2021年风马牛年终秀（于2022.1.8举办）上，我们曾以口述史Live的形式，邀请王宁讲述自己的B面故事。彼时，泡泡玛特已于港股上市近2年，股价承 压，很多人说"看不懂泡泡玛特"。王宁说，泡泡玛特做的不是你死我活的"象棋生意"，而是赢多赢少的"围棋生意"，自己和团队始终看好线下，因为做好 一件事需要时间。 今年全球最火的玩具，非Labubu莫属。 6月11日，一只稀有款薄荷色Labubu以人民币108万元成交价在二级市场拍出。 6月14日，因为韩国地区线下销售太火爆，恐引发安全问题，泡泡玛特发公告暂停Labubu全系列销售。 Labubu全球爆火直接拉动泡泡玛特股价飙涨，今年以来，其股价涨幅超过200%，市值超过3500亿元，创始人王宁也因此取代牧原股份秦英林，成为新晋 河南首富。 今天，我们将这篇2021年王宁的自述重新刊发一遍，希望能帮你看懂王宁，看懂泡泡玛特的IP生意。 以下，是王宁的自述： 我小时候是在店里"泡"大的，我出生那年，1987年，父母就在做音像店的生意。我小时候就在那个店里边待着。 那个时候的店都挺小的，可能就二三十平米。我印象很深刻的是，那时候所有卡带店都在门口立两个大音箱，也不知道 ...

此外，双方承诺通过建立某些航空航天产品的免关税双边贸易，来强化航空航天和飞机制造 的供应链。美国废除了此前三项行政命令中对英国航空航天业征收的关税。 来 源 | 央视新闻 本期编辑 刘雪莹 美股全线飘红，中国资产爆发！A50直线拉升，油价重挫 泡泡玛特一新店，开业2小时卖光闭店！黄牛不炒茅台炒Labubu，月入数万元 美国宣布23日起对钢制家电加征关税，洗衣机冰箱在列 SFC 21君荐读 据央视新闻报道，当地时间6月16日，美国白宫发表声明表示，美国总统特朗普与英国首相斯 塔默共同宣布了贸易协议的一般条款。 据悉，在一般条款中， 美国计划为英国汽车进口设定每年10万辆的配额，征收关税税率为 10%。 英国承诺，努力满足美国对输美钢铝产品供应链安全以及相关生产设施所有权性质的 要求。在英国满足这些要求的前提下， 美国计划迅速对英国生产的钢铝制品以及某些衍生钢 铝制品设定"最惠国"税率配额。 ...

Group 1: Market Overview - A-shares have been in a rebound trend since mid-April, with a significant drop on June 13 due to geopolitical factors, but the overall adjustment is expected to be limited [1] - As of June 13, 2025, the best-performing sectors include pharmaceuticals and banking, while food and beverage and real estate sectors show weaker performance [1] - The financing balance in the market has not significantly increased during this rebound, indicating that the implied risk in major A-share indices is not at a high level [1] Group 2: Investment Style and Trends - The differentiation between large-cap value and small-cap growth styles is at a central level compared to the past two years, with no clear mean reversion opportunity currently [1] - The high basis level of stock index futures is influenced by the seasonal increase in dividend distributions from listed companies during May and June, alongside increased hedging demand from cautious investors [1] Group 3: New Consumption Trends in Cosmetics - The new consumption era in the cosmetics industry is characterized by product innovation and emotional value consumption, moving away from the previous traffic-driven growth [3] - The emergence of new channels and media is accelerating product innovation and market penetration, with platforms like Douyin playing a crucial role in product testing and promotion [4] - Traditional industries such as personal care, health products, and cosmetics are experiencing significant product renewal opportunities, driven by structural changes in consumer demand and channel dynamics [5]

Core Viewpoint - The rising value of trendy toys and IP toys is highlighted by the recent auction of LABUBU for 1.08 million yuan, leading to a surge in related stocks and showcasing the vibrant growth of China's toy industry [1][2]. Industry Developments - Dongguan and Shantou, two major toy production bases in Guangdong, are actively planning for the future, reflecting the robust vitality of the Chinese toy industry [1][3]. - Dongguan's Shipaizhen hosted the "Trendy Toy Industry Ecosystem Partnership Conference," emphasizing the city's commitment to becoming a hub for trendy toy businesses and expanding global markets [1][4]. - Shantou's Chenghai district held the "AI Toy Industry Innovation and Development Conference," focusing on the integration of AI technology into traditional toy manufacturing for transformation and upgrading [1][4]. Corporate Actions - Companies like Shifeng Culture in Chenghai have partnered with Baidu Smart Cloud to launch AI toy production plans, aiming for intelligent, personalized, and educational enhancements in toy manufacturing [2][6]. - Dongguan's trendy toy enterprises are seeking deeper cultural recognition to enhance the cultural value of their products, facilitating the global expansion of "Chinese trendy toys" [2][3]. Market Trends - The AI toy market is rapidly expanding, with projections indicating it could reach a market size of $36.377 billion by 2030, driven by advancements in IoT and AI technologies [6]. - The shift in consumer behavior from basic needs to emotional value is evident, with consumers willing to pay for products that offer emotional satisfaction [7]. - The Chinese IP toy market is expected to grow significantly, with a projected market size of 75.6 billion yuan in 2024, reflecting a compound annual growth rate of 11.7% from 2020 to 2024 [8].

Core Viewpoint - The article discusses the current state of the U.S. stock market and the structural trends in the Hong Kong stock market, analyzing the implications of tariff revenues and inflation on economic conditions and investment opportunities [1]. Group 1: U.S. Economic Indicators - Tariff revenues have significantly increased, with May's revenue reaching $22 billion, doubling from April's $16 billion, contributing to a total federal revenue increase of $48 billion year-over-year [2][3]. - The Consumer Price Index (CPI) remained stable in May, with overall CPI and core CPI increasing by 0.08% and 0.13% respectively, leading to a year-over-year increase of only 1.6% [7][11]. - The Federal Reserve is cautious about interest rate cuts, focusing on the future impacts of immigration policies on the labor market and wages, with current job openings and private non-farm payrolls showing positive trends [11][20]. Group 2: Tariff Impact on Prices - The impact of tariffs on prices has been slow to materialize, with only specific categories like digital appliances seeing price increases, while core prices remain stable or declining [17][20]. - Future tariff negotiations could lead to an average increase of 10% in tariffs, which may improve price expectations in the U.S. [20]. Group 3: Hong Kong Market Dynamics - The Hong Kong stock market has experienced two major opportunities this year, driven by a re-evaluation of Chinese assets and an influx of liquidity due to the Hong Kong Monetary Authority's actions [22][23]. - The current low borrowing costs in Hong Kong may continue to drive asset re-evaluation, particularly in new consumption and innovative pharmaceuticals [24]. Group 4: Investment Performance - The Alpha Dolphin virtual portfolio achieved a weekly return of 1.3%, outperforming major indices, with a total absolute return of 91% since its inception [27][29]. - Key contributors to the portfolio's performance included significant gains from stocks like Pop Mart, which saw an 11.4% increase due to strong market demand for its products [31]. Group 5: Stock Contributions - The portfolio's performance was bolstered by stocks such as Pop Mart and Disney, while stocks like Alibaba and Kweichow Moutai faced declines due to external market pressures [32]. - The analysis of individual stock movements highlights the importance of market sentiment and external factors influencing stock performance [32]. Group 6: Asset Allocation - The Alpha Dolphin portfolio is currently balanced with approximately 52% in equity assets and 48% in defensive assets like gold and U.S. Treasury bonds [33].

Group 1 - The smart lawn mower market is entering a competitive phase, requiring companies to have strong funding, technology, and team capabilities [2] - Chinese battery manufacturers are facing increased competition from Japanese and Korean companies as they expand into Europe [3] - Babycare's CEO emphasizes the importance of determination and patience in international expansion, despite the potential for success in the Chinese market [4] Group 2 - Nvidia's CEO Huang Renxun commented on Ren Zhengfei's remarks, highlighting that while Nvidia's technology is advanced, China's energy resources allow for effective use of more chips [5] - JD Logistics plans to adopt a self-operated model in Saudi Arabia, marking its first self-operated logistics network overseas [5] - Transsion Holdings has established a mobility division to explore the electric two-wheeler market in Africa and other developing countries [6][7] Group 3 - WeRide has signed a partnership with Uber and Dubai's RTA to deploy commercial Robotaxi services in Dubai, with plans for fully autonomous operations by Q1 2026 [7] - Pop Mart has temporarily suspended offline sales of LABUBU plush toys in South Korea due to safety concerns [7] - Ant Group's international arm released its first sustainability report, covering services that connect over 100 million merchants globally [8] Group 4 - Hong Kong Stock Exchange's CEO stated that simultaneous listings of Greater Bay Area companies in Hong Kong and Shenzhen will not dilute market liquidity [9] - Thailand's Commerce Minister expressed confidence in negotiating a reduction of US tariffs to 10% [9]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 57.43 billion on June 16, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Stock Performance - Meituan-W (03690) and China Construction Bank (00939) were among the top net buyers, with net inflows of HKD 11.61 billion and HKD 15.23 billion respectively [2][5]. - Xiaomi Group-W (01810) faced the highest net sell-off, amounting to HKD 18.79 billion, while Tencent (00700) also saw significant selling pressure with a net outflow of HKD 6.19 billion [2][7]. - Other notable stocks with net inflows included ZHONGAN Online (06060) with HKD 2.15 billion and KANGFANG BIO (09926) with HKD 2.05 billion [5][6]. Group 2: Market Trends and Insights - The report from Goldman Sachs highlighted a recovery in the investment value of Chinese private enterprises, identifying ten major companies that reflect themes in AI, technology development, and new consumption, with a combined market capitalization of USD 1.6 trillion [4]. - The banking sector, particularly China Construction Bank, is experiencing increased interest from insurance funds, which is seen as a positive signal for market sentiment [5]. - The digital asset sector is also gaining traction, with ZHONGAN Online's involvement in stablecoin services indicating a growing focus on digital finance in Hong Kong [6]. Group 3: Company-Specific Developments - Xiaomi's chairman Lei Jun announced the upcoming launch of the Xiaomi YU7, while the company aims to achieve profitability in its automotive and chip businesses by Q3-Q4 of this year [7]. - Bubble Mart (09992) is gaining recognition for its unique IP and product development capabilities, which are expected to drive long-term growth [6].

Group 1 - The digital live broadcast by Luo Yonghao on Baidu e-commerce attracted over 13 million viewers, achieving a GMV exceeding 55 million yuan, setting a new record for digital live streaming sales [2] - The live broadcast utilized AI knowledge base 13,000 times, generating 97,000 words of product explanation content, and the digital hosts performed over 8,300 actions [2] Group 2 - Xiaomi's CEO Lei Jun announced the upcoming release of the Xiaomi YU7 at the end of June, along with other significant new products, including the Xiaomi Pad 7S Pro featuring the Xuanjie O1 chip [3] Group 3 - Pop Mart Korea announced the temporary suspension of offline sales for the LABUBU series products due to potential safety concerns at sales venues, prioritizing customer safety and service quality [4] Group 4 - Baidu launched its largest-scale AI talent recruitment plan, AIDU Plan, with a 60% increase in job openings covering 23 core business areas and 11 research directions, including large model algorithms and machine learning [5] Group 5 - Jiyue Automobile reported that after-sales component issues have been largely resolved and announced a partnership with Lynk & Co for after-sales support, with plans to offer an OTA upgrade for intelligent driving assistance in the second half of 2025 [6]

Core Insights - The IP toy market in China is experiencing rapid growth, with the market size projected to reach 756 billion yuan in 2024, up from 486 billion yuan in 2020, representing a compound annual growth rate (CAGR) of 11.68% [1][8][10] - The overall IP derivative market in China is also expanding, with a projected size of 1,742 billion yuan in 2024, growing from 994 billion yuan in 2020, at a CAGR of 15.1%, surpassing the global growth rate of 8.3% [6][8] Industry Overview - IP derivatives are physical goods based on characters, scenes, and storylines from various entertainment works, with IP toys being the largest segment [1][6] - Common types of IP toys include static dolls, movable dolls, building and assembly toys, and plush toys [1][4] Market Dynamics - The growth of the IP toy market is driven by factors such as rising consumer spending, the emergence of Generation Z and senior consumers, and increasing awareness of IP derivative products [1][8] - The highest market share within the IP toy segment is held by building and assembly toys, accounting for 36.4% in 2024, followed by static toys (22.5%), plush toys (18.9%), and movable toys (10.3%) [10] Competitive Landscape - Key players in the IP toy market include companies like Shifeng Culture, Aofei Entertainment, Pop Mart, and Blok, which compete through various product strategies and market positioning [12][16] - Pop Mart has shown strong performance in the trendy toy market, while other companies like Miniso and Aofei Entertainment also hold significant market shares [12] Future Trends - The IP toy market is expected to continue expanding, with projections indicating it will exceed 911 billion yuan by 2025, driven by consumer upgrades and increased awareness of IP products [18] - Innovations in smart toys and digital marketing are reshaping consumer experiences, with examples including AI-powered toys and augmented reality products [19][20] - The industry is also accelerating its globalization efforts, with brands expanding into international markets through e-commerce and cultural collaborations [21]

Group 1 - The State Council emphasized the need to promote the construction of "good houses" and integrate it into urban renewal mechanisms, providing policy support in planning, land, finance, and other areas to stabilize the real estate market [4][5] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 182 days [4] - The CSRC released new regulations for algorithmic trading in the futures market to enhance monitoring and risk management [4] Group 2 - The National Development and Reform Commission allocated 80 billion yuan for urban renewal projects, benefiting approximately 1.7 million people [5] - A series of adjustments to A-share indices took effect on June 16, including major indices like the Shanghai Composite and Shenzhen Component [5][6] - Shenzhen is expected to pilot a secondary listing for red-chip stocks, providing a more efficient listing channel for tech companies [6] Group 3 - Global markets experienced significant volatility on June 13 due to escalating geopolitical tensions in the Middle East, with major indices in the US and Europe declining [7] - The Israeli airstrikes have resulted in significant casualties in Iran, further heightening regional tensions [7] Group 4 - GAC Group committed to ensuring the completion of dealer rebates within two months [10] - Kweichow Moutai adjusted its 2024 profit distribution plan, increasing the dividend to 27.673 yuan per share [10] - *ST Guandao faces potential delisting due to financial fraud, with trading suspended for one day [10] Group 5 - Huatai Securities reported that the conflict between Israel and Iran has led to increased oil price volatility [14] - CITIC Securities noted that new models of real estate development will more effectively address structural supply-demand mismatches [15] - The computer industry is expected to maintain a positive trend, with a focus on AI applications and smart vehicles [17]