21世纪经济报道记者柳宁馨 实习生王梓欣 杭州报道 杭州最早以文旅闻名，近期又因科创爆火，但一直以来，杭州的社消零总额和人均收入、人均消费支出存在反差，直观看就是"杭州 赚钱不在杭州花"。 | | 社消零总额前十城 | | | --- | --- | --- | | 城市 | 2025年一季度社消零总额(亿元) | 2024年社消零总额(亿元) | | 重庆 | 4204.32 | 15677.37 | | 上海 | 4057.45 | 17940.19 | | 北京 | 3458.6 | 14073.6 | | 广州 | 2912.7 | 11055.77 | | 成都 | 2732.7 | 10327.1 | | 武汉 | 2410.21 | 7931.87 | | 深圳 | 2403.17 | 10637.7 | | 南京 | 2323.11 | 8552.75 | | 苏州 | 2306.1 | 10043.7 | | 杭州 | 2075 | 7884 | | 敕祖 · 柳宁懿 卷拒实源· 名城市经十昌 | | | 今年一季度，杭州全市社会消费品零售总额达2075亿元，同比增长6.3%，继续排名第十， ...

题图 / 周大福、老凤祥、潮宏基珠宝 受全球市场影响，金价连创新高。就在最近，黄金价格突破800元，金饰克价超过了千元。在有关黄金的投资、消费话题里，不难听到二次元爱好者的声 音："当初买黄金谷子还真是买对了。" 老凤祥x崩坏：星穹铁道 这里说的黄金谷子，是指黄金品牌和ACG IP的联名衍生品。国人黄金购买力向来可观，中国长期位列全球黄金消费市场榜首，让二次元吃上纯金谷子的 情形或许只有国内市场才会上演。在近几年里，不仅黄金品牌与ACG IP联动频次有所提升，更有越来越多黄金品牌加入联名队伍，吸引一批批吃谷人走 进金店。 当买金的风吹到二次元 乘着中国衍生品热潮的东风，黄金品牌与ACG IP联名在近两年已成趋势。ACGx统计了国内主要黄金品牌近五六年的ACG IP联名案例（案例表格置于文 末）： 老凤祥从2024年至今接连公布了5个联名系列，全球限量的《机动战士高达》《圣斗士星矢》的大克重黄金手办闪耀得让人挪不开眼； 老凤祥x机动战士高达 图源@瑞禧黄金小助理 潮宏基在去年与三丽鸥合作后，持续上新库洛米、大耳狗、丑鱼、布丁狗等联名款，期间还与《蜡笔小新》进行了联动； 港金福x小狗蛇点点 图源小红书@小小榆 买 ...

Core Viewpoint - The trading card brand Kayo is attempting to go public again after a failed IPO in 2024, facing challenges related to data security and regulatory compliance, while also contending with negative public perceptions regarding its impact on minors [1][11]. Group 1: Company Overview - Kayo's revenue has shown significant growth, with figures of 41.31 billion in 2022, 26.62 billion in 2023, and a projected 100.57 billion in 2024, despite a dip in 2023 due to decreased popularity of its main IP, Ultraman [3][8]. - The company has a high gross margin, with rates of 68.8%, 65.8%, and 67.3% from 2022 to 2024, indicating a profitable business model [8]. - Kayo's IP library has expanded to 70 IPs, with major contributors including Ultraman, My Little Pony, and others, which are crucial for its revenue generation [3][12]. Group 2: Market Dynamics - The trading card market in China has grown from 2.8 billion in 2019 to 13.3 billion in 2023, with a compound annual growth rate of 31.49% [3]. - The primary consumer demographic for trading cards is under 35 years old, with a significant portion being minors, which raises concerns about the company's long-term sustainability [12]. - Competitors like Hitcard and Jicard are gaining traction, with Hitcard securing various IP partnerships and Jicard adopting a dual strategy of introducing and creating original IPs [15][13]. Group 3: Industry Trends - The rise of live-streaming card unpacking has accelerated the popularity of trading cards among younger consumers, creating a new consumption scenario [5]. - The trading card segment is increasingly seen as part of the broader "peripheral economy," which has high profit margins compared to other merchandise categories [8]. - Kayo is diversifying its product offerings beyond trading cards into areas like figurines and stationery, although trading cards remain its primary revenue source, accounting for 81.5% of its income in 2024 [16][15].

Core Insights - The Yangpu District's Wujiaochang business circle is experiencing significant growth in consumer spending, particularly among young people, with a 5.2% year-on-year increase during the Spring Festival and a 38.3% increase in January and February [1][2] - The transformation of traditional shopping centers into youth-oriented spaces, such as the 百联ZX造趣场, has attracted a large number of young consumers, with sales increasing by 111.18% in the first two months of the year [2][4] - The overall strategy of the Yangpu District is to create a vibrant, youth-centric commercial environment that integrates various cultural and entertainment elements to enhance consumer experience [6][9] Consumer Trends - The Wujiaochang area has a high concentration of young consumers, with 25% of the population aged 18 to 35, and a significant number of university students nearby [1][3] - Young consumers are showing a preference for immersive experiences and themed consumption, as seen in the popularity of the 二次元主题商圈 and various pop-up events [5][6] - The average spending per visit is high, with many young consumers purchasing multiple items at once, indicating a strong willingness to spend on experiences and products that resonate with their interests [3][4] Business Strategies - Retailers in the Wujiaochang area are focusing on innovative concepts and collaborations, such as the introduction of over 150 new brands in 合生汇, with more than 30 being first stores [8] - The integration of online and offline shopping experiences is being emphasized, with initiatives like live-streaming events to attract younger consumers [9][10] - The district aims to expand its appeal beyond local consumers to attract young people from other regions and countries, enhancing its status as a destination for youth culture and consumption [9]