华源证券：卡牌兼具社交、收藏与投资的属性是重要的IP衍生品形态之一

Core Insights - The card game sector is identified as a highly promising direction within the Chinese toy market, encompassing various stages of the industry chain including IP licensing, manufacturing, distribution, promotion, and secondary markets [1] - The financialization of the card market in the U.S. and the anime culture-centric approach in Japan provide valuable insights for the development of the Chinese card market [1] - The cultural exploration of the card market in China is accelerating, with the sector being the fastest-growing within the broader entertainment toy category, and the market size is projected to reach 44.6 billion yuan by 2029 [1] - The evolving demographic structure is leading to an increased willingness to pay for IP among the new generation of users, with card games possessing social, collectible, and investment attributes, making them a significant form of IP derivative products [1]