今天A股看起来没有什么生气，除了上证50和几个红利指数，宽基都收跌，且80%的个股下跌，而银行再次成为避险板块，工行又刷新了历史新 高，造成这个局面的，短期来看，可能有几个原因。 1、地产刺激落空 。上周五我们在会议解读里提到的，上面对房地产的定调是已经稳住了，所以大规模刺激落空， 小作文被证伪，从上周五的高 点开始算的话，地产板块高位下跌7个点； 2、节前避险 。周四就放假了，这回五一涉及三个交易日，大家肯定还是担心在此期间海外出什么幺蛾子，毕竟本周是美股一季报发布数量最多 的一周，而A股也进入了财报高发期，周五还有美国的非农数据要公布，宏观和微观上都有不确定性，预计这周融资余额还要继续往下掉，这其 实和春节放假前的情况差不多——那几天，也是融资余额不断掉，但四大行反而创历史新高。 3、限制卖出的解禁效应 。上周宽基ETF净卖出了100亿，如果剔掉几个科创综指新发基金的建仓资金，实际净卖出的金额会更多一点，而港股南 向资金也是罕见的近期首次周度净卖出，买入的主力——国家队，则从上周开始应该进入了中场休息，好多天没买，所以势必使得市场有一定的 抛压需要释放。 4、产业小作文可能会被整顿 。 就是有个比较知名的 ...

Market Overview - The market experienced adjustments with Hong Kong stocks slightly down by 0.04% and trading volume decreasing to 169 billion [1] - The impact of high tariffs is evident, with a significant reduction in agricultural imports from the US to China and an increase in Brazilian soybean shipments to China [1] - US retail is facing inventory crises due to high tariffs, leading to cautious purchasing behavior among merchants [1] Company Performance - Pop Mart (09992) has seen strong demand in the US market, with long queues for new product releases and a gross margin expected to exceed 75% [2] - The company is shifting some production to Vietnam, aiming for 10% of production by 2024 to mitigate tariff risks [2] - Jin Feng Technology (02208) reported a net profit exceeding expectations, with a revenue of 9.472 billion yuan, a year-on-year increase of 35.72% [5] Industry Trends - The Chinese cultural export is gaining traction, as evidenced by the popularity of Pop Mart's products abroad, reflecting a positive shift in global perceptions of Chinese brands [3] - The banking sector is seeing increased investment, with major state-owned banks performing well amid low interest rates [4] - The energy sector is opening up to private enterprises, allowing them to invest in various energy projects, which is seen as a win-win situation [4] Regulatory Developments - The Chinese government is tightening regulations on the sale of key infrastructure, particularly ports, to protect national interests [7] - The US Department of Transportation has relaxed safety requirements for autonomous vehicle development, which may benefit companies like Nastec (01316) [6] Medical and Pharmaceutical Sector - Four Seasons Pharmaceutical (00460) has received approval for its "Youthful Needle," marking a significant breakthrough in its aesthetic medicine segment [11] - The company's aesthetic medicine sales increased by 65.4% year-on-year, driven by new product recognition and global expansion efforts [12]

前十大流通股东累计持有： 18271.25万股，累计占流通股比： 30.92%，较上期变化： -1748.76万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 深圳星河数据科技有限公司 | 5047.00 | 8.54 | 不变 | | 吴永海 | 2989.90 | 5.06 | 105.31 | | 张馨 | 2875.39 | 4.86 | 不变 | | 芜湖渝宾投资中心(有限合伙) | 1500.00 | 2.54 | 不变 | | 陶悦明 | 1130.18 | 1.91 | 不变 | | 周茹萍 | 1014.40 | 1.72 | 不变 | | 郑凯松 | 1000.01 | 1.69 | -1563.17 | | 蔡珏 | 963.95 | 1.63 | 不变 | | 邵嘉辉 | 925.25 | 1.57 | 新进 | | 黄锐富 | 825.17 | 1.40 | -218.90 | | | 较上个报告期退出前十大股东有 | | | | 缪顺荣 | 997.25 | 1.69 | 退出 | 三、 ...

群兴玩具（002575）公告，2025年第一季度营业收入7282.04万元，同比增长182.83%。净亏损1504.96 万元，去年同期净亏损302.28万元。 ...

港股收盘，恒生指数跌0.04%，恒生科技指数涨0.12%。耀才证券金融大涨超80%，泡泡玛特涨超10%， 君实生物涨超8%；比亚迪（002594）电子跌超8%，中国飞鹤跌超5%。 ...

编者按：美国滥施关税给全球贸易带来巨大冲击，作为中国第一经济大省、第一外贸大省的 广东如何积极应对？即日起，南都、N视频推出"关税冲击下的广东突围"专题报道，深度走 访记录广东各行各业充分研判、科学谋划、主动调整，借助广交会等平台，于市场变局中开 产业新局的探索实践。 近期，美国政府滥施关税，致使全球产业链与供应链遭受严重冲击。在此背景下，玩具产业正经历前所 未有的挑战，探寻发展新路径迫在眉睫。 即将开幕的第137届广交会第三期，以"美好生活"为主题，为全球玩具企业拓展新市场、挖掘潜在合作 机会，提供了强有力的支撑与绝佳契机。 4月24日至25日，南都、N视频记者对话多位广东玩具创意产业从业者，以及前来参加广交会、借此拓 展商机的商家了解到，在全球市场上，我国玩具产业已形成成熟、高效的供应链，短时间内无法被替 代；与此同时，有企业提前谋划、主动破局，着力培育自有IP，转型深挖国内消费潜力。 广交会上的信心与底气 人潮涌动的地铁车厢、烟火气十足的大排档、霓虹闪烁的鸡尾酒吧……四月的羊城，处处可见外国友人 的身影，他们中的不少人，正是广交会的参展客商。 "每届广交会都会吸引全球各地的采购商。我们坚持参展很多年，效 ...

Core Insights - The toy industry in Chenghai District, Shantou City, is a significant player in the global market, with over 50,000 toy companies and more than 200,000 workers, producing around 300,000 new products annually and exporting to nearly 140 countries [1][2] - The local courts are actively enhancing intellectual property (IP) protection to support the high-quality development of the toy industry, ensuring that genuine innovations receive proper protection [1][3] Group 1: Market Position and Innovation - Chenghai has the highest number of toy brands, IP licenses, and patent grants in China, with 60% of children globally having owned Shantou toys [2] - The rapid innovation pace in the toy sector is evident, with over 1,000 new products launched daily, reflecting the industry's dynamic nature [1][2] Group 2: Intellectual Property Challenges - The rise of counterfeit products has created significant challenges for companies like Aofei Entertainment, which has faced thousands of infringement cases annually [3] - The local courts are focusing on judicial protection of IP rights to deter infringement and safeguard innovation, with a notable increase in collaboration with local toy associations [3][4] Group 3: Legal Framework and Enforcement - A framework agreement was signed between the Chenghai District Court and the local toy association to enhance IP protection efforts, including sharing information on major cases and resources for rights protection [3][4] - Since 2022, the Shantou courts have adjudicated 13 criminal cases related to IP infringement in the toy industry, demonstrating a commitment to enforcing IP laws [3][4] Group 4: Mediation and Conflict Resolution - The Shantou courts are promoting mediation as a means to resolve disputes, encouraging companies to explore cooperative solutions rather than pursuing lengthy litigation [6][7] - The courts have successfully facilitated the resolution of 204 civil cases related to the toy industry through mediation since 2022, highlighting a shift towards collaborative conflict resolution [6][7] Group 5: Compliance and Education - There is a growing emphasis on educating small retailers about IP rights to prevent inadvertent infringements, as many operate without adequate knowledge of legal requirements [9][10] - The courts are actively engaging with the toy industry to promote compliance and awareness of IP laws, aiming to create a more sustainable business environment [9][10]

文 ｜ 杨帆 玛西高娃 ▍ 我国对美出口贸易在省际层面呈现出东部集中、区域分化和集群支撑的三重特征 。 第一，我国对美出口高度集中于东部沿海省份，2 0 2 3年以来前五大省份贡献了7 2 . 3%的出口额，前八大省份合计贡献8 4 . 9%，其中广东和浙江 出口动能更为强劲，两者分别贡献了2 5 . 1%和1 6 . 6%。不过前五大外贸大省在面对关税2 . 0的表现，出现了分化，山东和浙江可能抢出口诉求更 强，上海和广东略靠后。出口交货值视角也基本印证上述结论，当前上海在出口交货值增速上较为疲弱。 我国分省市对美出口整体呈现出东部集中、区域分化和产业集群支撑的三重特征。其中，广东和浙江等东部沿海省份是出口主力，山西和河南等 中部省份对美出口依赖偏高。同时结合商品结构层面，我国各省市对美出口贸易呈现商品出口中心度较高、总体依赖度不高且结构多元的特征。 第一，从出口中心度来看，机电设备、纺织鞋服和家具类是支撑出口的核心品类，不同省份在这些品类上的中心度高低差异明显。第二，从对美 出口依赖度来看，大部分省市总体依赖度不高，大部分省份在主要品类上的依赖度低于5%，另外，沿海地区整体呈现出产业链多元、出口商品 类别 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 本文转载自财经天下WEEKLY 值班编辑 | 宝珠 视觉 | 顾芗 今年《哪吒2》的爆火，带飞了联名的国产卡牌，也让卡游这家"卖卡牌"的公司出了圈。 从当初的奥特曼到去年的小马宝莉，再到今年的哪吒系列卡牌，卡游正从昔日的中小学生"心头好"，向 更广阔的消费圈层突破。日前，作为集换式卡牌行业唯一的龙头，它正式向港股发起了冲刺。 依靠售价2元一包的小小卡牌，卡游成了"IP印钞机"。在2024年，公司突破百亿元营收大关，经调整净利 润达到44.66亿元，综合毛利率高达67.3%，甚至超过了泡泡玛特，堪称国内赚钱能力最强的一家玩具公 司。 创办卡游的浙江衢州大佬李奇斌，今年已经53岁。在卡游提交招股书前，他2024年从公司领走了18亿元 的天价薪酬。一旦卡游成功上市，李奇斌的身家，也将迎来暴涨。 市场上最会赚钱的玩具公司 "刚看完《哪吒2》电影时，我抽卡上头了。"一位年轻白领小吕说。尽管自己是成年人，但对这个IP的喜 爱，仍然让她忍不住下单。整个2月，她在 ...

本期内容转载自公众号「十分之一信箱」 朋友们，周日早上好！又到了我们放送好奇心的时间。看看过去两周，「Knock Knock 世界」又收到了哪些来 自少年听众的观察和疑问。 如果你也有感兴趣的问题，点击我们的选题投递箱入口：https://sourl.cn/uwvZsy，或者直接在「Knock Knock 世界」每期节目的评论区留言，把好奇心发送给我们。 税,对我们生活有什么影响? 如何理解贸易战?美国和我国加 关税对经济贸易有哪些影响? 「关税」在投递箱里挤爆了，所 以 …… 记得收听「Knock Knock 世 界」上周五更新的第十期节目哦。 为什么地铁里有女士车厢,没有 男士车厢? 世界各地都能吃到麦当劳,但是 不一定能吃到肯德基,明明都卖 炸鸡,在中国肯德基还更好吃,为 什么麦当劳更受欢迎呢? 我很好奇,在乐高逐渐占领市场 的背景下,布鲁可是如何实现突 破的?为什么那些乐高没能合作 的众多 IP,反而纷纷出现在布鲁 可的产品线上?另外,我也想了 解,拼装积木这个行业,是因为有 技术壁垒吗?为什么感觉这个赛 道上的品牌不像其他行业那么 多?乐高是不是拥有某些独特的 专利?希望能听到「Knock Knoc ...