在早期以大型购物中心为主导的商业地产发展阶段，"一站式、全业态"几乎是行业的黄金法则。它背后的逻辑很直接——争取尽可能广泛的客群，被视为 商业运营的"安全选择"。并且为了平衡不同消费群体的需求，项目在业态和品牌组合上往往追求全面覆盖，然而，进入存量竞争时代，这套逻辑正面临双 重挑战。 一方面，当下市场的商业供应量已经非常庞大，新增和待更新项目的体量面积普遍变小；另一方面，消费主力已更迭为成长于物质相对充裕年代的年轻一 代，他们的需求与上一代截然不同。功能与价格的最优组合已不足以打动他们——他们更看重个性表达、情绪共鸣与参与感。 这种心理转变带来三种消费行为特征：会为一个能够代表自我态度的符号买单； 会为一次触动情绪的体验付出溢价；会投入时间与金钱参与到他们认可 的创作中。 最具代表性的案例是泡泡玛特的"反叛精灵"LABUBU，短短几年便实现了30亿的年销售额，风靡全球潮玩市场，正是契合了这一代消费者的"反叛"核心心 理驱动。这种反叛，并非刻意挑战社会规则，而是拒绝迎合一切平庸、模糊的商业表达。它的底层逻辑，是以更锋利的心理定位，换取更深的品牌黏性与 更强的传播势能。 反叛美学：用"不讨好"建立独特性，形成记忆 ...

Core Viewpoint - The 15th China International Animation and Copyright Trade Expo was held in Dongguan, showcasing over 2,000 film and animation IPs from more than 40 countries and regions, integrating copyright trading, industry connections, and cultural exchanges [1] Group 1 - The expo marked its first occurrence in the core area of the潮玩 (trendy toys) industry in Shipaizhen, Dongguan, transitioning from a single exhibition scene to a full industry chain park [1] - Multiple international orders worth over 100 million yuan were facilitated during the expo, covering areas such as trendy toy AI technology transformation and traditional cultural IP export [1] - The event utilized innovative models like "IP + live streaming" to achieve online and offline integration, attracting both audiences and buyers [1]

Group 1 - The core viewpoint highlights the increasing importance of intellectual property (IP) protection in the context of China's growing toy export market, particularly in the face of rising counterfeit products [1][2] - In the first four months of the year, China's exports of dolls and animal toys reached 13.31 billion yuan, marking a 9.6% increase [1] - Bubble Mart, a key player in the industry, reported an export value of 1.69 billion yuan in the first five months, representing a staggering year-on-year growth of 405.7% [1] Group 2 - Customs authorities are actively involved in IP protection by inspecting and detaining suspected infringing goods at entry and exit points, thereby supporting innovation and reducing the cost of rights protection for companies [2] - The process for customs to determine potential infringement includes checking if the sender is on the rights holder's legitimate user list and whether they can provide proof of authenticity [2] - In the first half of the year, Beijing saw a significant increase in IP protection registration applications, with 787 new applications, surpassing the total for the previous year [2] Group 3 - The 15th China International Animation Expo was held in Dongguan, featuring over 600 enterprises from more than 40 countries, with local customs providing guidance on IP protection policies to support domestic toy companies in their international ventures [3]

《中华人民共和国商标法》第六十条第二款：工商行政管理部门处理时，认定侵权行为成立的，责令立 即停止侵权行为，没收、销毁侵权商品和主要用于制造侵权商品、伪造注册商标标识的工具，违法经营 额五万元以上的，可以处违法经营额五倍以下的罚款，没有违法经营额或者违法经营额不足五万元的， 可以处二十五万元以下的罚款。对五年内实施两次以上商标侵权行为或者有其他严重情节的，应当从重 处罚。销售不知道是侵犯注册商标专用权的商品，能证明该商品是自己合法取得并说明提供者的，由工 商行政管理部门责令停止销售。 消费者在选购商品时要认准官方渠道关注商家的资质与品牌授权信息，仔细辨别商品标识，核对防伪信 息，盲盒消费留存小票，扫码验证防伪标签，警惕"盲盒外衣"下的假冒商品。（来源：延庆市场监管） 中国质量新闻网讯 盲盒凭借"未知性""收藏性"正在成为消费市场新宠。"泡泡玛特"作为盲盒行业头部品 牌，其IP形象和产品设计却被仿冒，北京市延庆区市场监管局通过消费者投诉 【下载黑猫投诉客户 端】举报，顺藤摸瓜查处了这类借助盲盒隐蔽销售假冒商品的案件。 2025年6月，延庆区市场监管局接到市民投诉，称自己在某商家购买的"泡泡马特"盲盒是假货，要求 ...

Core Insights - China's industrial economy shows resilience and vitality, with industrial added value growing by 6.4% year-on-year and high-tech manufacturing increasing by 9.5% [1] - The integration of creative design and traditional craftsmanship is enhancing brand value, as seen in the success of companies like Laopuhuang [2][3] - The rise of innovative designs is driving new consumption trends and transforming manufacturing processes, leading to significant efficiency improvements [4][7] Industry Performance - The production of 3D printing equipment, new energy vehicles, and industrial robots has seen substantial growth, with increases of 43.1%, 36.2%, and 35.6% respectively [1] - Laopuhuang's revenue and profit grew by 166% and 254% year-on-year, respectively, indicating strong market demand for creatively designed products [2] - The global brand value of Chinese brands reached $1.76 trillion, ranking second worldwide, reflecting the increasing competitiveness of Chinese manufacturing [5] Design and Innovation - Industrial design is identified as a core element of the innovation chain, essential for the transformation and upgrading of the manufacturing sector [6] - New design concepts, such as Xiaomi's YU7 model, emphasize aesthetic and technological integration, pushing manufacturing lines towards greater automation and efficiency [7] - AI-assisted design tools are enhancing the speed and creativity of product development, exemplified by the launch of the TAI tool by Altec [9] Market Trends - The demand for uniquely designed products is evident in various sectors, including ceramics and smart home appliances, with significant orders and market penetration [4] - The shift from "usable" to "well-designed" products is reshaping consumer expectations and driving brand loyalty [5] - The importance of design in enhancing emotional value and cultural significance is becoming increasingly recognized in the industry [10] Challenges and Recommendations - Despite advancements, there are still gaps in original design capabilities and a need for improved talent development in the manufacturing sector [10] - Recommendations include establishing design innovation incentives, enhancing intellectual property protection, and fostering industry-education collaboration to cultivate new design talent [10]

特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 潮玩巨头商战：泡泡玛特回应 潮玩巨头商战：泡泡玛特回应 潮玩巨头商战：#名创优品被曝300元每条雇水军炒作#，泡泡玛特回应。 ...

Core Viewpoint - The ongoing controversy between Pop Mart and Miniso regarding the design similarities of their stores highlights the intense competition between these two major players in the IP economy and overseas expansion [1][19]. Group 1: Company Background - Miniso, originally a "10 yuan store," has been transitioning towards the IP economy and accelerating its overseas expansion, but reported revenue growth without profit increase in Q1, indicating challenges in its transformation [1][20]. - Pop Mart, focusing on self-developed IP and blind box toys, has achieved rapid revenue and profit growth, significantly widening the gap in market competition [1][22]. Group 2: Recent Developments - The controversy began after Pop Mart opened its largest flagship store in Thailand, which some observers claimed resembled Miniso's store design, leading to a heated online discussion [4][6]. - Allegations surfaced that Miniso may have recruited individuals to promote the narrative of Pop Mart's alleged design plagiarism, with reports of payments for social media posts [13][18]. Group 3: Financial Performance - In Q1 2025, Miniso reported total revenue of 4.43 billion yuan, a year-on-year increase of 19%, but a net profit decline of 28.8% to 416.5 million yuan [21]. - In contrast, Pop Mart's revenue for the same period grew by 165%-170%, with overseas revenue increasing by 475%-480%, showcasing its aggressive market strategy [20][22]. Group 4: Market Positioning - Miniso has been expanding its overseas presence since 10 years ago, with 3,213 stores globally as of March 31, 2025, while Pop Mart is rapidly entering Southeast Asian markets, intensifying competition [20][22]. - The competition between the two companies is not only about products and pricing but also extends to public perception and brand positioning in the market [24].

Macro Strategy - The report anticipates a decline in loan demand for July and stable growth in social financing [1] - The geopolitical situation and rising interest rate expectations have boosted market sentiment, leading to an increase in US stock prices [1] - The 10-year US Treasury yield rose by 6.7 basis points to 4.283% due to weak auction results reflecting soft market demand [1] Fixed Income Analysis - The report highlights the investment value of non-ETF component bonds in the Sci-Tech bond market, suggesting a shift towards these bonds due to their higher yield and credit spread compared to ETF components [2] - It notes that 14.79% of the non-ETF component bonds have a credit spread exceeding 40 basis points, indicating potential for yield compression [2] - The "anti-involution" policy is expected to have a longer-lasting impact compared to previous supply-side reforms, with a focus on high-quality development rather than large-scale demand-side stimulus [3][4] Company-Specific Insights - Guodian Measurement (002967) is recommended for its AI chip localization and high-end PCB expansion, with profit forecasts for 2025-2027 set at 4.0/4.5/5.2 billion [9] - Aisheng Co., Ltd. (600732) has shown a significant increase in shipments and profitability, with revised profit forecasts for 2025-2027 at 3.8/15.6/24.9 billion, reflecting a growth rate of 107%/307%/60% [10] - Yanjing Beer (000729) continues to perform well with a focus on its U8 product line, with profit forecasts adjusted to 16.03/19.26/22.74 billion for 2025-2027 [11] - Gole Technology (002241) is expanding its AR capabilities through investment in Micro-LED technology, with profit forecasts adjusted to 34/44 billion for 2025-2026 [13] - Pop Mart (09992.HK) is expected to see rapid revenue growth driven by its IP strategy, with profit forecasts raised to 100.3/144.9/182.9 billion for 2025-2027 [14]

Group 1 - Trump initially called for Intel CEO Chen's resignation but later praised his achievements, indicating a shift in the administration's stance towards the company [2] - Nvidia and AMD have agreed to pay 15% of their revenue from chips sold to China to the U.S. government in exchange for export licenses, highlighting the ongoing regulatory pressures in the semiconductor industry [3][4] - Ant Group and China Rare Earth Group denied rumors about collaborating to create a rare earth-backed stablecoin, emphasizing the importance of verifying information in the financial sector [20][23] Group 2 - Tesla is simplifying its AI chip research by focusing on inference chip development, which may impact its competitive positioning in the AI hardware market [17] - OpenAI has reinstated the GPT-4o model for ChatGPT Plus users after user backlash against the discontinuation, reflecting the company's responsiveness to customer feedback [18][19] - GAC Aion plans to invest up to 30% in Huawei's automotive venture, indicating a renewed collaboration between the two companies in the high-end automotive market [25][26]

每经记者｜舒冬妮 每经编辑｜文多 ｜2025年8月12日 星期二｜ NO.1 泡泡玛特泰国新店陷"撞脸"名创优品？双方回应来了 8月11日，"泡泡玛特泰国店被指撞脸名创优品"话题登上热搜。日前，泡泡玛特在曼谷"ICONSIAM"购 物中心新开的全球最大品牌旗舰店正式营业。但有网友称，该门店与名创优品位于上海南京东路 的"MINISOLAND"店相似，涉嫌抄袭。针对此事，《21世纪经济报道》记者以消费者身份分别致电泡 泡玛特与名创优品。泡泡玛特接线客服表示，已有相关部门在处理，后续建议关注官方渠道获取事件进 展。名创优品接线工作人员则称，相关问题已登记反馈，如果情况属实，公司肯定会跟进处理。 点评：事件本质是"多巴胺美学"趋同下的品牌视觉碰撞，争议已触发社交媒体情绪，若官方处理失当， 或压制股价势头。若借机强化IP叙事并推出差异化体验，反而有望延续涨势。 NO.2 宜家入驻京东 瑞典家具零售商宜家在电商平台京东的旗舰店已正式开业，公司希望借此拓展在中国第三方线上购物平 台的业务，以低价产品吸引新客户。旗舰店将销售超6500 款产品，配送由京东物流承接。继2020年3月 在阿里巴巴的天猫商城开店后，京东是宜家入驻 ...