根据官方信息，本次公开组预赛采取了"双卡组"与"排位赛"的比赛形式，提升了对选手卡牌理解与构筑 能力的要求。更加多元的对战环境也增加了比赛的公平性，强化赛事竞技魅力，激励更多训练家不断探 索、勇往直前。预赛排名前256位的选手晋级正赛，通过随机配对进行三局两胜制单败淘汰赛，角逐最 终冠军。经过两天的激烈对决，公开组冠军由"小福蛋.筱艾"夺得，"SZ.阿政"与"马修老弟"分获少年组 与儿童组冠军。此外，宝可梦卡牌全新周边系列"绘梦点睛"将于11月28日正式发售，该系列商品将卡牌 插画中原本以插画形式展现的宝可梦的姿态转化成了可触可感、可陈列展示的立体珍藏，也再现不同插 画师的独特风格和个性笔触。 北京商报讯（记者 张君花）9月22日，北京商报记者从宝可梦官方处获悉，2025年宝可梦北京大师赛于 9月20日至21日在中国国际展览中心（顺义馆）成功举办。作为中国内地宝可梦卡牌赛事体系中的最高 级别赛事，大师赛自宝可梦简中版卡牌发布以来已连续举办十一场。据统计，本次北京大师赛共吸引参 赛选手近七千人，到场游客两万六千余人。 ...

完善的宝可梦卡牌体验不仅体现在赛事设置上，也深度融合于视觉设计与现场氛围之中。赛场内，特别 设置的大岩蛇洞穴探险玻璃钢雕塑场景，还原了大岩蛇、地鼠、三地鼠、小拳石等宝可梦的栖息环境， 巧妙展现了奇妙多样的地理特征，成为人气极高的打卡点。"华丽街区"提供奇趣发夹、魔法缎带与蹭蹭 脸颊等具有浓厚宝可梦元素的体验内容，让每一位训练家从装扮开始融入宝可梦世界；小小训练家们可 在趣味滑梯和各类障碍互动中尽情探索。 值得一提的是，《宝可梦地平线》展区特别设置了闯关集章活动，收集三款宝可梦主题印章后，即可参 与"珠珠手工社团"的手链DIY制作，深入感受创作乐趣。此外，购物站还推出绳结、折扇、盖碗等极具 北京特色的主题周边，让宝可梦沉浸体验与文化共鸣同步升级。 北京商报讯（记者 卢扬 程靓）2025年宝可梦北京大师赛于9月20日—21日在中国国际展览中心（顺义 馆）举办。本次公开组预赛采取了"双卡组"与"排位赛"的比赛形式，提升了对选手卡牌理解与构筑能力 的要求。预赛排名前256位的选手晋级正赛，通过随机配对进行三局两胜制单败淘汰赛，角逐最终冠 军。据统计，本次北京大师赛共吸引参赛选手近七千人，到场游客两万六千余人。 据悉， ...

Core Viewpoint - Morgan Stanley forecasts that Pop Mart (09992) will experience multiple consumption peaks in the coming months, driven by sufficient inventory of popular products, new product launches, and store expansions [1] Group 1: Sales Forecast - The firm expects sales for Pop Mart in Q3 to grow over 180% year-on-year, compared to 235% in the previous quarter [1] - Morgan Stanley maintains a target price of HKD 382 for Pop Mart, corresponding to projected P/E ratios of 42x, 32x, and 26x for 2025 to 2027 [1] Group 2: Market Sentiment and Demand - Despite recent cautious sentiment in the market towards Pop Mart, Morgan Stanley's outlook remains positive, drawing parallels to Pokémon's strategy in 2021-2022 to increase card production to address speculation and enhance customer experience [1] - The report addresses investor concerns regarding the sustainability of Pop Mart, asserting that the IP collectibles market is substantial and continues to grow, with Pop Mart's differentiated business model poised to capture the increasing "kidult" consumer demand [1] Group 3: Earnings Projections - Morgan Stanley projects adjusted earnings per share for Pop Mart to be HKD 2.58, 9.90, 11.87, and 14.67 for the years 2025 to 2027 [2] - The company is estimated to hold a 5.7% market share in the global IP products market this year, compared to Disney's 43.1% and Sanrio's 8.2% [2]

Core Viewpoint - Morgan Stanley's report indicates that Pop Mart (09992) is expected to experience multiple consumption peaks in the coming months, driven by sufficient inventory of popular products, new product launches, and store expansions [1] Group 1: Sales Forecast - The firm anticipates that Pop Mart's sales will grow over 180% year-on-year in Q3, compared to 235% in the previous quarter [1] - Morgan Stanley maintains a target price of HKD 382 for Pop Mart, corresponding to projected price-to-earnings ratios of 42x, 32x, and 26x for 2025 to 2027 [1] Group 2: Market Sentiment and Demand - Despite recent cautious sentiment in the market towards Pop Mart, Morgan Stanley's outlook remains positive, drawing parallels to Pokémon's strategy in 2021-2022 to increase card production to address speculation and enhance customer experience [1] - The report counters investor concerns regarding the sustainability of Pop Mart, asserting that the market for IP collectibles is substantial and continues to grow, with confidence in Pop Mart's differentiated business model and competitive advantages to capture the rising "kidult" consumer demand [1] Group 3: Earnings Projections - Morgan Stanley projects adjusted earnings per share for Pop Mart to be HKD 2.58, 9.90, 11.87, and 14.67 for the years 2025 to 2027 [1] - The company is estimated to hold a 5.7% market share in the global IP products market this year, compared to Disney's 43.1% and Sanrio's 8.2% [1]

Core Viewpoint - The rapid growth of the collectible card market, particularly with brands like Pokémon, raises concerns about potential speculative bubbles similar to the historical tulip mania, where inflated prices eventually led to market collapse [2][26]. Group 1: Market Dynamics - The collectible card market is experiencing intensified competition, with companies like Kai Zhi Le International strategically entering the market through partnerships with top IPs like Pokémon [2][3]. - The Pokémon brand, established in the last century, has a significant cross-generational influence, attracting both younger and older consumers [4][6]. - The market is shifting from a land-grabbing phase to a competitive landscape where established IPs dominate, making it challenging for other brands like Digimon to gain traction [6][8]. Group 2: Investment and Speculation - High-value Pokémon cards are being auctioned for prices that can exceed hundreds of thousands of dollars, with some cards being compared to the value of real estate [10][21]. - The secondary market for cards is heavily influenced by rarity and condition, with professional grading institutions playing a crucial role in determining value [11][12]. - There is a growing trend of collectible cards transitioning into investment assets, with some cards showing annual returns that surpass traditional financial assets [14][21]. Group 3: Consumer Behavior - The consumer base for collectible cards is primarily composed of teenagers and young adults, with younger players focusing on gameplay and older players interested in trading and investment [14][19]. - The addictive nature of card collecting and trading can lead to irrational consumer behavior, raising concerns about the long-term sustainability of the market [21][23]. - The rise of social media and the Z generation's consumption habits are driving the rapid growth of the card market, creating a closed loop of "discover-purchase-share" [19][21]. Group 4: Regulatory and Market Risks - The market faces risks from irrational consumer spending, IP expiration, and counterfeit products, which could undermine the growth of the collectible card industry [21][24]. - Regulatory measures are needed to protect consumer rights and ensure market stability, as the current landscape lacks sufficient oversight [23][24]. - The potential for a speculative bubble similar to the tulip crisis remains a concern, with the market needing to return to rational pricing to avoid a collapse [26][27].

Core Viewpoint - The rapid growth of the collectible card market is drawing parallels to historical speculative bubbles, such as the tulip mania of 1637, raising concerns about the sustainability of high prices and the potential for a market correction [3][32]. Group 1: Market Dynamics - The collectible card market is experiencing intensified competition, particularly with the entry of major IPs like Pokémon, which has led to significant stock price increases for companies involved in this space, such as Kaizhi Le International [5][10]. - The market is seeing a shift from a land-grabbing phase to a competitive landscape where established IPs dominate, making it challenging for other brands like Digimon to gain traction [7][10]. - The demand for collectible cards is driven by a mix of youth engagement and the purchasing power of middle-aged consumers, indicating a broadening consumer base [5][9]. Group 2: Investment and Speculation - High-value cards, particularly rare Pokémon cards, are fetching prices that can rival real estate, with some cards auctioned for tens of thousands of dollars [14][18]. - The secondary market for cards is influenced by various factors, including rarity, condition, and market trends, with some cards experiencing significant price appreciation [13][18]. - The trend of collectible cards transitioning into investment assets is emerging, with some cards showing annual returns that exceed traditional financial assets [18][30]. Group 3: Consumer Behavior and Risks - There are concerns about irrational consumer behavior, particularly the addictive nature of card collecting and the potential for significant financial losses [26][27]. - The lack of regulatory oversight and the prevalence of counterfeit products pose risks to consumers and the overall market integrity [29][32]. - The market is currently characterized by a primary focus on entertainment and collection, with investment aspects still in a nascent stage [18][30]. Group 4: Future Outlook - The future growth of the collectible card market will depend on consumer demand, innovation in card design, and the establishment of a more structured market environment [9][30]. - The potential for digital integration, such as NFTs, could enhance the value and security of collectible cards, addressing some of the current market vulnerabilities [16][32]. - The industry must adapt to changing consumer preferences and the lifecycle of IPs to maintain relevance and competitiveness in a rapidly evolving market [30][32].

Core Viewpoint - The rapid growth of the trading card market, particularly collectible cards, raises concerns about potential speculative bubbles similar to the historical tulip mania, where prices may be artificially inflated and could lead to significant losses for investors [1][38]. Industry Overview - The collectible card market is experiencing intense competition, with major players like Pokémon opening official card venues in major cities, leading to significant stock price increases for companies involved in this sector, such as Kai Zhi Le International [2][8]. - The market is characterized by a diverse consumer base, with younger audiences drawn to the gameplay and older consumers focusing on investment opportunities [5][18]. - The rise of collectible cards is attributed to the increasing influence of IPs (Intellectual Properties) and the growing trend of experiential consumption among younger generations [24][28]. Market Dynamics - The secondary market for cards, particularly rare and limited editions, has seen prices soar, with some cards fetching prices comparable to real estate [11][18]. - The trading card industry is evolving, with companies exploring partnerships with various IPs and expanding their product offerings to include both traditional and digital formats [8][19]. - The market is also witnessing a shift towards investment and collection, with some cards showing annual returns that exceed traditional financial assets [18][28]. Risks and Challenges - The industry faces risks from irrational consumer behavior, expiration of IP licenses, and the prevalence of counterfeit products, which could undermine market stability [28][33]. - Regulatory oversight is deemed necessary to protect consumer rights and ensure a healthy market environment, as the current landscape lacks sufficient consumer protection measures [32][33]. - The competitive nature of the industry, coupled with the rapid evolution of consumer preferences, poses challenges for companies to maintain relevance and profitability [33][37].

Cryptocurrency & Web3 Resources - OKX DEX wallet discount registration link provided [1] - Binance referral link for CPA activity included [1] - Telegram group and username provided for community engagement [1] Social Media & Community - Twitter link for updates and announcements shared [1] - Mentions of hashtags related to web3, Binance, ETH, BTC, and crypto [1] Meme Coin & Influencer Association - Mentions of meme coins like TRUMP and GORK [1] - Association with figures like Trump and Musk [1]

9月10日，北京市大兴区荟聚购物中心二层热闹非凡，北京首家宝可梦官方卡牌道馆正式开门迎客，热 情的玩家与粉丝排起长队，从二楼蜿蜒至一楼。 这份热度并未随开业首日结束而消退。9月12日晚，《每日经济新闻》记者实地探访时发现，尽管人流 量较开业当天有所回落，但想要进入门店仍需排队等待。 集换式卡牌的魅力早已突破单一群体。记者在探访中也发现，卡牌的受众远不止小孩、青年、"宅男"等 传统认知中的群体，还有不少亲友结伴而来，甚至有情侣结完账后直接坐在对战区互动。 更值得关注的是，卡牌在中国资本市场也掀起了风浪。先是卡游宣布IPO（首次公开募股），今年8 月，文创品牌"闪魂 ShiningSoul"宣布完成数亿元人民币首轮融资，由高瓴创投领投。9月10日，玩具品 牌运营商凯知乐国际宣布布局集换式卡牌（TCG）市场，首阶段与"宝可梦"IP（具有商业价值的创意内 容或品牌）达成运营服务合作。随后公司股价连续两天上涨，首日涨幅达160.68%。 当越来越多消费者愿意为一张"纸片"花大价钱，当IP合作能直接拉动企业股价飙升，当卡牌从小众爱好 走向大众社交场景，一个新的问题也随之浮现：在热度与资本的双重加持下，卡牌IP的下一站又是 ...

Group 1 - The core viewpoint of the article highlights that Kaizhi Le International (02122) has significantly increased its stock price by 107.69% to HKD 0.243, with a trading volume of HKD 21.55 million, following its strategic move into the trading card game (TCG) market through a partnership with the globally recognized IP Pokémon [1] - The company has opened its first official Pokémon card dojo in Beijing, which aligns with its mission to create high-quality entertainment experiences [1] - The board believes that Pokémon, as one of the most influential IPs globally, fits well with the company's operational philosophy, indicating a strong potential for future collaboration [1] Group 2 - Industry data shows that the global TCG market is projected to exceed USD 12 billion in 2024, with the Chinese market experiencing a growth rate of over 40% for three consecutive years [1] - Card games are becoming increasingly popular among Generation Z consumers due to their strong social attributes, collectible value, and the trend towards esports [1] - The company aims to leverage its partnership with leading brands to enter the TCG market and is focused on building a comprehensive business chain that includes offline sales, experiential activities, and event operations [1]