今天分享的是：潮玩行业系列深度报告：穿越经济周期，拥抱潮流成长-万联证券 报告共计：21页 潮玩行业深度报告核心内容总结 潮玩是以潮流文化为核心，融合艺术、设计、IP等多元素的玩具，具有强视觉辨识度、限量发售、跨界联名等特征，涵盖盲 盒、手办、卡牌等多种形式，区别于传统玩具，更偏向15岁以上人群，兼具收藏价值、社交属性与情感连接功能。其产业链围 绕IP展开，上游为IP供给和运营商，议价能力取决于IP稀缺性与热度，IP分为自主运营的形象IP和依赖外部载体的内容IP；中游 是潮玩制造商，门槛低、竞争激烈，规模化与工艺稳定是突围关键；下游为终端零售商，议价能力取决于IP储备，拥有独家IP 的企业具备定价主导权。 对标日本玩具行业，其发展历程对中国极具借鉴意义。日本玩具行业初期随经济和婴儿潮兴起，泡沫经济破裂后，年轻人转向 动漫游戏寻求慰藉，推动优质IP集中爆发，助力玩具行业逆势成长。当下中国同样面临人口出生率下滑等问题，但随着人均可 支配收入提升，消费从生存型转向情绪型，潮玩等相关消费需求逆势增长。 中国潮玩行业正处于快速成长期，2020 - 2024年市场规模从229亿元增长至763亿元，CAGR达35.11%。 ...

当一些人还在纠结天猫双11该囤洗衣液还是化妆品时，年轻一代正为一枚《崩坏：星穹铁道》的徽章、一张《恋与深空》的卡片，或是一个泡泡玛特的 LABUBU熬夜守候。 而且，他们的购买力不容小觑。在米哈游的miHoYo天猫旗舰店，"已售20万+"的标识已是常态。 中国玩具和婴童用品协会发布的2025行业白皮书显示，中国玩具潮玩的市场份额（含线上、线下）大约1536亿元，同比增长26%，是一个妥妥的成长中的 千亿级"新消费风口"。 而淘宝天猫，正是这个风口上当仁不让的核心阵地。淘天玩具潮玩行业数据显示，天猫双11周期里，整体同比保持两位数增长，超过30万个新品发售，超 过1万个商家增长翻倍。 久谦中台报告指出，2025年双11第一阶段，淘天潮玩销售额占整体市场大盘的75.8%，是行业公认的线上潮玩"第一大平台"。 当然，这份压倒性的份额优势，不是一日之功，而是源于长达数年的前瞻性布局与坚定的"行业基建"战略。 "舒坦了，就是奔着handsome来的。"一位用户在天猫双11抢到Topps 的NBA Match Attax篮球对战卡后，激动地写下了评论。 "今年偏高价的商品成交特别迅猛，因为潮玩有收藏属性和社交属性存在，所 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘您好，请问公司是否有"谷子"经济业务？ 厦门信达（000701.SZ）11月21日在投资者互动平台表示，公司没有涉及"谷子"经济业务。 （文章来源：每日经济新闻） ...

Core Insights - The animation film industry in China is experiencing a resurgence, shifting focus from creating standalone works to developing intellectual properties (IPs) that can generate multiple revenue streams [2][3][22] Industry Trends - Domestic animation films have a clear advantage in the IP sector due to their broad audience appeal and reduced risks associated with geopolitical tensions, particularly with Japan [3] - Despite a generally sluggish film market, animation has shown strong performance, with titles like "Nezha: Birth of the Demon Child" and "Boonie Bears" achieving significant box office success [3][6] Company Strategies - Companies like Light Chaser Animation have pivoted towards IP management, with successful franchises like "Nezha" leading to extensive merchandise development, covering over 30 categories and 500 products, with potential total sales reaching hundreds of billions [5] - Shanghai Film has also capitalized on IPs, with "Wandering Earth" contributing to a 101.6% year-on-year revenue increase in Q3, amounting to 3.61 billion yuan [6] - Wanda Film, leveraging its strong distribution channels, has expanded into gaming and merchandise, creating over 60 types of products related to "White Snake: The Legend" [11] Future Developments - Light Chaser is advancing multiple projects, including sequels and new IPs, while also exploring merchandise opportunities in various sectors, including gaming and theme parks [7] - Shanghai Film is actively developing its own products and collaborating with over 40 brands, with expectations for derivative sales to exceed 2.5 billion yuan by year-end [9] - Companies like Maoyan Entertainment are entering the animation space with new brands and IP collaborations, indicating a growing trend in the industry [19][20] Market Dynamics - The industry is witnessing a shift towards non-box office revenue, with companies aiming to replicate the successful revenue models seen in Hollywood, where box office and non-box office income are more balanced [22] - The current wave of IP and derivative product development reflects a strategic response to market trends, with companies diversifying their offerings beyond traditional film revenue streams [22]

"冷冷的冰雨在脸上胡乱地拍"的影市，已经许久没有迎来这样的狂欢。 截至公映日，《鬼灭之刃：无限城篇第一章 猗窝座再袭》（以下简称"《鬼灭之刃2》"，区别剧场版前 作《无限列车篇》）预售票房（含零点场）已超1.81亿，登顶进口动画电影最高预售纪录，跻身内地市 场动画电影预售票房TOP3，仅次于《哪吒2》和《姜子牙》。 猫眼专业版显示，影片上映首日已票房破亿，其中IMAX、杜比等特效场占比近三分之一。零点场票房 高达1884万元，拿下进口动画第二高午夜场纪录，北上广多处零点场爆满，对特效场、零点场均有强效 拉动力。 此前《鬼灭之刃2》已经在全球展现过自身碾压级的统治力：累计观影人次超7979万，总票房约6.75亿 美元，位列2025年全球票房榜前五，北美史上最卖座外语片，中国港澳台、泰国菲律宾、日韩等多个市 场夺得年度票冠，日本影史TOP2仅次于前作，同时拿下IMDb评分8.5、烂番茄新鲜度98%、豆瓣评分 8.7。 上映第一天，《鬼灭之刃2》已经成为11月的票房冠军，其统治力将持续到11月26日迪士尼大作《疯狂 动物城2》上映。首周末3天票房收3.72亿元，但总票房预测落点略有下调。"救市"压力期待下，它能否 ...

Core Viewpoint - The financial performance of Damai Entertainment for the fiscal year 2025/26 shows significant growth, driven by diversified business strategies and the ongoing "Entertainment + AI" initiative, which enhances collaboration across various sectors and expands growth opportunities [1][11]. Group 1: Financial Performance - For the fiscal year ending September 30, 2025, Damai Entertainment reported total revenue of approximately 4.047 billion yuan, a year-on-year increase of 33% [1]. - The net profit attributable to shareholders reached about 520 million yuan, reflecting a 54% year-on-year growth [1]. Group 2: Core Business Growth - The performance of the live entertainment and technology sectors has become a key growth driver, with revenue from this segment reaching 1.339 billion yuan, up 15% year-on-year [2]. - The number of users for the Damai platform has surpassed 300 million, solidifying its position in the global live entertainment industry [3]. Group 3: Content and IP Development - The IP derivative business, centered around Aliyu, saw revenue increase by 105% to approximately 1.16 billion yuan, indicating strong growth potential [5]. - The company has established a robust content ecosystem through various content brands, achieving over 50% year-on-year growth in live entertainment content revenue [4]. Group 4: Technological Integration - The Damai APP has been upgraded to create a comprehensive entertainment consumption service system driven by AI technology, integrating various entertainment categories and enhancing user experience [3]. - The company has implemented advanced technologies in film production, including AI-driven services for script evaluation and box office forecasting, contributing to a more efficient content production process [8]. Group 5: International Expansion - Damai Entertainment is pursuing an international strategy, focusing on Southeast Asia and Japan/Korea as initial markets to provide a one-stop ticketing and viewing service platform globally [9][10]. - The launch of the new global performance service platform "Damai International" aims to leverage the company's ticketing experience and technology to tap into the cross-border entertainment consumption market [10].

Group 1: Smart Glasses - The global AI glasses market is expected to grow significantly, with sales projected to reach 1.52 million units in 2024 and 5.5 million units in 2025, driven by the launch of multiple AI glasses models from companies like Meta, Alibaba, and Baidu [1][23] - The integration of traditional optical companies into the smart glasses supply chain presents a new growth opportunity, particularly for lens manufacturers [1][40] - 康耐特光学 is highlighted as a leading lens manufacturer with ongoing collaborations in XR business, while 明月镜片 is noted for its partnership with Xiaomi for AI glasses [1][44][45] Group 2: Metal Packaging - The demand for two-piece cans is expected to recover as the market shifts towards increased canization, with the canization rate in China projected to rise from 29.56% in 2024, indicating significant growth potential compared to developed markets [2][52][55] - The industry is witnessing consolidation, with major players like 宝钢包装 and 奥瑞金 enhancing their market share through acquisitions, leading to a more concentrated market [2][59][60] - The profitability of two-piece cans is anticipated to improve as supply-side dynamics stabilize and companies expand their overseas production capabilities [2][64] Group 3: Export Chain - The easing of trade tensions and the Federal Reserve's shift to a rate-cutting cycle are expected to benefit export-oriented companies, improving order volumes [3][19] - Companies like 英科医疗 and 英科再生 are positioned to capitalize on these trends, with ongoing expansions in overseas production [3][22] Group 4: Millet Economy - The millet economy is projected to grow from 168.9 billion yuan in 2024 to 308.9 billion yuan by 2029, driven by a large user base and increasing consumer interest among younger demographics [4][24] - The development of high-quality domestic IP is expected to stimulate consumer demand for millet products, supported by improved distribution channels [4][30]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities in the潮玩 (trendy toy) sector [4]. Core Insights - The潮玩 industry is characterized by its integration of various cultural elements, including art, design, and popular IPs, leading to a unique product offering that appeals to consumers [2][3]. - The Chinese潮玩 market is experiencing rapid growth, driven by increasing disposable income, the rise of emotional consumption, and the emergence of quality domestic IPs [3][4]. - The competitive landscape is fragmented, with new domestic players leading market growth, while established international brands maintain a significant presence [4][5]. Summary by Sections 1.潮玩 Industry Overview and Value Chain -潮玩 is defined as toys that incorporate trendy culture, featuring high visual recognition and limited release mechanisms [2]. - The value chain consists of three segments: upstream (IP supply and operators), midstream (manufacturers), and downstream (retailers and consumers) [2][3]. 2. Comparison with the Japanese Toy Industry - The Japanese toy industry serves as a reference for China, having evolved through economic cycles, with a notable shift towards virtual entertainment during economic downturns [3][19]. - Despite challenges like declining birth rates, the Japanese market has seen growth in related sectors such as animation and gaming, which has positively impacted the潮玩 industry [3][22]. 3. Growth of the Chinese潮玩 Market - The Chinese潮玩 market is projected to grow from 229 billion yuan in 2020 to 763 billion yuan by 2024, with a CAGR of 35.11% [3][33]. - The market remains fragmented, with the top five players holding a combined market share of 23.7%, indicating potential for consolidation [4][52]. 4. Investment Recommendations - The report suggests focusing on潮玩 companies that cover the entire value chain and possess quality IP resources, as they are likely to outperform in the competitive landscape [4][7].

Core Insights - The report from Gamma Data predicts that the actual sales revenue of China's game IP market will reach 275.39 billion yuan by 2025, with original game IP expected to account for 135.4 billion yuan, representing 49.2% of the market [1] - The emergence of the domestic AAA game "Black Myth: Wukong" has significantly raised the visibility and value of Chinese game IPs in the global market [1] - The "Guzi Economy" has become a hot topic, with its revenue scale surpassing 100 billion yuan, appealing to a wide demographic, particularly the Gen Z audience [1] Industry Trends - Tencent's "Honor of Kings" has achieved a domestic DAU of 139 million and a global MAU exceeding 260 million, establishing itself as a benchmark for Chinese games going global [2] - The game employs a dual-track strategy for cultural adaptation, utilizing internationally relatable content to resonate with global audiences [2][4] - Localization efforts in overseas markets include introducing culturally relevant character skins, such as Brazilian wrestling-themed heroes for the Brazilian market [4] IP Ecosystem Development - The success of "Honor of Kings" is attributed to three main exploration lines: cultural expression, content innovation, and technological advancement [5] - The game has evolved into a cultural hub for youth, linking popular culture with various industries, including music, film, and tourism [5] - The rise of original game IPs has provided opportunities for smaller developers, allowing them to gain visibility and thrive in the market [5] Emotional Value and Future Directions - The increasing recognition of emotional value has led to the formation of an IP ecosystem centered around game adaptations, IP collaborations, and derivative product development [6] - Recommendations for future IP ecosystem development include transitioning IP authorization to emotional infrastructure, creating a holistic experience that bridges online and offline interactions, and fostering an open and symbiotic IP universe [6] - Suzhou has become a hub for the gaming industry, with numerous companies and a focus on digital content innovation, supporting the growth of the sector [6]

Core Insights - The article discusses the emergence of a new cultural consumption ecosystem centered around "谷子" (goods), highlighting its significance in youth culture and social interactions [1] - The collectible card game (CCG) market, particularly in China, is identified as a key component of this ecosystem, with a complete industry chain from IP licensing to secondary market transactions [1] Market Potential - The collectible card game market has grown from a niche hobby to a trillion-yuan market, with global CCG market size reaching $11.13 billion in 2020 and projected to grow to $31.26 billion by 2027, reflecting a compound annual growth rate (CAGR) of 15.9% [2] - China is expected to become the largest CCG market, with projected market sizes of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [2] Industry Evolution - The Chinese CCG market transitioned from a marginal to mainstream consumer segment, with significant milestones including the launch of "三国杀" in 2009 and the introduction of various international IPs in 2020 [3] - The market size increased dramatically from 700 million yuan in 2017 to 12.2 billion yuan in 2022, with a CAGR of 78.4%, and is expected to reach 31 billion yuan by 2027 [3] Consumer Behavior - Young consumers are drawn to CCGs for their emotional, social, and cultural values, with cards serving as tangible representations of IP love, social currency, and cultural identity [3] Comparative Analysis - China's per capita spending on CCGs is significantly lower than that of mature markets like Japan and the U.S., indicating substantial growth potential if spending levels increase [4] Competitive Landscape - The CCG industry is characterized by intense competition among leading companies like 卡游, 闪魂, and 集卡社, as well as entries from entertainment giants like 爱奇艺 and 阅文集团 [5] - 卡游, as the market leader, is projected to achieve revenues of 10.057 billion yuan in 2024, with its card business contributing 8.2 billion yuan and holding a 71.1% market share [5] Innovation and Global Expansion - 卡游's innovative strategies include collaborations with popular IPs and the introduction of culturally relevant products, such as cards featuring traditional Chinese elements [6] - The company is also expanding internationally, with plans to enter U.S. retail markets and promote its products through platforms like Tiktok [6][7]