中经记者 黎慧玲 北京 深圳报道 晨光熹微时分，深圳地铁一号线首班车缓缓滑入坪洲站台。车门开启，几人快步走向商场通道——他们 提前查好了路线，宝安大仟里商场地下一层有台泡泡玛特盲盒自动售货机。尽管商场每天早上10点才开 门，但他们可以从地铁口提前溜进去排队。 9点30分，队伍开始躁动往前挤，他们有的探着头盯着前面的机器，有的忙着跟电话那头沟通，蓝色 的"POP MART ROBO SHOP"的灯牌照亮了在场的人。 6月13日是泡泡玛特新品"LABUBU捏捏"线下发售的日子。前一天，黄新舟从宝安天虹商场附近出发， 沿着地铁一号线，陆续前往宝安大仟里、壹方城、万象前海以及欢乐港湾总计5个自动售货机踩点。 在深圳，POP MART贩卖机加零售店总计79家，他和同伴们按区域分配，负责宝安区的是他和另一个同 事，目标就是抢到官方售价的"LABUBU捏捏"。黄新舟这天上午总计抢到15个，按计划它们会被加价1 —2倍在第二天送到预订的买主手里。 黄新舟交了10个，自己留了5个。在现场他想以4倍价格出售，没人要。他觉得大部分人和他一样也 是"黄牛"。黄新舟过去几年都在卖茅台酒、演唱会门票，5月底才开始接LABUBU的单，他还 ...

7月18日，覆盖玩具、游戏、影视等多个领域IP的"2025 LEC全球授权展"落下帷幕。公开信息显示，此 次LEC全球授权展规模再攀高峰，来自海内外400余家授权行业参展商齐聚中国上海，汇聚全球1800多 个IP。 IP展会的火爆并不意外。当前，潮玩市场作为文娱IP落地消费的重要产业之一，不断实现海内外两开 花。海外市场方面，7月14日，国务院新闻办举行的新闻发布会披露，2025年前4个月，我国出口的玩 偶、动物玩具已突破百亿元大关，达到了133.1亿元，增幅达到9.6%。而在国内市场，中商产业研究院 今年6月份发布的数据显示，中国潮玩市场规模2025年将达到877亿元。 上海夏至良时咨询管理有限公司高级研究员、大消费行业分析师杨怀玉向《证券日报》记者表示："潮 玩行业正在经历两大维度的扩张。一方面品类走向多元，品牌尽可能多地覆盖不同垂直玩具赛道。另一 方面，跨界IP+潮玩的业态融合在不断加速。" 上市公司拥抱"潮玩" 2025年年初至今，上市公司频频拥抱潮玩市场。3月份，美股上市企业量子之歌集团（以下简称"量子之 歌"）用现金总对价2.35亿元完成对潮玩企业深圳熠起文化有限公司约61%股权的控股收购；5月份 ...

今天和单位的一把手开一个月一次的会议，他突然问我是不是买了泡泡玛特赚了很多钱，当 时我脑子一懵，就好好夸了泡泡玛特的商业模式和我们单位有多相似，泡泡玛特可以在过去 不到两年的时间里市值涨了 30 倍，我们单位也行。 现在回想特别担心一把手理解成我买泡泡玛特的股票赚了 30 倍。总感觉留下的印象很不好， 想问问职场经验丰富的大哥，接下来我该怎么办。 求助贴：如果单位老板得知你炒股赚了很多钱 https://www.jisilu.cn/question/511478 感觉开网约车也不错啊 https://www.jisilu.cn/question/511365 美股一直涨是否变成了很多人的信仰？ https://www.jisilu.cn/question/511351 2025年是要约收购大年 https://www.jisilu.cn/question/511371 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数 ...

Core Viewpoint - On July 18, the Hang Seng Index rose by 1.33%, with southbound funds recording a total transaction amount of HKD 129.46 billion, resulting in a net inflow of HKD 5.93 billion [1] Group 1: Southbound Fund Activity - The total transaction amount for southbound funds was HKD 129.46 billion, with buy transactions amounting to HKD 67.69 billion and sell transactions amounting to HKD 61.76 billion, leading to a net buy of HKD 5.93 billion [1] - The cumulative transaction amount for the Stock Connect (Shenzhen) was HKD 48.17 billion, with net buying of HKD 2.64 billion, while the Stock Connect (Shanghai) had a cumulative transaction amount of HKD 81.29 billion with net buying of HKD 3.29 billion [1] Group 2: Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total transaction amount of HKD 55.76 billion and a net buy of HKD 3.89 billion [1] - Semiconductor Manufacturing International Corporation (SMIC) had a net buy of HKD 4.93 billion, closing with a price increase of 1.73% [1] - Tencent Holdings experienced the highest net sell amount of HKD 3.62 billion, despite a closing price increase of 0.39% [1] Group 3: Continuous Net Buying and Selling - Meituan-W recorded continuous net buying for 10 days, with a total net buy amount of HKD 7.42 billion [2] - Tencent Holdings and Pop Mart were the stocks with the highest continuous net selling, with total net sell amounts of HKD 4.32 billion and HKD 1.04 billion, respectively [2]

Group 1 - On July 18, 2025, Alibaba-W (09988), Guotai Junan International (01788), and Haotian International Investment (01341) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 32.15 billion, 29.95 billion, and 28.56 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Kingsoft Cloud (03896) were the top three companies by trading volume, with trading amounts of 23.60 billion, 14.31 billion, and 12.46 billion respectively [1] Group 2 - The top ten active companies in the Southbound Stock Connect (Shanghai-Hong Kong) included Alibaba-W (09988) with a trading amount of 32.15 billion and a net buy amount of -2.94 billion, Guotai Junan International (01788) with 29.95 billion and -2.20 billion, and Haotian International Investment (01341) with 28.56 billion and +0.8955 million [2] - In the Southbound Stock Connect (Shenzhen-Hong Kong), the top ten active companies included Alibaba-W (09988) with a trading amount of 23.60 billion and a net buy amount of +6.82 billion, Tencent Holdings (00700) with 14.31 billion and -2.47 billion, and Kingsoft Cloud (03896) with 12.46 billion and +2.34 billion [2]

今年二季度，广发双擎升级持股集中度继续下降，前十大重仓股占基金净值比为54.31%。环比一季度的71.21%，下降16.9%。 出品｜搜狐财经 作者｜汪梦婷 7月18日，广发基金旗下基金公布二季报。 季报显示，刘格菘在二季度调仓幅度较大，对新消费、保险、军工相关个股进行了增配，泡泡玛特一跃成为广发行业三年第二大重仓股，新华保险、中国平 安则双双出现在广发双擎升级、广发行业三年前十大重仓中。 押中泡泡玛特和老铺黄金的基金经理吴远怡，二季度对这两只股票进行了小幅调仓，其中泡泡玛特被广发价值核心、广发成长领航两只基金分别减持27%、 8%。 刘格菘重仓泡泡玛特，减持新能源 截止二季度末，刘格菘旗下共有6只基金，在管基金总规模312.95亿元，环比减少约9亿元。 业绩方面，其代表基金广发双擎升级A/C类基金二季度收益率分别为0.63%、0.54%，跑输业绩基准。二季报显示，该基金最新规模49.60亿元，股票仓位 93.82%，环比下降0.5%。 报告期内，广发双擎升级对行业配置结构进行了优化，增配了有爆款新品出现的汽车行业和有色上游标的，同时增配了地缘冲突升级中展现了较强产品力的 军工行业。 | 股票名称 | 持仓市 ...

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

TikTok Shop对标亚马逊Prime Day的美区年中促，首周开跑即迎来了爆发式增长，各项业绩持续刷新峰 值。其中，POP MART在超级品牌日活动，直播间单日破500万美金;同时，全托管模式订单量、销售额 也均实现翻倍增长。 全托管模式爆品频出，展现强劲增长势能 全托管模式整体生意爆发远超预期，爆品策略成效显著，爆品、夏日趋势品GMV整体增长超200%，展 现出精准选品与内容运营的结合优势。同时，品牌加速包玩法助力超百家商家实现GMV爆发，平台赋 能价值凸显。 商家自运营(POP)品牌强势爆发，创造美区新纪录 本次大促最亮眼的成绩来自商家自运营(POP)模式的内容场表现。作为参与超级品牌日的五个跨境商家 之一，POP MART单日直播GMV突破500万美元，刷新美区直播纪录;实现直播间万人同时在线。美妆 工具品牌TYMO与Cardi B合作发布"Cardi挚爱夏日造型"内容，带动短视频场域爆发183%，直播GMV增 长超200%，明星营销赋能带动销售额增长近2倍。 内容生态持续释放商业势能，推动四大特色品类实现突破性增长：新奇特玩具以近240%增速领跑，健 身器材、家具品类等增幅均超130%。主播带货 ...

[Table_Title] 晨会纪要 ——2025 年第 121 期 观点精粹: 最新报告摘要 2025H1 业绩大超市场预期，利润率同环比显著提升--泡泡玛特/文娱用品(09992/213605) 点评报告（港股美 股） 锦程新章启，登高望远行--徐工机械/工程机械(000425/216406) 公司深度研究 6 月生产与进口同比增速均环比放缓，火电需求保持稳增长，基本面从底部继续向上--行业动态研究 2025Q2 业绩短期承压，内容储备丰富，布局潮玩等新业态--万达电影/影视院线(002739/217206) 公司点评 2025 年 07 月 18 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 证券研究报告 1、最新报告摘要 1.1、2025H1 业绩大超市场预期，利润率同环比显著提升--泡泡玛特/文娱用 品(09992/213605) 点评报告（港股美股） 分析师：杨仁文 S0350521120001 分析师：方博云 S0350521120002 联系人：吴倩 S0350123070017 事件： 2025 年 7 月 15 日，公司发布 ...

Core Viewpoint - The banking sector is experiencing a valuation recovery, with significant interest from institutional investors, particularly in Hong Kong-listed banks due to their attractive dividend yields and lower valuations compared to A-shares [1][4]. Group 1: Market Trends - Bank stocks have seen a resurgence, with southbound funds net buying HKD 1.86 billion in Hong Kong stocks, particularly favoring H-shares like China Construction Bank [1]. - Hangzhou Bank reported a net profit of CNY 11.662 billion, a year-on-year increase of 16.67%, indicating strong performance in the current economic environment [1]. - Over 60% of insurance institutions plan to increase their investments in Hong Kong stocks by 2025, with an estimated additional capital inflow of over CNY 250 billion, focusing on high-dividend H-shares [1]. Group 2: Investment Vehicles - The Bank AH Selected ETF (517900) has gained 25.69% year-to-date, outperforming the CSI Bank Index by approximately 11 percentage points [2]. - The ETF has attracted significant capital inflow, with over CNY 470 million in the last 20 trading days and nearly CNY 700 million in two months [5]. Group 3: Investment Appeal - H-shares are often cheaper and offer higher dividend yields compared to A-shares, making them more attractive to institutional investors [4]. - The banking sector is shifting from being viewed as a cyclical industry to a more stable investment option, driven by low interest rates and steady demand for financial products [7].