本周港股通 5 个交易日共净买入 196.22 亿元，年初至今净买入 7358.53 亿元，相当于 2024 年全 年净买入 7440.31 亿元的 98.9%。南向资金重点加仓美团、建设银行、阿里巴巴。当前互联网公 司处于估值相对低位，小米、腾讯、美团、快手、阿里巴巴、京东、拼多多、百度 25 年（阿里巴 巴为 FY26）PE 分别为 34 / 20 / 20 / 16 / 15 / 13 / 13 / 11。 港股周报（2025.07.14-2025.07.18） 证券研究报告 稳定币产业催化不断，持续看好 AI 在应用侧的商业 化进展 AI 方面，腾讯推出美术级 3D 生成大模型 Hunyuan3D-PolyGen，结合自研高压缩率表征 BPT 技术，该模型可生成面数达上万面的复杂几何模型，布线精度更高，细节更丰富，同时支持三边面 和四边面，满足不同专业管线需求，显著提升美术师建模效率。我们继续看好模型迭代的性能提升 以及性价比提升下 AI 在应用侧的商业化进展。 智能驾驶方面，海外方面，特斯拉为其车辆推出新的软件更新，其中包含 Grok 集成，特斯拉已开 始向车辆推送此更新。国内方面，理想小鹏 vla ...

Market Overview - The潮玩 industry in China is in a rapid growth phase, with low per capita spending on潮玩, indicating high growth potential[4] - Emerging markets like Southeast Asia and Latin America show significant growth potential due to demographic advantages and rapid e-commerce penetration[4] - Mature markets in North America and Europe are experiencing a shift in consumer demand from traditional content IP to emerging image IP due to market saturation and changing media consumption habits[4] IP Lifecycle and Characteristics - Content IP generally has a longer lifecycle compared to image IP, with a higher ceiling for derivative value due to a complete worldview[4] - Image IP tends to experience rapid bursts of popularity but relies heavily on ongoing management for sustained value[4] Company Analysis - Pop Mart's growth is not limited by existing IP like Labubu; its core advantage lies in its ability to cultivate new IP efficiently, emphasizing an industrialized approach to the IP ecosystem[4] - Big Media's IP business, backed by Alibaba, has strong operational capabilities and can attract quality IP rights holders and downstream customers[4] - Blucol's strategy focuses on strong IP and low-price products, with significant growth potential in lower-tier markets[4] - Card Game's core advantage is its channel strength, with a focus on managing inventory and capitalizing on market trends[4] Investment Recommendations - The潮玩 industry in China is recommended for investment due to its rapid growth and low PEG ratios compared to global peers, with a focus on companies like Pop Mart (9992.HK), Big Media (1060.HK), Blucol (0325.HK), and Card Game (not yet listed)[4] Risk Factors - Potential risks include underperformance in copyright renewals, intensified industry competition, and production capacity issues[4]

Core Viewpoint - The discussion on the future of private enterprises in China is centered around three key strategies: transformation, going global, and inheritance, as articulated by Ge Jun, co-chairman of Tianjiu Shared Group [1][3][5]. Group 1: Transformation - Transformation is described as "old trees sprouting new buds," emphasizing that it does not require starting from scratch but rather leveraging existing strengths [6]. - Several case studies illustrate successful transformation paths, such as Steel Jiejie, which transitioned to solar energy, and Shanghai Roman, which evolved from a lighting company to a comprehensive service provider [6]. - The logic of transformation is highlighted as "precise positioning" rather than complete disruption, providing replicable experiences for small and medium enterprises [6]. Group 2: Going Global - The global market presents broader opportunities compared to the domestic market, with a shift from merely selling products to establishing deep local roots [7]. - The new trend for 2025 includes brand building, full industry chain collaboration, and deep localization, as exemplified by companies like CATL and its factory in Hungary [7]. - The cultural and emotional value creation in overseas markets is emphasized, showcasing the importance of local engagement in the globalization process [7]. Group 3: Inheritance - Inheritance is a critical topic for the longevity of enterprises, with a staggering statistic indicating that only 10% of wealth is successfully passed down through three generations [8]. - Ge Jun outlines three paths for successful inheritance, including the integration of family offices, professional management transitions, and building intergenerational trust [8]. - The essence of inheritance is framed as the continuation of vitality rather than merely a transfer of power [8]. Group 4: Entrepreneurial Spirit - The strategies of transformation, globalization, and inheritance are encapsulated in the entrepreneurial spirit characterized by courage, resilience, wisdom, and a focus on action [9]. - The journey of private enterprises is portrayed as not only a struggle for individual companies but also as a new chapter for China's private economy [9].

Core Viewpoint - Letsvan has successfully launched its new original IP SIINONO, which has significantly boosted sales and marks a new phase in the company's development following its acquisition by Quantum Song [2][5][7]. Group 1: Product Launch and Sales Performance - SIINONO, a new original IP, was launched at MINISO LAND in Shanghai, selling thousands of blind boxes on the first day, resulting in a 31.3% increase in daily sales for the store [2]. - The product was also released simultaneously in 12 other cities, including Beijing, Guangzhou, Chengdu, and Nanjing, and is available on various online platforms such as Tmall and Douyin [2]. Group 2: Unique Design and Target Audience - The core character of SIINONO is a lively anthropomorphic rabbit, which emphasizes "individual authenticity and emotional companionship," distinguishing it from other cute IPs in the market [4]. - The design aims to resonate with users' emotions, providing support during emotional fluctuations and encouraging them to embrace their uniqueness, even if imperfect [4]. Group 3: Corporate Development and Strategy - Quantum Song acquired 61% of Letsvan, making it a wholly-owned subsidiary, which is noted as the largest acquisition in the domestic toy market this year [5]. - The successful launch of SIINONO demonstrates the effectiveness of the acquisition, showcasing the company's resource integration and multi-channel operational capabilities, marking a new stage in its development [7].

Group 1: Central Bank Gold Purchases - The People's Bank of China reported that as of June 30, 2025, the country's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the previous month, marking the eighth consecutive month of net gold accumulation [3] - Global central bank net gold purchases reached 1,136 tons in 2024, the second highest on record, with the top three buyers being China, Poland, and Turkey, accounting for over 50% of total purchases [3] - 95% of surveyed central banks plan to continue increasing their gold holdings in the next 12 months, the highest percentage since the survey began in 2019 [3] Group 2: Retail Investor Activity - South Korean investors have traded over $5.4 billion in A-shares and Hong Kong stocks as of July 15, 2025, with a monthly trading volume in February reaching $782 million, nearly doubling from the previous month [4] - Notable stocks attracting South Korean investors include Xiaomi, BYD, and CATL, with net purchases of approximately $170 million, $93.1 million, and $60.9 million respectively [4] - Bridgewater Associates has adopted a more optimistic investment strategy in the Chinese market, reporting a 5.8% return in Q2 and a total return of 13.6% for the first half of the year, increasing its allocation to Chinese stocks [4] Group 3: Hong Kong IPO Market - The Hong Kong IPO market has seen a surge in activity, with over HKD 100 billion raised in the first half of 2025, significantly exceeding levels from the past three years [5] - Foreign cornerstone investors have increased their investment amounts and proportions in Hong Kong IPOs, accounting for 45.2% of the companies listed as of June 30, 2025 [5]

Group 1: Core Insights - The 2025 World Youth Development Forum focused on green consumption and sustainable development, gathering youth representatives from 50 countries and 7 international organizations to discuss climate change and sustainability [2][4] - Youth are identified as a powerful driver of market change, with global consumption spending accounting for over two-thirds of GDP and generating a similar proportion of carbon emissions [4][5] - A significant portion of youth, 93.3%, prioritize purchasing green products, indicating a shift towards sustainable consumption patterns [5][6] Group 2: Industry Impact - Companies are adapting to the rising demand for sustainable products, with examples like Bubble Mart launching the first carbon-neutral figurine, DIMOO, which promotes biodiversity [4][5] - The fashion industry is also responding, with brands like Bosideng setting ambitious carbon neutrality goals, recognizing the importance of sustainable practices for long-term competitiveness [6][10] - The travel industry is evolving, as platforms like Ctrip implement carbon emission standards and promote low-carbon travel options in response to youth demand [5][6] Group 3: Global Youth Initiatives - Youth are actively engaged in various sustainability initiatives, such as biodiversity protection programs and zero-waste communities, showcasing their commitment to environmental issues [5][8] - The forum highlighted the importance of youth collaboration in addressing global challenges, with calls for increased investment in green startups and integration of sustainability education [12][13] - The United Nations and other organizations are focusing on expanding green skills training for youth, aiming to empower them to contribute to sustainable development [13][14]

Investment Rating - The report maintains a positive outlook on the A-share and Hong Kong stock market for quality media companies, indicating a "Look Favorably" investment rating for the industry [2]. Core Insights - The report emphasizes the sustainability of the current market trend for quality media companies, driven by global resonance in AI application commercialization and the self-consumption trends of Generation Z [2]. - It highlights the global competitive strength of sectors such as gaming, trendy toys, and AI tools, along with differentiated competition based on category and tone [2]. - The report identifies specific opportunities within the AI application chain, particularly in areas like AI advertising, education, and productivity tools, which are expected to see accelerated commercialization [2]. Summary by Sections AI Application - The report notes that the globalization and commercialization of AI applications are progressing rapidly, with significant potential in AI advertising, education, programming, and enterprise-level AI [2]. - Specific companies like Meitu and Kuaishou are highlighted for their strong growth potential in AI applications, with Meitu being noted for its unique global positioning and Kuaishou for exceeding commercialization expectations [2]. Gaming Sector - The gaming sector is experiencing short-term volatility; however, the fundamentals of key companies remain strong. New product launches are expected to stabilize performance [2]. - Companies like Giant Network and G-bits are mentioned for their upcoming releases and strong market positions [2]. Cloud Computing - AI is driving a recovery in cloud computing revenue growth, with a focus on internet cloud computing firms that have clear advantages in their own scenarios [2]. - Alibaba is specifically mentioned for its cloud computing direction, which is expected to continue to deliver value [2]. Consumer Trends - The report continues to recommend consumer brands like Pop Mart and NetEase Cloud Music, which are expected to benefit from market expansion and increasing paid user growth [2]. Valuation Table - A detailed valuation table is provided, showing the market capitalization, revenue, and profit forecasts for key companies in the gaming, film, and entertainment sectors, indicating growth rates and PE ratios for 2025 and 2026 [4].

36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 以下文章来源于36氪出海 ，作者36氪出海 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Pexels 泡泡玛特预告上半年利润至少增3.5倍 消费电子产业链加速出海，赴港上市布局全球 茶百道新加坡首批两家门店开启试营业 萝卜快跑与Uber达成战略合作，全球部署数千台无人驾驶汽车 海关总署：今年上半年我国工业机器人出口增长61.5% MiniMax近3亿美元新融资基本完成 智元机器人获正大机器人战略投资，将开启全球化布局 萝卜快跑与Uber达成战略合作，全球部署数千台无人驾驶汽车 萝卜快跑宣布与全球最大的移动出行服务平台Uber建立战略合作伙伴关系，将萝卜快跑无人驾驶出行服务拓展至美国和中国大陆 以外的全球多个市场。按照计划，数千辆萝卜快跑无人驾驶汽车将接入Uber全球出行网络，为更多用户带来人人可用且稳定可靠 的无人驾驶出行服务。截至发稿，百度美股盘前涨超4.56%。（上证报） 泡泡玛特：预期截至2025年6月30日止六个月溢利较去年同期增 ...

Core Insights - TOYCITY has launched the world's first emotion-aware AI companion toy, Xiaoba AI, aimed at addressing emotional needs in modern society, particularly for working women and children in dual-income families [1][7] - The company is based in Shipa Town, Dongguan, known as a hub for toy production, with over 4,000 toy manufacturers and a significant share of China's toy export market [2][1] - The AI emotional companionship sector is rapidly growing, with various applications emerging globally, including Character.AI and Replika, driven by advancements in natural language processing and machine learning [3][4] Company Overview - TOYCITY is recognized as a leading company in the innovation and incubation of original brands within the toy industry, with an annual production value close to 12 billion yuan [2][1] - The company has invested heavily in AI development, employing around 30 engineers and collaborating with partners like Lexin and Volcano Engine for technical support [5][6] Product Features - Xiaoba AI incorporates features such as emotion recognition through voice interaction, intelligent assistance, and data security with encrypted personal memories [6][7] - The product aims to blend technology with emotional warmth, focusing on emotional companionship, intelligent interaction, and collectible appeal [7] Market Context - The AI emotional companionship market is considered one of the hottest sectors in the AI application wave, with various companies exploring this niche [3][4] - Despite some skepticism regarding the necessity of AI emotional companions, the market continues to grow, fueled by high-profile endorsements and technological advancements [4][3]

Investment Rating - The report emphasizes a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic market [4][9]. Core Insights - The home furnishing sector shows a year-on-year increase of 28.7% in furniture retail sales in June, but demand has weakened since July due to the lack of new government subsidies [4][9]. - The new tobacco sector is witnessing a recovery, with Smoore's H1 2025 revenue expected to grow by 18% year-on-year, indicating stabilization in the vaping business [15][16]. - The paper and packaging industry is experiencing price stabilization, with expectations for a recovery in demand for white cardboard and cultural paper [17][18]. - The light industry and personal care sector is facing a downturn, but there are investment opportunities in leading brands [19][20]. - The toy sector, particularly Bubble Mart, is highlighted for its strong performance, with a 94% year-on-year increase in online sales of blind boxes in Q2 [21][22]. - The two-wheeler market is expected to see a rebound in Q3, driven by new policies in Vietnam promoting electric vehicle replacements [22][31]. Summary by Sections Home Furnishing Sector - Retail sales of furniture increased by 28.7% year-on-year in June, but demand has weakened since July due to subsidy issues [4][9]. - The overall real estate investment decreased by 10.3% year-on-year in June, with residential construction area down by 4.3% [4][9]. New Tobacco Sector - Smoore's H1 2025 revenue is projected to grow by 18% year-on-year, indicating a recovery in the vaping market [15][16]. - The FDA's recent approvals for JUUL products suggest a positive trend in the U.S. compliance market [15][16]. Paper and Packaging Sector - Paper prices are stabilizing, with expectations for recovery in demand for specific paper types [17][18]. - The packaging sector is seeing improvements in profitability for metal packaging companies due to industry consolidation [17][18]. Light Industry and Personal Care - The sector is experiencing a downturn, but leading brands are still seen as investment opportunities [19][20]. - Online sales for personal care products have shown mixed results, with some categories facing increased competition [20][23]. Toy Sector - Bubble Mart is highlighted for its strong performance, with a 209% year-on-year increase in GMV [21][22]. - The overall toy market is benefiting from new operational models and IP advantages [21][22]. Two-Wheeler Market - The market is expected to rebound in Q3, with new policies in Vietnam promoting electric vehicle replacements [22][31]. - Leading companies in the sector are expected to show good growth in their mid-year reports [22][31].