Group 1: Index Adjustments - The Hang Seng Index Company announced its semi-annual index adjustment results, affecting major indices including the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index [1] - China Telecom, JD Logistics, and Pop Mart were included in the Hang Seng Index, with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [1] - The Hang Seng China Enterprises Index included Pop Mart with a weight of 2.10%, while J&T Express was removed, which had a weight of 0.71%, keeping the total number of constituents at 50 [1] - No adjustments were made to the Hang Seng Tech Index, maintaining its count at 30 constituents [1] - The adjustments will take effect on September 8, 2025, with the adjustment list for the Stock Connect to be published on September 5 [1] Group 2: ETF Market Developments - Huaxia Fund's Hong Kong stock ETFs surpassed 100 billion yuan in total scale, becoming the first fund manager in the market to achieve this milestone [2] - Huaxia Fund's Hong Kong stock ETFs not only have the largest scale but also the most comprehensive layout, with 14 funds covering broad-based, technology, healthcare, dividend, and consumer sectors [2] Group 3: Related Securities - Core broad-based Hong Kong stock: Hang Seng ETF (159920) [3] - AI and platform economy: Hang Seng Tech Index ETF (513180) [3] - Focus on the development of Chinese enterprises in Hong Kong: Hang Seng China Enterprises ETF (159850) [3]

Group 1 - The Chinese Customs has intercepted 1.83 million suspected infringing LABUBU products this year [2] - During the 14th Five-Year Plan period, Chinese Customs has conducted a series of special operations, resulting in the seizure of nearly 400 million suspected infringing goods across 260,000 batches [2] - The Chinese Customs aims to protect both domestic intellectual property and the legitimate rights of foreign enterprises in China, preventing the inflow of foreign infringing products and the outflow of domestic infringing products [2] Group 2 - Since the beginning of the 14th Five-Year Plan, Chinese Customs has collaborated with public security and other departments to investigate 23,000 smuggling cases, with a total value of nearly 480 billion RMB [2] - In drug smuggling, 3,032 cases have been investigated, resulting in the seizure of 15.7 tons of various drugs [2] - The "套代购" (proxy purchasing) illegal activity has led to the investigation of cases valued at 5.9 billion RMB during the 14th Five-Year Plan [2] Group 3 - The "湄龙" action has expanded to over 20 participating countries/regions, resulting in the seizure of over 60 tons of drugs and precursor chemicals, and 479 tons of endangered wildlife products [3] - The "大地女神" action has reported the seizure of 35,000 tons of smuggled waste [3] - Both actions represent international cooperation in combating drug trafficking and smuggling of endangered species and solid waste [3]

Core Viewpoint - The recent launch of the "Starry People Dream Meteorological Bureau Series" blind box by Pop Mart has generated significant consumer interest and sales, indicating a strong market demand for new IPs in the collectible toy sector [1][2]. Product Launch and Sales - Pop Mart has introduced multiple new products, including the "Starry People" blind box, which is part of its newly signed IP for 2024 and has already achieved a revenue of 390 million yuan in the first half of the year [2]. - The pricing for the blind boxes is set at 79 yuan each and 474 yuan for a full box, while the "MOKOKO" plush toys are priced at 199 yuan each. The products sold out almost instantly upon release, with inventory disappearing within seconds on various platforms [3]. Market Demand and Resale Prices - The shortage of available stock has led to a surge in resale prices on secondary markets, with the full box of "Starry People" selling for as much as 1,350 yuan, representing a nearly threefold increase in price. Individual pieces are averaging 150 yuan, nearly double the original price, while hidden variants have reached 478 yuan, over six times the original price [8][12]. - The excitement surrounding the "Starry People" series has drawn comparisons to the previous popular series, LABUBU 3.0, which has seen its prices drop to 780 yuan, indicating a shift in consumer interest and potential for "Starry People" to become the next big hit [15][16]. Production Capacity and Challenges - Pop Mart's supply chain president revealed that the production capacity for plush toys has increased significantly, with August's output reaching approximately 30 million units, a tenfold increase compared to previous levels. However, there are concerns about meeting the high demand, as the company is still in the process of ramping up production [18].

Investment Rating - The report indicates a positive outlook for the consumer sector, with a strong recommendation for investment in companies benefiting from the ongoing recovery in consumer demand and sports events [1][2]. Core Insights - The consumer sector has shown significant growth, with various sub-sectors such as beauty care, social services, and retail experiencing weekly increases of +5.35%, +4.55%, and +4.55% respectively [2]. - The sports industry is becoming a key driver for economic recovery, with the total scale of the sports industry growing at an average annual rate of over 10% in the past five years. Major events like the Hangzhou Asian Games are expected to boost local consumption significantly [2]. - Leading companies in the trendy toy sector, such as Pop Mart, reported explosive growth in their financial performance, with a 204.4% increase in revenue and a 362.8% increase in adjusted net profit for the first half of 2025 [2][19]. - The trendy toy market in China is projected to grow from approximately 764 billion yuan in 2024 to 1,101 billion yuan by 2026, with a compound annual growth rate (CAGR) of 20% [2]. Summary by Sections Market Weekly Review - The consumer sector saw a broad increase in stock prices, with notable gains in various sub-sectors [2][4]. - Key stocks that led the gains included Jiugui Liquor (+25.10%) and Huijia Times (+43.48%), while stocks that declined included Guifaxiang (-8.72%) and Rongtai Health (-11.79%) [12][13]. Industry News and Key Company Announcements - A partnership between Moutai and Taobao Flash Sale aims to enhance consumer access to Moutai products, indicating a strategic move to boost sales [14][15]. - The report highlights various companies' financial performances, with Pop Mart achieving remarkable growth and other companies like Shanghai Jahwa and Hainan Airlines also reporting positive trends [18][19][21].

Core Insights - The company reported better-than-expected profits for H1 2025, with optimistic full-year guidance and a "buy" rating maintained due to successful overseas expansion and the rise of new IPs [1][2] Financial Performance - In H1 2025, the company achieved revenue of 13.88 billion yuan, a year-on-year increase of 204.4% - Net profit reached 4.68 billion yuan, up 385.6%, exceeding the previous profit forecast of 350% - Adjusted net profit was 4.71 billion yuan, reflecting a year-on-year growth of 362.8% - Gross margin stood at 70.3%, an increase of 6.3 percentage points year-on-year - Adjusted net profit margin was 33.9%, up 11.6 percentage points year-on-year [1] Market Expansion - The global market saw explosive growth, with the Americas experiencing over 11-fold growth year-on-year - Revenue from different regions in H1 2025 was as follows: China 8.28 billion yuan (up 135%), Asia-Pacific 2.85 billion yuan (up 258%), Americas 2.26 billion yuan (up 1142%), and Europe & others 480 million yuan (up 729%) - The Americas accounted for 16.3% of total revenue, with offline and online revenues of 840 million yuan and 1.33 billion yuan respectively, indicating strong popularity of the company's IP on social media [2] IP Development - The company has established a strong IP matrix with five major IPs generating over 1 billion yuan in revenue - The top-performing IPs include THE MONSTERS (4.81 billion yuan, up 668%), MOLLY (1.36 billion yuan, up 74%), SKULLPANDA (1.22 billion yuan, up 113%), CRYBABY (1.22 billion yuan, up 249%), and DIMOO (1.11 billion yuan, up 193%) - Among 13 IPs generating over 100 million yuan, the fastest-growing IP is 星星人, contributing 390 million yuan [2]

Core Viewpoint - The company achieved a revenue of 13.88 billion yuan in the first half of the year, representing a year-on-year growth of 204%, with adjusted net profit reaching 4.71 billion yuan, a year-on-year increase of 363%, both exceeding expectations [1] Group 1: Revenue and Profit Growth - The company reported significant revenue and profit growth, with both figures surpassing previous forecasts [1] - The domestic and American markets showed impressive profit margins, with ongoing improvements in supply chain capabilities and performance of other IPs aside from LABUBU [1] Group 2: International Expansion - The Americas led the growth, with revenue increases of 1142% in the first half, and the company plans to open more flagship stores in the second half [1] - As of June, the number of overseas self-operated stores reached 162, an increase of 32 stores since the beginning of the year, with a target of 200 stores by year-end [1] Group 3: Domestic Market Performance - In the domestic market, single-store revenue more than doubled, with annualized figures of 18 million yuan and 47.4 million yuan for mainland China and Hong Kong/Macau/Taiwan, respectively [2] - The operating profit margin for the China division increased by 13 percentage points to 49%, outperforming overseas margins [2] Group 4: IP Development - The company plans to launch a mini version of Labubu and collaborate with celebrity IPs like Zhou Shen and Sun Yanzi [2] - Although Labubu's revenue share increased to 35%, the revenue contribution from the second to fifth largest IPs remained around 10% each, indicating a balanced and healthy IP structure [2] Group 5: Margin and Efficiency - The company achieved a record high gross margin of 70%, with adjusted net margin reaching 34%, both showing significant year-on-year and quarter-on-quarter increases [3] - Inventory turnover days decreased to 83 days from 100 days last year, reflecting improved operational efficiency alongside a 200% revenue increase [3] Group 6: Future Outlook - The company expects continued high growth while focusing on operational quality and long-term sustainable growth [3] - Key points for the second half include ramping up production capacity, enhancing production efficiency, and launching new products like mini Labubu [3]

本报讯(记者李豪悦)近期，中国网球公开赛(以下简称"中网")与潮玩品牌"Letsvan奇梦岛"双方就中网官 方商品潮玩类合作进行签约，发布10款中网吉祥物阿中与WAKUKU联名产品。 此次合作共推出10款限定潮玩，包括"WAKUKU哇库库×中网"胖哒哒限定款毛绒公仔 800%、"WAKUKU哇库库×中网"酷满贯限定款毛绒吊卡、"WAKUKU哇库库×中网"ACE限定款毛绒吊 卡等，所有限定产品将于9月14日全球开售。 中网赛事组委会秘书长陈杰指出，头部赛事与新锐潮玩携手合作，是一次极具前瞻性和创新性的跨界联 动，既为观众和消费者带来新体验，也给中网赛事和Letsvan奇梦岛进一步发展创造新契机，对于推动 文商旅体深度融合，大力发展赛事经济，具有重要的作用。 首创集团副总经理、中网公司董事长孙宝杰表示，此次"体育+文创"的创新实践，不仅丰富了中网特许 商品线，更将在年轻群体中扩大赛事影响力，为文商旅体融合发展探出一条新路径。 Letsvan奇梦岛创始人、CEO战绘宇介绍了联名产品创作理念。他表示，此次设计融合了网球竞技张力 与奇梦岛标志性艺术语言，兼顾实用性与收藏价值，部分款式还将结合国际潮流趋势打造"全球限量 ...

Core Viewpoint - The Hang Seng Index Company announced its semi-annual index adjustment results, including the addition of China Telecom, JD Logistics, and Pop Mart to the Hang Seng Index, with Pop Mart also being included in the Hang Seng China Enterprises Index. The Hang Seng Technology Index remained unchanged [1][2]. Group 1: Index Adjustments - The Hang Seng Index will include China Telecom, JD Logistics, and Pop Mart with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [2]. - Pop Mart will be included in the Hang Seng China Enterprises Index with a weight of 2.10%, maintaining the total number of constituent stocks at 50 [2]. - The Hang Seng Technology Index will not have any additions or removals, keeping its total at 30 constituent stocks [2]. Group 2: Fund Flows - The expected fund inflows from the additions are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [2]. - For the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $150 million with an inflow duration of about 0.3 days [3]. - The Hang Seng Technology Index is projected to see significant inflows for Horizon Robotics and BYD, estimated at $560 million and $500 million, with inflow durations of 3.4 days and 0.9 days respectively [3]. Group 3: Stock Connect Adjustments - A total of 20 stocks are expected to be added to the Stock Connect, with 19 stocks being removed, aligning closely with previous predictions [4]. - The potential new additions to the Stock Connect include companies such as China Foods, Cao Cao Travel, and others [4]. - Companies like CATL, Heng Rui Medicine, and Sanhua Intelligent Control, which are already listed in both A and H shares, will enter the Stock Connect after their price stabilization period ends [4]. Group 4: Implementation Timeline - The index adjustments will be implemented on September 5 and will officially take effect on September 8 [5]. - The official announcement regarding the Stock Connect adjustments will be published on September 5, with trading commencing on September 8 [5]. Group 5: Market Reactions - Active funds may engage in preemptive buying or selling for arbitrage, while passive funds will adjust their holdings at the end of the trading day on September 5, leading to significant trading volume for related stocks [6].

Investment Rating - The report maintains an "Add" rating for the retail industry [1] Core Insights - Miniso's subsidiary TOP TOY has completed a strategic financing led by Temasek, achieving a post-transaction valuation of approximately HKD 10 billion [3][8] - TOP TOY is experiencing rapid growth, with a revenue of CNY 742 million in H1 2025, representing a year-on-year increase of 73%. The GMV for TOP TOY stores in mainland China reached CNY 795 million, up 52.6% year-on-year [3][8] - The overall market for entertainment toys in China is projected to reach CNY 101.8 billion in 2024, with a year-on-year growth of 43% and an expected CAGR of 15.8% from 2024 to 2029 [3][9] - TOP TOY has generated positive operating profit with an operating profit margin of 6.9% in H1 2025, despite a slight decline in same-store sales [3][9][10] - The financing will help TOP TOY achieve a value reassessment and supplement the capital needed for its rapid development [10] Summary by Sections Industry Viewpoint - TOP TOY's strategic financing led by Temasek has positioned it for continued growth, with a significant increase in store count and revenue [3][8] Market Performance - The retail index increased by 4.55% during the week of August 18 to August 22, 2025, indicating a positive market trend [11] Company Valuation Table - The report includes a valuation table for various companies in the retail sector, with Miniso's stock trading at a P/E of 18x based on 2025E earnings [17][19]

（文章来源：每日经济新闻） 泡泡玛特于2020年在港交所上市，截至8月22日收盘，泡泡玛特每股报价320.4港元，总市值超过4300亿 港元，今年以来，泡泡玛特股价涨幅超过258%。根据其8月19日发布的2025年上半年财报显示，实现营 收138.8亿元，同比增长204.4%，经调整净利润47.1亿元，同比增长362.8%。半年营收突破百亿，净利 润超2024全年，集团业绩再创新高，各项经营指标表现优异。在业绩说明会上，泡泡玛特董事长兼CEO 王宁曾表示集团全年营收预计不低于300亿元。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团等新消费龙头，又包含小米、阿里巴 巴、腾讯、美团等互联网电商龙头，科技+消费属性突出。 8月22日，恒生指数公司公布最新季度检讨结果，决定将中国电信、京东物流、泡泡玛特纳入恒生指 数，成分股数目由85只增至88只，调整将于9月8日生效。这是泡泡玛特首次被纳入恒生指数，体现了资 本市场对于泡泡玛特综合实力的高度认可。此前，泡泡玛特曾多次被列入恒生指数潜在候选股。 就在纳入 ...