至1499元，溢价4.2倍。成交热度TOP3分别为"香草脆"、"抹茶酥"、"咸曲奇"，溢价均 超过3.6倍，热度最低的"甜奶油"溢价也达到了3.3倍。得物APP上超3000人点击"想要"。作为对 比，超迷你版LABUBU系列，单个盲盒成交价从59元上涨至249元，溢价也仅有4.2倍。这意味着， 短期内星星人在二手市场的炒作热度，已经超越了LABUBU。 "星星人很 ...

尚未正式发售，隐藏款"小熊饼干"最高成交价从59元上涨至929元，溢价近15倍，是近期溢价最高的系 列。 继Labubu之后，泡泡玛特星星人系列再次引发抢购潮。 计划于9月29日晚上10点上架的"星星人美味时刻系列盲盒"还未正式发售，在二手电商平台上，该系列包括隐藏款在内的所有产品已有 商家挂出链接，且已有不少买家出手预订。 与此前发布的迷你版LABUBU相比，星星人新系列的备货大幅减少。正式开售后，两款星星人系列产品均为秒空。开售十分钟后，天猫 页面信息显示，小饼干毛绒挂件有超36万人加购，但首批天猫官方旗舰店放货仅2万+件，手办盲盒玩具摆件显示已售3万+。此前，迷你 版LABUBU开售当晚显示已售30万+件。 H 直播讲解 1/5 播间满送活动,不参与购物金支付 * 本商品不参与店铺满送活动,不 共2款 > (=) POP MART/泡泡 ... 星星人 现货 品牌 出售状态 IP 诸多消费者"抢不到"的失落中，星星人是泡泡玛特又一个极具商业价值的IP。得物App数据显示，尚未正式发售，隐藏款"小熊饼干"最 高成交价从59元上涨至929元，溢价近15倍，是近期溢价最高的系列，超迷你版LABUBU系列；单个 ...

Market Overview - The Shanghai Composite Index closed at 3853.30 points, down 0.01%, with a trading volume of 1001.2 billion yuan [1] - The Shenzhen Component Index rose by 0.67% to 13445.90 points, with a trading volume of 1369.885 billion yuan [1] - The ChiNext Index increased by 1.58% to 3235.76 points, with a trading volume of 663.053 billion yuan [1] - The STAR 50 Index rose by 1.24% to 1474.49 points, with a trading volume of 102.9 billion yuan [1] - Total trading volume for both markets was 2371.085 billion yuan, an increase of 44.302 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included Media, Non-ferrous Metals, Communication, Power Equipment, and Computer industries [2] - Weak sectors included Textiles, Precious Metals, Agriculture, Home Appliances, Transportation, Real Estate, Coal, and Banking [2] - A total of 1437 stocks rose while 3642 stocks fell, with 52 stocks hitting the daily limit up and 9 stocks hitting the limit down [2] Fund Flow Analysis - The net outflow of main funds from the Shanghai and Shenzhen markets was 23.6 billion yuan [5] - The ChiNext saw a net outflow of 8.927 billion yuan, while the CSI 300 experienced a net outflow of 0.627 billion yuan [5] - Eight sectors saw net inflows, with the Computer sector leading at 1.195 billion yuan, followed by Power Equipment, Media, and Communication [5] - The Electronics sector had the highest net outflow at 14.843 billion yuan, followed by Machinery, Chemicals, and Home Appliances [5] Individual Stock Performance - 86 stocks received net inflows exceeding 100 million yuan, with Inspur Information leading at 1.777 billion yuan [8] - Other notable stocks with significant inflows included NewEase Technology, Huagong Technology, and CATL [8] - 141 stocks experienced net outflows exceeding 100 million yuan, with Shenghong Technology leading at 1.62 billion yuan [11] - Other stocks with significant outflows included Heertai, XianDao Intelligent, and Longchuan Technology [11] Institutional Activity - Institutions had a net buy of 1.28 billion yuan, with Inspur Information being the top net buy at approximately 130 million yuan [14] - Other stocks with significant institutional net buying included Lixing Co., Hengerdai, and TCL Zhonghuan [14] - The most sold stock by institutions was Zhongheng Electric, with a net sell of approximately 144 million yuan [14]

Market Overview - The Shanghai Composite Index closed at 3853.30 points, down 0.01%, with a trading volume of 1001.2 billion yuan [1] - The Shenzhen Component Index rose by 0.67% to 13445.90 points, with a trading volume of 1369.885 billion yuan [1] - The ChiNext Index increased by 1.58% to 3235.76 points, with a trading volume of 663.053 billion yuan [1] - The STAR Market 50 Index rose by 1.24% to 1474.49 points, with a trading volume of 102.9 billion yuan [1] - The total trading volume of both markets was 2371.085 billion yuan, an increase of 44.302 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included Media, Non-ferrous Metals, Communication, Power Equipment, and Computer industries [2] - Weak sectors included Textiles, Precious Metals, Agriculture, Home Appliances, Transportation, Real Estate, Coal, and Banking [2] - The top-performing concepts were Holographic Technology, Superconductors, Blind Box Economy, Short Drama Interactive Games, Copper Cable High-Speed Connection, and Lithium Mining [2] Stock Performance - A total of 1437 stocks rose, while 3642 stocks fell, with 71 stocks remaining flat and 7 stocks suspended [2] - 52 stocks hit the daily limit up, while 9 stocks hit the daily limit down [2] - Notable stocks with consecutive limit-ups included Huasoft Technology with 5 consecutive limit-ups, and several others with 2 to 4 consecutive limit-ups [4] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 23.6 billion yuan [5] - The ChiNext saw a net outflow of 8.927 billion yuan, while the CSI 300 experienced a net outflow of 0.627 billion yuan [5] - Eight sectors saw net inflows, with the Computer sector leading at 1.195 billion yuan, followed by Power Equipment, Media, and Communication [5] Individual Stock Inflows and Outflows - 2275 stocks experienced net inflows, with 86 stocks receiving over 100 million yuan in net inflows [8] - The stock with the highest net inflow was Inspur Information, with 1.777 billion yuan, followed by NewEase, Huagong Technology, and CATL [9] - Conversely, 2873 stocks faced net outflows, with 141 stocks seeing over 100 million yuan in net outflows [10] - The stock with the highest net outflow was Victory Technology, with 1.62 billion yuan, followed by Heertai and Xian Dao Intelligent [11] Institutional Activity - Institutions had a net buy of approximately 128 million yuan, with Inspur Information being the top net buy at 130.35 million yuan [13] - The stocks with significant institutional net selling included Zhongheng Electric and Huagong Technology [14]

Market Overview - The A-share market showed mixed results, with the Shanghai Composite Index down 0.01% to 3853 points, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58%, reaching a three-year high [1][2] - The total market turnover was 2.39 trillion yuan, an increase of 446 billion yuan compared to the previous trading day, with over 3800 stocks declining [1] Index Performance - Shanghai Composite Index: 3853.30, down 0.01% [2] - Shenzhen Component Index: 13445.90, up 0.67% [2] - ChiNext Index: 3235.76, up 1.58% [2] - The total turnover of the market was 2.39 trillion yuan [1] Sector Performance - The gaming sector saw a boost with 145 domestic online games approved in September, leading to a nearly 7% increase in Ice Glacier Network (300533) [3] - The power equipment sector performed well, with Shanghai Electric (601727) and Jinshi Technology both hitting the daily limit [3] - The superconducting concept was active, with Wolong Nuclear Material (002130) rising nearly 8% [3] - Other sectors with notable gains included holographic technology, blind box economy, and copper cable high-speed connections [3] - Conversely, the precious metals sector declined, with Shandong Gold (600547) leading the losses [3] - The shipping and port sector fell, with Nanjing Port (002040) dropping over 6% [3] - Gas stocks also faced declines, with Dazhong Public Utilities (600635) hitting the daily limit down [3] - Other sectors that saw declines included titanium dioxide, jewelry, and automotive services [3]

Group 1 - Xibei issued a second apology regarding the controversy over prepared dishes, changing the wording in their statement and promising to adjust some prepared dishes to be made fresh in-store by October 1 [1] - The founder of Xibei, Jia Guolong, faced backlash for derogatory comments about Luo Yonghao, which raised legal concerns regarding defamation [1] - Luo Yonghao criticized Xibei's promises as "false commitments" and questioned the quality and shelf life of the prepared dishes [1] Group 2 - Luo Yonghao announced that the owner of Hua Yu Hua has apologized to him, indicating a resolution to the previous conflict, while emphasizing the importance of consumer rights regarding prepared dishes [2] - Xiaomi's new 17 series smartphones are set to directly compete with Apple's iPhone, featuring the latest Snapdragon 8 Gen 2 chip and marking a significant upgrade for the brand [3] Group 3 - Pop Mart's new SKULLPANDA plush toys sold out quickly, with significant price premiums observed, although overall consumer enthusiasm appears to be declining compared to previous releases [4] - Midea has partnered with Tmall to enhance instant retail services, enabling rapid delivery from nearly 90 stores across 19 cities [4] Group 4 - Online retail sales in China reached 99,828 billion yuan in the first eight months of the year, showing a year-on-year growth of 9.6%, with physical goods sales growing by 6.4% [6] - Yonghui Supermarket plans to procure approximately 2,500 tons of chestnuts from a certified region known for its high-quality produce [8] Group 5 - Pinduoduo launched a significant subsidy program, reducing prices for the new iPhone 17 series by 1,000 yuan, making the iPhone 17 available for as low as 4,999 yuan [10] - JD MALL opened its first self-operated store in Shenzhen, featuring over 200 core brands and a wide range of products [11] Group 6 - JD is in talks to acquire Argos, the second-largest retail chain in the UK, which could enhance Argos's transformation with JD's expertise in retail and logistics [13] - Taobao Flash Sale and Ele.me initiated a "Bright Kitchen, Bright Stove" entrepreneurial support program aimed at assisting various entrepreneurs in the food industry [14] Group 7 - JD Seven Fresh launched a promotional event focused on Xinjiang products, showcasing local cuisine and culture while expanding its private label strategy [15] - Taobao Flash Sale anticipates a significant increase in brand participation for the upcoming Double 11 shopping festival [17] Group 8 - Meituan introduced a series of "Safe Consumption" products aimed at enhancing consumer protection and service quality across various sectors [18] - New national standards for food labeling are being implemented, with companies like Qianhe Flavor Industry leading the way in updating their packaging to comply with these regulations [20]

Core Viewpoint - The article discusses the significant price drop of LABUBU products in the secondary market, which has led to a decline in investor sentiment and a drop in the stock price of Pop Mart. The company is actively working to reduce speculation and regain control over product pricing while maintaining the value of its IPs [4][10][12]. Summary by Sections Price Trends and Market Reaction - LABUBU products, including the newly released mini LABUBU, have seen a substantial price decline in the secondary market, with the average transaction price for the third generation dropping by approximately 80% from its peak [5][7]. - The average transaction price for the mini LABUBU has decreased by around 30% [8]. - The stock price of Pop Mart has also been affected, falling over 19.5% from a peak of 339.8 HKD to 273.4 HKD [11][31]. Company Strategy and Market Position - Pop Mart aims to eliminate middlemen and reduce the speculative nature of its products, focusing on selling quality products rather than "investment products" [14][16]. - The company has significantly increased its plush toy production capacity, reaching approximately 30 million units in August, which has contributed to the availability of new products [17][19]. - The release strategy has shifted to allow for immediate availability of products, which has reduced the speculative bubble around LABUBU [20]. IP Performance and Revenue - LABUBU's revenue for the first half of 2025 reached 48.1 billion RMB, accounting for nearly one-third of Pop Mart's total revenue [27]. - Other IPs like MOLLY and SKULLPANDA have also shown significant revenue growth, with MOLLY achieving 13.6 billion RMB (up 73.5%) and SKULLPANDA reaching 12.2 billion RMB (up 112.4%) [27]. - The overall revenue from artist IPs has increased, but the dilution of IP scarcity due to increased supply may impact future pricing [29][30]. Long-term Outlook - The long-term success of LABUBU will depend on its ability to maintain consumer interest and storytelling capabilities, as well as the introduction of new hit IPs [32][33]. - The company is also exploring new avenues such as film and animation to expand its brand presence [32].

Core Viewpoint - The article discusses the emerging trend of "raising young artists" as a complex investment strategy that combines elements of value investing, employment relationships, and blind box economics, primarily involving minors as participants [7][12][18]. Group 1: Definition and Mechanics - "Raising young artists" involves investors (employers) seeking potential young artists online, providing them with training fees or regular learning funds, while the young artists practice drawing and give their works to the investors for free [12][13]. - This investment strategy allows investors to potentially obtain quality artwork at a lower cost compared to hiring established artists, betting on the young artists' growth and talent [14][58]. Group 2: Market Dynamics - The OC (Original Character) community has significantly expanded, driven by high demand for custom artwork and the concept of "raising OC" or "raising characters," which requires ongoing investment and development [21][26][30]. - The lack of standardized pricing and industry norms in the commissioning process leads to confusion and potential exploitation within the OC community [41][46]. Group 3: Risks and Challenges - The success of "raising young artists" is highly uncertain, with significant risks for the investors, including the potential for young artists to not meet expectations or to disengage after receiving funding [61][66]. - Many investors face challenges in assessing the talent and commitment of young artists, as there are no formal contracts or legal protections in place [65][66]. Group 4: Cultural Implications - The phenomenon reflects a broader trend of younger generations engaging in complex economic activities and creating informal economic systems, showcasing their adaptability and resourcefulness in a rapidly changing digital landscape [75][82]. - The article suggests that the current generation's ability to navigate these economic dynamics may redefine traditional notions of maturity and financial literacy [76][80].

Group 1: Economic Growth Drivers - The article emphasizes the need for local economies to identify new growth drivers during the "14th Five-Year Plan" period, focusing on supply-side, demand-side, and enterprise development [1][5][6] - The contribution of the industrial sector to GDP is declining, with industrial value added expected to account for 30% of GDP by 2024, down 9.3 percentage points from the end of the "11th Five-Year Plan" [1][2] - The service sector has become the core driver of economic growth, projected to account for 56.7% of GDP by the end of 2024, increasing by 11.6 percentage points since the end of the "11th Five-Year Plan" [1][2] Group 2: Role of Service Industry - The service industry is crucial for economic resilience and sustainability, requiring local governments to enhance service systems and urban service capabilities [2][3] - Regions with rapid service industry revenue growth, such as Hainan, Fujian, and Shandong, should prioritize service sector development as a key component of modern industrial systems [2][4] - The article highlights the need for western regions to balance industrial growth with the development of local service industries, particularly in production-related and lifestyle services [2][4] Group 3: Consumer Demand and Trends - Consumer demand is shifting towards service consumption, with service retail expected to grow by 6.2% in 2024, outpacing goods retail growth by 3 percentage points [3][4] - The article notes a transformation in consumption patterns, driven by demographic changes and technological integration, leading to new consumption trends such as the "single economy" and "silver economy" [4][5] - Local governments are encouraged to innovate service offerings and consumption scenarios to stimulate economic growth [4][5] Group 4: Enterprise Development and Innovation - The vitality and development level of market entities are critical for local economic quality and efficiency, necessitating a focus on innovation across various sectors [5][6] - The article stresses the importance of both original technology and model innovation, with traditional industries also needing to embrace technological upgrades for efficiency gains [5][6] - Regional disparities in R&D investment are highlighted, with eastern regions leading in R&D spending, while western regions show strong growth in external R&D funding [6]

Core Viewpoint - The strong sales performance of the new "mini LABUBU" series significantly supports the optimistic revenue forecast of 30 billion yuan for the year, as stated by the company's CEO Wang Ning [1][19]. Sales Performance - The "mini LABUBU" series was launched on Thursday night and sold out within 10 seconds across major platforms like JD and Taobao, indicating high consumer demand [2][6]. - Prior to the official launch, over 580,000 consumers had already added the product to their shopping carts on Tmall, showcasing the pre-launch interest [8]. - The sales revenue from Tmall alone exceeded 23.7 million yuan, based on a rough estimate of 79 yuan per unit [9]. Market Reaction - Following the sales announcement, the stock price of Pop Mart experienced fluctuations, reflecting mixed market sentiments, with a slight decline of 0.18% at the time of reporting [3][4]. - Analysts noted that the popularity of the new series demonstrates sustained consumer enthusiasm for the Labubu brand [4]. Secondary Market Activity - The high demand for the mini LABUBU has sparked significant speculation in the secondary market, with resale prices for hidden variants reaching up to 1,000 yuan, indicating a substantial markup [10][13]. - On secondary trading platforms, the average transaction price for a complete set reached approximately 1,920.77 yuan, with some sets selling for as high as 2,580 yuan [13]. Financial Performance - In the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [17]. - The Labubu series, part of the THE MONSTERS collection, generated 4.81 billion yuan in revenue during the same period, marking a staggering year-on-year growth of 668.0% and accounting for 34.7% of total revenue [17]. - The company's gross margin reached a record high of 70.3%, surpassing that of luxury brands like LVMH [18].