Investment Rating - The report indicates a positive outlook on the emotional consumption market, predicting significant growth in related industries [28][27]. Core Insights - Emotional consumption is increasingly recognized as a vital aspect of young people's spending habits, driven by the need for immediate emotional relief and self-expression [10][18]. - The emotional consumption market in China is expected to exceed 2 trillion yuan by 2025, with a compound annual growth rate of 12% since 2013 [28][27]. - Young consumers are willing to pay a premium for products that provide emotional value, with 90% expressing a readiness to spend more for emotional satisfaction [21][27]. Summary by Sections Section 1: Current Consumption Trends - 88.2% of young people report feeling stressed, leading to a rise in consumption behaviors that provide immediate positive feedback [4][7]. - Nearly 60% of consumers believe that spending helps alleviate stress, highlighting the importance of emotional products [8][21]. - Young consumers allocate nearly 30% of their spending to interests, indicating that consumption is a form of self-expression [10][14]. Section 2: Emotional Consumption Market Growth - The global healing economy is projected to reach $7 trillion by 2025, with emotional consumption being a key component [28]. - The report highlights rapid growth in sectors such as trendy toys, cultural tourism, and pet-related products, all benefiting from the emotional consumption trend [27][30]. - The trendy toy market in China is expected to reach 90 billion yuan in 2024, with a 14% annual growth rate [30]. Section 3: Consumer Behavior and Preferences - Young consumers are increasingly drawn to unique and quirky products that provide emotional satisfaction, often referred to as "spiritual fast charging" [33][34]. - The popularity of stress-relief products, such as fidget toys, has surged, with significant engagement on social media platforms [35][36]. - Emotional consumption is characterized by a shift towards instant gratification, with young people prioritizing experiences and products that offer immediate joy [18][19]. Section 4: Demographic Insights - The report categorizes young consumers into five distinct emotional consumption personas, each reflecting different motivations and spending behaviors [41][42]. - These personas include individuals who seek emotional release, self-reward, and novelty, showcasing the diverse motivations behind emotional spending [41][42]. Section 5: Future Outlook - The report anticipates continued growth in the emotional consumption market, driven by evolving consumer preferences and the increasing importance of emotional well-being [27][28]. - Platforms like Douyin (TikTok) are playing a crucial role in shaping trends and facilitating the discovery of new emotional products [106][108].

Core Viewpoint - The article discusses the rise of street photography as a new employment trend among young people in China, driven by the demand for personalized and shareable experiences in the tourism sector, reflecting a shift towards "emotional consumption" [3][13][15]. Group 1: Employment Trends - Many young individuals are transitioning from traditional jobs to street photography, which offers flexibility and aligns with their desire for self-expression and social sharing [22][23]. - The article highlights various backgrounds of photographers, including former engineers, fitness trainers, and salespeople, indicating a diverse workforce entering this field [10][12][20]. - The income from street photography can vary significantly, with some photographers earning between 200 to 2,000 yuan per day, depending on the season and location [10][12][19]. Group 2: Consumer Behavior - Young consumers are increasingly engaging in "emotional consumption," seeking experiences that provide immediate gratification and social validation through platforms like social media [15][16]. - The trend of hiring photographers at tourist spots is particularly popular among young women and couples, who prefer professional photos over self-taken ones [14][15]. - The article notes that the demand for commercial photography services has surged, especially during peak tourist seasons, but has also faced fluctuations as consumer preferences evolve [19][22]. Group 3: Industry Challenges - The street photography industry faces challenges such as competition, income instability, and a lack of professional protections like social security and labor contracts [23][24]. - Some tourist sites have begun to restrict commercial photography, which could impact the availability of work for street photographers [21][23]. - The article suggests that policy support and industry standards could help stabilize this emerging employment sector and improve working conditions for photographers [23][24].

成就LABUBU的，首先是一群"不一样"的消费者。 在现代生活越来越大的压力面前，有时候一次情绪消费，就像是保全心态的最后一座堡垒。 这些看似功能上无用的消费，异化了传统性价比。在基础生活需求之上、奢侈品消费之下，让Z时代的 年轻人，让泡泡玛特在消费， 花钱不能让解决情绪一笔勾销，在消费者的情绪投射也会被商家拿捏，变成溢价的条件。 前脚把泡泡玛特创始人王宁送上河南新首富的位置，后脚又拍出108万的天价，LABUBU这只小怪兽正 在把不可能变为可能。 王宁自己曾说，泡泡玛特的消费者是一群年轻人。爆买LABUBU把他们身上的消费主义特征体现得淋 漓尽致。 每一代人都有属于自己的社交货币，有各自的消费主张。 Z时代的年轻人渴望归属感、体验快乐、愿意参与热门的文化现象，他们信奉的消费主义是用商品抚慰 情绪。在他们的价值三角中，功能价值弱化，情绪价值拉满，资产价值也不能放过。 买LABUBU的人可能收入不同，性格迥异，但本质趋同，更能打动他们的是感性消费，他们愿意花更 多的钱和时间去寄托情绪。 正是这些"无用"构成了意外的"有用"，买家们获得了一种不贵的自我满足感，刷出一种强烈的社交存在 感，体验一种轻而易举的喜悦感。 ...

Group 1: Gaming Industry in Zhejiang - Zhejiang Province plans to create a gaming industry cluster centered around Hangzhou, integrating cities like Ningbo and Shaoxing, and establishing multiple cultural export platforms such as national cultural export bases and digital trade demonstration zones [1] - The initiative aims to support the development of high-quality original games, particularly AAA titles, and promote collaboration with smart hardware manufacturers to facilitate the international expansion of AR/VR devices [1] - The ultimate goal is to enhance industry aggregation, optimize the ecosystem, and increase policy support to position Zhejiang as a significant player in the global digital entertainment industry, thereby boosting the international competitiveness of Chinese gaming products [1] Group 2: Automotive Industry Developments - Major automotive companies, including GAC Group, FAW Group, Dongfeng Motor, BYD, Great Wall Motors, and Xiaomi, have announced a policy change to stabilize supply chains amid a challenging commercial environment and intense price competition [2][3] - The policy aims to alleviate the negative impacts of "involution" competition by shortening payment terms to ensure efficient capital turnover for suppliers, thereby enhancing the stability and collaboration within the industry [2] - The China Automobile Manufacturers Association reported that from January to May, sales of Chinese brand passenger cars reached 7.562 million units, a year-on-year increase of 26.3%, while traditional fuel vehicle sales declined by 10.1% [3] Group 3: Emotional Value in Consumer Products - Pop Mart's stock price has surged over 11 times since early 2024, highlighting the significant potential of the trendy toy industry and emotional consumption [4] - By deeply developing IPs like LABUBU, Pop Mart has created engaging toys that connect emotionally with consumers, establishing products with emotional value [4] - The blind box mechanism employed by Pop Mart generates uncertainty and anticipation, while limited and hidden editions enhance scarcity, driving strong consumer demand [4] Group 4: Impact of Autonomous Driving on Insurance - The current insurance system is based on driver behavior, but with autonomous driving, where vehicles are controlled by computers and humans are merely passengers, the issue of liability becomes complex [5] - Companies like Tesla, Alphabet, and Aurora Innovation are recommended for attention as beneficiaries of advancements in autonomous driving technology, along with insurance companies like Progressive that adapt to industry changes [5] - The technological progress in autonomous driving may provide long-term growth potential for related companies that embrace new technologies and industry shifts [5]

Core Viewpoint - Huatai Securities remains optimistic about the large consumption sector in 2025, suggesting four structural investment themes within the consumption sector [1] Group 1: New Consumption Investment Opportunities - Head brands in beauty and personal care, as well as domestic fashion, are achieving market share breakthroughs through product innovation and omnichannel strategies [1] Group 2: High-Growth Emotional Consumption Sector - The market for emotional consumption, including trendy toys, pet economy, and immersive services, is building a high-prosperity market worth hundreds of billions through social and scenario-based consumption models [1] Group 3: Booming Silver Economy - The silver economy, focusing on age-friendly smart appliances and elderly education tourism, is expected to enter a golden development period supported by policy and changing perceptions [1] Group 4: "AI+" Consumption Technology Empowerment Opportunities - Companies providing computing power services and solutions, along with leading consumer stocks that are first to implement these technologies, show significant growth potential [1]

Group 1: Kidult Economy Overview - The term "Kidult" combines "kid" and "adult," referring to adults aged 20 to 50 who are interested in traditional children's hobbies, leading to the emergence of a unique "Kidult economy" [2] - The Kidult economy is driven by two main factors: the need for stress relief and the desire for identity recognition among adults, with social media playing a significant role in sharing experiences and collections [2] - Market data shows that while overall toy sales in the U.S. declined by 8% in 2023, the adult consumer segment grew by 8%, accounting for approximately $6.7 billion in sales, demonstrating strong resilience [2] Group 2: Kidult Economy in China - In China, the Kidult economy is primarily driven by Generation Z and Millennials, becoming one of the fastest-growing segments in the consumer market [4] - A survey conducted by JD.com revealed that 56.8% of adults purchased toys for themselves, and 51.1% planned to celebrate Children's Day for themselves, indicating a shift in consumer behavior [4] Group 3: Emotional Economy - The Kidult economy is a branch of the broader "emotional economy," which emphasizes personalized, differentiated, and emotional consumption experiences, contrasting with traditional consumption focused on functionality [6] - According to a report, 42% of surveyed consumers indicated that their shopping motivation includes "pleasing oneself" or "enhancing mood," highlighting the rise of emotional consumption [6] Group 4: Impact on Businesses and Industries - The emotional value consumption presents both challenges and opportunities for businesses, potentially enhancing operational capabilities, consumer guidance, and profitability through increased consumer loyalty [6] - The emotional economy manifests in three main forms: "service + consumption value," "IP + self-pleasure consumption," and "social + pleasing others consumption," affecting various industries such as dining, retail, and cosmetics [6][9] - The emotional consumption market in China is projected to exceed 20 trillion yuan, indicating a significant shift towards mainstream acceptance of emotional economy concepts [9]

Group 1 - The Hong Kong stock market showed a positive trend with significant gains in sectors such as media, automotive, cultural tourism, and e-commerce, indicating a strong consumer sentiment [1] - The Hong Kong Consumption ETF (159735) rose by 0.84%, with a trading volume exceeding 30 million, reflecting high market activity and interest in consumer stocks [1] - The current consumer landscape emphasizes unique experiences as a form of social currency, with companies focusing on emotional resonance and cultural identity to connect with younger generations [1] Group 2 - New consumption trends are driven by modern consumers' dual demands for quality-price ratio and emotional value, with product quality, emotional value, and cost-effectiveness being the top three factors influencing purchasing decisions [2] - The market for trendy toys, "grain economy," and freshly brewed tea has seen a compound annual growth rate of 23%-30% over the past two years, highlighting the rapid growth of the new consumption market [2] - A survey by McKinsey indicates that Generation Z has the highest optimism regarding consumption prospects, with 78% expressing positive views [2]

证 券 研 究 报 告 内需崛起，挖掘新消费的情绪曲线 2025夏季电商零售投资策略 证券分析师：赵令伊 A0230518100003 研究支持：李秀琳 A0230123070007 2025.6.10 投资主线 ◼ 主线1：新消费高景气，情绪价值满足的供给升级 • 工艺变迁升级下，行业转向产品设计和品牌化能力比拼，金饰迎来产品及品牌长周期beta，而传统品牌产品同质化及渠道竞争仍在调整。 建议关注具备产品差异化和高品牌认知的优质品牌：老铺黄金、潮宏基、曼卡龙、 菜百股份、莱绅通灵、周大生、老凤祥。 • 情绪消费崛起，中国人均IP消费有巨大潜力空间。聚焦IP经济，赋予产品更大商业附加值，将成为消费品牌构建差异化的重要竞争力。 建议关注：名创优品、量子之歌。 1. 宏观：内需提振，政策加力推动新消费 3 ◼ 主线2：增长势能延续，AI、即时零售开拓增量 • 平台竞争维度延展，对商家及用户生态、AI和即时零售潜力新业务、出海扩张等新增长极加大布局，持续投入蓄力，有望带动长期增长 正循环，看好平台高质量增长势能。推荐：阿里巴巴、美团、拼多多、京东 。 ◼ 主线3：贸易不确定性加剧，消费内循环重要性提升。 • 关税波 ...

美容护理概念股持续走高 水羊股份、洁雅股份双双涨超10% 智通财经6月10日电，美容护理概念股盘中持续走高，水羊股份、洁雅股份双双涨超10%，华业香料此 前涨停，青松股份、可靠股份、豪悦护理涨超5%，润本股份、敷尔佳等跟涨。消息面上，开源证券研 报指出，当前化妆品行业正呈现温和复苏与国货崛起的双重发展主线。在"颜值经济"持续升温、悦己消 费理念深化的背景下，"情绪消费"正成为美妆赛道的核心增长引擎。 ...

Summary of Key Points from Conference Call Records Industry Overview - **New Consumption Market**: The new consumption market has seen a significant increase in attention, with investors actively seeking potential stocks. Traditional leading companies also present investment opportunities due to high dividends and competitiveness [1][6] - **Investment Focus for 2025**: Key investment themes include the rise of domestic brands, emotional consumption, the silver economy, and AI smart home products [1][11] Core Insights and Arguments - **Consumer Trends**: The new consumption sector is characterized by a shift towards products that reflect future consumption trends, such as trendy toys, gold jewelry, and beauty products. Companies with strong market positions and high growth potential are recommended despite their valuations being relatively high [1][9] - **Tea Beverage Industry**: The tea beverage sector is thriving, with chain tea brands being the top recommendation. Companies like Mixue Ice City and Gu Ming are highlighted for their unique business models and growth potential [1][29][31] - **Gold and Jewelry Sector**: The gold and jewelry sector benefits from rising gold prices and increased penetration of premium gold jewelry. Companies like Lao Pu Gold and Chow Tai Fook are recommended for their strong brand positioning and product differentiation [4][34][37] Notable Companies and Their Performance - **Pop Mart and Miniso**: These companies are recognized as leaders in the trendy toy industry, with successful overseas market expansions and innovative product offerings [1][27][52] - **Beauty Sector**: Companies like Juzi Biotechnology and Runben are noted for their solid fundamentals and reasonable valuations, despite some short-term growth slowdowns [4][43][44] - **Children's Retail**: Kid's King is highlighted for its robust growth in direct sales and rapid expansion of its franchise business [4][38] Additional Important Insights - **Market Volatility**: The new consumption sector is expected to experience increased volatility, with many stocks having already seen significant price increases. The focus should remain on companies with strong growth prospects and competitive advantages [9][10] - **Investment Opportunities in Hong Kong and A-shares**: The top ten new consumption companies in Hong Kong and A-shares include Pop Mart, Miniso, and others, indicating a broad interest in this sector [8][11] - **Emerging Trends**: The rise of emotional consumption and the demand for personalized products are reshaping consumer preferences, leading to opportunities for companies that can innovate and adapt [13][44] Conclusion The new consumption market is evolving rapidly, with significant opportunities in various sectors such as trendy toys, beauty products, and gold jewelry. Companies that can leverage these trends and maintain strong growth trajectories are likely to attract investor interest.