近日，中央党校主办刊发文章，将一种在年轻群体中悄然兴起的"犒赏经济"定义为拉动内需、扩大 消费的新引擎。 核心驱动力是为情绪价值买单。据权威预测，作为"犒赏经济"典型代表的潮玩产业，到2026年市场 规模将达到1101亿元。 01 经济新概念 "犒赏经济"并非传统经济学概念的简单再现。 它是指消费者为应对压力或满足特定心理需求，购买能力范围内的非必需品或体验服务，以获取即 时愉悦感、自我确认感和心理疗愈的经济活动。 这与"口红效应"有本质区别。后者是经济波动时人们被迫转向廉价非必需品，而"犒赏经济"表现出 更强的主动性和情感导向，消费不仅为满足功能，更是为了自我关爱和心理建设。 潮玩产业是"犒赏经济"最生动的注脚。市场正经历爆发式增长。中国潮玩产业已超越"盲盒"的单一 形态，发展成千亿级的"情绪生意"。 产业内部充满活力与想象空间。2025年4月的数据显示，全国现存的潮玩相关企业超过5万家，头部 品牌泡泡玛特2024年营收首次突破百亿元。 一个值得关注的现象是，头部品牌的市场份额之和尚不足一半，超过50%的市场仍是广阔蓝海。 03 消费新面貌 现代年轻人的消费画像正被"犒赏经济"深刻重塑。 消费者的行为特征是 ...

"优秀的IP拥有跨越文化的力量。"泡泡玛特国际集团副总裁陈晓芸表示，IP是泡泡玛特发展的核心驱动 力，更是连接全球消费者的情感纽带。 "未来泡泡玛特将继续以IP为核心，通过本地化创作与数字化布局，让潮玩成为全球用户共享的文化符 号。"她表示。 （文章来源：21世纪经济报道） 通过IP的沉浸式叙事，泡泡玛特以"文化适配+场景共创"的逻辑，实现潮流文化在不同市场年轻消费群 体的渗透。同时，针对当地的消费习惯，进行本地化调整。截至2025年6月底，泡泡玛特拥有超过550家 直营门店，2500台机器人商店，13个IP的收入过亿。全球营收138.8亿元，同比增长204.4%，其中，美 洲营收22.6亿元，同比增长1142.3%。 陈晓芸介绍，泡泡玛特已构建"线下场景+线上生态"的全球触达网络，以数字化支撑全球化运营，为消 费者提供产品、服务和体验。线上官方渠道覆盖37个国家，其中34个国家同步上线了自研APP；线下渠 道，持续进驻全球知名地标，实现本地化联动营销。 12月18日， 2025年中国数字文娱大会在广州开幕。主旨发言环节，陈晓芸以"潮流IP的全球化运营"为 题进行演讲，讲述了泡泡玛特在全球发掘有潜力的艺术家， ...

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

在"体验经济"层面，城市乐园也尝试开拓创新业务。王涛举例，为分享设计的"星星人冰淇淋"、兼具美 感与仪式感的"MOLLY奶油蛋糕"等主题甜品，不仅成为游客打卡分享的热点，也旨在"让每一份甜蜜， 都成为旅程中值得回味的亮点"。 面对未来，王涛表示，泡泡玛特城市乐园仍是"未完成"的状态。即将亮相的1.5期升级，是持续迭代的 重要一步。"我们将继续打造更多演艺互动和主题活动，希望城市乐园场景常新，体验常变，在为消费 者带来全新体验的同时，也能契合旅游消费的'复游'需求，以潮流IP助力文旅融合创新，为'京彩'生活 贡献独特的潮流文化力量。" 运营数据显示，这一创新业态已展现出跨地域、跨年龄的吸引力。据王涛介绍，城市乐园的非家庭用户 占比接近60%，外埠游客占比同样达到约60%，其中不乏全球游客。据了解，2025年，该乐园位列北京 入境游热门景区第六名，较去年提升三个位次。王涛认为，这组数据背后，正体现了"以文兴旅、以旅 促商"的联动效应——独特的IP文化吸引了广泛客群，使城市乐园成为北京文旅消费的新亮点。 以线下乐园的体验深化消费者与IP的情感连接，是乐园运营的核心逻辑。"我们希望让城市乐园成为潮 流消费的新场景。" ...

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 0.44% to 25,357.69 points, the Hang Seng Tech Index dropping by 1.26%, and the State-Owned Enterprises Index decreasing by 0.6% [1][8]. Sector Performance Technology Sector - Technology stocks saw widespread declines, with Xiaomi dropping over 3%, Lenovo down more than 2%, and both Baidu and Alibaba falling over 1% [1][9]. Aviation Sector - Aviation stocks continued their upward trend, highlighted by Beijing Capital International Airport's shares rising over 7%. The new round of duty-free tenders at major airports, including Shanghai Pudong and Hongqiao, as well as Beijing Capital, will introduce foreign participants [2][11]. Lithium Battery Sector - Lithium battery stocks faced significant declines, with CATL (Contemporary Amperex Technology Co., Limited) falling over 3%. Morgan Stanley has raised its global lithium demand forecast for 2030 to 3.5 million tons, indicating a potential supply-demand gap of 4-7% in the medium term, which could push lithium carbonate prices to $18,000 by the end of next year, a 33% increase from current spot prices [3][12]. New Consumption Sector - New consumption concept stocks weakened, with Pop Mart dropping over 2%. The Ministry of Commerce and other departments issued a notice to strengthen the collaboration between commerce and finance to boost consumption, emphasizing the cultivation of new consumption models [5][13].

观察OBSERVATION 品牌开店 如何强势占领消费者心智，商场大店或许是一个不错的解法！ 中购联铱星云商新媒体中心 作者丨 李敏 商业的本质是通过创造价值满足社会需求，同时通过合理的交易和运营赚取利润。这一理念放在商场中品牌门店的拓展上同样适用，在理性消费主导的市 场情绪下，品牌商、经销商对门店的扩张普遍谨慎，而"XX陷闭店潮"、"XX区域收缩"、"XX退出市场"等新闻也不时刷屏网络。 尽管如此，中购联铱星云商最近在对市场尤其购物中心的观察和探访中发现，依然有不少品牌在商场"逆势开大店"。如泡泡玛特于11月29日和12月2日在 上海世茂广场和深圳深业上城连开两家店，同时在多座商场上新围挡；On昂跑香港最大规模直营门店、粤港澳大湾区最大门店分别于11月11日和11月21 日在香港K11 MUSEA、广州天环广场揭幕；11月29日，500平米华为授权体验店·绵阳上马百盛店开业，而在10月18日，超2800平米的华为智能生活馆于 在杭州滨江天街亮相…… 不难理解，商场门店开开关关的动作，是消费者需求变迁、商场业态规划及品牌战略调整的综合映射，一定程度上代表着商业潮水的走势和消费市场变革 的方向。 以下，就让我们 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **large consumption sector**, highlighting the emergence of new consumer demands that drive growth in the sector through new products (personalized, green, low-carbon), new channels (snack chains, discount formats), and new business models (diverse consumption scenarios) supported by the "14th Five-Year Plan" [1][2]. Core Insights and Arguments - **Traditional Consumption Recovery**: The traditional consumption sector is expected to recover by 2026, driven by the release of residents' purchasing power and policy measures aimed at boosting employment and income stability. The food and beverage industry is stabilizing, with the liquor sector showing signs of fundamental stability and dairy products expected to recover quickly [1][5]. - **Commodity Market Trends**: The commodity market has shown a trend of high followed by low prices, with the government implementing various promotional policies to stimulate service consumption and domestic demand. The Ministry of Commerce has issued opinions to expand service consumption, aiming to enhance residents' quality of life and stimulate domestic demand potential [1][6][7]. - **Emerging Consumer Demands**: New consumer demands are impacting the large consumption sector through three main directions: the development of new products that meet diverse and personalized needs, the optimization of new channel structures, and the promotion of new business models that foster diverse consumption scenarios [2][4]. Important but Overlooked Content - **Social Services Sector Changes**: The social services sector is evolving to meet changing consumer demands, with slight increases in beauty care and retail sectors. Key areas of investment include outdoor sports, gold and jewelry, and cultural and trendy IPs, with recommendations for companies like Anta Sports and Lao Pu Gold [8][22]. - **Tourism Market Trends**: The tourism market is gradually recovering, with leading companies like Ctrip and Huazhu Group adapting through technological innovation and marketing to meet the new demands of both young and elderly consumers. China Duty Free's Hainan business has benefited significantly from new duty-free policies [9][10]. - **Food and Beverage Sector Stability**: The food and beverage sector is stabilizing, with the liquor market facing challenges but showing resilience in mass consumption. The snack sector is experiencing performance differentiation, while dairy product demand is steady and supply is gradually clearing [12][17]. - **Investment Opportunities in Agriculture**: The agriculture, forestry, animal husbandry, and fishery sectors present investment opportunities, particularly in pig farming and the pet industry, which is growing due to demographic changes and emotional needs [3][13][19]. - **Household Appliance Sector**: The household appliance industry is seeking structural highlights amid steady growth, with a focus on high-dividend white goods and improving profit margins in black goods. The market for robotic vacuum cleaners is also expected to grow due to technological advancements [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the large consumption sector and its various components, along with potential investment opportunities and market trends.

最近Labubu不再那么一盒难求。 文｜明晰野望 小编就在某书泡泡玛特官方直播间轻松买到了3.0、4.0两代盲盒。在一些潮玩直播间，Labubu不仅货源充足，溢价率更是大幅下降。 最火的时候，1.0Labubu常规款正品代拆的价格一度溢价到329元，2.0、3.0也达到239-299元不等。而现在，许多直播间里，Labubu价格已经降到129-179元 不等。在二手平台，Labubu 3.0及4.0常规款式的价格则已跌穿官方零售价。 这并不意外。Labubu扩产只是早晚的事。作为制造业大国，中国玩偶技术和产能从不稀缺。 德银在报告中指出，Labubu产能已经从今年上半年的每月1000万只拉升至年底的每月5000万只。 "饥饿营销"退潮的同时，泡泡玛特股价也出现了短期大幅波动，从今年8月时的339.8港元跌至最近的184.6港元，跌幅超过45%，四个月的时间市值蒸发了 2000亿港元。 泡泡玛特这么快就遇到天花板了吗？ 其实也不用太悲观。理由有二—— 第一，Labubu这波热潮不仅给泡泡玛特贡献了营收增长，更让泡泡玛特的品牌知名度在全球快速打响，为后续发展打下了地基。目前泡泡玛特在美国的线 下门店已经超过60家 ...

专题：2025企业家之夜启动仪式 "为中国经济点赞——企业家之夜"启动仪式于12月17日在北京举行。英才元投资管理有限公司董事长宋 立新出席并致辞。 "为中国经济点赞——企业家之夜"启动仪式于12月17日在北京举行。英才元投资管理有限公司董事长宋 立新出席并致辞。 宋立新指出，新浪财经早就把自己当成了一个连接者，这一次A股的牛市涨得最多的都是连接者。 "我觉得这个活动他们一直致力于做一个建立信任的桥梁，也打破了信任的不对称。"她说。 "我觉得这个活动他们一直致力于做一个建立信任的桥梁，也打破了信任的不对称。"她说。 此外她还谈到，新浪财经把这个活动定义成一个鼓舞者，"连接创造价值、融合改变商业"。它不是简单 的一个加法，在万物互联到万物智能连接的这个时代，它成为一个乘数的因素。 宋立新回忆起去年的活动，"我印象最深的就是去年的泡泡玛特，labubu点燃了全场，而我当时完全不 知道labubu的价值。因为王宁来到这样一个舞台之后，labubu的资本价值大家也都看到了，它的市场的 追捧热度也都起来了。" 宋立新表示，企业家之夜活动一直是一个记录者。每一年的年会，都是以人为载体，做了一部中国商业 的编年史。"在这个 ...

Core Viewpoint - The company, Hangzhou Copper Master Cultural and Creative (Group) Co., Ltd. (referred to as "Copper Master"), is preparing for a secondary listing on the Hong Kong Stock Exchange after previously attempting to list on the Shenzhen Stock Exchange. The company aims to use the funds raised for product development, capacity enhancement, sales channel improvement, digital infrastructure upgrades, and general corporate purposes [2][24]. Group 1: Company Overview - Copper Master specializes in copper cultural and creative products, with a product price range from tens to tens of thousands of yuan [2][10]. - The company has established a comprehensive IP matrix, including self-developed and licensed IPs, with significant revenue contributions from its self-developed IP products [3][4][6]. Group 2: Financial Performance - From 2022 to 2025, Copper Master reported revenues of 5.03 billion yuan, 5.06 billion yuan, 5.71 billion yuan, and 3.08 billion yuan, with corresponding profits of 569.38 million yuan, 441.31 million yuan, 789.82 million yuan, and 302.44 million yuan [13]. - The company’s revenue from copper cultural products accounted for approximately 95% of total revenue in recent years, indicating a stable income stream [7][10]. Group 3: Market Position and Growth - According to Frost & Sullivan, Copper Master holds a 35% market share in China's copper cultural craft product market, positioning it as a market leader [8]. - The IP toy market in China is projected to grow significantly, with an expected market size of approximately 1,000 billion yuan by 2027, indicating a favorable environment for Copper Master’s growth [3]. Group 4: Product Development and Innovation - Copper Master has launched hundreds of new products annually, with a focus on various materials and themes to cater to different consumer demographics [6][9]. - The company has diversified its product offerings through sub-brands, including "Yueyin" for silver products and "Xijiang Gold Shop" for gold products, expanding its market reach [8][10]. Group 5: Sales Channels and Consumer Behavior - Online sales account for about 80% of Copper Master’s revenue, with a high customer loyalty reflected in a repeat purchase rate of around 59% [14][16]. - The average transaction value has been declining, with online customer spending decreasing from 958 yuan to 556 yuan over recent years, indicating a shift towards more affordable products [19][20]. Group 6: Future Outlook - Copper Master plans to continue expanding its product development and international market presence, particularly in Taiwan and the United States, where it has recently begun operations [25]. - The company aims to open 50 new retail stores in major cities over the next three years, enhancing its physical presence [19].