传媒行业点评报告：谷子潮玩经济火热，重视卡牌、潮玩等线下高景气度产业发展

Investment Rating - The industry investment rating is "Positive (Maintain)" [1] Core Viewpoints - The report highlights the booming economy of trendy toys, emphasizing the development of offline high-prosperity industries such as card games and trendy toys [1] - The Chinese toy retail market is projected to reach 90.69 billion yuan in 2023, with a year-on-year growth of 2.7%, indicating significant growth potential compared to the U.S. market of 38.51 billion USD [1] - The smart toy market in China is expected to grow to 23.518 billion yuan in 2023, with a year-on-year increase of 15.9% [1] - The report notes the rise of AI companion products driven by advancements in natural language processing, which are increasingly meeting emotional and social needs [1] Summary by Sections Supply Side - The report cites Statista, indicating that the Chinese toy retail market size in 2023 is 90.69 billion yuan, with a growth rate of 2.7%, higher than the global average [1] - The smart toy market in China is projected to reach 23.518 billion yuan in 2023, growing by 15.9% [1] - The average selling price of learning robots on Tmall exceeds 1,510 yuan [1] Demand Side - The report mentions the launch of innovative AI toys, such as "BubblePal" by Yue Ruan Innovation, and the upcoming AI products from Tom Cat and other companies [1] - Strategic collaborations are highlighted, such as the partnership between Fei Entertainment and Xiao Bing Company to develop AI smart products based on popular animation IPs [1] Emotional and Social Needs - The report discusses the increasing demand for emotional companionship and social interaction through AI products, with significant downloads for emotional companion apps [1] - The "Guzi" economy, which refers to the commercialization of emotional and social expressions through merchandise, is gaining traction, driven by the popularity of IP derivatives and the resurgence of offline retail [1] Card Games and High-Prosperity Industries - The report emphasizes the importance of card games as a significant derivative form of IP, with the U.S., China, and Japan's collectible card game markets valued at 17.2 billion yuan, 12.2 billion yuan, and 11.4 billion yuan respectively in 2022 [1] - The trading volume in the secondary market for collectible cards has seen substantial growth, with a 138% increase in transaction volume in 2023 [1] - The report suggests focusing on companies such as Yaoji Technology and Aofei Entertainment in the A-share market, and Pop Mart and Reading Group in the Hong Kong market [4]