在二手市场，拉布布（Labubu）的交易价格正经历"过山车"。 在二手交易平台搜索"Labubu"可见，当前成交均价呈下降趋势，看跌人数更多。 以当前最热门的产品、2025年新上线的第三代Labubu"前方高能系列"为例，这套产品包含1个隐藏款和6个常规款，单个原价99元。据《科创板日报》统 计，其常规款在二手市场上的均价区间在90-130元之间，甚至有一款的交易均价掉到了原价之下。 其中，隐藏款"本我"是这代产品中最火的款式，这款采用扎染艺术、暗黑系造型的玩偶为全球限量发售，凭借稀缺性和社交属性成为泡泡玛特2025年的明 星产品，二级市场价格曾飙升至近5000元，溢价近50倍。 截至2025年9月10日，隐藏款"本我"的二手市场价格普遍回落至700-800元区间，近30天内降价趋势明显。 30日 | 1年 成交均价 ? ¥742.49 + 19% 新增在售 25.4k 成交 8719 统计范围: 所有规格 均价 成交量 824 621 792 532 760 443 728 354 265 696 664 176 09-05 08-16 08-21 08-26 08-31 labubu3.0前...系列本我 ...

Economic Indicators - In August 2025, China's Consumer Price Index (CPI) decreased by 0.4% year-on-year, while the core CPI, excluding food and energy, rose by 0.9%, marking the fourth consecutive month of growth [2] - The Producer Price Index (PPI) showed a month-on-month stabilization after a 0.2% decline, with a year-on-year decrease of 2.9%, narrowing by 0.7 percentage points from the previous month [2][3] - The average CPI for January to August 2025 fell by 0.1% compared to the same period last year, while the average PPI decreased by 2.9% [2] E-commerce and Logistics - The e-commerce logistics index in China reached a new high of 112.3 points in August, continuing a six-month upward trend, driven by improved service quality and increased business volume [4] - The logistics sector benefited from reduced extreme weather conditions and seasonal demand, particularly in clothing and back-to-school shopping [4][5] Employment and Economic Trends - The U.S. non-farm employment numbers were revised down by 910,000, indicating a significant cooling in the job market, with nearly all sectors experiencing downward adjustments [6][7] - The Federal Reserve may be compelled to lower interest rates in response to the weakening economic growth outlook [7] Urban Development - The Nanjing urban agglomeration has initiated a new round of development planning, aiming to enhance regional collaboration and economic vitality [8][9] Technology and Consumer Products - Apple launched the iPhone Air, the thinnest iPhone to date, with no increase in starting prices compared to previous models, despite some consumer disappointment regarding the lack of new AI features [12][13] - The second-hand market for Labubu toys has seen a significant price drop, reflecting a correction after speculative trading [14][15] Market Performance - On September 10, the Chinese stock market experienced slight fluctuations, with the Shanghai Composite Index closing at 3812.22 points, up 0.13% [16] - The overall trading volume fell below 2 trillion, indicating a potential decrease in market activity and volatility [17]

Group 1 - The stock price of Pop Mart, a leading player in the Hong Kong toy market, has continued to decline, closing at 275.2 HKD per share on September 10, down 4.51% for the day, and a total drop of 15.74% since reaching a historical high of 339.8 HKD on August 26 [1] - Despite the stock price pressure, the offline consumption scene for Pop Mart remains active, with a notable presence of foreign consumers observed in various stores in Shenzhen [1] - The core IP series, THE MONSTERS, achieved significant revenue of 4.814 billion CNY in the first half of 2025, marking a substantial year-on-year growth of 668%, accounting for 35% of the company's total revenue [1] Group 2 - Market analysis indicates that the stock price adjustment reflects investor concerns regarding the sustainable monetization ability of Pop Mart's IPs, with worries about product lifecycle uncertainties potentially impacting profitability stability [2] - Although Pop Mart was recently included in the Hang Seng Index, which could attract passive fund allocation, some investors opted to take profits after the positive news, leading to short-term selling pressure [2]

Core Insights - The current Chinese consumer market reflects a split between rational and emotional spending, with high demand for emotional value products like LABUBU, while traditional luxury goods like high-end liquor are experiencing a decline [1][6][11] Macro Data - Retail sales of consumer goods reached 24.55 trillion yuan, with a year-on-year growth rate of 5%, indicating a recovery in domestic demand [3] - The contribution of consumption to GDP stands at 52%, and core CPI has expanded for three consecutive months, suggesting ongoing recovery in consumer spending [1] Consumer Behavior - There is a notable divergence in consumer behavior, with young consumers willing to spend 949 yuan on emotional value but reluctant to pay 300 yuan for a fine dining experience [1][8] - The phenomenon of "macro heat, micro cold" illustrates the contrast between positive macroeconomic indicators and individual consumer experiences, with many opting for lower-cost options [3][11] Emotional Consumption - Emotional consumption has become a significant trend, with a compound annual growth rate of 12% since 2013, and the market is expected to exceed 2 trillion yuan [3][6] - Over 90% of young consumers recognize the importance of emotional value, with nearly 60% willing to pay for it, reflecting a shift towards prioritizing personal satisfaction over traditional status symbols [13][17] Industry Performance - Pop Mart, a leading player in the emotional consumption sector, reported a revenue of 13.88 billion yuan in the first half of the year, a year-on-year increase of 204.4%, with net profit soaring by 396.5% [6] - In contrast, the high-end liquor industry is struggling, with 15 out of 21 listed companies reporting declines in revenue and profit, highlighting a shift away from "face consumption" [8][11] Market Trends - The high-end hotel sector is facing challenges, with occupancy rates for five-star hotels dropping to 52%, while budget hotels and homestays are seeing increased demand [9] - Fast food consumption is on the rise, with a 9.7% increase in low-cost dining options, contrasting with a 15.3% decline in high-end dining [11] Future Outlook - The consumer market is expected to continue evolving along the lines of "cost-performance" and "emotional value," requiring companies to adapt their strategies to meet diverse consumer needs [16][17] - The rise of younger consumers and their preference for emotional spending over traditional luxury goods presents both challenges and opportunities for businesses [17]

Group 1 - Baili Tianheng's stock price reached a historical high of 414.02 CNY per share, leading to a significant increase in the wealth of its actual controller, Zhu Yi, who became the new richest person in Sichuan Province with a net worth of 15.3 billion USD (approximately 108.95 billion CNY) [1][4][5] - The emergence of new billionaires in various provinces, including Sichuan, Henan, Jiangxi, and Shaanxi, reflects a shift in wealth dynamics, with industries such as artificial intelligence, trendy toys, and biomedicine gaining prominence [3][4][11] - The rise of new billionaires is indicative of China's economic transition and the global resonance of industrial innovation, with companies demonstrating core technological advancements or innovative business models [3][12] Group 2 - The wealth of new billionaires is closely tied to the performance of their companies, with Baili Tianheng's stock showing a year-to-date increase of 78.90%, earning it the title of "new stock king" in Sichuan [5][13] - In Henan, Wang Ning, founder of Pop Mart, surpassed the previous richest person, Qin Yinglin, with a net worth of 23.8 billion USD, reflecting a significant increase in Pop Mart's stock price, which rose over 210% this year [7][9] - The new billionaires' companies have experienced substantial revenue growth, with Baili Tianheng's revenue increasing over ninefold in 2024, and other companies like Hanwujing and Pop Mart also reporting significant revenue increases [13][14] Group 3 - The new billionaires are primarily from high-growth sectors such as biomedicine, trendy toys, and AI chips, which are currently favored in the capital markets [11][15] - The shift in wealth towards these new industries signifies a deeper change in China's economic and industrial structure, moving from traditional sectors to emerging technologies [14][15] - The capital market has played a crucial role in discovering the value of high-growth industries, with structural bull markets in A-shares and Hong Kong stocks reflecting this trend [15]

Core Viewpoint - The emergence of the "Super IP Carnival" in Shenzhen's Houhai area is revitalizing the city's cultural narrative and enhancing its cultural soft power and competitiveness through the integration of international IPs and consumer experiences [43][46][67]. Group 1: Event Overview - The "Super IP Carnival" has attracted over 2 million participants, setting a record with more than 40,000 attendees for a single parade [22][24]. - The event has generated over 220 million online exposures, showcasing its significant reach and impact [30][32]. - The carnival features international IPs such as "Pokémon" and "Giant Rubber Duck," creating unique cultural experiences for attendees [49][56]. Group 2: Economic Impact - The "Dreaming Nanshan" promotional activity has illuminated 22 city hubs and over 360 public spaces, leading to a nearly 70% increase in average foot traffic in key commercial areas during the event [63]. - Sales during the event saw a year-on-year increase of over 10%, with online consumption vouchers totaling nearly 17 million yuan, driving total sales orders exceeding 2.5 billion yuan [63][64]. - Local brands have reported significant sales growth, with some products selling out rapidly, indicating a strong market response to the IP collaborations [64][65]. Group 3: Cultural and Strategic Significance - The integration of IP and consumption is transforming Shenzhen into a cultural hub for the youth, enhancing its cultural identity and emotional resonance [43][62]. - The city is leveraging international IPs to drive economic growth, cultural output, and industry upgrades, creating a win-win situation for various sectors [65][67]. - Shenzhen's approach aligns with government initiatives aimed at promoting high-quality service consumption and developing diverse, immersive consumer experiences [68].

Group 1 - Sichuan-listed company Baili Tianheng's stock price reached a historical high of 414.02 CNY per share, leading to its actual controller Zhu Yi becoming the new richest person in Sichuan with a net worth of 15.3 billion USD (approximately 108.95 billion CNY) [1][5][6] - The emergence of new billionaires in various provinces, including Sichuan, Henan, Jiangxi, and Shaanxi, reflects a shift in wealth dynamics, with industries such as artificial intelligence, trendy toys, and biomedicine gaining prominence [3][5][14] - The significant increase in Baili Tianheng's stock price, which has risen by 78.90% year-to-date, is attributed to favorable policies supporting the innovative drug industry in China [6][16] Group 2 - The new richest individuals, including Wang Ning of Pop Mart and Chen Tian Shi of Cambrian, have seen substantial increases in their wealth, with Wang's family net worth reaching 23.8 billion USD (approximately 169.48 billion CNY) [3][5][9] - The wealth of these new billionaires is closely tied to their companies' performance, with Pop Mart's stock price increasing over 210% year-to-date and Cambrian's revenue growing significantly [8][16] - The rise of these new billionaires signifies a broader trend of economic transformation in China, moving from traditional industries to high-tech and innovative sectors [14][18] Group 3 - The companies associated with the new billionaires, such as Baili Tianheng, Pop Mart, Cambrian, and Giant Bio, are characterized by their innovative technologies and business models that align with the demands of the younger generation [14][18][20] - The overall economic landscape is shifting towards new industries, with a focus on high-tech innovation and core technology self-reliance, indicating a significant change in China's economic structure [17][18] - The capital markets in China are effectively discovering value in emerging and high-growth industries, contributing to the structural bull market observed in A-shares and Hong Kong stocks [20]

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) officially commenced on September 10, showcasing a variety of cultural and tourism services in the Chaoyang exhibition area, themed "Trendy Play, Trendy Enjoyment, Trendy Life" [1] - The exhibition features multiple first-time displays, including the Bubble Mart's intangible cultural heritage series Molly and the ultra-realistic 3A XR interactive film work "Mulan 2125 XR" [1] - The Chaoyang exhibition area aims to create a vibrant scene of cultural, commercial, and tourism integration, attracting numerous visitors to experience new technologies, products, and services [1] Group 2 - Quantum Song, a leading company in the trendy toy sector, will showcase its latest products in the Chaoyang exhibition area, including the Letsvan Qimeng Island series and the popular WAKUKU brand [5] - The company plans to launch a new limited edition blind box in collaboration with the sports event, marking a significant step in the "sports + cultural creativity" crossover field [5] - Quantum Song aims to accelerate the development of trendy toy IPs through a dual-engine model of "self-research original + signed original" [5] Group 3 - The National Cultural Industry Innovation Experimental Zone's Guochao Cultural and Creative Store will present a variety of products, including various intangible cultural heritage creative products developed by Panjiayuan and the full-chain development of the "Three-Body" IP by the Three-Body Universe [5] - Other notable products include AI story dolls and learning machines from Kaisheng Culture, as well as educational cultural products from Guokel Technology [5]

资本抢滩，千亿潮玩赛道如何把握？20250910 摘要 潮玩行业受益于 Z 世代消费崛起、消费升级、电商社交媒体助推及 IP 经 济产业化，年复合增速接近 30%，预计 2025 年规模超千亿元，但近期 受市场资金分流、产品创新不足及 IP 产品二手价格回调影响，股价出现 震荡调整。 中国 IP 玩具在玩具市场渗透率仅为 2%-3%，远低于欧美日等发达国家 25%的水平，表明国内市场仍有巨大增量空间，尤其是在原创 IP 和智能 潮玩赛道，蕴藏着结构性机会。 国证港股消费 ETF 指数偏向新消费领域，涵盖潮流玩具、黄金饰品等稀 缺个股，与 A 股消费指数形成互补，且个股权重上限较高，在行情上涨 时弹性更强，表现优于恒生消费等指数。 下半年港股通新消费展望四大关键词：政策杠杆（刺激消费政策）、资 本聚焦（高壁垒强 IP 标的）、科技穿透（AI 加持产品）和出海深化（中 国品牌国际接受度提升）。 中国潮玩产品在东南亚、日韩及欧美市场接受度逐渐提高，并被广泛用 于外交活动，显示出其在国际交往中的重要性和文化渗透力。 Q&A 潮玩市场在 2025 年呈现出怎样的增长态势？有哪些主要推动力？ 2025 年全球潮流玩具市场 ...

中新社北京9月10日电 (徐婧 吕少威 陈小雨)"如今中国产品广销世界各地，这种趣味产品与传统产品有 很大不同，希望可以赶紧在德国卖起来。"2025年中国国际服务贸易交易会(简称"服贸会")10日在北京开 幕，来自德国的参会嘉宾马仕鹏在摆满了中国潮玩"拉布布"的展台前接受采访时说。 9月10日， 2025年中国国际服务贸易交易会在北京首钢园开幕。图为泡泡玛特展台人气高涨。 中新社记者 贾天勇 摄 本届服贸会聚焦"数智领航，服贸焕新"年度主题，举办全球服务贸易峰会、展览展示、论坛会议、洽谈 推介、成果发布、配套活动等6类活动。85个国家和国际组织在服贸会设展办会。 在菲律宾国家馆，椰子树、热带水果、巧克力等令人应接不暇，随处可见海岛元素。菲律宾驻华大使馆 旅游参赞雷亚司介绍，今年国家馆以海岛为设计灵感，上好佳、宿务太平洋航空等该国企业代表，以及 鲜果和加工食品等特色展品分布在"海岛"内，希望给北京这座内陆城市带来不一样的氛围。 9月10日， 2025年服贸会菲律宾展馆。 张祥毅 摄 雷亚司说，今年是菲律宾第三次以国家馆形式在服贸会设展，也是该国历年来在服贸会参展规模最大的 一次。观众可在展台内品尝菲律宾当地特产 ...