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抢疯了!有人凌晨排队!溢价超30倍……
Sou Hu Cai Jing· 2025-06-10 08:08
Labubu的爆火 直接带动泡泡玛特创始人财富暴增 6月8日上午 福布斯实时富豪榜显示 泡泡玛特85后创始人王宁身家1467亿元 成河南新首富! Labubu火遍全球 有联名款被炒超28000元 前段时间,歌手胡彦斌以28009元的价格下单购买了一只Labubu,引发全网热议。 这只Labubu就是去年POP MART和Vans合作推出联名款,当时的发售价为599元。 据报道,Labubu在海外市场也火爆异常,一位美国用户说,近期在拉斯维加斯,为了抢到Labubu,有 用户在凌晨就已排起了队,直到第二天早上7点领到卡片,10点进门选购,部分热销商品一上架就被抢 空了。 而在英国,还一度因为抢娃娃爆发了"斗殴"事件,由于安全风险上升,泡泡玛特已宣布暂停Labubu在英 国的销售。 网友热议 "一代人有一代人的茅台" 有人将Labubu称为年轻人的"社交货币",也有人戏称它是"塑料茅台"。 目前,这款Labubu在某二手平台上被标价近5万元。 与此同时,国内众多明星也纷纷在社交媒体上晒出自己的Labubu,引得粉丝疯狂追捧。二手市场上, 部分款式溢价超30倍,其中2024年隐藏款年均收益率超300%。 网友评论 ...
天风证券:维持布鲁可“买入”评级 5月新品密集发布
Zhi Tong Cai Jing· 2025-06-10 07:57
Group 1 - Tianfeng Securities maintains the profit forecast for Blokko, expecting net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] - The company has launched 9 new products in May, indicating a strong growth momentum expected to continue into Q2 [1] - Blokko's global strategy has led to breakthroughs in Southeast Asia, Europe, North America, and Latin America, driven by innovation, diverse product offerings, and effective marketing [1][3] Group 2 - The launch of the Minions product line features 6 popular characters with 11 points of articulation, enhancing user interaction and brand image through a 5-month, 6-city tour [2] - Blokko showcased various global IPs at the CCXP Mexico event, reinforcing its commitment to deepening its presence in the Latin American market [3] - The BFC creation competition has gained significant traction, with nearly 8,000 events held across 120 cities, and a projected 20,000 events planned for 2025 [4]
天风证券:维持布鲁可(00325)“买入”评级 5月新品密集发布
智通财经网· 2025-06-10 07:55
Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Blucor (00325) and forecasts net profits of 960 million, 1.48 billion, and 2.08 billion yuan for 2025-2027, with corresponding PE ratios of 50, 32, and 23 [1] Group 1: Product Launch and Market Strategy - In May, Blucor launched 9 new products, indicating a strong growth momentum expected to continue into Q2 [1] - The introduction of the Minions product line features interactive elements and a 6-city tour to enhance user engagement and brand image [2] - Blucor's global strategy is advancing, with a significant presence at the CCXP Mexico event, showcasing products from various well-known IPs to penetrate the Latin American market [3] Group 2: Community Engagement and Events - Since the announcement of the BFC creation competition in March, nearly 8,000 events have been held across 120 cities, with participation increasing significantly in Q2 [4] - The company plans to expand the BFC competition to 20,000 events in 150 cities by 2025, utilizing a tiered approach for urban and suburban areas [4]
【世界说】美媒:美国儿童玩具涨价缺货 业者质问“为何对孩子的快乐征税?”
Sou Hu Cai Jing· 2025-06-10 04:47
Group 1 - The U.S. government has imposed tariffs on Chinese goods, with rates reaching as high as 145%, significantly increasing toy production costs and leading to reduced market supply and higher prices [1][3] - Despite a temporary reduction in tariffs in May, the toy industry is experiencing price increases, particularly for dolls, as manufacturers have no alternative but to pass on the increased costs to consumers [3] - The uncertainty surrounding U.S. tariff policies is exacerbating challenges for toy manufacturers, who are concerned about potential future increases in tariffs after a 90-day grace period [3] Group 2 - Small toy manufacturers are particularly hard-hit by tariffs, with some companies forced to raise doll prices by 10% to 30% and reduce production scale [3][4] - Approximately 90% of dolls sold in the U.S. are sourced from China, which has established itself as the primary production hub due to its labor cost advantages and skilled workforce [4] - Major retailers like Walmart are warning that tariffs are significantly impacting costs in the toy and electronics sectors, leading to higher prices for consumers despite any temporary tariff reductions [4]
港股午评|恒生指数早盘涨0.33% 内银板块延续涨势
智通财经网· 2025-06-10 04:10
Group 1 - The Hang Seng Index rose by 0.33%, gaining 79 points to reach 24,261 points, while the Hang Seng Tech Index fell by 0.33% [1] - Insurance funds continue to increase holdings in Chinese bank stocks, with institutions indicating significant valuation recovery potential for Hong Kong bank stocks [1] - Bank of Communications (01988) rose by 3.47%, China Everbright Bank (06818) increased by 1.86%, and Industrial and Commercial Bank of China (01398) gained 1.68% [1] - Three-Synch Pharmaceutical (01530) surged over 11% to a new high after reaching a significant licensing agreement with Pfizer, with strong ASCO data performance [1] - Innovent Biologics (01801) rose over 3.42%, with a year-to-date increase of over 120%, as Morgan Stanley anticipates further clinical catalysts to boost stock performance [1] - InnoCare Pharma-B (09606) increased by 13%, recently disclosing clinical data for DB-1310, attracting attention from international pharmaceutical giants [1] - China Rare Earth (00769) surged over 17%, following a 60% increase in trading volume, with positive signals for rare earth exports [1] - Pop Mart International (09992) rose by 2.47%, continuing to set historical highs, with its Labubu brand gaining global popularity [1] - Airline stocks continued their recent upward trend, benefiting from falling oil prices and the appreciation of the Renminbi, with institutions optimistic about airline profitability [1] - Air China (00753) rose by 4.5%, China Eastern Airlines (00670) increased by 4.42%, China Southern Airlines (01055) gained 4.18%, and BOC Aviation (02588) rose by 3.42% [1] Group 2 - Zhi Zi Cheng Technology (09911) rose over 7%, approaching historical highs, as the company plans to establish its global headquarters in Hong Kong, with institutions optimistic about future profit margin improvement [2] - Dekang Agriculture and Animal Husbandry (02419) increased by 4.97% to a new high, with the company reporting sales of 869,400 pigs in May, drawing market attention to industry capacity regulation progress [2] - Shide Global (00487) surged nearly 140%, as Australia’s Crown Resorts expressed interest in acquiring the property where the Sixteen Piers Casino is located [2]
国信证券晨会纪要-20250610
Guoxin Securities· 2025-06-10 01:55
Macro and Strategy - The core CPI in China is expected to turn positive in June, driven by service prices in May, while the PPI continues to show a significant decline [9][10] - China's exports showed resilience with a 4.8% year-on-year increase in May, while imports fell by 3.4%, resulting in a trade surplus of $103.22 billion [10] Transportation Industry - The logistics sector is seeing a reduction in costs and increased efficiency through the adoption of unmanned logistics vehicles, particularly in the last mile of delivery [10][12] - The shipping industry is experiencing a rebound in freight rates due to increased demand from U.S. companies resuming supply chains, leading to a significant supply-demand gap [10][12] - The aviation sector is entering a low season, with domestic passenger flights seeing a decrease, but there is potential for price stabilization in 2025 due to ongoing demand optimization policies [11][12] Public Utilities and Environmental Protection - The National Energy Administration is initiating pilot projects for new power systems, focusing on innovative technologies and models [15][16] - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), a 7.46% increase year-on-year, with an average export price of $1,069.34 per ton, up 21.01% year-on-year [15][16] Mechanical Industry - The humanoid robot sector is gaining traction, with strong orders from TSMC and the official launch of the Tian Gong Robot 2.0 [10][18] - The AI infrastructure is expected to drive continued growth in capital expenditure for data centers, benefiting companies involved in gas turbines and chillers [19] Home Appliances - The demand for kitchen small appliances is accelerating, with significant growth observed during the 618 shopping festival [21][22] - The domestic sales of major home appliance categories showed positive growth in April, with air conditioners and washing machines leading the way [22][23] Food and Beverage - The white liquor sector is facing continued pressure during the off-season, while beer and beverage categories are entering a peak demand period [33][34] - High-end liquor prices have slightly decreased, with companies like Kweichow Moutai and Luzhou Laojiao adjusting strategies to maintain market presence [34] Media and Internet - The media sector is experiencing growth, with companies like Keling AI collaborating with NetEase Games, indicating a positive trend in AI applications and IP development [33]
财经早报:中美经贸磋商机制首次会议开启,引外界高度关注,重磅级民生文件公布(1只新股)
Xin Lang Zheng Quan· 2025-06-09 23:58
Group 1 - The first meeting of the China-US economic and trade consultation mechanism has begun, attracting significant attention from various sectors [2] - China's foreign trade showed resilience, with total import and export value reaching 17.94 trillion yuan in the first five months, a year-on-year increase of 2.5% [2] - The export growth rate reached 7.2%, indicating limited impact from US trade pressures on China [2] Group 2 - The State Council held a special study session focusing on deepening the reform of the technology achievement transformation mechanism to promote innovation [3] - Emphasis was placed on breaking through bottlenecks in technology transformation and improving conversion efficiency [3] Group 3 - In May, the Consumer Price Index (CPI) fell by 0.1% year-on-year, while the core CPI, excluding food and energy, rose by 0.6%, an increase of 0.1 percentage points from April [4] - Prices in certain sectors, such as household textiles and high-tech products, showed positive changes due to improved supply-demand structure [4] Group 4 - The Chinese government issued a document aimed at expanding social security coverage, particularly for flexible employment groups and migrant workers [6] - The document aims to include more individuals in the social security system, addressing the needs of those with unstable employment [6] Group 5 - The industrial and information technology ministry is addressing issues in the new energy vehicle sector and promoting compliance with central regulations [7] - The ministry is focusing on enhancing responsibility and effectiveness in implementing central policies [7] Group 6 - International capital is increasingly flowing into the Chinese market, with major investment banks raising their economic growth forecasts for China [9] - The recovery of the Chinese economy and the revaluation of technology assets are driving this influx of foreign investment [9] Group 7 - The stock market showed positive trends, with the A-share market experiencing a rise, particularly in sectors like innovative pharmaceuticals and football concepts [14] - The Hong Kong stock market also saw gains, with significant increases in sectors such as media and pharmaceuticals [14] Group 8 - The merger between Haiguang Information and Zhongke Shuguang is set to proceed, with specific share exchange prices announced [13] - This merger is expected to enhance the capabilities of both companies in the computing power sector [13]
潮宏基拟赴港上市;布鲁可、古茗等新消费牛股被调入港股通丨消费早参
Mei Ri Jing Ji Xin Wen· 2025-06-09 23:35
每经记者|舒冬妮 每经编辑|陈俊杰 | 2025年6月10日 星期二 | NO.1 潮宏基:拟发行H股股票并在香港联交所上市 潮宏基公告,公司于2025年6月9日召开第七届董事会第三次会议,审议通过了拟发行H股股票并在香港 联合交易所上市的相关议案。公司表示,此举旨在推进全球化战略布局,提升国际品牌形象及综合竞争 力,加强与境外资本市场对接。目前,公司正积极与相关中介机构就本次发行并上市的相关工作进行商 讨,具体细节尚未最终确定。本次发行并上市尚需提交公司股东会审议,并需取得相关政府机构、监管 机构备案、批准和/或核准。 NO.3 布鲁可、古茗等新消费牛股被调入港股通 沪深交易所发布公告称,因恒生综合中型股指数实施成份股调整,根据有关规定,港股通标的证券名单 发生调整,布鲁可、古茗、蜜雪集团被调入,自6月9日起生效。截至6月9日收盘,布鲁可涨22.34%, 总市值为481.8亿港元。蜜雪集团涨5.41%,总市值为2146.7亿港元。古茗涨4.34%,总市值为657.57亿港 元。 点评:随着潮宏基不断优化产品和服务,其品牌影响力有望进一步扩大,为股东创造更多价值。对于投 资者而言,潮宏基拟在港股市场上市为投资 ...
IP新消费更新解读:泡泡玛特、布鲁可、阿里影业、卡游
2025-06-09 15:30
Summary of Conference Call Records Industry Overview - The conference call discusses the performance and strategies of companies in the IP (Intellectual Property) consumer goods sector, specifically focusing on **Blokku**, **Pop Mart**, **Alibaba Pictures (now known as Damai Entertainment)**, and **Kawoo**. Key Points on Blokku - **Revenue Growth**: Blokku's Q1 2025 revenue exceeded 700 million yuan, a year-on-year increase of over 60%. Domestic market contributed over 600 million yuan, while overseas revenue reached over 80 million yuan. Q2 is expected to continue this growth trend with April revenue exceeding 300 million yuan and May projected to be close to 500 million yuan, aiming for a total of 2 billion yuan in H1 2025 and an annual target of 4-4.5 billion yuan [1][2][3]. - **IP Commercialization**: The revenue share from Ultraman IP is expected to decrease from 50% in 2024 to 45-50% in 2025, while Transformers IP is projected to reach 25%. New IPs like Minions, Conan, and Pokémon are being introduced [1][4]. - **New Product Launches**: Blokku plans to launch over 500 SKUs in 2025, with a significant increase in new product releases since March 2025 [1][5]. - **International Expansion**: The overseas market revenue share is expected to rise from 3% in 2024 to 10% in 2025, focusing on Southeast Asia, North America, and Europe [1][7]. - **Sales Channels**: 90% of sales come from distribution channels, with plans to enhance KA customer channels [1][4]. Key Points on Pop Mart - **Sales Performance**: Pop Mart's Q1 2025 domestic sales nearly doubled year-on-year, while overseas markets grew four to five times, particularly in North America and Europe, which saw increases of 800-900% [2][17][19]. - **Store Expansion**: Plans to open 100 new overseas stores in 2025, with over 140 already established by May 2025, primarily in landmark locations in the US, Europe, and Southeast Asia [2][21]. - **Revenue Projections**: Expected revenue for H1 2025 is projected to exceed 20 billion yuan, with full-year revenue anticipated to reach 27-30 billion yuan [2][22]. Key Points on Alibaba Pictures (Damai Entertainment) - **Strategic Shift**: The company is focusing on IP entertainment and performance business, moving away from traditional film operations. This strategic shift has positively impacted its stock price [13][14]. - **Revenue Contribution**: IP-derived business is expected to account for 20% of total revenue in FY 2025, with significant growth in the Alipay business segment [14][16]. - **Future Growth**: The company is expected to see growth from ticketing and IP derivative products, with a projected adjusted EBITDA of around 1.2 billion yuan for 2025 [15][16]. Key Points on Kawoo - **Sales Challenges**: Kawoo's Q1 2025 sales growth is not optimistic, with a decline in secondary market prices for My Little Pony products. The company is facing pressure despite some support from the Nezha IP [2][27]. - **Revenue Fluctuations**: Historical revenue has shown significant volatility, with 2024 revenue reaching 10 billion yuan, but challenges remain for 2025 [26][29]. - **Future Growth Areas**: Future growth is expected from category expansion and overseas market development, with plans to enter Southeast Asia and diversify product offerings [30]. Additional Insights - **Market Sentiment**: The overall market sentiment for these companies is optimistic, with expectations of continued growth driven by new product launches and international expansion efforts [10][12][17]. - **Risks**: Potential risks include high unlock ratios for shares and the need for sustained growth in overseas markets to maintain valuation levels [11][12]. This summary encapsulates the key insights and projections from the conference call, highlighting the performance and strategic directions of the companies involved in the IP consumer goods sector.
地方政府如何应对关税冲击?
Tianfeng Securities· 2025-06-09 15:24
固定收益 | 固定收益专题 固定收益 证券研究报告 地方政府如何应对关税冲击? 各省对美贸易依存度如何? 2024 年我国对美出口总额为 37343 亿元人民币,占出口总额比重为 14.7%。 分区域来看,我国对美出口区域集中度较高:2024 年广东、浙江、江苏分 别对美出口 9490 亿元、6316 亿元、5906 亿元,上海、山东、福建对美出 口均超 2000 亿元,四川、河南均超 1000 亿元。前 8 大对美出口省份占我 国对美出口总额的比重达 85%。 以对美出口总额/出口总额、对美出口总额/GDP 两大指标观察各省对美出 口的依存度:山西、河南、四川、福建区域 2024 年对美出口总额/出口总 额均大于 18%,对美出口的依存度较高;广东、浙江、江苏、上海等区域 2024 年对美出口总额/出口总额在 15-16%区间附近,在全国属于中游水平, 但其对美出口体量大,且对美出口总额占 GDP 的比重相对高。 对比 2018 年及 2024 年全国及各省对美出口总额/出口总额数据可见,在 2018 年以来中美贸易摩擦的背景下,我国通过系统性的战略调整,如新兴 市场开拓、扩大国内消费市场、产能转移等应对手 ...