Core Viewpoint - Quantum Song Group (NASDAQ: QSG) is acquiring the remaining equity of its subsidiary Letsvan through a cash and stock combination, marking a deep integration phase for both companies in the trendy toy business [4]. Group 1: Acquisition Details - The acquisition will be executed through a private placement of 18,219,330 shares of Class A common stock to Letsvan's founder and CEO, Zhan Huiyu, as compensation for the remaining equity [5]. - The shares will be delivered in three phases and will include vesting and lock-up provisions [5]. - Zhan Huiyu will be appointed as a director of Quantum Song on August 1, 2025, to facilitate the integration [5]. Group 2: Background of Letsvan - Letsvan is a pioneer in China's trendy toy industry, focusing on global artist IP incubation, operation, and full-chain commercialization of trendy toy products [4]. - Prior to founding Letsvan in 2020, Zhan Huiyu accumulated extensive experience in the cultural gifts and trendy toy sectors, having worked for companies like Walmart (Shenzhen) and CITIC Health [6]. Group 3: Strategic Implications - The transaction aims to further integrate resources between Quantum Song and Letsvan, enhancing business synergy and competitive advantage in the trendy toy sector [6]. - In March 2023, Quantum Song acquired 61% of Letsvan, marking the largest primary market acquisition in the trendy toy sector in China this year [6]. - Letsvan's new trendy toy IP, WAKUKU, has seen significant demand, with multiple sell-outs in both online and offline channels [6]. Group 4: Future Prospects - Letsvan recently launched a new trendy toy IP, SIINONO, which has received ongoing popularity, indicating the successful integration and strategic operational capabilities post-acquisition [8]. - The company is entering a new phase of matrix and ecological development in trendy toy IP, suggesting promising future growth [8].

Core Insights - The trading card game (TCG) market is experiencing rapid global growth, with China's market expected to reach 26.3 billion yuan in 2024, significantly outpacing global growth rates [1][3] - The global TCG market is projected to grow from 14.95 billion USD in 2024 to 57.08 billion USD by 2033, with a year-on-year growth of 15.9% [2] Industry Overview - China's TCG market is currently the largest globally, with a market size of 26.3 billion yuan in 2024, reflecting a year-on-year increase of 110.4% [3] - The market is expected to reach 44.6 billion yuan by 2029, driven by rising disposable income and a growing consumer base of over 503 million people interested in IP-related products [3] Key Drivers - The TCG market's growth is fueled by both demand and supply dynamics, with increasing consumer willingness to spend on emotional value associated with IPs and a burgeoning domestic IP ecosystem [3] - The TCG industry chain in China is maturing, with active secondary market transactions stimulating further expansion in the primary market [3] Core Elements of TCG - TCGs are characterized by low prices, high premiums, and high repurchase rates, with unique gameplay mechanics enhancing consumer engagement [4] - Successful IPs in the TCG space often possess cultural significance, emotional value, and strong fan engagement, which are critical for market success [4] Investment Opportunities - Companies with rich IP reserves and significant channel advantages are recommended for investment, including: - Card Game: A leading player in the entertainment sector with a strong market share and a diverse IP matrix [5] - Yaoji Technology: Engaged in trading platforms and card production, with potential for growth in card distribution [5] - Aofei Entertainment: Known for its popular IPs, which can drive the success of card products [5] - Huali Technology: Benefiting from the TCG industry chain through sales of related equipment and IP cards [5]

Core Viewpoint - Quantum Song Group (NASDAQ: QSG) announced the acquisition of the remaining equity of its subsidiary, Shenzhen Yiqi Culture Co., Ltd. (Letsvan), through a cash and stock combination, with a total transaction value of 235 million yuan, corresponding to an estimated valuation of approximately 385 million yuan for Letsvan [1][3]. Group 1: Acquisition Details - Quantum Song will issue a total of 18,219,330 shares of Class A common stock to Letsvan's founder and CEO, Zhan Huiyu, as consideration for the remaining equity [1]. - The acquisition will be completed in three phases, with vesting and lock-up terms attached [3]. - As of March 2025, Quantum Song will hold a 61% stake in Letsvan after multiple rounds of transactions [1]. Group 2: Strategic Integration - Zhan Huiyu will be appointed as a director of Quantum Song on August 1, 2025, to accelerate the integration of the trendy toy business and strategic synergy [3]. - The integration will focus on five key dimensions: IP incubation, product development, influence dissemination, supply chain optimization, and channel network expansion [3]. Group 3: Business Performance and IP Development - Letsvan has successfully incubated and owns 10 IP images as of March 2025, including the newly released IP "SIINONO" [7]. - The WAKUKU series has achieved significant popularity, with products ranking among the top in the cultural and creative sector for the first half of 2025 [5]. - The strategic investment from Quantum Song is expected to elevate Letsvan to new heights in the trendy toy market [5]. Group 4: Industry Context - Recent trends in the industry show a surge in mergers and acquisitions related to IP, with companies like Giant Star Legend and Sony forming strategic alliances and making significant investments [9][12]. - The competitive landscape is evolving, with companies focusing on expanding retail channels and enhancing IP-related offerings [9][12].

Core Viewpoint - The article discusses the rise of the "emotional economy," where consumers seek emotional satisfaction through purchases, reflecting a shift in societal values towards instant gratification and emotional fulfillment [1][2][20]. Group 1: Emotional Consumption Trends - Emotional consumption refers to the behavior where consumers achieve emotional satisfaction and psychological compensation through purchases, with Generation Z being the primary demographic [5]. - Since 2013, the emotional consumption-related industry has seen an average annual compound growth rate of 12%, with projections indicating that the market size in China will exceed 2 trillion yuan by 2025 [2][4]. - A survey revealed that 64.6% of respondents aged 18-65 prioritize spiritual consumption, and 48.9% seek dedicated time for relaxation each week [4]. Group 2: Psychological and Sociological Perspectives - From a psychological perspective, emotional consumption is a strategy for managing emotions, significantly correlated with anxiety levels and loneliness [7]. - Sociologically, emotional consumption products serve as digital social capital, helping individuals construct idealized identities [7]. - The experience economy model categorizes emotional consumption as an "escape experience," providing temporary relief from real-life pressures [7]. Group 3: Market Dynamics and Consumer Behavior - The emotional economy is characterized by a demand for low-cost, quick-acting emotional remedies, leading to the proliferation of products that offer novelty, stimulation, and ritualistic experiences [1][2]. - The popularity of products like LABUBU reflects a desire for relatable emotional expressions, allowing consumers to project their feelings onto these items [13][15]. - The trend of "identity performance" suggests that consumers purchase emotional products not just for personal satisfaction but to signal their social identity [15][17]. Group 4: Challenges and Critiques - The article raises concerns about the potential for emotional consumption to create new problems, such as emotional dependency and superficial relationships [1][2]. - Critics argue that the focus on emotional value in relationships may lead to transactional interactions, where emotional fulfillment becomes a calculated exchange [21][23]. - The increasing reliance on emotional consumption may simplify complex human emotions, risking a loss of deeper emotional connections and perceptions [23].

今年夏天，潮玩成了热门词，参与者是一群"80后""90后"，"童趣经济"正以多元姿态进入大众视野，并 不断拓展边界。 从扎堆开盲盒到排队购买IP联名玩具，这些带着卡通元素的商品，不再是孩子的专属，不少成年人也加 入消费行列，打造自己的"精神快充站"。数据显示，2024年国内潮玩市场规模突破500亿元。 过去，童趣经济主要以儿童消费品为底色，在新IP、新概念、新技术赋能下，开始将主要目标人群锁定 为具有消费力的成年人，尤其是"Z世代"和年轻都市群体，满足成年人的怀旧情感、减压需求和童年情 结。童趣经济外延不断拓展，正重塑消费市场格局。随着生活节奏加快和社会结构变化，越来越多年轻 消费者在消费过程中高度重视品质、体验和情感价值。一些消费者通过购买经典动漫周边等产品，想 要"为童年买单"。 在此背景下，有的产品设计强调"减压""治愈"，有的强调未知感和隐藏款，能为消费者带来惊喜，心理 上形成一种奖励效应。再加上社交平台带来的信息传播效率、互动密度和算法推动，让不少童趣产品被 广泛传播，甚至成为一些年轻人社交互动的"硬通货"。 快时尚店里挂着皮卡丘、史努比联名T恤，美妆品牌和迪士尼合作推出公主系列眼影盘，家居卖场摆上 ...

Market Overview - The Hang Seng Index is experiencing a downward trend, with investors anticipating further declines, particularly around the 24600 level, while some see support at 24700 and are considering bullish options with a recovery price of 24200 [1] - Technical signals for the index are neutral, indicating a 50% probability of either rising or falling as it approaches the middle line of the Bollinger Bands [1] Kuaishou Technology (01024.HK) - The stock price is nearing the upper limit of the Bollinger Bands, with a strong buy signal indicated by 16 buy signals and 1 sell signal [3] - Resistance levels are identified at 81 and 87.1, while support is close to 69.7, aligning with investor expectations around 70 [3] Kingsoft Corporation (03888.HK) - The stock is showing resilience in a declining market, stabilizing above the recent low of 34.7, with a target range of 38-40 [6] - Technical signals suggest a buy, with resistance at 37.9 and support at 33.7 and 32.6 [7] Pop Mart International (09992.HK) - The stock closed at 246, with a sell signal indicated, and primary support identified at 236 [10] - Investors are holding put options with a strike price of 178.78, which may be too far from the current price, leading to lower price sensitivity [10] Semiconductor Manufacturing International Corporation (00981.HK) - The stock opened high but closed at 51.1 after reaching a peak of 52.95, with a recent volatility of 9.2% [13] - Technical signals indicate a buy with 13 buy signals and 4 sell signals, resistance levels at 54.2 and 56.8, and support at 47.2 and 45.2 [13][14] Sands China Ltd. (01928.HK) - The stock closed at 19.04, maintaining position above the middle line of the Bollinger Bands [17] - A buy signal is indicated, with resistance at 19.6 and 20, and support at 18.3 and 17.3 [17][20]

为推进整合，量子之歌将通过私募配售方式，向Letsvan创始人、首席执行官兼董事战绘宇发行共计 18219330股公司A类普通股，作为其所持剩余股权的对价。相关股份将分三期交割，并附带归属期及锁 定期条款。同时为加速潮玩业务整合与战略协同，量子之歌将于2025年8月1日任命战绘宇为公司董事。 公开信息显示，战绘宇是一位深耕消费领域的创业者，兼具丰富的产品与行业经验。 一位机构投资人向《证券日报》记者表示，泡泡玛特证明了潮玩行业的商业价值，投资方都在寻找下一 个"泡泡玛特"。 据了解，Letsvan专注于全球艺术家IP孵化、运营及潮玩产品全链路商业化，拥有人气原创 IP"WAKUKU"，在行业内拥有较高的知名度。自2024年12月份至2025年3月31日，量子之歌已通过多轮 交易实现对Letsvan的控股并表。本次交易完成后，Letsvan将成为量子之歌的全资子公司。 （文章来源：证券日报） "对投资方来说，拥有高人气原创IP的企业较为稀缺。不仅仅是量子之歌，去年至今阅文集团也多次对 潮玩市场进行投资。"上海夏至良时咨询管理有限公司高级研究员、大消费行业分析师杨怀玉向《证券 日报》记者表示。 7月31日，量子之 ...

Group 1 - Quantum Song Group announced the acquisition of the remaining equity of its subsidiary Letsvan through a cash and stock combination, marking a deep integration phase for both parties in the trendy toy business [1] - The acquisition will make Letsvan a wholly-owned subsidiary of Quantum Song, which has been consolidating its control over Letsvan since December 2024 [1] - Quantum Song plans to issue a total of 18,219,330 shares of Class A common stock to Letsvan's founder and CEO as consideration for the remaining equity, with shares to be delivered in three phases [1] Group 2 - The transaction aims to further integrate resources between Quantum Song and Letsvan, enhancing business synergy and focusing on the trendy toy sector [2] - The appointment of Zhan Huiyu as a director of Quantum Song on August 1, 2025, is intended to accelerate the integration of the trendy toy business and strategic collaboration [1][2] - Quantum Song emphasizes that this acquisition will strengthen its competitive advantage in the trendy toy market and enhance its strategic positioning in the consumer sector [2]

Key Insights - The report highlights the importance of geopolitical factors and AI as catalysts for investment opportunities in overseas markets [1][2] - The upcoming release of OpenAI's GPT-5 is expected to enhance AI capabilities across various applications, potentially impacting multiple sectors [3][10] - The report recommends a diversified portfolio of stocks, focusing on companies with strong growth potential in AI, consumer goods, and real estate [4][20] Recent Key Events - The third round of US-China trade talks took place in Sweden, with significant global attention on the outcomes [1][8] - The World Artificial Intelligence Conference (WAIC 2025) in Shanghai gathered over 1,572 leaders and scholars to discuss the future of AI [2][9] - The H20 chip export ban was lifted, allowing for renewed trade with China, which could influence tech companies [2][9] Market Situation - The Hong Kong and US stock markets saw significant gains in July, with the Hang Seng Index rising from 24,072 points to 25,524 points, a 6.0% increase [11] - Net inflows from southbound trading reached 110.8 billion HKD in July, indicating strong investor interest in Hong Kong stocks [12][13] Current Portfolio Recommendations - **Pop Mart (9992.HK)**: Strong growth in overseas business with a 475%-480% increase in international revenue in Q1 2025 [21][22] - **Jintai Holdings (2228.HK)**: Positioned as a leader in AI for Science, with significant growth potential in the pharmaceutical sector [26][27] - **China Qinfa (0866.HK)**: Improved balance sheet with a net profit increase of 150.5% in 2024, driven by loan restructuring [30][33] - **Greentown China (3900.HK)**: Despite a decline in profits, the company is expected to stabilize and lead the industry due to strong land acquisition strategies [36][39] - **Alibaba (9988.HK)**: Revenue growth of 7% in Q4 2025, with a strong focus on AI and cloud services [40][41] - **Kuaishou-W (1024.HK)**: Significant growth in e-commerce and advertising revenue, driven by innovative marketing strategies [44][46] - **Xiaomi Group-W (1810.HK)**: Record revenue of 111.3 billion CNY in Q1 2025, with a strong performance in both mobile and AIOT sectors [47]

Group 1: Company Performance Highlights - Jiangfeng Electronics (300666.SZ) achieved a revenue of 3.605 billion CNY in 2024, a year-on-year increase of 38.57%[9] - Lianhua Holdings (600186.SH) is expected to see a revenue growth of 35.09% from 2025 to 2027, with net profits projected at 335 million CNY in 2025[19] - Meige Intelligent (002881.SZ) forecasts revenues of 3.786 billion CNY in 2025, with net profits of 229 million CNY[22] - Foxit Software (688095.SH) anticipates a net profit of 33 million CNY in 2025, with a significant increase in subscription revenue[25] - Lanjian Intelligent (688557.SH) expects net profits of 162 million CNY in 2025, with a projected EPS of 1.59 CNY[34] - Western Mining (601168.SH) reported a revenue of 31.619 billion CNY in H1 2025, a year-on-year increase of 26.59%[36] Group 2: Market Trends and Opportunities - The global market for semiconductor precision components is projected to reach approximately 428.8 billion CNY by 2025, with China's market growing faster than the global average[12] - The AI and big data sectors are driving rapid growth in computing power demand, with the Chinese intelligent computing market expected to reach 1,037.3 EFLOPS by 2025[17] - The smart connected vehicle market is projected to grow from 2.3 billion CNY in 2020 to 5 billion CNY by 2024, with a compound annual growth rate of 21%[21] - The Chinese seasoning market is expected to continue expanding due to the rise of pre-packaged meals and digital marketing strategies[15]