金吾财讯 | 泡泡玛特(09992)股价走高，截至发稿，涨6.9%，报116.2港元，成交额9.45亿港元。消息面上，花旗发研报指，指中国的IP商品市场具有巨大的增长潜力，因为其人均消费支出与发达市场相比仍然较低。授权业务深度连接所有消费领域，为实现IP的商业价值提供广泛机会，而IP商品是其中的主要途径。该行看到，高品质IP供应、产品创新和供应链能力将推动IP消费的上行潜力。泡泡玛特(09992)和名创优品是这一领域的两个突出参与者，它们以各自的方式应对行业的快速增长并争夺市场份额。该行重申对泡泡玛特的“买入”评级，目标价120港元，因其具备孵育成功专有/独家IP的能力。东方证券表示，出色的IP发掘、运营能力，多元又极具创新性的渠道布局是公司内销基本盘稳定增长的核心壁垒：IP是潮玩企业的核心竞争力，公司通过成熟的外部艺术家发掘模式以及内部PDC团队持续推出具备差异化价值与丰富内涵的创新IP，同时以多元化的产品创作以及丰富的内容营销打法为抓手提升IP终端竞争力、拉长IP生命周期。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.