{"id":628055,"date":"2026-03-27T02:14:59","date_gmt":"2026-03-27T09:14:59","guid":{"rendered":"https:\/\/nai500.com\/?p=628055"},"modified":"2026-03-27T02:14:59","modified_gmt":"2026-03-27T09:14:59","slug":"10-42","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/03\/10-42\/","title":{"rendered":"10 \u5bb6\u4e2d\u56fd\u6d88\u8d39\u9f99\u5934\uff1a\u6ce1\u6ce1\u739b\u7279\u51b2\u51fb\u540e\u7684\u4e70\u5165\u540d\u5355"},"content":{"rendered":"

\u6ce1\u6ce1\u739b\u7279\u521b\u7eaa\u5f55\u7684\u56de\u8d2d\u5e76\u975e\u4ec5\u662f\u9632\u5fa1\u6027\u4e3e\u63aa\u3002\u8fd9\u63d0\u9192\u6211\u4eec\uff0c\u4e2d\u56fd\u7684\u6d88\u8d39 IP \u5f15\u64ce\u6b63\u5728\u5168\u7403\u6269\u5c55\uff0c\u516c\u53f8\u6b63\u5229\u7528\u6ce2\u52a8\u6027\u5de9\u56fa\u9886\u5bfc\u5730\u4f4d\u3002\u56f4\u7ed5\u5355\u4e00\u5934\u90e8\u4ea7\u54c1\u98ce\u9669\u7684\u5e02\u573a\u91cd\u7f6e\u662f\u5207\u5165\u70b9\u3002\u66f4\u5927\u7684\u6545\u4e8b\u662f\u9999\u6e2f\u4e0e\u5185\u5730\u5e02\u573a\u7684\u8d44\u672c\u914d\u7f6e\u65e5\u8d8b\u6210\u719f\u3001\u4e2d\u56fd\u54c1\u724c\u7684\u5168\u7403\u5316\uff0c\u4ee5\u53ca\u63a8\u52a8\u5404\u7c7b\u522b\u8bbe\u8ba1\u3001\u5de5\u7a0b\u4e0e\u51fa\u53e3\u80fd\u529b\u7684\u653f\u7b56\u73af\u5883\u3002\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u8fd9\u662f\u4e00\u4e2a\u503e\u659c\u4e8e\u5c06\u5236\u9020\u5353\u8d8a\u4e0e\u54c1\u724c IP \u548c\u5206\u9500\u7ed3\u5408\u7684\u5168\u7403\u7ea7\u7279\u8bb8\u7ecf\u8425\u6743\u7684\u673a\u4f1a\u3002<\/p>\n

\u6ce1\u6ce1\u739b\u7279\u56de\u8d2d\u91cd\u7f6e\u53d9\u4e8b<\/h3>\n

Pop Mart International Group (9992.HK) \u5728\u56e0\u5bf9 Labubu \u4f9d\u8d56\u5f15\u53d1\u7eaa\u5f55\u6027\u66b4\u8dcc\u540e\u8fc5\u901f\u53d1\u8d77\u5176\u6709\u53f2\u4ee5\u6765\u6700\u5927\u89c4\u6a21\u7684\u80a1\u7968\u56de\u8d2d\u3002\u8fd9\u6b63\u662f\u6709\u7eaa\u5f8b\u7684\u7ba1\u7406\u56e2\u961f\u4f1a\u505a\u7684\u4e8b\uff1a\u5229\u7528\u8d44\u4ea7\u8d1f\u503a\u8868\u5b9e\u529b\u7a33\u5b9a\u4f30\u503c\u5e76\u4e3a\u4e0b\u4e00\u6ce2 IP \u7559\u51fa\u65f6\u95f4\u3002\u516c\u53f8\u6709\u4e00\u5957\u7ecf\u8fc7\u9a8c\u8bc1\u7684\u6253\u6cd5\uff0c\u7ed3\u5408\u81ea\u6709\u89d2\u8272\u4e0e\u5feb\u901f\u3001\u6570\u636e\u9a71\u52a8\u7684\u5546\u54c1\u5316\u3001\u76f2\u76d2\u673a\u548c\u5168\u6e20\u9053\u96f6\u552e\u3002\u5176\u6d77\u5916\u5e03\u5c40\u7ee7\u7eed\u5728\u4e9a\u6d32\u3001\u6b27\u6d32\u548c\u7f8e\u56fd\u6269\u5c55\uff0c\u901a\u8fc7\u6388\u6743\u5408\u4f5c\u628a\u89e6\u89d2\u4f38\u51fa\u5355\u4e00\u7cfb\u5217\u4ee5\u5916\u3002\u6b64\u8f6c\u5411\u7b26\u5408\u4e2d\u56fd\u6d88\u8d39\u54c1\u724c\u7684\u65b0\u73b0\u5b9e\uff1a\u5728\u6bcf\u4e2a\u5e02\u573a\u6210\u4e3a\u672c\u5730\u516c\u53f8\u3001IP \u591a\u5143\u5316\uff0c\u5e76\u901a\u8fc7\u793e\u533a\u4e0e\u6536\u85cf\u54c1\u5efa\u7acb\u7ecf\u5e38\u6027\u6536\u5165\u3002\u56de\u8d2d\u51f8\u663e\u4e86\u4ee5\u89c4\u6a21\u5316\u53d8\u73b0\u6587\u5316\u7684\u66f4\u957f\u671f\u8f68\u8ff9\u3002<\/p>\n

\u5168\u7403\u6269\u5f20\u5982\u4eca\u6210\u4e3a\u589e\u957f\u5f15\u64ce<\/h3>\n

\u5317\u4eac\u5bf9\u521b\u65b0\u4e0e\u5148\u8fdb\u5236\u9020\u7684\u653f\u7b56\u805a\u7126\uff0c\u4e0e\u7ed3\u6784\u6027\u5411\u6d77\u5916\u63a8\u8fdb\u76f8\u4ea4\u6c47\u3002Goldman Sachs \u6307\u51fa\uff0c\u968f\u7740\u56fd\u5185\u7ade\u4e89\u52a0\u5267\u4e0e\u5229\u6da6\u7387\u538b\u7f29\uff0c\u4e2d\u56fd\u884c\u4e1a\u9886\u5bfc\u8005\u8d8a\u6765\u8d8a\u591a\u5730\u628a\u76ee\u5149\u6295\u5411\u6d77\u5916\u3002\u8fd9\u4e00\u5411\u5916\u63a8\u8fdb\u662f\u53ef\u8861\u91cf\u7684\uff1a\u4e2d\u56fd\u65e5\u62a5\u62a5\u9053\uff0c2024 \u5e74\u4e2d\u56fd\u4e0a\u5e02\u516c\u53f8\u6d77\u5916\u6536\u5165\u7a81\u7834 10 \u4e07\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u5360\u603b\u6536\u5165\u7684 13.8%\uff0c\u6807\u5fd7\u7740\u5411\u5168\u7403\u5e02\u573a\u7684\u7ed3\u6784\u6027\u518d\u914d\u91cd\u3002\u4ece\u5bb6\u7535\u5236\u9020\u5546\u5230\u6d88\u8d39\u7c7b\u5e94\u7528\u7a0b\u5e8f\u7684\u6559\u8bad\u4e00\u81f4\uff1a\u672c\u5730\u5316\u624d\u80fd\u53d6\u80dc\u3002\u6784\u5efa\u533a\u57df\u4f9b\u5e94\u3001\u96c7\u7528\u672c\u5730\u7ba1\u7406\u5c42\u3001\u8c03\u6574\u5185\u5bb9\u4e0e\u5b9a\u4ef7\u3001\u5e76\u4e0e\u65e2\u6709\u6e20\u9053\u5408\u4f5c\uff0c\u5df2\u6210\u5e38\u6001\u3002\u8fd9\u5c31\u662f\u4e2d\u56fd\u7684\u6d88\u8d39\u4e0e\u5e73\u53f0\u51a0\u519b\u5982\u4f55\u628a\u4e16\u754c\u7ea7\u5de5\u7a0b\u3001\u5feb\u901f\u8fed\u4ee3\u4e0e\u5e9e\u5927\u672c\u571f\u89c4\u6a21\u8f6c\u5316\u4e3a\u6301\u4e45\u7684\u6d77\u5916\u4efd\u989d\u3002<\/p>\n

\u6ce1\u6ce1\u739b\u7279\u4e4b\u540e\u8981\u5173\u6ce8\u7684\u5341\u5927\u4e2d\u56fd\u54c1\u724c\u4e0e\u5e73\u53f0\u80a1\u7968<\/h3>\n

1) Pop Mart International (9992.HK) \u2013 \u91cc\u7a0b\u7891\uff1a\u542f\u52a8\u6709\u53f2\u4ee5\u6765\u6700\u5927\u89c4\u6a21\u56de\u8d2d\u4ee5\u7a33\u5b9a\u5e02\u573a\u60c5\u7eea\u5e76\u4e3a\u591a IP \u6269\u5f20\u63d0\u4f9b\u8d44\u91d1\u3002\u5168\u7403\u5f71\u54cd\uff1a\u81ea\u6709\u89d2\u8272\u4e0e\u6388\u6743\u5408\u4f5c\u6210\u4e3a\u5728\u4e9a\u6d32\u3001\u6b27\u6d32\u548c\u5317\u7f8e\u5f00\u5e97\u3001\u5feb\u95ea\u548c\u76f2\u76d2\u6e20\u9053\u7684\u6865\u5934\u5821\u3002<\/p>\n

2) PDD Holdings (PDD) \u2013 \u91cc\u7a0b\u7891\uff1aTemu \u5728\u5317\u7f8e\u548c\u6b27\u6d32\u7684\u5feb\u901f\u94fa\u5f00\u5c06\u516c\u53f8\u91cd\u65b0\u5b9a\u4f4d\u4e3a\u5168\u7403\u6298\u6263\u5e02\u573a\u3002\u5168\u7403\u5f71\u54cd\uff1a\u4e2d\u56fd\u89c4\u6a21\u7684\u8de8\u5883\u7269\u6d41\u4e0e\u4f9b\u5e94\u5546\u5165\u9a7b\u6b63\u5728\u6270\u52a8\u4ece\u7f8e\u56fd\u5230\u6b27\u76df\u7684\u6d88\u8d39\u8005\u4ef7\u683c\u70b9\u3002<\/p>\n

3) Xiaomi (1810.HK) \u2013 \u91cc\u7a0b\u7891\uff1aSU7 \u7535\u52a8\u6c7d\u8f66\u7684\u53d1\u5e03\u5c06\u5c0f\u7c73\u751f\u6001\u4ece\u624b\u673a\u4e0e IoT \u6269\u5c55\u5230\u6c7d\u8f66\uff0c\u5229\u7528\u8f6f\u4ef6\u4e0e\u4f9b\u5e94\u94fe\u6574\u5408\u3002\u5168\u7403\u5f71\u54cd\uff1a\u5168\u7403\u524d\u4e09\u7684\u667a\u80fd\u624b\u673a\u5382\u5546\u4e4b\u4e00\u6b63\u51fa\u53e3\u53ef\u8de8\u5e02\u573a\u590d\u5236\u7684\u8f6f\u786c\u4ef6\u4e00\u4f53\u5316\u6a21\u5f0f\u3002<\/p>\n

4) ANTA Sports (2020.HK) \u2013 \u91cc\u7a0b\u7891\uff1a\u7531 ANTA \u7275\u5934\u7684\u8d22\u56e2\u63a7\u5236\u7684 Amer Sports \u5728 2024 \u5e74\u5b8c\u6210\u7f8e\u56fd IPO\uff0c\u9a8c\u8bc1\u4e86\u96c6\u56e2\u7684\u5168\u7403\u591a\u54c1\u724c\u6218\u7565\u3002\u5168\u7403\u5f71\u54cd\uff1aArc\u2019teryx \u548c Salomon \u7b49\u9ad8\u7aef\u6237\u5916\u54c1\u724c\u6b63\u51ed\u501f\u4e2d\u56fd\u8d4b\u80fd\u7684\u4ea7\u54c1\u4e0e\u96f6\u552e\u901f\u5ea6\u5728\u5317\u7f8e\u548c\u6b27\u6d32\u6269\u5927\u89c4\u6a21\u3002<\/p>\n

5) Kuaishou (1024.HK) \u2013 \u91cc\u7a0b\u7891\uff1a\u56fd\u9645\u7248 Kwai \u5df2\u5728\u62c9\u4e01\u7f8e\u6d32\u7ad9\u7a33\u811a\u8ddf\uff0c\u51ed\u501f\u521b\u4f5c\u8005\u4e3b\u5bfc\u7684\u77ed\u89c6\u9891\u4e0e\u76f4\u64ad\u7535\u5546\u3002\u5168\u7403\u5f71\u54cd\uff1a\u8f93\u51fa\u4e2d\u56fd\u7684\u76f4\u64ad\u53d8\u73b0\u6a21\u578b\u6b63\u5728\u91cd\u5851\u65b0\u5174\u5e02\u573a\u7684\u5e7f\u544a\u5230\u7535\u5546\u6f0f\u6597\u3002<\/p>\n

6) Trip.com Group (9961.HK, TCOM) \u2013 \u91cc\u7a0b\u7891\uff1a\u56fd\u9645\u65c5\u884c\u590d\u82cf\u6062\u590d\u4e86\u51fa\u5883\u4e0e\u5165\u5883\u4e1a\u52a1\u589e\u957f\uff0c\u90e8\u5206\u5e02\u573a\u5df2\u8d85\u8fc7\u75ab\u60c5\u524d\u57fa\u51c6\u3002\u5168\u7403\u5f71\u54cd\uff1a\u4e00\u5bb6\u6e90\u81ea\u4e2d\u56fd\u7684 OTA \u73b0\u5728\u5728\u4e9a\u6d32\u3001\u6b27\u6d32\u548c\u4e2d\u4e1c\u4e4b\u95f4\u64ae\u5408\u65c5\u884c\u9700\u6c42\uff0c\u628a\u4e2d\u56fd\u65c5\u5ba2\u91cd\u65b0\u63a5\u5165\u5168\u7403\u9152\u5e97\u4e1a\u3002<\/p>\n

7) BYD (1211.HK) \u2013 \u91cc\u7a0b\u7891\uff1a2023 \u5e74\u6c7d\u8f66\u9500\u91cf\u7a81\u7834 300 \u4e07\u8f86\uff0c\u6210\u4e3a\u5168\u7403\u9886\u5148\u7684\u65b0\u80fd\u6e90\u8f66\u5236\u9020\u5546\u3002\u5168\u7403\u5f71\u54cd\uff1a\u5728\u6cf0\u56fd\u548c\u5df4\u897f\u5efa\u8bbe\u65b0\u5de5\u5382\u5e76\u6269\u5c55\u6b27\u6d32\u5206\u9500\uff0c\u672c\u5730\u5316\u6b63\u5728\u63a8\u8fdb\uff0c\u52a0\u901f\u5168\u7403 NEV \u7684\u53ef\u8d1f\u62c5\u6027\u3002<\/p>\n

8) Contemporary Amperex Technology, CATL (300750.SZ) \u2013 \u91cc\u7a0b\u7891\uff1a\u901a\u8fc7\u5728\u5fb7\u56fd\u7684\u6b27\u6d32\u4ea7\u80fd\u4e0e\u4e0e\u5168\u7403 OEM \u7684\u591a\u5e74\u4f9b\u5e94\u534f\u8bae\uff0c\u5de9\u56fa\u4e86\u5168\u7403\u7535\u52a8\u8f66\u7535\u6c60\u9886\u5bfc\u5730\u4f4d\u3002\u5168\u7403\u5f71\u54cd\uff1a\u4e2d\u56fd\u7684\u7535\u6c60\u521b\u65b0\u6b63\u5728\u964d\u4f4e\u7535\u6c60\u5305\u6210\u672c\u5e76\u4fc3\u8fdb\u5404\u6d32\u66f4\u5feb\u7684\u7535\u52a8\u8f66\u666e\u53ca\u3002<\/p>\n

9) NetEase (9999.HK, NTES) \u2013 \u91cc\u7a0b\u7891\uff1a\u5728\u6269\u5c55\u73b0\u6709\u4f5c\u54c1\u5230\u6d77\u5916\u5e02\u573a\u7684\u540c\u65f6\u57f9\u80b2\u65b0\u7cfb\u5217\uff0c\u4f9d\u9760\u4e00\u6761\u6709\u7eaa\u5f8b\u7684\u4ea7\u54c1\u7ebf\u4e0e\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u3002\u5168\u7403\u5f71\u54cd\uff1a\u628a\u5728\u4e2d\u56fd\u7ade\u4e89\u6fc0\u70c8\u5e02\u573a\u4e2d\u6253\u9020\u7684\u6e38\u620f\u8bbe\u8ba1\u3001\u8fd0\u8425\u548c\u76f4\u64ad\u670d\u52a1\u53d8\u73b0\u6a21\u578b\u8f93\u51fa\u7ed9\u5168\u7403\u73a9\u5bb6\u7fa4\u4f53\u3002<\/p>\n

10) Li Auto (LI) \u2013 \u91cc\u7a0b\u7891\uff1a2023 \u5e74\u51ed\u501f\u521b\u7eaa\u5f55\u9500\u91cf\u5b9e\u73b0\u9996\u4e2a\u5168\u5e74\u76c8\u5229\uff0c\u5f15\u9886\u9ad8\u7aef\u589e\u7a0b\u5f0f\u7535\u52a8\u8f66\u7ec6\u5206\u5e02\u573a\u3002\u5168\u7403\u5f71\u54cd\uff1a\u5728\u4e2d\u56fd\u6700\u6311\u5254\u7684\u6d88\u8d39\u7ec6\u5206\u4e2d\u6253\u9020\u7684\u52a1\u5b9e\u5bb6\u5ead\u4f18\u5148\u7535\u52a8\u67b6\u6784\uff0c\u4e3a\u9ad8\u7aef\u7535\u6c14\u5316\u6811\u7acb\u4e86\u8303\u672c\u3002<\/p>\n

\u56de\u8d2d\u3001\u5206\u7ea2\u4e0e\u4e2d\u56fd\u7684\u8d44\u672c\u7eaa\u5f8b\u8f6c\u5411<\/h3>\n

\u6ce1\u6ce1\u739b\u7279\u7684\u4e3e\u63aa\u5c5e\u4e8e\u66f4\u5e7f\u6cdb\u7684\u8f6c\u53d8\uff1a\u4e2d\u56fd\u4f01\u4e1a\u6b63\u5728\u66f4\u7cfb\u7edf\u5730\u62e5\u62a4\u80a1\u4e1c\u56de\u62a5\u3002\u5c24\u5176\u662f\u9999\u6e2f\u4e0a\u5e02\u516c\u53f8\uff0c\u6b63\u5728\u5c06\u56de\u8d2d\u4f5c\u4e3a\u7a33\u5b9a\u5668\u548c\u5bf9\u73b0\u91d1\u751f\u6210\u80fd\u529b\u7684\u4fe1\u5fc3\u4fe1\u53f7\u3002\u5bf9\u4e8e\u4ea7\u751f\u73b0\u91d1\u6d41\u7684\u6d88\u8d39\u4e0e\u79d1\u6280\u5e73\u53f0\uff0c\u8fd9\u4e0e\u5bf9 R&D\u3001\u56fd\u9645\u6269\u5f20\u548c\u5e76\u8d2d\u7684\u518d\u6295\u8d44\u6784\u6210\u903b\u8f91\u4e92\u8865\u3002\u5b83\u7f29\u5c0f\u4e86\u4e0e\u5168\u7403\u540c\u884c\u7684\u4f30\u503c\u5dee\u8ddd\uff0c\u4e14\u5438\u5f15\u5bfb\u6c42\u6536\u76ca\u52a0\u56de\u62a5\u7684\u957f\u671f\u8d44\u91d1\u3002\u968f\u7740\u6ce2\u52a8\u6027\u63d0\u4f9b\u5728\u6709\u5438\u5f15\u529b\u500d\u6570\u4e0a\u56de\u8d2d\u80a1\u4efd\u7684\u7a97\u53e3\uff0c\u9884\u8ba1\u4f1a\u6709\u66f4\u591a\u8463\u4e8b\u4f1a\u52a8\u7528\u8fd9\u4e00\u5de5\u5177\u3002<\/p>\n

\u63a5\u4e0b\u6765\u8981\u5173\u6ce8\u7684\u70b9<\/h3>\n

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