Investment Rating - The report maintains a strong buy rating for the new consumption industry [3] Core Insights - New consumption is characterized by new demand from emerging consumer groups like Generation Z and a shift from leverage-driven consumption to income-driven consumption among older demographics [5][17] - The supply side benefits from China's robust manufacturing capabilities and the internet's ability to reshape business models and efficiency [5][17] - The report highlights two main investment opportunities: aggressive new consumption sectors such as trendy toys and gold jewelry, and defensive cyclical sectors like liquor and travel [5][4] Summary by Sections New Consumption: What is New Consumption? - New consumption has gained traction in recent years, initially a term from the primary market, now widely recognized [17] - It encompasses both new demand from younger consumers and a shift in older consumers' preferences towards more rational spending [17][21] New Demand: Stars Gather to Form Light - Emotional consumption and the rise of national trends are significant drivers, with luxury attributes associated with products [46] - The report identifies key sectors: IP toys, gold jewelry, and new tea drinks, which align with current consumer trends [5][4] New Supply: Old Trees Sprout New Buds - The report emphasizes that industries with easier pathways develop first, while more challenging sectors follow as technology and information improve [33] - It discusses the efficiency gains in retail and service sectors through standardization and technological advancements [33] Investment Recommendations - The report suggests focusing on two types of opportunities: aggressive new consumption sectors (e.g., trendy toys, gold jewelry) and defensive cyclical sectors (e.g., liquor, travel) [5][4] - Specific companies to watch include Pop Mart, Mijia, and various tea brands [5][4] Emotional Consumption and National Trends - Generation Z's emotional consumption is highlighted, with a significant portion willing to pay for emotional value [21][23] - The report notes the increasing acceptance of Chinese brands among younger consumers, contrasting with older generations' preferences [21][22] Gold Jewelry Market - The gold jewelry market is projected to grow significantly, with ancient gold jewelry gaining popularity due to its cultural significance [86][87] - The market size for ancient gold jewelry is expected to reach 4,214 billion by 2028, with a compound annual growth rate of 21.8% [86][87] IP Toy Market - The report outlines the rapid growth of the IP toy market, with a projected market size of 1,741 billion by 2024, reflecting a compound annual growth rate of 13.6% [69][70] - The emotional value associated with IP toys is a key driver of consumer interest and market expansion [78][79]

Core Insights - The rise of interactive NPC (non-player character) experiences in real-world settings is transforming tourism and entertainment, as seen in the "stealing sugarcane" game in Sichuan, which has garnered over 490 million views on platforms like Douyin and Kuaishou [1] - The emotional economy is growing rapidly in China, with projections indicating a market size of 2.31 trillion yuan in 2024, increasing to 4.62 trillion yuan by 2029, driven by immersive experiences like NPC interactions [3][6] - The integration of NPCs into tourism is creating a new model where visitors become active participants rather than passive observers, enhancing the overall experience [6] NPC Interaction and Popularity - NPCs are becoming central to the tourism experience, with examples like the "Snow Cake Monkey" in Changchun, which has gained significant popularity through social media, leading to increased visitor numbers [7][9] - The character's creator, Wang Tiezhu, has leveraged live streaming to maintain engagement, showcasing behind-the-scenes activities that resonate with fans [9] - The shift from traditional IP-based NPCs to those emphasizing personal charisma and real-time interaction reflects changing consumer preferences [14] Content Creation and Social Media - NPCs are adept at creating shareable content on social media, with many characters gaining fame through humorous and relatable interactions with visitors [16][20] - The phenomenon of "celebrity NPCs" is emerging, where actors known for their roles in popular media transition to interactive roles in tourist attractions, enhancing visitor engagement [16][19] - The integration of NPCs into broader content strategies at attractions, such as the Kaifeng Wansui Mountain Martial Arts City, showcases the potential for immersive storytelling and audience participation [21][23] Economic Impact and Future Trends - The NPC model is proving economically viable, with attractions like Wansui Mountain reporting over 17 million visitors and revenue exceeding 1.068 billion yuan in 2025 [23] - The low base salary for NPCs, combined with the exposure and popularity they gain, creates a mutually beneficial relationship between attractions and performers [24] - Government policies are increasingly supportive of innovative tourism models, indicating a shift towards emotional and experiential consumption in the industry [26]

Core Insights - Experience-based consumption is becoming a significant trend among young consumers in Beijing, characterized by immersive, participatory, and emotionally resonant experiences [1][5][11] - Emotional consumption, defined as spending driven by emotional needs and psychological comfort, is increasingly accepted and recognized, particularly among younger demographics [2][4][11] Consumption Trends - There is a notable shift in consumer demand from material utility to spiritual satisfaction, with consumers focusing more on the emotional experiences gained during consumption [4][11] - Emotional consumption encompasses a wide range of products and experiences, including seemingly "useless" items that provide emotional comfort [2][4] Experience-based Consumption - Experience-based consumption is a prominent mode of emotional consumption, where consumers are willing to invest more time and money [5][11] - Activities such as attending live performances, participating in DIY workshops, and collecting unique items are examples of how young consumers engage in experience-based consumption [6][8] Social and Emotional Dynamics - Emotional consumption serves as a means for young people to achieve self-pleasure, capture small moments of happiness, and maintain social connections [8][11] - The rise of social media platforms has amplified the sharing of emotional experiences, creating a new form of social currency among young consumers [8][9] Market Impact - The growing trend of emotional consumption is reshaping the commercial landscape, prompting businesses to focus on the emotional and cultural value of their offerings [11][14] - The integration of emotional value into consumer experiences is driving innovation in service delivery and creating new employment opportunities [14][15] Future Outlook - As the Z generation becomes the main consumer force, spending on emotional experiences is expected to continue growing, reflecting a broader societal shift towards valuing emotional fulfillment [11][12] - The expansion of experience-based consumption is likely to enhance the vibrancy of urban commercial spaces, transforming them into venues that cater to emotional needs [14][15]

Core Viewpoint - The "15th Five-Year Plan" emphasizes significantly increasing the resident consumption rate, aiming to enhance domestic demand as a primary driver of economic growth, with specific measures outlined to boost consumption [2][7]. Group 1: Economic Development and Consumption - The "15th Five-Year Plan" proposes a shift towards an economy driven by domestic demand and consumption, highlighting the importance of increasing the resident consumption rate [2][7]. - The current resident consumption rate in China is projected to reach 39.9% by 2024, an increase of 4.3 percentage points since 2012, indicating a growing trend in consumer spending [6]. - Over the past decade, resident consumption expenditure has more than doubled, from 26.7 trillion yuan in 2015 to an expected 53.9 trillion yuan in 2024 [6]. Group 2: Strategies for Increasing Consumption - To achieve the goal of a higher consumption rate, the plan emphasizes optimizing the consumption environment, innovating consumption scenarios, and reducing restrictions [8][10]. - Service consumption is identified as a key area for growth, with predictions that by 2030, service consumption will account for over 50% of total consumption expenditure [9]. - The government aims to enhance consumer experiences by integrating technology and creating new consumption scenarios, such as immersive and interactive environments [9]. Group 3: Policy Measures and Social Impact - The plan stresses the connection between improving people's livelihoods and boosting consumption, indicating that enhancing social welfare is essential for stimulating consumer spending [11]. - Recent policies, such as subsidies for replacing old products, have already benefited over 300 million consumers, demonstrating the effectiveness of targeted consumption incentives [12]. - The government is committed to increasing residents' income and improving social security systems to further support consumption growth [13].

Core Viewpoint - The Chinese government aims to significantly increase the resident consumption rate as part of the "14th Five-Year Plan," emphasizing the importance of domestic demand and consumption in driving economic growth [4][8]. Group 1: Economic Development Goals - The "14th Five-Year Plan" outlines a clear direction for economic and social development, focusing on enhancing the role of domestic demand and consumption [3][4]. - The plan sets a target for a noticeable increase in the resident consumption rate, which is expected to strengthen the internal driving force of economic growth [4][8]. Group 2: Current Consumption Landscape - China's resident consumption rate is projected to reach 39.9% by 2024, an increase of 4.3 percentage points since 2012 [7]. - Over the past decade, resident consumption expenditure has consistently accounted for around 70% of final consumption expenditure, with a significant increase from 26.74 trillion yuan in 2015 to 53.86 trillion yuan in 2024 [7]. Group 3: Strategies for Increasing Consumption - To achieve the goal of increasing the resident consumption rate, the focus will be on optimizing the consumption environment, innovating consumption scenarios, and reducing restrictions [9][11]. - The service consumption sector is identified as a key area for growth, with a notable increase in the proportion of service consumption expected to reach over 50% by 2030 [10]. Group 4: Policy Implications and Consumer Impact - The government is expected to enhance policies that promote consumer spending, such as subsidies for replacing old products, which have already benefited over 300 million consumers [13]. - There is a strong emphasis on aligning policies that support both consumer spending and improving living standards, with a focus on increasing residents' income and employment opportunities [14].

Core Viewpoint - The "15th Five-Year Plan" emphasizes significantly increasing the resident consumption rate, aiming to enhance domestic demand and drive economic growth through consumption [7][8][11]. Group 1: Economic Development and Consumption - The "15th Five-Year Plan" outlines new goals and measures for economic and social development, focusing on increasing the resident consumption rate as a key driver of economic growth [7][8]. - The current resident consumption rate in China is projected to reach 39.9% by 2024, an increase of 4.3 percentage points since 2012, indicating a growing trend in consumer spending [10]. - Over the past decade, total resident consumption expenditure has more than doubled, from 26.74 trillion yuan in 2015 to 53.86 trillion yuan in 2024 [10]. Group 2: Strategies for Increasing Consumption - To achieve the goal of a higher consumption rate, the plan suggests optimizing the consumption environment, innovating consumption scenarios, and reducing restrictions [12][14]. - Service consumption is identified as a critical area for growth, with predictions that the share of service consumption in total consumption will exceed 50% by 2030 [13]. - The government aims to enhance consumer confidence and spending through policies that support the replacement of old goods with new ones, as evidenced by over 3 billion people benefiting from such initiatives [16][17]. Group 3: Social Impact and Policy Measures - The plan highlights the importance of linking consumer spending with improving people's livelihoods, suggesting that enhancing living standards is essential for stimulating consumption [15][17]. - Policies aimed at increasing disposable income and employment are crucial for boosting consumer spending, with a focus on improving social security and public services [17]. - The government is committed to using fiscal measures to support consumption, including tax adjustments and social security enhancements, to create a more favorable environment for consumer spending [17].

Core Viewpoint - The "14th Five-Year Plan" emphasizes significantly increasing the resident consumption rate, aiming to enhance domestic demand and drive economic growth through consumption [4][8]. Group 1: Economic Development Strategy - The "14th Five-Year Plan" outlines new goals and measures for economic and social development, focusing on enhancing the role of domestic demand and consumption in economic growth [3][4]. - The plan indicates a shift towards a consumption-driven economic model, with a clear target for improving the resident consumption rate [4][8]. Group 2: Current Consumption Landscape - China's resident consumption rate is currently at 39.9% in 2024, an increase of 4.3 percentage points since 2012, indicating a growing trend in consumer spending [7]. - Over the past decade, resident consumption expenditure has more than doubled, from 26.7 trillion yuan in 2015 to 53.9 trillion yuan in 2024 [7]. Group 3: Future Consumption Potential - There is significant potential for increasing the resident consumption rate, with estimates suggesting that a 1 percentage point increase could represent a market space worth trillions [8]. - The middle-income group in China is projected to grow from over 400 million to 800 million in the next decade, further supporting the potential for increased consumption [8]. Group 4: Strategies for Consumption Growth - Key strategies to boost consumption include optimizing the environment, innovating consumption scenarios, and reducing restrictions, particularly in service consumption [9][10]. - The government aims to enhance service consumption, which currently lags behind other countries, with projections indicating that service consumption could exceed 50% of total consumption by 2030 [10]. Group 5: Policy Implications for Consumer Welfare - The "14th Five-Year Plan" emphasizes the integration of consumer welfare and consumption promotion, highlighting the importance of improving living standards to stimulate consumption [11][12]. - Recent policies, such as subsidies for replacing old products, have already benefited over 300 million consumers, indicating a strong government push to enhance consumer spending [12][13].

Core Insights - The core viewpoint of the articles highlights the successful expansion and unique business model of the new tea brand, Jasmine Milk White, which has opened 2,000 stores and plans to double its growth by 2025 despite industry challenges [1] Group 1: Brand Strategy and Market Positioning - Jasmine Milk White has established a strong brand identity through its original IP "Jasmine," a character that resonates with consumers and enhances brand value [1][11] - The brand's focus on emotional consumption reflects a shift in consumer behavior, where young consumers seek not just products but also emotional connections and social experiences [2] - The company emphasizes aesthetic experiences in its store design and product presentation, creating a unique visual style that enhances consumer engagement [2] Group 2: Product Innovation and Consumer Engagement - Jasmine Milk White has launched several "local flavor" product series this year, showcasing regional ingredients and vibrant colors to attract consumers [5] - The brand has successfully integrated emotional value into its offerings, understanding that modern consumers desire visually appealing and engaging products [5][6] - The collaboration with popular IPs, such as Pingu, has generated significant buzz and sales, demonstrating the effectiveness of innovative marketing strategies [6][9] Group 3: IP Development and Membership Growth - The brand is actively developing its original IP "Jasmine," which has evolved into a cultural symbol, enhancing consumer interaction and brand loyalty [11][13] - Jasmine Milk White's membership base has doubled, reaching 40 million, indicating the effectiveness of its emotional resonance and content-driven growth strategy [13] - The company aims to create a unique "IP cultural universe" through continuous innovation and member engagement, positioning itself as a cultural creative entity rather than just a beverage company [13]

Group 1 - The core viewpoint of the report is that the潮玩 (trendy toy) industry is experiencing rapid growth in China, driven by factors such as rising disposable income, emotional consumption, and the emergence of quality domestic IPs. The market size is projected to grow from 229 billion to 763 billion yuan from 2020 to 2024, with a CAGR of 35.11% [3][40]. -潮玩 is characterized by its integration of trendy culture, art, design, and various elements, appealing primarily to individuals aged 15 and above, and it serves as a collectible with social and emotional connections [2][19]. - The潮玩 industry value chain is centered around IP, with upstream IP suppliers having strong bargaining power based on the scarcity and popularity of their IPs, while midstream manufacturers face intense competition and lower bargaining power [6][22]. Group 2 - The Chinese潮玩 market is currently fragmented, with the top five companies holding only 26.4% of the market share, indicating significant room for growth compared to Japan's 45% [3][8]. - The report draws parallels with the Japanese toy industry, which saw growth despite economic downturns due to a shift in consumer focus towards anime and gaming, suggesting that similar trends may occur in China as emotional consumption rises [7][26]. - The rise of quality domestic IPs, such as《原神》 and《黑神话:悟空》, is expected to enhance the潮玩 market, although there remains a significant gap in IP value and revenue compared to the US and Japan [3][10]. Group 3 - Multiple factors are driving the expansion of the潮玩 market in China, including increased disposable income, a shift towards emotional consumption, and the growth of the泛二次元 (broad two-dimensional) user base, which is projected to reach 503 million by 2024 [40][48]. - The emotional consumption trend is particularly strong among younger demographics, with 78% of emotional consumers being born in the 1990s and 2000s, highlighting a shift in consumer behavior towards seeking emotional fulfillment through purchases [44][47]. - The rapid increase in offline潮玩 retail stores, such as泡泡玛特 and TOPTOY, enhances consumer experience and supports market growth, with泡泡玛特's store count rising from 329 to 401 between 2022 and 2024 [52][54].

Core Insights - The rise of Yun-Guizhou-Sichuan bistro culture has captivated young consumers in major cities, leading to long queues and high demand for these dining experiences [1][3][5] - The pricing strategy of these bistros has sparked discussions on value perception, with significant markups compared to traditional local eateries [1][14] Group 1: Market Trends - The trend of Yun-Guizhou-Sichuan bistros is rapidly expanding, with notable presence in cities like Shanghai (35 locations), Beijing (22), and Guangzhou (14) [5] - Popular brands such as Ameigo have opened over 120 locations nationwide, indicating strong market penetration and consumer interest [5][6] - The bistro concept has transformed local cuisine into a nationwide dining trend, driven by social media and cultural influences [9][21] Group 2: Consumer Behavior - Young consumers are drawn to the emotional value and aesthetic appeal of these bistros, often prioritizing the dining experience over traditional taste [10][21] - The phenomenon of "emotional consumption" is evident, as consumers are willing to pay premium prices for the ambiance and presentation of dishes [10][21] Group 3: Product Innovation - Bistros are innovating traditional dishes by incorporating unique ingredients and presentation styles, moving away from conventional ethnic food perceptions [11][12] - The integration of local ingredients with modern culinary techniques has created a new dining experience that appeals to a broader audience [12] Group 4: Competitive Landscape - The market is facing challenges of homogenization, with many bistros offering similar menus and experiences, leading to consumer fatigue [20] - Established brands in the hot pot sector are entering the bistro space, intensifying competition and putting pressure on newer entrants [20][21] - The profitability of bistro brands is reportedly declining, with some founders acknowledging increased operational challenges [20][21]