Core Viewpoint - The rise of "谷子" (anime-related merchandise) consumption among young people is accompanied by various risks, including impulsive spending, rampant counterfeiting, and price speculation [1][2][3] Group 1: Consumption Trends - Young consumers are increasingly engaging in the purchase of badges, blind boxes, and standees as a way to express their love for anime culture, leading to significant financial investments [1] - The phenomenon of "端盒" (bulk buying of blind boxes) has emerged, with enthusiasts spending large sums to collect rare items [1] Group 2: Consumer Protection Issues - The Ningbo Consumer Rights Protection Committee has issued warnings about the hidden dangers of the "谷子 economy," highlighting four major consumption traps [1] - There are reports of "dark box operations" where merchants manipulate the odds of obtaining rare items in blind boxes, leading to consumer exploitation [1] - A case study revealed a student spent 6,000 yuan on blind boxes but received over 30 duplicate common items, indicating a lack of transparency in odds disclosure [1] Group 3: Counterfeit Products - The prevalence of low-priced counterfeit "福袋" (mystery bags) has led consumers to fall victim to poor-quality and potentially harmful products [2] - A consumer reported receiving defective and counterfeit items after purchasing a "热门IP福袋" for 50 yuan, with the seller refusing refunds under the guise of "random shipping" [2] Group 4: Market Manipulation - Some merchants collaborate with scalpers to create a sense of urgency around "limited edition" items, encouraging young consumers to overpay for products [2] - A university student lost over 90% of their investment after purchasing a limited edition standee for 3,000 yuan, which plummeted in value after the initial hype faded [2] Group 5: Social Pressure and Consumer Behavior - The "谷圈" (anime community) fosters a culture of comparison, leading to "invisible PUA" (manipulation) where individuals feel pressured to purchase rare items to fit in [2] - A high school student borrowed 5,000 yuan to buy an expensive second-hand badge to gain acceptance in a community, resulting in financial distress [2] Group 6: Recommendations for Rational Consumption - The Ningbo Consumer Rights Protection Committee emphasizes the importance of rational consumption, advising consumers to demand transparency in odds for blind boxes and to be wary of low-priced offers [3] - Recommendations include purchasing from official channels, setting monthly budgets, and avoiding communities that promote anxiety through comparison [3] - The committee also suggests that parents engage with their children about spending habits and that society should work together to combat counterfeiting and promote financial literacy [3]

2025 年 05 月 05 日 AI 应用热度有望重燃 推荐(维持) 投资要点 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 分析师：于越 | S1050522080001 | | yvyue@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 传媒(申万) -2.2 2.4 11.4 沪深 300 -3.0 -1.2 4.6 市场表现 -30 -20 -10 0 10 20 30 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：内需看 A 计划 科技与消费并驾齐驱》2025-04-20 2、《传媒行业周报：持续看好内需 且洼地的成长型选手》2025-04-12 3、《传媒行业专题报告："情绪经 济"专题》2025-04-10 ▌ 本周观点更新 年报与一季度均落地，总体看，2025 年一季度处于修复向好 态势，虽关税因子对部分细分行业的影响仍需要观察，但总 体看传媒应用板块有望持续获 AI 赋能。自上而下看，政策持 续护航 AI 应用发展，2025 年 4 ...

消费者谢女士：因为从小爷爷带着我一起玩，他年纪大了，带他出来体验年轻人的生活，接触一下年轻 人的氛围，爷爷觉得自己好像也变得年轻了。 近年来兴起的一种新型消费现象——"谷子经济"，是指围绕漫画、动漫、游戏等二次元IP周边商品所形 成的消费文化和经济形态。 "谷子"，由英文单词"Goods"音译而来，意思是商品，购买"谷子"通常被称为"吃谷"。这些"谷子"，包 括了徽章、立牌、卡牌等等，价格多在15元至50元，它们不仅是消费品，也包含了年轻人对动漫角色的 热爱。这个"五一"假期，上海多个二次元氛围浓郁的商圈，成了动漫爱好者的聚集地。 引入二次元业态 百年商街注入新活力 在上海南京路步行街，新开的卡游店落户在此，凭借鲜明的配色和独特的造型，在百年商业街厚重的底 色中，格外醒目。走进店里，多个IP主题区域让人眼花缭乱，吸引众多动漫爱好者驻足。 家长：因为小朋友平时学业比较紧张，周末带他们来逛这条街，他们非常开心。 在消费人群中，80多岁的谢先生在孙女的陪同下，体验着"谷子文化"。 多样消费场景激活商业新动能 打破年龄界限的二次元文化，正悄然重塑着上海的消费图景，"谷子经济"也逐渐成为拉动城市商业的新 动力。这背后， ...

Core Insights - The rise of "eating谷" (referring to purchasing peripheral products related to anime and games) is becoming a new driving force in the cultural tourism industry, particularly among younger tourists [2][4] - The integration of二次元 culture with local tourism resources is enhancing visitor experiences and attracting a significant number of young tourists to various cities [2][4] Industry Trends - The "eating谷" trend is transforming二次元-related industries into new tourist destinations and themes, with cities like Nanchang, Shanghai, and Wuhan becoming popular spots for young visitors [2] - The demographic shift towards "post-90s" and "post-00s" generations is leading to a more youthful and personalized tourism market [2] Market Potential - According to iMedia Consulting, the market size of China's泛二次元 and peripheral market is expected to reach 597.7 billion RMB by 2024, with the谷子 economy projected to exceed 300 billion RMB by 2029 [4] - Companies are encouraged to organize events like anime carnivals to enhance city cultural competitiveness and attract more visitors [4] Collaborative Efforts - Companies like谷子科技集团 are working with local governments in Nanchang to create new cultural tourism experiences that combine technology with traditional economic elements [4] - The二次元 culture is increasingly influencing urban youth expression, leading to the emergence of niche subcultures and related industry chains [4]

以下文章来源于Vista氢商业 ，作者嘴嘴 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 本文来自微信公众号： Vista氢商业 ，作者：嘴嘴，编辑：橘总，原文标题：《"3万拿下271个走私的玲娜贝儿、白菜价打包始祖鸟？"多少中产把「海 关拍卖」蹲成捡漏圣地》，题图来自：视觉中国 这个五一你在哪里人挤人？ 听说"世界上最快乐的地方"在这个五一又被挤爆了。排队3小时只看懂了前面老大哥的后脑勺，连快80块的小吃都得和打工人抢着买，上海迪士尼再一 次验证了那句坊间名言"这里没有淡季，只有忙和更忙。"处在风口浪尖上的迪士尼最近还搞出一个大新闻： 735个迪士尼小玩偶出现在海关拍卖，为一众奢牌包包和白糖石油等硬通货增添了几分年轻气息。海关给出3万出头的起拍价，懂行的人说"超过12万就 不值"，却因拍卖中一句有"271个绿色贝儿"，最终拍到28.048万元。 川沙顶流 （玲娜贝儿） 再一次证明自己的实力。一场拍卖夹杂着疯狂加价、临时抢货，超6万人围观了这场谷子圈的《海关有好物》，看到身价翻了 快9倍的小玩偶，有网友调侃"海关才是迪圈最大的操盘手"。 年轻人开始去【海关拍卖】捡漏了？而在看到"绿色贝 ...

Group 1 - The article highlights the recent auction of 735 Disney merchandise items, including 653 plush toys, which attracted significant attention and resulted in a toy being sold for 280,480 yuan, a nearly ninefold increase from its starting price of 32,480 yuan [8][10][18] - The auction was characterized by intense bidding, with over 60,000 viewers and 139 participants, showcasing the growing interest in collectible items among younger consumers [5][18][21] - The auction featured a specific item known as "green Belle," which was misidentified, leading to confusion and inflated prices, demonstrating the speculative nature of the collectibles market [20][21][50] Group 2 - The article discusses the evolving role of customs in the collectibles market, indicating that customs authorities are increasingly involved in the auctioning of seized goods, which has become a new trend in the "guzi" (collectibles) economy [22][29][50] - It notes that the auction process is often opaque, with no guarantees regarding the authenticity of the items sold, raising concerns among buyers about potential counterfeit products [48][50] - The customs auctions have become a popular venue for middle-class consumers seeking to acquire luxury items at lower prices, reflecting a shift in consumer behavior towards seeking value in seized goods [33][36][39]

近日，泡泡玛特旗下人气IP盲盒LABUBU（又称拉布布）在全球发售第三代搪胶毛绒产品"前方高能"系 列。在泡泡玛特中国内地线上平台，LABUBU第三代搪胶毛绒产品一上线便迅速被抢光，秒速售罄。 与此同时，海外市场的抢购热情同样高涨，美国洛杉矶、英国伦敦等地的泡泡玛特线下门店前也连夜排 起长龙，相关话题"抢LABUBU"迅速冲上微博热搜。 泡泡玛特LABUBU系列新品发售后迅速抢光 此前599元联名款被炒至3万元 4月30日，记者在泡泡玛特旗舰店查询发现，系统页面显示，当前在售的LABUBU 第三代系列新品发货 时间已排至6月15日。尽管发货时间延迟，但依然无法阻挡大量爱好者对LABUBU第三代系列的热情， 许多消费者未能如愿抢到心仪产品。在此情况下，众多消费者将目光转向了二手平台，试图在这里寻 得"宝贝"。 在二手平台上，已经涌现出大量"全新未拆盒"转让的部分LABUBU"前方高能"系列产品，且均出现了不 同程度的溢价。以端盒（购买一系列六盒）为例，原价594元的端盒在二手平台被炒到了900元-2000元 左右，价格几乎翻了一倍甚至更多。而单个售价99元的盲盒，在二手市场的普遍溢价幅度达到了20 元-60元左 ...

Core Insights - The company reported a revenue of 14.08 billion yuan for 2024, a year-on-year decrease of 3.75%, and a net profit attributable to shareholders of 1.364 billion yuan, down 61.63% year-on-year [1] - In Q1 2025, the company achieved a revenue of 2.9 billion yuan, a year-on-year decline of 12.76%, with a net profit of 379 million yuan, down 19.8% year-on-year [1] Business Performance - The core business revenue remains stable, but increased investment in top-tier content has led to profit fluctuations. The decline in Q1 2025 revenue is primarily due to a contraction in the traditional TV shopping segment, while the core membership business shows a steady trend [1] - Membership revenue reached 5.148 billion yuan in 2024, marking a 19.3% increase year-on-year, with the membership base growing to 73.31 million by the end of 2024 [2] - Advertising revenue was 3.438 billion yuan in 2024, a slight decrease of 2.7% year-on-year, while operator business revenue fell to 1.593 billion yuan, down 42.4% year-on-year [2] Content Strategy - The company has a rich reserve of quality shows, with a leading market share in effective viewership for variety shows. Notable programs include "Detective Chinatown" and "Women's Reasoning Society," which ranked in the top 10 [3] - The investment in drama series increased by 12% year-on-year in Q1, with upcoming releases like "Singer 2025" and "Jinxiu Fanghua" expected to enhance membership growth and performance [3] Future Outlook - The company plans to increase quality content investment starting in 2024, which may lead to short-term profit fluctuations but is expected to accelerate membership revenue in Q2 [4] - Revenue projections for 2025-2027 are estimated at 14.78 billion, 15.8 billion, and 16.94 billion yuan, with net profits of 1.72 billion, 1.98 billion, and 2.2 billion yuan respectively [4]

Group 1 - The media sector is experiencing a strong performance, with the Zhongzheng Media Index rising by 1.70% and key stocks like Yaoji Technology, Vision China, and Zhongwen Online showing significant gains [1][2] - The Media ETF has also seen an increase of 1.26%, with a recent price of 1.12 yuan, and a cumulative rise of 1.09% over the past two weeks [1] - The number of companies related to the "Guzi Economy" in China has exceeded 6.67 million, with 96.7% of these established in the last five years, indicating explosive growth in this sector [1] Group 2 - The "Guzi Economy" is emerging as a new economic model driven by the expansion of the secondary dimension culture IP, with significant commercial opportunities arising from the growth of the domestic fanbase and post-pandemic consumer trends [2] - Companies in the light manufacturing sector, particularly in stationery and toys, have been strategically positioning themselves in the IP collaboration product space, benefiting from the new monetization models offered by the "Guzi Economy" [2] - The Zhongzheng Media Index comprises 50 major listed companies from marketing, advertising, cultural entertainment, and digital media sectors, with the top ten stocks accounting for 48.72% of the index [2]

分析人士表示，这与泡泡玛特近期上市的新品密切相关。4月24日，泡泡玛特旗下人气IPLABUBU在全 球发售第三代搪胶毛绒产品"前方高能"系列，在全球引发抢购风潮，带动泡泡玛特APP首次登顶购物 榜。 值得一提的是，今年一季度，泡泡玛特受到更多公募基金经理的关注。据东方财富Choice数据显示，有 208只基金产品截至一季度末时持仓泡泡玛特，较2024年末的116只出现大幅增长。其中，不乏多位知名 基金经理的身影，如易方达基金萧楠、南方基金史博、汇添富基金胡昕炜、永赢基金高楠等。 国海证券指出，泡泡玛特作为潮玩文化及商业化的先行者与龙头，基于全产业链与平台优势，多维度运 营IP并变现。且产品品类扩张逻辑持续验证，出海2.0开启乘数效应，上调公司盈利预测。 申万宏源认为，海外市场方面，泡泡玛特收获高增长的核心是偏女性向的潮玩蓝海市场（此前潮玩、潮 鞋等主要针对男性），依靠形象IP的普适性+精美高质量的手办潮玩+成功的本地化运营。欧美高增长 验证IP强大势能，持续兑现欧美极大市场空间。 免责声明 4月28日，"谷子经济"概念龙头港股泡泡玛特大涨，盘中一度涨超13%，创下195港元/股的历史新高。4 月29日，泡泡玛 ...