出品：新浪财经创投Plus 编辑整理：shu 据中国基金业协会数据显示，2025年8月新增登记的私募股权、创业投资基金管理人仅5家，较7月骤降近七成，与2024年8月相比减少64.3%；月内已注销的 私募股权、创业投资基金管理人共94家，其中约三分之二为主动注销；新增备案私募股权投资基金、创业投资基金分别为134只、234只，合计新增368只， 同比增长25.2%，环比微降1.9%。 募资端集中度持续攀升，投资端呈现结构性变化。基于公开数据不完全统计，8月国内一级股权投资市场共发生565起融资事件，同比、环比分别增长 28.4%、2.4%；披露总融资额约351.78亿元，较2024年8月提高32.8%，与2025年7月相比却直接"腰斩"。不过，若剔除7月「国网新源」高达365亿元的巨额融 资，8月融资总额环比基本持平；平均单笔融资额约为6336.16万元，同比小幅提升3.4%。 值得关注的是，8月8日，清洁能源集团中广核旗下的「内蒙古中广核」，通过北京产权交易所引入工银投资、农银投资、建信投资、央企乡村产业投资基 金、交银投资、工融交运基金等六家战略投资机构，共获得融资金额118亿元，约占披露融资总额33.5 ...

| 腰 最近购买 | * 签别记录 | | | ■ 最近购买 | ■ 鉴别记录 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | := 整套14个A-MR | | 确认数-A 拆盒 .. | 49 | 中国 .. | 确认歌-&(拆盒 .. | | 确认数-隐藏 | | 得物价格趋势 降价提醒 > | | 30天 | 90元 主题 | | 得物价格趋势 摩价提醒 > | 30天 | 90大 全部 | | | | 成交均价 ¥1787 想要人数 257 | | | | 成交均价 ¥679 | 想要人数 134 | | V2110 | ● 摄胶4.0 心性密码 miril labubu 发布 | | | 3/10/70 | 图 1104.0 心脏密码 mink labubu 发布 | | | | ¥2023 | | | | 1976 | | | | | 10037 | | | | CHBA | | | | | V1851 | | | | ANSE | | | | | 10765 | | | | NODA | | | | | ¥1679 08:05 ...

9月4日，正值迷你版Labubu发布一周，记者发现，潮玩平台迷你版Labubu的二手价格开始下降，有黄牛表示"迷你版Labubu的价格后劲没有第三代Labubu 足。" 得物app平台数据显示，发布一周以来迷你版Labubu的成交单量已超过5.6万件，单个盲盒的近3日成交均价为138元，相较79元的原价仍溢价75%。但相较发 售前期，Labubu迷你版的二手成交价已下降10%-60%。 以14件为一组、原价1106元的（N~Z）端盒为例，发售当天得物app成交均价一度飙升至1930元，昨日已回落至1541元，下跌20%，"想要人数"也从9398人降 至362人。非热门款中，X的昨日成交均价为106元，较发售日下降57%。闲鱼平台数据也显示，Labubu4.0成交均价已从8月27日的143元下降至106元。 一方面，泡泡玛特正尽可能通过系列措施降低"黄牛"干扰。一位潮玩行业人士分析，迷你版Labubu价格回落较快的原因一是供给量更丰富，首批放货较多； 其次该系列包含30款产品，用户自发互换减少了二级市场的流动量；同时Labubu迷你版全部线上发售，门店只负责提货，也减少了线下黄牛囤货。该人士 预测，泡泡玛特预计 ...

Core Viewpoint - The resale prices of the mini version of Labubu have started to decline just one week after its release, indicating a lack of sustained demand compared to previous versions [1]. Group 1: Price Trends - The mini version of Labubu has seen over 56,000 transactions on the platform since its release, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan [1]. - However, the resale prices have decreased by 10%-60% compared to the initial sales period [1]. - For example, the average transaction price for a set of 14 N-Z models dropped from 1,930 yuan on the release day to 1,541 yuan, a decline of 20% [1]. - The average transaction price for the hidden variant has also decreased from 991 yuan to 679 yuan [8]. Group 2: Market Dynamics - The rapid price decline is attributed to a higher supply of the mini version, with a larger initial release and a total of 30 products in the series, which has reduced the liquidity in the secondary market [9]. - The mini version's online-only sales strategy has minimized the impact of scalpers, as physical stores only handle pickups [9]. - Analysts predict that the upcoming second round of mini Labubu releases in October may further decrease prices [9]. Group 3: Company Performance - Following the release of the mini version, the stock price of Pop Mart (09992.HK) has dropped by 5.61% over the past five days [10].

消息面上，据报道，9月2日，浙江绍兴召开新闻发布会，介绍该市即将出台的《2025年绍兴市提振消费 政策》相关情况，围绕"文商旅融合"促消费、"新场景拓展"促消费、"消费券发放"促消费3个方面出台 15项政策。 9月4日，截至早盘收盘，恒生指数跌1.21%，恒生科技指数跌1.66%，国企指数跌1.41%，国企指数、恒 生科技指数盘中均创下月内低点。盘面上，科技股多数由涨转跌，大金融股（银行、保险、券商）、中 字头股等亦走低，由于黄金价格因获利了结而走弱，连续上涨的黄金股呈现高开低走行情。新消费板块 午盘持续震荡，热门ETF中，港股消费ETF（513230）现跌超1%。 华泰证券研报表示，在新需求、新场景、新模式的共同催化下，消费领域呈现出鲜明的结构性机遇：需 求端加速向情感化、个性化升级，潮玩、美妆等高情绪价值品类增长显著；场景端服务+产品逐渐融 合，推动"人货场"关系持续重构，拓宽消费边界；国货品牌凭借商业模式创新与渠道效率构建强大用户 生态，实现加速崛起。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、名 ...

Core Insights - LABUBU is a successful phenomenon in the collectible toy industry, but the company needs to consider sustainable development after achieving success [2] - The revenue from the THE MONSTERS series, where LABUBU belongs, constitutes a significant portion of the company's income, raising questions about the development of other IPs [2] - The company acknowledges the need to improve product quality and manage supply to prevent counterfeit products from entering the market [2] Company Performance - LABUBU's popularity has led to issues such as long-term stock shortages and quality complaints from consumers [2] - The introduction of a mini version of LABUBU has generated significant consumer interest, but the company must continue to innovate and develop new IPs alongside LABUBU [2][3] - The company is exploring other potential IPs, with the "Star People" series showing promising sales performance [3][4] Market Trends - The "Star People" series, particularly the "Good Dream Meteorological Bureau" series launched in August, has seen increased consumer interest and is experiencing stock shortages [4] - The resale market for "Star People" products has shown significant price fluctuations, with hidden versions selling for over 700 yuan, indicating strong demand [4] - Other IPs like HACIPUPU and CRYBABY have also shown remarkable growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year [5]

2、持续理解市场需求，产能储备、柔性化能力提升。据业绩会，公司现有毛绒产能相较年初已增加10 倍左右，达每月3000 万件，持续对市场需求进行理解与追赶——8 月28 日发售的mini LABUBU"心底密 码"系列毛绒挂件再度引起粉丝热情，虽仍在短时间内售罄，但消费者整体购买体验有明显优化；展望 后续，伴随对更多区域市场需求的理解更加深入，叠加产能及供应链安排优化带来的供应链柔性，我们 认为公司对需求与供给的匹配能力与精准度将进一步提升。 3、海外市场快速成长，运营仍有待细化之处，长期空间仍广。目前泡泡海外市场热度持续向好，泰国 ICONSIAM旗舰店在8 月初开业后店效出色，对其他门店亦并无虹吸效应，美国快速开店但需求增长更 快，带来线上占比持续提升。而相比国内，海外门店模型、线上官网、会员体系等运营细节均有待细化 之处，我们认为公司的零售基因与能力有望支撑近两年快速扩张后的同店向好，持续看好公司全球化战 略的长期空间。 盈利预测与估值 研究员：徐卓楠/张雪晴/王杰睿 公司近况 近期我们邀请了泡泡玛特管理层进行业绩后NDR交流，与投资者就供应链、IP运营、品类扩张等话题进 行了深入沟通。 评论 1、品类扩 ...

Group 1 - The Hong Kong stock market experienced a quick decline on September 4, with the new consumption sector showing continuous fluctuations after opening. The Hong Kong Consumption ETF (513230) saw a slight decrease, while stocks like Bilibili, Baisheng China, Li Auto, Giant Bio, and Bosideng showed notable gains [1] - The Chinese潮玩 (trendy toy) economy is expanding across all age groups, with rapid growth and structural differentiation in the market. The doll category, driven by strong IP resonance and high collectible value, is expected to become a core growth driver for the toy segment. Demand is shifting from Generation Z and female groups to all age segments, while supply is innovating through blind box play and live card unboxing [1] - The medical beauty industry is entering a new phase, with domestic beauty and skincare brands expected to accelerate their breakout. Domestic brands are quickly gaining traction, and the importance of content e-commerce channels is increasing. New raw material registrations are accelerating, allowing brands to strengthen consumer recognition through scientific narratives and technological endorsements [1] Group 2 - Huatai Securities points out that under the joint catalysis of new demands, new scenarios, and new models, the consumption sector is presenting distinct structural opportunities. The demand side is rapidly upgrading towards emotional and personalized experiences, with significant growth in high emotional value categories such as trendy toys and beauty products [1] - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, packaging leading internet e-commerce companies and new consumption sectors. Its constituent stocks encompass nearly all areas of Hong Kong consumption, including new consumption leaders like Pop Mart, Laopuyuan Gold, and Miniso, as well as internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting a strong technology and consumption attribute [2]

Core Viewpoint - The article discusses the success of the LABUBU IP under Pop Mart and emphasizes the need for sustainable development and diversification of product lines to avoid over-reliance on a single IP [2]. Group 1: LABUBU's Success and Challenges - LABUBU is a highly successful phenomenon in the collectible toy market, but its dominance raises concerns about sustainability and the need for Pop Mart to develop other IPs [2]. - The long-term shortage of LABUBU led to counterfeit products entering the market, and while production capacity has been increased, there have been complaints about product quality that need to be addressed [2]. - The popularity of the mini LABUBU continues to drive sales, but it is essential for Pop Mart to innovate and develop new IPs alongside LABUBU to maintain market relevance [2][3]. Group 2: Potential New IPs - The Star People IP under Pop Mart shows significant potential to become the next successful product line, particularly with the recent "Good Dream Meteorological Bureau" series gaining popularity [4]. - There has been a noticeable increase in demand for Star People products, leading to stock shortages in stores, similar to the sales model of LABUBU [4]. - The secondary market for Star People products has seen rapid price fluctuations, with hidden variants selling for over 700 yuan, indicating strong market interest and potential for growth [5]. Group 3: Growth Metrics - Star People has quickly entered the billion-yuan IP club, generating 390 million yuan in revenue in the first half of the year [5]. - Other IPs like HACIPUPU and CRYBABY have also shown impressive growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year, highlighting the potential for new IPs to achieve similar success [5].

Core Insights - The recent launch of the "mini LABUBU" dolls by Pop Mart has generated significant consumer interest, with products selling out within one minute online [1] - The retail price for a single "mini LABUBU" doll is 79 yuan, while a complete set is priced at 1106 yuan [1] - Over 580,000 consumers added the "mini LABUBU" to their carts at launch, and nearly 1.5 million viewers tuned into the live stream event [1] Sales Performance - The "mini LABUBU" dolls were sold out across major online platforms such as JD and Taobao shortly after their release [1] - In physical stores, consumers are experiencing long wait times to pick up their pre-ordered dolls, as there is no stock available for immediate purchase [1] Secondary Market Trends - The popularity of the "mini LABUBU" has led to a surge in prices on secondary markets, with complete sets now selling for as high as 2450 yuan [1] - The increased demand has made it challenging for consumers to acquire the dolls even at inflated prices [1]