Core Viewpoint - The smart toy industry in China is experiencing significant growth, driven by advancements in technology and increasing consumer spending, with the market expected to reach approximately 30 billion yuan by 2025 [1][4][21]. Group 1: Industry Definition and Classification - Smart toys integrate advanced technologies such as AI, IoT, and sensors, distinguishing them from traditional toys by offering interactivity and learning capabilities [2][4]. - They can be categorized by technical functions (e.g., voice interaction, robotics, AR/VR), interaction methods (active, passive, mixed), and application scenarios (educational, entertainment, companionship) [2]. Group 2: Industry Development Status - The smart toy market in China is projected to grow from about 26.8 billion yuan in 2024 to around 30 billion yuan in 2025, reflecting a robust demand driven by rising household incomes and supportive government policies [4][21]. - The number of smart toy patents in China totaled 823 from 2016 to 2024, indicating a surge in innovation within the industry [6]. Group 3: Industry Chain - The smart toy industry chain consists of upstream suppliers (raw materials and components), midstream manufacturers (R&D and production), and downstream sales channels (e-commerce, retail, and educational institutions) [8][10]. Group 4: Development Environment and Policies - Recent government policies aim to enhance product quality and encourage innovation in the toy industry, providing a solid foundation for the long-term healthy development of smart toys [12][13]. Group 5: Competitive Landscape - Major global players in the smart toy market include Mattel and Hasbro from the U.S., Bandai from Japan, and LEGO from Denmark, which dominate the high-end market due to their strong R&D and sales capabilities [14]. - In China, key competitors include companies like Aofei Entertainment, Weiyida, and Bangbao Yizhi, which focus on R&D and brand building, while a second category consists of smaller OEM manufacturers with limited capabilities [14][15][17]. Group 6: Future Trends - The smart toy industry is expected to evolve towards a three-dimensional transformation involving technology, products, and business models, shifting from mere entertainment to integrating education, social interaction, and family ecosystems [21][22].

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 本 栏目由虎嗅出品。 热点追踪 【美政府恢复办理外国学生签证】 据财联社，财联社6月19日电，据央视新闻，当地时间6月18日，美国特朗普政府恢复办理外国学生签证，但要 求访问签证办理者的社交媒体账户。 【大科学装置"夸父"建设迎来重要进展】 据央视新闻，记者从中国科学院合肥物质科学研究院获悉，国家重大科技基础设施聚变堆主机关键系统综合研 究设施"夸父"的19个子系统之一——低杂波电流驱动系统今天（6月18日）通过专家组测试与验收，系统总体 性能达到国际领先水平。 低杂波电流驱动系统是通过利用厘米波段的电磁波，让波与粒子相互作用使电子获得定向动量，驱动等离子体 电流并加热等离子体。该系统就如同"微波灶台"，运行时，系统的最大功率相当于4000台1000瓦功率的微波炉 同时工作。 【连续三起！海关共查获两万多个山寨LABUBU】 据央视新闻，近日，拱北海关所属港珠澳大桥海关连续查获3起出口跨境电商侵权货物案，共查获侵犯泡泡玛 特品牌商品20599件。 患儿唐某某于2025年4月4日20时26分因病入江西省儿童医院心脏重症监护室 ...

Group 1: Government Policy and Industry Impact - A toy company in Illinois is challenging the Trump administration's tariff policy, urging the Supreme Court to expedite a ruling on its legality, claiming the tariffs were imposed without Congressional approval [1] - The ongoing tariff dispute is disrupting supply chains in the toy industry, contributing to market volatility, but a Supreme Court intervention could stabilize trade policies and alleviate investor concerns [1] Group 2: Company IPOs and Market Trends - Chow Tai Fook has launched an IPO in Hong Kong, offering 46.808 million shares at a price of HKD 24 per share, aiming to raise approximately HKD 1.024 billion for expanding its sales network and enhancing product development capabilities [2] - Banu Hotpot has submitted its IPO application in Hong Kong, with revenue projections of CNY 1.433 billion, CNY 2.112 billion, and CNY 2.307 billion for 2022 to 2024, and is expected to turn a profit in 2023 [3] - Saint Bella, a high-end postpartum care center, is set to launch its IPO, offering 9.542 million shares at HKD 6.58 each, focusing on expanding its market presence in the competitive postpartum care industry [4]

今日财讯要览 1 中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》 创业板正式启用第三套标准 证监会主席吴清18日在2025陆家嘴论坛上表示，创业板正式启用第三套标准，支持优质未盈利创新企业上市。将继续充分发挥科创板示范效应，加力推出 进一步深化改革的1+6政策措施，重启未盈利企业适用科创板第五套标准上市。 4 国家金融监管总局：外资银行和保险机构总资产超7万亿元 2025陆家嘴论坛18日在上海举行，国家金融监督管理总局局长李云泽介绍，目前，全球前50大银行已有42家在华设有机构，40家最大的保险公司近半数已 进入中国。李云泽表示，开放合作是全球金融互利共赢的必然选择。中国的金融开放不仅惠及自身，也为全球资金提供了良好的资产配置机会。目前，外 资银行和保险机构总资产超过7万亿元，各项业务保持良好增长态势。 近日，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》，主要举措包括：深化金融市场建设、提升金融机构能级、完善金融基础设 施、扩大金融高水平双向开放、提高服务实体经济质效、有效维护开放条件下的金融安全。 2 中国人民银行行长潘功胜：人民币已成全球第二大贸易融资货币 中国人民银行行长潘 ...

建银国际首予布鲁可"跑赢大市"评级目标价195港元 建银国际发表研究报告，首予布鲁可(00325.HK)"跑赢大市"评级及目标价195港元。该行预计，2025-27 财年在48%的收入复合年增长率的支持下，期间盈利复合年增长率将达到49%。该行指，以2023年的交 易总额(GMV)计算，该公司是中国拼装角色玩具市场的领导者，占30.3%的市占率。 ...

1. Report Industry Investment Rating - The investment ratings for stock index futures, stock index options, and treasury bond futures are all "Oscillation" [6][7][9] 2. Core Views of the Report - Stock index futures: The crowding in the Hong Kong stock market has been released. After the policy stance is released at the Lujiazui Forum, there will be no visible main line, so the operation should be defensive, waiting for the release of capital crowding [1][6] - Stock index options: The volatility is at a low quantile, and the double - buying strategy should be continued to seize potential volatility - rising opportunities [2][7] - Treasury bond futures: The bond market yield curve shows a bullish steepening. The short - end is favorable, while the long - end 10Y treasury bond yield has limited downward momentum, so attention should be paid to the curve steepening [2][7][9] 3. Summaries by Related Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Views**: The crowding in the Hong Kong stock market has been released. The basis of IF, IH, IC, and IM contracts and their inter - period spreads have changed, and the positions have also changed [6] - **Logic**: The main lines of new consumption and innovative drugs have corrected, the momentum effect has weakened, and the Hang Seng AH Premium Index has reached a five - year low, which may drag down the A - share market. After the Lujiazui Forum, there will be no clear main line [1][6] - **Operation Suggestion**: Wait and see [6] 3.1.2 Stock Index Options - **Views**: The volatility is at a low quantile, and the double - buying strategy should be continued [7] - **Logic**: The market liquidity has not improved significantly, the volatility is at a low level, and the sentiment indicators are neutral to optimistic, but the volume is weak, so the direction strategy should be on short - term wait - and - see, and a small - position call - buying can be tried [2][7] - **Operation Suggestion**: Adopt the double - buying strategy [7] 3.1.3 Treasury Bond Futures - **Views**: The bond market yield curve shows a bullish steepening. The trading volume, positions, inter - period spreads, cross - variety spreads, and basis of T, TF, TS, and TL contracts have changed [7] - **Logic**: The MLF expired, but the inter - bank repurchase rate declined, the funds were loose, and the stock - bond seesaw effect was obvious. The central bank's attitude towards the funds is still supportive, and large banks are buying short - term bonds, but the long - term yield has limited downward momentum [2][7][9] - **Operation Suggestion**: Trend strategy: Be cautious. Hedging strategy: Pay attention to short - selling hedging at low basis levels. Basis strategy: Pay attention to the widening of the basis. Curve strategy: Steepening the curve in the medium - term has a higher odds [9] 3.2 Economic Calendar - The economic data of China, the United States, the Eurozone, and Japan from June 16 - 20, 2025 are presented, including fixed - asset investment, social consumption, industrial added value, unemployment rate, CPI, and other indicators [10] 3.3 Important Information and News Tracking - "New Fed Wire" Nick Timiraos believes that the Fed may cut interest rates this week if it were not for tariff risks [11] - The Bank of Japan maintains the target interest rate and will reduce the purchase of Japanese government bonds starting from April 2026 [11] - China plans to implement zero - tariff measures for 53 African countries through a new free - trade agreement [12] 3.4 Derivatives Market Monitoring - The report mentions data monitoring for stock index futures, stock index options, and treasury bond futures, but no specific data content is provided in the given text [13][17][29]

智通财经6月18日电，据央视新闻，当地时间6月17日，美国伊利诺伊州一家玩具公司当日向最高法院挑 战特朗普政府的关税政策，试图敦促法官迅速裁定其是否合法。据了解，该公司提起上诉，要求最高法 院尽快受理此案，而不是让其继续在下级法院审理。该公司称，特朗普政府没有获得国会批准，而是根 据紧急权力法非法征收关税。虽然该公司在下级法院赢得了初步胜利，但由于上诉法院正在考虑一项类 似的裁决，对特朗普政府的关税进行更广泛的阻止，因此该命令被暂时搁置。上诉法院允许特朗普政府 在定于7月底进行的辩论之前，继续根据紧急权力法征收关税。 美玩具公司挑战政府关税政策 敦促最高法院尽快裁定其是否合法 ...

2025福布斯中国出海全球化30&30评选正在申报中。本次评选聚焦中国品牌全球化的创新力量与行业影 响，发掘在出海浪潮中突破边界的标杆企业与领袖，梳理在世界的潮汐里远行无界的商业密码和运行法 则。 值得一提的是，本次评选特别增设"增长力品牌"子评选，重点聚焦那些天生具备全球化基因的初创企 业。 The Trade Desk 萃弈中国是本次评选的数字营销合作伙伴，LinkedIn（领英）担任出海战略合作伙伴， 福科无限作为智力合作伙伴深度参与。 中国创业者正处在引领全球化的历史性窗口。 "Made in China"正加速向"Brand from China"演进，以"连锁化"、"品牌化"、"本土化"为关键词的中国出 海浪潮正席卷全球。中国品牌正以前所未有的规模与韧性，融入世界经济的脉络，这场关乎中国模式、 中国效率与中国味道的全球竞逐已势不可挡。 近日，曾入选2024福布斯中国·出海全球化30&30评选的泡泡玛特及其旗下IP LABUBU风靡全球，成为 现象级社交货币，引发海内外消费者抢购热潮。我们看到，以泡泡玛特为代表，包括海尔集团、青岛啤 酒等在内的历届福布斯中国出海全球化30&30入选企业，已经成为出海 ...

Market Performance - The domestic market showed mixed performance with major indices experiencing slight declines, such as the Shanghai Composite Index down by 0.04% and the CSI 300 down by 0.09% [1][2] - The bond market is anticipating a resumption of central bank bond purchases, leading to a bullish sentiment among investors [4][5] Geopolitical Impact - Recent easing of tensions between Israel and Iran has led to a stabilization in market sentiment, although localized conflicts continue to pose risks [3][10] - Oil prices have seen fluctuations, with Brent crude rising by 2.06% amid concerns over potential disruptions in the Strait of Hormuz, a critical oil transport route [3] Monetary Policy Expectations - The central bank's recent actions indicate a trend towards increased liquidity, with expectations of bond purchases and potential adjustments to reserve requirements for government bonds [4][6] - The market is speculating on the implications of these policies, which could lead to a steepening yield curve and improved supply-demand dynamics in the bond market [6][10] Sector Performance - The equity market remains in a consolidation phase, with defensive sectors such as coal, utilities, and oil & gas showing resilience, while technology sectors are experiencing a shift in focus towards AI wearable devices and brain-computer interface concepts [7][9] - There is a notable shift in capital flow from small-cap stocks to mid-cap stocks, indicating a potential change in investor sentiment and strategy [8] Investment Opportunities - The report highlights potential investment opportunities in mid-cap stocks as they may attract interest due to their relative undervaluation compared to small-cap stocks [8] - The technology sector continues to be a focal point for investment, particularly in areas related to AI and stablecoins, driven by recent regulatory developments [9][10]

6月17日恒生指数下跌0.34%，报收23980.30点，全天南向资金通过港股通渠道合计净买入63.02亿港 元。 证券时报·数据宝统计，6月17日港股通全天合计成交金额为1138.72亿港元，成交净买入63.02亿港元。 具体来看，沪市港股通成交金额723.41亿港元，成交净买入35.80亿港元；深市港股通成交金额415.30亿 港元，成交净买入27.22亿港元。 6月17日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港 | 成交净买入（万港 | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | | | | 元） | 元） | | | 00568 | 山东墨龙 | 港股通 | 392959.93 | -975.30 | -2.43 | | | | (沪) | | | | | 09992 | 泡泡玛特 | 港股通 | 375558.79 | 22484.80 | -6.04 | | | | (沪) | | | | | 00939 | 建设银行 | 港股通 | 221001.56 | 112196.29 | -1.67 | | | | (沪) ...