文娱用品：哪吒2带火周边产品，优质IP具高稀缺性

Investment Rating - The report maintains an "Outperform" rating for the entertainment products industry [2][6]. Core Insights - The success of the animated film "Nezha 2" has significantly boosted related merchandise sales, highlighting the high scarcity of quality IP content in the market [6]. - The film has set a record in Chinese cinema, surpassing 9 billion yuan in box office revenue, and has become the highest-grossing animated film globally [6]. - The report emphasizes the importance of high-quality content and production standards in driving audience engagement and satisfaction [6]. Market Performance - The entertainment products sector has shown a notable performance trend, with a significant increase in sales of related merchandise following the success of "Nezha 2" [3][6]. - The report notes that the Spring Festival box office reached 9.51 billion yuan, with 187 million viewers, marking the highest figures in Chinese history [6]. Product Sales and Trends - Various merchandise categories have seen explosive sales, including toys, food and beverages, daily necessities, and jewelry, all linked to the "Nezha 2" IP [6][7]. - For instance, Pop Mart's "Nezha 2" blind boxes sold over 10 million yuan within eight days, while Mengniu's related products exceeded 5 million yuan in sales [6][7]. Investment Recommendations - The report suggests focusing on leading companies with rich IP portfolios and differentiated product capabilities, such as Pop Mart and Miniso [6][7]. - It also highlights the potential of traditional retailers transitioning into brand retailers, recommending companies like Miniso and Aiyingshi for their strategic shifts [6][7].