早 报 精 选 1、 中共中央政治局召开会议，决定今年10月召开二十届四中全会，研究关于制 定"十五五"规划的建议。会议分析研究当前经济形势，部署下半年经济工作。 2、中央财政今年初步安排预算900亿元育儿补贴。 3、外交部：中国将根据自身国家利益采取合理的能源保障措施。 4、全国基孔肯雅热疫情防治工作电视电话会议在京召开。 5、昨日的外交部例行记者会上，有记者提问称，美国财政部长表示，如果中国继续购 买俄罗斯石油，中国可能会面临更高的关税。郭嘉昆表示，中国将根据自身国家利益 采取合理的能源保障措施，关税战没有赢家，胁迫、施压解决不了问题。 行 业 新 闻 1、 国务院新闻办公室昨日举行新闻发布会，国家卫生健康委人口家庭司司长王海东 介绍，2022年1月1日以后出生的符合条件的婴幼儿，都可以领取育儿补贴。国家卫 生健康委副主任郭燕红表示，育儿补贴不分城乡、民族、区域，也不分一孩、二孩或 者三孩，实现三孩生育政策下家庭支持的全面覆盖。财政部社会保障司司长郭阳表 示，今年初步安排育儿补贴补助资金预算900亿元左右。 5、上纬新材：股票交易异常波动，今起停牌核查。 宏 观 新 闻 1、 中共中央政治局7月30日召开 ...

如今，科技巨头竞相入局AI(人工智能)玩具，京东也加入了这场竞争。 日前，京东集团全新升级AI技术品牌——JoyAI，同时发布了全新的附身智能品牌——JoyInside。7月30 日，京东在深圳举办2025AI玩具大会。据悉，京东附身智能JoyInside面向玩具和机器人品牌，提供与消 费者对话能力，并开放限时免费接入，提供端到端技术解决方案，目前已经有数十家主流品牌合作，包 括被外界视为"AI版Labubu"的Fuzozo芙崽；教育机器人火火兔、噜咔博士、元萝卜、心大陆等。 在接受采访时，京东集团高级副总裁、京东集团探索研究院副院长何晓冬表示，AI玩具行业正处于爆 发前夜，有数十万销量产品，但没有百万级爆品。"京东JoyInside希望能跟行业共同打造精品和爆品， 让更多玩具厂商拥抱AI能力并有好产品售卖，最终实现行业爆发增长。" 高需求、高单价、高利润，AI玩具正成为玩具产业寻找新增量的关键点。具身智能加速应用，让AI玩 具有望成为最快"掘金"的品类。会上，京东超市与深玩协联合发布的《AI玩具行业白皮书》显示，中国 AI玩具市场将于2030年突破百亿规模，年增长超过70%。很多品牌善于挖掘需求、打造产品， ...

万联证券发布研报称，《育儿补贴制度实施方案》印发。短期来看，育儿补贴的发放有助于直接刺激母 婴相关的消费，建议关注婴童护理、乳制品、玩具、童装等行业;长期来看，生育补贴和相关育儿配套 的完善有助于提振生育意愿，带动新生儿数量增长，建议关注母婴相关产业链如辅助生殖、基因检测、 托育服务、教育等。 万联证券主要观点如下： 全国性《育儿补贴制度实施方案》出台 政府工作报告中指出要完善社会保障和服务政策，其中提到"制定促进生育政策，发放育儿补贴，大力 发展托幼一体服务，增加普惠托育服务供给"，首次将"育儿补贴"写入政府工作报告中。在此背景下， 2025年7月28日，中共中央办公厅、国务院办公厅印发了《育儿补贴制度实施方案》，明确从2025年1月 1日起，对符合法律法规规定生育的3周岁以下婴幼儿发放补贴，至其年满3周岁。从金额上来看，育儿 补贴按年发放，现阶段国家基础标准为每孩每年3600元。其中，对2025年1月1日之前出生、不满3周岁 的婴幼儿，按应补贴月数折算计发补贴。对按照育儿补贴制度规定发放的育儿补贴免征个人所得税。从 资金来源来看，补贴资金由中央财政设立"育儿补贴补助资金"项目统筹，按比例对东部、中部、西部 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [6][9]. Core Insights - The introduction of the national "Childcare Subsidy System Implementation Plan" aims to alleviate family burdens related to child-rearing and promote long-term population balance. The subsidy will provide 3,600 yuan per child per year for children under three years old, starting from January 1, 2025 [3][4]. - The policy reflects the government's commitment to addressing declining birth rates and an aging population, marking a significant step in the establishment of a supportive policy framework for childbirth [4]. - The immediate effect of the subsidy is expected to stimulate consumption in the maternal and infant sectors, with recommendations to focus on industries such as baby care, dairy products, toys, and children's clothing. In the long term, the subsidy is anticipated to boost birth rates and support related industries like assisted reproduction, genetic testing, childcare services, and education [4]. Summary by Sections Event Overview - On July 28, 2025, the Central Committee of the Communist Party of China and the State Council issued the "Childcare Subsidy System Implementation Plan," which mandates the provision of subsidies for eligible families with children under three years old [2][3]. Financial Implications - The subsidy will be funded by the central government, with a structured allocation to eastern, central, and western regions, ensuring equitable distribution of resources [3]. Market Impact - The implementation of the childcare subsidy is expected to directly stimulate consumption in related sectors, enhancing economic growth and addressing demographic challenges [4].

Core Viewpoint - The article highlights the crackdown on a counterfeit toy gang in Shanghai, which was selling fake trendy toys, particularly imitations of the popular Labubu figures, with a total sales amount exceeding 12 million yuan [2][5][6]. Group 1: Criminal Activities and Law Enforcement - Shanghai police dismantled a criminal gang involved in selling counterfeit registered trademark goods, seizing over 5,000 fake trendy toys [2][6]. - The gang operated under the guise of selling everyday items while secretly customizing and selling counterfeit trendy toys without authorization [6][7]. - The police arrested eight suspects, including the main operator, and discovered a large stock of counterfeit toys in their warehouse [6][7]. Group 2: Market Impact and Trends - The popularity of Labubu toys has surged, with a notable auction of an original Labubu figure fetching 1.08 million yuan, drawing significant market attention [7]. - In the first four months of the year, China's exports of dolls and animal toys exceeded 13.3 billion yuan, marking a 9.6% increase [8]. - Customs authorities reported seizing 11,000 batches and 3.8675 million pieces of suspected counterfeit goods, including Labubu imitations [8]. Group 3: Consumer Guidance and Company Response - Consumers are advised to purchase trendy toys from official channels and verify authenticity through anti-counterfeiting QR codes [7][9]. - A representative from Pop Mart emphasized the importance of providing purchase proof for toy authentication and warned against buying from unofficial sources due to high counterfeit risks [9]. - The company is working to increase production capacity to meet the growing demand for authentic toys, with monthly production capacity significantly increased compared to the previous year [9].

Investment Rating - The report rates the mother and baby consumption industry as "Overweight" [2][9] Core Insights - The introduction of a national childcare subsidy of 3,600 yuan per child per year, totaling up to 10,800 yuan per child, is expected to improve consumption expectations in the mother and baby sector [3] - The report highlights that despite a decline in birth rates over the past seven years, the overall mother and baby market has experienced a compound annual growth rate (CAGR) of over 15% from 2018 to 2024 due to consumption upgrades and refined parenting [3] - The report emphasizes the rise of domestic brands in the mother and baby sector, with significant market share gains and a return of industry influence to local brands [3] Summary by Sections National Childcare Subsidy - The national childcare subsidy program will start on January 1, 2025, providing cash subsidies to families with children under three years old, with a basic standard of 3,600 yuan per year [3] - Local governments are expected to introduce additional subsidies, creating a wave of local support for childbirth [3] Market Growth and Opportunities - The mother and baby market is projected to rebound due to improved policies and an anticipated increase in birth rates in 2024 [3] - Key sectors and companies recommended for investment include: - Fertility and reproductive health: Focus on companies like Jinxin Reproductive and Livzon Pharmaceutical [3] - Infant nutrition: Recommendations include China Feihe and Yili Group [3] - Baby appliances: Suggested investment in Bear Electric [3] - Apparel and home textiles: Companies like Semir and Anta are highlighted [3] - Baby care products: Brands such as Runben and New Page are recommended [3] Valuation Table - The report includes a valuation table with various companies in the mother and baby sector, indicating their stock prices, market capitalization, and profit forecasts for 2025, 2026, and 2027, along with corresponding investment ratings [4]

Core Viewpoint - The article highlights Bruco's participation in the 2025 Pokémon Hangzhou Master Tournament, showcasing 16 Pokémon-themed products and engaging fans through interactive events and competitions [1][12]. Product Offering - Bruco presented 16 products from the Pokémon series, including the classic versions "Adventure's Prologue" and "New Encounters," appealing to a wide range of players and evoking nostalgia [2][4]. - The products feature a dual specification design ("S version + L version") to enhance user experience, with S versions offering cute scenes and L versions utilizing special PVC materials for better tactile feedback and playability [5]. Innovation and Development - Bruco has invested significantly in innovation, holding over 500 patents that support a diverse product matrix, including various themed versions like Starry, Classic, and Legendary [5]. - The company emphasizes user-driven innovation and has established a unique BFC community to encourage creativity through online and offline competitions [5][6]. Event Highlights - The BFC creations showcased at the tournament included immersive experiences for fans, with a focus on character representation and large scene construction [6][8]. - The BFC speed-building competition attracted a large number of participants, demonstrating the popularity and engagement of the Pokémon fan community [10]. Strategic Direction - Bruco's strategy emphasizes a "full demographic, full price range, global" approach, aiming to deepen collaborations with globally recognized IPs like Pokémon to provide diverse building products [12].

屋漏偏逢连夜雨，*ST沐邦（603398）在遭遇立案调查后，拟公开拍卖全资子公司部分资产。 7月28日晚间，*ST沐邦公告显示，拟通过公开拍卖的形式出售全资子公司广东邦宝益智玩具有限公司 (下称"邦宝益智")持有的坐落汕头市台商投资区濠江片D03单元东南侧地块一宗土地使用权及地上附着 物(以下简称"标的资产")。 其中，7月23日公告显示，因民间借贷纠纷，*ST沐邦募集资金账户累计被划扣9746.59万元，公司募集 资金账户资金累计被划扣2.28亿元。 此次公告披露前夕，即7月25日晚间公告显示，*ST沐邦已收到江西证监局行政监管措施决定书。据 查，*ST沐邦及相关主体的违规行为包括，存在重大会计差错、违规使用募集资金、控股股东及其他关 联方非经营性资金占用、年度报告等披露文件存在错误。 基于上述违规行为，江西证监局决定，对*ST沐邦、沐邦控股、江西豪安、公司董事长、总经理廖志 远、财务总监汤晓春和董事会秘书刘毅等，采取责令改正措施，并对汤晓春和刘毅采取出具警示函措 施,将相关情况记入证券期货市场诚信档案。 年报显示，*ST沐邦主要从事硅片及硅棒业务、玩具业务等。2024年，公司营业收入2.77亿元，同比减 ...

Core Viewpoint - The article discusses the significant changes in investment strategies among fund managers in response to the evolving Chinese stock market dynamics and the contrasting performances between new and traditional sectors [2][7]. Group 1: Changes in Fund Managers' Strategies - Fund managers are increasingly abandoning their previous preferences and styles, adapting to the new market conditions [2][7]. - Notable fund managers, such as Liu Gesong and Jiao Wei, have shifted their investment focus towards Hong Kong stocks and new economy sectors, indicating a departure from their traditional investment styles [3][4]. - Liu Gesong's fund now heavily invests in Hong Kong companies like Xiaomi and Pop Mart, while Jiao Wei's fund has increased its Hong Kong stock allocation from 15% to 47% within a quarter [3][4]. Group 2: Impact of Market Dynamics - The rapid increase in the attractiveness of the Chinese stock market and the global popularity of new economic sectors have prompted fund managers to reassess their traditional investment beliefs [7][9]. - The innovation in the pharmaceutical sector, particularly in Chinese innovative drugs, has led to a significant shift in investment strategies, with many managers completely exiting U.S. stocks in favor of Hong Kong and A-share markets [7][9]. - The article highlights that the recognition of China's technological capabilities and the evolving narrative around Chinese consumption are creating new investment opportunities [9]. Group 3: Future Outlook - The changes in fund managers' investment preferences are expected to influence major stock market selections in 2025, reflecting a renewed confidence in Chinese assets [8]. - The article emphasizes that the ongoing transformation in the investment landscape is driven by a strong narrative of change, particularly in consumer behavior and technological advancements in China [9].

2021年5月19日，公司披露关于非公开发行股票发行结果暨股本变动的公告。大华会计师事务所(特殊普 通合伙)出具了《广东邦宝益智玩具股份有限公司发行人民币(A股)46,251,707股后实收股本验资报告》 (大华验字(2021)第000268号)，根据前述报告，截至2021年4月26日止，本次非公开发行人民币普通股 46,251,707股，每股面值人民币1.00元，发行价格为7.29元/股，实际募集资金总额为人民币 337,174,944.03元，减除相关发行费用(不含税)人民币14,194,577.08元，募集资金净额为322,980,366.95 元。 根据发行对象申购报价情况，本次非公开发行股票的数量为46,251,707股，发行募集资金总额为 337,174,944.03元，本次发行价格为7.29元/股。 中国经济网北京7月28日讯今日，*ST沐邦（603398）(603398.SH)开盘即跌停，截至发稿时报4.69元， 跌幅5.06%。 *ST沐邦于2025年7月25日收到中国证监会《立案告知书》(编号：证监立案字0252025003号)。因公司涉 嫌年报等定期报告财务数据虚假披露等违法行为，根据相 ...