IP行业跟踪：618潮玩再创新高，期待暑期档衍生品表现

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The IP industry is experiencing strong growth, particularly during the 618 shopping festival, with significant sales increases in domestic IP derivative products [4] - The report highlights the potential for IP derivative products to thrive during the upcoming summer film season, with over 60 films scheduled for release [4] - The report emphasizes the long-term development potential of the IP industry in China, particularly in the context of consumer spending on licensed products [4] Summary by Relevant Sections Industry Overview - The industry comprises 131 listed companies with a total market value of 15,413.17 billion yuan and a circulating market value of 14,079.99 billion yuan [1] Market Performance - During the 618 shopping festival, over 20,000 new products were launched across approximately 2,000 IPs, with several stores achieving over 100 million yuan in sales [4] - The gaming and esports merchandise segment saw over 80% year-on-year growth, with multiple products generating sales exceeding 10 million yuan [4] Consumer Trends - The report notes that the per capita retail consumption of IP products in China is significantly lower than in the US and Japan, indicating room for growth [4] - The report cites that the retail sales of licensed goods and services in China reached 13.77 billion USD in 2023, still trailing behind other major markets [4] Investment Opportunities - The report identifies three key areas for investment: 1. Leading IP2C toy companies, recommending Pop Mart and others [4] 2. IP operators with strong B2B2C models, highlighting Alibaba Pictures and others [4] 3. Content creators with strong IP, focusing on companies like Shanghai Film Group and others [4]