每日投资策略 公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,630 | 0.17 | 3.90 | | 恒生国企 | 9,114 | -0.09 | 2.25 | | 恒生科技 | 5,762 | 0.28 | 4.47 | | 上证综指 | 4,123 | 0.14 | 3.87 | | 深证综指 | 2,714 | 0.69 | 7.21 | | 深圳创业板 | 3,329 | 1.01 | 3.92 | | 美国道琼斯 | 49,384 | 0.63 | 2.75 | | 美国标普 500 | 6,913 | 0.55 | 0.99 | | 美国纳斯达克 | 23,436 | 0.91 | 0.83 | | 德国 DAX | 24,856 | 1.20 | 1.49 | | 法国 CAC | 8,149 | 0.99 | -0.01 | | 英国富时 100 | 10,150 ...

每日港股評析 港股早晨快訊 2026 年 1 月 23 日星期五 2012-01- 17 市場回顧 中港股市短期展望 恒指短期阻力參考 27,188 點：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)，並可 能降準降息。中證監重申推動各類中長期資金進一步提高入市規模比例， 惟近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，短期 內可能會出現回調壓力。港股對於全球流動性的變化更為敏感，在地緣政 治不穩下，外資或減慢流入；同時，北水自去年第四季以來顯著減慢流入， 港股上升動能不足，恒指短期料受制 2025 年 11 月高位 27,188 點。 短期看好板塊 航空股：超長春節假期迎旅遊高峰，人民幣升值油價偏軟利好盈利 高息股：近期市場風險偏好降低，資金料流入防守性板塊 今日市場焦點 日本、歐元區、美國1月製造業及服務業PMI；日本央行 ...

一款会发出木鱼声的毛绒挂件盲盒，让沉寂许久的泡泡玛特股价重新活跃起来。 1月22日午后，泡泡玛特港股大涨超6%，报207.6港元，市值达2785亿港元，而推动这波上涨的正是一款被网友戏称为"电子木鱼"的新品。 二级市场的炒作热度更为惊人。据报道，在某电商平台的潮玩店铺中，隐藏款售价约327元，溢价率达230%。二手交易平台上该款最高标价为288 元，溢价率也有190%。这一价格表现与泡泡玛特此前的爆款产品如出一辙，显示出其核心粉丝群体的强劲购买力。 "PUCKY敲敲系列"将传统文化元素与现代电子玩具结合，敲击头部可触发音效，配合"财富+1""快乐+1"等互联网流行语标签，精准切中年轻消费 者的情绪解压需求。 "木鱼一敲烦恼全消"的产品理念在社交媒体上引发广泛共鸣。这种将传统禅意与现代潮玩结合的创新，既保留了泡泡玛特一贯的可爱风格，又赋 予产品更多情感价值和社交属性，成为年轻人表达情绪、寻求心理慰藉的新方式。 这款名为"PUCKY敲敲系列"的毛绒挂件盲盒于1月推出，将传统木鱼改造为电子发声装置，轻拍头部即可触发清脆音效，搭配"财富+1""快乐 +1"等好运标签，主打情绪解压功能，产品一经推出迅速冲上热搜。 市场 ...

Core Insights - The report outlines three major trends in the Chinese media market for 2025: emotional resonance, value return, and global connection [1] Group 1: Emotional Resonance - The media is becoming a "barometer" for emotional value, reflecting the growing demand for emotional connection in society [2][3] - By August 2025, content related to emotional healing on platforms like Douyin and Kuaishou has reached 709.7 billion views, indicating a significant shift towards emotional economy [2][11] - Media serves as a "laboratory" to validate and optimize emotional communication, using data from likes and shares to gauge audience sentiment [3][19] Group 2: Value Return - The fragmentation of media consumption has led to a resurgence in demand for high-quality content, with over half of users expressing dissatisfaction with algorithmic recommendations [4][5] - The media is transitioning from a "traffic era" to a "value era," focusing on structured, serialized, and thematic content to build long-term value [5] Group 3: Global Connection - As Chinese brands expand internationally, media plays a crucial role in global storytelling, with over 85 international communication centers established and 2,300 domestic media accounts operating overseas [6][7] - The media is adopting a dual approach of "localization" and "in-situ" strategies to bridge cultural gaps, using relatable narratives and local influencers to enhance engagement [7]

Group 1 - The core idea revolves around the concept of emotional value in branding, suggesting that brands can differentiate themselves by deeply satisfying consumer emotions, which is crucial in a competitive market [1][2] - The article highlights a significant trend where many brands are facing closures or deregistration, reaching a 14-year high in 2024, indicating a need for brands to better understand consumer psychology [1][2] - Emotional value is linked to economic value, as consumers are willing to pay a premium for brands that resonate with their identity and values, exemplified by the success of blind box products [2][4] Group 2 - The shift from material consumption to experiential consumption is emphasized, particularly in Japan, where consumers seek emotional fulfillment through unique experiences rather than just products [3][4] - The rise of products that provide emotional comfort, such as stress-relief toys and virtual goods, showcases the growing potential of the emotional consumption market [4] - Emotional value is identified as a new driving force in consumer behavior, reshaping value perceptions and offering businesses new avenues for economic growth [4]

Core Insights - The article discusses the significance of emotional value in branding and consumer relationships, emphasizing that understanding consumer psychology is crucial for brands to thrive in a competitive market [1][2][4]. Group 1: Emotional Value and Consumer Behavior - Emotional value translates into economic value as consumers are willing to pay a premium for positive emotional experiences associated with brands [2]. - Brand premium is explained through emotional value, where consumers expect emotional satisfaction and are willing to pay for it, reflecting their identity and values [2]. - Examples of brands like Labubu demonstrate how emotional value can lead to significant market prices, with blind boxes being sold for thousands, showcasing the strong monetization potential of emotional value in consumer markets [2]. Group 2: Experience-Driven Consumption - The shift from material consumption to experience consumption is highlighted, particularly in Japan, where consumers seek emotional fulfillment through unique experiences [3]. - Japanese agricultural marketing strategies focus on providing consumers with experiences, such as fruit picking and farm visits, which enhance emotional connections to products [3]. - Social media amplifies the influence of emotional value, with seemingly trivial products gaining popularity as emotional outlets for consumers [3][4]. Group 3: Emerging Trends in Emotional Consumption - The rise of products that provide immediate emotional relief, such as stress-relief toys, indicates a growing market for emotional consumption [4]. - The popularity of niche products, like "谷子" merchandise, reflects the vast potential of the emotional consumption market as it transitions from niche to mainstream [4]. - Emotional value is reshaping consumer values, allowing for spiritual satisfaction beyond material needs, and presenting new business opportunities for companies [4].

Investment Rating - The report indicates a positive outlook on the emotional consumption market, predicting significant growth in related industries [28][27]. Core Insights - Emotional consumption is increasingly recognized as a vital aspect of young people's spending habits, driven by the need for immediate emotional relief and self-expression [10][18]. - The emotional consumption market in China is expected to exceed 2 trillion yuan by 2025, with a compound annual growth rate of 12% since 2013 [28][27]. - Young consumers are willing to pay a premium for products that provide emotional value, with 90% expressing a readiness to spend more for emotional satisfaction [21][27]. Summary by Sections Section 1: Current Consumption Trends - 88.2% of young people report feeling stressed, leading to a rise in consumption behaviors that provide immediate positive feedback [4][7]. - Nearly 60% of consumers believe that spending helps alleviate stress, highlighting the importance of emotional products [8][21]. - Young consumers allocate nearly 30% of their spending to interests, indicating that consumption is a form of self-expression [10][14]. Section 2: Emotional Consumption Market Growth - The global healing economy is projected to reach $7 trillion by 2025, with emotional consumption being a key component [28]. - The report highlights rapid growth in sectors such as trendy toys, cultural tourism, and pet-related products, all benefiting from the emotional consumption trend [27][30]. - The trendy toy market in China is expected to reach 90 billion yuan in 2024, with a 14% annual growth rate [30]. Section 3: Consumer Behavior and Preferences - Young consumers are increasingly drawn to unique and quirky products that provide emotional satisfaction, often referred to as "spiritual fast charging" [33][34]. - The popularity of stress-relief products, such as fidget toys, has surged, with significant engagement on social media platforms [35][36]. - Emotional consumption is characterized by a shift towards instant gratification, with young people prioritizing experiences and products that offer immediate joy [18][19]. Section 4: Demographic Insights - The report categorizes young consumers into five distinct emotional consumption personas, each reflecting different motivations and spending behaviors [41][42]. - These personas include individuals who seek emotional release, self-reward, and novelty, showcasing the diverse motivations behind emotional spending [41][42]. Section 5: Future Outlook - The report anticipates continued growth in the emotional consumption market, driven by evolving consumer preferences and the increasing importance of emotional well-being [27][28]. - Platforms like Douyin (TikTok) are playing a crucial role in shaping trends and facilitating the discovery of new emotional products [106][108].