2026年1月初的深夜，义乌国际商贸城的商铺灯光早已熄灭，老板娘张火清的手机屏幕突然亮起。合作经销商老板发来一张照片，一只毛绒小马的嘴角被 缝成了下垂的弧线，对方询问"消费者买到的小马玩偶，嘴巴好像反了"。 这款名为"笑笑马"的玩偶，是张火清为马年量身打造的爆款备选，非常契合春节的喜庆寓意。但由于工人的失误，一部分货品的嘴巴被缝反，变成了委屈 巴巴的"哭哭马"。张火清并未犹豫，迅速承诺退换货，并在心里盘点仓库滞销的"哭哭马"数量。没想到正准备点击发送消息时，经销商却打出了令她意外 的话，"有消费者点名要哭脸马，能不能订一批货试试？" 哭哭马，图源："新华社"微信公众号 没人预料到，被视作残次品的哭脸小马，会点燃一场席卷全网的流量风暴。仅一个周末，"义乌产的哭哭马火了"便登上微博热搜第一，在电商平台上，关 键词搜索量暴涨，短视频平台相关话题播放量破亿。"这是赶方案的我""委屈到戳心巴"的评论刷屏，网友创造的"马倒成功""愁马在手"谐音梗，让这只小 马从瑕疵品逆袭成爆款。 相隔不远的义乌启梦玩具厂老板王磊的店铺里，也炸开了锅。一天之内，几十条类似的咨询消息弹出："有哭哭马吗，能定制文字吗？" 而此时的张火清，正在 ...

Group 1 - Tesla's Full Self-Driving (FSD) system is expected to be approved in China as early as next month, according to CEO Elon Musk, although Tesla China has not confirmed this information [3] - Li Auto has denied rumors of mass store closures and layoffs, stating that only a few low-efficiency stores will be shut down this year, with a total of 548 retail centers planned by the end of 2025 [5] - The "Did You Die?" app's developer has been listed in the business anomaly directory due to being unreachable at their registered address, which the founder attributed to remote work [8] Group 2 - Suzuki plans to sell its vehicle manufacturing plant in Thailand to Ford, with the sale amount undisclosed, as Suzuki is set to withdraw from local production by 2024 [12] - MTG, the parent company of ReFa, announced the dissolution of its subsidiary in China due to continuous losses, despite the brand's online presence remaining operational [13] - The global humanoid robot market is projected to see explosive growth, with an estimated shipment of 18,000 units by 2025, marking a 508% year-on-year increase [21]

实际上，这种希望从毛绒玩偶等可爱物品上得到共鸣和慰藉的情绪，正在成为主导消费者的动力之 一。"可爱"以一种柔软却有力的形式影响了我们的生活，与此同时，一股以情感共鸣为核心的"可爱经 济"浪潮正向我们袭来。 《2025年度毛绒玩具产业发展报告》显示，2024年全球毛绒玩具市场规模突破百亿美元，年增速约 15%。其中，成年人因悦己需求购买毛绒玩具的比例从2019年的49%显著上升至2025年的63%，超过六 成的购买源于情感需求而非实用功能。这组数据清晰地表明，在物质丰裕的时代，消费的驱动力正从追 求物品的实用功能，转向购买其承载的情绪价值。可爱的物品，正为人们提供一个安全、低成本且即时 反馈的"情感避风港"。 这股消费浪潮也正从私域空间向公共空间蔓延。在文化领域，故宫的"御猫"、苏州博物馆的"蟹黄黄"等 文创产品，让厚重历史以憨态可掬的姿态变得可亲；在商业领域，为了与玲娜贝儿合影而排起的长队、 一上线就瞬间抢购一空的拉布布盲盒，体现了由情感IP引发的消费热潮；甚至在都市生活中，多肉植物 因其"肉肉"的萌态而成为了年轻人的宠儿。这些经济现象表明，"可爱"已不再只是一种审美风格，而是 演变为连接多元产业与消费者的" ...

本周，南向资金累计净流入约235.23亿港元，环比上周多流入135亿。 北水动向 1月23日，南下资金净卖出港股16.01亿港元。 其中，净买入泡泡玛特7.47亿、小米集团-W 6.08亿、腾讯控股2.4亿； 净卖出阿里巴巴-W 14.9亿、中国移动6.21亿、长飞光纤光缆1.38亿、金风科技1.23亿。 据统计，南下资金已连续6日净买入小米，共计30.7384亿港元；连续15日净卖出中国移动，共计 117.1603亿港元。 中国移动：消息面上，中国移动设立"算力专项办公室"，统筹全集团的算力战略与布局。 长飞光纤光缆：国家工业和信息化部副部长张云明表示，内地6G第一阶段技术试验形成超过300项关键 技术储备。5G和千兆光网融入97个国民经济大类中的91个，工业互联网实现41个工业大类全覆盖，为 经济社会发展注入更多活力。 泡泡玛特：消息面上，该公司近期推出2026年情人节限定款盲盒"星星人怦然星动"系列，作为该IP首个 情人节主题产品，其毛绒挂件一经发售迅速售罄，并在社交媒体引发热议。 小米集团：消息面上，公司拟回购不超过25亿港元小米集团的B类普通股，回购计划将于1月23日正式 启动。 腾讯控股："微信珊 ...

港股龙头公司积极回购。 1月22日，小米集团公告称，公司拟回购不超过25亿港元小米集团的B类普通股，回购计划将于1月23日 正式启动。 2026年以来，港股市场主要指数整体保持震荡走强态势，港股市场回购金额超过110亿港元。行业龙头 公司的回购节奏和力度不减，其中，腾讯控股今年以来累计回购金额已超60亿港元。 不过，记者注意到，今年已有108家港股上市公司加入了回购队伍，较去年同期的121家有所减少，回购 金额缩水更为明显。 腾讯控股是"回购王" 回购是指上市公司利用流动现金从二级市场购回发行在外一定数额股票的行为，国内市场上的大规模回 购潮往往发生在下跌过程中，通常意味着上市公司认为当前自家股票的价格远低于其内在价值，同时， 也是借此向投资者表达当前股价已被严重低估的积极信号，以此来稳定投资者信心和公司股价。 在目前回购规模的基础上，小米集团等加码回购股票。 1月22日，小米集团公告称，公司已与一家独立经纪商签订协议，该经纪商将根据经纪协议所记载的预 定参数在港交所回购不超过25亿港元小米集团的B类普通股。此项自动股份回购计划将于1月23日正式 启动。 小米集团在公告中表示，实施自动股份回购计划可展示公司对 ...

Group 1: Gold Market - Goldman Sachs raised its gold price target for 2026 from $4,900 to $5,400 per ounce, driven by private investors diversifying their portfolios to hedge against global policy risks [1] - Gold prices recently reached a historical high, surpassing $4,900 per ounce, with a year-to-date increase of over 14% [1] Group 2: Semiconductor Industry - A surge in demand from large cloud service providers has led Intel and AMD to sell out their server CPU capacity for 2026, prompting a planned price increase of 10-15% for server CPUs [1] - The semiconductor sector is viewed as a significant investment opportunity, particularly in the context of AI-driven innovations in computing architecture [1] Group 3: ByteDance and AI in Animation - ByteDance's animation sector has reached a peak daily expenditure of 30 million, with the overall market expected to grow to 22 billion yuan by 2026 [2] - AI integration in animation production is significant, with cost reductions of over 70% and efficiency improvements of over 80% [2] Group 4: Xiaomi's Share Buyback - Xiaomi announced a share buyback plan of up to 2.5 billion HKD, coinciding with a decline in its stock price, which has dropped 42.65% from its peak [3] - The buyback is seen as a response to the company's recent stock performance and rising industry storage costs [3] Group 5: Robotics Industry - Yushun Technology clarified that its humanoid robot shipments exceeded 5,500 units in 2025, with production volume surpassing 6,500 units [3] - The company is preparing for an IPO in the domestic market after completing its IPO guidance work [3] Group 6: Fund Management and Market Trends - Public funds increased their holdings in non-ferrous metals, chemical, and non-bank financial sectors during the fourth quarter of 2025, despite a generally volatile A-share market [5] - The total net asset value of public funds exceeded 37.64 trillion yuan by the end of 2025, marking a historical high [5] Group 7: IPO Developments - Qinheng Micro's IPO application for the Sci-Tech Innovation Board was terminated, marking the second IPO termination in 2026 [9] - Alibaba is reportedly planning to spin off its AI chip division, Pingtouge, for an independent IPO, reflecting a trend of domestic AI chip companies moving towards public offerings [11]

中国消费者报上海讯（记者刘浩）近年来，盲盒经济崛起。然而，部分商家为牟取暴利，通过"拆包换 卡"等隐蔽手段篡改盲盒抽取概率，使稀有卡牌的实际出现概率与宣传不符，严重侵害消费者权益。近 日，上海市嘉定区市场监管局提醒消费者，警惕"低价保底""隐藏款必中"等诱导性宣传。 本案涉案侵权商标在每盒卡牌塑封膜的防伪线上，内部卡片经鉴定为正版卡片，A公司和B公司在商业 活动中不涉及以营利为目的使用他人注册商标的行为，认定A公司和B公司涉嫌侵犯他人注册商标的违 法事实不能成立。考虑到涉案商品的盲盒属性，改变抽取概率会侵犯消费者的知情权和公平交易权。鉴 于A公司尚未实际对外销售涉案商品，嘉定区市场监管局对A公司不予行政处罚。 B公司未履行进货查验，在应知上述卡牌商品合法性存疑的情况下，以低价购入并销售给A公司，造成 卡包投放概率与其公示概率不符，改变抽取结果，侵犯消费者合法权益的行为违反了《上海市消费者权 益保护条例》第四十条第二款的规定。嘉定区市场监管局依法责令其立即改正违法行为，并作出警告及 罚款的行政处罚决定。 消费者应理性消费，警惕"低价保底""隐藏款必中"等诱导性宣传，避免沉迷盲盒消费；购买时检查包装 防伪标识，留 ...

Core Viewpoint - CICC has downgraded the net profit forecasts for 2025 and 2026 for Blokko (00325) by 19% and 17% to 650 million and 870 million yuan respectively, while introducing a net profit forecast of 1.07 billion yuan for 2027. The target price has been reduced by 26% to 100 HKD, indicating a potential upside of 40% based on adjusted P/E ratios for 2026 and 2027 [1]. Group 1: Company Current Situation - CICC conducted a company survey and engaged in in-depth discussions with management regarding strategic reviews, new product performance, and international expansion. The firm believes that the company will focus on trending categories in 2026, which is expected to enhance performance certainty, with a continued emphasis on new product categories and international market performance [2]. Group 2: Focus on Key Categories in 2026 - In 2025, the company explored business boundaries through a global strategy targeting all demographics and price points. While the 9.9 yuan products for the lower market performed well, some categories, such as female-targeted products, did not meet internal goals, which diluted resources and affected profit performance. In 2026, the company plans to stabilize the new product launch rhythm and improve the success rate of individual products. Financially, with a mature team structure and stable personnel size, operational leverage is expected to manifest. The company aims to control the proportion of low-margin products, which, combined with economies of scale, is anticipated to stabilize and improve gross margins [3]. Group 3: Successful Development of Building Block Vehicles - The company has established building block vehicles as one of its two core strategic categories alongside building block figures, planning to maintain a monthly launch rhythm in 2026. This category is expected to contribute positively to gross margins. The core IP operation for building block figures continues to deepen, with the Transformers series effectively covering price points from 9.9 yuan to 249 yuan, while new SKU specifications for Ultraman are stimulating demand. The company’s all-demographic strategy is expected to see an increase in adult-targeted products in the second half of 2025 [4]. Group 4: Strong International Performance - In the second half of 2025, the company’s overseas business is expected to continue high growth, with a projected doubling in performance. Thanks to pricing strategies and product strength, the company maintains a price advantage despite North American tariffs and has successfully entered mainstream channels like Walmart. North America is anticipated to become the largest single overseas market in 2026, while the company plans to expand its presence in Southeast Asia, particularly in Thailand and Vietnam, supported by logistics and warehousing. Additionally, the European team is currently being built, indicating significant future potential [5].

公司将积木车确立为与积木人并立的两大核心战略品类之一，规划26年保持每月一弹的上新节奏，且其 毛利率水平亦形成积极贡献。积木人方面，核心IP运营持续深化，变形金刚系列实现了从9.9元至249元 全价位段的有效覆盖，奥特曼通过新规格SKU持续刺激需求。此外，公司全人群战略推进，预计2H25 成人向产品占比环比提升。 3、出海表现较好，美洲市场增长领先 1、26年拟聚焦重点品类，有望提质增效 回顾25年，公司围绕全人群、全价位、全球化战略探索业务边界。其中，9.9元下沉市场产品线表现较 优，但部分品类如女性向产品表现未达内部目标，一定程度分散资源并拖累利润表现。展望26年，公司 重心转向聚焦与确定性：产品端拟维稳上新节奏，提升单品的成功率；财务端伴随团队架构趋于成熟， 人员规模稳定，经营杠杆效应有望显现。此外该行预计公司将通过控制低毛利引流型产品占比，叠加规 模效应对开模等成本的摊薄，带动毛利率企稳回升。 2、积木车品类成功培育，有望驱动后续成长 智通财经APP获悉，中金发布研报称，考虑到布鲁可(00325)部分新品表现不及预期，下调25/26年经调 净利预测19%/17%至6.5/8.7亿元，首次引入27年经调 ...

2025年，你在"消费"上到底花了多少钱？ 伴随着各大购物、出行、社交等 APP 年度报告的出炉，有人对着账单上"严重超支"的数字长叹一口气，有 人在满屏的 "省钱小能手" 标签里沾沾自喜，有人在复盘里拧紧钱包的开关，也有人在 "犒劳自己" 的名义 下，继续为生活的仪式感买单：从 "假装上班" 的白领"闪现"咖啡厅，到直播间 "9 块 9 包邮拯救生活" 的 赛博狂欢……我们翻阅过去这一年的商业记录，发现最震撼的不是好与坏的泾渭分明，而是冰点与挣扎在 同一个市场空间里的剧烈交织。 从碎片里，寻找一些共性的 答案 出品｜虎嗅商业消费组 作者｜李佳琪 柳柳 编辑｜苗正卿 题图｜乐刻 这一年，消费市场正在完成一场静悄悄的价值重构。 一方面是极致的"消费降级"：临期食品超市排起长队，二手平台交易量激增。人们像精密仪器一样核算每 一分钱的效用，将"实用主义"奉为新圭臬。 另一方面，却又爆发出零星的、近乎非理性的"热点式狂欢"：玩具可以被炒至神话价位，"漂亮饭"值得被 掷千金。这不再是传统的炫耀性消费，而更像一种情绪赎买：人们抓住一个瞬间、一个符号、一个能制造 集体共鸣的稀缺入口，进行短暂而剧烈的自我确认。 于是，我们目 ...