文 / 马兰 来源：滚动播报 （来源：新消费日报） 近年来，某些潮流商品的热卖极大地带动了二手市场。仅以拉布布为例，其售价人民币99元的挂坠玩偶 今年一度在市场上炒到数千元，不仅快速推动了其母公司泡泡玛特的市值上升，同时也刺激了拉布布的 二级交易量大增。 而耐克、阿迪达斯的限量版球鞋，以及宝可梦的游戏卡牌也都表现出类似的趋势，这也让预测这类商品 价格的衍生交易变得有利可图。 Mansour表示，Kalshi计划继续寻找拥有深度、流动性强且交易量高的新市场，打造一个万物皆可交易 的交易所。 这也可能推动预测行业在得到主流社会认可上迈出重要一步，由于预测交易的敏感性，其一直被视为金 融业与赌博之间的灰色地带。但Kalshi已经获得美国商品期货交易委员会的许可，被允许从事如预测美 国大选之类的交易。 快速发展的预测行业也吸引着更多公司和资本的加入。消息称，美国最大的加密货币交易所Coinbase正 在开发一个独立的预测市场平台，其可能借助Kalshi的基础设施。Coinbase的预测平台将拥有广泛的交 易类别，并同时支持美元和稳定币交易。 智通财经声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 ...

Core Viewpoint - The article discusses the recent decline in the stock price of Pop Mart, highlighting the volatility of trends in the toy industry and the challenges faced by the company in maintaining the popularity of its flagship product, the Labubu plush toy [2][6][8]. Group 1: Stock Performance and Market Reaction - Since reaching a peak on August 26, Pop Mart's stock has fallen approximately 20%, resulting in a market value loss of $13 billion, equivalent to a quarter of the company's overall value [2][3]. - Forbes estimates that the personal net worth of Pop Mart's founder, Wang Ning, has decreased by $6 billion since late August [3]. - Morgan Stanley downgraded Pop Mart's rating, citing that the stock's valuation has little room for error after a 427% increase over the past year [3][7]. Group 2: Product Popularity and Market Trends - The Labubu toy, which gained immense popularity in Asia, is facing a decline in resale prices, raising concerns about the company's over-reliance on a single product [7][8]. - The article compares the rise and fall of Labubu to the 1990s' "Tickle Me Elmo" craze, indicating that once the novelty wears off, the product may become outdated [6][8]. - Analysts express concerns that the current hype surrounding Labubu may not be sustainable, as the social value of trendy items diminishes when they become overly commercialized [6][7]. Group 3: Future Strategies and Challenges - Pop Mart plans to expand its international presence by opening 200 stores and vending machine "robot shops" by the end of the year, aiming for overseas markets to contribute 60% of revenue by 2027 [8][9]. - The company faces the challenge of maintaining cultural relevance in a fast-paced social media environment, where trends can quickly fade [9][10]. - The key question remains whether Labubu can transition from a fleeting trend to a lasting brand, as the freshness of the product is crucial for its long-term success [8][10].

Group 1 - Chinese video games are rising in the Western market, with titles like "Black Myth: Wukong," "Wuchang: Fallen Feathers," and "Wuthering Waves" leading the charge [1] - The pricing strategy of "Wuchang: Fallen Feathers" at 50 euros contrasts sharply with the nearly 90 euros for new games on the Nintendo Switch 2, indicating Chinese game developers' ability to deliver high quality at lower costs [1] Group 2 - The shift towards national consumerism in China is evident, as Western films are struggling at the box office while local productions thrive, exemplified by the success of "Ne Zha," which became one of the highest-grossing animated films [2] - Chinese animation is gradually gaining market share, with works like "Tuxian Yingxiong X" showcasing the growing influence of Chinese culture in the animation sector, despite still lagging behind Japanese anime [2] - There is a need to focus more on China's soft power, particularly in cultural aspects, as the emphasis has traditionally been on its strengths in technology, military, and economy [2]

Core Insights - The Chinese潮玩 industry has experienced rapid growth, becoming a new growth point in cultural consumption, driven by the popularity of blind box toys and plush figures that provide emotional value to young consumers [1][3] - A潮玩 store on Nanjing Road in Shanghai has seen significant foot traffic, with a reported revenue of 13.04 billion yuan in 2024, marking a year-on-year increase of 106.9%, indicating a strong consumer interest in original潮流 IPs [3] - The Chinese潮玩 industry is gaining global attention, with a focus on潮流 culture and IP creativity, successfully attracting a fan base both domestically and internationally [3][7] Industry Developments - The Chinese government has initiated measures to further cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮流 products and brands [7] - Domestic潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [7] - The vibrant潮玩 consumption market also faces risks of overheating, prompting industry experts to call for stricter enforcement of regulations and collaborative efforts from families, schools, and platforms to guide rational consumption among minors [11]

Core Insights - The Chinese潮玩 (trendy toy) industry has experienced rapid growth, becoming a new growth point in cultural consumption, driven by the emotional value these toys provide to young consumers [1][3] - A潮玩 store on Nanjing Road in Shanghai reported a revenue of 13.04 billion yuan in 2024, marking a year-on-year increase of 106.9%, indicating a strong consumer interest in original潮流 IPs [3] - The Chinese潮玩 industry is gaining global popularity, leveraging trendy culture and IP creativity to attract consumers both domestically and internationally [3][5] Industry Developments - The Chinese government has initiated measures to cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮牌 (trendy brands) and潮品 (trendy products) [5] - Domestic潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [5] Market Dynamics - The潮玩 consumption market is vibrant, but there are concerns about potential overheating, prompting industry insiders to call for stricter enforcement of regulations and collaborative efforts from families, schools, and platforms to guide rational consumption among minors [11]

Group 1 - The Chinese潮玩 industry is experiencing rapid growth and has become a new growth point for cultural consumption, driven by the popularity of blind box toys and other collectibles [1][5] - A潮玩 store on Nanjing Road in Shanghai reported a revenue of 13.04 billion yuan in 2024, reflecting a year-on-year growth of 106.9%, indicating strong consumer interest among young people [1] - The industry is leveraging潮流 culture and IP creativity to attract a global audience, enhancing its market presence [1] Group 2 - The Chinese government has initiated measures to further cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮牌 and潮品 [5] -潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [5] - The vibrant潮玩 consumption market also faces risks of overheating, necessitating collaborative efforts from families, schools, and platforms to guide rational consumption among minors [9]

Core Viewpoint - The article discusses the significant changes in investment strategies among fund managers in response to the evolving Chinese stock market dynamics and the contrasting performances between new and traditional sectors [2][7]. Group 1: Changes in Fund Managers' Strategies - Fund managers are increasingly abandoning their previous preferences and styles, adapting to the new market conditions [2][7]. - Notable fund managers, such as Liu Gesong and Jiao Wei, have shifted their investment focus towards Hong Kong stocks and new economy sectors, indicating a departure from their traditional investment styles [3][4]. - Liu Gesong's fund now heavily invests in Hong Kong companies like Xiaomi and Pop Mart, while Jiao Wei's fund has increased its Hong Kong stock allocation from 15% to 47% within a quarter [3][4]. Group 2: Impact of Market Dynamics - The rapid increase in the attractiveness of the Chinese stock market and the global popularity of new economic sectors have prompted fund managers to reassess their traditional investment beliefs [7][9]. - The innovation in the pharmaceutical sector, particularly in Chinese innovative drugs, has led to a significant shift in investment strategies, with many managers completely exiting U.S. stocks in favor of Hong Kong and A-share markets [7][9]. - The article highlights that the recognition of China's technological capabilities and the evolving narrative around Chinese consumption are creating new investment opportunities [9]. Group 3: Future Outlook - The changes in fund managers' investment preferences are expected to influence major stock market selections in 2025, reflecting a renewed confidence in Chinese assets [8]. - The article emphasizes that the ongoing transformation in the investment landscape is driven by a strong narrative of change, particularly in consumer behavior and technological advancements in China [9].

Food - Chinese food and beverage brands are increasingly entering global markets, shaping perceptions of China among overseas consumers [2][3] - Mengniu's Aijiao ice cream ranks first in Indonesia and second in the Philippines, showcasing the competitiveness of Chinese food brands in Southeast Asia [3] - The rise of Chinese supermarkets and food stores in Southeast Asia has led to increased interest in Chinese cuisine among local youth, creating a "reverse country of origin effect" [3] Housing - Chinese home and appliance products are becoming popular choices for overseas consumers due to their high cost-performance ratio and innovative designs [4] - Reports highlight the trend of overseas consumers purchasing home goods through Chinese e-commerce platforms, with significant interest in products like blenders and smart home devices [4] - Chinese brands like Roborock and Ecovacs are rapidly expanding in the Japanese market, with a notable presence in the smart home sector [4] Transportation - Chinese electric vehicles (EVs) and related industries are gaining traction globally, with significant market penetration in regions like South Asia [5][6] - In Nepal, 76% of imported electric vehicles in the 2023-2024 fiscal year are from China, indicating strong demand [5] - Chinese brands like BYD and Chery dominate the electric vehicle market in Southeast Asia, with 80% of EVs in the region being Chinese [5] Daily Use - Chinese cultural and digital products, including toys, jewelry, and beauty brands, are gaining global popularity due to innovative designs and cultural elements [7][8] - The success of brands like Pop Mart and Chinese jewelry companies reflects a shift in perception regarding Chinese creativity and quality [8] - Chinese beauty brands are leveraging social media platforms to reach global consumers, with products that fill gaps in the Western market [8]

Group 1 - The article highlights the growing influence of Chinese cultural phenomena, particularly internet memes and animations, among South Korean youth, indicating a shift in cultural acceptance [1][2] - A specific example includes a Chinese animation that captivated a South Korean office worker, showcasing the appeal of unpredictable storylines and catchy background music [1] - The popularity of Chinese trends is evidenced by a significant increase in social media engagement, with one Instagram account gaining 27,000 followers in two weeks and videos averaging 1 to 2 million views [1][2] Group 2 - The demand for Chinese toys, such as the "Labubu" dolls from Pop Mart, has surged in South Korea, with transactions reaching 1.9 billion KRW (approximately 10 million RMB) on a second-hand trading platform [2] - A rare Labubu doll sold for 318,000 KRW, over 15 times its original price of 21,000 KRW, indicating strong market interest [2] - The article notes that platforms like Douyin and Xiaohongshu have significantly contributed to the rapid spread of trends from China to South Korea, with Douyin boasting 1.6 billion monthly active users globally [2]

Group 1 - The article highlights the global influence of Chinese aesthetics, particularly through the success of the toy brand Bubble Mart, which is recognized as one of the fastest-growing consumer brands worldwide [1] - Bubble Mart's first store in Germany is set to open in late July, indicating the brand's expansion into international markets and its role in enhancing China's soft power [1] - The brand's strategy mirrors successful cultural exports like "K-Pop" and Japan's "Hello Kitty," combining engaging design with targeted online marketing and a deep understanding of local fan culture [1] Group 2 - The "adult-child" industry trend is notably stronger in China than in Europe, with more Chinese adults embracing products traditionally aimed at children, such as collectibles and fashion [2] - Social media influencers and communities have played a significant role in normalizing "big kid" culture in major Chinese cities, where toys have become symbols of affordable identity [2] - This consumer trend reflects a deeper societal shift towards a desire for simpler living, with nostalgia and childhood memories becoming prominent themes in contemporary culture [2]