Core Insights - The release of Labubu's new products from the "THE MONSTERS" series by Pop Mart has led to a significant demand, resulting in immediate sellouts both online and offline [1][2][5] - The phenomenon of scalping has emerged, with scalpers using various methods to purchase the products in bulk and resell them at inflated prices, raising concerns about market order and consumer rights [2][5][6] Product Launch and Demand - On June 12, Pop Mart launched new products including the Labubu THE MONSTERS series figurines priced at 66 yuan and the Labubu shrimp earphone bag priced at 99 yuan, which sold out quickly [1] - The following day, the Labubu blind boxes were also sold out in physical stores and vending machines, indicating high consumer interest [1][2] Scalping and Market Impact - Reports indicate that scalpers are using software and occupying vending machines to buy out the products, leading to conflicts with regular consumers [2][3][4] - The resale prices for the THE MONSTERS series figurines range from 80 yuan to 1300 yuan, while the shrimp earphone bags are sold for over 100 yuan to more than 1000 yuan on secondary platforms [5] Legal Concerns and Recommendations - Legal experts have noted that the actions of scalpers may violate multiple laws, including the potential for criminal charges if the behavior is deemed severe [2][6][7] - Recommendations include implementing purchase limits and real-name verification on e-commerce platforms to curb scalping, as well as the need for legislative measures to define and penalize scalping behavior [6][7]

Group 1 - The Hang Seng Consumption Index (HSCGSI) decreased by 1.22% as of June 13, 2025, with mixed performance among constituent stocks [1] - Six brands, including Luk Fook Holdings (00590) and Chow Tai Fook (01929), saw significant gains, while Youbao Online (02429) led the declines [1] - The Hang Seng Consumption ETF (159699) recorded a turnover of 3.61% during the session, with a total transaction value of 48.83 million yuan [1] Group 2 - As of June 12, 2025, the top ten weighted stocks in the Hang Seng Consumption Index accounted for 60.97%, with Pop Mart (09992) having the highest representation [2] - Pop Mart launched a new product series, Labubu, which sold out quickly, indicating strong consumer interest [2] - A report from Galaxy Securities suggests a "dual consumption structure" is emerging in China, reflecting a deep restructuring of the consumption market [2] Group 3 - Guotai Junan Asset Management views the current new consumption trend as a manifestation of "consumption downgrade," highlighting the need to monitor competitive dynamics in the market [3] - The report emphasizes that some new consumption stocks may lack competitive barriers, suggesting a potential mismatch between supply and demand [3] - The "new consumption" sector is gaining popularity and attracting significant investment, showing clear "track characteristics" [3] Group 4 - The Hang Seng Consumption ETF (159699) offers T+0 trading and provides an easy way to invest in Hong Kong's new consumption sector [4]