传媒IP衍生品行业点评：谷子经济崛起，泡泡玛特新高，关注悦己消费

Investment Rating - The report maintains a "Positive" outlook on the IP derivative products industry, particularly highlighting the growth potential of the "Guzi" economy [2][3]. Core Insights - The "Guzi" economy is experiencing high prosperity, leading to the revival of shopping malls and significant growth for IP licensing companies. The market for secondary products related to anime and games is projected to reach 160 billion by 2026, with product licensing accounting for 130 billion [3][16]. - The report emphasizes the distinction between "Guzi" and trendy toys, noting that "Guzi" products primarily carry secondary IPs and cater to a younger demographic, particularly those under 22 years old [2][11]. - The competitive landscape of the "Guzi" industry is characterized by a focus on IP and distribution channels, with companies like Card Game and Guangbo focusing on product design and distribution rather than full industry chain integration [4][24]. Summary by Sections Guzi Economy Overview - The "Guzi" economy, representing products related to anime, games, and other IPs, is gaining traction, with significant growth in consumer spending observed in 2023 [3][9]. - The report highlights the difference in consumer psychology between "Guzi" and trendy toys, with "Guzi" products appealing to younger consumers seeking emotional and social value [11][14]. Market Growth and Trends - The market for secondary products related to the "Guzi" economy is expected to grow significantly, with a projected market size of 160 billion by 2026, reflecting a 1.7 times increase from 2021 [16]. - Retail sales of sports and entertainment products have outpaced overall retail growth, indicating a robust market for "Guzi" products [16][17]. Industry Chain Analysis - The "Guzi" industry chain consists of IP acquisition, product development, and distribution, with a notable reliance on external IP licensing [24][27]. - Companies like Card Game and Guangbo are focusing on midstream product design and distribution, while the full industry chain integration remains limited [4][24]. Competitive Landscape - Card Game relies heavily on a vast distributor network, while Pop Mart has transitioned to a brand-centric model with self-operated stores [5][32]. - The report identifies key players such as Pop Mart, Shanghai Film, Yaoji Technology, and Guangbo as potential investment opportunities within the "Guzi" economy [36][46]. Investment Recommendations - The report suggests focusing on investment opportunities within the "Guzi" economy, particularly companies with strong IP reserves and comprehensive industry chain layouts [36][46].