Core Insights - The "League of Legends: Arcane" limited commemorative exhibition has opened in Beijing, attracting a significant number of young visitors who are increasingly engaging with emotional value in their consumption habits [1][5] - The exhibition features a "dual camp route" design, allowing visitors to choose between two narratives, enhancing the immersive experience [2][3] - The exhibition showcases over 100 square meters of exclusive original manuscripts, providing insights into character development and the creative process behind the series [4] Group 1: Exhibition Highlights - The exhibition is located in the SKP-S shopping mall, known for its integration of technology, art, and fashion [2] - Visitors can explore the storylines of characters like Jinx and Viktor through interactive displays, including a 20-meter-long interactive projection corridor [2][3] - The visual presentation has been upgraded, featuring large-scale images that depict character evolution from the first to the second season [3] Group 2: Audience Engagement - The exhibition has seen high attendance, with fans traveling from various locations to express their love for "Arcane" on a commemorative wall [5] - A new card game, "Runeterra: League of Legends Battle Cards," is available for early play, with a full release scheduled for August [6] - The exhibition offers a variety of merchandise, including plush toys and collectible figures, creating a comprehensive "see, play, buy" experience for fans [6] Group 3: Critical Acclaim - "Arcane" has received multiple awards, including seven Annie Awards and the Best Animated Feature at the Shanghai Television Festival [7] - The second season is set to premiere in November 2024 and has already achieved high ratings on platforms like Douban and Netflix [7]

Core Insights - The "2025 High-Quality Consumer Brand TOP100 Innovation Ecological Conference" will be held in Shanghai, focusing on brand influence, innovation, social responsibility, and company scale [1] - A report titled "2025 High-Quality Consumer Brand TOP100 Trend Insight" will be released, highlighting four major trends in high-quality consumer brands [1] Group 1: Trends in High-Quality Consumer Brands - The rise of health consciousness is driving the growth of wellness and sports consumption, with outdoor sports and health products seeing the highest brand representation [5][6] - AI technology is enhancing product and service upgrades across various sectors, becoming a core competitive advantage in high-end home appliances [5][36] - Novel experiences are igniting consumer enthusiasm, particularly in the experience economy, where immersive and interest-based consumption is gaining traction [6][25] - Emotional value is unlocking new consumption scenarios, especially among younger consumers who prioritize emotional connections in their purchases [6][27] Group 2: Brand Distribution and Characteristics - Nearly 300 brands are competing across nine major sectors, with the largest representation in the beauty economy (23.6%) and health food sector (18.1%) [2][3] - Over 70% of the candidate brands are "post-00s brands," indicating a trend towards newer companies [7][8] - The geographical distribution of brands shows a concentration in major cities like Shanghai, Beijing, and Guangzhou, with Shanghai being favored by foreign brands [11][12][14] Group 3: Consumer Behavior and Market Dynamics - The beauty and personal care market is experiencing a shift towards efficacy-driven products, with a notable increase in consumer awareness regarding product effectiveness [16][18] - The outdoor sports market is becoming increasingly segmented, with traditional apparel brands entering the space to capture the growing demand for specialized outdoor gear [19][20] - The health and wellness industry is projected to reach a total revenue of 9 trillion yuan by 2024, driven by a growing awareness of health among consumers [22][23] Group 4: AI and Technology Integration - AI is reshaping the consumer experience across various sectors, with applications in personalized recommendations, smart home devices, and immersive entertainment experiences [35][38] - A significant majority of surveyed companies (87%) believe that AI technology will bring substantial changes to the consumer sector, with many planning to increase AI integration [40][43] - The integration of AI in consumer products is becoming a key trend, with companies focusing on enhancing user experience through intelligent features [36][37]

Core Viewpoint - The article discusses actor Daniel Wu's entry into the live-streaming e-commerce space, highlighting his unique approach to brand building and consumer engagement through his IP "Zuhaus" [2][5][9]. Group 1: Live Streaming and E-commerce - Daniel Wu made his debut in live streaming on May 21, 2025, as an "English teacher," attracting 19.03 million viewers and selling over 30,000 courses, generating revenue between 10 million to 25 million yuan [2][4]. - Despite the success of his first live stream, Wu has not returned to the e-commerce scene, focusing instead on content creation and lifestyle sharing [5][6]. - The "Zuhaus" brand aims to create a three-dimensional synergy between content, brand, and consumption, achieving significant engagement on platforms like Douyin [5][14]. Group 2: Brand Development and Strategy - "Zuhaus" was conceived in 2024, designed as a brand innovation laboratory rather than a traditional endorsement model, with Wu actively involved in content planning and product design [9][11]. - The brand's strategy emphasizes authenticity and quality, moving away from quick monetization to building a sustainable influence in various lifestyle sectors [12][17]. - Wu's coffee brand, WHATEVER, has seen daily foot traffic of over 300 customers and a 40% repurchase rate, indicating strong consumer interest [17]. Group 3: Consumer Engagement and Market Trends - The article notes a shift in consumer preferences towards products that genuinely meet needs, with nearly 70% of surveyed individuals willing to pay a premium for meaningful products [17][18]. - The evolution of celebrity roles in marketing is highlighted, transitioning from mere endorsements to becoming brand owners and co-creators, reflecting a deeper emotional connection with consumers [23][24]. - Wu's approach is characterized by a focus on real-life experiences and a desire to present an authentic middle-aged persona, which resonates with consumers seeking genuine engagement [23][25].

Core Viewpoint - The new consumption investment trend, driven by潮玩IP, national trend gold, pet economy, and new tea drinks, has gained momentum in 2023, with many new consumption companies seeing stock price increases of over 30% since the second quarter, attracting extensive institutional investor interest [1]. Group 1: New Consumption Companies - Leading new consumption stocks such as 泡泡玛特, 老铺黄金, and 中宠股份 have shown strong performance, with institutional investors conducting multiple research sessions [3]. - 潮宏基 has been researched by 178 institutions three times since mid-April, with a stock price increase of 74.71% in Q2 and 183.42% over the past year. The company plans to expand its brand internationally in 2025 [3]. - 周大生 attracted 216 institutions for 14 research sessions, with new self-operated stores focusing on gold and embedded products [3]. - 新兴珠宝企业曼卡龙 has been researched 16 times by 113 institutions, with a stock price increase of 79.78% in Q2, emphasizing its online capabilities to meet young consumers' preferences [4]. - 中宠股份, a leader in pet food, held two research activities attracting 221 institutions, while 天元宠物 was researched by 45 institutions six times, with a stock price increase of 38.82% in Q2 [4]. Group 2: Investment Logic and Strategy - The unique characteristics of new consumption companies have led fund managers to adjust their strategies, focusing on individual stock research rather than top-down approaches due to the scarcity of listed companies in niche markets [5]. - The research framework for new consumption differs significantly from traditional consumption, emphasizing product strength and consumer-driven purchasing rather than channel power [5]. Group 3: Future Investment Opportunities - Institutions are focusing on new consumption investment opportunities as the year progresses, with 国信证券 identifying seven main lines for investment: digital economy, self-care consumption, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [6].

Macro and Strategy - The fiscal data for the first five months of 2025 shows a decline in both revenue and expenditure, with total public budget revenue at 96,623 billion yuan, down 0.3% year-on-year, and total expenditure at 112,953 billion yuan, up 4.2% year-on-year [9][10] - The high-tech manufacturing macro report indicates that the diffusion index remains unchanged, with specific sectors like dynamic random access memory (DRAM) prices rising, while others like acrylonitrile are declining [10][11] - The macroeconomic report highlights a seasonal decline in high-frequency indicators, suggesting stable economic performance despite fluctuations in investment and consumption sectors [11][12] Industry and Company - The food and beverage industry report emphasizes the emergence of new consumption patterns driven by lifestyle changes, indicating a shift towards more personalized and experience-oriented consumption [23][24] - The report identifies three main consumer groups: Generation Z, the silver-haired population, and the middle class, each with distinct consumption preferences and behaviors [25][26] - Investment recommendations include companies like Wei Long, Salted Fish, Dongpeng Beverage, and Guizhou Moutai, reflecting confidence in the food and beverage sector's growth potential [27] Overseas Market Overview - The US stock market has seen a pullback from high levels, with the S&P 500 down 0.2% and a notable shift of funds towards the financial sector [28][29] - In the Hong Kong market, the Hang Seng Index fell by 1.5%, with significant outflows from the pharmaceutical and consumer sectors, while the machinery sector attracted investment [30][31] Financial Engineering - The REITs market has shown positive performance, with the index rising by 0.87% and a year-to-date increase of 13.2%, indicating strong interest in property and infrastructure-related investments [14][15] - The approval of the first data center REITs marks a significant expansion in the REITs market, reflecting growing interest in digital infrastructure [16]

Core Viewpoint - The article discusses the rise and potential challenges of Pop Mart, particularly focusing on its popular IP character Labubu, which has become a symbol of the new consumer era and emotional value-driven purchases [2][4][9]. Group 1: Business Model and Market Dynamics - Pop Mart's success is attributed to its ability to tap into the emotional value of products, transforming toys into "emotional connectors, social currency, and cultural carriers" [5][6]. - The company has developed a "trendy toy ecosystem" centered around its IPs, achieving over 1 billion yuan in revenue for its four major IPs in 2024 [15]. - The emotional purchasing behavior of consumers, especially young adults, is driven by a desire for social recognition and identity expression [9][11]. Group 2: Challenges and Risks - Despite its success, Pop Mart faces skepticism regarding its sustainability, as critics argue that its business model relies heavily on emotional pricing and is vulnerable to market fluctuations [6][13]. - The rapid rise in prices for products like Labubu raises concerns about the long-term viability of such emotional-driven consumption, especially among younger consumers who may lack mature spending habits [11][21]. - The company has experienced significant volatility in its stock price, with a recent market cap of 333.9 billion HKD, highlighting the potential for a bubble in the current consumer environment [21]. Group 3: International Expansion - Pop Mart has successfully expanded into overseas markets, with 2024 overseas revenue reaching 5.07 billion yuan and a growth rate exceeding 600% in Southeast Asia [17]. - The company's strategy involves a gradual approach to international markets, starting with culturally similar regions like South Korea and expanding to places like Singapore and Malaysia [17][19]. - However, the blind box model may face cultural challenges in different markets, as evidenced by incidents of consumer chaos during product launches in places like London [19][20]. Group 4: Future Outlook - Pop Mart aims to become a company akin to Disney in the next 5 to 10 years, focusing on building a robust IP ecosystem and enhancing its storytelling capabilities [19]. - The company must navigate the complexities of maintaining consumer interest and developing new IPs while avoiding the pitfalls of over-reliance on social media marketing [16][20]. - The future of Pop Mart will significantly impact the confidence and direction of China's creative globalization efforts, as it represents a milestone in the new consumer brand landscape [21].

Core Insights - The report from Guosen Securities suggests exploring new consumption opportunities along seven main lines: digital economy, self-consumption, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [1][4] Group 1: New Consumption Trends - New consumption arises from new lifestyles, with the evolution of consumption patterns being a result of changes in the socio-economic environment [1] - The report establishes a framework of "lifestyle-consumption scenario-product definition," indicating that lifestyle is influenced by macro factors such as technology, economy, and culture, which shape diverse consumption scenarios and give rise to new business models [1] - Historical consumption phases in China are linked to lifestyle changes, transitioning from survival-type (1949-1978) to quality-type consumption (2016-2024) [1] Group 2: International Brand Potential - Chinese consumer goods companies have the foundation to become international brands, supported by advanced infrastructure and a more efficient, low-cost, healthy, and environmentally friendly lifestyle [2] - The success of American brands in the 1970s serves as a precedent, where lifestyle and consumption concepts were effectively exported globally [2] Group 3: Future Consumer Demographics - Three main consumer groups are identified: 1. Generation Z (born 1995-2009) with a population of approximately 233 million, focusing on individual expression and emotional value consumption [3] 2. The silver-haired population (60 years and older) projected to reach 310 million by 2024, characterized by a strong health consciousness and demand for self-fulfillment [3] 3. The middle class, making up about 36% of the population, is becoming more cautious in spending due to economic pressures, leading to a preference for time-saving purchases and rational alternative consumption [3] Group 4: New Consumption Lines - Future technological advancements will continue to reshape lifestyles, with higher-level needs gaining importance [4] - Suggested new consumption opportunities include: 1. Digital economy: Growth in online retail and education driven by digital technology [4] 2. Self-consumption: Increased focus on psychological and spiritual needs [4] 3. Emotional value consumption: Shift from functional satisfaction to emotional, health, and cultural value [4] 4. Health economy: Rising consumer focus on physical and mental health [4] 5. Convenience economy: Growing willingness to pay for convenience and efficiency [4] 6. Alternative economy: Increased focus on cost-effectiveness and value-for-money [4] 7. Value-driven consumption: Emerging trends in national pride and sustainability [4]

Group 1: Market Overview - A-shares have been in a rebound trend since mid-April, with a significant drop on June 13 due to geopolitical factors, but the overall adjustment is expected to be limited [1] - As of June 13, 2025, the best-performing sectors include pharmaceuticals and banking, while food and beverage and real estate sectors show weaker performance [1] - The financing balance in the market has not significantly increased during this rebound, indicating that the implied risk in major A-share indices is not at a high level [1] Group 2: Investment Style and Trends - The differentiation between large-cap value and small-cap growth styles is at a central level compared to the past two years, with no clear mean reversion opportunity currently [1] - The high basis level of stock index futures is influenced by the seasonal increase in dividend distributions from listed companies during May and June, alongside increased hedging demand from cautious investors [1] Group 3: New Consumption Trends in Cosmetics - The new consumption era in the cosmetics industry is characterized by product innovation and emotional value consumption, moving away from the previous traffic-driven growth [3] - The emergence of new channels and media is accelerating product innovation and market penetration, with platforms like Douyin playing a crucial role in product testing and promotion [4] - Traditional industries such as personal care, health products, and cosmetics are experiencing significant product renewal opportunities, driven by structural changes in consumer demand and channel dynamics [5]

Core Viewpoint - The popularity of Labubu from Pop Mart indicates a new consumption era where young consumers are willing to pay for emotional value [2][4][7] Group 1: Market Trends - Labubu has sparked a global phenomenon, leading to a surge in demand for related products, including gold versions of Labubu accessories [2][4] - In Shenzhen's Shui Bei market, many gold "Labubu" items are being sold as mobile phone charms, priced between 28 to 100 yuan, with low gold content [4][6] - The trend reflects a shift towards expressing emotional value through affordable gold accessories, as high gold prices have not deterred consumer interest [4][7] Group 2: Product Authenticity and Sales - Sellers emphasize that the gold versions are not identical to the original Labubu products and are often considered unauthorized replicas [4][6] - High-weight gold versions of Labubu are not openly sold due to potential copyright infringement, and customers must pre-order them [6][7] - Despite rising international gold prices, sales in Shenzhen's gold markets have seen a decline, prompting sellers to focus on smaller, design-oriented gold items [7] Group 3: Investment and Speculation - Reports suggest that the core of IP toy consumption is the immediate satisfaction of emotional value, with Labubu meeting this demand [7] - A unique mint green Labubu recently sold for 1.08 million yuan at an auction, highlighting the speculative nature of the market [7] - Some collectors view purchasing Labubu as a form of investment, but there are warnings about the risks of market speculation [8]

Core Insights - The article highlights a shift in consumer behavior among young people in China, characterized by a blend of "refined poverty" and "emotional wealth," where individuals are willing to spend significantly on experiences while being frugal on everyday purchases [1] Group 1: Changes in Consumer Behavior - Young consumers are increasingly prioritizing "self-pleasure" in their spending, with this category accounting for 46.28% of their consumption needs in 2024 [1] - The concept of "next level" consumption in 2025 indicates a more fragmented and conscious approach to spending, focusing on immediate gratification while also considering long-term value [1] Group 2: Event and Participation - The article invites content creators to share their observations on new consumption phenomena and thoughts on "2025 consumption" through video submissions, with a chance to win from a prize pool [2][3] - The event encourages discussions on why young people are willing to spend on emotional experiences rather than just price-value, highlighting the importance of happiness derived from small purchases [2] Group 3: Consumer Trends and Categories - The article discusses the notion that consumption downgrade does not equate to a decline in quality of life, emphasizing how to spend less while enjoying life [3] - It mentions emerging consumption categories and scenarios, such as health-focused beverages and outdoor activities, reflecting a shift in lifestyle choices among young consumers [3]