Core Viewpoint - The rental market for Labubu figures has surged as the supply from Pop Mart increases, leading to a decrease in scalper prices and a growing interest in renting these collectibles for events and social media content [2][7][15]. Group 1: Market Trends - Labubu has become a popular collectible, suitable for photography and social media, prompting consumers to opt for rentals over purchases to reduce costs [7]. - The rental prices for Labubu figures range from 30 to 80 yuan per day, with various sellers offering services on platforms like Xianyu [2][7]. - Since June, the transaction volume for Labubu rentals has doubled compared to May, with search volume increasing tenfold [15]. Group 2: Consumer Behavior - Consumers are increasingly renting Labubu figures for events like weddings, as they are not essential items and can take up space if purchased [7]. - A consumer noted that in February, acquiring a Labubu figure required paying a premium, which is now less common due to increased supply [7]. Group 3: Sales Projections - The sales revenue for Labubu's THE MONSTERS series is projected to reach 3 billion yuan in 2024, with expectations to grow to 14 billion yuan by 2027 [16]. - Morgan Stanley forecasts a 152% year-on-year growth in overseas sales by 2025, with a compound annual growth rate of 42% from 2025 to 2027, accounting for 65% of total sales by 2027 [16].

Geopolitical Developments - Iran's Islamic Revolutionary Guard Corps announced the use of the "Mudstone" missile against Israel, marking the 13th phase of the "Real Commitment 3" operation [2] - Iranian Supreme Leader Khamenei declared that the conflict with Israel has entered a new phase, stating "the great war has begun" [3] - U.S. President Trump commented on the situation, expressing support for Israeli Prime Minister Netanyahu to continue actions against Iran [3][17] U.S. Policy Changes - The U.S. government has resumed processing foreign student visas, requiring applicants to make their social media accounts public for scrutiny [4] - The Federal Reserve maintained the federal funds rate at 4.25%-4.50%, with expectations of two rate cuts this year, while raising inflation forecasts [6] Financial Sector Developments - The Central Financial Committee of China issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability and competitiveness over the next five to ten years [7] - The People's Bank of China announced eight major financial policies, including the establishment of a digital RMB international operation center and a personal credit institution [9] Market Reactions - On June 18, institutional investors showed varied activity, with 14 stocks experiencing net buying and 20 stocks facing net selling, highlighting market dynamics [23][24] E-commerce Trends - Reports indicated that some products on e-commerce platforms saw price increases instead of decreases during the promotional period, affecting various categories including clothing and electronics [27]

Core Insights - The rise of Labubu rental business reflects a shift in young consumers' spending habits, where ownership is less important than social recognition and emotional connection [2] - Labubu has become a leading IP under Pop Mart, with a staggering revenue increase of 726.6% year-on-year in 2024, making it the top revenue-generating IP for the company [2] - The secondary market for Labubu products has seen significant price increases, with items like the 3.0 blind box rising from an original price of 594 yuan to 1800 yuan, indicating strong demand and speculative trading [3] Group 1: Rental Market Dynamics - Users are renting Labubu figurines on second-hand platforms like Xianyu, with daily rental prices ranging from 30 yuan to 80 yuan [1] - The rental market has seen a tenfold increase in search volume for Labubu-related items since June compared to May, with rental transaction volume doubling in the same period [1] - Sellers in the rental market are primarily Labubu enthusiasts, with some reporting multiple successful transactions over several months [1] Group 2: Consumer Behavior and Market Trends - The trend of renting Labubu items is driven by a desire for social acceptance among younger consumers, particularly those from the "Z generation" [2] - The development of quality IPs like Labubu requires a comprehensive approach that includes creative incubation, commercial transformation, and scene operation, highlighting the importance of industry collaboration [2] - The secondary market for Labubu products is characterized by soaring prices, with certain items fetching prices significantly above their original retail values, indicating a robust collector's market [3]

Group 1 - The rise of the Labubu brand reflects a significant trend in China's IP economy, driven by cultural confidence and commercial innovation [1][9] - Labubu has seen a dramatic increase in rental activity, with daily rental prices ranging from 30 to 80 yuan, and a notable surge in search volume on platforms like Xianyu, increasing tenfold since May [1][8] - The brand's popularity is supported by a strong fan base and substantial market value, with Labubu-related revenue projected to increase by 726.6% year-on-year in 2024, making it the top IP for Bubble Mart [9] Group 2 - The secondary market for Labubu products has experienced significant price inflation, with items originally priced at 594 yuan now selling for 1800 yuan, and limited edition items reaching prices as high as 3000 yuan [9] - The trend of renting Labubu figures indicates a shift in consumer behavior among younger generations, who prioritize emotional connection and social recognition over mere functionality [8][9] - The growth of Labubu's rental business is part of a broader trend that includes related services such as custom clothing and product authentication, highlighting the collaborative innovation within the industry [8][9]