以下文章来源于IN咖 ，作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 以上是 浑瑾资本李岳 在 4月14日的一场线上路演中分享的最新观点。 在 AI大趋势如火如荼的当下，李岳从消费中看到了更多的机会。 "投资这件事的终极意义在于战胜货币供应量，全球货币供应量是以每年8%～10%的速度在增长，只有全球最稀缺的优质资产才能穿越周期。" "打个比方，美国人是用龙虾、鲍鱼才能做出了米其林，中国人用小米粥就熬出了米其林。所以，出现了 科技平权。 " " 以往消费刚需聚焦于衣食住行，未来则涌现出三大新刚需： IP消费、悦己消费以及国产平替。" 成立浑瑾之前， 2009年至2011年 李岳 曾在华夏基金担任消费行业分析师和国际业务部研究副主管 ， 2011年加入高瓴，于2020年 离任，离开 时是高 瓴二级市场大消费组合的负责人，主导超过百亿美元基金的大消费板块投资工作。 在过往十几年的投资生涯中， 李岳 专注于大消费领域，以及制造业等投研工作。 在本次交流会中，通过李岳对于大量公司案例的分析，不难看出他对这些领域的生意非常了解。 尤其是对于新消费中 IP消费的理解，李岳并非简单探讨了趋势，而是从本质出发，理解 ...

Group 1: Fixed Income and Currency - The recent decline in the US dollar index indicates a weakening of its safe-haven attributes, influenced by multiple long-term and short-term factors, including tariff policies and economic recession concerns [2][3] - Gold is identified as a primary beneficiary of a weak dollar, although it is currently overbought and sensitive to negative news [2] - The report suggests that Eurozone assets may replace US dollar assets as a new safe haven, with potential opportunities in the Japanese yen and Japanese stocks [2] Group 2: Internet and Gaming Industry - The gaming industry shows resilience with new game launches, particularly from Tencent and NetEase, expected to enhance revenue streams [3][4] - In Q1, domestic iOS game revenue increased by 2.8% year-on-year, with significant growth during the Spring Festival for popular games [3] - The government is providing more policy support for the gaming industry, including initiatives to promote overseas expansion and the establishment of new educational programs [3] Group 3: Real Estate Sector - Public fund holdings in real estate stocks have decreased, while concentration has increased, indicating a mixed sentiment among institutional investors [5] - The report anticipates a potential increase in policy support for the real estate sector, driven by seasonal trends and external economic factors [5] Group 4: Pharmaceutical and Health Sector - The gene sequencing industry is entering a new era, with domestic companies expected to accelerate their market share due to recent government restrictions on foreign competitors [6] - Companies like BGI are positioned as leaders in the sequencing service market, with a comprehensive approach to health and disease prevention [6] Group 5: Telecommunications Industry - China Mobile reported a slight increase in revenue and a notable growth in net profit, driven by advancements in AI services [7][8] - The company is transitioning from cloud computing to AI-integrated services, which is expected to become a new revenue growth driver [7] Group 6: Consumer Goods and Retail - Pop Mart's Q1 performance exceeded expectations, with significant revenue growth attributed to both domestic and international markets [9] - The company is expanding its product offerings and optimizing its store formats to enhance customer engagement and sales [9] Group 7: Electric Equipment and New Energy - Dongfang Cable reported a substantial increase in revenue and net profit, driven by growth in high-margin export sales [10] - The company is well-positioned to benefit from the increasing demand for offshore wind projects and related cable installations [10] Group 8: Agriculture and Food Sector - Salted Fish's revenue and net profit showed strong growth, driven by an expanding product range and improved distribution channels [15] - The company is leveraging its diverse product offerings to capture market share and enhance profitability [15] Group 9: Financial Services - The internet finance sector is experiencing stable growth, with healthy loan quality and increasing profitability [6] - Regulatory changes are expected to positively impact leading platforms while potentially accelerating the exit of smaller players [6] Group 10: Materials and Chemicals - Feikai Materials reported significant growth in net profit, supported by new projects and a strong market position in the semiconductor sector [22] - The company is expected to continue benefiting from the demand for lithium battery materials, with improving profitability anticipated [22]

Group 1 - International gold futures and spot prices have both surpassed $3,500 per ounce, with gold prices increasing over 30% this year, outpacing Bitcoin [2] - The Ministry of Human Resources and Social Security, along with two other departments, has issued a notice to extend unemployment insurance policies to support job stability and enhance vocational skills until the end of 2025 [2] - The Ministry of Education has announced the addition of 29 new undergraduate majors for the 2025 college entrance examination [2] Group 2 - In the first quarter of 2025, China's goods trade saw a net inflow of $206.3 billion, a year-on-year increase of 120% [2] - The banking industry reported a total of 29.14 trillion yuan in the scale of bank wealth management products by the end of the first quarter of 2025, reflecting a year-on-year growth of 9.41% [2] Group 3 - Tesla's first-quarter revenue for 2025 was $19.34 billion, a 9.2% year-on-year decline, with net profit dropping 63.8% to $409 million [6] - BYD announced a profit distribution plan involving cash dividends of 39.74 yuan per 10 shares and a stock dividend of 8 shares for every 10 shares held [6] - Pop Mart reported a year-on-year revenue growth of 165%-170% in the first quarter, with overseas revenue increasing by 475%-480% [6] Group 4 - The Shanghai Stock Exchange held a training session focused on market value management for central enterprises, aiming to enhance their understanding and application of market value management tools [4] - Tencent has overtaken CATL as the top holding in active equity funds for the first time, indicating a significant investment shift towards Hong Kong stocks by mainland public funds [5] - The cancellation of the "refund only" policy by major e-commerce platforms marks the end of a four-year practice initiated by Pinduoduo in 2021 [5]

第一财经每日精选最热门大公司动态。 【今日推荐】 【互联网】 京东：近期报名秒送全职骑手预计审核需要一周左右的时间 据京东黑板报消息，近期加入京东秒送全职骑手报名太火爆，预计审核需要一周左右的时间，请保持 电话畅通并耐心等待。 京东稳定币已进入香港"沙盒"测试 京东集团副总裁、首席经济学家沈建光表示，目前，京东已经进入了香港的稳定币发行"沙盒"测试阶 段，香港的稳定币相关法案制定还在推进中，还没有明确的条款。预计香港的《稳定币条例草案》获 得批准后，香港金融管理局可以据此正式发布稳定币的具体落成细则。（每日经济新闻） 中午崩了？京东外卖致歉：超时20分钟全部免单 4月22日中午，不少网友在社交媒体上发文称，京东外卖崩了相关话题迅速冲上热搜。对此，京东外 卖下午13:21分发文致歉称：非常抱歉，耽误大家用餐了！因今日午高峰京东外卖下单量暴增，导致 系统出现短暂故障，目前已全面恢复，大家可以正常下单了。感谢大家的理解与支持，为表达歉意， 所有已送达超时20分钟以上的外卖订单，京东全部免单。同时，对于22日午高峰宕机期间所有下单 用户，京东外卖将于当日额外发放一张10元无门槛优惠券到下单账户。 刘强东分享送外卖感受 ...

点击注册小程序 查看完整报告 风险提示： IP授权无法续约，行业竞争加剧，渠道管理风险，海外市场拓展不及预期，新股股价波动风 险。 发布日期： 2025- 04-19 免责声明 布鲁可为中国最大的拼搭角色类玩具企业 公司从儿童教育领域成功转型切入拼搭角色类玩具赛道，22年正式推出拼搭角色类玩具（积木人）以及自 有IP"英雄无限"，24年实现营收22.41亿元，同比增长155.6%，拼搭玩具收入占比达到98.2%。公司规模效 应不断凸显，21-24年公司整体毛利率从37.4%提升至52.6%，同时营销推广费大幅下降，23年经调整净利 润实现扭亏为盈，24年经调整净利润达5.85亿元，对应的经调整净利润率为26.1%。 拼搭角色类玩具是玩具行业增速最快、极具前景的细分市场 全球角色类/拼搭类/拼搭角色类玩具市场规模GMV19-23年复合增速分别为7.7%、11.1%、20.5%。中国角 色类/拼搭类/拼搭角色类玩具市场19-23年复合增速分别为11.9%、12.7%、49.6%。布鲁可龙头地位稳固： 按GMV计算，2023年布鲁可国内市场GMV达约17亿元，市占率达30.3%，排名行业第一；在全球市场 GMV达约 ...

Core Viewpoint - The "Guzi Economy" is gaining momentum, and the value derived from IP (Intellectual Property) is being widely recognized in the market [1] Market Overview - Among various categories of Guzi, trading cards are experiencing rapid growth due to their high playability, collectible value, and social attributes. In 2023, China's collectible card market reached 15.89 billion yuan, a year-on-year increase of 40.5%. CITIC Securities predicts that this sector may exceed 35 billion yuan by 2027, with a compound annual growth rate (CAGR) of over 20% [2] Company Performance - The performance of leading company KAYOU reflects the heat in the card market. From 2022 to 2024, KAYOU achieved revenues of 4.13 billion yuan, 2.66 billion yuan, and 10.06 billion yuan, with adjusted net profits of 1.62 billion yuan, 930 million yuan, and 4.47 billion yuan respectively [3] Strategic Development - KAYOU is exploring more development possibilities in the rapidly growing market by continuously innovating expression methods, deeply co-creating with copyright holders, and enhancing IP's commercial value through precise market insights and strong operational capabilities [4] IP Activation - The demand for cards surged during the release of the animated film "Nezha: The Devil's Child," leading to a "card shortage" phenomenon. KAYOU's initial release of 4.5 million card packs sold out within a week, prompting quick restocking and the launch of new products [5] Production and Sales Network - KAYOU operates three production bases and one logistics center in Zhejiang and Guangdong, supporting a nationwide sales network. The company has a comprehensive dealer system with 217 dealers covering the market, allowing for rapid product development and distribution [6] Competitive Advantage - KAYOU's competitive edge lies in its understanding and respect for classic IPs, alongside its product design, innovation speed, and channel positioning. The company actively participates in IP operation and co-creation, moving beyond being a passive recipient of traffic [7] Collaboration and Expansion - KAYOU has established a deep collaboration with Hasbro for the "My Little Pony" series, significantly enhancing the commercial value of the IP. The card products have gained immense popularity on social media, expanding the audience from children to young women [9][10] Financial Growth - KAYOU's revenue is projected to exceed 10 billion yuan in 2024, reaching 10.057 billion yuan, a year-on-year increase of 280%. The adjusted net profit is expected to grow by 380% to 4.466 billion yuan, with an adjusted net profit margin of 44.4% [13] IP Portfolio - KAYOU has developed a diverse IP portfolio, including 70 well-known IPs such as Ultraman, My Little Pony, and Naruto, which enhances brand recognition and attracts a broader fan base [14][15] Market Position - KAYOU ranks first in the collectible card sector within the pan-entertainment toy industry in China, holding a market share of 71.1% [16] Cash Flow and Innovation - In 2024, KAYOU's operating cash flow net inflow reached 5.113 billion yuan, a significant increase of 458%. The company is focusing on product innovation, particularly in contemporary expressions of traditional culture [17] Product Diversification - KAYOU's product structure is evolving from single trading cards to a broader pan-entertainment ecosystem, with rapid growth in creative and stationery products [18][19] Future Outlook - KAYOU's high standards in craftsmanship and product development are expected to further enhance its competitiveness and contribute to the growth of the pan-entertainment product industry [23]

宏观深度报告 20250419 贸易摩擦如何影响我国就业？政策如何应 对？ [Table_Summary] ◼ 贸易摩擦或对我国就业市场造成扰动 ◼ 出口就业人数的两种定量测算 ◼ 对等关税对就业影响的估算 2025 年 04 月 19 日 证券研究报告·宏观报告·宏观深度报告 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 相关研究 《中国科技产业为全球资产注入稳定 性》 2025-04-14 《美债抛售潮的原因：去美元化、流 动性冲击与中期财政扩张》 2025-04-13 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 每百万元增加值吸纳的就业人数。关税冲击主要是制造业出口，制造业 有更多的资本和技术投入作为劳动要素的代替，因此每百万元增加值吸 纳的就业只有 4.7 人。相比之下，建筑业和部分服务业吸纳就业的能力 更强。每百万元增加值吸纳的就业人数较多的行 ...

Summary of the Conference Call Company Overview - The conference call discusses the performance and future outlook of Brook, a company in the toy industry, particularly focusing on building block toys and related products [1][4]. Key Points and Arguments Business Growth and Product Development - In 2020, Brook launched over 400 new SKUs, ending the year with more than 680 SKUs available for sale [1]. - The company sold 135 million building block figures, with the primary age group targeted being 6 to 16 years old [1]. - The adult product line was expanded, with products priced around 100 to 200 RMB showing promising results [2]. - The company aims for stable growth in this product line, expecting it to outpace overall product growth by 2025 [2]. Financial Performance - For 2024, Brook reported a strong revenue growth of 155.6% year-on-year, driven by innovation in toy design and sales [4]. - The revenue from building block toys reached 2.2 billion RMB, a year-on-year increase of 186.2% [4]. - Adjusted profits, excluding certain expenses, reached 585 million RMB, reflecting a 702% increase [5]. IP and Market Expansion - Brook has secured approximately 50 global IP licenses, including popular franchises like Harry Potter and Jurassic World, contributing significantly to revenue [3]. - The company reported a notable increase in revenue from licensed IPs, with Ultraman contributing 1.1 billion RMB, a 96.8% increase year-on-year [7]. - The overseas revenue contribution was 64.2 million RMB, marking a fivefold increase, particularly strong in Southeast Asia and North America [6]. Marketing and Sales Strategy - The company is focusing on controlled sales channels, including e-commerce and physical stores, to ensure product availability and sales efficiency [2]. - Marketing expenses increased due to collaborations with KOLs and participation in global toy exhibitions [7]. - The gross profit margin for building block toys was reported at 52.9%, supported by product innovation and effective marketing strategies [8]. Future Outlook - Brook plans to enhance its product lines and expand its market presence, particularly in overseas markets, with a focus on localizing operations [21]. - The company aims to maintain a healthy inventory turnover and has strategies in place to manage inventory effectively [42][44]. - The introduction of new products targeting female consumers is a key focus, with an emphasis on aesthetics and ease of assembly [30][31]. Community Engagement - Brook has developed a community for creators, encouraging user-generated content and sharing experiences related to their products [26][27]. - The company is actively engaging with consumers through competitions and events to foster a sense of community and brand loyalty [27]. Additional Important Content - The company has established a robust R&D team, with plans to double its size to enhance product development capabilities [45]. - Brook's strategy includes a diverse range of price points for its products, catering to different consumer segments [32]. - The management emphasized the importance of maintaining a balance between product iteration efficiency and success rates in the market [50]. This summary encapsulates the key insights from the conference call, highlighting Brook's growth trajectory, financial performance, strategic initiatives, and community engagement efforts.

文创玩具概念盘初走强 华立科技等多股涨停 智通财经4月15日电，华立科技、京华激光、洪兴股份、元隆雅图、广博股份涨停，柏星龙、金运激 光、创源股份涨超10%。消息面上，据港交所文件，卡游有限公司向港交所提交上市申请书，联席保荐 人为摩根士丹利、中金公司、摩根大通。根据灼识咨询数据，卡游在2024年中国泛娱乐产品行业及泛娱 乐玩具行业中均排名第一，其中集换式卡牌市场份额高达71.1%。 ...

拼搭角色类玩具专家 20250414 摘要 Q&A 2025 年 3 月份布鲁可总部的销售数据如何？ 2025 年 3 月份，布鲁可总部的销售额为 3.7 亿元。具体分 IP 来看，奥特曼贡 献了 1.6 亿元，变形金刚 0.8 亿元，英雄无限 0.6 亿元，初音加 EVA0.4 亿元， 宝可梦加圣斗士星矢 0.2 亿元，假面骑士 0.1 亿元。 • 布鲁可 2025 年第一季度销售额同比增长约 60%，三月份同比增长 30%-40%， 销售额达 3.7 亿元，去年同期基数约为 2.7 至 2.8 亿元。预计第二季度将 达到全年销售高峰，二三季度销售额有望达到 10 至 12 亿元。 • 奥特曼市场占比缓慢回落，预计 2025 年占比约为 45%，绝对值目标仍需达 到 16 亿元以上，以确保全年 35 亿元目标完成。变形金刚和英雄无限市场 占比显著增长，变形金刚预计全年占比将达到 30%左右，英雄无限受益于 国内哪吒热潮快速上升。 • 布鲁可海外市场 1-2 月份总销售额为 4,000 万元，东南亚市场表现优于欧 美，美国市场优于欧洲。东南亚市场已完成本土 KA 签约，主要通过当地员 工拓展流量渠道，电商自营 ...