文｜执牛耳传媒 从产业基础看，AI 玩具凭借场景多元、客群广泛、产业链成熟等优势，早已成为 AI 技术落地最快的消 费终端之一，被行业各方寄予厚望；从市场动态看，资本端融资频现、投资热度飙升，产品端众筹和销 售额破千万案例激增，种种迹象都表明，"IP+AI"的消费爆发临界点正加速到来。 在AI玩具受到广泛欢迎的当下，不少业者和行业分析人士，开始将AI玩具与泡泡玛特进行比较，希望 尽快出现AI玩具赛道上的"泡泡玛特"。 综合来看，AI 玩具在当前消费市场中展现出的发展潜力和独特的竞争优势，其与泡泡玛特在 IP 运营、 消费心理满足等方面，的确存在一定的相似性，且市场前景广阔，使其具备在未来取得类似商业成功的 可能性。但AI 玩具要成为"下一个泡泡玛特"，仍面临诸多挑战和不确定性。 前景虽然看似光明，但AI玩具毕竟是新生事物，发展之路尚长。在AI玩具市场与潮玩市场都备受瞩目 时，泡泡玛特作为潮玩行业的领军者，已打造出成熟且成功的商业范式。本文将聚焦AI玩具厂商最应 向泡泡玛特学习的核心战略：构建强大IP矩阵与精细化用户运营生态。 爆红的AI玩具 近两年，AI 玩具市场热闹非凡。国内外知名厂商纷纷入局： 电商平台上 ...

Group 1 - The global AI toy market is entering an explosive growth phase, transitioning from a technology exploration phase (before 2015) to a market incubation phase (2016-2022), and now to a technology breakthrough phase (2023-2024) with advancements in deep dialogue and multi-modal interaction [1] - The global toy market is projected to reach a size of $113.94 billion in 2024, with North America holding over 39.9% of the market share, driven by changing consumer preferences and increased disposable income [3] - The global AI toy market is expected to reach $18.1 billion in 2024, with AI enabling toys to interact with children in more personalized and engaging ways, enhancing learning and play experiences [5] Group 2 - The evolution of AI toy technology is driving personalized interactions, with features such as facial recognition and natural language processing becoming standard, allowing toys to meet emotional and personalized needs [7] - The global AI toy industry is showing multi-dimensional development trends, with deepening AI technology, expanding product functionalities, and increasing market competition leading to a shift towards mid-to-high-end products [10] - A variety of AI toys are emerging, such as Moxie, Fawn friends, and Curio, each offering unique interactive features and targeting different age groups, reflecting the growing complexity and educational value of AI toys [9]

新品周期开启，AI 加速催化——传媒互联网行业 2025 年 度中期投资策略 20250707 摘要 受益于政策支持，游戏行业迎来增长，一季度大盘收入增长超 10%，4 月增速超 20%，5 月维持近 10%增长。版号发放持续，保障内容供给， 北京对 AI 游戏研发最高补贴 3,000 万，政策红利期内，新品上线业绩 超预期，有望带来估值与业绩双击。 AI 应用商业化元年临近，看好 AI 交互赛道，新影博 AI 玩具结合 IP 与交 互体验，快手、美图等工具链头部公司具商业化潜力。腾讯等大厂在 AI agent 方向具流量优势和生态壁垒，一点、慧亮科技等公司已验证商业 模式。 游戏行业增长驱动力来自新游戏推出和出海市场拓展。国内市场渗透率 达瓶颈，厂商转向海外市场，腾讯《王者荣耀》等游戏海外表现突出， 中国厂商在全球 SLG 赛道占比超 50%。 "悦己经济"推动头部、中长尾厂商新产品流水超预期。《王者荣耀》、 《和平精英》运营多年仍增长，巨人《超自然行动组》、吉比特《问 剑》等表现优异，验证新品周期对业绩的积极贡献。 Q&A 2025 年中期的投资策略主要关注哪些领域？ 2025 年中期的投资策略主要关注游 ...

7月10日下午，由南方都市报主办的"2025高品质消费品牌TOP100创新生态大会"即将在上海举行。南方都市报联合广东连锁经营协会等多个 机构，历时4个多月，从品牌影响力、品牌创新力、社会责任、企业规模等五大维度入手，聚焦九大赛道挖掘出的"2025高品质消费品牌 TOP100"名单即将公布。 与此同时，结合入围品牌和南都调研成果的《2025高品质消费品牌TOP100趋势洞察报告》也将正式对外发布。报告显示，高品质消费品牌 总体呈现以下四大发展趋势：健康生活意识驱动养生与运动消费兴起、AI加持推动产品与服务升级、新奇体验点燃消费热情、情绪价值解锁 消费新场景。 赛道 近300家入围品牌分布在九大赛道 对申报企业进行初步筛选并结合专业评审团建议后，共有近300家企业入围"2025高品质消费品牌"的候选品牌。我们结合部分候选品牌的调 研和采访后发现，这些候选品牌主要集中集中在颜值经济、食品康养、运动户外与服饰、智能消电、体验经济、消费科技、兴趣消费、宠物 经济九大一级赛道，覆盖时尚珠宝、食品营养、智能家电、酒店文旅、AI服务、谷子经济、宠物用品等共计28个细分领域。 从赛道分布来看，来自颜值经济赛道的品牌数量最多， ...

Group 1 - The 2025 Yangtze River Delta International Artificial Intelligence Entrepreneurship Conference was held in Hangzhou, China, attracting over 1,000 experts, business leaders, and investors from the AI field [1][2] - Keynote speeches highlighted the importance of AI in economic development, with discussions on autonomous innovation in AI and the global trends of open-source models [1][3] - The conference emphasized the unique advantages and development potential of the Yangtze River Delta region in the AI industry, establishing a forward-looking tone for the event [1][2] Group 2 - The conference announced the "2025 Yangtze River Delta AI Startup TOP 100" and "2025 China AI Angel Investors Top 50" lists, recognizing outstanding startups and investors in the AI sector [2] - Discussions on the formation of a world-class AI entrepreneurial ecosystem were presented, comparing the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area to the Silicon Valley ecosystem [2][3] - A new center for nurturing AI companies for public listing was launched, aiming to facilitate the transition from technological breakthroughs to capital realization for AI enterprises [4] Group 3 - Various sub-forums were held during the conference, focusing on new business paradigms, innovation in AI, and entrepreneurship, contributing to the exchange and collaboration within the AI industry [5] - The event served as a significant platform for promoting innovation and development in the AI industry, both in the Yangtze River Delta and globally [5]

| 华安研究 2025年7月金股组合 | 归母净利润 | （百万 | ） | 归母净利润增速 | 营业收入 | （百万） | 营业收入增速 | eps | pe(pb有说明 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | ...

Core Insights - The AI toy market is experiencing significant growth, with companies like Haivivi and FoloToy reporting impressive sales figures, indicating a shift from skepticism to acceptance of AI toys as a legitimate market segment [1][4][5] - The industry is witnessing a surge in investment, with at least 27 financing events recorded in 2024, including several multi-million dollar rounds, highlighting the increasing interest from investors [3][4] - AI toys are characterized by their ability to provide personalized interactions through advanced technologies such as multi-modal interaction and emotional analysis, setting them apart from traditional toys [5][6] Company Highlights - Haivivi's BubblePal has sold over 250,000 units since its launch, generating sales exceeding 100 million yuan [1] - FoloToy aims to sell 300,000 units this year, significantly increasing its sales target compared to the previous year [1] - Companies like Lobo Intelligent and Bepei Technology have also secured significant funding, indicating a robust investment landscape in the AI toy sector [2][3] Market Dynamics - The AI toy market is categorized into various segments, including smart pendants, interactive dolls, and robotic toys, each offering unique features and price points [5][10] - The price range for AI toys varies widely, with simpler models priced under 500 yuan and advanced robotic toys reaching several thousand yuan [10][11] - The market is primarily driven by children's products, but there is growing potential in emotional companionship toys targeting adults and seniors [11][14] Investment Trends - The AI toy sector has seen a mix of traditional toy manufacturers and tech startups entering the market, with established companies leveraging their IP to create AI-enhanced products [6][16] - Notable investments include Haivivi's partnerships with various venture capital firms and the strategic collaborations between traditional toy companies and tech firms [4][6][16] - The trend of integrating popular IPs into AI toys is gaining traction, with companies like FoloToy and Haivivi exploring collaborations with well-known brands to enhance market appeal [15][16] Future Outlook - The development of AI toys is expected to accelerate as technology costs decrease, allowing for more innovative products that can engage users on a deeper emotional level [14][21] - The potential for creating new IPs within the AI toy space is significant, with companies exploring unique designs and narratives to attract consumers [18][21] - As the market matures, the emergence of iconic brands similar to LABUBU is anticipated, driven by the intersection of technology and creative product design [21]

AGI Playground 倒计时 1 天！ Hi，AGI Players～Founder Park 为你准备了一份详细而贴心的攻略，让你畅享 AGI Playground 2025 每一个精彩瞬间！ 最重要的事情放在最前边！ 完整日程一览，（强烈）建议保存到手机中。 | 【DAY 1】 6 月 21 日 周六 | | | | | | --- | --- | --- | --- | --- | | | | 场地A 传导空间 | | | | 09:00 - 09:40 | | 拆解 AI Native 的产品新范式 | | | | 09:40 - 09:50 | | 2025 中国最具价值 AGI 创新机构 TOP 50 发布 | | | | 09:50 - 10:20 | | 重塑出海范式,构建全球增长的智能创业新生态 | | | | 10:20 - 10:50 | | 我们所看到的具身智能的未来 | | | | 10:50 - 12:20 | | 创业者，怎么在这个 AI 时代「撒点野」 | | | | Break | | | | | | 场地A | 场地B | 场地C | 场地D | 场地E | | 7 ...

6月16日，A股市场低开高走，三大指数全线上涨，科技股普遍走强，稳定币、金融科技、光模块等板 块表现活跃。整个A股市场超3500只股票上涨，逾70只股票涨停。市场成交缩量，成交额为1.24万亿 元。 资金面上，6月16日，沪深300主力资金净流入超8亿元，上周A股市场融资余额增加超80亿元，资金情 绪出现回暖迹象。 分析人士认为，中东冲突对中国资产的实际影响有限，A股市场大概率维持震荡行情，重点把握结构性 机会。 开源证券计算机行业首席分析师陈宝健表示，巨头陆续入局，稳定币发展前景可期，持续看好稳定币市 场投资机会。 资金情绪有所回暖 Wind数据显示，6月16日，沪深两市主力资金净流出27.30亿元，较前一个交易日大幅减少，其中沪深 300主力资金净流入8.57亿元，资金情绪出现回暖。沪深两市出现主力资金净流入的股票数为2158只， 出现主力资金净流出的股票数为2976只。 行业板块方面，6月16日，申万一级行业中有11个行业出现主力资金净流入，其中传媒、计算机、通信 行业主力资金净流入金额居前，分别为27.82亿元、14.88亿元、12.00亿元，主力资金明显流入科技相关 板块。在出现主力资金净流出的20 ...

其二，硬件的长期迭代升级。AI玩具需集成语音识别、视觉处理、触觉反馈等多模态模块，这对芯片 算力、功耗等提出了严苛要求。商家在消费者购买玩具后，必须保证硬件的长期、稳定升级，否则将导 致用户"体验断层"。 其三，数据安全。AI玩具涉及儿童隐私数据收集，如何避免数据泄露和被不法分子利用的风险，是亟 待监管机构解决的难题，亟需在建立权威监管标准与审核机制方面补上短板。 近日，人工智能研发企业OpenAI与玩具芭比娃娃的制造商美泰公司宣布达成战略合作，共同开发AI玩 具与游戏。这一举措不仅标志着技术巨头与传统玩具商的跨界联姻，更意味着全球玩具产业迎来一 场"革命"——玩具行业正从"静态娱乐"向"动态交互"的范式转移。 美泰公司与OpenAI的合作，本质是"IP+技术"的双向赋能。美泰公司旗下拥有芭比娃娃、UNO纸牌等全 球知名IP，但传统玩具的同质化竞争已使其面临增长瓶颈。而OpenAI的GPT系列大模型，具备多模态交 互、情感计算等能力，能够赋予玩具"理解情绪""主动对话"等拟人化特征。从这个角度出发，AI有望重 塑玩具产业的价值链。 其中，情感消费是AI介入玩具领域的核心价值锚点，其本质是"孤独经济"与"技术赋 ...