Group 1 - The 2025 China International Service Trade Fair (CIFTIS) officially commenced on September 10, showcasing a variety of cultural and tourism services in the Chaoyang exhibition area, themed "Trendy Play, Trendy Enjoyment, Trendy Life" [1] - The exhibition features multiple first-time displays, including the Bubble Mart's intangible cultural heritage series Molly and the ultra-realistic 3A XR interactive film work "Mulan 2125 XR" [1] - The Chaoyang exhibition area aims to create a vibrant scene of cultural, commercial, and tourism integration, attracting numerous visitors to experience new technologies, products, and services [1] Group 2 - Quantum Song, a leading company in the trendy toy sector, will showcase its latest products in the Chaoyang exhibition area, including the Letsvan Qimeng Island series and the popular WAKUKU brand [5] - The company plans to launch a new limited edition blind box in collaboration with the sports event, marking a significant step in the "sports + cultural creativity" crossover field [5] - Quantum Song aims to accelerate the development of trendy toy IPs through a dual-engine model of "self-research original + signed original" [5] Group 3 - The National Cultural Industry Innovation Experimental Zone's Guochao Cultural and Creative Store will present a variety of products, including various intangible cultural heritage creative products developed by Panjiayuan and the full-chain development of the "Three-Body" IP by the Three-Body Universe [5] - Other notable products include AI story dolls and learning machines from Kaisheng Culture, as well as educational cultural products from Guokel Technology [5]

资本抢滩，千亿潮玩赛道如何把握？20250910 摘要 潮玩行业受益于 Z 世代消费崛起、消费升级、电商社交媒体助推及 IP 经 济产业化，年复合增速接近 30%，预计 2025 年规模超千亿元，但近期 受市场资金分流、产品创新不足及 IP 产品二手价格回调影响，股价出现 震荡调整。 中国 IP 玩具在玩具市场渗透率仅为 2%-3%，远低于欧美日等发达国家 25%的水平，表明国内市场仍有巨大增量空间，尤其是在原创 IP 和智能 潮玩赛道，蕴藏着结构性机会。 国证港股消费 ETF 指数偏向新消费领域，涵盖潮流玩具、黄金饰品等稀 缺个股，与 A 股消费指数形成互补，且个股权重上限较高，在行情上涨 时弹性更强，表现优于恒生消费等指数。 下半年港股通新消费展望四大关键词：政策杠杆（刺激消费政策）、资 本聚焦（高壁垒强 IP 标的）、科技穿透（AI 加持产品）和出海深化（中 国品牌国际接受度提升）。 中国潮玩产品在东南亚、日韩及欧美市场接受度逐渐提高，并被广泛用 于外交活动，显示出其在国际交往中的重要性和文化渗透力。 Q&A 潮玩市场在 2025 年呈现出怎样的增长态势？有哪些主要推动力？ 2025 年全球潮流玩具市场 ...

Group 1 - The 2025 China International Service Trade Fair (CIFT) opened in Beijing, focusing on the theme "Digital Intelligence Leading, Service Trade Renewing" [3] - The fair features six types of activities including global service trade summits, exhibitions, forums, and promotional events, with participation from 85 countries and international organizations [3] - The Philippines has the largest exhibition scale at the CIFT this year, showcasing local specialties and promoting tourism infrastructure investment opportunities [5] Group 2 - The Philippine national pavilion is designed with an island theme, featuring tropical elements and local products, aiming to create a unique atmosphere in Beijing [3][5] - The fair is held at Shougang Park for the first time, with over 40 supporting activities to create new service consumption models [5] - The event includes interactive experiences and exhibitions to meet audience needs, enhancing cultural exchange and business opportunities between participating countries [5]

Group 1 - The core theme of the event is "Cake a wish," where Pop Mart integrates its IP into dessert decorations, allowing attendees to taste various themed desserts [2] - Pop Mart debuted as the exclusive trendy cultural brand partner at the China International Service Trade Fair, showcasing popular products like LABUBU and launching a new sub-brand "Pop Mart Bakery" [3] - The exhibition features a large art installation themed around the character Starry Person, providing an innovative interactive experience for attendees [5] Group 2 - Pop Mart's exhibition includes a display of IP products that incorporate traditional craftsmanship, merging elements like porcelain and plush flowers into visual design [5] - The booth is designed with red and yellow as the main colors, creating a space that reflects national aesthetics and promotes the narrative of contemporary trendy culture [5]

Group 1 - The core viewpoint of the article highlights Bubble Mart's participation as the exclusive trendy cultural brand partner at the 2025 China International Service Trade Fair, showcasing its popular IP products and launching a new sub-brand, "Bubble Mart Bakery" [2][4] - Bubble Mart's exhibition features a dessert-themed area inspired by a dessert house, allowing visitors to taste various products like SKULLPANDA ice cream and MOLLY chocolate, which have gained significant popularity since the opening of "MOLLY's Dessert House" in August 2024 [4][6] - The company also presented a collection of plush toys covering various IPs and set up a large art installation themed around the star character, enhancing the interactive experience for attendees [6] Group 2 - In the cultural tourism service exhibition area, Bubble Mart displayed multiple IP products that integrate traditional craftsmanship, incorporating elements like porcelain and plush flowers into the visual design, promoting a narrative that blends trendy culture with traditional art [6] - The exhibition booth utilized red and yellow as the main color scheme to create a space reflecting national aesthetics, showcasing popular IP products such as MOLLY and DIMOO, thereby contributing to the contemporary narrative of trendy culture [6]

Group 1 - The core viewpoint of the article emphasizes that潮玩 (trendy toys) serve not only as collectibles but also as carriers of emotional value and cultural innovation, with Letsvan奇梦岛 aiming to create impactful experiences and showcase Chinese cultural creativity to a broader audience through the China International Fair for Trade in Services (CIFTIS) [1][2][4] - Letsvan奇梦岛 has successfully launched several phenomenon-level IPs this year, including "又梨," "WAKUKU," and "SIINONO," demonstrating strong capabilities in IP incubation and commercialization [1][2] - The "SIINONO" product achieved sales of 1.5 million yuan within three days of its launch, with over 10,000 boxes sold in the first 10 minutes, setting a new sales record for trendy toy categories [2] Group 2 - Letsvan奇梦岛 has entered Southeast Asia and North America markets, conducting localized operations and successfully holding its first overseas pop-up event in Bangkok, Thailand, in June, marking a significant step in its global strategy [2] - The participation in CIFTIS allowed Letsvan奇梦岛 to showcase its innovative achievements in original trendy toys and reflect the vibrant development of China's cultural and creative industry, providing new opportunities for the trendy toy sector to enhance cultural confidence and expand into global markets [2][4]

Core Viewpoint - The stock price of Pop Mart, a leading player in the collectible toy market, has been on a downward trend, dropping 15.74% since reaching a historical high of 339.8 HKD per share on August 26, closing at 275.2 HKD on September 10, with a single-day decline of 4.51% [1] Group 1: Stock Performance - The stock price has seen a significant decline, with a total drop of 15.74% over the past half month [1] - Despite the stock price pressure, the offline consumer scene remains active, with stores experiencing continuous foot traffic [1] Group 2: Product Demand and Market Dynamics - The core IP series, THE MONSTERS, generated revenue of 4.814 billion RMB in the first half of 2025, marking a substantial year-on-year increase of 668%, accounting for 35% of the company's total revenue [1] - Many popular LABUBU products are currently out of stock in stores, leading to a booming second-hand market, with prices for certain items significantly above retail [2] - Recent trends show a cooling in the second-hand market, with prices for similar products dropping to the range of 600-700 RMB [2] Group 3: Strategic Developments - The company has been included in the Hang Seng Index, which theoretically could attract passive fund allocations, although some investors opted to take profits, creating short-term selling pressure [3] - The company's globalization strategy is progressing steadily, with significant revenue growth in overseas markets, particularly in the Americas and Europe [3]

Group 1 - The LABUBU series, once highly sought after, is experiencing a significant decline in second-hand prices, with the hidden version "Ben Wo" dropping from approximately 4356 yuan to 834 yuan over the past 90 days [1] - Following the peak price of 339.8 HKD per share on August 26, the stock price of Pop Mart has been on a downward trend, falling 7.5% on September 8 and reaching 269 HKD per share by September 10, resulting in a total market capitalization of approximately 361.2 billion HKD [4] - The initial sale of the LABUBU series sparked a buying frenzy, with prices on second-hand platforms reaching as high as 3200 yuan for a complete set of 14 figures, and some sellers charging up to 2699 yuan for "proxy buying" services, which is more than double the official price [4] Group 2 - The average transaction price for the mini LABUBU has significantly decreased, with the A-M version averaging 147 yuan and the complete N-Z set averaging 1511 yuan as of September 10 [4] - In response to the drastic price fluctuations, scalpers are adopting a conservative approach, with some halting purchases and waiting for market conditions to improve, indicating a shift in market sentiment [10] - The latest financial report from Pop Mart shows a remarkable revenue increase of 204.4% year-on-year for the first half of 2025, reaching 13.876 billion yuan, with a net profit growth of 396.5% [10]

Core Insights - The 2025 Service Trade Fair will feature a cultural and tourism service exhibition at Shougang Park, showcasing various innovative products and experiences [1] Group 1: Event Highlights - The Chaoyang exhibition area will focus on the theme "Trendy Play, Trendy Enjoyment, Trendy Life," presenting multiple first-time exhibits [1] - Notable exhibits include the Bubble Mart's intangible cultural heritage series Molly, the Letsvan's Dream Island series, and the first ultra-realistic 3A XR interactive film work "Mulan 2125 XR" [1] - The exhibition will also introduce the first cultural creation collection store in the city, supported by the government and operated by market entities, as part of the National Cultural Industry Innovation Experimental Zone [1]

Market Performance - On September 10, all three major stock indices in Hong Kong rose, with the Hang Seng Index increasing by 1.01% to 26,200.26 points, the Hang Seng Tech Index rising by 1.27% to 5,902.69 points, and the Hang Seng China Enterprises Index up by 0.93% to 9,328.16 points [1] - The total market turnover was HKD 288.21 billion, with net inflows from southbound funds amounting to HKD 7.566 billion [1] Stock Movements - Among the constituents of the Hang Seng Index, 65 stocks rose while 21 fell, with Lenovo Group leading the blue chips with a gain of 4.63%, followed by JD Logistics at 4.45% and Sun Hung Kai Properties at 4.28% [2] - In the Hang Seng Tech Index, 20 stocks increased and 9 decreased, with Bilibili leading the gains at 7.57%, followed by Lenovo Group at 4.63% and SMIC at 3.61% [4] Notable Stocks - Alibaba had a trading volume of HKD 26.367 billion, rising by 0.63%, while Tencent Holdings traded HKD 12.190 billion, increasing by 1.04%, and Meituan saw a trading volume of HKD 9.569 billion, up by 2.06% [5] - Pop Mart experienced a significant decline of 4.51% due to reports of falling prices for its LABUBU series, closing at HKD 275.20 per share, despite a year-to-date increase of 208.24% [10] Industry Performance - The financial sector index rose by 1.85%, the real estate and construction index increased by 1.51%, and the composite enterprises index was up by 0.86%. Conversely, the healthcare index fell by 0.94%, and the materials index decreased by 0.41% [6] Concept Sector Performance - Most Wind concept sectors saw gains, with the Foxconn index up by 10.03%, the air pollution control index rising by 5.42%, and the integrated circuit industry fund index increasing by 3.37%. The infant and child index led the declines at 3.01%, followed by the gold and jewelry index down by 2.93% and the photovoltaic solar index down by 2.53% [8] Company Developments - NIO announced plans for an issuance of up to 182 million shares of Class A common stock, including American Depositary Shares (ADS), with the net proceeds intended for investment in core technologies for smart electric vehicles, development of future technology platforms and models, and expansion of battery swapping and charging networks [14][16]