Core Viewpoint - The A-share market experienced a collective rise, driven by the ongoing popularity of IPs and supportive policies, particularly in the gaming and film sectors [1][4][9] Market Performance - On June 16, the Shanghai Composite Index rose by 0.35%, the Shenzhen Component Index by 0.41%, and the ChiNext Index by 0.66%. The total market turnover was 1.21 trillion yuan, a decrease of 260.3 billion yuan from the previous trading day [1] Sector Highlights - The gaming ETF (516010) increased by 5.24%, while the film ETF (516620) rose by 4.68% [2] - Light Media, a key component of both ETFs, saw its stock price surge by 20%, contributing over one-third to the gains of both ETFs [4] Industry Insights - The "618" e-commerce event showed significant growth in the trendy toy sector, with over 2,400 merchants achieving triple-digit year-on-year growth. Sales of gaming and esports derivatives increased by over 80% [4] - A report indicated that 33 Chinese companies made it to the global mobile game publisher revenue list, collectively earning 2.02 billion USD, accounting for 36.6% of global revenue [5] Policy Support - The Zhejiang provincial government announced measures to support the international expansion of gaming companies, focusing on tax, financing, and platform promotion [5] Future Outlook - The content industry is entering a revaluation cycle, with AI empowerment and optimization of industry structure presenting significant commercial potential [6] - The rise of Z-generation consumers is expected to sustain long-term demand for IP products, with over 500 million users in China, predominantly female [7] Competitive Landscape - The gaming industry's competitive dynamics are improving, with product quality becoming the core differentiation factor. Leading companies are increasingly penetrating international markets [8] - The trend of going global is alleviating domestic market homogenization and optimizing resource allocation within the industry [8] Investment Opportunities - The current market sentiment and technological advancements in content creation and operation are providing strong support for the gaming and film sectors. Investors are encouraged to consider gaming ETF (516010) and film ETF (516620) for structural opportunities in the cultural media sector [9]

Group 1 - The gaming sector is experiencing strong growth, with related products such as the gaming ETF (516010) rising over 5% during trading [1] - The IP toy sector is gaining momentum, highlighted by the auction of a Labubu collectible for 1.08 million yuan, indicating the potential value of IP [3] - Companies are increasingly focusing on the "millet economy" and integrating their products with IP toys, leading to an expansion of the industry chain [3] Group 2 - The new product cycle in the gaming industry is ongoing, with improved competition dynamics and several mid-sized games performing well after their launch [4] - Notable new games include Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend," both quickly entering the bestseller lists [4] - The collaboration between Kuaishou's Keling AI and NetEase's "Nirvana in Fire" is expected to enhance user experience by integrating AI technology into gaming social features [4] Group 3 - The commercial value of upstream IP and downstream channel companies is anticipated to increase due to the expansion of China's new consumer market and AI-driven media technology [4] - Investors are encouraged to consider the gaming ETF (516010) as a potential investment opportunity [4]

Group 1: Market Trends - The "blind box economy" and "guzi economy" have become hot topics in the new consumption sector, leading to increased interest in companies like Hars. [1] - The domestic cup and kettle market is undergoing a profound transformation, with products evolving from traditional durable goods to fast-moving consumer goods, fashion items, collectibles, and lifestyle symbols. [2] - The global cup and kettle market is experiencing steady growth, driven by the segmentation of usage scenarios, the rise of outdoor activities, and the influence of short video social media, leading to increased consumption frequency. [2] Group 2: Company Strategy - Hars has clarified that its past cooperation with Pop Mart has ended and does not include the Labubu IP, while expressing confidence in the domestic market and the new consumption trends represented by the "guzi economy." [1] - The company has a creative independent design team and plans to actively explore new sales channels and develop new products in response to market trends. [1] - Hars has shown a clear inclination towards IP operations and has previously collaborated with various companies, including Pop Mart and Coca-Cola, to enhance brand development. [3][4] Group 3: Competitive Landscape - Leading brands are enhancing market concentration and consolidating their dominant positions, while emerging brands are rapidly rising through innovative products and flexible strategies, injecting new vitality into the industry. [2] - The rise of new brands intensifies market competition, requiring supply-side companies to enhance their competitiveness and meet diverse customer needs. [2]

Core Viewpoint - 52TOYS is aiming to become the "Chinese version of Bandai" and is preparing for an IPO in Hong Kong, focusing on a diverse range of collectible toys and IP products, while differentiating itself from competitors like Pop Mart [1][10]. Company Background - Founded in May 2015 by Chen Wei and Huang Jin, 52TOYS started as a collectible toy company, leveraging their experience in the industry to create a brand that encompasses various toy categories including blind boxes and action figures [2][5]. - The company has developed over 100 self-owned and licensed IPs, including popular franchises like Crayon Shin-chan and Tom and Jerry, and has expanded its market presence internationally [3][5]. Financial Performance - 52TOYS has achieved a valuation exceeding 4.2 billion yuan, with significant investments from various venture capital firms, indicating strong market potential in the collectible toy sector [6][8]. - The company's revenue grew from 463 million yuan in 2022 to 630 million yuan in 2024, reflecting a compound annual growth rate of 16.7% [13]. Market Position and Competition - The collectible toy market in China is rapidly growing, with 52TOYS positioned as the second-largest multi-category IP toy company in the country, while also facing competition from Pop Mart, which has a significantly larger market capitalization [12][14]. - 52TOYS aims to carve out its niche in the collectible toy segment, emphasizing that it does not wish to replicate Pop Mart's model, but rather to establish itself as a leader in collectible toys [10][12]. International Expansion - The company is actively expanding its international footprint, with plans to enter Southeast Asia, Japan, South Korea, and North America, and has already established 90 overseas distributors and 16 licensed brand stores [3][14]. - 52TOYS' overseas revenue increased from 35.4 million yuan in 2022 to 147 million yuan in 2024, achieving a compound annual growth rate of over 100% [14].

Core Insights - The article highlights the rise of Chinese潮玩 (trendy toys) as a significant force in global pop culture, exemplified by the popularity of LABUBU and the movie "Nezha 2" [1][7] - Dongguan, Guangdong, is identified as a key player in the潮玩 industry, leveraging its advanced manufacturing capabilities and efficient supply chain to support the production of these popular IPs [1][3][7] Group 1:潮玩 Industry Dynamics - LABUBU merges traditional vinyl toys with plush elements, supported by multiple Dongguan enterprises, resulting in high-margin products [1] - The潮玩 industry emphasizes rapid delivery, with Dongguan companies achieving quick turnaround times for production, exemplified by the "Nezha economy" during the film's release [3] - Dongguan's沃工场 (WoGongChang) established a one-stop service model, enabling swift design and production processes, leading to significant order values, such as 100 million yuan for "Nezha 2" related products [5] Group 2: Manufacturing and Economic Impact - Dongguan produces a quarter of global动漫衍生品 (anime derivatives), with one in three潮玩 being manufactured there, showcasing its dominance in the industry [5] - The integration of local IPs with manufacturing capabilities has led to the emergence of潮玩 giants and a strong brand presence both domestically and internationally [7] - The潮玩 industry in Dongguan exemplifies the transformation of Chinese manufacturing, representing a new paradigm in the sector [7]

Group 1 - The "Guzi Economy" is driving significant growth in the printing and packaging industry, particularly in Wenzhou, where demand for cultural peripheral products is surging among young consumers [1][2] - The term "Guzi" refers to IP peripheral products derived from anime and gaming, which have become popular among younger generations, evolving from niche collectibles to mainstream cultural products [1][2] - In 2024, the total output value of the printing and packaging industry in Longgang City is projected to reach approximately 23 billion RMB, marking a continuous growth from 11 billion RMB in 2019 [2] Group 2 - The "Guzi Economy" serves as a conduit for cultural industries and a lucrative opportunity for the printing and packaging sector, with companies expanding production to meet rising demand [2] - For instance, the sales revenue from peripheral products of the popular IP "The King's Avatar" exceeded 30 million RMB last year, highlighting the economic potential of this market [2] - The local printing industry is innovating various printing technologies and developing diverse processes to cater to the evolving consumer preferences of the younger demographic [2]

Group 1 - In May, new RMB deposits exceeded 2 trillion, while new RMB loans were nearly 620 billion, indicating a disparity in growth between deposits and loans due to changes in financial institutions' asset diversification and financing structures [1] - The "Guzi economy" has rapidly exploded, with the Taotian toy industry achieving a market share of 70% during the first phase of the 618 shopping festival, significantly surpassing last year's performance [1] - Micron has confirmed the discontinuation of DDR4 production, with expectations of severe shortages in the coming quarters, particularly affecting the PC and data center sectors [1] Group 2 - The search volume for "LABUBU" on the Xianyu platform surged by 1000% month-over-month, indicating a strong demand for rental services of LABUBU figurines [2] - Multiple counterfeit LABUBU factories in Dongguan have ceased operations, likely due to increased copyright enforcement [2] - Minsheng Securities' chief strategist, Miao Yiling, has left the company, marking a significant change in the firm's research leadership [3] Group 3 - China Pacific Insurance reported a total premium income of 227.169 billion for its two subsidiaries in the first five months, with a year-on-year growth of 10.2% for life insurance [6] - Goldway plans to repurchase shares worth between 100 million to 150 million, with a maximum repurchase price set at 53 yuan per share [11] - Nanjing Julong intends to invest 130 million in a new production project for special materials, aiming for an annual output of 40,000 tons [10] Group 4 - A strategic research collaboration between Stone Pharmaceutical Group and AstraZeneca has been established, with potential earnings exceeding 5 billion from milestone payments and royalties [7] - The China Securities Regulatory Commission has approved the registration application for Jiangxi Aifenda's IPO on the Growth Enterprise Market [6] - Xizi Elevator has appointed Gao Feng as the new chairman following the passing of the previous chairman [4][5]

Core Insights - The young consumer power is increasingly evident in the toy and trendy toy market, with explosive growth in sales and a significant number of merchants achieving high sales milestones during the Tmall 618 event [1][4][12] Market Performance - As of June 12, 2023, the Tmall toy and trendy toy industry saw six merchants surpassing 100 million yuan in sales, nearly 100 merchants exceeding 10 million yuan, and 16 products breaking the 10 million yuan mark [1] - The industry experienced a three-digit year-on-year growth for over 2,400 Tmall trendy toy stores, with the number of merchants surpassing last year's 618 event [1][4] Market Share and Growth - Tmall's trendy toy market holds a dominant 70% market share, nearly three times that of the second competitor, indicating a strong competitive position [4][6] - The category of blind boxes, figurines, and related products saw a staggering 71.5% growth year-on-year in May 2023 [4] Consumer Trends - The "Guzi" (domestic trendy toys) market is outpacing the "Rizi" (Japanese trendy toys) market in both transaction volume and growth rate, with a significant increase in overseas orders [7][8] - The EDC (Every Day Carry) toy category has surpassed 150 million yuan in sales, with a notable increase in male consumer engagement [9][12] Product Launches and Sales - Tmall introduced approximately 20,000 new products from around 2,000 IPs during the 618 event, with several stores achieving over 10 million yuan in sales on launch day [7][8] - The "LABUBU" brand saw significant interest, with related searches exceeding 500,000 and sales surpassing 1 million yuan in May 2023 [10] Cultural Impact - The popularity of domestic IPs is driving sales growth, with a notable increase in transactions for products related to films and celebrities [8] - The Tmall platform is recognized as the leading platform for trendy toys, influencing brand strategies across the industry [12]

Core Insights - The Taotian潮玩 industry has achieved a market share of 70% during the first phase of the 618 shopping festival, nearly three times that of the second-place competitor [1] - The category of 模玩/动漫/周边 has seen a year-on-year growth of 30.7% in May, with specific trends like blind boxes, figurines, and related products experiencing a significant surge of 71.5% [1] - The rapid growth of the 谷子经济 has led to the emergence of over ten products generating sales exceeding 10 million, with the highest single link achieving nearly 70 million in transactions [1] - The number of merchants surpassing 100 million and products exceeding 10 million has already exceeded the total for the entire 618 period last year, indicating explosive growth in the industry [1]

Group 1 - The core viewpoint of the article highlights the rapid rise of the Labubu IP under Pop Mart, which has significantly influenced the trendy toy market and led to a surge in related stocks in the A-share market [1] - The blind box economy and related concepts have seen a strong performance, with over 10 concept stocks hitting the daily limit on June 12, followed by continued gains on June 13 [1] - Many investors are inquiring about potential collaborations with Pop Mart, indicating a strong interest in the company's IP and its market impact [1][3] Group 2 - Several listed companies have responded to investor inquiries regarding their relationship with Pop Mart, with some confirming business collaborations while others stated they have not engaged with the company [4][6] - Companies like Yidian Tianxia and Qingmu Technology have acknowledged their roles in supporting Pop Mart's operations, although the revenue from these services is relatively low [4] - Pop Mart's Labubu products are experiencing high demand, leading to stock shortages in stores, with consumers resorting to secondary markets for purchases [7][10] Group 3 - Pop Mart's financial performance shows that its IP The Monsters generated revenue of 3.04 billion yuan in the previous year, marking a 726.6% increase, and accounted for 23.3% of the company's total revenue [14] - The company faces challenges in meeting the surging demand for its products, prompting adjustments in its supply chain and production capacity [14] - Industry experts note that the lifecycle and influence of domestic IPs remain uncertain, necessitating ongoing investment in content creation to extend the lifespan of these IPs [14]