（原标题：山寨Labubu，被查！） 【导读】上海警方破获一销售假玩具犯罪团伙，查获假冒潮玩玩偶5000余件 中国基金报记者 晨曦 打击山寨Labubu，警方出手！ 据警方介绍，2025年3月，徐汇公安分局经侦支队接到辖区一知名潮玩企业报案称，有消费者向企业反 映，在网上购买了该公司生产的一款热门潮玩经核实为假货。 经专业机构鉴定，该玩具并非企业授权委托加工生产，但产品的外观种类、商标品名等均与正品相同， 相关售卖的网店存在售假嫌疑。 接报后，警方随即深挖线索开展侦查，网店实际经营人汪某以电扇、音响、游戏机等日常销售活动为掩 护，暗中从事定制、包装、销售假冒品牌潮玩业务。 在充分掌握嫌疑人行踪和犯罪证据的基础上，7月4日上午，专案组分别在汪某住处和其公司内抓获汪 某、吴某等8名犯罪嫌疑人。同时，在其公司楼下仓库内发现存放大量带有假冒商标、完成以及未完成 包装的潮玩玩具5000余件。 警方经缜密调查发现，顾客看似能买到某些爆款玩具，但经过对查获的各品种玩具进行抽样检测，结果 显示均为假货。 图片来源："警民直通车上海"官微 经审讯，犯罪团伙成员交代，自2024年11月起，因眼见该潮玩得到市场追捧，为了赚取快钱， ...

事实上，包括拉布布在内，我国潮玩产业在今年上半年呈现爆发式增长。数据显示，截止到6月末，上半年潮玩相关企业注册量同比增长41.08%，而在全国 最大的潮玩生产基地广东东莞，多家潮玩企业今年上半年纷纷"爆单"。 （央视财经《经济信息联播》）今年上半年，国产潮玩拉布布火遍全网，线上线下"一娃难求"。潮玩正从小众兴趣走向大众消费市场，中国潮玩何以掀起全 球消费热潮？ 大眼睛、尖耳朵、露着9颗牙齿的毛绒卡通玩偶拉布布，是时下最火爆的流行IP符号，在海外，无论是产品上新还是新店开业，都会引发抢购热潮。 大漂亮潮玩CEO 徐少胜：今年上半年增速相比去年已经翻倍了。最火的时候其实已经夸张到在越南、泰国，他们逢年过节或者结婚都把潮玩作为礼品送， 当伴手礼。最忙的时候整个企业基本上都是通宵达旦在运转，设计师在设计，销售部在销售，我们经常吃泡面，有时候来不及点外卖。 京东超市玩具采销 陶丽娴：2025年上半年，毛绒挂件品类的销量同比达到164%，成为毛绒玩具中同比增长最快的品类之一。以拉布布为例，消费人群中男 性占比超过四成，打破了以往潮玩消费以女性消费为主体的局面。 转载请注明央视财经 编辑：潘煦 国潮山海经文化产业（广东）有 ...

Core Viewpoint - Shanghai police have dismantled a criminal gang selling counterfeit toys, seizing over 5,000 fake trendy toys with a sales amount exceeding 120 million yuan [1][2]. Group 1: Criminal Activities and Law Enforcement - The gang was reported by a well-known trendy toy company after consumers purchased counterfeit products online [2]. - The police investigation revealed that the gang, led by a suspect named Wang, used everyday sales activities as a cover for the production and sale of counterfeit trendy toys [2][3]. - On July 4, police arrested eight suspects and discovered a large quantity of counterfeit toys in their warehouse [2][3]. Group 2: Market Impact and Trends - The popularity of trendy toys, particularly Labubu, has surged, with a notable auction of an original Labubu fetching 1.08 million yuan in June [3]. - In the first four months of this year, China's exports of dolls and animal toys exceeded 10 billion yuan, marking a 9.6% increase [4]. - Customs authorities reported seizing 11,000 batches and 38.675 million pieces of suspected infringing goods, including counterfeit Labubu toys [4]. Group 3: Industry Response and Consumer Guidance - Companies are encouraged to enhance their intellectual property protection awareness and dispute prevention capabilities as they expand internationally [5]. - Bubble Mart has increased its plush toy production capacity significantly, aiming to meet the growing demand for authentic products [5].

Group 1 - The core viewpoint of the articles highlights the rapid growth and international expansion of various industries, particularly 3D printing and humanoid robots, driven by innovative marketing strategies and capital influx [2][5]. - Shenzhen's 3D printing sector is leveraging social media marketing, cross-border e-commerce, and community operations to dominate overseas markets [2]. - Chinese companies are entering a "globalization 2.0 phase," focusing on influencing partners and controlling profits rather than merely holding stakes [3]. Group 2 - Labubu and Pop Mart have seen significant performance increases, yet the market remains skeptical about their long-term sustainability [4]. - The humanoid robot industry is experiencing a dichotomy between capital excitement and the challenges of industrialization, indicating a complex market environment [5]. - Uniqlo's strategies during economic downturns emphasize the importance of efficiency in retail, suggesting a focus on core business principles [6]. Group 3 - The recent World Artificial Intelligence Conference resulted in an expected procurement amount of approximately 16.2 billion yuan, indicating strong interest in AI technologies [7]. - China's trade with Central and Eastern European countries reached a record high of 522.88 billion yuan in the first half of the year, reflecting growing international trade relationships [7]. - Germany's dissatisfaction with the EU-US trade agreement highlights ongoing trade tensions and the impact of tariffs on export-driven economies [7].

Core Viewpoint - Guangdong's consumption market shows signs of recovery, driven by new consumption scenarios and supply-side innovations, with a notable increase in retail sales and tourism revenue in the first half of the year [1][2][5]. Consumption Recovery - In the first half of the year, Guangdong's total retail sales of consumer goods reached 22,932.66 billion yuan, a year-on-year increase of 3.5%, with a growth rate acceleration of 1.0 percentage points compared to the first quarter [1]. - The "May Day" holiday saw a 18.7% increase in tourist numbers and a 20.3% increase in tourism revenue [1][5]. New Consumption Scenarios - Unique local events, such as the Dragon Boat Festival and indoor skiing, have become popular consumption hotspots, attracting significant crowds and boosting related industries [1][3][4]. - The indoor skiing venue in Guangzhou reported an over 8% year-on-year increase in users in the first half of the year, with the market share in Guangzhou accounting for 35% [3]. Supply-Side Innovations - The "old-for-new" policy has significantly stimulated the replacement of durable goods, with retail sales of home appliances and furniture increasing by 44.9% and 65.5%, respectively [8]. - New products and services are emerging, filling consumption gaps and leading trends, supported by government policies and corporate innovations [1][8]. Economic Drivers - The dual drive of new consumption scenarios and supply-side innovations is key to the resilience and vitality of Guangdong's consumption market [2]. - Increased resident income and improved consumption environments are essential for boosting consumption [2][9]. Challenges and Recommendations - Despite the growth, challenges such as homogenization of cultural tourism scenes and insufficient integration of scenarios remain [7]. - Experts suggest creating new consumption scenarios aligned with local industry advantages and enhancing policy reforms to match innovation [7][11].

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report highlights the significant impact of the WAIC exhibition on AI and consumer opportunities, particularly in the tourism and education sectors [2][4] - The construction of the Yajiang Hydropower Station is expected to significantly boost tourism in Tibet, benefiting leading companies in the region [3][25] - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, which will enhance the user base for duty-free shopping and improve performance in the sector [3][15][17] Summary by Sections 1. Duty-Free and Scenic Areas - The Yajiang Hydropower Station is expected to increase tourist traffic in Tibet, particularly in the Linzhi and Ali regions, which host several national scenic spots [3][22][25] - The Hainan Free Trade Port's upcoming closure will allow visa-free entry for citizens from 85 countries, significantly increasing the user base for duty-free shopping [15][17] 2. Medical Aesthetics - The medical aesthetics industry is experiencing a recovery, with a focus on refined operations and market share optimization among leading institutions [26] - New product releases from upstream manufacturers are anticipated to enhance market dynamics, with companies like JINBO and Sihuan Pharmaceutical being highlighted for their innovative offerings [26][29] 3. Beauty and Personal Care - The beauty and personal care sector is undergoing a transformation due to the "traffic tax" policy, which is expected to increase market concentration among leading brands [37][39] - The demand for mosquito repellent products is rising due to the spread of the Chikungunya virus, benefiting companies like Runben [38][39] 4. Trendy Toys - Recent policies focusing on consumer stimulation and industry regulation are expected to support the performance of compliant leading companies in the trendy toy sector [40] 5. Education - The report emphasizes the progress in AI+Education, with several companies launching AI education products that are expected to see significant revenue growth [4][50] - Notable companies in this space include DouShen Education and ShengTong Education, which are introducing innovative AI-driven educational platforms [44][50]

Group 1 - The company expects a revenue growth of no less than 200% year-on-year for H1 2025, with a profit increase of no less than 350% during the same period [1] - The board attributes the performance fluctuations to increased global brand recognition, diverse product categories, and continuous high growth in all regional markets [1] - The overseas business revenue proportion is continuously increasing, positively impacting profit margins and enhancing operational efficiency through capacity optimization and cost control [1] Group 2 - The company's successful overseas strategy is supported by globalized product design, multi-location supply chain collaboration, and the advertising effect from fashion influencers in Europe and America [2] - The company collaborates with global artists to ensure its IP images meet both global aesthetics and local characteristics, while maintaining strict quality control in the supply chain [2] - The collectible toy market is still in a rapid growth phase, with leading brands expected to continue gaining market share [2] Group 3 - The concentration of the collectible toy market in China has slightly increased, with the top five companies' market share rising from 22.8% in 2019 to 26.4% in 2021 [3] - The company’s market share in the collectible toy industry increased from 8.5% in 2019 to 13.6% in 2021, supported by its own IP and strong sales network [3] - The company is expected to achieve net profits of 10.546 billion, 16.244 billion, and 19.769 billion yuan from 2025 to 2027, with year-on-year growth rates of 237.44%, 54.02%, and 21.70% respectively [3]

Core Viewpoint - The rise of emotional consumption reflects a shift in consumer preferences towards personalized, emotional experiences rather than mere material possession, indicating a significant potential for consumption upgrade in the market [1][2][4]. Group 1: Emotional Consumption Trends - Emotional consumption is gaining traction, with consumers increasingly valuing experiences that provide emotional satisfaction, such as surprise and interaction, over traditional material goods [2][3]. - The market for emotional consumption in China is projected to exceed 20 trillion yuan, highlighting its substantial growth potential [1]. - The "accompanying economy," represented by pet ownership, is also on the rise, with the urban pet consumption market expected to surpass 300 billion yuan by 2024 [1]. Group 2: Market Opportunities and Challenges - Businesses must focus on delivering high-quality services and understanding consumer emotions to capitalize on the emotional consumption trend, as superficial marketing strategies may lead to consumer dissatisfaction [2][3]. - The emotional consumption market requires a supportive regulatory environment to address issues like false advertising and consumer rights protection, ensuring sustainable industry growth [3][4]. - The government's initiative to promote new consumption models emphasizes the importance of enhancing consumer experience and quality, which aligns with the growing demand for personalized and aesthetic consumption [4].

Group 1 - The core viewpoint of the articles highlights the rising trend of emotional consumption, which prioritizes emotional value over traditional sightseeing needs, indicating a shift in consumer preferences towards experiences that fulfill emotional and social needs [1][2] - The emotional consumption market in China is projected to exceed 20 trillion yuan, driven by younger generations who seek emotional connections and are willing to pay for experiences that resonate with them [1][2] - The market for trendy toys in China has grown significantly, from 6.3 billion yuan in 2015 to approximately 60 billion yuan in 2023, showcasing the increasing demand for products that provide emotional satisfaction [1] Group 2 - Businesses must focus on enhancing service quality and understanding consumer expectations to capitalize on the emotional consumption trend, as merely offering emotional value can lead to failure if not backed by quality [2] - The "healing economy" is highlighted as an example where businesses must avoid exploiting consumer anxiety and instead focus on genuine emotional care to build a loyal customer base [2] - A supportive and clear consumption environment is essential for the long-term healthy development of emotional consumption, requiring better market regulation and consumer protection measures [3] Group 3 - The government's initiative to promote new consumption models reflects a shift towards quality and aesthetic experiences, indicating a broader trend of upgrading consumer demands beyond basic needs [3] - Emotional consumption represents a significant opportunity for economic growth, as it aligns with the evolving preferences of consumers who are increasingly seeking personalized and differentiated experiences [3]

Core Insights - The article emphasizes the growing trend of emotional consumption, driven by consumers' desire for personalized and meaningful experiences rather than mere material possession [1][2][4] - The emotional consumption market in China is projected to exceed 20 trillion yuan, indicating significant potential for growth in this sector [1][2] Group 1: Emotional Consumption Trends - Emotional consumption is characterized by a focus on self-experience and individual expression, particularly among the younger generation who seek emotional resonance and connection [2][3] - The market for trendy toys in China has seen substantial growth, with its total market value increasing from 6.3 billion yuan in 2015 to approximately 60 billion yuan in 2023 [1] - The "accompanying economy," represented by pet ownership, is also on the rise, with the urban pet consumption market expected to surpass 300 billion yuan in 2024 [1] Group 2: Business Opportunities and Challenges - Businesses must enhance their internal capabilities to capitalize on the emotional consumption trend, as relying solely on emotional value can lead to failure if not executed properly [2][3] - The success of emotional consumption relies on understanding consumer needs and providing products and services with cultural and emotional depth [3] - A supportive and transparent consumption environment is essential for the long-term health of the emotional consumption sector, necessitating improved market regulation and consumer protection [3][4] Group 3: Policy and Market Dynamics - The "Special Action Plan to Boost Consumption" issued by the Central and State Offices encourages the promotion of new consumption models and emphasizes the shift towards quality and aesthetic personal experiences [4] - The growth of emotional consumption reflects a broader trend of upgrading consumer preferences towards more differentiated, personalized, and high-quality offerings [4]