新消费系列报告1：潮玩国货何以在全球“攻城略地”

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [10]. Core Insights - The report highlights that the潮玩 (trendy toys) industry is entering a golden era of international expansion, with significant growth opportunities in Southeast Asia and Europe [3][6]. - The global toy market is projected to reach approximately 773.1 billion yuan in 2023, with a CAGR of about 5.1% from 2024 to 2028 [4][24]. - The report emphasizes the competitive advantages of Chinese trendy toy brands, which have made substantial progress in product design, IP operation, and supply chain management [3][4]. Summary by Sections Global Toy Market Overview - The global toy market is expected to grow steadily, with North America, Europe, and Asia accounting for the majority of consumption [24]. - The collectible toy segment is rapidly gaining market share, with projections indicating a market size of 57.1 billion USD in 2023, expected to reach 69.6 billion USD by 2028, reflecting a CAGR of 4.0% [25]. Consumer Demographics and Trends - The consumer base for toys is shifting from children to a broader audience, with 25% of toy consumption in the U.S. and 29% in Europe coming from individuals aged 12 and older [5][6]. - The rise of social media and e-commerce has transformed toy marketing and sales channels, allowing for greater reach and engagement with consumers [5][6]. Regional Market Insights - Southeast Asia is highlighted as a rapidly growing market due to its young population and strong entertainment consumption culture, with local marketing strategies proving effective [6]. - The report notes that the U.S. and European markets present significant opportunities for Chinese brands, with increasing acceptance of diverse cultural products [6]. Competitive Landscape - The report identifies a shift in market dynamics, with traditional toy companies facing challenges from new entrants and collectible brands like LEGO and MGA Entertainment gaining market share [45][49]. - The competitive landscape is characterized by a transition from traditional toys to collectible and trendy toys, with brands like泡泡玛特 (Pop Mart), 布鲁可 (Blok), and 名创优品 (Miniso) positioned for growth [8][56]. Investment Recommendations - The report recommends investing in leading companies such as泡泡玛特, 布鲁可, and 名创优品, which are well-positioned to capture market share through strong IP operations and comprehensive value chain strategies [8][15]. - It also suggests monitoring emerging players in niche segments, such as 卡游 (KAYOU), which are actively expanding into international markets [8].