Core Viewpoint - The stock of Pop Mart experienced a significant drop, falling over 8% in early trading, with a trading volume exceeding 1.5 billion HKD, and its total market capitalization has fallen below 350 billion HKD. Despite this, the stock has seen a cumulative increase of over 180% this year [1]. Group 1: Analyst Ratings and Market Reactions - Morgan Stanley analyst Kevin Yin downgraded Pop Mart International Group's rating from "Overweight" to "Neutral," setting a target price of 300 HKD, which represents an 8.4% increase from the last quoted price [1]. - There are concerns in the market regarding the rational return of interest in Pop Mart's IP, especially following the recent launch of its gold series products [1]. Group 2: Capital Flows - Southbound funds have been consistently net selling Pop Mart, with a record net sell of 1.721 billion HKD on September 10, marking the highest historical outflow [1].