中新网10月23日电(记者 张乃月)伴随着关税的影响显现，美国大型零售商正在悄悄重塑供应链，将进口 商品的成本和风险更多地转嫁给供应商。 关税影响显现：美国玩具制造商重塑供应链 损失数亿美元利润 彭博行业研究分析师达奇表示，当前，美泰面临关税带来的阻力：在有关措施做出调整前，关税将导致 其全年利润损失高达2亿美元。与此同时，其还面临着依然挑剔的美国消费者，与越来越高的玩具价 格。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 据美媒Axios当地时间22日报道，全球最大的玩具制造商之一美泰公司日前表示，零售商正在从"直接进 口"模式转向"国内运输"模式。 据介绍，前者意味着零售商会提前数月下好大订单，并利用自己的物流将商品运往美国，以提高利润 率；后者则由美泰这种供应商处理进口和仓储事宜，零售商来解决更小的、更贴近需求的订单。 美泰的首席财务官表示，零售商采取这一策略，是为了给自己"更多的时间和灵活性来处理订单"。他认 为，这是今年的"一种特殊现象"。但分析师表示，随着企业为持续的贸易不确定性做准备，这种模式可 能会持续。 另据彭博社报道，美泰21日披露 ...

Group 1 - The weak dollar environment is beneficial for emerging markets, with average returns in Asian stock markets reaching 30% [1] - There is a noticeable disparity in market returns, with open economies like Hong Kong, Singapore, Taiwan, and South Korea performing better than those with large domestic consumption bases like Indonesia, mainland China, and Thailand [1] - The phase of easily obtainable returns may have ended, leading to a cautious optimism regarding market prospects, necessitating precise selection and investment in promising industries and themes [1] Group 2 - Three key areas for investment opportunities include AI, selective consumption, and improvements in corporate governance in markets like Japan, China, and South Korea [1] - The AI sector is experiencing a flywheel effect, with elements gradually integrating to create compounded value, while the cost of AI is decreasing, leading to increased adoption by businesses and consumers [1] - In the consumption sector, a defensive approach is recommended, focusing on valuation and maintaining a contrarian mindset, as popular sectors like Bubble Mart and electric vehicles raise concerns about high valuations and sustainability of profits [2] Group 3 - Overlooked areas in consumption present attractive opportunities, such as household consumption downgrades, health-focused sportswear, increased mineral water consumption, and some consumers upgrading to premium products like branded beer [2] - An emerging theme is the improvement in corporate governance, which began in Japan and is accelerating in China, with investors increasingly focusing on shareholder returns, dividends, and payout ratios [2] - South Korea's "Value-Up" initiative has also shown significant progress in enhancing corporate governance [2]

Market Overview - The market experienced a rebound in the afternoon, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan compared to the previous trading day [2] Sector Performance - Sectors such as Shenzhen state-owned enterprise reform, coal, and energy metals saw significant gains, while sectors like cultivated diamonds, engineering machinery, and oil and gas faced declines [3] Company Spotlight: Pop Mart - Pop Mart, once a high-flying stock, has recently faced a continuous decline, with a drop of over 11% at one point during the trading day [4] - On October 23, Pop Mart's stock opened significantly lower, hitting a low of 227.2 HKD per share, marking a nearly one-third drop from its historical high of 339 HKD. The latest market capitalization stands at 314.5 billion HKD [6] - Despite Pop Mart's third-quarter performance exceeding market expectations, with revenue growth projected to increase by 245% to 250% year-on-year, investor concerns about potential future growth slowdown have emerged [9] Coal Sector - The coal sector continued to rise, with stocks like Daqo Energy achieving a remarkable 10 gains in 9 trading days. Since October 10, Daqo Energy's stock price has surged by 146% [13] - Daqo Energy reported a third-quarter coal production of 2.9039 million tons, a year-on-year increase of 15%, and sales of 3.071 million tons, up 24% year-on-year. However, coal sales revenue decreased by 7.13% to 1.054 billion yuan [16] - Analysts attribute the coal sector's strength to low valuations, capital inflows into dividend assets, and increased demand for coal due to the upcoming heating season [17] Shenzhen Local Stocks - Shenzhen local stocks experienced a collective surge, with companies like Jian Ke Yuan and Guangtian Group hitting the daily limit up. The rise was influenced by a newly released action plan aimed at promoting high-quality development of mergers and acquisitions in Shenzhen [18][21]

Group 1: Hong Kong Stock Market Highlights - China Hongqiao (01378) rose over 2% as the company continued its share buyback, spending HKD 7.5941 million to repurchase 300,000 shares [1] - Sands China (01928) increased by over 3% following its parent company Las Vegas Sands Corp.'s announcement of a 2.7% rise in adjusted property EBITDA for Q3 [1] - Aluminum Corporation of China International (02068) fell over 11% amid market focus on potential transactions involving Chalco and its rich overseas operational experience [1] - Giant Bio (02367) gained over 6% as its controlling shareholder increased holdings by 500,000 shares, with Citigroup suggesting the market overreacted to pre-sale performance [1] - Li Ning (02331) rose over 6% as the brand announced its entry into Meituan Flash Purchase on October 20 [1] - Semiconductor stocks continued to decline, with Huahong Semiconductor (01347) down over 6% and SMIC (00981) down nearly 1%, as the U.S. plans to restrict key software exports [1] - China National Heavy Duty Truck Group (03808) increased over 2% with September heavy truck exports reaching a record high of 15,000 units, expecting annual exports to exceed 150,000 units [1] Group 2: Steel and Banking Sector Performance - Steel stocks faced declines, with Maanshan Iron & Steel (00323) down over 3% and Angang Steel (00347) down over 2%, as seasonal demand fell short of expectations [2] - Chinese banks continued to rise, with Postal Savings Bank (01658) up over 3% and Agricultural Bank of China (01288) nearly 1%, supported by multiple catalysts for bank revaluation according to Morgan Stanley [2] - Gold stocks continued to decline, with China Silver Group (00815) down over 1% and Lingbao Gold (03330) down over 2%, following a significant drop in gold prices [2] Group 3: U.S. Stock Market Highlights - Mattel (MAT.US) fell 2.76% after reporting a 6% year-over-year decline in Q3 sales to USD 1.74 billion, below market expectations [3] - NIO (NIO.US) rose 0.59% as its L90 model achieved a record weekly delivery volume, with production capacity up 50% from the previous month [3] - Intuitive Surgical (ISRG.US) surged 13.89% due to a 22.9% year-over-year revenue increase driven by demand for its da Vinci robotic systems for minimally invasive surgeries [3] - Texas Instruments (TXN.US) dropped 5.60% as its Q4 revenue and profit forecasts fell short of Wall Street expectations [3] - Weibo (WB.US) increased 5.22% as it plans to announce its Q3 2025 financial results in mid-November, although its advertising business may face multiple pressures [3] - Barclays (BCS.US) rose 4.41% despite a 7% year-over-year decline in pre-tax profit for Q3 [4] - Google (GOOGL.US) increased 0.49% as it negotiates a cloud computing service contract with Anthropic, potentially worth several billion USD [4]

另外，随着近期全国性降温及煤炭价格上行，煤炭板块股票持续走强， 大有能源、 陕西黑猫、云煤能源、上海能源、郑州煤电等多股涨停。 两大板块爆发 今天上午A股市场盘中整体走低，其中科创50指数、创业板指跌势较为明显。截至中午收盘，上证指数下跌0.66%，深证成指下跌0.87%，创业板指下跌 1.1%，科创50指数下跌1.63%。 行业板块和赛道方面，通信、电子、建筑材料等板块跌幅居前。 A股小幅调整，但市场不乏亮点。 今天（10月23日）上午A股市场盘中整体走低，主要指数不同程度下跌。 盘面上，深圳国资改革概念板块盘中爆发，建科院20%涨停，特发信息、深赛格、深纺织A、深圳能源、深粮控股、天健集团等多股亦涨停，成为上午A股市 场主要亮点之一。 煤炭板块逆势走强，上午盘中最大涨幅超过2%。大有能源连续第8个交易日盘中涨停。陕西黑猫、山西焦化、云煤能源、上海能源、郑州煤电等多股亦涨 停。 | SH 600508 首板涨停 | | | | | --- | --- | --- | --- | | 郑州煤电 | 5.60 | +10.02% | 2.25亿 | | SH 600121 | | | | | 大有能源 | 9. ...

□ 本报记者 卢晓琳 凭借创意独特、外观精巧、材质环保等优势，木质立体拼接玩具近年来深受消费者青睐，成为文化创意 产业的"新蓝海"。某国潮品牌玩具公司是国内知名文化创意企业，研发销售的品牌木质立体拼接玩具受 到市场追捧，但在火爆出圈时，仿品也出现了。 这些仿品背后，隐藏着一条由前员工主导的制假售假链条。该玩具公司客服主管刘某辞职后，伙同离职 员工沈某、从事木制品加工业务的马某，未经授权复制"老东家"热销玩具牟取暴利，其仿冒的假货销往 海外，严重影响国潮品牌在海外积累的声誉。 "涉案玩具设计精巧、创意独特，犯罪嫌疑人的行为是不是还可能侵犯了被害单位的著作权？"有着多年 知识产权案件办案经验的承办检察官王军告诉记者，审查案卷后，他通过调取著作权登记证书、询问某 公司设计师等自行补充侦查措施，证实了自己这一想法，刘某等人生产销售的6款玩具中，确实有5款玩 具是某公司独立创作并具有独特的审美价值，应受著作权法保护。 10月22日，在苏州市检察院举办的"守护江南文化"检察开放日暨新闻发布会上，该案作为"守护江南文 化"典型案例被发布。 要厘清案件，需从主犯刘某离职后的行为说起。刘某离职后注册成立公司，开设网店售卖木质立 ...

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with notable buying activity in specific stocks such as Pop Mart and Xiaomi, while other stocks like Alibaba faced substantial net selling [2][6]. Group 1: Stock Performance - Pop Mart (09992) received a net inflow of HKD 11.2 billion, with a projected revenue growth of 245%-250% year-on-year for Q3 2025, driven by strong domestic and international sales [6]. - Xiaomi Group-W (01810) saw a net inflow of HKD 4.81 billion, following a share buyback of 10.7 million shares at prices between HKD 45.9 and HKD 46.76, totaling approximately HKD 4.94 billion [6]. - Semiconductor stocks, including Huahong Semiconductor (01347) and SMIC (00981), attracted net inflows of HKD 4.41 billion and HKD 1.28 billion, respectively, amid positive sentiment regarding the semiconductor industry's growth driven by AI [6]. Group 2: Company Earnings and Projections - China Mobile (00941) reported Q3 service revenue of HKD 216.2 billion, a year-on-year increase of 0.8%, with EBITDA declining by 1.7% to HKD 79.4 billion, slightly below market expectations [7]. - China Life (02628) projected a net profit of approximately HKD 156.79 billion to HKD 177.69 billion for the first three quarters, reflecting a year-on-year growth of 50% to 70% [7]. - The report indicated that the net profit for Q3 could grow by 75% to 106% year-on-year, driven by improved investment returns and optimized asset allocation [7]. Group 3: Market Sentiment and Trends - The overall market sentiment showed a divergence in fund flows, with significant net selling in stocks like Alibaba (09988) and Tencent (00700), indicating cautious investor sentiment amid global economic uncertainties [8]. - The report highlighted that the current market volatility is influenced more by emotional factors rather than fundamental reversals, suggesting a need for careful timing in investment strategies [7].

Core Viewpoint - On October 22, the Hang Seng Index fell by 0.94% to close at 25,781.77 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 10.018 billion [1] Group 1: Market Activity - The total trading volume for the Stock Connect on October 22 was HKD 106.582 billion, with a net purchase of HKD 10.018 billion [1] - The Shanghai Stock Connect accounted for HKD 66.693 billion in trading volume, with a net purchase of HKD 6.693 billion, while the Shenzhen Stock Connect had a trading volume of HKD 39.887 billion and a net purchase of HKD 3.325 billion [1] Group 2: Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 41.14 billion, followed by SMIC and Innovent Biologics with HKD 34.07 billion and HKD 32.39 billion respectively [1] - The top net purchase stock was the Tracker Fund of Hong Kong (盈富基金) with a net purchase of HKD 12.93 billion, despite a closing price drop of 1.05% [1] - Alibaba-W recorded the highest net sell amount at HKD 1.80 billion, closing down by 1.94% [1] Group 3: Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Innovent Biologics led with a trading volume of HKD 26.84 billion, followed by Alibaba-W and Pop Mart with HKD 24.66 billion and HKD 23.36 billion respectively [2] - The Tracker Fund of Hong Kong (盈富基金) also had a net purchase of HKD 7.02 billion, closing down by 1.05% [2] - Innovent Biologics had the highest net sell amount at HKD 2.53 billion, with a closing price drop of 1.96% [2]

Core Viewpoint - The U.S. is expected to reach a trade agreement with China during the upcoming APEC summit, as President Trump expresses urgency due to the impending expiration of tariffs and countermeasures on November 10 [1][3]. Group 1: Trade Dynamics - Despite high tariffs, the U.S. maintains a rigid demand for Chinese imports, with daily imports remaining stable at $1 billion, and exports to the U.S. from China exceeding $100 billion from July to September [3][4]. - The import substitution rate for key Chinese products in the U.S. is below 30%, indicating deep integration of supply chains, particularly in sectors like semiconductors where China holds a 45% market share for precision components [4]. Group 2: Economic Pressures - High tariffs have led to increased costs for U.S. businesses and consumers, with the automotive industry warning of rising component costs and declining employment in key manufacturing states [4]. - The deadline for tariff extensions is approaching, creating significant pressure on the U.S. administration to negotiate a new agreement to avoid further economic repercussions [4]. Group 3: Credibility of Negotiations - Trump's history of rapidly changing positions raises doubts about the credibility of his statements regarding the potential trade agreement with China [5]. - The Chinese perspective emphasizes a commitment to diversifying foreign trade and not compromising on principles for a deal, suggesting that U.S. sincerity and action are crucial for any resolution [7].

Core Viewpoint - The article challenges the perception that male consumption power is inferior, particularly among middle-aged men, highlighting that their spending in niche and interest-based categories can be substantial [2][5][25]. Group 1: Male Consumption Insights - Middle-aged men's consumption is often centered around hobbies and interests, which are overlooked by many, indicating a significant market opportunity [18]. - The consumption behavior of middle-aged men can be divided into self-pleasure and social-driven categories, with the former focusing on personal enjoyment and the latter on social status [19][20]. - There is a notable trend where middle-aged men are increasingly investing in items that can appreciate in value, reflecting a desire for financial gain alongside personal enjoyment [21]. Group 2: Market Dynamics - The article suggests that while female consumption often seeks emotional value, male consumption tends to emphasize the demonstration of value and social identity [22][23]. - There is a growing market for male consumption, particularly in overseas markets, leveraging China's manufacturing advantages to tap into this demographic [24]. - Middle-aged men possess both financial resources and leisure time, positioning them as significant players in the consumption market, especially in niche categories like fishing [25]. Group 3: Opportunities for Entrepreneurs - The article identifies video platforms as a promising avenue for male consumption businesses, suggesting that innovative expressions of male interests can lead to substantial market gains [27]. - Combining male consumption trends with international market opportunities presents a unique entrepreneurial landscape, particularly for those targeting affluent middle-aged men [28].