谷子经济行业专题报告：悦己消费遇谷子经济，成就千亿市场崛起

Investment Rating - The report maintains a "Neutral" rating for the light manufacturing industry [6]. Core Insights - The "Guzi" economy, which refers to merchandise derived from two-dimensional culture IPs, is rapidly developing with a market size projected to reach 168.9 billion yuan in 2024, reflecting a growth of 40.63% from 2023, and is expected to exceed 300 billion yuan by 2029 [1][18]. - The industry chain of the Guzi economy encompasses various segments, including IP creation, operation, production, and terminal channels, with an average gross margin exceeding 40% [1][25]. - The Z generation (born between 1995-2010) is the primary consumer group, particularly in first-tier cities, with strong purchasing power driven by emotional satisfaction and identity recognition [1][20]. Summary by Sections 1. Rapid Development of the Guzi Economy - The Guzi economy is characterized by a market size surpassing 150 billion yuan, with significant growth potential [1.1]. - The industry chain includes multiple segments, each with favorable profit margins [1.2]. 2. Expanding Audience and Collaborative Development - The pan-two-dimensional population in China is steadily increasing, expected to reach 503 million by 2024, creating a favorable environment for the Guzi economy [2.1]. - The domestic animation and gaming industries are thriving, with sales revenues of 300 billion yuan and 245.92 billion yuan respectively in 2023 [2.2]. - The number of offline Guzi stores has exceeded 3,000, indicating a trend of expansion [2.3]. - The rise of self-satisfying consumption post-pandemic aligns well with the characteristics of the Guzi economy, which offers emotional fulfillment with low investment [2.4]. - The integration of the Guzi economy with the "first-release economy" is expected to elevate the industry in the medium to long term [2.5]. 3. Investment Strategy - The Guzi economy presents new monetization models for companies with IPs, particularly in the light manufacturing sector, which has already established a presence in IP co-branded products [3].