Core Insights - The "Starry People Delicious Moments Series" by Pop Mart was released on September 30 and sold out instantly, trending on Weibo [1] - The hidden variant "Little Bear Biscuit" saw its highest transaction price rise from 59 yuan to 929 yuan, an increase of 870 yuan, representing a nearly 15-fold premium [1] - The popularity of the series is reflected in the high demand, with over 9,000 users expressing interest in the products on the Dewu app [1] Pricing and Premiums - The single blind box price increased from 59 yuan to 249 yuan, a 3.2-fold premium [1] - The price for a complete box rose from 354 yuan to 1319 yuan, a 2.7-fold premium [1] - The top three most popular items in terms of transaction volume were "Vanilla Crisp," "Matcha Crisp," and "Salty Cookie," each with premiums exceeding 5 times [1] User Interest and Additional Products - The "Starry People Delicious Moments Series" figurines also gained significant attention, with 13,000 users indicating interest [2] - The price of a single blind box for this series increased from 69 yuan to 128 yuan, a 0.8-fold premium, while the complete box price rose from 828 yuan to 983 yuan, a 0.2-fold premium [2] - Upcoming products for the National Day holiday include various merchandise such as plush pillows and phone accessories, with the plush baguette pillow's price increasing from 169 yuan to 495 yuan, a 1.9-fold premium [2]

Core Insights - The "Starry People Delicious Moments Series" by Pop Mart is set to launch tonight at 10 PM, featuring collectible figures and plush accessories, with a notable focus on plush keychains priced at 59 yuan each [1] - The secondary market has seen significant price inflation, with complete sets of plush keychains selling for approximately 600-900 yuan, more than double the official price of 354 yuan [1] - The hidden variant "Little Bear Cookie" has reached a peak resale price of 929 yuan, representing a 15-fold increase from its original price [1] Pricing and Market Demand - The plush keychains consist of 6 regular and 1 hidden variant, with resale prices averaging 856 yuan on secondary platforms, indicating strong demand [1] - The top three most sought-after plush keychains have resale premiums exceeding 3.6 times their original price, while the least popular variant still sees a premium of 3.3 times [1] - The collectible figures from the same series, originally priced at 828 yuan for a set of 12 plus one hidden variant, are being resold for 1055 yuan, reflecting a 27% markup [1]

Investment Rating - The report maintains a "Buy" rating for stocks, expecting a relative return of over 20% within the next six months [23] Core Insights - The Hong Kong stock market showed positive momentum with the Hang Seng Index rising by 0.59% and the Hang Seng Technology Index increasing by 5.09% during the week [1] - Tencent's release of the Mixed Yuan 3D 3.0 model is expected to enhance the valuation of Hong Kong technology stocks, with significant improvements in modeling precision and detail [2][6] - Continuous structural inflow of southbound funds is noted, particularly into internet and consumer sectors, with major investments in Alibaba, Meituan, and Pop Mart [2][18] Summary by Sections Market Overview - The Hang Seng Index increased by 0.59% with a trading volume of 1.73 trillion yuan, while the Hang Seng Technology Index rose by 5.09% [1] - Southbound funds recorded a net inflow of 33.726 billion yuan for the week, totaling 1,031.159 billion yuan year-to-date, which is 138.59% of the total net inflow for 2024 [1][16] Sector Performance - The top-performing sectors for the week were Electrical Equipment and Semiconductors, with weekly gains of 15.57% and 9.85% respectively [1] - Notable stocks included CATL in the Electrical Equipment sector, which saw a weekly increase of 19.11%, and SMIC and Hua Hong Semiconductor in the Semiconductor sector, which rose by 11.16% and 18.47% respectively [1] AI and Technology Developments - Tencent's Mixed Yuan 3D 3.0 model boasts a threefold increase in modeling precision and supports ultra-high-definition modeling with 3.6 billion voxels, aimed at various industries including gaming and e-commerce [2][6] - The report suggests focusing on platform-based internet companies with synergistic advantages in computing power and application scenarios, including Tencent, Kuaishou, Alibaba, and others [2] Investment Recommendations - For internet companies, Tencent is projected to have a PE of 25X for 2025, with strong overseas gaming growth expected to continue [2] - Meituan is anticipated to maintain stable growth, while Alibaba's cloud business is expected to sustain high growth rates [2] - In the new consumption sector, Pop Mart is highlighted for its accelerating global IP strategy and significant profit potential [3]