Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - The report highlights that LEGO Group achieved record highs in revenue and operating profit for 2024, with revenue increasing by 13% to 74.3 billion Danish Kroner (approximately 78.6 billion RMB) and operating profit rising by 10% to 18.7 billion Danish Kroner (approximately 19.7 billion RMB) [2][4] - The growth is attributed to product innovation, with 840 product series launched in 2024, of which 46% were new products, and a continued global expansion strategy [2][4] - The report emphasizes the importance of cultural adaptability and ecological operation depth for companies in the industry, suggesting that those who can quickly respond to consumer demand changes and integrate locally will thrive [3][10] Summary by Sections Revenue and Profit Growth - LEGO's revenue and operating profit reached historical highs in 2024, with a compound annual growth rate (CAGR) of 14.22% for revenue and 8.61% for net profit from 2020 to 2024 [4][6] Product Innovation - Key product innovations include the LEGO Plant series, which has gained popularity as a gift option, and the launch of physical sets based on the popular game LEGO Fortnite, which attracted over 87 million players since its release [5][6] Global Supply Chain Expansion - The report notes significant expansions in production capacity, including a 60% increase in Hungary and a 27% increase in China, alongside the establishment of regional distribution centers to enhance supply chain flexibility [6][7] Retail Experience Innovation - In 2024, LEGO opened 74 new brand stores and hosted over 1,400 free creative workshops across 15 countries, while also closing 76 underperforming stores, resulting in a total of 1,069 stores by year-end [7]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The light industry sector is expected to become a significant node in the AI industry chain, with various sub-sectors such as eyewear and toys already implementing AI applications. Companies deeply involved in the AI supply chain are likely to benefit from future industry growth [9][3]. - Specific sub-sectors benefiting from AI include eyewear, mattresses, sports, and toys, which are recommended for investment focus [3][9]. Summary by Sections AI Eyewear - AI eyewear is entering a product explosion phase, with significant market response to products like Ray Ban Meta, which achieved a quarterly sales volume of 680,000 units in Q4 2024. Global sales of AI eyewear are projected to reach 1.5 million units in 2024, a year-on-year increase of 533% [17][20]. - The market for AI eyewear is dominated by models with cameras, accounting for 94% of sales, primarily driven by the success of Ray Ban Meta [21][23]. - The cost structure of AI eyewear shows that lenses and frames account for about 8% of the total cost, with potential for significant value enhancement through advanced technologies [28][29]. AI Mattresses - AI mattresses integrate AI technology to monitor sleep data and adjust firmness and support based on user needs, addressing the growing sleep issues in modern society. The global market for AI mattresses was approximately $1.7 billion in 2023, with a projected CAGR of 5.6% from 2024 to 2030 [44][46]. - The market is still in its early stages, with intense competition and a focus on consumer education to enhance awareness and acceptance of AI mattress technology [48][50]. AI Sports and Fitness - The AI sports fitness market is characterized by two business models: one targeting consumers through apps and equipment, and the other targeting gyms with AI fitness devices. The market is expected to grow rapidly, with the Chinese smart fitness market projected to reach 82 billion yuan by 2025 [65][66]. - The penetration of AI fitness solutions is low but growing, with significant potential for expansion as consumer awareness increases and technology becomes more accessible [63][66].

Investment Rating - The report maintains a "Buy" rating for several companies, including Century Internet, Huayi Group, and 361 Degrees, indicating a positive outlook for their future performance [19][25][31]. Core Insights - The report highlights significant growth in capital expenditure for Century Internet, projecting a 101-141% increase in 2025, driven by strong demand in the AIDC sector [15]. - The AI and cloud computing sectors are experiencing increased investment from both domestic and international giants, which is expected to accelerate AI application deployment [16]. - The report emphasizes the robust growth potential in the AIDC cloud computing market, with recommendations for various companies across different segments [17]. - Huayi Group is expected to see a revenue increase of 19.4% in 2024, with a focus on expanding production capacity and optimizing customer structure [19]. - 361 Degrees anticipates breaking the 10 billion yuan revenue mark in 2024, with a strong emphasis on exploring new retail formats [25]. - The report notes that the toy market, particularly in the building block segment, is rapidly growing, with a projected increase in market size from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028 [32]. - Shandong Pharmaceutical Glass is positioned to benefit from the increasing demand for borosilicate glass, with projected net profits growing significantly over the next few years [36][37]. Summary by Sections Technology Sector - The report discusses the trading congestion indicators for the technology sector, suggesting that high trading volumes may indicate a risk of price corrections [3]. - Relative valuation metrics show that technology growth stocks are not at historical extremes but are also not particularly cheap, with TMT and robotics sectors at high percentiles [4][5]. Communication Sector - Century Internet's capital expenditure is expected to reach 100-120 billion yuan in 2025, reflecting a strong growth trajectory in the AIDC market [15]. - The demand for AIDC services is anticipated to accelerate, supported by significant contracts from major clients [15]. Consumer Goods Sector - Huayi Group's new factory efficiency is expected to impact Q4 earnings positively, with optimistic projections for Adidas orders [19]. - 361 Degrees is actively exploring new retail formats and anticipates a revenue increase of 19.6% in 2024 [25]. Toy Industry - The report highlights the rapid growth of the building block toy market, with a significant market share held by companies like Bluko, which is leveraging a strong IP portfolio [31][32]. Pharmaceutical Glass Industry - Shandong Pharmaceutical Glass is expected to see substantial growth in net profits due to the increasing adoption of borosilicate glass in the pharmaceutical sector [36][37].

文 ｜ 杨帆 遥远 玛西高娃 张黎阳 危思安 特朗普再度对墨西哥、加拿大和中国发起关税威胁，若实际执行，我们测算今年以来对华累计加征 的2 0%关税对我国单季度出口和GDP的拖累将分别为3 . 3和0 . 3 6个百分点，影响总体仍将可控。与 2月4日的反制相比，中国此次的关税反制力度有所升级，涉及到的商品规模和占进口比例有所提 升，但仍为中美将来可能的接触和谈判留有对话窗口。着眼当下，尽管近期外部扰动阶段性增多 但随着风险偏好的逐渐修复，市场主体对外部扰动的容忍度将有所提高，且当前特朗普的政策重心 仍在其国内政策和"非中"国家，而非聚焦中美博弈，故预计外部扰动暂不会影响我国市场信心的修 复。展望后续，4月开始美国对华政策不确定性可能明显上升，其料将成为信心全面修复的试金 石，但市场已有充分预期，政策已有充分准备。 ▍ 特朗普再度对墨西哥、加拿大和中国发起关税威胁，落地时间超出此前预期。 当地时间3月3日，特朗普签署行政命令，自2月4日对华加征1 0%关税后，3月4日将对华追加额外 1 0%的关税。同时，特朗普表示，针对加拿大和墨西哥进口产品加征2 5%的关税政策将"按计 划"于3月4日正式生效。对此，中方已 ...

Core Viewpoint - The Chinese building block toy market is experiencing rapid growth, driven by demand that stimulates supply-side technological advancements, with domestic brands quickly narrowing the quality gap with overseas brands. The high pricing of overseas leading brands creates a broad space in the mass price segment, while local brands can respond to market demands more swiftly and effectively, presenting numerous opportunities [1][10]. Global Toy Industry - The global toy market is slowly expanding, reaching a size of $100.9 billion in 2023, with a CAGR of +1.3% from 2014 to 2023. The building block toy market is valued at $21.3 billion in 2023, with a CAGR of +6.1%, increasing its share of the toy industry from 13.9% in 2014 to 21.1% in 2023, supported by strong interactivity and IP compatibility [2]. Building Block Toy Industry - Building block toys are primarily divided into standard block systems (e.g., LEGO) and character building systems (e.g., Bandai, Blokus). Different systems result in variations in product fidelity, mobility, and part compatibility. The industry has high production barriers, with overseas giants typically owning their factories, while domestic players adopt a mix of self-built and outsourced supply chains [3][4]. Competitive Landscape - The global building block toy industry is highly concentrated, with the top three companies holding an 84% market share in 2023, of which LEGO accounts for 75%. LEGO has maintained its market position despite patent expirations, demonstrating deep barriers to entry. The brand's high-end positioning contrasts with the profit compression faced by mass-market brands [5][6]. Chinese Building Block Toy Market - The Chinese building block toy market is projected to grow significantly, with a CAGR of +9.5% for the overall toy market and +22.1% for the building block category from 2023 to 2028. In 2023, per capita toy consumption in China is only 23.5% and 11.9% of that in Japan and the U.S., respectively, indicating substantial growth potential [7]. Opportunities for Domestic Brands - The Chinese building block toy industry has three main breakout lines: 1. Opportunities in product categories, channels, and audience dimensions, particularly in character-based building toys where LEGO's performance is limited. 2. Focus on Chinese original IP and popular overseas IP themes, with the potential for the IP toy market to double in size from 2023 to 2028. 3. Expanding ecosystems through building block categories by adding scenes and content, leveraging existing IP matrices [8][10].

一周IPO动态，覆盖港股、美股、A股。 布鲁可 港股｜挂牌上市 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）于2025年1 月10日正式以"0325"为股票代码在港交所主板挂牌上市。 值得注意的是，布鲁可原计划在本次IPO中发行24,120,300股股份。根据最终发售价及配发结果公 告，其最终发行了27,738,300股股份，即额外发售了15%股份。 布鲁可在本次香港公开发售部分获5999.96倍认购，位居港股IPO发行历史第三；国际发售部分获 38.6倍认购，并引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万美元。 以冻资额计算，布鲁可本次IPO发行的冻资规模仅次于2020年的蚂蚁集团（最终未完成发行）和 2021年的快手，同样位居港股IPO发行历史第三。 截至首日收盘，布鲁可报于每股85.00港元，较发行价上涨40.85%，市值超208亿港元。 成立于2014年的布鲁可现已成为中国最大、全球第三大的拼搭角色类玩具企业。2023年，布鲁可实 现约18亿元GMV，同比增长超过170%。 本文为IPO早知道原创 作者｜C叔 微信公众号｜i ...

以下文章来源于天天IPO ，作者周佳丽 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 开年现象级IPO。 作者 I 周佳丽 报道 I 投资界-天天IPO 投资界-天天IPO获悉，今天（1月10日），中国拼搭角色类玩具品牌——布鲁可正式在 港交所主板挂牌上市，发行价60. 3 5港元，开盘高开超80%，总市值超2 5 0亿港元。 此次IPO，布鲁可热度惊人，在招股过程中获得60 00倍认购，还引入了三位基石投资 者，包括景林资产管理香港有限公司、UBS AM Si ng a po r e、富国基金管理有限公司及 富国资产管理（香港）有限公司，累计认购5000万美元。 公司身后是一名80后连续创业者——朱伟松，其为人熟知的经历是曾联合创办游族网 络，后来在公司上市那年离开，转身走进玩具世界。201 4年，布鲁可在上海成立，主要 开发不同款式的拼搭角色类玩具，凭借着"奥特曼" "变形金刚"等热门IP悄然崛起，成为 中国最大拼搭角色类玩具企业，身后还浮现了君联资本、源码资本、云锋基金、高榕创 投等知名创投基金的身影。 中国版「乐高」IPO了 市值250亿 时间回到20 09年，20多岁的朱伟松来 ...

认购倍数及冻资规模均位居港股IPO发行历史第三。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）于2025年 1月10日正式以"0325"为股票代码在港交所主板挂牌上市。 值得注意的是，布鲁可原计划在本次IPO中发行24,120,300股股份。根据最终发售价及配发结果公 告，其最终发行了27,738,300股股份，即额外发售了15%股份。 布鲁可在本次香港公开发售部分获5999.96倍认购，位居港股IPO发行历史第三；国际发售部分获 38.6倍认购，并引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万美元。 以冻资额计算，布鲁可本次IPO发行的冻资规模仅次于2020年的蚂蚁集团（最终未完成发行）和 2021年的快手，同样位居港股IPO发行历史第三。 截至10:00，布鲁可报于每股104.60港元，较发行价上涨73.32%，市值超252亿港元。 成立于2014年的布鲁可现已成为中国最大、全球第三大的拼搭角色类玩具企业。2023年，布鲁可实 现约18亿元GM ...

香港公开发售部分获5999.96倍认购，同样位居港股IPO发行历史第三。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）将于明日 （1月10日）正式以"0325"为股票代码在港交所主板挂牌上市。 值得注意的是， 布鲁可 原 计划在本次IPO中发行24,120,300股股份。 根据最终发售价及配发结果 公告，其最终发行了 27,738,300股股份 ，即额外发售了1 5% 股份。 布鲁可 在本次香港公开发售部分获5 999.96 倍认购，位居港股IPO发行历史第三 ；国际发售部分 获38.6倍认购，并引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万美元。 当然，产品的背后则是IP矩阵——截至目前，布鲁可已成功推出2个自有IP，包括儿童益智类的百变 布鲁可和中国传统文化主题的英雄无限。同时，截至2024年12月6日，布鲁可还已从IP版权方或授 权方获得约50个知名IP的非独家授权，包括奥特曼、变形金刚、火影忍者、漫威：无限传奇及小蜘 蛛和他的神奇小伙伴们、 ...

引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万美元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Bloks Group Limited（布鲁可集团有限公司，以下简称"布鲁可"）计划于 2025年1月10日正式以"0325"为股票代码在港交所主板挂牌上市。 布鲁可计划在本次IPO中发行24,120,300股股份。其中，香港公开发售2,412,300股股份，国际发 售21,708,000股份。按每股55.65港元至60.35港元的招股区间计算，布鲁可的IPO市值预计介于 134.38亿港元至145.73亿港元。 值得注意的是， 根据交易平台数据，尚处招股过程中的 布鲁可 现已获得了超4 700 倍认购，远超2 024 年年末上市的毛戈平 （超800倍）。 在本次IPO 发行 中 ， 布鲁可引入了景林投资、UBS和富国基金三大基石投资者，累计认购5000万 美元——其中，景林投资和UBS分别认购2000万美元，富国基金及其全资附属公司累计认购1000 万美元。 当然，产品的背后则是IP矩阵——截至目前，布鲁可已成功推出2个自有IP ...