中青报·中青网记者 孟佩佩 9月18日，北京一家潮玩店，一名男生的背包上挂了多个玩偶。中青报·中青网记者 赵迪/摄 大学生李汇哲观看五月天北京演唱会时，背包上挂上了LABUBU玩偶和五月天官方周边"卜卜"。像他这 样的歌迷不在少数，举办地鸟巢外几乎每个年轻人的背包都成了个性展示架，挂着一个甚至一连串充满 意义的包挂。"背着它们出行，说不定就会遇到同担（共同喜爱同一偶像的粉丝群体——记者注）交换 物料（粉丝之间免费交换自制周边物品——记者注），有一种在陌生地方遇到知己的感觉。"李汇哲 说。 如今，年轻人的背包仿佛挂满了整个世界：既有官方售价几十元的明星周边，也有粉丝站设计的应援 物，更有来自电商平台独立设计师和线下实体店的创意产品，价格从几十到上百元不等。 这股包挂风潮，不仅是一种装饰，更折射出年轻人情感消费与圈层认同的强烈需求。Future Marketing 发布的《情绪消费崛起：2025年市场格局与未来走向》显示，2013年以来，"情绪消费"相关产业年均复 合增长率12%，预计2025年中国市场规模将突破2万亿元。 看似不起眼的小小包挂，是否正在悄然撬动一个意想不到的大市场？ "万物皆可挂" 正在北京读博 ...

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]

Group 1 - The core narrative of the article highlights a significant shift in investment strategies among fund managers in response to changing market dynamics in China, leading to a departure from traditional stock selection preferences [1][4][6] - Fund managers are increasingly embracing new consumption and new economy sectors, as evidenced by the portfolio adjustments of prominent fund managers like Liu Gesong and Jiao Wei, who have shifted their focus towards Hong Kong stocks and innovative industries [2][4][6] - The rise of the innovative pharmaceutical sector in China is noted as a key driver for changing investment preferences, with many fund managers reallocating their portfolios away from traditional sectors like white liquor to embrace new economy leaders [4][5] Group 2 - The article discusses the evolution of fund managers' investment styles, with a notable increase in allocations to Hong Kong stocks, reflecting a broader trend of adapting to the rapid development of the market [2][3][6] - The changing perception of the Chinese stock market's attractiveness is emphasized, with fund managers recognizing the potential of new technologies and consumer brands, which has led to a re-evaluation of investment strategies [5][6] - The article also mentions the unique value proposition of the Hong Kong market, driven by international capital's reassessment of Chinese innovation capabilities, which is expected to influence future investment flows [6]

Core Insights - TikTok is projected to generate $23 billion in revenue for 2024, marking a 42.8% year-on-year growth, and becoming the fourth largest social app globally by revenue [6] - The Chinese open-source model Kimi K2 has topped the global rankings, outperforming competitors like Google's Gemma3 and Meta's Llama4 [6] - The Chinese digital literature market is expected to exceed 5 billion yuan in overseas revenue by 2024, with a significant increase in user base, particularly in Japan [11] Group 1: Company Developments - TikTok's overseas business revenue has increased by 63%, accounting for 25% of ByteDance's total revenue, the highest proportion in history [6] - BYD plans to start production at its Hungary factory by the end of this year, targeting a peak capacity of 300,000 vehicles [7] - Xpeng Motors has officially launched its first overseas manufacturing base in Indonesia, with the first locally produced vehicle delivered [7] Group 2: Market Trends - Vietnam's exports to the U.S. could drop by up to one-third due to potential tariffs, impacting key industries such as electronics and textiles [10] - Indonesia's electric vehicle market has seen a 267% year-on-year increase in sales, with Chinese brands dominating 93% of the market [10] - The European Union is looking to enhance cooperation with China in emerging fields like artificial intelligence and digital economy, which may present new opportunities for Chinese companies [9] Group 3: Financing and Investments - Tongxin Medical has completed a strategic financing round exceeding $100 million, aimed at accelerating international expansion and product innovation [11] - Yujian Technology has raised over 1 billion HKD for the development of humanoid robots, with plans for global delivery [11] - Blue Nacelle has secured over 300 million yuan in financing to advance its nuclear medicine product pipeline [12]

Key Points - Taobao launched a Thai version in Thailand, with a 60% year-on-year increase in new users since its launch [5][6] - TikTok's revenue for 2024 is projected to reach $23 billion, a 42.8% year-on-year growth, making it the fourth largest social app globally [11][12] - Yushutech has officially started its IPO process, aiming to become the first listed company in the field of embodied intelligence in mainland China [14][15] - LABUBU's monthly sales are expected to reach nearly 10 million units, with significant growth in overseas sales anticipated [17][18] - BYD has become the global automotive partner of Inter Milan, providing around 70 electric vehicles to the club [24] - Yingshi Innovation is entering the drone market, planning to launch its own drone brand [26] - Xpeng Motors has officially launched its first overseas manufacturing base in Indonesia [28] - The overseas online literature market is expected to exceed 5 billion yuan in 2024, with a significant increase in overseas authors [31] - OpenAI is set to launch GPT-5, with plans for various versions and a significant increase in GPU usage [32][40] - Uber has launched an official WeChat mini-program to facilitate overseas travel for Chinese tourists [35] Taobao Expansion - Taobao has launched a Thai version, supporting Thai, English, and Chinese languages, with a significant increase in new users [5][6] - The platform's GMV during the recent 618 shopping festival showed robust growth, particularly in women's shoes, which saw over 200% year-on-year growth [6] TikTok Performance - TikTok's revenue is projected to reach $23 billion in 2024, with a 42.8% increase from the previous year [11] - The app's overseas business revenue grew by 63%, accounting for a quarter of ByteDance's total revenue [11][12] Yushutech IPO - Yushutech has initiated its IPO process, aiming to be the first listed company in the embodied intelligence sector in mainland China [14][15] LABUBU Sales - LABUBU's monthly sales are projected to approach 10 million units, with overseas sales expected to surpass domestic sales by 2025 [17][18] BYD Partnership - BYD has signed a three-year strategic partnership with Inter Milan, providing around 70 electric vehicles to the club [24] Drone Market Entry - Yingshi Innovation is planning to enter the drone market with its own brand and evaluate investment opportunities in the sector [26] Xpeng Motors Manufacturing - Xpeng Motors has officially launched its first overseas manufacturing base in Indonesia, marking a significant step in its global expansion [28] Online Literature Market - The overseas online literature market is projected to exceed 5 billion yuan in 2024, with a notable increase in the number of overseas authors [31] OpenAI Developments - OpenAI is preparing to launch GPT-5, with plans for various versions and a significant increase in GPU usage [32][40] Uber WeChat Mini-Program - Uber has launched an official WeChat mini-program to facilitate overseas travel for Chinese tourists, enhancing user experience [35]

Group 1: Company Developments - TikTok is projected to generate $23 billion in revenue for 2024, marking a 42.8% year-on-year increase, and becoming the fourth largest social media app globally [4] - BYD plans to start production at its Hungary factory by the end of this year, targeting a peak capacity of 300,000 vehicles [5] - XPeng Motors has officially launched its first overseas manufacturing base in Indonesia, with the first locally produced XPeng X9 delivered to customers [5] - The Saudi supermarket giant Othaim has joined Alibaba's AliExpress, offering rapid delivery services for various products [5] - Taobao has launched a Thai version, resulting in a nearly 60% year-on-year increase in new users in Thailand [6] - Pop Mart is suing 7-Eleven in the U.S. for selling counterfeit LABUBU toys [6] Group 2: Industry Trends - China's digital entertainment sector is expected to see the overseas market for online literature exceed 5 billion yuan in 2024, with a significant increase in overseas users [10] - The Chinese government is keen to enhance economic cooperation with the EU, focusing on emerging fields like artificial intelligence and digital economy [7] - The automotive market in Indonesia has seen a 267% year-on-year increase in electric vehicle sales, with Chinese brands accounting for 93% of total sales [8] - A report indicates that Vietnam's exports to the U.S. could drop by up to one-third due to potential tariffs [8] - Indonesia is finalizing its first national AI strategy to attract foreign investment, aiming to compete in the global AI and chip manufacturing sectors [8]