Market Overview - The Hang Seng Index rose by 0.07% on November 27, with total southbound trading amounting to HKD 86.624 billion, including HKD 43.976 billion in buying and HKD 42.648 billion in selling, resulting in a net buying amount of HKD 1.328 billion [2][3]. Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect totaled HKD 31.299 billion, with buying at HKD 15.996 billion and selling at HKD 15.303 billion, leading to a net buying of HKD 0.693 billion [2]. - The Shanghai Stock Connect saw a total trading amount of HKD 55.325 billion, with buying at HKD 27.980 billion and selling at HKD 27.345 billion, resulting in a net buying of HKD 0.635 billion [2]. Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total trading amount of HKD 109.85 billion and a net buying of HKD 9.19 billion, despite a closing price drop of 2.71% [2][3]. - Other notable stocks included Xiaomi Group-W with a trading amount of HKD 51.88 billion and a net selling of HKD 6.89 billion, and SMIC with a trading amount of HKD 41.43 billion [2][3]. Continuous Net Buying and Selling - Alibaba-W has been continuously net bought for 11 days, with a total net buying amount of HKD 25.449 billion during this period [3]. - Two stocks, SMIC and Tencent Holdings, experienced continuous net selling, with net selling amounts of HKD 1.893 billion and HKD 1.528 billion, respectively [3].

Core Insights - The company Tanwan has signed a strategic cooperation agreement with COEXIST Group to develop and promote derivative products based on the works of over 200 artists, marking a significant expansion in the collectible toy industry [1][2][3] Group 1: Strategic Cooperation - The agreement allows COEXIST Group to integrate resources from more than 200 artists, creating a unique IP matrix that combines artistic value with commercial potential [2] - Tanwan will have exclusive rights to develop, design, produce, and sell collectible toys based on the artists' works, including various product types such as sculptures, plush toys, and action figures [2][3] Group 2: Artistic and Commercial Integration - The collaboration aims to establish a new paradigm for "artist IP," providing comprehensive support from market assessment to product development and promotional activities [3] - Tanwan plans to explore further collaboration opportunities with artists and expand partnerships to include its own brands and internationally recognized IPs [3] Group 3: Future Strategy - The company is focused on building a new collectible toy ecosystem centered around the "IP ecosystem strategy," which includes classic IPs and artist IPs as key pillars [4] - The goal is to enhance user engagement and emotional connection through creative and fun collectible toys, ensuring that art becomes a part of daily life [4]

Core Viewpoint - The company, 贪玩 (TANWAN), has signed a strategic cooperation agreement with COEXIST Group to develop and promote derivative products based on the works of over 200 artists, marking a significant expansion in the潮玩 (trendy toy) industry and integrating classic IP with artist IP [1][2][3] Group 1: Strategic Cooperation Agreement - The agreement involves the integration of resources from COEXIST Group, which will sign contracts with over 200 artists to obtain complete authorization for the project, creating a unique IP matrix that combines artistic value with commercial potential [2] - TANWAN will have exclusive rights to develop, design, produce, and sell trendy toy products based on the artists' works, including sculptures, plush toys, and other derivative products [2][3] Group 2: Full-Chain Support and Market Strategy - The cooperation aims to establish a new paradigm for "artist IP," with TANWAN leveraging its expertise in user insights, data analysis, and targeted marketing to support artists from initial creation to product launch [3] - Future collaborations may extend to TANWAN's own brands and internationally recognized classic IPs, enhancing the creative development of IP products [3] Group 3: IP Ecosystem Strategy - The company plans to build a new潮玩 ecosystem centered around an "IP ecosystem strategy," focusing on the integration of classic IP and artist IP, emotional interaction design, and social experience [4] - The brand's mission is to illuminate daily life with creativity and fun, aiming to resonate emotionally with users through trendy toys that serve as mediums for personal expression [4]

Core Viewpoint - The company, 贪玩 (09890.HK), has entered into a strategic cooperation agreement with COEXIST Group to develop and promote derivative products of art works, integrating over 200潮玩 artists, marking a significant expansion in the潮玩 industry [1] Group 1 - The strategic cooperation agreement is signed between the company's wholly-owned subsidiary, 广州粒粒呀文化娱乐有限公司 (TANWAN), and COEXIST Group, which includes COEXIST CO., LIMITED and 深圳市共艺斯文化有限公司 [1] - The collaboration will last for five years, from November 27, 2025, to November 26, 2030 [1] - This partnership aims to leverage the company's strong foundation in digital entertainment to enhance its潮玩 industry layout and business ecosystem [1] Group 2 - The initiative will focus on the integration of "classic IP + artist IP," creating a new chapter in the潮玩 sector [1] - The collaboration involves the development, sales, and promotion of art derivative products, showcasing a commitment to innovation in the潮玩 market [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） （股份代號：9890） 自願公告 簽訂藝術家作品開發合作協定 本公告由貪玩（「本公司」，連同其附屬公司及中國經營實體1 ，統稱為「本集團」） 作出之自願公告，使其股東及潛在投資者知悉本集團之最新發展。 本公司欣然宣佈，於2025年11月27日，本集團專注於潮玩業務的全資附屬公司 廣州粒粒呀文化娛樂有限公司（「TANWAN」）與COEXIST CO., LIMITED（共凝文 化集團有限公司）及深圳市共藝斯文化有限公司（兩家公司合稱「COEXIST集 團」）簽訂戰略合作協議《藝術家作品開發合作協定》（「戰略合作協議」），整合 逾二百名潮玩藝術家（「藝術家」），共同開展藝術作品的衍生品開發、銷售及推 廣活動。合作期限（「合作期限」）為五年，自2025年11月27日至2030年11月26日。 此次合作標誌著本集團依託自身在 ...

Market Overview - US stock indices rebounded overnight, with Hong Kong stocks slightly fluctuating and closing up 0.07% [1] - The economic outlook remains cautious, with half of the Federal Reserve districts reporting decreased hiring intentions, indicating potential interest rate cuts in December [2] International Relations - Trump urged Japanese Prime Minister Kishi to avoid escalating tensions regarding Taiwan, reflecting a more restrained stance from Japan [1] - French President Macron is set to visit China from December 3, aiming to improve Sino-French relations, which could benefit European relations as well [1] Consumer Sector - Pop Mart (09992) is expected to benefit from the upcoming holiday season, with a nearly 7% increase in stock price [3] - The automotive sector is seeing growth, with the Ministry of Commerce promoting reforms to boost consumption, leading to significant stock price increases for companies like Yongda Automobile (03669) [2] Technology and Innovation - Alibaba's Quark AI glasses were launched, with significant pre-sale success, leading to a 4% increase in stock price for related companies [4] - TCL Electronics is also entering the AI glasses market, contributing to a 6% rise in its stock price [4] Pharmaceutical Industry - Hansoh Pharmaceutical (03692) is advancing its innovative drug pipeline, with significant revenue growth and a strong project reserve [7] - The company reported a 22.1% year-on-year increase in sales revenue for its innovative drugs in the first half of 2025 [7] Gold Market - Deutsche Bank has raised its gold price forecast for 2026, indicating a structural bull market driven by official purchases rather than consumer demand [6] - The potential shift of cryptocurrency funds into physical gold could further boost prices, impacting related stocks [6] Clinical Trials and Drug Approvals - Hansoh Pharmaceutical has over 40 innovative drug candidates in clinical trials, with several new drugs entering Phase III trials [9] - The company has secured international partnerships for its ADC products, highlighting its growing recognition in the global market [9]

Core Insights - The Chinese government aims to create three trillion-yuan-level consumption sectors and ten hundred-billion-yuan-level consumption hotspots by 2027, focusing on supply-side structural reforms to stimulate domestic demand [1][2] Group 1: Trillion-Yuan Consumption Sectors - The three identified trillion-yuan consumption sectors are elderly products, smart connected vehicles, and consumer electronics, with the elderly products market expected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, reflecting a compound annual growth rate of 7.3% [1] Group 2: Hundred-Billion-Yuan Consumption Hotspots - The ten hundred-billion-yuan consumption hotspots include baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national trend clothing [1] Group 3: Market Trends and Consumer Preferences - There is a strong growth momentum in these sectors, driven by trends such as health consciousness and fitness, leading to increased demand for outdoor products and fitness equipment. The IP economy aligns with the consumption preferences of younger demographics, resulting in a rapid global rise of trendy products [2]

Core Insights - The effectiveness of live streaming in driving sales during overseas promotional events has been preliminarily validated, particularly during Black Friday [4][6][10] Group 1: Live Streaming Impact - Live streaming has significantly boosted sales during this year's overseas promotional season, with notable success for brands like Pop Mart in the UK, where sales surged by 1500% year-on-year in October [4][6] - The collaboration between AliExpress and UK influencers for Pop Mart's live streaming event resulted in rapid sell-outs of products within just two hours [3][4] - The live streaming event by Youmeng Technology in North America exceeded expectations, achieving a GMV of $630,000 in 12 hours, surpassing the initial target of $500,000 [4][8] Group 2: Market Trends and Brand Opportunities - Chinese brands are leveraging content platforms like TikTok to expand overseas, with significant potential in the US and European markets [5][10] - The UK retail brand Marks & Spencer has entered TikTok Shop, indicating a growing trend among foreign brands to engage in live streaming and content-driven e-commerce [6][10] - The overseas live streaming market is still in its early stages, but the integration of content and e-commerce is gaining traction, especially during major promotional events [6][9] Group 3: Market Maturity and Growth - Compared to last year's Black Friday, this year's live streaming efforts have shown marked improvement in terms of the number of live sessions and partnerships with influencers [7][8] - The number of influencers collaborating with Youmeng Technology has nearly doubled, indicating a growing influencer network in the North American market [8] - The increasing acceptance of live streaming as a commercial model among brands is attributed to market education and platform policies [8][9] Group 4: Consumer Behavior and Engagement - A significant portion of Gen Z and Millennials utilize platforms like TikTok for gift inspiration, with 43% of US Gen Z consumers shopping directly through TikTok Shop [9][10] - The third quarter GMV for TikTok Shop reached $19 billion, with US consumers contributing $4 to $4.5 billion, highlighting the platform's growing market presence [10] - The competitive landscape in the US live streaming market favors Chinese players, who possess advantages in supply chain and content marketing strategies [10]

Group 1: A-Share Market Performance - A-share market experienced a strong upward movement during the day but saw a pullback in major indices in the afternoon, with the Shanghai Composite Index rising by 0.29% while the Shenzhen Component and ChiNext indices fell by 0.25% and 0.44% respectively [4] - The paper industry sector led the gains, with an overall increase of over 2%, and individual stocks such as Annie Co., Qifeng New Materials, Bohui Paper, and Hengfeng Paper seeing gains exceeding 5% [4][3] - Recent announcements from several major pulp and paper companies regarding price increases for various paper products have contributed to the positive sentiment in the sector [4] Group 2: Hong Kong Market Dynamics - The Hong Kong market showed narrow fluctuations, with the Hang Seng Index oscillating around the 26,000-point mark [9] - Notable gains were observed in trendy toy stocks, including Pop Mart and Blok, which surged by nearly 7% following favorable policy announcements aimed at enhancing consumer goods supply [10][11] - However, the market also witnessed significant volatility, exemplified by the sharp decline of China Shangcheng, which saw its stock price plummet by over 70% at one point, closing down more than 50% [12][8] Group 3: Commodity Market Trends - The futures market saw a significant rise in tin futures, with the main contract breaking through the 300,000 yuan per ton mark, achieving a gain of over 2% [15][14] - Other futures, such as silver and egg futures, also experienced substantial price increases, while commodities like lithium carbonate, asphalt, and polysilicon saw varying degrees of adjustment [16]

Core Insights - The Hong Kong stock market saw a net inflow of 1.328 billion HKD from northbound trading on November 27, with the Shanghai-Hong Kong Stock Connect contributing 635 million HKD and the Shenzhen-Hong Kong Stock Connect contributing 693 million HKD [1] Group 1: Stock Performance - Alibaba-W (09988) had a net inflow of 602 million HKD, driven by the launch of its Quark AI glasses, which integrate various services from its ecosystem [4] - Pop Mart (09992) received a net inflow of 434 million HKD, with expectations of strong sales growth in the U.S. market during the holiday season [5] - Meituan-W (03690) saw a net inflow of 325 million HKD, as Alibaba's CFO indicated a potential reduction in investment in flash purchase business due to improved efficiency [5] Group 2: Net Selling Stocks - Zijin Mining (02899) faced the highest net outflow of 369 million HKD, followed by Tencent (00700) with a net outflow of 258 million HKD and SMIC (00981) with a net outflow of 232 million HKD [6][7] - Hua Hong Semiconductor (01347) also experienced a net outflow of 138.5 million HKD [6] Group 3: Market Trends - The report indicates a strong demand for consumer products in the U.S. market, particularly during the holiday season, which is expected to benefit companies like Pop Mart [5] - The AI-driven growth in the optical fiber sector is highlighted, with Longi Fiber Optics (06869) receiving a net inflow of 42.81 million HKD due to advancements in next-generation fiber technology [5]