Core Viewpoint - Dongguan is accelerating the development of the潮玩 (trendy toys) and动漫 (animation) industries by investing 120 million yuan and implementing various supportive measures to enhance industry quality and competitiveness [1][2][3] Group 1: Investment and Support Measures - Dongguan will allocate 120 million yuan to support the潮玩 and动漫 industries across four main areas: industrial ecology, market expansion, content creation, and cluster development [1] - The city aims to enhance original design capabilities and brand building for潮玩 and动漫 companies, offering up to 3 million yuan in funding for original design initiatives [2][3] Group 2: Industry Ecosystem and Infrastructure - Dongguan has over 8,000 toy manufacturing companies and nearly 1,500 supporting enterprises, making it the largest toy export base in China, with 85% of the country's潮玩 production and 25% of global动漫 derivatives originating from the city [1] - The city plans to establish the "China潮玩 Capital·Manga Expo Center" to serve as a hub for display, trade, and incubation within the industry [2] Group 3: Market Expansion Initiatives - The measures include support for潮玩 and动漫 companies to engage in cross-border e-commerce and domestic trade, with subsidies of up to 200,000 yuan for participation in key domestic and international exhibitions [2][3] - Dongguan will provide financial assistance for service fees related to cross-border e-commerce and domestic trade platforms, with a maximum subsidy of 200,000 yuan [2] Group 4: Content Creation and IP Development - Dongguan aims to cultivate top-tier original动漫 content and support the promotion of these works, offering up to 5 million yuan for作品 that receive prestigious awards [3] - The city will reward up to 1 million yuan for the transformation of original IP into publications, animation films, or esports games [3] Group 5: Cluster Development and Talent Cultivation - Dongguan seeks to attract leading潮玩 and动漫 enterprises, offering up to 5 million yuan for establishing headquarters or R&D bases in the city [3] - The city plans to create a specialized fund for the潮玩动漫 industry to guide credit resources and strengthen talent development in the sector [3]

Core Viewpoint - The rise of new consumption trends in China is reshaping investment logic, with traditional consumer stocks lagging while new brands gain significant market attention and valuation [1][2][4] Group 1: New Consumption Trends - The stock prices of companies representing new consumption trends have surged, with Old Peking Gold increasing over 180% and Pop Mart rising over 110% this year [2] - The emergence of "Guochao" (national trend) brands, particularly in the tea sector, has attracted significant investment, with brands like Gu Ming and Mi Xue Bing Cheng seeing substantial market valuations [2][5] - The Z generation's preferences are driving a shift in consumption, focusing on emotional and experiential value rather than just utility [4][5] Group 2: Investment Opportunities - Fund managers have identified investment opportunities in new consumption stocks, with significant increases in holdings for brands like Pop Mart and Mao Ge Ping [3][4] - The performance of funds that have invested in these new consumption brands has been strong, with some achieving returns close to 27% this year [3] - The changing consumer habits and preferences are leading to a demand for high-quality, emotionally resonant products, creating opportunities for brands that can meet these needs [5][9] Group 3: Market Dynamics and Valuation Concerns - There is a growing debate about the sustainability of high valuations for new consumption stocks, with concerns about potential valuation bubbles [8] - Despite high growth rates, some analysts argue that traditional valuation models may not apply to these new brands, which often focus on IP-driven growth [8] - The market is witnessing a shift where both high return on equity (ROE) and high gross merchandise volume (GMV) are becoming important metrics for evaluating new consumption stocks [6][8] Group 4: Future Investment Directions - Future investment opportunities are expected to arise from the rise of young consumer groups and the shift towards emotional consumption, particularly in sectors like IP derivatives and jewelry [9][10] - The new snack sector is also seen as a promising area, with companies adapting to consumer preferences and benefiting from new distribution channels [9] - Policies encouraging "trade-in" programs are expected to positively impact sectors like home appliances and automotive, providing further investment opportunities [10]

2025年8月8日至11日，第十五届中国国际动漫博览会（以下简称"漫博会"）将在东莞市石排镇"中国潮 玩之都・漫博中心"举行，以"潮梦想出发"为主题，将"专业展"与"产业镇"融合，实现从单一展览场景 向全产业链园区的全新升级。 事实上，"梦想"早已生出坚实的翅膀。作为全国最大的潮玩生产基地，东莞生产了中国近85%的潮玩， 全球动漫衍生品1/4由东莞制造。其中，产业最为集中的便是此次漫博会承办地——石排镇。摩动核、 威斯潮玩、TOYCITY、大漂亮……在这些或硬核酷炫、或柔软萌动的潮玩中，石排的诸多企业是如何 演绎"潮"的？日前，南都N视频记者走进石排潮玩企业，探寻产业发展背后的潮流密码。 国潮兴起 立足原创IP聚合产业生态 进入摩动核动漫模型玩具有限公司（以下简称"摩动核"）展厅，4个近3米高的可穿戴机甲伫立在前，一 下子就吸引了记者的目光，它们正是原创动漫IP《星甲魂将传》中的热门角色吕布、关羽、赵云、孙悟 空。这些耳熟能详的英雄名将、神话人物，如今都换上了高精致涂装。 潮玩是动漫产业的重要载体，摩动核深谙此道。与一些传统玩具制造企业不同，最初进入行业时，摩动 核便没有做代工，而是瞄准了原创IP的赛道。 " ...

近年来，黄金珠宝被纳入新消费的范畴，古法、国潮等概念逐渐成为金饰行业的热点。业内人士认为， 黄金珠宝行业正在经历品牌转型升级的大周期，消费者更关注产品本身的创新和差异化。其中，古法 金、小克重等品类成为市场焦点，年轻群体在黄金首饰消费者中的占比持续提升，驱动品牌在款式、工 艺及IP联名上不断突破。 加码年轻化布局 老铺黄金又迎来了新一波排队潮。8月2日，老铺黄金全新门店在上海新天地开业，并给出开业限时折 扣，吸引众多消费者前来购物。中国证券报记者实探发现，现场排队需要两小时左右，但即便如此，消 费者仍络绎不绝，甚至有消费者笑称"一代人有一代人的鸡蛋要抢。" "公司一直坚持打造最受年轻人喜欢的东方时尚品牌，围绕这个品牌战略定位，我们一直在产品力上坚 持差异化，近几年产品力优势辅以终端精细化运营，逐渐凸显出效果，在一季度也有比较好的表现。相 信我们继续坚持这个战略定位，未来几年仍能持续保持较好的增长。"潮宏基进一步称。 从渠道为王到产品制胜 站在上海新天地老铺黄金门外的长队中，能清晰感受到消费市场的脉动变化：Z世代消费者讨论花丝工 艺的精细度，中年夫妇计算金价涨幅与工费比例，代购主播镜头对准錾刻的细节。 这些场景 ...

Group 1 - The gold jewelry industry is experiencing a transformation with a focus on brand upgrades and consumer preferences shifting towards innovative and differentiated products [1][4] - Young consumers are increasingly driving demand for gold jewelry, moving from a singular focus on value preservation to a multi-faceted approach that includes cultural recognition and emotional value [1][2] - The rise of IP collaborations in gold jewelry, particularly appealing to younger demographics, is becoming a significant growth engine for the industry [2][3] Group 2 - Companies are enhancing their product offerings by integrating cultural and emotional values, aiming to create unique products that resonate with younger consumers [3][4] - The industry is transitioning from a focus on store expansion to prioritizing product quality and brand differentiation, reflecting a shift in consumer expectations [4] - The emergence of brands like Laopu Gold is leading the industry towards a more brand-centric and high-end development model, which is expected to increase customer loyalty and profitability [4]

Core Insights - The local sports giants are at a critical juncture, with Li Ning showing signs of decline while Anta and Xtep demonstrate resilience and growth through strategic brand management and focus on specific market segments [1][4][6]. Group 1: Company Performance - Li Ning's retail revenue growth is projected to be low single digits by Q2 2025, with offline channels experiencing negative growth [1]. - Li Ning's net profit has declined for two consecutive years, with its market capitalization dropping from over HKD 260 billion in 2021 to around HKD 40 billion currently [1]. - In contrast, Anta's multi-brand strategy has led to significant growth, particularly in high-end brands like Descente and Kolon, which have seen growth rates of 50-55% [1][4]. Group 2: Strategic Moves - Li Ning's strategy of "single brand, multiple categories" is becoming ineffective, as it struggles to replicate the success of Anta's Amer Sports and Xtep's Saucony [4][6]. - The Swedish outdoor brand Haglöfs is entering the Chinese market, which may impact Li Ning's positioning in the outdoor segment [6][7]. - Li Ning is attempting to pivot towards the outdoor market by launching professional and lightweight outdoor product lines, although these currently contribute minimally to total revenue [37][40]. Group 3: Investment and Ownership Structure - LionRock Capital, which recently acquired Haglöfs, has a close relationship with Li Ning, as Li Ning's founder is a non-executive chairman of LionRock [15][11]. - Viva China, now known as Viva Goods, has shifted its focus towards multi-brand operations and has been involved in several acquisitions, including Clarks and Haglöfs [18][19]. - The operational model of Viva Goods under Li Ning's family structure aims to create a synergistic "capital + industry" ecosystem, although its effectiveness remains to be seen [18][19]. Group 4: Market Trends and Challenges - The rise of "Guochao" (national trend) significantly boosted Li Ning's market value until 2021, but the brand's appeal has since diminished as consumer preferences evolve [30][32]. - Li Ning's attempts to diversify with sub-brands like LI-NING 1990 have led to confusion among consumers, resulting in a lack of clear brand identity [32][35]. - The outdoor segment is seen as a growth area, but Li Ning's late entry and previous failures in managing international brands like Aigle and Danskin raise concerns about its future success in this market [37][48].

Core Viewpoint - Li Ning's significant stock buyback by its founder and his nephew indicates confidence in the company's future despite recent poor stock performance, raising questions about the synergy between Li Ning's single-brand strategy and the multi-brand approach of its affiliate, Non-Fan Linyue [2][5][11]. Group 1: Stock Buyback Activity - Li Ning and his nephew have purchased over 800 million HKD worth of Li Ning shares this year, marking the largest buyback in the past 20 years [3][7]. - The buyback has increased their stake from 10.57% to 13.08%, with a total of 51.79 million shares acquired [7][8]. - The timing of the buyback is notable, as Li Ning's stock price has dropped over 60% in 2023, and the current price-to-earnings ratio is approximately 12.9, significantly lower than industry leaders [9][11]. Group 2: Financial Performance - Li Ning's revenue has consistently increased over the past three years, rising from 25.803 billion CNY in 2022 to 28.676 billion CNY in 2024 [11]. - However, net profit has declined for two consecutive years, dropping to 3.187 billion CNY in 2023, a decrease of 21.6%, and further to 3.013 billion CNY in 2024 [12]. Group 3: Strategic Direction - Li Ning has recently signed a partnership with the Chinese Olympic Committee, becoming the official sportswear partner from 2025 to 2028, which may support future growth [12]. - The company continues to emphasize its "single brand, multi-category, multi-channel" strategy, while its affiliate Non-Fan Linyue is pursuing a multi-brand strategy through acquisitions [15][16]. - Non-Fan Linyue has successfully turned around its financials by acquiring brands like Clarks, which contributed 5.39 billion HKD in revenue in 2022 and saw a 79.1% increase in 2023 [19]. Group 4: Market Position and Competition - The competitive landscape in the sports brand market is intensifying, and investors are looking for more strategic actions from Li Ning beyond its partnership with the Chinese Olympic Committee [14]. - Analysts suggest that Li Ning's acquisitions may not align well with its core brand, leading to a fragmented brand positioning compared to competitors like Anta, which has successfully expanded in the sports sector [21].

Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new industry peak similar to previous waves in 2015 and 2020 [1][2][5] Industry Trends - The current wave of ACG games is characterized by domestic developers no longer blindly following trends but instead focusing on developing their own intellectual properties (IPs) and integrating ACG elements with familiar game types, exploring niche markets [1][11] - The market is seeing a significant influx of new and established players, leading to a competitive environment that may result in a reshuffling of market positions [4][11] Game Launches and Performance - Notable game launches include "Victory Goddess: NIKKE," which achieved $1 billion in global revenue by January 2025, and "Pretty Derby," which returned after a 622-day hiatus, generating approximately $203 million in its first 12 days [2][3] - Other successful titles include "杖剑传说," which generated over 200 million yuan in its first month, and "最终幻想14：水晶世界," which began testing in June 2025 [3][4] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current trend being driven by a more mature understanding of the market and player preferences [5][6] - Previous failures in the sector were often due to a lack of depth in storytelling and gameplay, leading to a "winner-takes-all" scenario where only a few titles succeeded [6][10] Cultural Shifts - The rise of "Guochao" (national trend) has allowed domestic developers to resonate more with local audiences, reducing cultural barriers and enhancing emotional connections with players [12][13] - The development of game-related merchandise is gaining traction, reflecting a shift in focus towards creating a broader ecosystem around ACG titles [12][13] Future Outlook - The current trend indicates a diversification of gameplay styles, with developers exploring various genres such as ARPG, shooting, and open-world games, which may lead to new market opportunities [11][12] - There is speculation about the potential for a "GTA-style" ACG game to emerge, with titles like "异环" and "无限大" being closely watched for their market impact [14][15][16]

Core Insights - The report highlights the evolution of fashion consumption in China from a focus on individual products to a broader lifestyle approach, with a market size estimated between 2 trillion to 3 trillion yuan, becoming a significant vehicle for cultural identity [1] - The Wangfujing shopping district is showcased as a vibrant example of this shift, emphasizing the integration of traditional culture with modern consumer experiences [1][7] Group 1: Cultural Integration - The transition from "symbolic packaging" to "cultural ecosystem construction" in Chinese fashion consumption is noted, with a focus on deeper connections to contemporary life rather than just traditional symbols [2] - Events like the "Wangfujing Joy·God of Wealth Exhibition" illustrate this trend, attracting young consumers through immersive cultural experiences that blend tradition with modern aesthetics [2][3] - The "You Xian Er·God of Wealth Hall" combines traditional culture with interactive experiences, transforming cultural rituals into social activities, thus engaging younger audiences [3][5] Group 2: Consumer Engagement - Wangfujing is actively exploring ways to connect with younger consumers, with a focus on emotional value and cultural belonging, as evidenced by the diverse offerings in its shopping centers [6] - The demographic of consumers aged 19 to 34 now represents 59% of the overall consumer base in Wangfujing, reflecting a 15 percentage point increase year-on-year [6] Group 3: Global Perspective - Wangfujing is evolving into a cultural output interface and a hub for global cultural resonance, moving beyond merely being a trendsetter [7] - The integration of international elements, such as overseas pop culture IPs and cultural festivals, enhances Wangfujing's international appeal and cultural fluidity [7] - The district's approach aligns with the "3.0 process" outlined in the report, which emphasizes the creation of a local cultural ecosystem and brand spirit [7][8]

"数字化领域涉足不深""年纪大规模小"，这些问题成为老字号品牌负责人提到的共同痛点与难点。 毛源昌眼镜品牌总监彭倩以自身企业为例提出了建议："作为一个渠道平台，我们在数字化方面拥抱AI 眼镜，目前已与众多AI智能眼镜品牌达成合作，也希望通过多种途径实现数字赋能。" "老字号插上数字的翅膀，是企业实现创新升级的重要路径。"径山书院联合创始人陈洁瑾说，"数 贸会上我们是'新人'，我们期待届时能开出名贵、稀罕的'新花'、结出有竞争力的'新果'。"作为老字号 品牌集合展示的专区，径山书院的创新产品"径山素酱"作为农产品伴手礼，现已注册国际商标。 近日，第四届全球数字贸易博览会数字国潮展筹备座谈会上，20余家老字号品牌、企业与商务局相 关负责人面对面交流，共同探讨老字号数字赋能空间、国潮品牌消费转型升级，推进数字国潮展筹备工 作。 本届数字国潮展区位于数字文娱馆，面积将从以往的200平方米扩展至500平方米，展厅将划分为产 品展示、互动演绎、直播、数字文创四大区域。 当天，姚生记、鸿光浪花、万事利等耳熟能详的老字号品牌悉数到场，网易、遥望科技两家企业 携"老字号焕新合作计划"也参加了会议，介绍他们如何借力AI和赋能平台 ...