玛戈隆特"繁花新程"马年主题瓷器。 近日，记者走访多个核心商圈，探寻马年风景，感受新春消费市场策马扬鞭、万马奔腾的勃勃生机。 商街商圈"骏马"奔腾 马年新春的上海核心商圈，已然成为大型露天艺术展厅。各大商场不约而同以"马"为创作核心，将公共空间转化为充满故 事性的新春乐园。 在静安嘉里中心广场前，一匹暖黄色小马从展开的书本中跃然而出。这是由罗意威与上海美术电影制片厂联合打造的"盏盏 新年"艺术场景，以山水为幕、灯笼为缀，尽显"中国美学"。 恒隆广场外，红色走马灯装置自带国风韵律，14匹源自甘肃博物馆"铜奔马"灵感的骏马衔尾环旋；中信泰富广场C位 的"MCM小马"身披皮革纹路、背着迷你双肩包，憨态可掬；第一百货商业中心在六合路街区打造9米高的大型艺术装置"逐光跃 梦"，成为南京路步行街上的新晋打卡地标…… 本土品牌国潮涌起 从APEC峰会到进博会，本土高端骨瓷品牌玛戈隆特多次在世界舞台亮相。上周末，品牌再度推出"金葵纳福"与"繁花新 程"两套马年主题瓷器。其中，"繁花新程"以上海市花白玉兰为灵感，簇簇繁花中骏马静立，巧妙融入海派元素。 乐高马年特色主题积木新品"骏马鸿图"。 记者 吴卫群 见习记者 杨爱博 马年 ...

2026.01.29 本文字数：1838，阅读时长大约3分钟 作者 |第一财经 林靖 情绪经济是一种由情绪消费驱动的新兴经济形态。有媒体分析，如今的消费者越来越愿意为开心、治 愈、氛围感、归属感买单，消费选择早已超越了传统刚需的范畴。由此衍生出的一系列消费新业态、新 模式，共同构成了当下火热的"情绪经济"。 从抢购LABUBU到热门影视IP的周边，从景德镇"鸡排哥"意外走红到网络上流行的"爱你老己"，从为一 场演唱会奔赴千里之外到"苏超"比赛的一票难求……情绪经济、悦己经济正在快速崛起。 广东省体改研究会执行会长彭澎对第一财经分析，随着经济发展、生活水平提高，人们在基本的吃饱穿 暖之外，有更多其他层面的消费需求。同时，现在人的生活状态比较复杂，竞争压力比较大，很多人面 临复杂的场景，需要解压，焦虑情绪需要释放。 2025年，凭借丑萌怪异造型强势出圈潮玩LABUBU，成为很多年轻人的"心头好"。来自大连的90后赵女 士买了泡泡玛特诸多产品，包括labubu、星星人系列，还专门买了一个柜子存放。"每天下班回家，打 开柜子，捏一捏，心情就好很多，很放松，觉得这是专属于自己的世界，可以找到情绪的寄托，可以暂 时缓解工 ...

Core Viewpoint - The article highlights a significant shift in China's consumer landscape, contrasting the performance of traditional consumer brands like Kweichow Moutai with new consumer brands like Pop Mart, indicating a transition towards "new" consumption driven by changing demographics, real estate cycles, and evolving consumer values [1][3]. Group 1: Company Performance - Kweichow Moutai announced a stock buyback plan of 1.5 to 3 billion yuan but saw its stock price decline after the initial buyback, reflecting a defensive market perception [1][3]. - In contrast, Pop Mart's stock buyback of 350 million HKD led to a market capitalization increase of nearly 60 billion HKD within a week, showcasing a strong growth narrative [1][3]. - On January 29, Kweichow Moutai's stock experienced a rare surge, recovering to over 1400 yuan, which also positively impacted other liquor stocks and the real estate sector [3]. Group 2: Market Dynamics - The article discusses the divergence in investment logic between traditional and new consumer brands, with the former viewed as defensive and the latter as growth-oriented [3][4]. - Traditional consumer stocks, particularly in the liquor sector, are closely tied to macroeconomic conditions and the real estate cycle, which has been under pressure, leading to a challenging environment for recovery [3][4]. - New consumer brands like Pop Mart, Anta, and Li Ning are not solely reliant on macroeconomic support but are leveraging innovation to create structural growth opportunities [4][5]. Group 3: Growth Drivers - The core driver for new consumption has shifted from "demographic dividends" to "emotional dividends," focusing on consumer identity and self-expression rather than basic material needs [4][5]. - The Hong Kong consumer index, which includes new consumption sectors, saw a cumulative increase of about 20% in 2025, while the Shanghai consumer index, dominated by traditional sectors, fell nearly 8% [4]. Group 4: International Expansion - Traditional consumer companies lacking international expansion capabilities face stagnation, while new consumer brands are showing strong growth overseas, with Pop Mart reporting a 3.7 times increase in overseas revenue by Q3 2025 [5]. - Successful international strategies are evident in brands like Anta and Li Ning, which are expanding rapidly in Southeast Asia, indicating a shift from "Made in China" to "Global Brands" [5]. Group 5: Valuation and Investment Considerations - Traditional consumer leaders like Kweichow Moutai still hold strong market positions and stable cash flows, with their valuations entering historically low ranges, appealing to risk-averse investors [6]. - New consumer brands face unique challenges, such as sustaining IP creation and managing acquisitions, with high valuations making them sensitive to any signs of growth slowdown [6][7]. - The sustainability of "self-indulgent" consumption is questioned, as it relies on consumer sentiment and disposable income, which may be the first to be scrutinized in uncertain economic times [8].

2026.01. 29 本文字数：1838，阅读时长大约3分钟 作者 | 第一财经 林靖 与此同时，演唱会成为人们情绪释放的窗口之一。不只是年轻人，很多中老年人也有情绪消费。根据 《重庆日报》报道，2025年张学友重庆站首场的购票观众中，40岁以上人群占比高达49.5%。 有业内人士分析指出，老牌歌手演唱会备受追捧的背后，是一种情感共鸣与怀旧心理。演唱会变成了 另一种KTV现场，大家一起唱歌、抒发情绪、缅怀青春。 近期召开的地方两会中，情绪价值、情绪经济、悦己经济成为热词。 1月28日上午，重庆市六届人大四次会议开幕。重庆市政府工作报告提到，培育新型消费，发展银发 经济、首发经济、票根经济、情绪经济。 今年的湖北省政府工作报告提出，2026年将回应人民群众对实用价值、情绪价值与知识价值的新需 求，深入实施提振消费专项行动。 1月27日，江西省第十四届人民代表大会第四次会议开幕，省政府工作报告提出，要打造国潮经济、 情绪经济等新业态新模式。《江西省2025年国民经济和社会发展计划执行情况与2026年国民经济和 社会发展计划草案》显示，江西将积极拓展新型消费，打造数字消费新场景，围绕"人工智能+消 费"，探索虚拟 ...

近期召开的地方两会中，情绪价值、情绪经济、悦己经济成为热词。 1月28日上午，重庆市六届人大四次会议开幕。重庆市政府工作报告提到，培育新型消费，发展银发经 济、首发经济、票根经济、情绪经济。 今年的湖北省政府工作报告提出，2026年将回应人民群众对实用价值、情绪价值与知识价值的新需求， 深入实施提振消费专项行动。 1月27日，江西省第十四届人民代表大会第四次会议开幕，省政府工作报告提出，要打造国潮经济、情 绪经济等新业态新模式。《江西省2025年国民经济和社会发展计划执行情况与2026年国民经济和社会发 展计划草案》显示，江西将积极拓展新型消费，打造数字消费新场景，围绕"人工智能+消费"，探索虚 拟现实等技术在文旅、零售、教育、医疗等领域的深度融合；培育"情绪消费"场景，发展潮玩"谷 子"店、"谷子"经济卖区等消费业态；打造国潮经济消费新增长点，提升瓷器、中药、茶叶等历史经典 名品消费。 今年的贵州省政府工作报告提到，适应消费新趋势，挖掘服务消费潜力，大力发展首发经济、银发经 济、演艺经济、票根经济、谷子经济、悦己经济等，因地制宜打造玩具手办、国潮IP等年轻化消费产 品，推出一批非遗夜市、中医药文化夜市等主题 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company aims to build an IP matrix driven by quality content, focusing on a "youth-oriented" strategy to enhance commercial value through IP operations [2] - The company is strategically positioned in niche markets, with potential growth in card games, building blocks, and plush toys, benefiting from collaborations with major brands [3] - The integration of AI with IP is a key focus, with the launch of AI-powered plush toys showcasing the company's innovative capabilities [4] - Profit forecasts indicate a recovery trajectory, with expected revenues of 28.70 billion and 30.74 billion for 2026 and 2027 respectively, alongside a return to profitability [5][10] Summary by Sections Investment Rating - The company is rated as "Buy" [1][8] Business Strategy - The company emphasizes high-quality content as a critical factor for success across different market cycles, establishing a comprehensive IP matrix that caters to various age groups [2] - The focus on young consumers is evident, with initiatives aimed at activating engagement and expanding the fan base [2] Market Positioning - The company is actively participating in the trendy toy market through its "Unlimited Play" brand strategy, collaborating with notable companies to launch popular products [3] Technological Integration - The company is leveraging AI technology to enhance its product offerings, including the introduction of AI companion plush toys, which reflects its adaptive supply chain capabilities [4] Financial Forecast - Revenue projections for 2026 and 2027 are set at 28.70 billion and 30.74 billion respectively, with net profits expected to reach 1.46 billion and 2.01 billion [5][10]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Consumer Goods, specifically in the collectibles and toys sector Key Points and Arguments Stock Performance and Valuation - The stock price has rebounded following a significant buyback, similar to actions taken in early 2022 and 2023, providing support for future performance. The current valuation is approximately 16 times earnings, which is lower than other consumer stocks, maintaining a recommendation rating [2][4] North American Market Concerns - The North American market is a critical factor influencing Pop Mart's stock price. Despite the maturity of the Chinese and Asian markets, growth concerns remain in North America. The company did not release any related products in Q4 to test the performance of other IPs and build foundational capabilities in the U.S. [2][5] Long-term Strategy for IPs - For 2026, Pop Mart plans to enhance the long-term operation of its main IP, Labubu, through more collaborations and new product launches. The introduction of a 10th-anniversary blind box card aims to increase IP diversity, with expectations of a partnership with Sony for a major film to boost brand value [2][5] Emerging IP Performance - The performance of emerging IPs has been strong, utilizing an industrialized system for new IP launches, focusing on high exposure, content creation, and multi-category operations. Data from TikTok live commerce indicates a significant increase in the share of emerging IPs, suggesting a robust product innovation mechanism [2][6] Growth Projections in China and Asia - The Chinese market is expected to see a natural growth rate of approximately 15% in 2026, with stable and healthy demand. Sales of blockbuster products are performing well. The Southeast Asian market is developing steadily, with notable improvements in East Asia, particularly in Japan and South Korea, where demand is strong and prices have increased [2][7] Store Expansion Plans - By the end of 2025, Pop Mart anticipates having 12 stores in the U.S., with plans to add 40 to 50 more in 2026, aiming for a doubling of store count. In Europe, Australia, and other regions, around 15 new stores are expected. Overall revenue is projected to reach 50 billion, corresponding to a profit of 17.5 billion [2][7] Market Sentiment on Future Performance - There are concerns regarding the sustainability of Pop Mart's performance in 2026. However, the strategy of delaying new product launches is seen as beneficial for building foundational capabilities. The company is optimistic about the long-term operation of its main IPs and the performance of its mid-tier IPs, such as DIMO and Scoop Panda, which have shown good results [3][8]

Summary of the Conference Call for Pop Mart (9992.HK) Company Overview - **Company**: Pop Mart (9992.HK) - **Industry**: Toy and IP (Intellectual Property) industry Key Points 1. IP Potential and Product Performance - New product launches, including the PUCKY Knock Knock series and the Starry People series, have shown strong market performance, selling out immediately [1] - The resale market for hidden variants of these products shows significant price premiums, with values reaching 2-3 times and 3-6 times their original prices, indicating a strong brand value and IP potential [1][2] 2. Seasonal Consumer Trends - The upcoming Spring Festival holiday is expected to enhance consumer spending, which is anticipated to positively impact the company's performance in the first half of the year [2] 3. Management Confidence and Share Buyback - The management team has demonstrated confidence in the company's long-term growth by executing a significant share buyback, totaling 348 million CNY for 1.9 million shares, with 1.4 million shares already canceled [2][3] - This buyback reflects a commitment to shareholder returns and confidence in the company's future [3] 4. International Expansion and Operational Depth - The company is experiencing rapid growth in overseas channels, supported by IP parks and collaborative events that enhance commercialization depth [3] - Current price-to-earnings (PE) ratios are noted at 24x, 17x, and 14x, suggesting potential for upward adjustment in both earnings expectations and valuation [3] 5. Valuation and Investment Outlook - The company is currently in a phase of high growth in performance while being undervalued, indicating significant potential for valuation correction [4] - The investment rating is maintained at "Outperform" relative to the market, highlighting confidence in Pop Mart's position as a leader in the global trendy toy sector and its expansive growth opportunities [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company aims to leverage high-quality content as a key driver for its IP matrix, focusing on a "youth-oriented" strategy to enhance commercial value and engage younger audiences [2][4] - The company is strategically positioned in niche markets, with plans to expand its product offerings in card games, building blocks, and plush toys, benefiting from collaborations with major brands [3][4] - The integration of AI technology is expected to enhance the company's IP expressions and product offerings, exemplified by the launch of AI-powered plush toys [4][8] Financial Forecast - The company forecasts revenues of 2.87 billion and 3.07 billion yuan for 2026 and 2027, respectively, with net profits projected at 146 million and 201 million yuan [5][10] - Earnings per share (EPS) are expected to be 0.10 yuan in 2026 and 0.14 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 91.3 and 66.2 [5][10] - The company anticipates a significant recovery in net profit, with a growth rate of 116.4% in 2026 and 37.9% in 2027 [10]

最近看了新华社对泡泡玛特王宁的采访，很有感触，想写点什么，但又不知道从哪个角度来讲，毕竟盲 盒对我来说，从来都不是一个感兴趣的话题。 直到无意去翻看中国企业出海的榜单时，才发现一个挺有意思的重合。 在消费品和年轻人社交圈，大家谈论的王宁，是泡泡玛特创始人，那个把一个小公仔卖到卢浮宫旁边的 年轻人。在能源和重工业圈子，大家提起宁王，指的是宁德时代，那个在福建宁德起家，现在统治着全 球电动车电池供应链的曾毓群。 这两家公司，一个做的是几十克重的塑料玩具，一个做的是重量级的电池包，生意模式相差了十万八千 里。 但我观察了很久，发现一件值得讨论的事情。本质上，他们都在为这个时代提供一种动力，只不过曾毓 群提供的是让车跑起来的物理动力，王宁提供的是让年轻人觉得生活还没那么枯燥的情感动力。 两股力量，一个掌控着电动汽车的心脏，一个攥紧了年轻人的心跳，在这个时代巧妙地撞在了一起。 1、起点，往往没有人看好 先说曾毓群。在宁德时代的办公室里，曾经挂着一幅字，叫赌性坚强。这四个字后来被传得很广。曾毓 群这辈子做的最大的决定，就是认定动力电池这个赛道一定能跑出巨头。那时候大家还在怀疑电动车是 不是骗局，他已经带着团队死磕锂电池的 ...