Core Insights - The Chinese潮玩 (trendy toy) market has experienced explosive growth, with market value increasing from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, and projected to reach 110.1 billion yuan by 2026 [2][3] - The rise of Labubu has significantly influenced the潮玩 industry, attracting more consumers and capital, while also leading to increased competition among brands [2][3][4] - The潮玩 market is characterized by a shift from materialistic consumption to emotional and social value, with consumers seeking identity recognition and emotional connection through潮玩 products [1][4] Market Dynamics - The潮玩 market is becoming increasingly crowded, with new brands emerging and competition intensifying as established players like泡泡玛特 dominate [2][4] - The top five潮玩 IP companies hold only 20.8% of the market share, indicating a fragmented industry with no clear monopoly [4][5] - The trend of emotional connection and companionship is becoming central to潮玩 design, with companies focusing on creating relatable and emotionally resonant IPs [5][6] Investment and Mergers - Significant mergers and acquisitions have occurred in the潮玩 sector, including量子之歌 acquiring 61% of Letsvan and万达电影 investing 144 million yuan in 52TOYS [3][4] - The influx of capital and interest in潮玩 is expected to drive further industry development, although it may also lead to resource concentration on popular IPs [3][4] Consumer Behavior - The consumer base for潮玩 is expanding, with increased accessibility through various retail channels, including online platforms and physical stores [2][3] - Social media plays a crucial role in shaping潮玩 culture, with platforms facilitating community engagement and content creation around潮玩 products [3][6] Future Trends - Companies are increasingly focusing on self-developed IPs, with plans to enhance their proprietary product offerings [5][6] - The潮玩 industry is exploring innovative marketing strategies, including collaborations with celebrities and immersive experiences to enhance consumer engagement [6][8] - Despite the growth, the潮玩 market is still perceived as niche, with ongoing challenges in reaching broader consumer demographics beyond urban centers [8][9]

Core Viewpoint - The article highlights the increasing issue of counterfeit products, particularly those infringing on the intellectual property of the popular Chinese cultural brand, Pop Mart's Labubu series, as the brand gains global popularity [4][10]. Group 1: Intellectual Property Protection Efforts - In the first half of this year, Beijing Customs seized over 30,000 suspected counterfeit Pop Mart products [7]. - Since July, Beijing Customs has identified an additional 15,000 unauthorized items using the "POP MART" and "Labubu" trademarks [7]. - The customs authorities are employing advanced technology, such as CT and X-ray machines, for non-intrusive inspections to detect suspicious items [5][9]. Group 2: Trends in Counterfeiting - The popularity of Labubu has led to a surge in counterfeit products, with over 20 reported cases of infringement in June alone [4]. - Counterfeit items are being smuggled through various channels, including passenger luggage and international express shipments [7]. - The customs officials have noted a trend of counterfeit products moving overseas, disrupting local market order and affecting the sales of genuine products [10]. Group 3: Customs Procedures and Collaboration - Customs officials verify whether goods are authorized by the intellectual property rights holders before taking protective measures [9]. - Beijing Customs has established a communication bridge with enterprises, offering guidance on intellectual property customs protection [10]. - In the first five months of this year, Pop Mart's exports reached 1.69 billion yuan, a year-on-year increase of 405.7% [10]. Group 4: Future Outlook and Initiatives - In the first half of this year, Beijing has seen 787 new applications for intellectual property customs protection, surpassing the total for the entire previous year [11]. - The customs authority aims to enhance regulatory efficiency and service levels to better protect Chinese brands as they expand internationally [11].

Core Viewpoint - The popularity of LABUBU has attracted counterfeit products, prompting the company to emphasize the importance of purchasing through official channels to avoid fraud [1]. Group 1: Counterfeit Product Characteristics - Counterfeit LABUBU products can be categorized into two types: "obvious fakes" and "refined fakes." Obvious fakes are poorly made and easily distinguishable due to flaws such as misaligned features and inferior materials [1]. - Refined fakes closely mimic the original, making them harder to identify. Consumers are advised to check multiple details, including anti-counterfeit codes, labels, and the quality of the brand logo [1]. - A notable feature of genuine LABUBU is the presence of nine teeth, which serves as a key distinguishing factor [1]. Group 2: Verification Methods - Consumers are warned that scanning a QR code on counterfeit products may lead to fake websites that resemble the official LABUBU site, misleading them into believing they are purchasing genuine items [2]. - The official verification methods for LABUBU products include scanning the anti-counterfeit code on the packaging, which should redirect to the official WeChat mini-program in mainland China or to the official customer service page for regions outside mainland China [2][3].

每日港股評析 港股早晨快訊 2025 年 7 月 25 日星期五 2012-01- 17 市場回顧 中港股市短期展望 恒指上望 26,000 點：由於美國 5 月中旬押後對等關稅 90 天，內地上半 年經濟較預期中平穩，現階段加推經濟刺激方案的意願不大，企業盈利改 善有限。不過，港股大市成交活躍，風險偏好尚算積極，資金於不同板塊 輪動。中美將啟動新一輪貿易談判，同時美國與更多國家達成協議，關稅 戰局勢緩和，恒指料上望 26,000 點關口。 短期看好板塊 今日市場焦點 ➢ 美國 6 月耐用品訂單； 宏觀焦點 ➢ 內地研修例規範低價 整治內捲； 國資委促國企帶頭 反割喉式競爭； 歐洲央行維持利率不變，靜待美方關稅政策明朗化； 美國7月Markit製造業PMI重陷萎縮，但整體商業活動創12月以來最 快擴張； 企業消息 ➢ 泡泡瑪特(9992)逐月增產 否認飢餓營銷 研拍Labubu電影 獲荷里 活公司接洽； 京東(9618)擬22億歐元洽購電子產品零售商Ceconomy； OSL集團(0863)折讓15.34%配股共籌23.55億元； 雲頂新耀(1952)折讓一成配股 淨籌15.5億元； 中石化(0386)上半年 ...

证券研究报告 点评报告 2025 年 7 月 25 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变化， 而不如预期的可能。 邮箱：liuxiaoyu@fcsc.com 请务必阅读正文后免责条款部分 第 1 页 共 3 页 一、产业综合组： 国家发展改革委、市场监管总局就《中华人民共和国价格法修正草案（征求意见稿）》 公开征求意见提出，完善低价倾销的认定标准，规范市场价格秩序，治理"内卷式" 竞争。国务院国资委 7 月 23 日至 24 日在京举办地方国资委负责人研讨班。会议要 求，优化国有资产增量投向，调整存量结构，带头抵制"内卷式"竞争，加强重组 整合。同日，生态环境部公开征求《玻璃工业大气污染防治可行技术指南》和《矿 物棉工业大气污染防治可行技术指南》2 项标准征求意见稿意见。国内反内卷政策 在很多行业全面铺开。因此我们看好相关涉及行业价格预期反转的可能性。同时国 内部分化工行业也内卷，因此也可能会被后续的政策涉及，值得关注。不过总体看， 目前内卷厉害的很多行业都是非国有控股企业占比更高，因此当前主要依靠指 ...

Group 1 - The European Union has approved a countermeasure plan imposing tariffs on US products totaling €93 billion, following a previous vote on a €72 billion list targeting high-value industrial products [2] - The Chinese government is seeking to improve the recognition standards for unfair pricing behaviors, including anti-dumping measures, to regulate market pricing and combat "involution" competition [3] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued guidelines to expand credit loans for small farmers, enhancing their self-development capabilities [6] Group 2 - The Chinese Ministry of Commerce has adopted a "zero tolerance" policy towards the smuggling of strategic minerals, emphasizing a strong crackdown on illegal export cases [7] - The National Medical Insurance Administration reported that during the "14th Five-Year Plan" period, the cumulative expenditure of the medical insurance fund exceeded ¥12.13 trillion, with an annual growth rate of 9.1% [8] - The market regulatory authority is launching a nationwide safety inspection of power bank products to ensure quality and safety for consumers [9] Group 3 - The US Treasury Secretary warned Japan that if the trade agreement's implementation does not satisfy President Trump, tariffs could revert to 25% [18] - The US Department of Homeland Security announced that undocumented immigrants may be required to wear electronic ankle monitors as part of their detention alternatives [19] - French President Macron announced that France will officially recognize the State of Palestine during the upcoming UN General Assembly in September [20] Group 4 - Amazon has decided to streamline certain teams within its cloud technology division, citing a need to optimize resources and continue investing in innovation [27] - Tesla reported a decline in both revenue and net profit for Q2 2025, with revenue at $22.5 billion, down 12% year-on-year, and net profit at $1.172 billion, down 16% year-on-year, indicating potential challenges ahead [27] - Meituan held a meeting addressing concerns from the food delivery industry regarding price wars and declining customer spending [28]

Group 1 - The core viewpoint of the article revolves around the recent controversy regarding the "M·password" sanitary napkins, which were reported to contain high levels of carcinogenic substances, specifically thiourea [3][4] - "M·password" issued a statement asserting that all products comply with national laws and standards, and they have undergone testing by authoritative institutions [4][5] - The company proactively requested additional inspections from local market supervision authorities, confirming that their products passed the tests and are safe for consumer use [4][5] Group 2 - The article highlights the significant increase in the AI eyewear market, with transaction volumes surging tenfold year-on-year in the first half of the year [9] - It notes that the average price of smart glasses has decreased from over 2000 yuan to around 1500 yuan, making them more accessible to consumers [9] - The article also discusses the ongoing issues in the quality competition landscape, where companies are compromising on product quality for short-term gains, leading to a decline in overall market standards [9]

Group 1 - Pop Mart is suing 7-Eleven in the US for selling counterfeit LABUBU toys, highlighting the importance of intellectual property protection [1] - The lawsuit indicates Pop Mart's zero-tolerance stance towards infringement, which could impact its brand image and market competitiveness [1] - The incident serves as a reminder for global retailers to enhance supply chain management to prevent counterfeit products from entering the market [1] Group 2 - Yuanji Yunjiao has announced the opening of franchise opportunities in Singapore, marking its first step in overseas expansion [2] - The brand currently operates nearly 5,000 stores in China, showcasing its scalable operational experience [2] - This move is expected to enhance the international visibility of Yuanji Yunjiao and attract more investors to the Chinese dining sector [2] Group 3 - Tesla's first diner in Los Angeles generated approximately $47,000 in revenue within six hours, outperforming nearby McDonald's by 30% [3] - If successful, Tesla plans to replicate this model in other locations, including a site near its Shanghai factory [3] - This innovative approach combines dining with charging, potentially setting a new trend in the integration of automotive and food service industries [3] Group 4 - Snow Peak has closed all its offline stores in Hangzhou, reflecting challenges in brand image and channel management in the Chinese market [4] - The brand's reliance on high pricing and distribution channels has led to a confused brand image and inconsistent operational standards [4] - Snow Peak needs to optimize its long-term strategy and enhance direct sales efforts to improve brand consistency and meet diverse consumer demands [4]

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国失业金数据令美联储降息预期减弱，2年期收益率盘中涨5个基点。美元涨0.3%。比特币震荡于11.85万美元附近。 黄金跌0.55%。雪佛龙或恢复在委内瑞拉开采石油，原油一度跳水、较日高跌约1.5%，随后反弹，美油收涨超1%。内盘期货夜市多数收涨，焦煤夜盘收涨 5.7%，铁矿石跌超1.3%。 亚洲时段，沪指时隔三年半首次收于3600点上方，恒指五连阳，海南自贸区、稀有金属集体大涨，焦煤涨停，国债下跌。 要闻 中国强力"反内卷"！时隔27年，价格法重新修订。 特朗普的"关税样板"已经明牌了：投资换15%关税！美日协议详细版：日本5500亿美元投资美国，80亿美元采购美国农产品。 美联储"装修门"升级，特朗普首次"上门"施压降息，但解雇鲍威尔警报暂停，贝森特指有其他风险。 欧洲央行八连降后收手，维持利率不变，静待美方关税政策明朗化，9月降息预期骤降；拉加德警告：若欧美贸易摩擦升级，将对通胀施加下行 压力。 美国7月Markit制造业PMI重陷萎缩，但整体商业活动创12月以来最快扩张。美国上周首申人数连续第六周下降，续请失业金人数维持 ...

Core Viewpoint - The article discusses the rise of counterfeit products related to the popular Chinese toy brand Labubu and highlights the efforts of Chinese customs to protect intellectual property rights by intercepting infringing goods at borders [6][8][11]. Group 1: Intellectual Property Protection - The General Administration of Customs reported that in the first half of the year, customs seized 11,000 batches and 38.675 million items suspected of infringing intellectual property rights [6]. - Customs employs two main enforcement modes: application-based protection and proactive protection, allowing rights holders to request the detention of suspected infringing goods [8][14]. - The article emphasizes the importance of customs in maintaining market order and protecting the reputation of Chinese brands globally [8][11]. Group 2: Counterfeit Product Issues - The popularity of Labubu has led to an increase in counterfeit products, with customs officials noting a trend of these products moving overseas [6][8]. - Specific examples include a case where Guangzhou customs intercepted a shipment of plush toys falsely labeled as Labubu, which were confirmed to infringe on intellectual property rights [7][10]. - The article highlights the negative impact of counterfeit products on legitimate sales and brand reputation, particularly for Chinese brands expanding internationally [8][11]. Group 3: Customs Enforcement Techniques - Customs has implemented advanced technologies, such as image recognition systems, to enhance the detection of counterfeit goods, transitioning from manual inspection to machine-assisted identification [9]. - The article mentions that customs officials are trained to identify key features of genuine Labubu products, such as craftsmanship and labeling [8][9]. - Various customs offices, including Tianjin and Nanning, have developed specific strategies to target high-risk categories of goods that are prone to infringement [9][10]. Group 4: Market Environment and Brand Protection - The article discusses how timely interception of counterfeit goods by customs protects the legitimate rights of companies and supports the growth of small and medium enterprises [11][12]. - It highlights the case of a local brand, Izhaar, which benefited from customs intervention against counterfeit products, allowing it to focus on product quality and export planning [12][13]. - The overall message underscores the role of customs in fostering a favorable business environment and enhancing the confidence of rights holders in China's intellectual property protection system [14][15].