中新社北京11月23日电 (记者 尹倩芸)从泰国曼谷到巴西圣保罗，街头驶过的电动汽车不乏中国品 牌身影；泡泡玛特海外门店前，年轻人为抢购一只LABUBU玩偶排起长队；割草、扫地……功能各异 的中国家用机器人在跨境电商平台上热销。 这些发生在世界不同角落的日常，正重塑着"中国制造"的全球印象。驱动这一变化的主要力量，正 是日益活跃的中国民营企业。 不同于过往简单的"产品出口"，当下民企"出海"已日渐深入。从潮玩到新中式茶饮，从智能家居到 新能源汽车，越来越多具有创新力的中国品牌，正逐渐成为海外消费者"衣食住行"的一部分。 这一变化很大程度上源于民企创新活力的持续增强。全国工商联发布的调研分析报告显示，2025年 中国民营企业500强中实际填报企业的研发费用总额1.13万亿元人民币，平均研发经费投入强度2.77%。 数字技术的普及则为企业"出海"铺设了更便捷的通道。以希音(SHEIN)、阿里国际站为代表的跨境 电商平台，将"千人千面"的个性化需求与中国供应链高效对接，也让"中国制造"更直接、快速地触达全 球消费者。 中国商务部数据显示，全国跨境电商主体已超12万家，海外仓数量突破2500个。在专家看来，中国 已构 ...

中新社北京11月23日电 (记者 尹倩芸)从泰国曼谷到巴西圣保罗，街头驶过的电动汽车不乏中国品牌身 影；泡泡玛特海外门店前，年轻人为抢购一只LABUBU玩偶排起长队；割草、扫地……功能各异的中 国家用机器人在跨境电商平台上热销。 这些发生在世界不同角落的日常，正重塑着"中国制造"的全球印象。驱动这一变化的主要力量，正是日 益活跃的中国民营企业。 他们的产品未必比同类海外商品便宜，却能够吸引用户为创新技术、独特设计或是文化体验买单。观察 认为，民企"出海"正向产业链、价值链高端攀升，推动"中国制造"向"中国创造"全面升级。 如今，中国企业的本土化实践不仅局限于产品适配，还通过建立海外研发中心、生产基地和供应链体 系，雇佣和培养本地员工等多种方式，实现与当地社会的深度连接。 这一变化很大程度上源于民企创新活力的持续增强。全国工商联发布的调研分析报告显示，2025年中国 民营企业500强中实际填报企业的研发费用总额1.13万亿元人民币，平均研发经费投入强度2.77%。 这种连接不断释放出溢出效应：企业能够更精准响应各国市场差异化需求，同时带动当地就业与产业升 级，创造更大的经济与社会效益。在此过程中，海外市场对中国 ...

Core Insights - The emotional economy in China is projected to reach 2.3 trillion yuan in 2024 and exceed 4.5 trillion yuan by 2029, indicating a significant growth in consumer spending focused on emotional value rather than practicality [1] - Over 40.1% of young consumers prioritize "emotional value and interest" when shopping, surpassing practicality (22.3%) and cost-effectiveness (18.7%) [1] Group 1: Market Trends - The popularity of "small shops" selling non-essential items, such as toys and collectibles, is increasing in urban shopping complexes, with these stores attracting foot traffic comparable to popular dining establishments [3][6] - The trend of emotional consumption is evident, as consumers often purchase items for their emotional benefits rather than their utility, with many shoppers admitting to buying collectibles to relieve stress [2][6] Group 2: Consumer Behavior - Young consumers are increasingly engaging in shopping as a social activity, often visiting stores with friends to unwind and relieve stress, highlighting the importance of the shopping experience itself [2][6] - The demographic for collectible toys is expanding beyond just younger generations, with older consumers also participating in this market, driven by celebrity endorsements and a broader appeal [6] Group 3: Retail Strategy - Retailers are leveraging the emotional value of products to enhance customer experience and extend the time spent in shopping complexes, creating a consumption loop that benefits both small shops and essential retailers [8] - The integration of "small shops" into larger retail environments is seen as a strategy to diversify offerings and attract a wider audience, ultimately benefiting overall sales and foot traffic [8]

Core Viewpoint - The rise of the LABUBU trend has led to a booming market for customized doll clothing, significantly impacting the lives of rural women in Henan Zhoukou, who are finding new income opportunities through this emerging industry [5][6][10]. Group 1: Market Dynamics - The doll clothing market has become a popular emotional consumption item, with prices ranging from tens to hundreds of yuan depending on customization [5]. - The demand for LABUBU doll clothing surged, with factories needing to ship up to 50,000 pieces daily to Yiwu, prompting the expansion of production capabilities [10][11]. - The market is experiencing a shift as the popularity of LABUBU wanes, with order volumes dropping from peaks of 40,000 to just a few thousand pieces [25][26]. Group 2: Impact on Rural Women - Many women, previously employed in garment factories, returned home to care for children and are now engaged in making doll clothing, which offers flexible working hours and transparent wages [6][10][27]. - The work environment is described as supportive, with women able to manage both household responsibilities and production, leading to a sense of satisfaction and financial independence [27][29]. - The average earnings for women involved in this industry can reach up to 1,000 yuan per month, with some women managing to produce hundreds of pieces daily [27][30]. Group 3: Production Process - The production process involves women working from home or local workshops, where they receive materials and training to create doll clothing based on designs sent from Yiwu [11][18]. - The production of doll clothing requires skill, particularly in handling small items like hats and straps, which necessitate precision [18]. - The factory owner, Zheng Yuchi, has implemented a system where wages are paid transparently and on time, attracting more women to join the workforce [15][26]. Group 4: Consumer Behavior - Consumers, including both local and international buyers, are increasingly interested in unique and branded doll clothing, leading to a competitive market where styles and designs are rapidly evolving [22][24]. - The trend has also seen the emergence of DIY customization, where consumers personalize their doll clothing, reflecting a growing desire for individuality in purchases [24]. - The market is becoming saturated, with consumers becoming more discerning about the value of products, leading to a slowdown in new product launches [25].

Core Insights - The trend of attaching various charms and accessories to backpacks among young people reflects a strong demand for emotional consumption and community identity [2][4][5] - The emotional consumption industry has seen an average annual growth rate of 12% since 2013, with the market size in China expected to exceed 2 trillion yuan by 2025 [2] - The rise of customizable and creative bag charms is becoming a significant market opportunity, driven by the desire for personal expression and unique style among consumers [7][8] Emotional Consumption - The concept of "emotional consumption" is gaining traction, with young consumers increasingly seeking products that resonate with their personal experiences and identities [2][6] - The popularity of bag charms is indicative of a shift from high-priced collectibles to affordable, practical accessories that can be easily showcased [7][8] Market Trends - The bag charm market is experiencing rapid growth, with a 140% year-on-year increase in search volume and a 127% rise in order volume for "charms" on e-commerce platforms [6] - Many businesses are adapting to this trend by introducing original and creative bag charms, with prices typically around 20 yuan, making them accessible to young consumers [6][7] Cross-Industry Collaborations - Bag charms are becoming popular in cross-industry collaborations, with various brands, including tea and coffee companies, offering limited edition charms as promotional items [8][9] - Cultural institutions and publishers are also leveraging this trend by creating themed bag charms that resonate with local culture and literature, enhancing consumer engagement [8][9] Consumer Behavior - Young consumers are increasingly using bag charms to express their individuality and document their travels, indicating a shift in how personal accessories are perceived [4][5] - The appeal of bag charms often hinges on their visual attractiveness and the stories behind the associated intellectual properties, making them a significant part of contemporary consumer culture [9]

Market Overview - The ChiNext index experienced a significant increase, while the Shanghai Composite Index showed a slight decline, closing down 0.26%. The ChiNext index rose by 1.52% [2] - A total of 1916 stocks rose, with 81 hitting the daily limit, while 3375 stocks fell [3][4] Individual Stock Performance - Gaming stocks performed strongly, with Xinghui Entertainment and Perfect World both hitting the daily limit, increasing by 20% and 10.01% respectively [5][6] - Pork stocks saw a collective rise, with Delisi and Aonong Biological both reaching the daily limit, increasing by 10.10% and 10.02% respectively [7][8] - The automotive industry chain also experienced a surge, with Zhejiang Shibao and Luchang Technology both hitting the daily limit, increasing by 10.02% and 9.98% respectively [9][10] Notable Company Updates - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price surge by 9% after JPMorgan upgraded its rating to "Overweight," citing strong earnings prospects and an upward revision of profit forecasts for 2025-2026 by approximately 10% [11] - Pop Mart experienced a rare drop, with its stock plummeting nearly 9%, marking the largest single-day decline since April. This was attributed to a downgrade by JPMorgan due to weak catalysts and unattractive valuations [12][13]

Market Overview - The ChiNext index experienced a significant increase of 1.52%, while the Shanghai Composite Index fell by 0.26% on September 15 [1] - A total of 1916 stocks rose, with 81 hitting the daily limit, while 3375 stocks declined [2][3] - The total trading volume reached 23031.80 billion CNY, with a total of 5430 stocks traded [3] Individual Stock Performance - Notable performers included gaming stocks such as Xinghui Entertainment and Perfect World, both of which hit the daily limit [3][4] - The pork sector saw a collective rise, with Delisi and Aonong Biological also hitting the daily limit [5] - The automotive supply chain sector surged, with Zhejiang Shibao and Luchang Technology reaching the daily limit [6] Ningde Times - Ningde Times' stock surged by 9% following an upgrade from Morgan Stanley, citing strong earnings prospects and an increase in profit forecasts for 2025-2026 by approximately 10% [7][8] Pop Mart - Pop Mart experienced a rare drop of nearly 9%, marking its largest single-day decline since April, attributed to a cooling enthusiasm for LABUBU toys [10][11] - Morgan Stanley downgraded Pop Mart's rating from "Overweight" to "Neutral," citing weak catalysts and unattractive valuations [12] - The target price for Pop Mart was reduced by 25% to 300 HKD, reflecting concerns over declining market interest and potential negative media coverage [12]

Core Insights - The article highlights the success of LABUBU, a character from the Chinese cultural brand Pop Mart, which has gained immense popularity at the 2025 China International Service Trade Fair, showcasing a unique cultural phenomenon among young consumers [5][9][12] Group 1: Emotional Consumption - LABUBU's design, characterized as "ugly-cute," resonates with young consumers' aesthetic preferences, serving as a means for emotional expression and social identity [8][9] - A report indicates that nearly 60% of young people are willing to pay for emotional value, reflecting a 16.2% increase from 2024, with an average monthly expenditure of 949 yuan on emotional consumption [9] Group 2: Storytelling in IP - LABUBU is not just a toy; it is part of a broader narrative universe with distinct character backgrounds, enhancing its market appeal [10][11] - Successful cultural products often incorporate rich storytelling elements, which foster emotional connections and increase consumer purchase intent [12][13] Group 3: Differentiation Strategy - The global cultural trade has expanded significantly, with the value increasing from $150 billion in 2000 to over $1 trillion by 2024, representing 9% of total global service trade [14] - Chinese cultural products, including LABUBU, are increasingly entering international markets, employing differentiation strategies tailored to local consumer preferences [14][15]

Group 1 - The core viewpoint of the articles highlights the rapid growth of China's toy export industry, particularly with the popularity of the LABUBU dolls, which has led to a surge in exports and raised concerns about intellectual property protection [1] - In the first four months of this year, China's exports of dolls and animal toys reached 13.31 billion yuan, marking a 9.6% increase [1] - The rise in popularity has also led to a significant number of intellectual property infringement cases, with over 20 cases related to Bubble Mart being reported in June alone [1] Group 2 - To address these challenges, cultural and creative enterprises are encouraged to shift from passive rights protection to proactive defense, establishing a systematic approach to intellectual property protection [2] - Bubble Mart has implemented a strategy of preemptive trademark registration for "LABUBU" and similar trademarks to prevent counterfeiting, ensuring a robust global trademark defense [2] - The article suggests that regulatory bodies should enhance smart regulation and judicial penalties to create a comprehensive deterrent against infringement [2] Group 3 - The articles propose deepening international rule adaptation and regional cooperation to cultivate a new ecosystem for cross-border rights protection [3] - It emphasizes the need to accelerate alignment with international conventions and establish cross-border intellectual property service centers to lower protection costs and shorten the rights confirmation cycle [3] - The promotion of international exhibitions and standard outputs is suggested to enhance China's copyright protection influence and support the globalization of unique IP values [3]

Group 1 - The event "Intellectual Property Customs Protection for National Trends Going Global" was co-hosted by Pop Mart and Beijing Customs, highlighting the importance of IP protection for brands [1] - In the first half of this year, Beijing Customs seized 53 batches of suspected infringing goods, totaling 175,000 items, with 13 batches and over 30,000 items specifically related to Pop Mart [1] - Pop Mart's Vice President Chen Xiaoyun emphasized the importance of purchasing through official channels to avoid counterfeit products and expressed gratitude to customs authorities for their support in protecting brand rights [1][2] Group 2 - A significant seizure occurred on May 22, where Beijing Customs confiscated 7,850 infringing LABUBU dolls and 955 items bearing the Pop Mart brand, marking the largest single seizure of LABUBU products this year [1] - Subsequent seizures included 324 infringing LABUBU dolls, 18,200 LABUBU stickers, 53 LABUBU phone cases, and 843 packaging boxes [1]