溢价数倍：限量联名催生手机壳抢购狂潮 三湘都市报·新湖南客户端12月7日讯（全媒体记者 熊韵婧） 联名手机壳卖到500元、二手平台上限量款手机壳价格已被炒至3000元、"手机壳界的爱马仕"一年狂卖 36亿……最近，CASETiFY手机壳推出的村上隆联名盲盒引起不小争议，虽然官网售价549元，但二手 平台已经标价至3000元。 一个手机配件为何定价如此昂贵？高昂的价格为何能吸引到众多消费者？三湘都市报记者进行采访了 解。 12月5日，记者发现，CASETiFY与村上隆联名推出的手机壳盲盒隐藏款在二手平台已经溢价至2888元 至4800元，虽然价格颇高但仍有多人浏览收藏。例如卖家"哇咔咔—呼啦啦"在二手网购平台出售 CASETiFY村上隆联名17Pro型号黑彩手机壳，标价2888元不退不换，有1106人浏览、20人想要。 记者在官网搜索发现，CASETiFY村上隆联名FLOWERS限量手机壳盲盒售价549元，有红色、粉色、黑 色、蓝色、彩虹色、秘密版六种款式。因颜色和设计出众，消费者将彩虹色称为小隐藏款，秘密版称为 大隐藏款。目前二手平台标价2000元至3000元的正是彩虹色小隐藏款，而大隐藏秘密版价格在3500 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights the rapid growth of high-end skincare products in China, with a projected compound annual growth rate (CAGR) of 13.8% from 2024 to 2029 [28] - Lin Qingxuan, a high-end domestic skincare brand, is positioned to capitalize on this growth, having updated its IPO prospectus, indicating a potential acceleration in its capital process [25][28] - The report emphasizes the importance of emotional consumption themes and recommends focusing on high-quality companies in high-growth sectors [6][32] Summary by Sections Retail Market Overview - The retail industry index closed at 2310.07 points, down 0.83%, underperforming the Shanghai Composite Index, which rose by 0.37% [5][14] - Among the retail sub-sectors, the professional chain segment saw the largest increase, while the jewelry sector led the year-to-date performance with a 20.56% rise [17][20] Company Focus: Lin Qingxuan - Lin Qingxuan achieved a revenue of 1.05 billion yuan in H1 2025, representing a year-on-year increase of 98.3%, with a net profit of 180 million yuan, up 109.9% [25][28] - The brand's core product, camellia oil, has dominated the facial oil sales market for 11 consecutive years, establishing a strong market presence [25][28] - Lin Qingxuan's online and offline revenue contributions were 65.4% and 34.6%, respectively, with a total of 554 stores, the highest among domestic and international high-end skincare brands [25][28] Investment Themes - Investment Theme 1: Focus on high-end jewelry brands with differentiated product offerings, recommending companies like Chow Tai Fook and Lao Pu Gold [6][32] - Investment Theme 2: Emphasize offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][32] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety ingredient innovations, recommending brands like Maogeping and Proya [6][32] - Investment Theme 4: Target differentiated medical beauty product manufacturers and expanding chain medical beauty institutions, recommending Aimeike and Kedi-B [6][32] Company Performance Highlights - Chow Tai Fook reported a revenue of 38.986 billion HKD in FY2026H1, a slight decline of 1.1%, but a net profit increase of 0.1% [39][40] - Chao Hong Ji achieved a revenue of 6.237 billion yuan in Q1-Q3 2025, up 28.4%, with a net profit increase of 0.3% [42] - The report notes that companies like Proya and Marubi have shown strong performance in the beauty sector, with Proya's revenue reaching 7.098 billion yuan in Q3 2025, up 1.9% [34][35]

前不久，"情绪消费"成为一种新的消费方式登上平台热搜。从虚拟情感陪伴服务到线下解压类创意产 品，情绪消费形式不断丰富，情绪经济成为消费新风口。但是，也有不少市民向《为民热线》节目反 映，情绪消费中存在商品粗制滥造、服务背后套路深的问题。情绪消费，要怎么避坑？又该如何健康有 序发展？马上通过今天的《消费维权课堂》了解一下。 情绪经济成新消费增长点 林同学说："我不断收到保险、买房、健身各种骚扰电话，而且因为自己就读英语专业，不断有留学机 构和教培机构精准找到我。但这些信息我只和"陪聊员"说起过，现在很担心对方用AI合成的声音诈骗爸 妈。" 林同学找到群主想要维权，却被群主踢出群聊，再也联系不到对方。对此，吴卫表示陪聊、树洞等情绪 服务的行业门槛低、服务良莠不齐，部分从业者缺乏专业心理资质，消费者在选择此类消费时应注意三 个方面 省消保委：相关问题有待规范治理 为快乐买单，是很多年轻人的消费态度。11月30日，长沙五一商圈的一家潮玩店里，挑选买单的消费者 络绎不绝。"00后"的王女士与朋友们在此收获不少。 据上海市青少年研究中心发布的《2025 Z世代双十一消费行为报告》，今年Z世代（泛指"95后""00 后"） ...

Core Viewpoint - The article emphasizes the growing significance of Intellectual Property (IP) in China's economy and culture, highlighting its role as a new engine for consumer growth and the evolving trends in IP production, dissemination, and consumption [2][6]. Group 1: Production and Creation Trends - The method of IP creation has shifted from "storytelling" to "emotional connection," focusing on providing emotional projection for the public rather than solely narrating stories [2]. - Two mainstream paths for IP cultivation have emerged: digital cultural derivative IP and independent image IP, with the former leveraging the advantages of animation and gaming to meet contemporary spiritual needs [2]. - Independent image IP has gained global popularity by conveying emotional values and forming emotional links with users, moving the focus of IP creation towards emotional value [2][6]. Group 2: Dissemination Channels - Social platforms and user-generated content (UGC) have become crucial channels for IP dissemination, enabling interactive communication rather than one-way broadcasting [3]. - Users create and share related content, such as novels and memes, on social media, which significantly enhances the influence and visibility of IP [4]. Group 3: Consumption Patterns - Participatory and co-creative consumption has become a focal point for the development of the IP industry, with digital cultural IP consumption becoming more socialized, leading to the rise of the "Guzi economy" [5]. - The "Guzi economy," referring to the market for secondary products based on IP like comics and games, saw explosive growth, reaching a market size of 168.9 billion yuan in 2024, a 40.63% increase year-on-year, and is expected to exceed 300 billion yuan by 2029 [5]. - The development of image IP emphasizes user participation, with interactive consumption becoming a primary mode, and the impact of IP extends to various sectors, including cultural tourism and performing arts [5]. Group 4: Emotional Consumption and Market Trends - The trend of emotional consumption reflects a shift in social consumption values, with emotional value becoming a significant demand among the public [6]. - The market for cultural products with high emotional added value is rapidly growing, with the micro-short drama market reaching 50.44 billion yuan in 2024, a 34.9% increase, and stand-up comedy shows experiencing significant growth in both performance numbers and box office [6]. Group 5: Globalization and Innovation - Companies are encouraged to adopt a global perspective in IP production, creating culturally inclusive and easily understandable IP symbols [7]. - Support for the overseas expansion of light-narrative, interactive IP types is emphasized, along with the need for localized operations to tap into foreign markets [7]. Group 6: Long-term Operation Mechanisms - The article advocates for leading companies in the IP industry to establish long-term operational mechanisms, focusing on continuous innovation and user emotional experiences [8]. - Encouragement is given for cultural enterprises to cultivate evergreen IP through cross-media development, enhancing the market value and lifecycle of IP [8].

Core Viewpoint - The article discusses the shifting landscape of wealth in China over the past decade, highlighting the rise of new wealthy individuals in the "emotional" economy, contrasting with the decline of traditional real estate tycoons [4][6]. Group 1: New Wealth Creation - The top new wealthy individuals in 2025 include Xu Gaoming and Xu Dongbo from Laopu Gold, with a wealth of 69.5 billion yuan, and Li Qibin and Qi Yan from Card Game, with 60 billion yuan [6]. - Companies like Pop Mart and Laopu Gold reported revenue and net profit growth exceeding 200% year-on-year in their latest financial reports [6][9]. - Card Game's revenue is projected to surpass 10 billion yuan in 2024, with a net profit margin exceeding 40%, outperforming Pop Mart [6]. Group 2: Emotional Economy - The rise of brands like milk tea chains has created a new class of wealthy individuals, emphasizing emotional connection and cultural identity over mere product functionality [9]. - The article notes a significant shift from high-tech internet and manufacturing wealth creation in 2015 to emotional-driven businesses in 2025 [9][10]. Group 3: Investment Challenges - Many of the new wealthy individuals faced initial skepticism from major investment firms, which underestimated their potential before they achieved significant financial success [10][11]. - For instance, Pop Mart's founder struggled to secure funding until a key investor provided crucial support, leading to the brand's eventual success [10]. Group 4: Female Entrepreneurs - The article highlights the increasing presence of female entrepreneurs on the wealth list, with 22.4% of the total being women, many of whom are first-generation wealth creators [12][15]. - Notable female figures include Zong Fuli, who became the first female billionaire in the beverage industry, and Zhong Huijuan, who emerged as a new female billionaire in the pharmaceutical sector [15][16]. Group 5: Decline of Real Estate Tycoons - The article notes a significant decline in the representation of real estate tycoons on the wealth list, dropping from 30% to just 10% over the past decade [25][28]. - High-profile figures like Wang Jianlin and Xu Jiayin have fallen from grace due to financial struggles and legal issues, reflecting the broader challenges facing the real estate sector [28][29]. Group 6: Market Dynamics - The article discusses the changing dynamics in the market, with traditional brands in the apparel sector facing difficulties adapting to new consumer preferences and competition from emerging brands [30][32]. - Companies like Meisibangwei and others have struggled with financial losses and are attempting to pivot their business models to survive in a competitive landscape [30].

文｜红餐网 随着经济与市场环境的变化，消费者对餐饮消费需求亦在不断变迁与升级，同时也催生了一些新兴品类和模式，比如"漂亮饭"。近年来，"漂亮饭"在餐饮 市场与社交媒体上异军突起，众多以"漂亮饭"为主的餐厅成为备受瞩目的热门打卡点，部分餐厅在就餐高峰期甚至出现等位时长高达数小时的火爆场景。 当前，"漂亮饭"为何成为餐饮消费的新潮流？它与传统的精致餐饮有何不同？"漂亮饭"赛道又有哪些发展特点？为系统解析"漂亮饭"的发展全貌，红餐产 业研究院联合安佳专业乳品特推出《餐饮行业"漂亮饭"发展报告2025》。 "漂亮饭"市场热度持续上涨，已覆盖西餐、亚洲料理、地方菜等赛道 "漂亮饭"一词对于消费者来说并不陌生，但随着时代的发展，其代表的餐饮形态却发生了较大的变化。往昔，"漂亮饭"通常指以高端西餐为典范的精致餐 饮，人均消费普遍在500元以上。而近年来，在社交媒体上兴起的"漂亮饭"，除造型精巧、摆盘吸睛之外，菜品口感和品质亦颇为出色，同时更加注重即 时传播效果与社交价值，人均消费也相对亲民平价。 1."漂亮饭"媒体声量持续上涨，抖音平台话题播放量超36亿次 自2025年年初开始，"漂亮饭"在各大媒体和社交平台上的关注度显著 ...

Group 1 - The core viewpoint of the articles highlights the rise of fingertip stress-relief toys as a significant segment in the "emotional consumption" market, appealing particularly to younger consumers [1][3] - Fingertip stress-relief toys, such as "squeeze toys" and "twist toys," are gaining popularity, with social media engagement surpassing 60 billion views on Xiaohongshu and 400 billion on Douyin, outpacing traditional toys like puzzles and building blocks [1] - There is a clear gender differentiation in consumer preferences, with softer, cuter designs favored by female consumers, while male consumers gravitate towards EDC (Everyday Carry) toys, which have a more hardcore and mechanical design [2] Group 2 - EDC toys have seen a significant surge in popularity among male consumers, with sales during the 618 shopping festival on Taobao increasing by 250%, and over 80% of buyers being male, particularly young males who spend over 10,000 yuan annually [2] - Despite the high prices of some EDC toys, which can range from tens to thousands of yuan, there is a substantial market for more affordable options sold by individual merchants on platforms like Pinduoduo and Taobao, indicating a diverse consumer base [2] - The explosive growth of stress-relief toys reflects the broader trend of "emotional consumption," driven by pressures from work and studies, with the need for low-cost, easily accessible toys that provide immediate stress relief [3]

▲这是灵兽第1721篇原创文章 生鲜传奇超大店是在购物中心的"食品生活馆"，满足情绪性消费。 在灵兽传媒和超采会于2025年10月30-31日联合主办的2025中国零售创新峰会暨小业态发展大会与中国零售供应链展览会上，王卫做了以《吃着玩儿》为 主题的演讲。 下为演讲全文（有删改）： 要看懂消费降级下"精致的贫穷"的社会心态，并围绕"情绪消费"和"吃着玩"彻底重构商品逻辑。 作者/楚勿留香编辑整理 ID/lingshouke 有关"大店好还是小店好"的争论，在零售行业一直都未停止。 当然，这也与经济周期相关，二者互有"胜负"。在推崇小店、"小而美"的当下，被视为小业态引领者的乐城超市＆生鲜传奇董事长王卫，再一次将目光聚 焦"大店"。 他认为，重整开业的乐城超市，既不是传统超市的升级，更不是大卖场的回光，而是购物中心中，餐饮、奶茶店、咖啡店、化妆品店的降维消费。 比如，我们最早做的零食店，100平方米一天能做3万多元，毛利率高，一个月就能回本。尽管数据很好，但当时做大店出身的人，内心还是瞧不起小店 的，觉得太简单、不值一提。 1 从大卖场衰落到小业态崛起 各位来宾，大家早上好。感谢岳峰再次邀请我参加这个小业态论坛 ...

Core Insights - The WISE 2025 Business King Conference aims to anchor the future of Chinese business amidst uncertainty, focusing on the transformation of commercial narratives and technological advancements [1] Group 1: Consumer Behavior Trends - The current macroeconomic environment has led to significant changes in consumer behavior, categorized into rational consumption, emotional consumption, and a middle ground termed the "vacuum zone" [3][8] - Rational consumption is the most easily identifiable and is likely to be compressed, with some shifting to long-term savings and education investments, while others transition to emotional consumption, highlighting the importance of emotional value [8][9] - Three major trends identified by Nielsen IQ include: the continued importance of brand influence, a shift from broad coverage to niche market penetration, and the necessity for brands to resonate emotionally with consumers [3][9] Group 2: Brand Evaluation Metrics - Nielsen IQ has developed new rankings based on 40 years of data, focusing on emotional consumption through three new lists assessing brands on existence value, functional value, and experiential value [4][10] - The influence ranking measures how brands are perceived and chosen, with key indicators including brand awareness, recommendation, favorability, premium pricing ability, and purchasing expenditure [11][12] - The growth ranking for fast-moving consumer goods (FMCG) emphasizes willingness to pay more, while for durable goods, high favorability and recommendation are crucial for achieving top positions [13][14] Group 3: Cultural Resonance and Loyalty - Cultural resonance is vital for brands to connect emotionally with consumers, especially in FMCG where differentiation is challenging [14][15] - User loyalty strategies differ between FMCG and durable goods, with FMCG relying on media exposure to enhance brand loyalty, while durable goods require a broader engagement across product categories [16][17] - Gen-Z is identified as a key demographic for brand growth over the next five years, necessitating targeted communication strategies to align with their values and preferences [10][18] Group 4: Overall Brand Performance - Successful brands exhibit strong influence as a foundational element, with loyalty serving as a protective moat for durable goods, while FMCG brands leverage media to maintain loyalty [15][16] - Many classic brands are undergoing a youth-oriented transformation to appeal to Gen-Z consumers [17] - Cultural resonance is highlighted as a critical factor for brands to navigate economic cycles, emphasizing the need for emotional connections with consumers [18]

（文章来源：第一财经） 开源证券指出，黄金珠宝行业核心逻辑已发生深刻变化：金价高涨、婚庆下滑，传统渠道品牌竞争力削 弱，同时情绪消费兴起叠加社媒传播助力，部分具备差异化产品力和消费者洞察力的新兴产品型品牌崛 起，在爆款打造、终端销售和加盟商开店等多维度验证竞争优势，品牌势能亦持续提升。建议关注高端 中式黄金和年轻时尚黄金等细分赛道机会，看好具备差异化产品力和消费者洞察力的黄金珠宝品牌。 ...