以下文章来源于茶咖观察 ，作者李彦 茶咖观察 . 壹览商业旗下，茶饮、咖啡、饮料研究机构 导读： 星星 人将 会 是 泡 泡 玛 特 的 下一个明星单品。 李彦 丨 作者 薛向 丨 编辑 茶咖观察 丨 出品 星星人 IP 首次携手新茶饮，卖爆了。 1 2 月 2 9 日，喜茶与泡泡玛特 IP 星星人联名推出第二波上新，新品"提拉米苏·浓巧"在国内 及海外门店同步发售，并在首日叠加买一送一活动。该产品为"提拉米苏·英红 / 嫣红"之后的 延 伸 款，以特浓巧克力作为 基底 。 在 线下空间，喜茶在北京泡泡玛特乐园、上海 丰盛里 、 深圳万象天地 等地推出联名主题 装置及互动路线，覆盖门店、快闪与灵感巴士等场景，使联名 玩法更多元：不仅喜茶门店挤 满了领周边的人，哪怕没有买饮品的路人，也自发的在快闪活动所在地拍照、打卡、分享社 交媒体，增加活动曝光 。 最重要的是 ， 此次 联名在圣诞及跨年周期连续上新，并由 喜茶 超过百家海外门店同步承 接 。 从马来西亚到美国，全球消费者共同参与这场 IP 盛宴。 这也是中国茶饮品牌，首次 将联名新品发布全球同步。 茶咖观察获悉，此次联名自 1 2 月 2 2 日上线以来，在 ...

当日晚间，泡泡玛特相关工作人员告诉智通财经记者，"还未了解购买100个Labubu的具体情况，但品牌 并未入驻京东MALL双井店。" 1月6日，有媒体报道称三星电子会长李在镕在参加中韩商务论坛后，在京东MALL双井店进行考察，并 购买了总计100只Labubu，相关话题词冲上热搜。随后，三星方面表示李在镕此行仅为市场视察，未购 买任何商品，相关话题引发热议。 据悉，在京东MALL双井店一层的京东全球购门店，有星星人、DIMOO、THE MONSTERS等泡泡玛特 旗下IP产品，且以明盒形式售卖，溢价在2-3倍不等。（智通财经记者 吴雨欣） ...

白酒、鞋服、美护等"被时代抛弃"的传统消费，过去一年常常被按在底部摩擦，但年终总结，仍不乏走出独立行情、股价逆势增长30%甚至50%的玩家。 "捕鱼要去一个有鱼的地方"，这个道理很朴素，实践起来却不简单。 错综复杂的消费市场，要求投资人具备一双能穿透表象的眼睛，把"宏观趋势"与"微观行为"链接起来，在行业β中发掘企业的α，从总量波动中识别结构性 的先机。 文 | 表外表里 ，作者 | 赫晋一、张冉冉 ，编辑 | 曹宾玲、付晓玲 大消费，被视为"2026年最大投资机会之一"，但投哪里、怎么投，众说纷纭。 打开社交平台，年轻人为限量潮玩一掷千金，中产炮轰山姆搞"国产替代"，每逢节假日中国游客就像泡发的压缩木耳一样炸满全球，消费力有目共睹。然 而，千亿级增长的居民存款，又指向强预期、弱现实的风险。 就在年前，"表外表里"长期追踪的"中国线上消费品牌指数"（CBI）以及配套的"全球品牌中国线上500强榜单"（CBI500）发布了第三期，消费变化再次于 数据中得到验证：茅台、五粮液等"老登消费"CBI排名大跌，白酒行业整体销售、复购等指标疲软；"小登经济"的代表泡泡玛特，则在股价大跌的季度， 排名从第24蹿升到第12。 ...

Group 1: Investment Opportunities in Consumer Sectors - The core investment targets in the self-consumption sector, including gaming giants and companies like Pop Mart and Cloud Music, are currently trading at a PE ratio of less than 20x for 2026, indicating a high margin of safety [1] - The structural consumption dividend from young domestic users willing to pay for enjoyment remains intact, suggesting a favorable investment environment [1] Group 2: Gaming Industry Insights - The Z generation now accounts for 65% of domestic users, and the potential of female-oriented gaming segments is still underestimated [1] - The overseas market expansion is expected to unlock new growth avenues, with companies like Giant Network showing strong daily active user (DAU) growth and potential for IP development [1] - The upcoming Spring Festival is anticipated to catalyze further DAU increases for titles like "Supernatural Action," which has already launched in regions like Hong Kong and Macau [1] Group 3: Trends in Toy Industry - Pop Mart is experiencing overly pessimistic market expectations regarding single IPs, with expansion into new IPs and regions (especially North America) being crucial for mid-term growth [2] - The company has opened 171 stores globally, indicating significant room for growth in both breadth and density [2] - The lifecycle of IPs is being extended through successful product innovation and iteration, maintaining fan engagement [2] Group 4: Music Industry Analysis - Tencent's two music companies are valued at an average PE of 17x for 2026, indicating they are significantly undervalued given the stable demand for subscription services among young users [3] - The market's reaction to the impact of Soda Music is overly negative, as Tencent focuses on acquiring top-tier copyrights and creating differentiated content [3] Group 5: Other Entertainment Companies - Companies like Zhiyu City are showing low PE ratios with high growth potential, with expectations of entering the Hong Kong stock market in 2026 [4] - The AI narrative in the internet sector is being validated by companies like Alibaba Cloud, with expectations for AI model chips and applications to drive valuations [4] - Various companies are exploring AI applications across advertising, video, and product exports, indicating a broad trend towards AI integration in entertainment [4]

考虑到公司IP与品类矩阵多元化+柔性供应链及突出的IP和门店运营能力，叠加美洲及欧洲仍处于开店 相对初期，该行认为公司具备穿越潮流风险的潜力。泡泡玛特海外完成组织架构调整，从国内IP为主x 全球化渠道到全球化IPx全球化渠道平台效应下稳步成为世界的泡泡玛特。4月中旬，泡泡玛特CEO王宁 发布《组织架构全面升级，推进集团全球化战略目标》全员信，启动全球组织架构全面升级。 此次升级的核心是聚焦区域战略，在大中华区、美洲区、亚太区、欧洲区设置区域总部，泡泡玛特国际 集团高级副总裁文德一将兼任集团联席COO，与司德共同负责集团在全球业务的管理及运营工作。调 整后大区层有来自IP团队的支持，有望发掘来自世界各地的优秀IP。司德曾在采访提到希望地区限定款 有望从25H1的不到5%提升至10%-15%。海外架构调整后已经有出色的本地化产品表现，包括 Skullpanda xWednesday吊卡及Skullpanda x XG等。 线下销售与二手交易 公司注重线下门店的体验感(CEO王宁在《因为独特》中提到：线下是更有包裹感的品牌文化的传递方 式，开店非常重要，进到泡泡玛特的门店的体验是独特的)，该行认为在解决产能问题后， ...

消息面上，12月22日，喜茶与泡泡玛特旗下人气IP星星人的联名活动正式登陆喜茶全球门店，围绕"冬 日有星星"的联名概念，喜茶与充满治愈力量的星星人一起带来包括订制联名星星人形象、联名饮品、 联名周边、联名主题店、灵感巴士快闪等活动。 泡泡玛特(09992)尾盘涨近5%，截至发稿，涨5.13%，报202.6港元，成交额17.52亿港元。 中银国际此前发布研报称，泡泡玛特在IP的打造和运营上正探索出一条自主、可复制的路径，如星星人 即是由插画师大欣与阿力创作，泡泡玛特于2024年签约，签约仅1年就取得不错的市场反响。持续的IP 挖掘和运营能力是泡泡玛特的核心竞争力，能够维持多个稳定粉丝群IP及具备高成长潜力的新IP，IP生 态孵化和运营能力或存在预期差。市场情绪弱势，前期回调幅度较大背景下，泡泡玛特或已具备一定配 置价值。 ...

中银国际此前发布研报称，泡泡玛特在IP的打造和运营上正探索出一条自主、可复制的路径，如星星人 即是由插画师大欣与阿力创作，泡泡玛特于2024年签约，签约仅1年就取得不错的市场反响。持续的IP 挖掘和运营能力是泡泡玛特的核心竞争力，能够维持多个稳定粉丝群IP及具备高成长潜力的新IP，IP生 态孵化和运营能力或存在预期差。市场情绪弱势，前期回调幅度较大背景下，泡泡玛特或已具备一定配 置价值。 智通财经APP获悉，泡泡玛特(09992)尾盘涨近5%，截至发稿，涨5.13%，报202.6港元，成交额17.52亿 港元。 消息面上，12月22日，喜茶与泡泡玛特旗下人气IP星星人的联名活动正式登陆喜茶全球门店，围绕"冬 日有星星"的联名概念，喜茶与充满治愈力量的星星人一起带来包括订制联名星星人形象、联名饮品、 联名周边、联名主题店、灵感巴士快闪等活动。 ...

Core Insights - The collaboration between Heytea and Pop Mart's popular IP, Starry People, officially launched on December 22, featuring a "Winter with Stars" theme [2][6] - Starry People, created by illustrator and designer Da Xin, symbolizes courage, longing, and love, aiming for individuals to find themselves in different Starry People [1][6] - The partnership spans over 100 Heytea stores globally, including regions in mainland China, Hong Kong, Macau, and overseas markets like the USA, UK, and Canada [1][6] Product Offerings - Heytea introduced a range of collaborative products, including customized Starry People imagery, themed beverages, and exclusive merchandise [2][3] - New product offerings include Tiramisu Yinghong and AOP Tiramisu Croissant Tart, alongside classic items like Roasted Brown Sugar Bubble Milk [3][7] - Exclusive packaging featuring the new Starry People design includes drink cups, paper bags, and cup sleeves, along with limited-edition items like inspiration cards, stickers, badges, and tea bowls [7] Marketing and Engagement - The collaboration features themed decorations in Heytea stores, interactive installations like photo zones and Starry People receipt machines [3][6] - Heytea organized pop-up events in major cities such as Beijing, Shanghai, and Shenzhen to enhance customer engagement [3][6] - The overseas business of Heytea has seen rapid growth, with the number of international stores increasing over sixfold, surpassing 100 locations [7]

Core Viewpoint - The market sentiment towards Pop Mart has become pessimistic, with its stock price dropping over 40% from its peak of 340 HKD per share in 2025 to around 190 HKD currently [1]. Group 1: Market Sentiment and Consumer Behavior - Many overseas investors are losing faith in Pop Mart, with analysts expressing concerns about the high concentration of IPs and declining secondary market prices [2]. - The loyalty of core consumers is perceived to be low, with growth primarily driven by novelty rather than brand loyalty [2]. - New consumers are frustrated by the difficulty in purchasing desired IPs, leading to a decline in store visits and overall shopping experience [3][4]. Group 2: Supply Chain and Product Availability - Pop Mart's management has indicated a significant increase in plush toy production, yet they are still struggling to meet demand [7]. - The current product offerings in stores are primarily blind boxes, limiting the availability of popular IPs like Labubu [8]. - The company is exploring a "saturation" strategy by introducing more diverse product lines and themed collections to attract a wider audience [17][19]. Group 3: Store Experience and Consumer Engagement - Pop Mart has over 550 direct stores and 2,500 robot stores, focusing on flagship locations to enhance consumer experience [23]. - The company aims to create a rich storytelling environment in stores, enhancing the appeal of their products through effective display and design [29][30]. - The introduction of various themed collections allows consumers to access multiple IPs, potentially increasing engagement and reducing the impact of scalpers [19].

（原标题：AI突围战，盯上数字文娱风口） 南方财经记者谭砚文 张雅婷 魏彤 广州报道 "一首快节奏歌曲，由钢琴、吉他、架子鼓伴奏，适合短视频BGM（背景音乐）。"输入一句描述，点 击"Create"（创建）按钮，Suno AI就可以生成一首风格独特的BGM。 这正是AI技术瞄准数字文娱赛道的一个缩影。党的二十届四中全会提出"推进文化和科技融合，推动文 化建设数智化赋能、信息化转型，发展新型文化业态"，为"十五五"时期文化产业指明方向。 数字文娱站上风口。12月18日，2025年中国数字文娱大会落地广州，见证产业变局与发展。 从行业格局来看，1.75万亿元市场规模正托举"浪大"风口，微短剧、游戏、潮玩等赛道"鱼多"齐跃，而 AI正以"织网者"姿态，重构生产方式与消费体验。 需求升级与技术赋能之下，一场围绕数字文娱风口的AI突围战已全面开启，产业变革正全面提速。 作为文化产业的重要组成部分，数字文娱可以说正迎来最好的发展时期。 《中国文娱产业AI应用发展报告》显示，2024年我国数字文娱市场规模已攀升至1.75万亿元，市场规模 持续扩容。日前发布的"十五五"规划更提出大力繁荣文化事业，数字文娱"浪大"的行业趋势愈 ...