今年1月，商务部等9部门发布《关于实施绿色消费推进行动的通知》，明确提出支持二手商品交易市场、交易平台及经营企业等主体探索发展"互联网 +二手商品"，及二手商品租赁、售后回购等新型业态。鼓励设立二手小店、商品寄卖店，发挥闲置物品、二手奢侈品利用价值。这一政策不仅为二手经 济勾勒出清晰的发展路径，更将二手交易推向了"价值消费"的聚光灯下。 一块18万元的百达翡丽腕表，一只1950年的爱马仕手提包和一个515元的二手智能手表——这些价值悬殊的商品，在2025年通过同一个平台完成了流转。 一个以"价值"为核心的二手交易时代正在悄然酝酿。 图片来源：中国政府网 作为循环经济产业里的领军者，转转在《2025二手消费年度洞察》（下称"报告"）中揭示了当下二手交易的真谛：这不再单纯是资源的再次配置，而是一 场关于消费文化的深层变革。它呼应着绿色消费、可持续发展理念，也重塑着人与物之间的关系——在流通中延续价值，在循环里看见新生。 01. 兴趣消费浪潮下，二手交易如何赢得年轻一代信任？ 年轻一代正成为二手消费市场的主力军。转转报告显示，2025年平台05后用户的增速超过30%，05后人均交易客单价同比增长20%。从用户画像看 ...

Core Insights - The article discusses the rapid technological advancements and the resulting societal shifts, emphasizing the generational differences in perceptions and experiences of these changes [3][4][5]. Group 1: Technological Advancements - The pace of technological progress, particularly in AI, quantum computing, and robotics, is described as unprecedented, leading to a sense of urgency and excitement in the tech community [7][8]. - There is a belief that while technology creates new job opportunities, it also generates anxiety about job displacement, particularly among white-collar workers [9][10]. - The article highlights the need for individuals to adapt to changing skill requirements as AI reshapes job roles and workflows [10][11]. Group 2: Societal Concerns and Consumer Behavior - The concept of "谷子经济" (Guzi Economy) is introduced, reflecting a trend where consumer behavior is influenced by emotional connections to products and characters, rather than just technological advancements [19][20]. - The phenomenon of "Labubu" is discussed as a case study of consumer excitement driven by social media, illustrating how ordinary people engage with new trends [15][16]. - The article notes that despite the rapid advancement of AI, many consumers still seek tangible, physical products that provide emotional comfort and connection [20][21]. Group 3: Generational Perspectives - Younger generations, referred to as "digital natives," exhibit a natural acceptance of AI and are more focused on how to utilize it effectively in their lives [35][36]. - There is a notable concern among youth regarding global issues such as climate change, indicating a heightened awareness and engagement with societal challenges [42][44]. - The article suggests that maintaining curiosity and a desire to explore the world will be crucial for the younger generation as they navigate an uncertain future [49][50]. Group 4: Governance and Power Dynamics - The article discusses the shifting power dynamics between traditional nation-states and large tech companies, which are increasingly exercising authority typically reserved for governments [24][25]. - It highlights the need for new governance mechanisms to address the challenges posed by technological advancements and the emergence of a "cloud empire" [26][27]. - The implications of AI on political processes and public discourse are examined, emphasizing the potential for technology to influence societal norms and values [26][27].

Core Viewpoint - The article highlights the increasing trend of young South Koreans traveling to China for short trips, particularly due to the visa-free entry policy implemented by China for South Korean citizens starting at the end of 2024, which has significantly boosted bilateral exchanges and tourism between the two countries [3][5]. Group 1: Travel Trends - The phrase "Friday after work to China" has become popular among young South Koreans, allowing them to enjoy a quick getaway without disrupting their work schedules [3][5]. - In the first eleven months of 2025, over 7.28 million people traveled between China and South Korea, marking a 24.7% year-on-year increase, indicating a strong recovery in mutual visits [3][5]. - Major South Korean airline Korean Air reported a significant increase in passengers on routes to China, with Shanghai seeing an increase of 128,000 passengers, Beijing 71,000, and Qingdao 63,000 compared to 2024 [5][6]. Group 2: Cultural and Commercial Appeal - The emergence of new cultural IPs in China has attracted many young South Koreans, with places like the 百联ZX创趣场 in Shanghai being referred to as a "real-life gacha pool" by Korean visitors [6]. - The Labubu blind box trend has gained popularity among Korean youth, with easy access to these products in various locations across China [6]. - The number of direct flights from South Korea to various Chinese cities is increasing, with new routes established to destinations like Guilin and Xi'an to meet the growing demand for travel [6]. Group 3: Innovation and Collaboration - The South Korean government is actively promoting innovation and collaboration between South Korean and Chinese companies, as evidenced by the attendance of nearly 300 representatives at the China-South Korea Innovation and Entrepreneurship Forum [8][9]. - The 创E谷 innovation industrial park in Shanghai has become a key entry point for South Korean startups looking to enter the Chinese market, facilitating cross-border roadshows and investment opportunities [8][9]. - The South Korean government is shifting its focus towards supporting startups and small to medium enterprises in the AI and high-tech sectors, aiming to enhance cooperation with China in these fields [10].

Group 1: Travel Trends - The trend of "Friday to China, Sunday back home" is gaining popularity among South Korean youth, driven by the upcoming visa-free entry policy for South Korean citizens to China by the end of 2024 [1][2] - In the first 11 months of 2025, bilateral travel exceeded 7.28 million trips, marking a 24.7% year-on-year increase, indicating a strong recovery in mutual visits [1] - Major South Korean airline Korean Air reported significant growth in passenger numbers on routes to China, with Shanghai seeing an increase of 128,000 passengers, and Beijing and Qingdao also experiencing notable growth [2] Group 2: Cultural and Economic Engagement - The rise of Chinese IP and cultural attractions is appealing to South Korean youth, with locations like the Bailing ZX Creative Space in Shanghai becoming popular among Korean visitors [3] - The Korean government is facilitating easier access to China by increasing direct flights to various Chinese cities, enhancing travel options for South Korean tourists [3] - The Korean Startup Forum (KOSFO) is actively promoting collaboration between South Korean startups and Chinese markets, emphasizing the importance of understanding consumer trends and technological advancements [5] Group 3: Innovation and Collaboration - The recent Korea-China Innovation and Entrepreneurship Forum in Shanghai attracted around 300 representatives from both countries, focusing on collaboration in sectors like smart manufacturing and AI [4] - The Shanghai Innovation Industry Park has become a key entry point for South Korean startups looking to enter the Chinese market, hosting multiple cross-border events since 2024 [4] - South Korea is increasingly looking to learn from China's advancements in AI and robotics, with trade associations organizing visits to understand developments in these fields [5][6]

Group 1 - Samsung Electronics Chairman Lee Jae-Yong was spotted purchasing 100 Labubu products at a JD Mall in Beijing, including various blind boxes and figures [2] - The purchase included 10 large figures and 20 blind boxes from different series, indicating a strong interest in collectible toys [2] - Lee's visit coincided with his attendance at a China-Korea business forum, highlighting the importance of cross-border business relations [2] Group 2 - WeChat's security center denied rumors regarding new account suspension rules, clarifying that no such regulations have been issued [4][5] - The platform emphasized that normal social behaviors would not be restricted, countering misinformation circulating online [4][5] Group 3 - Bawang Tea announced the indefinite suspension of a store in Fujian after an employee was filmed improperly handling materials, leading to a thorough internal investigation [8][10] - The company took immediate action by terminating the involved employee and demoting management staff due to oversight failures [10][9] - Bawang Tea reiterated its commitment to food safety and the integrity of its operations, emphasizing the importance of adhering to safety protocols [10][9] Group 4 - Douyin is planning to establish a second headquarters in Shenzhen, focusing on the development of core products and new business initiatives [11] - The project is part of a larger investment initiative in Shenzhen, with a total investment of approximately 157.34 billion yuan across 222 new projects [11] Group 5 - MiniMax's IPO in Hong Kong saw an oversubscription of 1209 times, raising significant interest in the AI sector [11] - The company aims to raise between 3.834 billion to 4.189 billion HKD through its public offering, marking a notable achievement in the AI market [11] Group 6 - Alibaba's AI model for early pancreatic cancer screening has successfully analyzed over 180,000 CT scans, identifying 24 cases of pancreatic cancer, including 14 early-stage cases [11] - The model, developed by Alibaba's DAMO Academy, is part of ongoing collaborations with multiple medical institutions [11] Group 7 - Tesla announced a new financing plan for its Model 3 and Model Y vehicles, offering a 5-year interest-free option for customers who order before January 31 [11] - This initiative aims to make electric vehicles more accessible to consumers, potentially boosting sales in a competitive market [11] Group 8 - Disney's "Zootopia 2" has become the highest-grossing Hollywood film in China, with a box office revenue of approximately 4.25 billion yuan (around 610 million USD) [21] - This achievement highlights the growing influence of animated films in the Chinese market and Disney's successful strategy in the region [21]

Core Viewpoint - The secondary market prices for Labubu blind boxes from Pop Mart have experienced a significant decline, with some prices dropping over 80% within six months, indicating a fundamental shift in supply and demand dynamics [1][4][9] Price Decline of Labubu Blind Boxes - The average transaction price for the Labubu "Heart Password" series has fallen from approximately 1800 yuan at launch to about 1022 yuan, a decline of over 40% [1][14] - The price of the "Self" hidden version from the "Front High Energy" series peaked at nearly 3000 yuan in June 2025 but has since plummeted to around 530 yuan, representing a drop of over 80% [4][17] - The number of Labubu listings on platforms like Xianyu and Chidao has increased, with many popular items seeing continuous price reductions [6][19] Supply and Demand Dynamics - Pop Mart has significantly increased its production capacity, with monthly output now exceeding ten times that of the same period last year, reaching around 30 million units [8][21] - The company has implemented a large-scale replenishment strategy following the global pre-sale of the Labubu 3.0 series, which has led to a substantial increase in market supply [21][22] Market Sentiment and Speculation - The retreat of speculative sentiment has contributed to the decline in secondary market prices, with reports of second-hand dealers halting purchases of Labubu products [9][22] - Industry experts suggest that Pop Mart may face challenges related to IP aging, as market fatigue and increased competition have led to a decrease in the popularity of Labubu [22] Financial Performance and Growth Prospects - Despite the market downturn, Pop Mart's overall revenue for Q3 2025 has increased by 245% to 250%, with significant growth in both domestic (185% to 190%) and overseas (365% to 370%) markets [10][23] - The company is actively expanding its overseas supply chain, with new partnerships in Indonesia, Cambodia, and Mexico, which may support revenue diversification and cost optimization [11][24] - Analysts predict that Pop Mart is transitioning from explosive growth to a phase of sustainable growth, with future revenue drivers expected to shift from single blockbuster products to a more diversified portfolio [12][25]

Core Viewpoint - The second-hand prices of Labubu blind boxes from Pop Mart have experienced a significant decline, with some prices dropping over 80% in the past six months, indicating a fundamental shift in supply and demand dynamics [2][4][10]. Group 1: Price Decline and Market Dynamics - The prices of previously rare Labubu hidden variants have plummeted, with the "Ben Wo" hidden variant dropping from nearly 3000 yuan in June 2025 to around 530 yuan, a decline of over 80% [7][10]. - The average transaction price for a box of Labubu plush keychains has decreased from approximately 1800 yuan to about 1022 yuan, reflecting a drop of over 40% [4]. - The increase in supply from Pop Mart, which has expanded its production capacity to ten times that of the previous year, has contributed to the cooling of market demand and the subsequent price drop [13]. Group 2: Supply Chain and International Expansion - Pop Mart has deepened its overseas supply chain, with partners in Indonesia, Cambodia, and Mexico beginning shipments, establishing six global production bases [2][17]. - The company aims to diversify its revenue and optimize costs through international expansion, which could lead to a valuation recovery [18][19]. Group 3: Industry Trends and Future Outlook - The toy industry is facing challenges such as IP aging and market saturation, which could impact revenue if new competitive IPs are not introduced [14]. - Despite recent stock price adjustments, Pop Mart's revenue remains strong, with a reported 245% year-on-year growth in Q3 2025, driven by both domestic and international sales [16]. - Analysts suggest that Pop Mart is transitioning from explosive growth to sustainable growth, with a focus on cultural and brand development in international markets [18][19].

Core Viewpoint - The article discusses the significant decline in the resale prices of Labubu blind boxes from Pop Mart, indicating a fundamental shift in supply and demand dynamics, with a return to emotional consumption rather than investment speculation [1][2][14]. Group 1: Price Decline and Market Dynamics - Labubu hidden figures have seen resale prices drop by over 80% within six months, with some boxes selling below their original price [2][8]. - The average transaction price for the Labubu "Heart Code" series has fallen from approximately 1800 yuan to about 1022 yuan, a decline of over 40% [5]. - The price of the "Ben Wo" hidden figure dropped from nearly 3000 yuan in June 2025 to around 530 yuan, representing a decline of over 80% [8][11]. Group 2: Supply Chain and Production Capacity - Pop Mart has significantly increased its production capacity, with current monthly output for plush toys being over ten times that of the same period last year, reaching around 30 million units [14]. - The company has established six global production bases, enhancing its supply chain in Southeast Asia and Mexico [18]. Group 3: Market Sentiment and Future Outlook - The retreat of speculative buying has contributed to the price drop, with many second-hand dealers halting purchases of Labubu products [14][19]. - Experts suggest that if Pop Mart can continue to diversify its revenue and optimize costs, it may enter a valuation recovery phase [3][19]. - The company is exploring new growth avenues, including the metaverse and theme park upgrades, which could provide new profit growth points [18][20]. Group 4: Financial Performance - Despite the market downturn, Pop Mart reported a 245% to 250% year-on-year revenue growth in Q3 2025, with overseas revenue increasing by 365% to 370% [17]. - The company is expected to transition from explosive growth to sustainable growth, with a focus on diversifying its income sources beyond the Labubu brand [19].

Core Insights - The price fluctuation of Labubu blind boxes reflects the normal adjustment of the Chinese trendy toy industry, with initial speculative price surges followed by a return to more stable values [2] - Labubu, a popular IP from Pop Mart, significantly contributed to the company's revenue, accounting for over one-third of total income in 2024, leading to a revenue increase of over 100% year-on-year [2] - The overall landscape of the Chinese trendy toy industry shows an uneven distribution of original capabilities, with most companies still struggling to establish stable profitability [3] Company Performance - Pop Mart's revenue reached 13.04 billion yuan in 2024, driven by Labubu, with a projected revenue growth of 204.4% and net profit growth of 396.5% in the first half of 2025 [2] - Other companies like Chengshi Culture and 52TOYS are exploring innovative approaches but face challenges such as losses and limited IP influence [3] Market Dynamics - The Chinese trendy toy market is expected to reach 110 billion yuan by 2026, with an annual growth rate of around 20%, indicating a need for more diverse and enduring IPs beyond a few star products [3] - Compared to global leaders, Chinese trendy toy companies, including Pop Mart, lag significantly in scale and ecosystem, with Pop Mart's annual revenue being about one-fourth of Bandai Namco's and less than one-fifth of LEGO's [4] IP Development - The longevity and success of IPs like Gundam and Dragon Ball, which have decades of market presence, contrast with the relatively short history of domestic IPs like Molly from Pop Mart, raising questions about their sustainability [4] - The industry must shift focus from mere production to creative innovation, emphasizing long-term brand building and stronger intellectual property protections [5] Industry Outlook - The rise and fall of Labubu's prices signify a market returning to rationality, highlighting the importance of cultural value and emotional connection in trendy toys rather than short-term speculation [5] - The true maturation of the Chinese trendy toy industry will depend on the cultivation of diverse, enduring IPs and the emergence of competitive companies on the global stage, requiring dedication and time [5]

Group 1 - Starbucks is closing approximately 400 underperforming urban stores in the U.S. and shifting investments towards renovating stores and drive-through locations in suburban areas to adapt to changes in customer traffic and cost pressures [2] - Gree Electric is monitoring the price trends of key raw materials and has implemented digital management for inventory and demand, along with flexible reserve strategies and regular futures hedging to mitigate adverse impacts from price volatility [3] - Multiple jewelry brands have significantly reduced their gold jewelry prices, with Chow Sang Sang pricing at 1353 yuan per gram, indicating a market adjustment [4] Group 2 - Barclays Bank reports that UK consumers have reduced card spending for the first time in five years, with a 0.2% year-on-year decline compared to a 1.6% increase last year [5] - Zhipu plans to globally issue 37,419,500 H-shares at a price of 116.20 HKD per share, with trading expected to commence on January 8, 2026 [6] - Pop Mart has begun selling products at half price, with second-hand platforms showing significant price drops for Labubu items, indicating a cooling market for trendy toys [7][8] Group 3 - Huawei's rotating chairman Meng Wanzhou emphasizes the start of a new journey in the intelligent era, highlighting the importance of innovation and self-criticism in navigating future uncertainties [9] - Spring Airlines and Juneyao Airlines announced plans to purchase a total of 55 Airbus A320 aircraft, with a transaction value exceeding 82 billion USD (approximately 574.48 billion yuan) [10] - EVE Energy's Hong Kong IPO application has expired after six months, with CITIC Securities as the sole sponsor [11] Group 4 - The Financial Accounting Standards Board (FASB) will explore cryptocurrency-related issues in 2026, including whether certain cryptocurrencies can be classified as cash equivalents [12] - Samsung Electronics is reportedly supplying automotive chips for BMW's electric vehicles, marking a significant expansion in its automotive component offerings [13] - Concerns arose regarding the production of a sofa sold during a live stream by a prominent host, with Gujia Home clarifying that the products are manufactured in its own factories [14]