传媒：IP产业稳步提升，促进产业链各环节发展

Investment Rating - The report maintains an investment rating of "Outperform" compared to the market, indicating an expected investment return exceeding the CSI 300 Index by more than 10% over the next six months [2]. Core Insights - The IP industry is steadily improving, promoting the development of various segments within the industry. The 17th CLE China Licensing Expo in Shanghai showcased over 2400 IPs, attracting 86,128 professional visitors, a 30% increase year-on-year, with overseas buyers increasing by 110% to 1,976 [1]. - The global licensing industry is experiencing steady growth, with retail sales of licensed goods and services reaching $356.5 billion in 2023, marking a 4.6% increase compared to the previous year. In China, retail sales reached $13.77 billion, showing significant growth [1]. - The entertainment and character licensing segment saw a revenue increase of 9%, reaching $147.6 billion, with emerging games and characters or brands accounting for 22% of the entertainment sector [1]. - The content business model for IP is becoming clearer, with domestic IP development showing promising prospects. The digital era is shifting the focus of IP from mere intellectual property to a core driver of content business models [1]. Summary by Sections Industry Performance - The global licensing industry is growing, with retail sales of licensed goods and services reaching $356.5 billion in 2023, a 4.6% increase year-on-year. In China, the retail sales reached $13.77 billion, showing significant growth [1]. - The entertainment and character licensing segment's revenue increased by 9%, reaching $147.6 billion, with anime, video games, and social media accounting for 38% of global retail sales in 2023 [1]. Market Trends - The IP content business model is evolving, characterized by a primary supply of digital content and a shift towards reinterpreting content across different media. The gaming and film sectors are the main drivers of China's entertainment IP market [1]. - The market for game IP derivatives reached 4.06 billion yuan in 2023, with a compound annual growth rate of 17% from 2019 to 2023 [1]. Investment Recommendations - The report suggests focusing on companies such as Zhongwen Online, Aofei Entertainment, Yaoji Technology, Huayi Brothers, BlueFocus, Kaiying Network, Jibite, Jiecheng Co., Tianyu Digital Science, and Kuaishou-W, as the domestic licensing market continues to grow [1].