Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco, home furnishings, paper packaging, personal care, AI glasses, Xiaomi Group, pet food, and AI+3D printing, indicating a mixed outlook across these industries with some showing growth potential while others face challenges Trendy Toys - The collaboration between Honor and Pop Mart to launch the first trendy toy smartphone is expected to differentiate products in a competitive market, targeting younger consumers [8] - Despite a decline in overall online GMV for trendy toys, leading companies like Miniso and Bluku are experiencing significant growth, with Miniso's blind box category growing by 315% [10] New Tobacco - The cancellation of VAT export rebates for e-cigarettes is expected to pressure profits in the short term, but may benefit companies like Smoore in the long run as they can capture market share from smaller competitors [11] - The HNB market is anticipated to expand significantly with the upcoming launch of IQOS in the US [12] Home Furnishings - The domestic real estate market remains weak, with significant declines in new and second-hand home transactions [13] - Export figures show a decline for Chinese furniture, while Vietnam's furniture exports are growing, indicating a shift in regional competitiveness [14] Paper Packaging - The report notes fluctuations in paper prices, with a general decline in prices for various paper types, but anticipates a recovery in demand as packaging needs stabilize [15] - The overall retail growth in food, beverages, and daily necessities is expected to support the packaging sector's recovery [16] Personal Care and AI Glasses - The personal care sector shows mixed performance, with some brands experiencing growth while others decline [17] - Meta's plans to significantly increase the production capacity of AI glasses signal a positive outlook for the sector, potentially boosting demand across the supply chain [18] Xiaomi Group - Xiaomi continues to lead in the smartphone market, with expectations to integrate self-developed chips and AI models into their products by 2026 [19] - The company aims to enhance its brand positioning and profitability through technological advancements and strategic product launches [20] Pet Food - The pet food market is projected to grow, with a focus on new product introductions and market expansion strategies [23] - Recent data indicates a decline in GMV for pet food on major e-commerce platforms, highlighting competitive pressures [24] AI+3D Printing - The consumer-grade 3D printing market is expected to grow, driven by new product launches and community engagement initiatives [33] - Companies are focusing on lowering entry barriers and enhancing user experience to penetrate the market further [36]

Group 1 - The AI concept stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for companies such as Lion Group, which surged over 44%, and Zhipu, which rose nearly 17% [1][2] - A significant number of AI industry chain companies have been listed in the Hong Kong market since the beginning of 2026, sparking a new wave of AI investment enthusiasm and potentially leading the industry into an expansion cycle [1][2] - Open Source Securities has indicated that leveraging capital markets to enhance financing capabilities will benefit the industry by increasing investment in model research and development, thereby driving demand for computing power and accelerating the commercialization of AI applications [1] Group 2 - Institutions are increasingly optimistic about the new track of "Generative Engine Optimization" (GEO) within the AI sector, which is seen as a catalyst for the current market trend [1] - AI search is gradually transforming user decision-making paths, with implications for digital marketing, e-commerce, and the content and experience economy, all of which are expected to provide real-world scenarios for large models [1]

创新奇智(02121)发布公告，根据股份购回授权，公司于2025年12月于公开市场合共购回108.42万股股 份，总代价为597.28万港元。 ...

智通财经APP讯，创新奇智(02121)发布公告，根据股份购回授权，公司于2025年12月于公开市场合共购 回108.42万股股份，总代价为597.28万港元。 ...

格隆汇1月5日丨创新奇智(02121.HK)发布公告，根据股份购回授权，公司于2025年12月于公开市场合共 购回108.42万股股份，总代价为597.28万港元。 ...

創新奇智科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2121） 自願性公告 股份購回的最新情況 此乃創新奇智科技集團股份有限公司（「本公司」）之自願性公告，旨在向本公司股東（「股東」）及潛在 投資者提供有關本公司最新發展之資料。 茲提述本公司日期為2025年5月16日之自願性公告（「該公告」），內容有關（其中包括）本公司董事 會（「董事會」）擬根據股東於2025年5月16日舉行之年度股東會授出之購回本公司股份（「股份」）的 一般授權（「股份購回授權」），不定時於公開市場購回股份，最高金額不超過人民幣 1億元。除另有 定義者外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會謹此宣佈，根據股份購回授權，本公司於2025年12月於公開市場合共購回1,084,200股股 份，總代價為5,972,768港元。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 AINNOVATION TECHNOLOGY GROUP CO., ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 創新奇智科技集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02121 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 563,544,438 | RMB | | 1 RMB | | 563,544,438 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 563,544,438 | RMB | | 1 RMB | | 563,544,438 | 本月 ...

格隆汇12月31日丨创新奇智(02121.HK)发布公告，2025年12月31日耗资214.31万港元回购37.69万股，回 购价格每股5.64-5.7港元。 ...

创新奇智(02121)公布，2025年12月31日耗资约214.31万港元回购37.69万股股份。 ...

智通财经APP讯，创新奇智(02121)公布，2025年12月31日耗资约214.31万港元回购37.69万股股份。 ...