Core Viewpoint - The recent US-China tariff reduction has positively impacted businesses, leading to renewed orders and shipping activities, with companies adapting to the changing trade environment [1][2][4]. Group 1: Business Reactions to Tariff Changes - Companies are resuming shipments and fulfilling previously delayed orders following the announcement of tariff reductions, indicating a quick response to the changing trade landscape [2][3]. - Businesses have maintained a calm attitude towards tariff fluctuations, attributing their resilience to past experiences and ongoing market adaptations [4][5]. - The decline in the proportion of trade with the US has allowed companies to focus on enhancing product competitiveness and negotiating power [1][4]. Group 2: Strategic Adjustments and Market Expansion - Companies are exploring new markets and enhancing their product offerings to mitigate the impact of tariff changes and industry competition [5][6]. - Many firms are investing in research and development to improve product quality and competitiveness, with some allocating 8%-9% of revenue to R&D [6][8]. - The establishment of overseas operations is being approached cautiously, as the cost of production abroad remains higher than in China [5][6]. Group 3: Industry Competition and Internal Challenges - Companies are increasingly feeling the pressure of intensified competition within the industry, leading to concerns about pricing strategies and market share [7][8]. - The trend of price competition is evident, with some companies abandoning traditional deposit requirements for new orders, indicating a shift in market dynamics [7][8]. - To break free from intense competition, businesses are focusing on product differentiation and enhancing their brand value through unique offerings [7][8]. Group 4: Policy Support and Market Opportunities - External policies, such as the "Two New" initiatives, are seen as beneficial for market expansion and equipment upgrades, indirectly supporting business growth [8][9]. - Companies are recognizing the potential in high-end and customized product demands, leveraging China's advantages in efficiency, quality, and cost [9].

中新社上海5月16日电(记者姜煜)上海海关商检处处长潘晓毅16日表示，《关于开展首发进口消费品检 验便利化措施试点的公告》正式发布以来，已有14家跨国品牌的两万多款全球及区域首发新品申请纳入 白名单。 当天在上海市商务委员会与上海海关联合召开的新闻通气会上，潘晓毅介绍说，针对消费品总部企业通 关便利化诉求，上海海关在中国海关总署的部署下，与上海市商务委员会联合发布了上述公告，在全国 首创"白名单+差异化合格评定"的创新模式，为"首展、首秀、首店、首发"进口消费品提速增效，显著 提升企业获得感。 此次推出的便利化措施针对性解决首发经济消费品进口"快速+无损"的特殊需求，适用范围为服装、玩 具、餐具、电子电器等全品类进口首发消费品，涵盖国际品牌全球首秀展品、高端品牌中国首店商品、 限量版首发新品等多元形态。 新措施使首发经济消费品实现进口检验环节"无损耗、无等待"，对于不进入流通领域的首展首秀展品、 单批次20件及以下的小批量新品，实施"合格保证、快速验放"；20件以上批量进口的首发新品，可凭有 资质有能力的实验室签发的检测报告实施快速验放，无需重复检测。同时建立首发新品白名单联动机 制，由商务主管部门推荐重点首 ...

这是新消费智库第 2 6 3 5 期文章 新消费导读 新消费 1. 安慕希 × 绿箭推出清新薄荷味酸奶 1. 安慕希 × 绿箭推出清新薄荷味酸奶 2. 52TOYS 上线异形系列新品 3. Alexander Wang 与喜茶携手推出联名系列 4. 和其正推新养生水 5. 雀巢冠能发布抗过敏猫粮新品 6. 山东未来机器人获数亿元战略领投 7. 青岛啤酒拟收购即墨黄酒 100% 股权 8. 博裕基金拟收购北京 SKP 最高 45% 股权 9. 传欧莱雅有意收购 Medi k8 10. 白犀牛完成 2 亿元 B 轮融资 11. 斯嘉丽 · 约翰逊护肤品牌创业伙伴离职 12. PETA 呼吁爱马仕推出纯素奢侈包袋 13. 美团闪购联合百大品牌推出安心闪购计划 14. CRAFT 于上海和南京双城开店 15. 始祖鸟联手松赞推出纳木措主题系列 安慕希官宣推出与绿箭联名的夏季限定新品：清新薄荷味酸奶。该产品融合薄荷与酸奶风味，希望为消费者带来解暑与清凉体验。营养含量方 面，新品采用无蔗糖配方，每瓶含 7.1 克蛋白质。 （ FBIF 食品饮料创新） 2. 52TOYS 上线异形系列新品 52TOYS 重磅官宣「异形」系 ...

Core Insights - The card game industry has seen explosive growth, with a company achieving revenue of 10.057 billion RMB in 2024, a significant increase from 2.662 billion RMB in 2023, and 4.131 billion RMB in 2022, indicating a strong upward trend in the market [3] - The emotional value associated with card collecting has become a driving force for consumer engagement, transforming simple cards into valuable collectibles and investment opportunities [4][17] - The integration of IP marketing, blind box strategies, and community engagement has created a comprehensive emotional marketing loop that resonates with younger consumers [5][10][17] Revenue and Profitability - The card game company reported a revenue of 10.057 billion RMB for 2024, with a cost of sales of 3.2915 billion RMB, reflecting a robust business model [3] - In the previous year, the company achieved a revenue of 100.57 billion RMB, with an adjusted net profit of 44.66 billion RMB, showcasing a year-on-year growth of 277.8% and 378.2% respectively [2] Marketing Strategies - The company has developed a diverse IP matrix with 70 different IPs, including popular franchises like Ultraman and Harry Potter, which has helped in establishing deep connections with consumers [7] - The blind box marketing strategy has lowered entry barriers for consumers, with prices for popular products ranging from 2 RMB to 10 RMB, encouraging repeat purchases [8] - Community marketing has enhanced social interactions among consumers, turning card collecting into a social activity that fosters connections among like-minded individuals [10][14] Consumer Behavior - The younger generation, particularly Gen Z, is more inclined to spend on emotional experiences rather than functional products, leading to a shift in consumption patterns [17][18] - The anticipation and excitement associated with blind box purchases have proven to be significant motivators for consumer engagement, often surpassing the value of the products themselves [9][10] Social Engagement - Live streaming of card unpacking has emerged as a new trend, creating a communal experience that enhances consumer interaction and engagement [13][14] - Physical card shops and pop-up stores have become social hubs, attracting large crowds and facilitating community building around card collecting [16]

截 至 2025 年 5 月 14 日 ， 港 交 所 拟 上 市 公 司 中 显 示 " 聆 讯 通 过"的有2家，显示"处理中"的有150家。 作者：牛钰 封图：图虫创意 前有知名玩具品牌布鲁可（0325.HK）、餐饮界的"雪王"蜜雪集团（2097.HK）在港交所挂牌上 市，后有A股"宁王"宁德时代（300750.SZ）、"药王"恒瑞医药（600276.SH）分别于5月12日、5 月15日启动H股全球公开发售，2025年以来，港股市场迎来一家又一家备受瞩目的行业新贵。 "去香港上市"成了2025年资本圈的热词。 港股正在接纳诸多谋划"A+H"双重上市的A股上市公 司，也迎来了一批消费、医疗、科技等行业的新兴企业。 Wind数据显示，2025年初至5月14日，已经有21家企业登陆港股市场，同比增加6家；合计募资 234.72亿港元，同比增长198.32%。 香港交易所（下称"港交所"）在政策层面也给企业赴港上市热添了一把"新柴"。5月6日，港交所推 出"科企专线"上市新政，进一步便利特专科技公司及生物科技公司申请上市，并允许这些公司可以 选择以保密形式提交上市申请。 港交所上市主管伍洁镟表示，港交所始终将吸 ...

Core Insights - The implementation of new facilitation measures is expected to improve the average customs clearance time for single shipments by over 80%, with certain products like imported tableware potentially saving up to 2 weeks in clearance time [1][3] - Shanghai is positioning itself as a key economic hub and the largest port for imported consumer goods in China, leveraging institutional innovation to invigorate the consumption market [1][4] Group 1: Policy and Measures - The "First Release Shanghai 3.0" policy introduces three new initiatives and seven ongoing measures, focusing on the facilitation of customs clearance for newly imported products [1] - The new facilitation measures utilize an innovative "white list + differentiated qualification assessment" model, aimed at expediting the import process for various consumer goods [2] - The measures expand the scope of facilitation to include a wide range of imported consumer goods such as clothing, toys, tableware, and electronics, covering global and regional first-release products [2] Group 2: Market Impact - Since the pilot program began, 14 multinational brands have applied to be included in the "white list," encompassing over 20,000 global and regional first-release products [3] - In the first quarter of this year, the value of imported clothing and toys through Shanghai's port exceeded 5 billion yuan, representing a significant portion of the national market [3] - The new policies are expected to significantly reduce operational costs for companies and enhance the commercial conversion rate of design and research outcomes [4]

Group 1: Market Overview - The U.S. stock market is experiencing a downturn, particularly in the tech sector, leading to concerns about a potential crash, while the Hong Kong market shows resilience despite recent adjustments [1] - The Hong Kong market's recent performance indicates weakness in short positions, as it has not seen significant declines despite bearish sentiment [1] Group 2: Earnings Reports and Institutional Activity - Tencent and Alibaba reported stable earnings, but their capital expenditures have increased significantly for long-term AI strategies, leading to a misinterpretation of their financial results [2] - Institutional investors, including Bridgewater, have significantly increased their holdings in Chinese assets, with Bridgewater's stake in Alibaba rising by 5.4 million shares, a 21-fold increase, indicating a bullish outlook on Chinese stocks [2] - Major investment firms like Hillhouse and Highfields have also increased their investments in Chinese stocks, reflecting optimism about the Chinese market [5] Group 3: Sector-Specific Insights - Goldman Sachs has adjusted its ratings on Chinese gaming stocks, highlighting a divide in performance between major players like Tencent and NetEase versus smaller firms facing market consolidation [6] - The gaming industry is seeing a shift in consumer demand towards high-quality and casual games, with opportunities for significant revenue generation in differentiated game offerings [6][7] - The overseas market remains a significant opportunity for Chinese game developers, with increasing capabilities in development and innovation [7] Group 4: Index Adjustments - The Hang Seng Index is set to announce its quarterly review, with companies like Pop Mart and BeiGene being potential candidates for inclusion, reflecting their strong performance and low short positions [4] - The index aims to expand its constituent stocks to better represent market dynamics, although the total number of constituents has remained unchanged in recent reviews [4]

Group 1 - The article highlights the positive impact of the recent US-China tariff adjustments on global markets, indicating a shift towards improved trade relations [2][4][11] - Following the announcement of mutual tariff reductions, global stock markets experienced significant gains, with major indices in the US, Europe, and China all rising [5][10] - The easing of trade tensions has led to increased confidence among investors, prompting upgrades in stock ratings and target indices by financial institutions [5][11] Group 2 - The article notes a decline in demand for safe-haven assets, particularly gold, which saw a sharp drop in price following the tariff news [6][8] - The reduction in tariffs has spurred a rapid increase in cross-border trade, with US companies quickly moving to ship goods that had been delayed in China [10][11] - The article emphasizes that the tariff adjustments are expected to benefit various sectors, including agriculture, as producers anticipate reduced uncertainty in trade [10][11]

Investment Rating - The industry investment rating is "Positive" [2][67] Core Insights - The collectible card game industry in China has experienced rapid growth, with the market size projected to increase from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 56.6%, significantly outpacing the overall growth rate of the broader entertainment toy market at 15.8% [4][13] - The leading company, Kayo, holds over 70% market share in the collectible card game sector, indicating a highly concentrated industry with limited competition [4][20] - Kayo's revenue for 2024 is expected to reach 10.06 billion RMB, representing a year-on-year growth of 277.8%, with adjusted net profit increasing by 378.3% to 4.47 billion RMB, achieving a net profit margin of 44.4% [5][28] Summary by Sections 1. Industry Overview - The collectible card game market in China is rapidly expanding, with a market size projected to reach 26.3 billion RMB by 2024, driven by strong consumer demand [4][13] - The industry is characterized by a high concentration of market share, with Kayo being the dominant player [20][23] 2. Kayo's Performance - Kayo's revenue growth in 2024 is expected to be explosive, with a significant increase in both revenue and net profit compared to previous years [5][28] - The company primarily sells collectible cards through a dealer model, with over 90% of sales coming from this channel [33][40] - Kayo has diversified its product offerings beyond collectible cards to include toys and stationery, enhancing its market presence [5][30] 3. IP and Product Development - Kayo's product strategy is heavily reliant on licensed intellectual properties (IPs), with a focus on popular franchises such as Ultraman and My Little Pony [47][51] - The company has expanded its IP portfolio to 70 by 2024, indicating a proactive approach to product development and market engagement [47][48] - Kayo has introduced trading card game (TCG) mechanics to enhance consumer interaction and engagement, which is expected to drive further growth [53] 4. Competitive Landscape - Other listed companies in the collectible card space, such as Pop Mart and Aofei Entertainment, have lower revenue contributions from card-related products, indicating Kayo's strong market position [6][56] - Kayo's competitive advantage is reinforced by its extensive distribution network and brand recognition across China [5][43] 5. Investment Outlook - The report suggests that the IP industry holds long-term investment value due to its ability to create emotional connections with consumers, leading to stable demand and higher profit margins [57] - Kayo's strong market share and extensive sales network position it well to continue leading the collectible card game industry in China [57]

Group 1 - The core viewpoint of the articles highlights the positive impact of the recent US-China tariff adjustments on the global toy industry, leading to increased orders and stock price surges for major US toy companies [1][3][5] - Following the announcement of the tariff changes, US toy giants such as Mattel and Hasbro saw significant stock price increases, with Mattel's stock rising over 12% and Hasbro's by 5% [3] - The US toy market heavily relies on Chinese manufacturing, with nearly 80% of toys sold in the US produced in China, indicating the critical role of China in the global toy supply chain [3][4] Group 2 - Many US retailers and toy companies are rushing to place orders with Chinese manufacturers to meet urgent demands, with reports of factories operating overtime to fulfill these orders [5][6] - The adjustment of tariffs has alleviated previous concerns about rising production costs and supply chain disruptions, which had led to significant stock sell-offs in the toy sector [4][6] - Companies are now focusing on diversifying their markets and enhancing product value to mitigate risks associated with fluctuating trade policies [7][12] Group 3 - The toy industry is witnessing a shift towards innovation and high-quality products, with companies moving away from low-cost competition to focus on new product development [12][13] - Emerging markets in Southeast Asia, the Middle East, and Latin America are becoming new growth engines for the toy industry, driven by rising consumer demand for quality and innovative toys [13] - Companies are increasingly adopting strategies to explore local consumer preferences and cultural nuances to better position their products in these new markets [13]