• after August CPI rose 0.4% MoM and 3.4% YoY, while core CPI increased 0.3% MoM, reinforcing market expectations of a September Fed hike.
• SGS yields moved higher in tandem, with the 2Y up 6bps to 1.75%, while the 5Y and 10Y rose 8bps to 2.09% and 2.45%, respectively.
• Looking ahead, we revise our base case and now expect the Fed to raise rates by 25bp at the September FOMC meeting. The case for a hike rests on the risk that renewed energy pressures prolong inflation persistence. Domestically, with relatively few local catalysts, we expect SGS yields to remain broadly range-bound with a slight upward bias.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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