Core Insights - The upcoming release of the "Starry People Delicious Moments Series" by Pop Mart has generated significant pre-sale interest, with products already being listed on e-commerce platforms before the official launch [1][2] - The resale market for the series shows exceptionally high premiums, indicating strong demand and potential for investment opportunities [1][2] Pricing and Resale Data - The hidden "Little Bear Biscuit" pendant, priced at 59 yuan, has seen a resale price surge to 929 yuan, representing a 16-fold premium [1] - Individual blind boxes have increased from 59 yuan to 249 yuan, a 4.2-fold premium, while a complete box has risen from 354 yuan to 1499 yuan, also a 4.2-fold premium [1] - The average transaction price for the "Little Bear Biscuit" plush pendant on the QianDao app reached 612.7 yuan within three days of its listing [1] Comparison with Previous Releases - The current resale premiums for the "Starry People Delicious Moments" series exceed those of the mini LABUBU series, which had a hidden "Heart" pendant rise from 79 yuan to 991 yuan, a 12.5-fold premium [2] - The previous release of the "Starry People Good Dream Meteorological Bureau Series" also experienced a surge in popularity, causing platform outages due to high traffic [2] Stock Availability - Some products from the "Starry People" series are already sold out in physical stores, with only display items available, indicating strong consumer interest and demand [2]

Core Insights - The new "Starry People Delicious Moments Series" by Pop Mart has generated significant pre-sale interest, with products being listed on e-commerce platforms before the official launch [1] Pricing and Market Performance - The hidden version of the "Little Bear Biscuit" pendant, originally priced at 59 yuan, has seen its highest transaction price rise to 929 yuan, representing a 16-fold premium [1] - The price of individual blind boxes has increased from 59 yuan to 249 yuan, reflecting a 4.2-fold premium [1] - A complete box's price has surged from 354 yuan to 1499 yuan, also indicating a 4.2-fold premium [1] - The top three most popular items, "Vanilla Crunch," "Matcha Crisp," and "Salty Cookie," have all experienced premiums exceeding 3.6 times, while the least popular item, "Sweet Cream," still has a premium of 3.3 times [1] User Engagement - Over 3,000 users on the Dewu App have expressed interest in the new series [1] - On the Qiantao App, the average transaction price for the "Little Bear Biscuit" plush pendant has reached 612.7 yuan over three days, with individual blind box prices ranging from 79 to 525.5 yuan [1]

Core Insights - The report from CICC indicates that the 2025 National Day and Mid-Autumn Festival holiday will span 8 days, coupled with more flexible leave arrangements, which is expected to stimulate a more active consumption window [1] - The Ministry of Culture and Tourism has announced that over 480 million yuan in consumption subsidies will be distributed during the consumption month, which is anticipated to further enhance residents' willingness to spend and boost holiday consumption [1] Group 1: Consumer Trends - The extended holiday peak is expected to improve travel sentiment year-on-year [1] - The report emphasizes a long-term focus on self-consumption, recommending sectors such as trendy toys and e-cigarettes, with specific companies like Pop Mart, Blokus, and Smoore International highlighted [1] Group 2: Domestic Brands and Policy Impact - The report suggests a trend towards the rise of domestic brands, recommending beauty and personal care sectors, including companies like Mao Geping, Juzhibio, Shanghai Jahwa, and Shanghai Jahwa [1] - Attention is drawn to sectors benefiting from policy catalysts, particularly retail, supported by domestic demand policies and seasonal boosts [1]

Core Insights - The upcoming release of the "Starry People Delicious Moments Series" by Pop Mart has generated significant pre-sale excitement, with products already being listed on e-commerce platforms before the official launch [2][3] - The resale market for the series shows remarkable price premiums, with the highest resale price for the hidden "Little Bear Biscuit" accessory reaching 929 yuan, a 16-fold increase from the original price of 59 yuan [2] - The popularity of the "Starry People" brand is evident, as previous releases have also experienced high demand, leading to stock shortages in physical stores [3] Pricing and Resale Market - The "Little Bear Biscuit" plush accessory has seen a resale average of 612.7 yuan on QianDao App, significantly higher than its original price [2] - The resale prices for individual blind boxes range from 79 to 525.5 yuan, indicating strong market interest [2] - Compared to the previous "Mini LABUBU" series, the current series shows higher resale premiums across all product types, with the highest premium for the hidden "Heart" variant reaching 12.5 times its original price [3] Market Demand and Performance - The "Starry People" brand has previously experienced explosive popularity, as seen during the release of the "Starry People Good Dream Meteorological Bureau Series," which caused platform outages due to high traffic [3] - There are reports of stock shortages in physical stores for certain "Starry People" products, indicating strong consumer demand [3]

净利润方面，TOP TOY于2023年实现扭亏为盈。2023年和2024年的净利润分别为2.12亿元和2.94亿元； 今年上半年，其净利润从2024年同期的1.42亿元进一步增至1.80亿元。 毛利率方面，2022年至2024年、以及今年上半年，TOP TOY的毛利率分别为19.9%、31.4%、32.7%以 及32.4%。 TOP TOY 是名创优品集团旗下的独立潮玩品牌，定位为 "全球潮玩集合店"，成立于 2020 年12月18日， 首店在广州正佳广场开业。如今，TOP TOY已成为中国规模最大、增速最快的潮玩集合品牌——2024 年，TOP TOY在中国内地实现GMV 24亿元；2022年至2024年，TOP TOY的GMV复合年增长率超过 50%，根据弗若斯特沙利文，这使其成为中国增长最快的潮玩集合品牌，也是年GMV突破10亿元大关 历时最短的中国潮玩品牌。 与此同时，在门店数量方面，截至2025年9月19日，TOP TOY拥有299家门店，并已在海外开设15家门 店，覆盖泰国、马来西亚、印度尼西亚、日本等市场。 截至2025年6月30日，TOP TOY拥有注册会员数量超1,000万，是潮玩行业中拥有 ...

Group 1 - The performance of consumer-themed funds has shown significant divergence this year, with some funds achieving over 135% net value growth while others have less than 10% [1][3] - Notable top-performing funds include Hai Fu Tong Consumer Preferred Mixed A, which has a net value increase of 135.42%, and several others with gains exceeding 80% [1] - Conversely, three consumer-themed funds have reported net value growth of less than 10%, highlighting a stark performance gap [1] Group 2 - Many high-performing consumer funds have heavily invested in new consumer enterprises, such as Chao Hong Ji, which constitutes 4.87% of Hai Fu Tong Consumer Preferred Mixed A's portfolio and has seen a stock price increase of over 150% this year [3] - Another significant holding is Pop Mart, making up 9.11% of the portfolio in Yong Ying New Consumer Intelligent Selection Mixed A, with a stock price increase of 193.23% [3] - There has been substantial inflow into consumer-related ETFs, with Penghua Zhongzheng Wine ETF gaining 10.97 billion shares and attracting a net inflow of 6.537 billion yuan, indicating strong market interest in the consumer sector [3] Group 3 - Despite short-term challenges in the consumer sector's fundamentals, structural opportunities are emerging, with some experts suggesting that low-priced consumer stocks may be worth monitoring if consumer sentiment improves [4] - The investment focus is shifting towards the new consumer sector, which is seen as a key area for future growth [4]

TOP TOY已向港交所提交上市申请，摩根大通、瑞银、中信证券为其联席保荐人。 TOP TOY是中国规模最大、增速最快的潮玩集合品牌，2024年GMV达人民币24亿元，其中自研产品收 入占比近50%。公司GMV复合年增长率超过50%，是增长最快的中国潮玩集合品牌，也是年GMV突破 10亿元用时最短的品牌。 TOP TOY已建立起潮玩全产业链一体化平台，拥有强大的产品设计、IP运营能力，构建了多层次的IP矩 阵和多样化的产品矩阵。该公司品牌影响力高，拥有规模领先、活跃且多元化的客群，并通过线上线下 （300959）渠道推广潮玩文化。 截至2025年6月30日，TOP TOY拥有超1000万注册会员，是潮玩行业中会员规模最大的公司之一。 ...

Lafufu盛行，也是一个社区文化养成的过程，只有大家都喜欢上了Labubu这个形象，才会产生自己的表达。 上周去深圳出差，吃饭的时候看到两个姑娘包上挂了同款纯金Labubu，非常好看。 就算不找平台验证，我也知道这不可能是正版。它来自于深圳全国闻名的黄金市场水贝。甚至席上没有人考虑到正版问题，都在感叹Labubu 太火了，居 然还有商家能出这么可爱的纯金版。 另一位朋友，在我求助怎么买到靠谱隐藏版时，她直接承认，自己挂的也是"祖国版"，因为她就喜欢这款，但确实太难买到，黄牛溢价又高，还不保真。 这个月早些时候的美网赛场上，一向打扮出位的大坂直美，每次出场包包上都挂了一只很特别的Labubu，分别用传奇网球选手命名。我怀疑如果不是止 步半决赛，她肯定还可以拿出更多。 社交平台上，有人怀疑这可能是一种自制盗版——据说可以用3D 打印出来（我不太敢相信），但尽管如此，还是有更多人喜欢她的Labubu，因为没有人 能拒绝blingbling。 当然，大坂直美的Labubu不是盗版，很快有人扒出这是来自A-Morir Studio的客制版本，她头上的玫瑰发夹、以及耳机上的水钻也出自这个公司—— Labubu被整合进了 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, and Haidilao, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B, designer toys, and home appliances sectors, including Amap waiving annual entry fees for F&B merchants and MINISO's plan to spin off TOPTOY for public listing [5][6]. - Key performers this week include XIABUXIABU (+8.6%) and HISENSE V.T. (+12.7%), while underperformers include Green Tea Group (-9.8%) and MINISO (-11.1%) [2][6]. Summary by Sections Industry News - Amap announced a one-year waiver of annual entry fees for all F&B merchants nationwide, along with various support services [5]. - Guoquan proposed a share buyback of up to HK$100 million, citing that the current stock price does not reflect the company's intrinsic value [5]. - MINISO plans to spin off its subsidiary TOPTOY for independent listing on the Hong Kong Stock Exchange [5]. - Xiaomi's major home appliances have officially entered the European market, with the opening of its first direct store in Germany [5]. - Hisense commenced construction of its largest overseas industrial park in Thailand, aimed at expanding its footprint in ASEAN and globally [5]. Weekly Performance of Key Companies - Top performers include XIABUXIABU (+8.6%) in the F&B sector and HISENSE V.T. (+12.7%) in the home appliance sector [6]. - Underperformers include Green Tea Group (-9.8%) in the F&B sector and MINISO (-11.1%) in the designer toys sector [6].

Core Viewpoint - The performance of consumer-themed funds has shown significant divergence this year, with many high-performing products focusing on new consumption-related assets. Institutions believe that while the long-term potential of the consumer sector is promising, short-term fundamentals still require data validation, making new consumption a key focus for future investments [2]. Group 1: Fund Performance - As of September 25, among 206 funds with "consumption" in their names, Hai Futong Consumption Preferred Mixed A ranked first with a net value increase of 135.42% over the past year, while several other products also saw increases exceeding 80% [2]. - Conversely, three consumer-themed funds had net value increases of less than 10% over the same period, indicating a stark contrast in performance [2]. Group 2: Fund Holdings - High-performing consumer funds predominantly hold shares in leading new consumption companies. For instance, as of the end of Q2, Chao Hong Ji, a jewelry industry leader, accounted for 4.87% of Hai Futong Consumption Preferred Mixed A's portfolio, with its stock price rising over 150% this year [2]. - Another example is Yongying Emerging Consumption Intelligent Selection Mixed Fund A, which held 9.11% of its portfolio in Pop Mart, with the stock price increasing by 193.23% year-to-date [2]. Group 3: Market Trends and Insights - Multiple fund managers acknowledge that while the consumer sector faces short-term fundamental challenges, structural opportunities are emerging. They emphasize that boosting consumption is a long-term strategy and express optimism about consumer stocks [4]. - Investment in the consumer sector heavily relies on fundamental data, and if consumption rebounds due to stock market wealth effects, undervalued consumer stocks may become attractive [4]. - A fund manager highlighted the importance of identifying segments with low penetration but high growth potential, such as trendy toys, beauty products, pet food, and gaming, which represent new lifestyle trends and offer opportunities for market expansion [4].