2025.06. 23 本文字数：2462，阅读时长大约4分钟 作者 | 第一财经 周艾琳 年初时，DeepSeek的崛起带动"中国资产重估"，此后这一主题不再局限于科技互联网行业，中国新 消费和创新药都有所表现，而这三大主题也在今年引领了港股行情。 投行的数据显示，当前国际资金对中国的配置比例仍处于历史低位附近，但摩根士丹利近期也提及， 大多数全球投资者都明确表示，有意愿重新增配部分中国资产。 在美国资管巨头骏利亨德森投资（Janus Henderson Investors）大中华区股票负责人、基金经理缪子 美（Victoria Mio）看来，那些有创新和突破的行业企业会受重估，例如，能运用AI实现增长或降本 增效的企业、有创新药以及产线可能会被跨国药企看中的医疗企业、能打造全球品牌的消费企业。 港股、美股皆有机会 行业当前的共识在于，今年美股和中国股市都有布局机会，而港股的机会可能优于A股。 事实上，今年港股的消费板块人气已经超过了互联网。 从消费板块来看，泡泡玛特（09992.HK）、蜜雪集团（02097.HK）、老铺黄金（06181.HK）被投 资者称为"港股三姐妹"。缪子美在3月时的一篇调研笔记中就 ...

Group 1 - International capital allocation to China remains at historical lows, but there is a growing willingness among global investors to increase exposure to Chinese assets, particularly in innovative sectors like AI, new consumption, and innovative pharmaceuticals [1][2] - The consensus among industry experts is that both US and Chinese stock markets present investment opportunities this year, with Hong Kong stocks potentially outperforming A-shares [2][3] - The current valuation of the MSCI China Index is at a PE of 11 and PB of 1.4, indicating that Hong Kong stocks are undervalued compared to the high valuations of US stocks, which are reliant on AI narratives [3] Group 2 - The consumer sector in Hong Kong has gained significant attention, surpassing the internet sector in popularity, with companies like Pop Mart and Miko Group being highlighted as key players [4][5] - The growth potential of new consumption in China is linked to the ability to create new IP and resonate with consumers, as well as the capacity to expand internationally [5] - The Chinese pharmaceutical industry is experiencing a resurgence, with significant interest from global pharmaceutical companies seeking assets in key therapeutic areas, leading to a 54% increase in the Hong Kong healthcare sector this year [6][7] Group 3 - The "outbound licensing" theme in innovative pharmaceuticals is gaining traction, driven by high-value overseas licensing deals and increasing recognition of Chinese biotech firms by multinational companies [7][8] - Recent financing activities in the biotech sector, such as the significant capital raises by companies like Hengrui Medicine and Junshi Biosciences, indicate a robust investment environment [7] - The potential for Chinese pharmaceutical companies to enhance their global commercialization capabilities through strategic partnerships is seen as a key growth driver, although challenges remain in terms of innovation and execution [8]

日本顶级IP正以一种全新的形式，在中国掀起新一轮消费狂潮。与之相呼应，日本IP巨头在中国的业绩也同时呈现爆发式增长。 3家日本公司11个IP收入约429亿元，让多少中国公司赚到钱？ 在万代、三丽鸥、圆谷等日本IP巨头陆续发布的2025财年业绩报告中，部分主力IP的销售数据得以公布，亦可以直观看出这些顶级IP的商业价值，折合人 民币估算后，雷报统计如下： | | | 2025财年(24.4~25.3)部分日本公司主力IP业绩汇总 | | | | --- | --- | --- | --- | --- | | | | 整理:雷报 时间:2025/6/16 | | | | 序号 | 公司简称 | IP | IP收入 (亿人民币) | 同比增减 | | 1 | 万代南梦宫 | 龙珠 | 94.4 | 35.6% | | 2 | 万代南梦宫 | 机动战士高达 | 76 | 5.4% | | 3 | 三丽区 | 三刚鸣家族 | 71.8 | 44.9% | | 4 | 圆谷 | 奥特曼 | 69.6 | -0.9% | | 5 | 万代南梦宫 | 海贼王 | 69.1 | 24.4% | | 6 | 万代南梦宫 | 假面 ...

弘则研究 - 头部积木人品牌近况调研 20250612 摘要 奥特曼 IP 热度回落，一季度市场占比降至 40%-50%，新品上市后销量 有所提升。布鲁可专注原创和专业化推广，在拼搭类赛道保持领先地位， 但需关注万代等竞争对手在奥特曼品类的竞争。 变形金刚销量占比约为 20%，目标是今年达到 28%-31%，总销售额 10 亿元。五月新推出的两弹产品动销表现良好，9.9 元大力神款式在高 线城市受欢迎，但需关注低价产品对品牌形象的影响。 英雄无限一季度销售额波动较大，三月达 0.6 亿元，占比 18%，但四月 降至 0.4 亿元。今年目标 20 亿元，需快速更新 SKU，但目前投入与产 出不成正比。 假面骑士作为新 IP，去年销售额 2 亿元，但排名靠后，客户群与奥特曼 重合。3 月和 4 月销售额分别为 0.1 亿元和 0.3 亿元，预计 5 月不会超 过 0.3 亿元，市场表现低于预期。 EVA 和初音未来等 IP 在终端断货情况下，月销售额均超千万元，接近整 体销量的 10%。五月 EVA 新出的 2 号机未在关键 KA 渠道出现，主要受 产能限制，供应链问题亟待解决。 Q&A 今年奥特曼的销售目标是多 ...

Core Insights - The article highlights the evolving consumer behavior among young adults, particularly the trend of adults celebrating Children's Day, driven by nostalgia and emotional connections to childhood memories [5][6][30]. Group 1: Marketing Strategies - Major brands are leveraging popular IP collaborations to attract young consumers, with KFC's early launch of limited edition toys and promotional activities on social media platforms like Douyin [7][11]. - The marketing approach has shifted from simple product promotion to engaging content and interactive live streams, allowing deeper consumer participation [30][31]. - Brands are utilizing social media to create a buzz around their products, with KFC's toys and drinks becoming highly sought after, leading to price increases on resale platforms [11][28]. Group 2: Consumer Behavior - The phenomenon of adults purchasing children's meals is fueled by social media's nostalgic influence, with platforms like Douyin facilitating emotional consumption [18][30]. - The Z generation is becoming the main consumer force, prioritizing emotional value and ritualistic consumption, which is expected to drive the holiday consumption market to exceed 5 trillion by 2025 [31][32]. - The trend of "big friends celebrating Children's Day" reflects a broader shift in consumer psychology, where age is no longer a barrier to participation in traditionally child-focused events [30][31]. Group 3: Social Media Influence - Douyin serves as a powerful connector for brands, transforming holiday marketing into a communal experience where users share their celebrations and purchases [6][30]. - The platform's interactive features encourage users to engage with brands and each other, creating a viral effect that boosts sales and brand visibility [27][28]. - The success of campaigns, such as Luckin Coffee's collaboration with SpongeBob, demonstrates the effectiveness of targeted marketing through influencer partnerships and engaging content [17][30].

以下文章来源于Vista氢商业 ，作者大稚 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 儿童节俨然变成了餐饮界自己的双十一。 文 ｜ 大稚 编辑 ｜ 橘总 来源｜ vista氢商业（id：qingshangye666） 封面来源 ｜ 麦当劳官方微博 小时候，儿童节的重头戏是吃肯德基麦当劳； 长大了，过儿童节的重头戏是抢肯德基麦当劳的玩具。 儿童节俨然变成了餐饮界自己的双十一。 离6月1日还远着呢，各家针对儿童节套餐的预热、团购、抢券就早早开始了。说是套餐，亮点其实全在玩具。 从五月初开始， 肯德基联名三丽鸥 的儿童节套餐团购券就在抖音直播间被哄抢，哪怕肯德基后来在直播间摆出醒目大字 "玩具下架了" ，评论区还是不断有 人问，还有儿童套餐的券没？ 图源：公众号"阑夕" 这些年围观品牌们绞尽脑汁在玩具周边上卷创意，我们发现，玩具光是新潮好玩已经不够了， 还得能激发消费者改造的巧思，能供大家整活儿整出新花样 来， 才算有趣。 我们总结了今年玩具大战中比较会玩的几家，看看谁找回了你的童年回忆。 肯德基：联名三丽鸥再成销冠 今年热度拔得头筹的人气选手当属肯德基。这回 老肯拉来的帮帮玩嘉宾又是三 ...

下单肯德基车速取后，遭遇店员路边投喂，这种感觉究竟如何？ 如今，一些肯德基车速取门店，由于不适合车道取餐，索性让员工手拿餐品在外等待，这不仅考验他们的时间估算能力，也考验着他们搜寻顾客的眼力。 游戏里的NPC，还是城市中的望夫石？ 同时，那些可以车道取餐的门店，顾客也可能遇上车道设计不合理，取餐流程不顺畅等问题，从而让肯德基车速取，最后变成了车慢取。 虽然大多数肯德基的门店位置，以及国人的出行、用餐习惯，让车速取有些水土不服，但这一业务却仍被大力推广。 毕竟，对于如今的肯德基来说，同价位的麦当劳有得来速，后继者塔斯汀、华莱士有低价创新，想要在竞争中始终占据优势，需要抓住每一个机会才行。 员工成了NPC？ 六一儿童节还没到，肯德基的联名玩具，已经先一步到了。 最近，肯德基与三丽鸥的联名周边，受到很多大朋友、小朋友的追捧，Kitty猫、库洛米、布丁狗及其伙伴，让肯德基门店人满为患。 不过，在门店熙熙攘攘的另一面，也有些网友选择独自美丽，他们开车来到肯德基，不必下车走入门店，也能取走自己的餐食。 如今，肯德基的车速取服务，已经在很多门店落地，但与我们传统印象中，窗口停车、店员递餐的模式不同；在一些肯德基门店，则是店 ...

本次监测周期内，乐高、泡泡玛特和万代分别以1.93、1.44和1.38的综合热度位列榜单前三名。 | a00 排名 | | 品牌 | | 环 | | --- | --- | --- | --- | --- | | 01 | LEGO | 乐高 | 1.93 | | | 02 | POP MART | 泡泡玛特 | 1.44 | - | | 03 | BANDAI | 万代 | 1.38 | ▲ 1 | | 04 | | 卡游 | 1.26 | ▲ 1 | | 05 | Roland | 刷 | 1.23 | ▲ 2 | | OR | miHoYo | 米哈游 | 1.19 | NEW | | 07 | YAMAHA | 雅马哈 | 1.11 | ▼ 4 | | 08 | mideer | 弥鹿 | 1.06 | ▲ 7 | | 09 | LiberLive LiberLiv | 0 | 1.04 | ▲ 2 | | 10 | | 若来 | 1.03 | A 1 | | 01 | | 乐乐鱼 | 0.99 | NEW | | 12 | GİİKER | 计客 | 0.90 | ▲ 1 | | 13 | | 圆通 ...

Core Viewpoint - The company,潮宏基, has shown strong performance in the first quarter of 2025, with net profit growth outpacing revenue growth, attributed to its strategic focus on becoming a favored brand among young consumers and effective product differentiation [1] Company Overview - 泉果基金, established on February 8, 2022, manages assets totaling 16.838 billion yuan across six funds, with five fund managers [1] - The company has reported a net increase of 129 stores in 2024, despite a broader industry trend of store closures, indicating robust growth [1] Financial Performance - In the first quarter of 2025,潮宏基's net profit growth exceeded expectations, driven by enhanced product strength and refined terminal operations [1] - The company maintains a stable dividend policy, with expectations for gradual increases in per-share dividends as the company scales and performance improves [1] Strategic Focus - The company aims to navigate a complex external environment in 2025 with a strategy centered on "focusing on core business, 1+N brand strategy, all-channel marketing, and internationalization" [1] - The brand strategy includes enhancing product strength and operational management to improve store performance, alongside a digital transformation to solidify core competitive advantages [1] Product Development and Brand Building -潮宏基 emphasizes a systematic approach to product development, focusing on consumer preferences and utilizing both internal and external design teams [1] - The company has successfully launched new product lines, including collaborations with popular IPs, which have been well-received by customers [1] International Expansion -潮宏基 has opened two overseas stores in Southeast Asia, which have performed well, indicating promising market opportunities for future international expansion [1] - The company plans to accelerate its overseas market layout, leveraging its brand presence in new regions [1]

证券代码：002345 证券简称：潮宏基 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □ 一对一沟通 □√ 其他 电话会议 参与单位 名称及人 员姓名 华福证券；红塔证券；开源证券；国盛证券；东方证券；东兴证券； 东北证券；华泰证券；国泰海通证券；西部证券；华创证券； 东方财富证券；汇丰前海证券；东吴证券；财通证券；国信证券； 国元证券；华西证券；浙商证券；爱建证券；摩根大通证券； 中国国际金融；长江证券；兴业证券；德邦证券；信达证券； 万联证券；申万宏源证券；山西证券；方正证券；中信证券； 招商证券；天风证券；中邮证券；平安证券；国海证券；国金证券； 民生证券；广发证券；太平洋证券；国联证券；中信建投证券； 朱雀基金；宏利基金；中海基金；长盛基金；华泰柏瑞基金； 泉果基金；中融基金管理；嘉实基金；中欧基金；华宝基金； 华富基金；兴华基金；长安基金；红土创新基金；施罗德基金； 汇百川基金；信达澳亚基金；长信基金；博道基金；新华基金； 汇丰晋信基金；鹏扬基金；同泰基金；华商基金；富国基金； 西部利得基金；鹏华基金；摩根基金(中国)；东方阿 ...