Core Viewpoint - The article discusses the rapid decline in the auction price of Labubu collectibles and the corresponding drop in the stock price of Pop Mart, highlighting a potential manipulation of market sentiment by major shareholders [3][6][7][8]. Group 1: Price Fluctuations - Labubu's auction price fell from 580,000 yuan to 230,000 yuan within two weeks, indicating a significant market correction [3][6]. - Pop Mart's stock price reached a historical high of 262 HKD per share on June 10, 2024, before dropping to a low of 230 HKD by June 23, 2024 [7][8]. Group 2: Shareholder Actions - Major shareholders of Pop Mart began to sell off their shares, totaling over 3.3 billion HKD, around the same time Labubu gained popularity [9][11]. - In May 2024, during a peak in market enthusiasm for Labubu, early shareholders sold 11.91 million shares for 2.267 billion HKD [11][13]. Group 3: Market Dynamics - The article draws parallels between Labubu's rise and historical market bubbles, suggesting that the current situation reflects a cycle of speculation and subsequent market correction [24][26][28]. - The concept of "emotional value" is explored, indicating that while consumers believe in the value of these collectibles, major stakeholders are more focused on tangible value [19][21][27]. Group 4: Marketing Strategies - Pop Mart's marketing strategies, including limited releases and scarcity tactics, have contributed to the perceived value of Labubu, but these strategies may also lead to market instability [35][36]. - The article suggests that the company's actions have inadvertently fueled a secondary market for Labubu, leading to inflated prices and eventual crashes [35][36].

当标普500指数再度逼近6000点大关、而10年期国债收益率却顽固维持高位时，美银首席投资官 Michael Hartnett发出警告：美股等风险资产突破或崩盘的答案，藏在三个关键指标中。 Hartnett在最新的Flow Show报告中明确指出， 券商股、银行股以及比特币这三个"B"类资产将成为判 断市场走向的最佳"信号灯"。如果这三大风险领军资产出现双顶形态，将释放"极度看跌"信号；相反， 若能干净利落地向上突破，则意味着"极度看涨"。 这一判断并非空穴来风。在美银策略师一周前建议做多久期债券、特别是30年期国债——称是时候购 买"受屈辱"资产后，30年期国债确实上涨了。然而，几乎所有资产都在上涨，标普500指数在5月份录得 本世纪最佳单月表现，暴涨6%，创下自1990年以来最佳5月表现。 与风险资产的狂欢形成鲜明对比的是，美元"怎么都涨不起来"，市场开始"低语美元进入熊市"。 Hartnett警告称，疲软的美元将成为"让美国制造业再次伟大"的未来工具——目前制造业仅占美国就业 岗位的8%。这种趋势加上美联储独立性存疑， 将导致美元熊市，进而推动黄金、新兴市场和国际资产 走牛。 面对即将到来的重大变局，多 ...

当标普500指数再度逼近6000点大关、而10年期国债收益率却顽固维持高位时，美银首席投资官Michael Hartnett发出警告：美股等风险资产突破或 崩盘的答案，藏在三个关键指标中。 Hartnett在最新的Flow Show报告中明确指出，券商股、银行股以及比特币这三个"B"类资产将成为判断市场走向的最佳"信号灯"。如果这三大风 险领军资产出现双顶形态，将释放"极度看跌"信号；相反，若能干净利落地向上突破，则意味着"极度看涨"。 这一判断并非空穴来风。在美银策略师一周前建议做多久期债券、特别是30年期国债——称是时候购买"受屈辱"资产后，30年期国债确实上涨 了。然而，几乎所有资产都在上涨，标普500指数在5月份录得本世纪最佳单月表现，暴涨6%，创下自1990年以来最佳5月表现。 与风险资产的狂欢形成鲜明对比的是，美元"怎么都涨不起来"，市场开始"低语美元进入熊市"。 面对即将到来的重大变局，多空双方已经开始布局。Hartnett表示，看跌者通过配置防御性的医疗保健、必需消费品和公用事业股来为崩盘做准 备——这些板块目前仅占标普500指数的18%，为2000年以来最低水平。 最新的资金流向数据进一步印 ...