商贸社服行业周专题：“谷子经济”，市场高景气度，格局分散、玩家增加

Investment Rating - The report maintains an "Outperform" rating for the retail trade industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The "Guzi Economy" is highlighted as a high-growth market with a fragmented landscape and an increasing number of players, driven by the rapid development of the "ACG" (Anime, Comic, Game) culture [3][12]. - The overall market size for the ACG and its derivative markets reached 221.9 billion yuan in 2023, with the peripheral and derivative market accounting for 102.4 billion yuan, showing a growth rate that has consistently outpaced the content market since 2017 [3][12]. - The number of users in the ACG sector is on the rise, reaching 500 million in 2023, with younger generations, particularly those born after 2000, expected to drive future growth [14]. - The report emphasizes the rapid increase in consumer spending in the ACG sector, particularly in the collectible toy market, which is largely driven by IP licensing and high demand from fans [20]. Summary by Sections Market Performance - The report notes a significant increase in the trading volume and market activity within the ACG sector, with a notable 104% year-on-year growth in second-hand transactions on platforms like Xianyu [20]. Competitive Landscape - The peripheral market for ACG products is characterized by low concentration, with many competitors and a high level of consumer bargaining power, leading to intense competition [4][22]. - Key players include Pop Mart, 52toys, and Miniso, each focusing on different aspects of the supply chain and market strategy [4][22]. Investment Opportunities - The report identifies several companies as potential investment opportunities within the "Guzi Economy": - Guangbo Co., Ltd.: Focuses on cultural and creative products, leveraging partnerships with well-known IPs to enhance its product offerings [23][24]. - Aofei Entertainment: A leading player in the ACG IP space, known for its collaborations with popular brands to create merchandise [25]. - Morning Glory Co., Ltd.: Engages in the ACG market with various brands and has successfully launched products in collaboration with popular games [26]. Investment Strategy - The report suggests focusing on three main investment themes: 1. Consumer Sentiment: Emphasizing beauty and personal care sectors, with recommendations for companies like Juzhibio and Aimeike [28]. 2. Cross-Border E-commerce: Despite short-term tariff concerns, long-term growth is expected, with companies like Pop Mart and Miniso highlighted [29]. 3. Recovery in Traditional Retail: Identifying potential rebounds in the restaurant and retail sectors, with a focus on companies like Haidilao and Yonghui Superstores [30].