Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The endorsement market for sports stars is heating up, with a 22% year-on-year increase in the number of official endorsements announced [4][5] - Athletes are now among the top three choices for brand endorsements, reflecting their growing commercial value [4][5] - Matrix-style collaborations with multiple celebrities are becoming a new trend, especially with the upcoming Olympics [7] - The luxury goods sector shows the highest reliance on athlete endorsements, with athletes making up 23% of their total endorsements [10] Summary by Sections Endorsement Market Overview - The number of official endorsements in the industry reached 1,500 in 2024, marking a 22% increase compared to the previous year [5] - Athletes accounted for 18% of all endorsements, showing a significant rise in their popularity as brand ambassadors [5] Trends in Celebrity Collaborations - Brands are increasingly announcing an average of 6.3 endorsers, with a notable focus on sports stars as the Olympics approach [7] - In July, 21% of all endorsements were for sports stars, indicating a strategic push by brands to leverage the Olympic Games [7] Industry-Specific Insights - The luxury goods sector has the highest proportion of athlete endorsements, with 23% of their total endorsements coming from athletes [10] - Brands in the commercial/service sector are also increasingly opting for athlete endorsements, as seen with Bawang Tea's strategy [10] Leading Brands in Athlete Endorsements - Yili leads the market with 11 athlete endorsements, focusing on table tennis and athletics [13] - Dior is noted for having the most athlete endorsements among luxury brands, with five athletes announced [13] Athlete Commercial Value - Ma Long is ranked as the top athlete in commercial value, with a score of 80.77, significantly boosted by his performance during the Olympics [47][48] - The report highlights that athletes from table tennis and swimming are particularly valuable, with four table tennis players in the top ten for commercial value [15] Social Media Engagement - The report indicates that social media platforms like Weibo and Douyin are crucial for athlete engagement, with high interaction rates for endorsements [25][39] - The "Shatou" duo of Sun Yingsha and Wang Chuqin has generated significant social media buzz, contributing to Yili's brand voice [28] New Endorsement Roles - The report notes a shift towards more experiential and ambassadorial roles for athletes, with brand ambassadors making up nearly 40% of endorsements [22][23]

Industry Overview - 3D animation short videos refer to animated series with single episodes under 2 minutes, distributed via traditional long-video platforms, new short-video platforms, and social media [2] - The industry has evolved through three stages: 1) pre-2015 traditional distribution, 2) 2015-2017 social media distribution, and 3) post-2018 short-video platform distribution [2] - The market is still in its early stages with significant growth potential, as high-quality content producers remain limited [4] Market Landscape - Lightweight situational comedies dominate the 3D animation short video market, accounting for 73% of content [7] - Comedy situational dramas are the most common theme, with animal personification and virtual characters making up around 60% of protagonists [9] - The market is currently a blue ocean with ample room for development, as evidenced by the emergence of high-quality content like "Yichan Little Monk" and "Nai Long" [4] User Demographics - The 31-40 age group accounts for 34% of 3D animation short video viewers on Douyin, with a TGI over 100, indicating strong popularity among 80s-born audiences [11] - Male audiences prefer works with strong protagonists and alternative worldviews, such as "Mr. Bone" and "Pingtouge" [14] - Female audiences favor romance-themed content with strong storylines, exemplified by "Shi Xuesheng" and "Shun Huo Nuan Xi Jing" [16] Content Production - Traditional 3D animation production costs range from 20,000 to 200,000 RMB per minute, while emerging methods like animation editors and XR technology offer lower-cost alternatives [19][20] - Animation editors like "Da Song Ying Hua" have enabled UGC content creation, allowing for character design, scene building, and interactive storytelling at reduced costs [22][23] - XR animation integrates virtual characters into real-world settings, enhancing realism and interactivity, as seen in popular IPs like "Jiang Xiaoyu" and "Zhu Xiaopi" [28] Industry Players - MCNs and animation companies dominate production, with MCNs often managing multiple IPs for cross-promotion [29] - Dayu Network stands out as a leading MCN, with successful IPs like "Yichan Little Monk" (46.96 million Douyin fans) and "Asi and Xiaolingdang" (11.85 million fans) [32][33] - The company has developed a comprehensive IP operation system, including long-form content development and diversified monetization strategies [36] Content Development Trends - Short videos serve as effective tools for audience cultivation and market testing, complementing long-form content development [37] - Existing IPs are expanding into long-form content, with examples like "Jiang Xiaoyu" developing into the movie "Call Me Jiang Xiaoyu: Double Fish Tale" [40] - The industry is exploring various content formats, including TV series and theatrical films, to enhance IP value and monetization [37][40] Monetization Strategies - Advertising remains the primary revenue source, with over 90% of accounts relying on brand partnerships [41] - IP licensing and merchandise sales are emerging as important revenue streams, with products ranging from physical collectibles to digital assets like custom wallpapers and emojis [41][43] - Some IPs are experimenting with live-streaming e-commerce, as demonstrated by "Jiang Xiaoyu"'s virtual live-stream attracting over 350,000 viewers [41] Industry Outlook - The market is still in its early stages, with significant potential for IP development and technological advancement [48] - The fragmented nature of user time and the continued growth of short-video platforms create favorable conditions for 3D animation short video expansion [48] - As production and operation mechanisms mature, the development of long-form content and theatrical films is expected to become a natural progression for successful IPs [48]

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The food and beverage industry saw minimal overall changes in brand voice from June to July 2024, with the "alcohol" category performing well on both Xiaohongshu and Douyin platforms [4][6] - High-heat topics in the industry were centered around platform-specific themes, such as Douyin's official tag NewFarmersPlan2024, which attracted user attention [4][11] - There was a notable increase in the number of brand ambassadors in July 2024, with a total of 47 new endorsements, predominantly in the beverage category [21][22] - Sponsorship activities in the food industry were more prevalent in TV series compared to variety shows, with the beverage sector showing a higher number of sponsorships overall [24][26] Brand Voice Overview - The brand voice across Xiaohongshu and Douyin platforms showed little differentiation, primarily featuring offline, well-known, and mass-market brands [14] - The top brands in Xiaohongshu for June and July included Starbucks, Coca-Cola, and Nestlé, while Douyin featured brands like Manner Coffee and Maotai [15][16] Brand Investment Overview - There were significant differences in brand investments between Xiaohongshu and Douyin, with Xiaohongshu focusing on dairy products and beverages, while Douyin emphasized alcoholic beverages [18][20] Sponsorship Overview - The food industry engaged in various sponsorship activities, particularly in popular dramas, with brands like Jinlongyu and Yili participating in high-visibility projects [24][26] Recent Corporate Developments - Miaokelan plans to acquire 100% of Mengniu Cheese for 448 million yuan [32] - Dongfang Zhenxuan reported a GMV exceeding 3.6 billion yuan for its self-operated products in the first half of 2024, marking a 108% year-on-year increase [32] - Nestlé's sales for the first half of 2024 reached 450.5 billion Swiss francs, reflecting a 2.7% decrease compared to the previous year [35]

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The apparel industry has shown stable discussion volume across platforms like Xiaohongshu and Douyin during June-July 2024, with a focus on practical footwear such as slippers and popular high-heeled shoes [3][5] - The overall export of textiles and apparel from China reached $143.18 billion in the first half of 2024, reflecting a year-on-year growth of 1.5% [40] - Nike's revenue in China for the fiscal year 2024 was $7.545 billion, marking a continuous growth over seven quarters [11] Summary by Sections Market Overview - In June-July 2024, the discussion volume for apparel and footwear categories remained relatively unchanged, influenced by summer demand [5] - Xiaohongshu and Douyin exhibited significant differences in marketing strategies, with Xiaohongshu focusing on vertical brands and Douyin emphasizing chain and sports brands [18] Brand Performance - The top brands on Xiaohongshu in July included Uniqlo, Chanel, and ZARA, while Douyin's top brands featured Camel, Nike, and Adidas [12][17] - The repeat appearance rate of brands on Xiaohongshu was 80%, while Douyin's was around 60%, indicating a strong cross-platform influence for footwear brands [15] Marketing and Promotions - In July 2024, 44 new brand ambassadors were added in the apparel and lingerie sector, including celebrities and influencers [22] - The "Good Goods Market: Off-Season Clearance Battle" campaign on Douyin significantly boosted sales in off-season apparel categories, with down jackets seeing a payment surge of 73.3% [36] Digital Transformation - The report highlights the digital transformation efforts in the apparel industry, particularly in Ningbo, which is exploring a model for small and medium-sized enterprises [35] Sponsorship and Collaborations - The report notes a rise in brand sponsorships in entertainment, with a focus on integrating brand values into popular shows [33] - Notable collaborations include IWC partnering with Eileen Gu for a women's forum, emphasizing the brand's commitment to female empowerment [11] Future Outlook - The report suggests that the apparel industry is adapting to market changes with a focus on quality and efficiency, as seen in Uniqlo's strategy to open at least 50 new stores annually in China [44]

Industry Overview - Medical skincare products are gaining popularity due to their safety, efficacy, and clinical validation, with consumer demands shifting from basic hydration to more specialized needs like post-cosmetic procedure care and sensitive skin repair [2] - The market for medical skincare is experiencing strong growth, with men emerging as a potential untapped market segment [2] - The industry is seeing increased demand for products that address skin issues caused by late-night routines and high-stress environments, presenting new growth opportunities for brands [2] Consumer Insights - Post-cosmetic procedure skincare is the primary demand among consumers, followed by daily care for sensitive and acne-prone skin [8] - Young women aged 18-34 are the dominant consumer group for post-cosmetic procedure skincare, with a trend towards younger users [10] - Male consumers are increasingly showing interest in medical skincare, particularly for sensitive skin and post-cosmetic procedure care, representing a growing opportunity [17][48] Product Categories and Trends - Medical skincare products such as dressings, repair creams, and repair lotions are the most discussed categories, with a focus on repair and anti-sensitivity functions [2] - Dressings/masks remain the most in-demand category, while medical serums, creams, and repair gels show strong growth potential [35] - Repair and sun protection are the most popular functions, with anti-aging, skin stabilization, and brightening showing growth potential [37] Market Opportunities - The male skincare market represents a blue ocean opportunity, with increasing demand for sensitive skin and post-cosmetic procedure care products [48] - Late-night routines and high-stress lifestyles are creating new skincare challenges, driving demand for safer and gentler medical skincare products [50] - Brands are expanding from post-cosmetic procedure scenarios to everyday skincare needs like late-night skin rescue and anti-aging [40] Brand Strategies - Brands like Aolangwei and Huanyan are focusing on post-cosmetic procedure scenarios, with Aolangwei emphasizing humanized collagen repair patches [14] - Fulemei is targeting sensitive skin and sunburn scenarios, while also expanding into male skincare with a focus on acne and acne scar repair [56][60] - Aolangwei's communication strategy emphasizes post-procedure repair, highlighting medical-grade safety and efficacy, while gradually expanding into daily skincare scenarios [54]

Investment Rating - The report does not explicitly provide an investment rating for the beauty and skincare industry Core Insights - The beauty and skincare industry has shown stable volume rankings on platforms like Xiaohongshu and Douyin during June and July 2024, with facial care consistently ranking as the top category on both platforms [5][12] - The industry has experienced a significant change during the 618 shopping festival, marking the first negative growth in sales, with total sales dropping to 742.8 billion yuan, a 7% decrease year-on-year [34] - The retail sales of cosmetics for the first half of 2024 reached 216.8 billion yuan, reflecting a 1% year-on-year growth despite a 14.6% decline in June [36] Summary by Sections Volume Overview - In June and July 2024, the skincare and makeup categories maintained stable volume rankings on Xiaohongshu and Douyin, with makeup categories like nail art and base makeup showing high popularity [5][12] - The repeat ranking rates for skincare brands on Xiaohongshu and Douyin were 60% and 50% respectively, while for makeup brands, the rates were 50% and 60% [12][19] Brand Strategy - The advertising strategies for skincare and makeup brands varied significantly, with Xiaohongshu focusing on international and mature brands, while Douyin featured a more diverse range of brands including international, domestic, and emerging brands [26] - The first half of 2024 saw 66 significant personnel changes in the beauty industry, indicating a major shift in management and strategy among key players [39] Sponsorship and Endorsements - In July 2024, the beauty and skincare industry saw a diversification in spokesperson types, with brands collaborating with popular celebrities and influencers to better connect with target audiences [29] - Various brands engaged in sponsorships across popular TV shows and variety programs, enhancing brand visibility and engagement [31] Market Dynamics - The beauty industry is witnessing a trend of international brands reducing their presence in China, with over 20 brands announcing store closures in the first half of 2024 [39] - LVMH's beauty segment reported sales of 32.6 billion yuan in the first half of 2024, reflecting the ongoing competitive landscape [40] Emerging Trends - The report highlights the rise of new domestic brands and their marketing strategies, particularly during promotional events like 618, where new brands gained traction through aggressive marketing [19] - The collaboration between brands and cultural institutions, such as the partnership between Han Shu and the Suzhou Silk Museum, showcases a trend of integrating traditional culture into modern branding [50]

Investment Rating - The report does not explicitly state an investment rating for the apparel industry Core Insights - The apparel market for the 2023/24 autumn and winter season is projected to reach nearly 600 billion, with significant growth in categories such as outdoor footwear and children's clothing driven by the rise of outdoor activities [8] - Social media discussions around apparel and styling have increased by 42.8% year-on-year, with Li Ning emerging as the top brand in terms of social media volume [11][14] - Three major trends identified for autumn and winter apparel include: 1. Cold-resistant "black technology" fabrics 2. Urban outdoor styles becoming mainstream 3. Diverse color matching and styling [18][60] Market Overview - The apparel market is experiencing robust growth, particularly in outdoor footwear and children's clothing, with outdoor sports significantly boosting the outdoor apparel category [8] - The sales trends for major categories on the JD platform show substantial increases, with down jackets seeing a sales increase of 89% and children's clothing up by 55% [10] - The demand for cold-resistant apparel has led to a sales scale exceeding 2 billion, with brands like Bosideng and Arc'teryx performing exceptionally well [20] Trend Analysis Trend 1: Cold-resistant "Black Technology" - The integration of advanced materials and production techniques is enhancing the warmth and functionality of autumn and winter outerwear, with sales of related products exceeding 2 billion [20][21] - The sales of "black technology" apparel have surged by 119% compared to the previous season [21] Trend 2: Urban Outdoor Styles - The rise of light outdoor activities has led to a 42% increase in sales of light outdoor apparel for the autumn and winter season [60][63] - Consumers are increasingly incorporating outdoor styles into their daily wear, emphasizing comfort and practicality [65] Trend 3: Diverse Color Matching - The popularity of color matching and styling is on the rise, with new color trends emerging for the 2025 spring and summer seasons [48][51] - The sales growth of popular colors such as "Ankara Red" and "Mint Mambo" reflects a shift towards more expressive and personalized fashion choices [51] Segment Performance - The report highlights the performance of various segments within the apparel market, noting that the demand for warm outerwear and comfortable innerwear is driving rapid growth [80] - The price segments for down jackets are concentrated between 300-800 yuan, with significant growth potential in the 800 yuan and above range [91] Brand Case Studies - Li Ning's collaboration with the Era Youth Group has significantly boosted its social media presence, leading to increased brand visibility and sales [14] - High-end brands are focusing on innovative designs and materials to meet the growing consumer demand for both functionality and style [40][45]

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1] Core Viewpoints - The Paris Olympics has seen a significant surge in social media engagement, with related content on platforms like Douyin, Xiaohongshu, and Weibo experiencing exponential growth in both content volume and interaction rates [5] - The opening ceremony of the Paris Olympics was a major highlight, driving peak engagement and sparking widespread discussions across social media platforms [5] - Controversies surrounding the opening ceremony, such as sponsor withdrawals and flag errors, have also contributed to the negative sentiment and discussions around the event [16][17] Consumer Insights - The primary audience for the Paris Olympics on social media platforms is aged 25-34, with Xiaohongshu being dominated by female users and Douyin by male users [20] - Discussions around the Olympics are heavily focused on sports events and athletes, with table tennis being the most talked-about sport, and the duo of Wang Chuqin and Sun Yingsha gaining significant attention [25] - The launch of national team uniforms in April led to a spike in brand-related discussions, with fashion and food being the most prominent categories in terms of commercial engagement [23][30] Brand Insights - LVMH brands gained significant visibility during the opening ceremony, with their products featured prominently, leading to increased social media mentions [27] - Food and beverage brands like Yili and Mengniu, as well as emerging tea brands like Bawang Tea, leveraged the Olympics for marketing, with Yili using celebrity endorsements and Bawang Tea focusing on health and cultural promotion [33][36][41] - Sportswear brands, both international (e.g., Nike, Adidas) and domestic (e.g., Anta, Li-Ning), competed fiercely during the Olympics, with Anta using celebrity endorsements and cultural elements like the "Linglong" IP to drive engagement [47][50] Social Media Platform Performance - Xiaohongshu and Douyin were the primary platforms for consumer engagement, with Xiaohongshu focusing on lifestyle and athlete-related content, while Douyin saw high interaction rates for opening ceremony and athlete-related posts [10][13] - Weibo served as the main platform for official announcements, while Douyin and Xiaohongshu were key for user-generated content and brand interactions [37][44]

Film Market Overview - In July 2024, the total box office revenue reached 5.38 billion yuan, a year-on-year decrease of 38.3% [2] - The summer box office has exceeded 7.5 billion yuan so far [2] - Domestic films "Catch the Doll" and "Silent Kill" ranked first and second in cumulative box office, accounting for 68.5% of the market share [2] - The top 10 films in July 2024 included 5 domestic and 5 imported films, with "Catch the Doll" leading at 2.42 billion yuan [3] TV Series Market Overview - "Tang Dynasty Strange Tales: Journey to the West" topped the viewership index in July 2024 [4] - "The Story of Rose" maintained advantages in brand cooperation and total exposure duration [4] - "You Are More Beautiful Than Starlight" had the highest brand exposure frequency [4] - The top 10 series were dominated by costume dramas, with 6 titles in the genre [5] Variety Show Market Overview - "Keep Running Season 8" remained the top variety show in viewership index despite concluding in July 2024 [7] - Music variety shows occupied 3 spots in the top 10, with "The Rap of China 2024" showing significant advantages in brand exposure duration and frequency [7] - The top 10 variety shows included 5 network variety shows and 5 TV variety shows [8] Online Film & Animation Market Overview - Only 3 new films entered the top 10 online film viewership index in July 2024, with "Nameless Fire" topping the chart [11] - In animation, "Cang Yuan Tu", "Bai Lian Cheng Shen", and "Dou Po Cang Qiong" maintained their top positions [11] - 7 out of the top 10 animations from June remained in the July rankings [11] Micro-drama & Documentary Market Overview - Platform-specific micro-drama leaders included "Hard to Resist" (Tencent Video), "First Marriage" (iQIYI), "Beauty Strategy Season 1" (Youku), and "Broken Eyebrow" (Mango TV) [14] - The documentary "Guardians" topped the viewership index, focusing on the conservation of Chinese pangolins [14] Industry Developments - The online literature market reached 38.3 billion yuan in revenue in 2023, with IP adaptations growing 33.7% year-on-year [18] - The game industry generated over 140 billion yuan in the first half of 2024, with mini-program games growing 60.5% year-on-year [18] - Douyin announced a billion-yuan support plan for micro-drama content creation and marketing [19] - Bilibili's IP licensing market is transitioning from a billion-yuan to a trillion-yuan scale [21] Technology & Innovation - Tencent showcased its Hunyuan large model and multiple AI applications at WAIC 2024 [22] - iQIYI and Weibo jointly launched AI character accounts for popular shows [22] - Kuaishou became one of the first domestic apps to launch on Apple's Vision Pro [23] - Meta introduced 3D Gen AI model capable of generating high-quality 3D content within 1 minute [23]

Music Festival Market Overview - The music festival market experienced a "revenge" surge in 2023, with the number of events, box office revenue, and total attendance all surpassing pre-pandemic levels [5] - In 2023, the total number of music festivals reached 560, a 1600% increase compared to 2019 [6] - Box office revenue in 2023 was 20.2 billion yuan, up 373.6% from 2019 [6] - Total attendance in 2023 was 35.52 million, a 208.5% increase from 2019 [6] - Music festivals are increasingly penetrating lower-tier cities, with the number of events in fourth- and fifth-tier cities in 2023 second only to new first-tier cities [8] Social Media Trends - Social media discussions about music festivals increased by 159% year-over-year, with interactions up 51% [10] - Xiaohongshu is the main platform for music festival content, accounting for 53% of posts, while Douyin dominates interactions with 72% of total engagement [12][13] - Music festival-related content on Xiaohongshu focuses on makeup and fashion trends, with beauty and fashion influencers driving high engagement [27][28] Consumer Insights - Music festivals provide both sensory experiences and spiritual fulfillment for young people, serving as a platform for self-expression and social interaction [34] - Key consumer concerns include lineup information, ticketing channels, and venue details, with many first-time attendees seeking guidance online [37][38] - Practical festival gear, such as 3C products, sun protection, and throat-soothing items, are frequently discussed by experienced attendees [41][42] - Fashion and makeup tutorials for music festivals are highly popular, with users sharing outfit ideas, hairstyles, and photo poses [44][45] Brand Marketing Trends - Beverage brands, including alcohol and tea drinks, remain the primary sponsors of music festivals, accounting for over 70% of sponsorships [51] - Cross-industry brands, such as financial institutions and electric vehicle companies, are increasingly entering the music festival sponsorship space [51] - Local governments are leveraging music festivals to boost tourism, with events driving significant increases in visitor numbers and tourism revenue [58][63] Case Study: Zhuji, Zhejiang - Zhuji successfully integrated local cultural elements, such as pearl DIY experiences and traditional cuisine, into its music festival [62] - The city provided convenient services, including free hot water, tissue paper, and charging stations, enhancing the visitor experience [63] - During the festival period, Zhuji received 362,000 visitors, generating an estimated tourism revenue of 524 million yuan [63] - Accommodation and catering revenue increased by 236% compared to the previous period [63]