Core Viewpoint - The collaboration between KAYOU and the Spring Festival Gala marks a significant milestone for the card industry, elevating card games from a niche hobby to a mainstream cultural phenomenon in China [1][3][5]. Group 1: Market Trends and Consumer Engagement - Card consumption is resonating with consumers and traditional culture, completing a significant market transition [3]. - The Spring Festival Gala, with a viewership share of 78.88% in 2025, serves as a powerful platform for cultural dissemination and consumer engagement across generations [5]. - The card industry is experiencing a shift from a youth-centric market to a broader demographic, with increasing interest from adults due to the cultural and collectible value of card products [5][14]. Group 2: Product Innovation and Cultural Integration - KAYOU's "Qiji Chicheng Collection Card," featuring elements of Chinese culture centered around the horse, represents a blend of tradition and modernity, appealing to a wide audience [1][15]. - The collaboration with the Dunhuang Cultural Group to launch the "Dunhuang Twelve Horses Card" showcases the integration of historical and cultural themes into collectible products, enhancing their aesthetic and collectible value [10][13]. - The card industry is characterized by its fluidity and interactivity, allowing for cross-generational engagement and cultural exchange [14]. Group 3: Economic Impact and Industry Growth - The collectible card market in China reached a scale of 26.3 billion yuan in 2024, with a compound annual growth rate of 56.6%, indicating robust growth in the sector [17]. - KAYOU's success is attributed to its comprehensive industry system, from product design to global distribution, validating the market value of Chinese cultural IP [20]. - The collaboration with the Spring Festival Gala is expected to enhance the recognition and acceptance of card products among the general public, accelerating market penetration [15][21].

一张小小卡牌，承载着千年文化，从静安苏河湾走向全球瞩目的春晚舞台。 日前，中央广播电视总台官宣，卡游正式成为《2026年春节联欢晚会》独家卡牌合作伙伴。 这场国民盛典与本土文创企业的携手，不仅是一次商业合作的创新尝试，更是传统文化现代化表达、区域产业生态赋能企业发展的生动注脚。2024年， 卡游上海总部入驻静安，打造了一个占地2万平方米的研发运营中心。 春晚，作为陪伴全球华人共度团圆之夜的文化盛宴，其合作伙伴的选择始终折射着时代文化风向。数据显示，当下，年轻群体对传统文化的认同已突破 传统形式，更倾向于通过潮流文创感知文化魅力。 卡游的快速发展、成功破圈，离不开区域产业生态的有力支撑。作为上海中心城区的核心区，静安区正着力打造全球有影响力的文化创意产业集聚区。 通过精准的产业引育、创新的政策赋能和持续的综合服务提质，在影视创制、游戏电竞、演艺、创意设计四大重点领域构筑起鲜明的竞争优势与坚实的发展 根基。 卡游所在的苏河湾区域，是上海中心城区独有的"一河两岸、中西合璧"滨水活力中枢。这里汇聚了上海苏富比空间、UCCA Edge静安尤伦斯美术馆、 Fotografiska展览馆、没顶画廊等顶级艺术场馆，形成了复合 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on service consumption, beauty care, IP derivatives, and gold jewelry as new consumption sectors [6][26]. Core Insights - The report highlights that during the Spring Festival travel period, the total cross-regional population flow is expected to reach 9.5 billion people, setting a historical record [4][24]. - In the beauty care sector, the top three brands on Tmall in January 2026 were L'Oreal, Proya, and Lancôme, indicating a strong market concentration with the top 20 brands accounting for 28.7% of total sales [3][24]. - The report notes that the net profit of Estée Lauder turned from a loss to a profit in Q2 of the 2026 fiscal year, with a net sales increase of 6% year-on-year [3][24]. Summary by Sections Market Performance - For the week of February 2 to February 6, 2026, the performance of the retail, social services, and beauty care sectors was -0.34%, +0.02%, and +3.69% respectively, ranking them 19th, 17th, and 2nd among 31 primary industries [16][18]. Key Industry Events and News - The Ministry of Commerce and nine other units issued the "2026 Spring Festival Special Activity Plan," which includes various promotional activities during the holiday [3][24]. - The first week of the Spring Festival saw an estimated 1.413 billion people moving across regions, a 2% increase compared to the previous year [4][24]. - Bubble Mart's annual sales reached over 400 million units in 2025, with a global employee count exceeding 10,000 and membership surpassing 100 million [4][24]. Investment Recommendations - The report suggests focusing on companies such as Ruoyu Chen, Mao Ge Ping, Shangmei Co., Bubble Mart, Chao Hong Ji, and Lao Pu Gold as potential investment targets [6][26].

春节临近，卡牌赛道的竞争也日益升温。近日，卡游正式成为中央广播电视总台《2026年春节联欢晚 会》独家卡牌合作伙伴。 其他卡牌品牌也纷纷与央视达成合作：卡卡沃宣布与春晚联名，推出"小马奔奔卡"系列产品；吾流文化 则获得了央视86版《西游记》的卡牌独家授权。 与此同时，卡牌企业也集体在港交所外"排队"。随着Suplay向港交所递交招股书，掀开了2026年卡牌第 二梯队企业冲击上市的热潮。 比起盲盒潮玩赛道，冲击上市的卡牌企业背后站满了豪华资本阵容。闪魂由高瓴创投领投，高榕创投、 凯辉基金跟投。Hitcard背后站着红杉中国种子基金、泡泡玛特和千岛潮玩族等系列机构。而Suplay则因 为最大外部股东是米哈游，引起行业关注。 从营收规模来看，这些成立不久的卡牌企业与卡游还相距甚远。综合企业对外披露的数据以及招股书数 据来看，Hitcard2024年营收为4亿元，Suplay2024年营收为2.81亿元，到2025年前9个月，Suplay营收达 到2.83 亿元，超过2024年全年。相比之下，2024年卡游营收规模为100.57亿元，是卡游新贵们的四五十 倍。 但又因为如今卡牌企业依旧集体依赖授权IP，以及卡牌可拓展 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance in the sector compared to the broader market indices [1]. Core Insights - The media sector is expected to benefit from AI applications and consumer spending, with significant growth in digital marketing and advertising driven by AI technologies. Major internet companies are leveraging digital red envelopes to attract new customers for AI products during the Spring Festival [2][3]. - The report emphasizes the potential of the AIGC (AI Generated Content) sector, particularly in digital marketing, e-commerce, and AI-driven content creation, as key areas for investment [2][3]. Industry Overview - The media industry has shown resilience, with the Shanghai Composite Index and Shenzhen Component Index experiencing declines of -1.27% and -2.11% respectively, while the media sector has outperformed with significant gains [12]. - The report notes a resurgence in the digital marketing sector, particularly with the GEO (Geolocation) advertising model, which is expected to drive growth in 2026 [2][3]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Actively embracing AI and participating in major Spring Festival films [3]. - Bona Film (001330): Expected to recover with participation in the Spring Festival film lineup [3]. - Mango Excellent Media (300413): Anticipated to benefit from AI integration in its core business [3]. - BlueFocus Communication Group (300058): A leading digital marketing firm actively adopting AI [3]. - Bilibili (9626.HK): Expected to see increased commercial value from community video content [3]. - The report suggests a focus on cinema chains and companies involved in the digital marketing and e-commerce sectors as potential investment opportunities [2][3]. Market Dynamics - The report highlights the competitive landscape in the AI-driven content creation space, with major players like Alibaba and ByteDance actively engaging in the AI Spring Festival initiatives [13][31]. - The cinema sector is gearing up for the 2026 Spring Festival with a diverse lineup of films, which is expected to attract various audience segments [14]. Financial Projections - The report provides earnings per share (EPS) forecasts for several companies, indicating a positive outlook for the media sector: - Huace Film & TV (300133): EPS projected to grow from 0.13 in 2024 to 0.27 in 2026 [7]. - Mango Excellent Media (300413): EPS expected to increase from 0.73 in 2024 to 0.82 in 2026 [7]. - Wanda Film (002739): EPS forecasted to rise from -0.43 in 2024 to 0.85 in 2026 [7].

Group 1 - The partnership between KAYOU and the Central Radio and Television Station for the 2026 Spring Festival Gala highlights the growing recognition of KAYOU's cultural and manufacturing capabilities [1][3] - KAYOU's production facility in Kaihua County utilizes highly automated precision production lines, featuring advanced printing and die-cutting systems to ensure high-quality card production [1] - The company emphasizes a commitment to quality through technological innovation, transforming cards from disposable items into valuable cultural collectibles [1] Group 2 - KAYOU has engaged in cultural IP operations, collaborating with over 70 popular IPs, with more than 30% being domestic cultural themes [2] - The company aims to be a "translator" and "disseminator" of Chinese culture, using cards as interactive cultural symbols that resonate with younger audiences [2] - KAYOU's growth reflects the industrial transformation in Quzhou, with projections indicating that its stationery segment will exceed 500 million yuan in revenue by 2024 [2] Group 3 - The collaboration with the Spring Festival Gala is seen as a significant endorsement of KAYOU's integration of culture and manufacturing [3] - KAYOU is producing a series of collectible cards with auspicious meanings for the Spring Festival, which will be featured in the gala's programs [3] - The company's products have reached international markets, including Malaysia and the United States, showcasing the appeal of Chinese cultural creativity [3]

这是总台春晚首次设立独家卡牌合作伙伴，既是一次国家年度盛典与新时代文创力量的深度契合，也是 一次传统年味与当代趣味的温暖相遇。2026年正值农历马年，卡游携手总台春晚创作一系列蕴含祥瑞寓 意、彰显时代审美的马年典藏卡牌，也将融入春晚精彩纷呈的节目中。我们期待，这方寸之间的艺术， 能让生肖文化更可亲可感，让春晚的记忆更可触可藏；让这份"当代年礼"，既展现中国制造的精工匠 意，也寄托对团圆吉祥的深情祝福。愿这份创新的文化礼物，能陪伴全球观众，在团圆守岁之时，心意 相连，共享一个充满创意与温情的中国年。 （文章来源：中国新闻网） 春节联欢晚会是陪伴全球华人共度团圆之夜的文化盛宴，始终致力于以"思想+艺术+技术"的融合创 新，展现新时代气象，温暖每一颗团圆之心。此次与卡游携手，不仅是总台对青春潮流文化的拥抱，更 是一份面向年轻一代的春节邀约——让方寸卡牌，成为传递祝福、连接亲情、传承文化的温情纽带。 卡游作为行业领先企业，通过自主研发、智能生产，构建了覆盖卡牌、文具、毛绒等多品类的IP生态。 以"文化+智造"的双轮驱动，为传统行业注入科技内核与创意活力。通过深度挖掘中华优秀传统文化， 卡游成功推出了如《卡游三国》《哪 ...

2月5日，中央广播电视总台与卡游正式宣布，卡游成为总台《2026年春节联欢晚会》独家卡牌合作伙伴。 这是总台春晚首次设立独家卡牌合作伙伴，既是一次国家年度盛典与新时代文创力量的深度契合，也是一次传统年味与当代趣味的温暖相遇。2026年正值农 历马年，卡游携手总台春晚创作一系列蕴含祥瑞寓意、彰显时代审美的马年典藏卡牌，也将融入春晚精彩纷呈的节目中。我们期待，这方寸之间的艺术，能 让生肖文化更可亲可感，让春晚的记忆更可触可藏；让这份"当代年礼"，既展现中国制造的精工匠意，也寄托对团圆吉祥的深情祝福。愿这份创新的文化礼 物，能陪伴全球观众，在团圆守岁之时，心意相连，共享一个充满创意与温情的中国年。 CIS 春节联欢晚会是陪伴全球华人共度团圆之夜的文化盛宴，始终致力于以"思想+艺术+技术"的融合创新，展现新时代气象，温暖每一颗团圆之心。此次与卡 游携手，不仅是总台对青春潮流文化的拥抱，更是一份面向年轻一代的春节邀约——让方寸卡牌，成为传递祝福、连接亲情、传承文化的温情纽带。 卡游作为行业领先企业，是新质生产力在文创领域的生动实践者，企业通过自主研发、智能生产，构建了覆盖卡牌、文具、毛绒等多品类的IP生态。以"文 化+ ...

Core Viewpoint - The article discusses the rise of the "Guzi Economy" in China, particularly focusing on the booming market for collectible toys and related IP products, highlighting the importance of IP in driving growth and competition in this sector [5][7][19]. Group 1: Market Overview - The "Guzi Economy" refers to the market for IP-related products, including toys, comics, and games, which has gained significant traction among young consumers, largely unaffected by macroeconomic conditions [7][19]. - The market size for the Guzi Economy is projected to grow from approximately 1.7 trillion yuan in 2024 to over 2.4 trillion yuan in 2025, and is expected to exceed 3 trillion yuan by 2027 [13][19]. - The number of active users in the broader two-dimensional market is expected to surpass 350 million by 2025, with over 12 million consumers specifically interested in Guzi products [13][19]. Group 2: Key Players and IPOs - Several companies are preparing for IPOs in the Guzi Economy, including 52TOYS, which is closely modeled after Pop Mart, and has received strategic investment from Wanda Film [8][10]. - Other notable companies include Copper Master, which has received investment from Lei Jun, and TOP TOY, a brand spun off from Miniso, which is also pursuing an IPO [10][11]. - The rapid pace of IPOs reflects the growing interest and investment in the Guzi Economy, with companies like 52TOYS and Suplay aiming to capture market share in the collectible toy segment [10][11]. Group 3: Importance of IP - The core of the competitive landscape in the Guzi Economy is the ownership and development of IP, which is essential for driving sales and brand loyalty [19][25]. - Companies like Pop Mart and Card Game have successfully leveraged popular IPs such as Ultraman and My Little Pony to fuel their growth, while also developing their own IPs [19][25]. - The reliance on external IP poses risks, as companies must navigate licensing costs and the potential expiration of IP rights, making the cultivation of proprietary IP increasingly important [25][26]. Group 4: Future Outlook - Upcoming financial reports from major players like Pop Mart and Bluko will be critical in shaping market expectations and investor confidence in the Guzi Economy [29]. - The ability of these companies to maintain the influence of their existing IPs and develop new ones will be pivotal for their continued success and market valuation [29].

春节临近，生肖IP的营销大战也如期而至。 不同于往年主打传统吉祥符号的喜庆套路，今年的马年IP赛道呈现出明显的"去套路化"趋势。在"喜庆"之外，那些能够精准捕捉当代年轻人情绪痛点、以 抽象化表达引发共鸣的IP形象，在市场上格外亮眼。从生产线失误意外爆红的"哭哭马"，到一头不羁鬃毛戳中打工人的"马彪彪"，再到经典 IP"小马宝 莉"变身联名爆款，生肖IP与生肖营销的全新思路正不断涌现。 与此同时，更多品牌与IP方也纷纷入局，通过联名合作、创新设计、文化融合等多元玩法加码马年营销。本期推文，雷报将重点梳理当下热门的马年IP及 品牌创意营销案例，拆解这场反套路的生肖营销突围战。 27个马年形象混战，"小马宝莉"联名到手软，成最大赢家？ 据雷报不完全统计，目前至少有27个相对活跃的马年IP及商业形象出现在市场中，整体上可分为【成熟商业IP】、【文化衍生形象】及【马年定制文创/ 形象】三大类。 | | | | 2026马年IP及相关商业形象统计 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 截止时间:2026年1月28日 数据整理:雷报 | | ...