Core Viewpoint - Citigroup maintains a constructive outlook on Pop Mart's growth potential despite recent stock price weakness, attributing concerns to the decline in second-hand prices of LABUBU V3 and calls for stricter regulation on blind boxes and blind cards by the People's Daily [1] Group 1: Market Concerns - The recent stock price weakness of Pop Mart is primarily due to market worries regarding the decline in second-hand prices of LABUBU V3 and regulatory calls for blind box products [1] - The decline in LABUBU V3 second-hand market prices is attributed to increased supply rather than a decrease in the popularity of the IP [1] Group 2: Demand and Supply Dynamics - Despite replenishment efforts, LABUBU V1 and V2 continue to be in short supply, indicating sustained demand and rising popularity of the IP [1] - The article from the People's Daily serves as a reminder against blind purchases, particularly highlighting the popularity of these products among minors, while noting that Pop Mart's primary customer base consists of adults [1] Group 3: Investment Opportunities - Citigroup views the recent stock price adjustment as providing more entry opportunities for investors interested in Pop Mart [1]

摘要 1、今天，A股三大指数集体收跌，有超3600只个股下跌，白酒、银行等板块逆势上涨，发生了什么？ 2、南向资金年内净流入港股近7000亿，港股今天再度上涨，还能上车吗？ （图片来源：东方财富APP，统计截至2025/6/20，不作投资推荐） 两市成交额1.07万亿元，缩量明显，盘面上，银行保险、白酒板块逆势上涨，传媒、半导体、医药等板块回调。 分析人士认为， A股回调后风险逐步释放，市场仍或区间震荡，配置上建议维持哑铃策略，大盘配置红利价值等高质量资产，小盘配置科技量化等交 易型资产。 A股下跌，港股上涨，原因何在？ 今天，A股港股出现了分化，A股收跌，但港股恒生指数涨幅超过了1%。 3、泡泡玛特跌近4%，白酒板块上涨，新消费VS传统消费，该怎么选？ 真话白话说财经，理财不说违心话 --这是第1370 篇白话财经- - 今天，A股三大指数集体下跌，有超3600只个股下跌。 （图片来源：东方财富APP，统计截至2025/6/20，不作投资推荐） 到底发生了什么？ 1、最新LPR维持不变，短期内政策加码预期降温。 （图片来源：中国外汇交易中心官网，不作投资推荐） 业内人士表示，此次LPR持稳符合预期，在5月两 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 盲卡盲盒哪能"无拘无束"？据人民日报报道，不少未成年人沉迷抽盲卡、盲盒，有消费失控现象。不少 孩子原本只是拿零花钱偶一为之，逐渐发展到豪掷千金，并陷入攀比、竞赛的怪圈。 如今，盲卡早已超越简单的收藏功能，变成儿童青少年社交圈里的"硬通货"。未成年人沉迷盲盒，耗费 大笔金钱，很容易衍生种种问题，比如家长和商家围绕购买行为是否有效产生纠纷；未成年人也容易在 这种刺激的、无节制的购买中迷失，逐渐成瘾，形成错误的消费观念。 因此，对于瞄准未成年人的盲盒，需要进一步强化监管规定的刚性。比如上述规范指引中，虽对盲盒消 费的年龄做出了限制，但未规定相应处罚。对此不妨进一步明确，对于疏于年龄审核的商家，明确一定 的惩罚性措施。 对于商家如何验证年龄，如何明确监护人的知情和同意，相关规定需要进一步明确。有专家建议，线上 平台可采取"实名认证+人脸识别+监护人二次验证"三重验证机制，线下则设立"未成年人专区"等方式， 进一步明确商家验证售卖对象的标准和规范。 要避免未成年人沉迷盲卡、盲盒，家长也应当负起责任——毕竟，孩子的钱是从家长手中要来的，不能 只给零 ...

Core Viewpoint - The article highlights the rapid rise of blind boxes and blind cards among children and teenagers, emphasizing the irrational consumption patterns and the need for regulatory measures to protect minors [1] Group 1: Market Trends - Blind cards have gained popularity among children and teenagers due to the appeal of "unknown surprises," leading to significant spending, with some individuals spending hundreds or even thousands of yuan in a single transaction [1] - The function of blind cards has evolved beyond simple collection to becoming a form of "hard currency" within social circles of minors [1] Group 2: Regulatory Concerns - The article points out the existence of "commercial traps" and the lag in regulatory measures concerning blind cards and blind boxes, which raises concerns about the protection of minors [1] - Experts recommend improving legislation and implementing strict regulations for blind cards and blind boxes, as well as enhancing protections for minors [1] - There is a call for the establishment of a joint enforcement mechanism among market regulation, internet information, and education departments, utilizing big data analysis to identify abnormal transactions and combat false advertising and inducement to consume [1]

Group 1 - The core viewpoint of the article highlights the decline of new consumption concept stocks in the Hong Kong market, particularly noting a significant drop in Pop Mart's stock price by 6.19% [1] - The article mentions that the popularity of blind boxes among children and teenagers has led to some spending as high as several thousand yuan for rare cards, raising concerns about consumer behavior [1] - It is suggested that regulatory bodies should implement strict regulations to protect minors, including prohibiting sales to children under 8 years old and requiring parental consent for those over 8, along with setting spending limits [1] Group 2 - Pop Mart's stock performance reflects broader market trends in the new consumption sector, indicating potential volatility and investor caution [1] - The mention of regulatory measures indicates a potential shift in the market landscape, which could impact companies involved in the blind box and collectible card industries [1] - The focus on consumer protection for minors suggests that companies may need to adapt their marketing and sales strategies to comply with new regulations [1]

近年来，盲卡在儿童青少年中迅速走红，非理性消费屡见不鲜，部分孩子为追求稀有卡牌高价消费。盲 卡利用"未知惊喜"吸引未成年人，成为社交"硬通货"，但却隐藏"商业陷阱"，诱导冲动消费。尽管相关 法规已有指导，但因缺乏严格身份验证，落实难度大，未成年人保护面临挑战。专家建议完善立法，实 行严格身份核验，加强联合执法，保护未成年人权益。家长若发现孩子大额消费，应提供证据，积极维 权。(人民日报) ...

疑 消费失控：从"零花钱"到"豪掷千金" 周五一放学，重庆江北区13岁的明明攥着50元零花钱，三步并作两步冲进学校旁的文具店，眼睛盯着货 架上的盲卡，"老板，来10包最新款奥特曼卡！" 随着包装撕开的脆响，明明快速翻找卡片，脸上从期待转为失落——又都是普通卡。"再买一些说不定 就能抽到黄金卡！"他咬咬牙，又掏出了剩下的30元。 这两年，继盲盒火爆后，盲卡凭借"未知惊喜"的卖点，迅速在儿童青少年群体中走红。非理性消费在儿 童青少年中屡见不鲜，部分孩子为了追求稀有卡牌，单次消费高达数百元甚至数千元。 "带着孩子出去逛街，衣服不买、餐厅不去。见到'谷子'店就走不动道，非要买盲卡。晚上回家拿着平 板说是看网课，其实偷偷看盲卡直播，给的零花钱和饭钱都攒下来买它了。"王小萍的父亲王先生对记 者说。 孩子为啥会沉迷购买盲卡？孩子为什么可以随意购买盲卡？针对这些问题，记者开展了调查。 探 沉迷背后："商业陷阱"与监管滞后 "盲卡其实就是盲盒和'谷子'结合起来的一类变种。"在天津从事相关生意多年的张先生向记者介绍，"谷 子"是英文"goods（商品）"的谐音，基本是动漫、影视剧和游戏的周边，比如徽章、钥匙扣、卡牌等小 商品。卡 ...

在江苏南京市一小学附近的文具店，一名小学生选购卡牌 盲盒。 新华社记者 李 博摄 在浙江省湖州市一家百货商场，小朋友为拆到"珍藏卡"欢 呼。 新华社发 北京市朝阳区某购物商场一家店铺，各色动漫卡牌整齐摆放，"小马宝莉""魔卡少女""奥特曼"等卡牌吸 引不少青少年驻足挑选。 继盲盒之后，以动漫、游戏、影视等IP为主题的盲卡，正在成为众多00后甚至10后的"心头好"，但这小 小卡牌却是不少家长的"心头刺"。这种拆盲卡的游戏潜藏什么风险？应如何有效治理？ 盲卡成"社交密码" 数据显示，从2019年到2024年，中国集换式卡牌市场规模从28亿元增长至263亿元，复合年增长率达到 56.6%，2025年有望达到299亿元,是国内潮玩行业增长最快的细分品类。 "有些孩子的行为已不是简单的收集爱好，而是典型的成瘾行为。"北京回龙观医院成瘾医学中心主任杨 可冰指出，"将拆卡视为生活的重心，停止拆卡就焦躁不安，为获取卡牌不惜撒谎、偷窃，这完全符合 世卫组织《国际疾病分类》对行为成瘾的诊断标准。" 沉迷盲卡严重影响学业。邓老师表示，班里有学生迷上拆卡后，成绩从年级前列下滑100多名，上课无 精打采，对画画、弹琴等爱好也渐渐失了兴 ...