卡牌行业系列报告（一）：历史的回溯与映射：IP、文化与社交

Investment Rating - The report maintains a "Positive" investment rating for the card industry [2]. Core Insights - The Chinese card market has a solid consumer base and is entering a rapid growth phase, with significant potential for expansion similar to the mature markets in the US and Japan [4][3]. - The US card market has evolved from a simple collectible to a financial and investment tool, creating a comprehensive ecosystem that includes grading, insurance, auction, and trading [2]. - The Japanese card market has experienced two major booms, driven by anime culture and an expanding adult demographic with higher purchasing power, leading to a market size of approximately 132 billion RMB in 2023 [3]. Summary by Sections 1. Card Types: Game and Collectible Attributes - Trading Card Games (TCG) and Collectible Cards (CCG) differ in function and market positioning, with TCG focusing on gameplay and strategy, while CCG emphasizes artistic and collectible value [38][40]. 1.1. TCG: Large Market Size and Rapid Growth - The TCG market is characterized by its integration of collection, exchange, strategy, and combat elements, with notable examples including "Magic: The Gathering" and "Pokémon" [43]. - The TCG market in Japan reached 277.43 billion JPY (approximately 132 billion RMB) in 2023, with a compound annual growth rate of 21.18% from 2017 to 2023 [50]. 1.2. CCG: Active Trading and Supporting Services - CCGs are primarily collected as art or memorabilia, often themed around historical events or famous personalities, and their value is derived from design, rarity, and cultural significance [53]. 2. US Card Market Evolution: Financialization and Investment - The US card market, centered around sports culture, has transformed from promotional items to investment assets, with a complete industry chain encompassing production, grading, and trading [62]. - The initial forms of cards, such as tobacco and trade cards, were marketing tools that evolved into collectibles, particularly with the rise of baseball cards in the late 19th century [63][64]. 3. Japanese Card Market Development - The Japanese card industry has seen significant growth influenced by anime culture and an expanding adult consumer base, with a market size of 277.4 billion JPY in 2023, reflecting an 18% year-on-year increase [3]. 4. Chinese Card Market: Growth Potential - The Pokémon card game has significantly influenced the development of the Chinese card industry, with a notable increase in transaction volume and buyer engagement in 2023 [4]. - The report anticipates that the Chinese card market could exceed 30 billion RMB in the long term, driven by a strong consumer base and cultural acceptance [4]. 5. Related Companies in the Card Industry - Companies such as Yaoji Technology, Pop Mart, Aofei Entertainment, and others are highlighted as key players in the card industry, with a focus on IP development and market expansion [4].