1月20日，京东在江苏宿迁举办AI玩具大会，发布专为智能硬件终端打造的JoyInside软硬一体化解决方案。该方案依托京东JoyAI大模型，具备高度兼容性， 可适配多硬件、多场景、多尺寸需求，为行业伙伴提供从技术底层到产品落地的全链路支持，助力玩具产业跨入AI时代。 会上，京东与宿豫区人民政府完成签约，将在宿迁落地AI玩具产业带，打造AI玩具创新发展的区域标杆。 京东JoyInside解决方案的核心，在于灵活、多元的软硬一体化能力。京东已推出多款量产硬件机芯，覆盖从毛绒玩具到智能家居设备的广泛场景。其中，中 大型毛绒玩具机芯尺寸小巧、结构适配性强，支持连续对话、离线语音、情感化互动与长期记忆等功能；带屏幕的毛绒玩具机芯能通过眼睛动态反馈情绪， 实现拟人化交互；毛绒挂件机芯采用高集成度设计，具备按压式对话与游戏化交互等功能；智能闹钟与台灯机芯则可嵌入家居设备，提供语音控制、内容交 互、情绪识别等智能化体验。这些硬件方案兼容Wi-Fi、蓝牙、4G等多种连接方式，并通过相关认证，可广泛应用于IoT设备、机器人、毛绒玩具、早教机 等终端。JoyInside还支持硬件定制，助力合作伙伴快速集成、推出新品。 在交互体验上 ...

Company Overview - Mattel Inc. has launched an autistic Barbie doll as part of the Barbie Fashionistas collection, developed over 18 months in collaboration with the Autistic Self Advocacy Network [3][5] - The autistic Barbie doll retails for $11.87 and is available through various retailers including Mattel's online shop, Target, and Amazon, with Walmart availability starting in March [7] Industry Significance - The release of the autistic Barbie is seen as a meaningful step toward representation for neurodivergent children, addressing the underrepresentation and misrepresentation of children with disabilities in toys and media [4][5] - The doll features design elements informed by the autistic community, such as articulated elbows and wrists for stimming movements, sensory-friendly clothing, and accessories like a fidget spinner and noise-canceling headphones [5][6] Market Context - According to the Centers for Disease Control and Prevention, approximately 1 in 31 eight-year-old children in the U.S. has been diagnosed with autism, with increasing prevalence among diverse racial and ethnic groups [6] - The autistic Barbie joins over 175 dolls in the Barbie Fashionistas collection that represent various skin tones, body types, and disabilities, including previous releases for Down syndrome, blindness, and other conditions [6] Community Engagement - Mattel plans to donate 1,000 dolls to hospitals serving autistic children, highlighting the company's commitment to community support [7] - Bridges Middle School, which serves neurodivergent students, emphasizes the importance of representation in toys for fostering a sense of belonging among students with learning differences [4][5]

Core Insights - The performance of the Southeastern Small-Cap Fund has been mixed, with the underlying developments of holdings being better than stock price returns, particularly in a challenging market environment [2][3] - The fund's portfolio has a lower percentage of big winners compared to the Russell 2000, with only 15% of its holdings up an average of 30% compared to over 35% of the index's holdings up 70%+ [3] - The fund has maintained a strong position in the mid-range performance category, outperforming the Russell 2000 in that segment [4] - The fund's exposure to decliners was limited, with only 10% of the portfolio in this category, resulting in lower average losses compared to the index [5] Performance Analysis - The fund's average performance in the -20% to +20% return bucket was better than the Russell 2000's 0% return, with key holdings like White Mountains, CNX, and Rayonier contributing positively [4] - The fund's cash position and stable investments like Kodak initially provided safety but later became performance headwinds [6] - The fund's leverage rules have been effective in avoiding pitfalls, and adjustments to the overweight rule have been made to enhance performance [7][8] Notable Contributors - Beclé, a tequila and whiskey manufacturer, was a significant contributor due to its undervaluation and strong market position [9] - GCI Liberty, a communications company in Alaska, benefited from its unique market position and insider support from John Malone [10] - Graham Holdings showed strong performance due to growth in its education and healthcare segments [11] - Mattel has positioned itself well with strong brand power and a robust balance sheet, leading to significant stock repurchases [12] - Oscar Health experienced above-market growth but was exited due to emerging industry risks [14] Notable Detractors - Boston Beer faced challenges due to declining volumes in its major brands, although management is actively addressing these issues [15] - Clearwater Paper struggled with a weak market for solid bleached sulfate paperboard, but management is focusing on share repurchases [16] - Park Hotels & Resorts was impacted by macroeconomic concerns affecting leisure travel, leading to a decision to exit the position [18] Portfolio Activity - The fund made seven new purchases during the year, including GCI Liberty and Beclé, while exiting eight positions, including Kodak and Oscar Health [20][19] Outlook - The fund anticipates continued engagement through research perspectives and podcasts, focusing on quality investments amid market volatility [21] - The fund's strategy emphasizes owning resilient, free cash flow-generating assets to navigate market fluctuations effectively [22]

To supplement our Pop Mart high-frequency tracker report (link), we launch this tracker dedicated to China sales tracking, covering ~70% China revenue from offline store data and online platform data. November results indicate a sharp deceleration in offline growth and productivity, raising questions about 2026 sustainability. 13 January 2026 China Consumer Pop Mart China Sales Tracker: Deceleration in offline growth and productivity; risks in 2026 Melinda Hu +852 2123 2643 melinda.hu@bernsteinsg.com Kai Zh ...

Group 1 - The core point of the article is the collaboration between Honor and the trendy toy brand Pop Mart, resulting in the launch of the Honor 500Pro MOLLY 20th Anniversary Limited Edition smartphone priced at 4499 yuan [1] - The smartphone features a main color of obsidian black and incorporates the classic image of MOLLY, reflecting a spirit of free creativity and expression [1] - The collaboration includes deep customization of the device, with a dedicated MOLLY theme, wallpapers, custom charging animations, and personalized photo watermarks [1] Group 2 - The Honor 500Pro MOLLY limited edition gift box is designed with a "travel case" concept, featuring a light-up cover and containing various exquisite accessories such as a wax seal invitation, MOLLY color window card, retro camera-shaped phone case, custom SIM card ejector, phone strap, and creative film stickers [3] - To enhance the festive atmosphere for the Spring Festival, the gift box includes MOLLY-themed red envelopes and refrigerator stickers [3] - This collaboration marks a significant step for Honor in its strategy to appeal to a younger and trendier consumer base [3]

Group 1 - The core idea of the news is the collaboration between NAMI and Miaoyin Hab to create AI dolls that serve as educational and emotional companions for K12 children, set to launch in Q1 2026 [1][2] - The partnership emphasizes the importance of emotional warmth and educational value, aiming to fill the market gap for "warm companionship" through innovative AI technology [1][3] - Miaoyin Hab's vision is to redefine companionship from an emotional tool to a growth partner, leveraging AI to create a supportive ecosystem for children and families [3] Group 2 - The first generation of AI companions, Bululu and Damoon, will focus on emotional interaction, transforming toys into dedicated growth partners for children [2] - The products will feature three core interactive scenarios, including natural dialogue, multimodal interaction with visual and tactile feedback, and educational modules for active learning [2] - The technology aims to assist parents by alleviating tutoring pressure, protecting children's eyesight with a screen-free design, and capturing emotional changes to better understand children's needs [2]

Core Insights - Mattel, Inc. has launched its first autistic Barbie doll in collaboration with The Autistic Self Advocacy Network (ASAN), aiming to enhance representation for children on the autism spectrum [1][2][6] Product Features - The autistic Barbie doll includes specialized accessories such as a pink finger clip fidget spinner, noise-cancelling headphones, and a tablet displaying Augmentative and Alternative Communication (AAC) apps [4] - The doll is designed with articulation in the elbows and wrists to facilitate stimming and other hand gestures, and features a gaze that reflects the tendency of some autistic individuals to avoid direct eye contact [3] Design and Inclusivity - The doll is dressed in a loose-fitting, purple pinstripe A-line dress and purple shoes with flat soles, promoting comfort and stability [5] - This launch is part of Mattel's broader initiative to include diverse representations in its Barbie Fashionistas collection, which already features dolls representing various medical conditions and disabilities [6][7]

Core Insights - Mattel, Inc. has introduced its first-ever autistic Barbie doll, developed with input from the autistic community to better represent their experiences and communication styles [1] Group 1: Product Development - The autistic Barbie doll was developed over a period of more than 18 months [1] - The creation involved collaboration with ASAN, a non-profit organization that advocates for autistic individuals [1] Group 2: Representation and Inclusion - This new doll aims to provide representation for more children, allowing them to see themselves reflected in the Barbie brand [1]

Core Insights - The article discusses the rising popularity of AI pet toys, particularly highlighted by the "Joobie" AI pet toy from Hugbibi, showcased at CES 2026, which has garnered significant attention for its interactive and emotional capabilities [3][4]. Industry Overview - Over 30 Chinese companies, including Hugbibi, TCL, and Tuya, are participating in the AI pet toy market, indicating a growing trend in this sector [3]. - AI pet toys are seen as a combination of large models, sensors, low-power chips, and consumer-grade hardware, making them a viable product in the context of widespread AI application [3][4]. Product Development - The evolution of AI pet toys has shifted from simple mechanical interactions to more complex emotional and personality-driven designs, aiming to create a long-term companionship experience for users [4][5]. - Hugbibi's Joobie is designed to develop a unique personality based on user interactions over a week, termed "growth-type companionship," which differentiates it from traditional toys [6][7]. Market Dynamics - The AI toy market is experiencing a surge in interest, with various players including startups, tech giants, and traditional toy manufacturers entering the space [11]. - Investment in the AI toy sector is increasing, with nearly 100 investment institutions involved, reflecting a strong belief in the emotional value of these products [14][17]. Financial Projections - The domestic AI toy market is projected to grow from 246 billion yuan in 2024 to 290 billion yuan in 2025, representing an 18% year-on-year increase [19]. - By 2030, the domestic AI toy penetration rate is expected to reach 47%, with a market size approaching 850 billion yuan, indicating nearly threefold growth from 2025 [20]. Regulatory Support - The Ministry of Industry and Information Technology has recognized AI toys as a new growth engine for industry upgrades, encouraging collaboration between toy and AI technology companies [18].

Core Insights - AI toys are becoming popular as companions, with products like Huawei's "Smart Hanhan" selling out quickly and AI plush toys from JD.com entering the market, indicating a growing trend in AI companionship in toys [1][2] - The AI toy market in China is projected to grow from approximately 24.6 billion yuan in 2024 to 29 billion yuan in 2025, highlighting significant market potential [1] - AI toys are evolving from traditional playthings to "smart companions" that integrate education, emotional support, and creativity, reflecting a shift in consumer expectations [2][3] Industry Developments - The integration of AI technologies, such as language and visual models, allows toys to understand and respond to users, enhancing their functionality beyond mere entertainment [2] - AI toys cater to diverse age groups, fulfilling various consumer needs from educational support for children to stress relief for young adults and memory assistance for the elderly [3] - The Ministry of Industry and Information Technology (MIIT) is promoting the development of AI toys through policy support, encouraging innovation and collaboration between toy manufacturers and AI technology firms [4] Market Trends - The demand for AI toys is increasing, with significant interest in their applications for education, health monitoring, social interaction, and therapeutic support [3] - AI toys are designed to provide emotional companionship, with features like real-time feedback and personalized interactions, which are particularly appealing to younger users [2] - The MIIT is focusing on ensuring data security and privacy in AI toys, addressing consumer concerns and promoting safe industry practices [4]