February 12, 2026 09:00 PM GMT China/Hong Kong Consumer Strategy | Asia Pacific The consumer sector entered 2026 with a mixed setup following three consecutive years of underperformance. With headline consumption likely to stay soft, we see no immediate catalyst for a broad-based turnaround. Flexible strategy shifting among different sub-categories remains critical. Key Takeaways Macro has not turned; incremental changes matter more for consumer space: We think policy could remain reactive than decisive on ...

格隆汇2月10日｜延续近期涨势，泡泡玛特(9992.HK)今日盘中再度涨近5%至270港元，股价创去年10月 以来新高，且较今年1月19日的最低价(174.3港元)反弹55%。 公司日前公告，2025年，集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS全品类产品全 球销售超1亿只。 华西证券近日发布研报称，近期公司多款新品在国内和海外取得亮眼表现，该行预计公司业绩有望迎来 新年开门红，看好IP运营平台长期商业价值；维持"买入"评级。 摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程度，将持 续推动其IP产品运转。大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品 Labubu与Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事 会，显示泡泡玛特的文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品 争取到更有效的营销资源，这对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评 级"增持"，认为随着中国及海外市场销售动能持续，加上产品线 ...

February 5, 2026 04:15 PM GMT Pop Mart | Asia Pacific Thoughts on Stock Rebound and Market Feedback Pop Mart's buybacks are an effective catalyst, enhancing near- term risk/reward for dip buyers. Strong popularity of the new products from Twinkle Twinkle and Skullpanda will keep its IP- product flywheel spinning. The stock likely has more room to run in March-April given investors' positions. Recap of stock rebound: Pop Mart is up 38% from its low on January 16 (vs. the HSI down 1%). Its share buyback was t ...

责任编辑：栎树 大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与Moynat的合作、 据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡泡玛特的文化影响 力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品争取到更有效的营销资源，这 对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评级"增持"，认为随着中国及海外 市场销售动能持续，加上产品线扩展良好和以IP为中心的新举措，可能会迎来估值重估。 港股频道更多独家策划、专家专栏，免费查阅>> 2月9日，摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程 度，将持续推动其IP产品运转。 ...

摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程度，将持 续推动其IP产品运转。大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品 Labubu与Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事 会，显示泡泡玛特的文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品 争取到更有效的营销资源，这对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评 级"增持"，认为随着中国及海外市场销售动能持续，加上产品线扩展良好和以IP为中心的新举措，可能 会迎来估值重估。 ...

Group 1 - Northbound capital recorded a net purchase of HKD 14.859 billion on February 6, with HK Stock Connect (Shanghai) contributing HKD 7.113 billion and HK Stock Connect (Shenzhen) contributing HKD 7.746 billion [2] - The most net bought stocks included Tencent (00700), Alibaba-W (09988), and Southern Hang Seng Technology (03033) [2] - The most net sold stock was Longi Green Energy (601869) [2] Group 2 - Alibaba-W had a net inflow of HKD 9.34 billion, with a buy amount of HKD 26.62 billion and a sell amount of HKD 17.28 billion [3] - Tencent recorded a net inflow of HKD 23.73 billion, with a buy amount of HKD 33.35 billion and a sell amount of HKD 9.62 billion [3] - Longi Green Energy had a net inflow of HKD 1.16 billion, with a buy amount of HKD 10.81 billion and a sell amount of HKD 9.65 billion [3] Group 3 - Tencent, Alibaba-W, and Meituan-W received net purchases of HKD 43.24 billion, HKD 16.55 billion, and HKD 3.1 billion respectively [6] - The competition in the consumer AI sector is intensifying, with expectations that the final entry points will remain concentrated among Tencent, Alibaba, and ByteDance [6] - Bubble Mart (09992) received a net purchase of HKD 5.89 billion, driven by stock buybacks and strong demand for new IP products [6] Group 4 - Semiconductor industry price increases are ongoing, with domestic chip manufacturers announcing price hikes of up to 80% [6] - SMIC (00981) received a net purchase of HKD 4.5 billion, benefiting from the price increase trend in the semiconductor supply chain [6] - China Mobile (00941) received a net purchase of HKD 2.72 billion, with analysts noting that the impact of VAT rate increases on net profit will be relatively smaller due to its higher profit margins [7]

港股通(深)活跃成交股 北水继续抢筹科网股，腾讯(00700)、阿里巴巴-W(09988)、美团-W(03690)分别获净买入43.24亿、16.55亿、3.1亿港元。消 息面上，微信于2月6日进一步封禁了阿里千问与腾讯元宝两大AI应用的红包活动口令，致使其在私聊与群聊中无法复制识 别。高盛发布研报称，中国消费级AI领域的竞争在今年春节前进一步升级，预计AI的最终入口仍将集中于腾讯控股、阿里 巴巴及字节跳动。 泡泡玛特(09992)获净买入5.89亿港元。消息面上，大摩认为，泡泡玛特的股票回购是一种有效的催化剂，旗下新IP产品 Twinkle Twinkle和Skullpanda的强大受欢迎程度，将持续推动其IP产品运转。考虑到投资者的持仓状况，该股在3月至4月可 能仍有上涨空间。 智通财经APP获悉，2月6日港股市场，北水成交净买入148.59亿港元，其中港股通(沪)成交净买入71.13亿港元，港股通(深) 成交净买入77.46亿港元。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、南方恒生科技(03033)。北水净卖出最多的个股是长飞光纤光 缆(06869)。 | 股票名称 | 买 ...

宏观而言，大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与 Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡 泡玛特的文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品争取到更有 效的营销资源，这对提升其IP受欢迎程度至关重要。 而据大摩的市场反馈，一些投资者认为公司的股票回购并未改变其悲观的前景，当中的考量包括美国信 用卡数据、转售价格和社交媒体关注度等。故认为空头的头寸在公司在3月下旬发布财报之前，可能会 持续处于高位。 摩根士丹利发布研报称，予泡泡玛特(09992)目标价325港元，基于2026年预测26倍市盈率;评级"增持"; 认为随着中国及海外市场销售动能持续，加上产品线扩展良好和以IP为中心的新举措，可能会迎来估值 重估。相较于全球大型消费类公司，预测集团盈利增长将显著更高。 大摩认为，泡泡玛特的股票回购是一种有效的催化剂，旗下新IP产品Twinkle Twinkle和Skullpanda的强 大受欢迎程度，将持续推动其IP产品运转。考虑到投资者的持仓状况，该股在3月至4月可能仍有上涨空 ...

宏观而言，大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与 Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡 泡玛特的文化影响力日益受到顶尖行业领导者的认可， 并相信公司已为其即将推出的新产品争取到更 有效的营销资源，这对提升其IP受欢迎程度至关重要。 而据大摩的市场反馈，一些投资者认为公司的股票回购并未改变其悲观的前景，当中的考量包括美国信 用卡数据、转售价格和社交媒体关注度等。故认为空头的头寸在公司在3月下旬发布财报之前，可能会 持续处于高位。 智通财经APP获悉，摩根士丹利发布研报称，予泡泡玛特(09992)目标价325港元，基于2026年预测26倍 市盈率; 评级"增持"; 认为随着中国及海外市场销售动能持续，加上产品线扩展良好和以IP为中心的新举 措，可能会迎来估值重估。相较于全球大型消费类公司，预测集团盈利增长将显著更高。 大摩认为，泡泡玛特的股票回购是一种有效的催化剂，旗下新IP产品Twinkle Twinkle和Skullpanda 的强 大受欢迎程度，将持续推动其IP产品运转。考虑到投资者的持仓状况，该 ...

Investment Rating - Pop Mart is rated as a Top Buy in China's consumer sector, with a target price of HK$415.00, representing an expected return of 92.0% from the current price of HK$216.20 [8][10]. Core Insights - The report highlights that Pop Mart's user base is growing globally, with 76% of survey participants making their first purchase within one year, and 45% within three months [2][12]. - A significant 87% of respondents expressed a likelihood to purchase Pop Mart products in the next three months, driven by new product series, limited editions, and seasonal releases [3][30]. - Brand perception is strong, with 54% of respondents very satisfied and 39% somewhat satisfied, indicating a positive emotional connection with the brand [4][46]. Summary by Sections Consumer Behavior - 76% of respondents had their first Pop Mart purchase within one year, with 45% within three months [2][12]. - 34% shop for Pop Mart products every month, and 29% every three months, indicating high purchase frequency [12][14]. - 90% of respondents own at least two Pop Mart items, with the US having the highest per capita ownership [18][25]. Purchase Drivers - 87% of respondents are likely to buy Pop Mart products in the next three months, with new series and limited editions being key drivers [3][30]. - 93% plan to buy Pop Mart products in the future, with 48% maintaining current purchase frequency and 26% planning to buy more often [36][39]. - Wider product range, better quality, and lower prices are cited as factors that could increase purchase frequency [40]. Brand Perception - 54% of respondents are very satisfied with Pop Mart, with the highest satisfaction in the US at 70% [46][48]. - Gift-giving and collection/hobby are the top reasons for purchasing, with emotional satisfaction also playing a significant role [48][50]. - Character design, rarity/exclusivity, and emotional connection are highly valued attributes of Pop Mart products [51]. Financial Performance - The projected net profit for 2026 is Rmb 18,357 million, with a diluted EPS of Rmb 13.763, reflecting a growth of 35.5% [7][10]. - The company is expected to maintain a strong gross margin of around 72% in 2026 [10]. Market Dynamics - The survey indicates that Pop Mart's user base continues to grow despite concerns about secondary market prices, with only 9% of respondents purchasing from secondhand platforms [2][27]. - The brand's strong presence in physical stores, especially in China, contrasts with higher online purchase ratios in the US and UK [27][29].