公司构建了堪称行业标杆的、深度下沉且高效可控的立体渠道体系，线下网点超14万个，经销商网络在 三年内实现数量级增长，已全面渗透至三线及以下城市，形成了强大的市场覆盖与触达能力，同时经销 商网络已经高效地覆盖了中国所有一线和二线城市，并在三线及以下城市的覆盖率超过80%，形成强大 的品牌销售矩阵，能够持续不断地对潜在消费者进行潜移默化影响。另外公司渠道类型上是多样且立体 的模式，既包括了如玩具反斗城、孩子王、酷乐潮玩、沃尔玛等全国性大型商超和连锁渠道，同时也涵 盖了大量的专业玩具店、文具店、精品店等。 打造行业级品质标杆与极致性价比，构建强大品牌壁垒 智通财经APP获悉，国元国际发布研报称，首次覆盖给予布鲁可(00325)"买入"评级，公司通过创新的产 品设计、强大的IP运营能力和全渠道分销网络，迅速成长为细分市场龙头企业，商业模式整合了IP运 营、设计研发、生产和渠道打通，形成完整价值链，未来海外市场的增长潜力值得期待。目前该行采用 PE估值法，考虑到预计公司高质量增长及海外市场的拓展，给予公司对应2026年26倍PE目标估值，约 238亿港元市值目标，对应目标价95.5港元，相较于现价预计有21.1%的升幅 ...

记者丨 程浩 编辑丨蒋韵 日前，南方财经记者从黄埔海关了解到， 2025年东莞外贸进出口规模达1.58万亿元，创历史 同期新高，重回全国第5，交出了一份沉甸甸的外贸"成绩单"。 资料图 从总量看，东莞稳住了"外贸大市"的地位。据黄埔海关统计，"十四五"期间，东莞市进出口累 计增长超2490亿元，年均增长3.5%。2025年，东莞市外贸进出口1.58万亿元，规模稳居全国 第五，较上年（下同）增长13.8%，增速位居全国外贸万亿级城市第二位。其中，出口9707.4 亿元，增长9.1%；进口6087亿元，增长22.1%。 从结构看，东莞实现了"质"的新跃升。东莞优势产品持续发力，本土品牌加速"出海"。数据显 示，2025年，东莞市出口机电产品6821.9亿元，增长12.5%，拉高出口整体增速8.5个百分点。 其中，出口电子元件、电工器材、电脑及其零部件、手机分别增长12.4%、20.1%、17.3%、 7.4%。同期，自主品牌产品出口增长15%，占东莞出口总值的15.1%。同时，以电动汽车、锂 电池、光伏产品为代表的"新三样"出口增长迅猛，成为新的外贸增长点。 从主体看，东莞激发了企业新活力。2025年，东莞市有进 ...

Investment Rating - The report maintains a "Recommended" rating for the light industry manufacturing sector [2] Core Insights - Real estate data remains under pressure, but national subsidies and the expansion of the trade-in policy are driving a recovery in consumption. In 2025, the cumulative sales area of commercial housing in China reached 881.01 million square meters, down 8.7% year-on-year, while the cumulative sales amount reached 8393.68 billion yuan, down 12.6% year-on-year. The number of transactions in 30 major cities increased by 50% year-on-year, with a transaction area growth of 38% [1][11] - The implementation of a 62.5 billion yuan national subsidy on January 1 has led to a rapid qualification exhaustion, and the trade-in policy now includes smart and elderly-friendly home products. Major companies like Mousse, Oppein, and Youban are exploring strategic development and transformation in the competitive stock market [1][69] Summary by Sections Industry Key Data Tracking - **Home Furnishing**: Real estate data remains under pressure, but the return of national subsidies is expected to boost downstream demand recovery [7] - **Packaging**: Stable downstream demand and continuous optimization of the competitive landscape [52] Industry News and Dynamics - **Home Furnishing**: Policies are driving a recovery in consumption, with leading home furnishing companies pushing for strategic transformation [69] - **Packaging**: Anti-involution measures are improving corporate difficulties, and digitalization is driving industry upgrades [70] Light Industry Performance in Capital Markets - **Industry Yield Performance**: From December 2025 to January 2026, the CSI 300 index rose by 1.66%, while the light industry manufacturing sector increased by 5.10%, ranking 19th among 31 sub-industries [73] - **Industry Valuation**: The valuation of the sector has slightly increased, with the PE-TTM for packaging printing, home furnishing, paper, and entertainment products at 41.74, 29.68, 32.38, and 48.91 respectively [78] Investment Recommendations - For the home furnishing sector, it is recommended to focus on Oppein and Songlin Technology; for the packaging sector, attention should be on Aorijin, Yutong Technology, and Xianggang Technology; in the toy sector, focus on Pop Mart; in the paper sector, consider Jiulong Paper and Hengfeng Paper; additionally, the expansion of HNB is expected to drive high prosperity in the tobacco-related industry chain, recommending attention to China Tobacco Hong Kong [81]

东 兴 晨 报 东兴晨报 P1 2026 年 1 月 28 日星期三 经济要闻 1. 国税局：2025 年税务部门全年征收各项税费 33.1 万亿元。其中，未扣 除出口退税的税收收入 17.8 万亿元，同比增长 2.7%。支持科技创新和制造 业发展的主要优惠政策减税降费退税超 2.8 万亿元，有力促进新质生产力和 实体经济发展。（资料来源：同花顺） 2. 国资委：1 月 28 日，国务院国资委企业改革局局长林庆苗在国新办新 闻发布会上透露，下一步国资委将聚焦国有资本"三个集中"，以重组整合为 抓手，扎实推进国有经济布局优化和结构调整，加快建设更多世界一流企业。 国有资本"三个集中"，首先是扎实做好新央企组建和战略性重组，更加突出 中央企业在战略安全、产业引领、国计民生、公共服务等领域的支撑作用， 更好把企业做强做优做大。其次，深入推进专业化整合，支持创新能力强的 企业作为主体，开展同类业务横向整合、产业链上下游纵向整合，减少行业 内卷。再次，支持中央企业开展高质量并购，获取核心要素、抢占技术先机， 加快培育发展战略性新兴产业和未来产业。（资料来源：同花顺） 3. 国家移民管理局：2025 年，全国移民管理机构 ...

银发经济，一头连着经济发展，一头牵系民生福祉。截至2024年底，全国60岁及以上老年人口达3.1亿人，预计到2035年，这一群体数量将超 4亿人，银发经济规模有望突破30万亿元。 编导：王竹艾 这个庞大群体催生的，远不止于传统的养老与照护需求，更是一个向往活力、快乐与自我实现的"青春化"新市场。记者观察到，一场从"被 动养老"到"主动享老"的消费变革，正从供给侧悄然发生。 在浙江义乌的电商平台上，一批专为老年人设计的益智玩具，正成为新的增长点。适老玩具的兴起，正是老年人自身主动寻找快乐、对抗认 知衰退的体现，透露着银发消费正从"物质补给"转向"精神愉悦"。 在"中国木制玩具城"浙江云和，企业对"青春化"市场的理解十分深入。这里的木玩企业已研发200多款老年益智类产品。它们的功能不仅 是"锻炼"，更是为了创造社交场景和竞技乐趣。 这些来自市场的微观创新，正与宏观层面的政策引导同频共振。2024年，国务院印发《关于促进服务消费高质量发展的意见》，明确提 出"大力发展银发经济，促进智慧健康养老产业发展"。"十五五"规划建议指出，"积极开发老年人力资源，发展银发经济"。2025年12月，民政部 等8部门联合印发《关于 ...

Group 1 - The core discussion during the Guangdong Two Sessions focused on the high-quality overseas expansion of enterprises and the development of the private economy, with proposals aimed at transforming Guangdong into a global hub for new productive forces [1] - According to Ernst & Young, China's total foreign direct investment exceeded $160 billion in the previous year, marking a 10% year-on-year increase, indicating robust growth in overseas investments by Chinese enterprises [1] Group 2 - Medium-sized enterprises face challenges such as insufficient internationalization capabilities, high compliance risks, and fragmented service systems, necessitating the establishment of a "new productive force output base" to support their overseas expansion [2] - Suggestions include creating a collaborative platform for overseas expansion based on the Belt and Road Initiative, forming an "overseas alliance" for key industries, and standardizing overseas business practices to enhance brand recognition [2] Group 3 - Leveraging the unique advantages of Macau in design, quality control, and international certification can add high value to products from Guangdong's county-level industries, promoting a "cross-border e-commerce + industrial belt" model [3] - The proposal includes establishing a policy coordination list for cross-border e-commerce and extending logistics subsidies and rent reductions to rural areas in Guangdong [3] Group 4 - The integration of over 8,000 professionals from Hong Kong and Macau in the Greater Bay Area is crucial for enhancing overseas expansion efficiency, but challenges such as qualification recognition and public service gaps remain [3] - Recommendations include creating a dynamic recognition list for professionals from Hong Kong and Macau and optimizing tax policies to facilitate talent mobility [3] Group 5 - The various proposals from committee members complement each other, emphasizing the need for institutional innovation to address development challenges and strengthen the foundation for overseas expansion [4]

当山东美术馆的"潦草小马"（"马彪彪"）以疯癫发型席卷文创圈，义乌工厂里缝反嘴巴的"哭哭马"被年 轻人抢购一空。两者看似意外，背后却有同一个逻辑：在情绪消费时代，"不完美"的治愈感，正超越精 致完美，成为最硬的通货和最新的风向。 2026年新年第一个月，"泼天的流量"降临到义乌小商品批发市场一个小商铺的老板张火清身上，现在她 更出名的身份是——"哭哭马"老板。 1月下旬，《每日经济新闻》记者来到浙江义乌，找到忙碌中的张火清。记者在现场看到，不大的档口 里摆满了各色型号的红色哭哭马，身着红色毛衣的张火清穿梭在顾客之间，手里的三部手机一刻不停， 电话铃声与信息提示音接连响起。档口外，等着洽谈合作的外贸商和前来采访的媒体记者已经排起了 队。 "小号的是7.8元一个，大号是11.9元一个，'笑脸马'有现货，'哭哭马'需要等7天到15天。"张火清一边招 呼客人，一边反复报出价格。记者在档口停留的六个多小时里，看到这位初中毕业的老板娘，用流利的 英语与外国顾客沟通订单细节。张火清直言自己是江西人，能有今天的局面，靠的就是舍得吃苦。 义乌外贸强劲复苏 放眼整个义乌小商品市场，现在，张火清的档口是流量担当。 "哭哭马"嘴角耷 ...

1月26日，南下资金净卖出港股8.26亿港元，为连续第二日净卖出。 其中：净买入腾讯控股10.15亿、小米集团-W 8.22亿、泡泡玛特6.13亿、钧达股份1.47亿、中国海洋石油1.07亿；净卖出中国移动11.77亿、紫金矿业10.77 亿、盈富基金10.36亿、阿里巴巴-W 2.35亿、中国人寿1.06亿。 据统计，南下资金已连续7日净买入小米，共计38.9621亿港元；连续4日净买入中海油，共计10.9627亿港元；连续3日净买入泡泡玛特，共计17.3397亿港 元；连续16日净卖出中国移动，共计128.9303亿港元。 北水动向 腾讯控股：海通国际发表研究报告，维持对腾讯控股"跑赢大市"评级，目标价为700港元。该行大致维持对腾讯第四季的业绩预测，预计总收入达1950亿 元，同比增长13%，非国际财务报告准则营业利润预计为680亿元，同比增长15%。该行认为，高质量增长将在2026财年延续。虽然资本支出可能在2026年 加速并对利润率构成压力，但受高利润新业务线驱动，预计仍可实现小幅利润率扩张。 小米集团：港交所文件显示，小米集团于1月26日以1.404亿港元回购400万股B类股份。 泡泡玛特：花旗发 ...

Market Overview - The A-share market experienced fluctuations with the three major indices adjusting, while the non-ferrous metal sector surged, particularly the precious metals concept leading the gains. The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1] Sector Performance - Precious metals, gold concepts, animal vaccines, and oil and gas extraction and services sectors saw significant gains, while satellite navigation and commercial aerospace sectors faced adjustments [2] - The commercial aerospace sector showed weakness, with stocks like Youke De-W and Ruihua Tai hitting the daily limit, while others like Shaoyang Hydraulic and Haozhi Electromechanical dropped over 10% [8] Individual Stock Highlights - Silver and non-ferrous metals stocks, such as Silver Holdings, achieved a "5 consecutive limit up," with gold stocks like Western Gold and Zhaojin Gold hitting the daily limit. Qunxing Toys saw a sharp rise, closing with nearly 200,000 hand orders [2] - Qunxing Toys, primarily engaged in intelligent computing, liquor sales, and property management, has been included in the Tencent concept stocks due to a service agreement with Tencent Technology [6] Tencent Concept Stocks - Tencent concept stocks showed localized movements, with Qunxing Toys hitting the daily limit and stocks like Wanfu Biology experiencing significant increases [3] - Qunxing Toys closed at 6.95 CNY per share, with a market capitalization of 4.285 billion CNY and a trading volume ratio of 4.02 [5][7] Analyst Insights - Commercial aerospace has become one of the strongest market themes recently, with space photovoltaic technology expected to drive demand for new equipment and provide early advantages for companies that differentiate themselves in this field [11] - Analysts suggest that the market's short-term differentiation may continue, with high elasticity sectors attracting new capital and maintaining risk appetite, while the overall liquidity environment remains relatively loose [13]

Market Overview - The A-share market experienced fluctuations with the three major indices adjusting, while the non-ferrous metal sector surged against the trend, led by precious metals [1] - The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1] Sector Performance - Precious metals, gold concepts, animal vaccines, and oil and gas extraction and services sectors saw significant gains, while satellite navigation and commercial aerospace sectors faced adjustments [1] - Notable individual stocks included Silver Nonferrous (601212) achieving a "5 consecutive limit up," and gold stocks such as Western Gold (601069) and Zhaojin Gold (000506) hitting the daily limit [1] Individual Stock Highlights - Qunxing Toys (002575) experienced a sharp rise, hitting the daily limit with a closing price of 6.95 yuan per share and a market capitalization of 4.285 billion yuan, with nearly 200,000 shares in closing orders [6][8] - The stock's surge is attributed to its involvement in intelligent computing services and a partnership with Tencent Technology (Shenzhen) Co., Ltd. for providing computing power services [7] Commercial Aerospace Sector - The commercial aerospace sector showed weakness today, with mixed performances among stocks; Yuke De-W (688158) and Ruihua Tai (688323) reached the daily limit, while Shaoyang Hydraulic (301079) and Haoshi Electromechanical (300503) fell over 10% [9][10] - According to Everbright Securities, commercial aerospace has become one of the strongest market themes recently, with space photovoltaic technology expected to drive demand for new equipment [12] Market Sentiment and Future Outlook - Analysts from Zhongtai Securities suggest that the current market differentiation may continue in the short term, with high elasticity sectors attracting new capital [13] - Citic Securities indicates that market confidence is gradually recovering, recommending a focus on chemical, non-ferrous, new energy, and power equipment sectors for investment [14]