2026.01.29 本文字数：1838，阅读时长大约3分钟 作者 |第一财经 林靖 情绪经济是一种由情绪消费驱动的新兴经济形态。有媒体分析，如今的消费者越来越愿意为开心、治 愈、氛围感、归属感买单，消费选择早已超越了传统刚需的范畴。由此衍生出的一系列消费新业态、新 模式，共同构成了当下火热的"情绪经济"。 从抢购LABUBU到热门影视IP的周边，从景德镇"鸡排哥"意外走红到网络上流行的"爱你老己"，从为一 场演唱会奔赴千里之外到"苏超"比赛的一票难求……情绪经济、悦己经济正在快速崛起。 广东省体改研究会执行会长彭澎对第一财经分析，随着经济发展、生活水平提高，人们在基本的吃饱穿 暖之外，有更多其他层面的消费需求。同时，现在人的生活状态比较复杂，竞争压力比较大，很多人面 临复杂的场景，需要解压，焦虑情绪需要释放。 2025年，凭借丑萌怪异造型强势出圈潮玩LABUBU，成为很多年轻人的"心头好"。来自大连的90后赵女 士买了泡泡玛特诸多产品，包括labubu、星星人系列，还专门买了一个柜子存放。"每天下班回家，打 开柜子，捏一捏，心情就好很多，很放松，觉得这是专属于自己的世界，可以找到情绪的寄托，可以暂 时缓解工 ...

2026.01. 29 本文字数：1838，阅读时长大约3分钟 作者 | 第一财经 林靖 与此同时，演唱会成为人们情绪释放的窗口之一。不只是年轻人，很多中老年人也有情绪消费。根据 《重庆日报》报道，2025年张学友重庆站首场的购票观众中，40岁以上人群占比高达49.5%。 有业内人士分析指出，老牌歌手演唱会备受追捧的背后，是一种情感共鸣与怀旧心理。演唱会变成了 另一种KTV现场，大家一起唱歌、抒发情绪、缅怀青春。 近期召开的地方两会中，情绪价值、情绪经济、悦己经济成为热词。 1月28日上午，重庆市六届人大四次会议开幕。重庆市政府工作报告提到，培育新型消费，发展银发 经济、首发经济、票根经济、情绪经济。 今年的湖北省政府工作报告提出，2026年将回应人民群众对实用价值、情绪价值与知识价值的新需 求，深入实施提振消费专项行动。 1月27日，江西省第十四届人民代表大会第四次会议开幕，省政府工作报告提出，要打造国潮经济、 情绪经济等新业态新模式。《江西省2025年国民经济和社会发展计划执行情况与2026年国民经济和 社会发展计划草案》显示，江西将积极拓展新型消费，打造数字消费新场景，围绕"人工智能+消 费"，探索虚拟 ...

近期召开的地方两会中，情绪价值、情绪经济、悦己经济成为热词。 1月28日上午，重庆市六届人大四次会议开幕。重庆市政府工作报告提到，培育新型消费，发展银发经 济、首发经济、票根经济、情绪经济。 今年的湖北省政府工作报告提出，2026年将回应人民群众对实用价值、情绪价值与知识价值的新需求， 深入实施提振消费专项行动。 1月27日，江西省第十四届人民代表大会第四次会议开幕，省政府工作报告提出，要打造国潮经济、情 绪经济等新业态新模式。《江西省2025年国民经济和社会发展计划执行情况与2026年国民经济和社会发 展计划草案》显示，江西将积极拓展新型消费，打造数字消费新场景，围绕"人工智能+消费"，探索虚 拟现实等技术在文旅、零售、教育、医疗等领域的深度融合；培育"情绪消费"场景，发展潮玩"谷 子"店、"谷子"经济卖区等消费业态；打造国潮经济消费新增长点，提升瓷器、中药、茶叶等历史经典 名品消费。 今年的贵州省政府工作报告提到，适应消费新趋势，挖掘服务消费潜力，大力发展首发经济、银发经 济、演艺经济、票根经济、谷子经济、悦己经济等，因地制宜打造玩具手办、国潮IP等年轻化消费产 品，推出一批非遗夜市、中医药文化夜市等主题 ...

Core Viewpoint - The market sentiment towards Pop Mart is increasingly bearish, with a significant rise in short-selling activity and a notable decline in the resale prices of its core IP product, LABUBU [2][3][4]. Group 1: Market Sentiment and Short Selling - From December 2 to December 8, the number of shares sold short increased from 1.11 million to 5.39 million, and the short-selling amount rose from 241 million HKD to 1.09 billion HKD [2]. - On December 30, the short-selling amount for Pop Mart reached 458 million HKD, with 2.39 million shares sold short [2]. Group 2: LABUBU Product Performance - LABUBU, a core character of Pop Mart's THE MONSTERS family, generated revenue of 3.04 billion CNY in 2024, marking a year-on-year growth of 726.6% [3]. - The average transaction price for LABUBU products on second-hand platforms has decreased, with some styles selling below the official price [5]. - Recent data shows that the average transaction price for LABUBU on Xianyu platform was 83.5 CNY, with 68% of users expecting further price declines [5]. Group 3: Stock Performance and Market Capitalization - On December 30, Pop Mart's stock closed at 190.8 HKD per share, down 4.55%, with a total market capitalization of 256.23 billion HKD [4]. - Since reaching a peak in August, Pop Mart's stock has declined over 40%, resulting in a market value loss exceeding 200 billion HKD [4]. Group 4: Industry Analysis and Future Outlook - Analysts indicate that the decline in secondary market prices undermines the speculative value of collectible toys, leading to a shift from buying to selling among consumers and resellers [8]. - Deutsche Bank's report suggests that Pop Mart is gambling on short-term revenue growth at the expense of long-term brand value by increasing production capacity from 10 million units per month to 50 million units [8]. - The company is advised to diversify its IP strategy and create a content system rather than relying solely on LABUBU [10].

Group 1 - The core viewpoint of the article highlights the recent decline in the Hong Kong new consumption sector, particularly the significant drop in Pop Mart's stock price, which fell by 10%, marking the largest single-day decline since April [3] - Despite the stock decline, several brokerages, including CMB International and Guojin Securities, maintain a "buy" rating on Pop Mart, citing sustained growth momentum and potential for overseas market expansion through localized operations [3] - Pop Mart's latest business update for Q3 2025 shows a substantial revenue increase of 245% to 250% year-on-year, with specific growth in China at 185% to 190%, and online sales soaring by 300% to 305% [3] Group 2 - The article notes that the Starry People series from Pop Mart has sparked another buying frenzy, following the success of the Labubu series [4]

Core Viewpoint - The Hong Kong stock market's new consumption sector experienced a decline, with Pop Mart's stock price dropping by 10%, marking its largest single-day decline since April [1] Company Performance - Pop Mart announced its latest business situation for Q3 2025, reporting an overall revenue increase of 245% to 250% year-on-year [1] - Specifically, revenue from China for Q3 grew by 185% to 190% [1] - Offline channels saw a revenue increase of 130% to 135%, while online channels experienced a growth of 300% to 305% [1] - The overseas market showed even more significant growth, with a year-on-year increase of 365% to 370% [1] - Revenue growth in the Asia-Pacific region was 170% to 175%, in the Americas it was 1265% to 1270%, and in Europe and other regions it was 735% to 740% [1] Market Sentiment - Despite the stock price decline, brokerages like CMB International and Guojin Securities maintained a "buy" rating for Pop Mart, citing sustained growth momentum and potential for overseas market expansion through localized operations [1]

Group 1 - The Hong Kong new consumption sector experienced a decline, with Pop Mart's stock price dropping by 10%, marking the largest single-day decline since April [1] - According to brokerage views, both CMB International and Guojin Securities maintained a "buy" rating for Pop Mart, highlighting its sustained growth momentum and potential for overseas market expansion through localized operations [3] - Pop Mart announced a significant increase in its third-quarter revenue, with an estimated growth of 245% to 250% year-on-year, driven by strong performance in both domestic and international markets [3] Group 2 - In the third quarter, Pop Mart's revenue in China grew by 185% to 190%, with offline channels increasing by 130% to 135% and online channels by 300% to 305% [3] - The overseas market showed even more impressive growth, with a year-on-year increase of 365% to 370%, including a 170% to 175% increase in the Asia-Pacific region and a staggering 1265% to 1270% increase in the Americas [3] - The launch of the Star People series, following the success of Labubu, has generated significant consumer demand, indicating strong brand engagement [3]

Group 1 - The core viewpoint of the news is that Pop Mart has reported significant revenue growth for the third quarter of 2024, with overall revenue increasing by 245% to 250% year-on-year [1] - Revenue from China has increased by 185% to 190% year-on-year, while overseas revenue has surged by 365% to 370% [1] - As of October 21, Pop Mart's stock has dropped over 8%, with a market capitalization of HKD 336.3 billion [4] Group 2 - The Labubu series has previously generated significant consumer interest, and the new Star People series has also sparked a buying frenzy [6]

Core Viewpoint - Pop Mart announced a significant increase in overall revenue for the third quarter, with a year-on-year growth of 245%-250% compared to the same period in 2024, driven by strong performance in both domestic and international markets [1]. Group 1: Revenue Growth - Overall revenue for the third quarter is expected to grow by 245%-250% year-on-year [1]. - Revenue from China is projected to increase by 185%-190% year-on-year [1]. - International revenue is anticipated to rise by 365%-370% year-on-year [1]. Group 2: Market Performance - As of October 21, Pop Mart's stock price has dropped over 8%, with a market capitalization of 336.3 billion HKD [4]. Group 3: Product Demand - The Starry People series from Pop Mart has sparked another buying frenzy, following the success of the Labubu series [5].

Core Insights - The Hong Kong stock market saw a net inflow of 63.03 billion HKD from northbound trading, with the Shanghai Stock Connect contributing 56.56 billion HKD and the Shenzhen Stock Connect contributing 6.47 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Meituan-W (03690), Tracker Fund of Hong Kong (02800), and CNOOC (00883) [1] - The most sold stocks included Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2: Detailed Stock Transactions - Alibaba-W (09988) had a buy amount of 36.49 billion HKD and a sell amount of 47.61 billion HKD, resulting in a net outflow of 11.12 billion HKD [2] - SMIC (00981) saw a buy amount of 28.06 billion HKD and a sell amount of 26.47 billion HKD, resulting in a net inflow of 1.59 billion HKD [2] - Meituan-W (03690) had a buy amount of 12.26 billion HKD and a sell amount of 5.78 billion HKD, resulting in a net inflow of 6.48 billion HKD [2] Group 3: Market Trends and News - Meituan announced an upgrade to its "Prosperity Plan" for restaurant merchants, allocating an additional 2.8 billion HKD to support profit retention and healthy development [6] - CNOOC received a net inflow of 5.39 billion HKD, with analysts suggesting that stable oil prices and high dividends could enhance its valuation [6] - Alibaba's significant net outflow of 21.53 billion HKD comes amid the launch of its Double 11 promotional campaign, with substantial investments in marketing [8]