伯恩斯坦：2026年泡泡玛特：年初至今高频数据- 20+领先指标显示无基本面拐点（英文版）

his Pop Mart Tracker monitors demand worldwide using over 20+ independent third-party data sources, covering both actual transactions (sales, resale activity)and key demand signals (engagement, search interest).Data through March 2026 confirms the transition from deceleration to outright contraction in the U.S., broadening weakness across the full IP portfolio, and a new signal — the erosion of secret SKU premiums — that suggests even scarcity-driven demand is now fading. No fundamental infle