Group 1 - The core viewpoint of the article is that the "Guzi economy" is rapidly evolving, driven by a mature manufacturing chain, deepening digital infrastructure, and the emergence of young consumers, with the market expected to exceed 240 billion yuan by 2025 and 300 billion yuan by 2027 [1][11] - As of August 2025, the number of "pan-2D active users" reached 351 million, with "core 2D active users" at 92 million, indicating a significant engagement from younger demographics [1][13] - The interest user base for Guzi reached 30.17 million in August, with 12.36 million being active consumers, highlighting a strong market potential [1][13] Group 2 - The Guzi economy has transitioned from a subculture to a mainstream market, with women emerging as a significant consumer force [5][11] - The Guzi economy has established a closed-loop model, integrating upstream IP incubation, midstream product design, and downstream production and sales, which enhances IP popularity [2][8] - Young consumers are increasingly willing to pay for emotional tokens that allow them to touch, own, and display their interests, indicating a shift in consumption behavior [11][19] Group 3 - The rise of domestic IPs is driven by cultural confidence and industry maturity, with domestic IP content attention surpassing imported IPs by 26.7 percentage points as of August 2025 [27] - Successful domestic IPs like "Wang Wang Mountain Little Monster" and "Nezha 2" have amplified their popularity through deep development and immersive experiences [29][34] - The emotional resonance and character development of IPs are crucial for their appeal, with a large user base and active UGC creation driving the heat of gaming IPs [31][38] Group 4 - Guzi IP collaborations have become a standard marketing strategy for brands, providing benefits such as audience attraction and brand rejuvenation [45][48] - Brands are increasingly partnering with mature fan culture IPs to attract younger consumers, making IP collaboration a normalized marketing approach [50][51] - Successful IP collaborations create a self-reinforcing cycle of content exposure, emotional connection, consumption conversion, and asset appreciation [63]

Core Insights - The "Guzi Economy" is projected to exceed 240 billion yuan by 2025 and 300 billion yuan by 2027, driven by a mature manufacturing chain, deep digital infrastructure, and the rise of young consumers [4][17]. Market Overview - The Guzi Economy is transitioning from subcultural circles to the mainstream market, with a significant increase in interest and consumption among diverse user demographics [11][12]. - As of August 2025, the number of active users interested in Guzi reached 3.0174 million, with 1.2358 million being active consumers [18][20]. User Demographics - The core user base of the Guzi Economy is predominantly young, with 57.5% of users under 24 years old and a notable female user base making up 54.1% of interest users [5][20]. - The Guzi Economy is characterized by a blend of traditional "二次元" (2D) enthusiasts and a new generation of consumers who engage actively in both online and offline spaces [22]. Economic Drivers - Young consumers are motivated by "self-pleasure" and "collecting," which influence their purchasing decisions, leading to a growing market for emotional and collectible products [23][25]. - The "pain culture" has emerged as a significant trend, reflecting a strong desire for identity expression and personalization among young consumers [25][29]. Industry Development - The Guzi Economy has established a closed-loop model encompassing IP incubation, product design, and sales, which enhances the popularity of associated IPs [15][6]. - The rise of domestic IPs is notable, with a 55.1% interest in domestic content compared to 26.7% for imported IPs as of August 2025 [32][34]. Marketing Insights - Collaborations with established Guzi IPs have become a standard marketing strategy for brands targeting younger demographics, providing benefits such as audience engagement and brand rejuvenation [50][52]. - Successful marketing models include creating immersive consumer experiences and leveraging emotional connections through IP collaborations [60][66].

Group 1 - Core viewpoint: The article discusses the emergence of the "millet economy" and its potential to reshape consumer rules in the market [1] Group 2 - User insights and market growth drivers of the millet economy are analyzed [3] - The rise of domestic IP and key points for operating popular millet IP are dissected [3] - Various paths for brands to leverage millet IP marketing are explored [3]

Macro and Strategy Research - The manufacturing sector shows further improvement with a notable recovery in small enterprises, as indicated by the September PMI data, which reported a manufacturing PMI of 49.8%, a non-manufacturing business activity index of 50.0%, and a composite PMI output index of 50.6% [2][3] - The production index increased by 1.1 percentage points to 51.9%, while the new orders index rose by 0.2 percentage points to 49.7%, still below the critical point [3] - New export orders reached a high of 47.8%, marking a 0.6 percentage point increase, suggesting a reduction in the impact of tariff policies [3] - The non-manufacturing business activity index fell by 0.3 percentage points to 50.0%, with the construction sector slightly improving to 49.3% and the service sector declining to 50.1% [4] - The composite PMI output index increased by 0.1 percentage points to 50.6%, driven by the recovery in manufacturing, which offset the short-term decline in non-manufacturing [4] A-Share Market Investment Strategy - Major indices in the A-share market rose, with the Shanghai Composite Index increasing by 2.09% and the ChiNext Index by 0.81% over the recent trading period [6][7] - The upcoming "14th Five-Year Plan" is expected to clarify economic strategies, with a focus on expanding domestic demand and supporting innovation as key components [7] - The market is anticipated to maintain a strong structural characteristic, with potential investment opportunities in sectors such as TMT, electric power equipment, pharmaceuticals, and consumer services [8] Industry Research - The retail sales of clothing, shoes, and textiles reached CNY 9,400.40 billion from January to August, reflecting a year-on-year growth of 2.90% [14] - The light industry sector underperformed compared to the CSI 300 index, with a decline of 0.54% against the index's increase of 3.20% [15] - The packaging paper industry is expected to see improved performance due to price increases being passed down to downstream sectors, with significant profit growth anticipated in Q3 [15][16] - The consumer market showed stable growth during the recent holiday period, with government subsidies expected to further stimulate sales in related sectors [15][16]

Core Insights - During the National Day and Mid-Autumn Festival holiday, Tianjin's monitored enterprises achieved a total sales revenue of 3.11 billion yuan, marking a year-on-year increase of 6.2% [1] - The total number of visitors during the holiday reached 21.4 million, with a year-on-year growth of 4.5% [1] Group 1: Sales and Visitor Data - Tianjin's business system launched over 400 integrated activities across commerce, tourism, culture, sports, and exhibitions, enhancing consumer engagement [1] - The sales revenue of 3.11 billion yuan reflects the effectiveness of these initiatives in driving local consumption [1] Group 2: Tourism and Events - The "Water Show + Building + Bridge" light show along the Haihe River significantly boosted Tianjin's visibility and attractiveness, drawing over 300,000 visitors daily [3] - The light show and related events led to a 27% to 65% increase in orders for associated sectors such as hotels, restaurants, and bars [3] Group 3: Cultural and Entertainment Activities - The integration of cultural performances in commercial areas proved effective in attracting crowds, with daily visitor numbers exceeding 550,000 in key districts [3] - Popular performances and immersive experiences contributed to a surge in local tourism, with specific events ranking highly among visitor attractions [3] Group 4: Emerging Consumption Trends - The rise of "Guzi Economy" through e-sports and ACG exhibitions has become a new consumption hotspot, with significant participation in events like the national finals of "Honor of Kings" [4] - The establishment of immersive experience venues and themed pop-up stores indicates a growing market for niche consumer groups, particularly in the anime and gaming sectors [4]

Market Performance - On the first trading day of October, A-shares opened higher, with the Shanghai Composite Index surpassing 3900 points for the first time in ten years, closing at 3933.97 points, up 1.32% [1] - The Shenzhen Component Index rose by 1.47%, while the ChiNext Index increased by 0.73%, and the STAR Market 50 Index surged by 2.93% [1] - The total market turnover reached 2.67 trillion yuan, an increase of 474.6 billion yuan compared to the previous trading day, with over 3100 stocks rising and nearly 100 stocks hitting the daily limit [1] Sector Performance - Precious metals and gold sectors saw a surge, with multiple stocks like Zhaojin Mining and Zhongjin Gold hitting the daily limit due to rising international gold prices during the National Day holiday [1] - The controlled nuclear fusion sector experienced significant growth following recent milestone advancements, with Guoguang Electric hitting a 20% limit up [1] - The rare earth sector also rose due to export controls on related items, with stocks like Northern Rare Earth and Antai Rare Earth reaching their daily limits [1] - Other sectors such as small metals, non-ferrous metals, lithium mining concepts, and superconducting concepts showed strong performance [1] Declining Sectors - The tourism and hotel sector declined, with daily per capita consumption during the holiday dropping by 13% year-on-year, leading to a more than 8% drop in stocks like Caesar Travel [1] - The real estate service sector also faced losses, with Huangting International hitting the daily limit down [1] - The film and television sector weakened due to lower box office revenues compared to the previous year, with stocks like China Film and Hengdian Film hitting their daily limits down [1] - Other sectors such as duty-free, short drama concepts, and millet economy also experienced significant declines [1] Top Gainers and Fund Inflows - Precious metals topped the gainers list with a 9.28% increase, followed by basic metals at 6.52% and power generation equipment at 6.279% [2] - The electricity sector rose by 2.89%, while steel and coal sectors increased by 2.83% and 2.749% respectively [2]

Core Insights - The article highlights the success of Yao Runhao, the founder of Paper Games, in understanding and catering to the emotional needs and aesthetic preferences of female gamers through various games and products [1][2][4]. Company Overview - Paper Games has developed several successful games targeting female players, including "Miracle Nikki" and "Love and Producer," with the "Nikki" IP registering over 200 million users [1][2]. - The company has generated significant revenue, with "Miracle Nikki" alone accumulating $620 million since its launch in 2015 [1]. Product Expansion - Yao Runhao is expanding into the blind box market with the launch of the "DearNikki" brand, leveraging the popularity of the "Nikki" IP [1][4]. - The first blind box series, "Dream Weaving Prologue," has sold over 80,000 units on Tmall, indicating strong demand among fans [6]. Market Positioning - The "Nikki" series has been a successful entry point for Paper Games into the blind box sector, benefiting from established brand recognition and a loyal user base [4][6]. - The blind boxes are priced at 79 yuan each and feature unique designs that appeal to a wide demographic, including students and working women [4]. Competitive Landscape - The gaming market for female-oriented titles is becoming increasingly competitive, with major players like Tencent and NetEase entering the space [11]. - Paper Games is responding by launching new IPs and original games, such as "Love in Deep Space" and "Infinite Nikki," to maintain its market position [11]. Financial Performance - The company is projected to achieve approximately $1 billion in revenue for 2024, showcasing its strong financial growth [10]. - Paper Games has not disclosed any new funding rounds since 2015, indicating a robust self-sustaining business model [10]. Future Prospects - Yao Runhao is exploring new game genres, including an action RPG titled "All Things Contract," which is expected to launch in 2025 [11][13]. - The company is also diversifying its product offerings by developing various entertainment-related projects, including an animated film and potential merchandise [15][17].

Core Insights - The "Guzi economy" has emerged as a new consumption hotspot, particularly among young consumers during the recent "National Day" holiday, with significant foot traffic in stores selling related merchandise [1][2] - The market for "Guzi" products, which include various IP-derived goods, is projected to reach a scale of 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029 [2] Group 1: Market Trends - The "Guzi economy" is primarily driven by consumers aged 15 to 25, including students and young professionals, who are increasingly engaging in emotional consumption experiences [1][2] - The rise of domestic animation and IPs, such as "Nezha," has led to a growing share of sales for related merchandise, revitalizing traditional commercial spaces [2] Group 2: Business Impact - The transformation of shopping malls into emotional experience hubs has been facilitated by the popularity of "Guzi" culture, with significant increases in foot traffic, such as a daily average of nearly 30,000 visitors during the holiday period at a major mall [2] - The emergence of over 50 "Guzi" stores in a single shopping center illustrates the rapid growth and establishment of this niche market [2] Group 3: Future Outlook - Experts suggest that the "Guzi economy" reflects a shift in consumer demand from material needs to emotional values, indicating a need for high-quality original IP development and a complete industry chain from creation to merchandise [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "国庆、中秋假期期间，来我们店里购买'谷子'（Goods的音译，指周边衍生品）的消费者多了很多，客 流和销量相比往年都有明显提升。"在位于北京市东城区搜秀商城的动漫城内，"谷子"主题店铺的销售 小P热情地向记者介绍。 小"谷子"拉动大消费 消费端的火热，已清晰地传导至资本市场，"谷子经济"的蓬勃已引起资本市场关注。在A股、港股市场 上，涉及IP运营、潮玩生产及零售的相关公司今年以来表现亮眼。 Wind数据显示，截至10月3日，万得谷子经济概念指数今年以来上涨22.51%，指数成分股中，巨人网络 年初至今大涨260.84%，创源股份、光线传媒、欢瑞世纪涨超100%，星辉娱乐涨超80%。港股方面，新 消费龙头泡泡玛特今年以来涨幅达185.39%。 中国银行研究院认为，"谷子经济"快速发展给我国经济增长带来新的活力，相关实体主题店铺（谷店） 和城市打卡地标为线下消费复苏注入新动力。谷子经济未来仍具备较大的发展空间，市场规模将进一步 增长，海外市场依然广阔。 在他身后，印有各类动漫游戏角色形象的徽章、立牌、挂件等"谷子"琳琅满目，顾客们正埋头仔 ...

Core Viewpoint - Deli Group is facing challenges in its core business and is attempting to pivot towards the "IP economy" to attract younger consumers, as evidenced by recent marketing initiatives and product launches [3][10][11]. Group 1: Company Challenges and Responses - A recent incident involving the dismissal of an employee due to a physical condition has prompted Deli Group to issue an apology, highlighting the company's sensitivity to public perception [3]. - Deli Group has been struggling in its main business and is shifting its strategy to adapt to changing market conditions, particularly targeting the Z generation with new marketing approaches [3][10]. - The company has launched a "Super Stationery Festival" in 26 major cities, featuring collaborations with popular IPs to create a unique consumer experience [3][7]. Group 2: Marketing and Product Strategy - Deli Group has been actively collaborating with well-known IPs, releasing new products every 1-2 months since last year, aiming to capture the emotional value of younger consumers [5][7]. - The first "Super Stationery Festival" in February attracted over 100,000 visitors in its opening week, indicating strong consumer interest in the new product offerings [7]. - The company is focusing on integrating innovative designs and color aesthetics into its products to appeal to the younger demographic [5][10]. Group 3: Industry Context and Competition - The rise of the "IP economy" has prompted both Deli Group and its competitor, Morning Glory, to adapt their strategies, with Morning Glory having entered this space earlier [8][10]. - The current market for stationery is evolving, with younger consumers now being a significant target demographic, necessitating a shift in product offerings from traditional stationery to more innovative and engaging items [11][13]. - The overall environment for the "IP economy" in China is still in its early stages, presenting both opportunities and challenges for established companies like Deli Group [13][15].