北水关注个股 山高控股：山高控股9月16日宣布一项规模最高达1亿美元的股份回购计划。山高控股称，董事会已决议 行使股东周年大会上所获之一般性授权，在公开市场进行股份回购，公司计划以每股不超过17港元的价 格回购股份，总金额不超过1亿美元，资金将来自现有现金流及营运资金。 泡泡玛特：花旗发报告表示，认为泡泡玛特(9992.HK)近期股价回调，主要来自市场对LABUBU转售价 格下跌的担忧。花旗并不认为这是IP热度下降的迹象。相反，集团针对真实需求进行的补货举措，及改 善顾客体验、抑制转售活动的措施，应有助于从长远来看增强IP的竞争力。花旗建议投资者更多关注销 售趋势，尤其是其自有渠道中快速售罄的现象仍在持续。故重申"买入"评级，维持目标价398港元。 9月19日，南下资金净买入港股98.38亿港元。 其中：净买入山高控股22.4亿港元、阿里巴巴-W 17.27亿港元、盈富基金10.7亿港元、泡泡玛特9.01亿 港元、美团-W 8.47亿港元、华虹半导体2.37亿港元、鸿腾精密1.33亿港元；净卖出腾讯控股6.22亿港 元、小米集团-W 3.98亿港元。 据统计，南下资金已连续21日净买入阿里巴巴，共计578.2 ...

花旗发报告表示，认为泡泡玛特(9992.HK)近期股价回调，主要来自市场对LABUBU转售价格下跌的担 忧。花旗并不认为这是IP热度下降的迹象。相反，集团针对真实需求进行的补货举措，及改善顾客体 验、抑制转售活动的措施，应有助于从长远来看增强IP的竞争力。花旗建议投资者更多关注销售趋势， 尤其是其自有渠道中快速售罄的现象仍在持续。故重申"买入"评级，维持目标价398港元。 ...

Core Viewpoint - The article discusses the recent surge in popularity of the Labubu toy, highlighting its rental market on platforms like Xianyu and the broader implications for the collectible toy industry, particularly for Pop Mart. Group 1: Labubu's Popularity and Market Trends - Labubu-related product searches on Xianyu increased tenfold from May to June, with rental transaction volumes doubling in the same period [2] - The rental prices for Labubu figures range from 30 yuan for "Labubu time to chill" to 50-80 yuan for ZIMOMO figures, indicating a growing market for rental services [1] - The popularity of Labubu has also spurred related services such as custom clothing and repairs, showcasing a trend towards a more extensive ecosystem around the IP [2] Group 2: Pop Mart's Business Dynamics - Pop Mart's founder, Wang Ning, has become the richest person in Henan with a net worth of $20.3 billion, reflecting the company's significant growth from a small shop to a market capitalization exceeding 300 billion HKD [4] - The collectible toy market, particularly for Labubu, has seen extreme price fluctuations, with some items being resold at prices up to 46 times their original value, indicating a volatile market [4] - There is uncertainty regarding the longevity of Labubu's popularity, as the collectible toy industry often experiences trends that can be unpredictable and fleeting [5][6] Group 3: Industry Challenges and Future Outlook - The collectible toy market faces challenges as the lifespan of popular IPs can be limited, leading to concerns about the sustainability of Pop Mart's business model [6] - Investors express skepticism about the long-term viability of Pop Mart's reliance on IPs, questioning what will happen if consumer interest wanes [7] - The blind box model, while initially seen as a key driver of sales, is now viewed as secondary to the appeal of the IPs themselves, raising questions about future competitiveness [7]