Group 1 - Southbound capital has accumulated a net purchase of 894.28 billion HKD as of August 7, 2023, which is equivalent to 111% of the total for the entire year of 2024, setting a new historical high [1] - Southbound capital has recorded net purchases for three consecutive trading days, with amounts of 23.43 billion HKD, 9.48 billion HKD, and 0.66 billion HKD from August 5 to August 7, respectively [1] - The top five net purchases in the past week were Tencent Holdings (4.28 billion HKD), Alibaba (3.81 billion HKD), Xiaomi Group (3.46 billion HKD), Li Auto (2.84 billion HKD), and Meituan (2.73 billion HKD) [1] Group 2 - The "Guzi economy" is rapidly developing, driven by the Z generation's self-demand, the rise of domestic IP, and supported by diverse channels and policy guidance for consumption [1] - The market size of China's pan-2D and peripheral market is expected to reach 597.7 billion CNY in 2024, with the "Guzi economy" market size projected to be 168.9 billion CNY, reflecting a growth of 40.6% compared to 2023, and expected to exceed 300 billion CNY by 2029 [1] - The industry is transitioning from being led by Japan to a competitive landscape among domestic IPs, characterized by diversified product forms and a consumer profile that trends towards female and youth demographics [1] Group 3 - The Hong Kong Stock Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, packaging leading internet e-commerce and new consumption stocks, covering various sectors including Pop Mart, Miniso, Lao Pu Gold, and Mixue Group [2] - The ETF includes major internet e-commerce leaders such as Xiaomi, Alibaba, Tencent, and Meituan, highlighting a strong technology and consumption attribute [2]

Core Viewpoint - The "Guzi Economy" is rapidly emerging, driven by the Z generation's self-satisfaction demands and the rise of domestic IPs, reshaping the consumption ecosystem in China [1][4][31] Market Size - The overall market for the pan-dimensional and peripheral market in China is projected to reach 5,977 billion yuan in 2024, with the "Guzi Economy" segment expected to reach 1,689 billion yuan, marking a year-on-year growth of 40.6% [4][14] - By 2029, the "Guzi Economy" market is anticipated to exceed 3,000 billion yuan [1][4] Industry Chain - The industry chain is characterized by an "IP-centric" model, with domestic products breaking through traditional boundaries and a diverse channel structure [4][31] - The supply chain has matured, allowing for the development of differentiated domestic IPs that challenge international giants [1][4][28] Consumer Demographics - The consumer profile for the "Guzi Economy" is increasingly female and younger, with 61.39% of consumers being women and the majority aged between 12-20 years [19][20] - The Z generation, particularly those born after 2005, is the fastest-growing consumer group in this market, with significant engagement in purchasing activities [19][20] Competitive Landscape - The competitive landscape is shifting from Japan leading the market to domestic players competing vigorously, with a focus on differentiated IP ecosystems targeting overseas markets [4][31] - Major brands such as Pop Mart and TOPTOY are establishing significant market positions through extensive product offerings and a growing number of physical stores [5][32] Channels and Sales Growth - The integration of online and offline sales channels is a key driver of growth, with online sales on platforms like Taobao reaching 17 million items sold in 2024, a nearly fivefold increase year-on-year [14][32] - The number of physical "Guzi" stores has also expanded significantly, with over 3,239 stores across at least 39 cities in China [14][32] Policy and Cultural Support - Government policies are increasingly supporting cultural consumption and the development of domestic IPs, which is expected to further stimulate the "Guzi Economy" [21][25] - The rise of cultural events and themed pop-up stores is enhancing the visibility and sales of "Guzi" products [21][25]

Core Concept - The "Guzi Economy" is emerging as a new consumption engine driven by the preferences of Generation Z, focusing on the consumption culture and economic model surrounding secondary IP-related products [2][3] Market Scale - The Guzi Economy is experiencing rapid growth, with the market size for secondary derivative products expected to reach 1.689 billion yuan in 2024, a 40.6% increase from 2023, and projected to exceed 3 billion yuan by 2029 [3] - The number of Guzi-related products sold online is expected to reach 17 million units in 2024, a nearly fivefold increase year-on-year [3] Product Demographics - The Guzi product categories are diverse, with badges being the most popular, accounting for approximately 40% of the market, followed by card products at 30-40% [4] - The consumer base is predominantly female (61.39%), with a significant portion of consumers aged 18-25, indicating a trend towards younger demographics [4] Driving Factors - The Guzi Economy benefits from the "lipstick effect" and "Disney effect," where low-cost, high-emotional-value products attract consumers [5] - The rise of domestic IP and the maturity of supply chains are crucial for the growth of the Guzi Economy, with local IPs increasingly surpassing Japanese counterparts [6] - The integration of online and offline sales channels is a significant factor in driving traffic and sales growth [5][6] Industry Chain - The Guzi Economy's industry chain is centered around IP development and operation, with domestic IPs gaining prominence [6][7] - The sales channels are diversified, including online platforms, social media, and offline stores, with over 3,239 Guzi stores across at least 39 cities in China [8] Competitive Landscape - The global Guzi Economy is thriving, with Japan leading the industry, but Chinese domestic IPs are increasingly competing and differentiating themselves in the international market [10]

伴随着夜幕降临，麻园诗人站在主舞台中间，躁动的音乐冲击着粉丝的耳膜，一时间这里成为了粉丝 的"乌托邦"。放眼舞台之下，与音乐同频摇动的，不仅仅是感受激情的粉丝，还有被高高举起的以国窖 1573为基酒的特调鸡尾酒。这里便是泸州老窖为粉丝打造的浓烈生活场"泸州老窖窖主节"。 作为"90后"消费者，李荔第一次来到泸州老窖窖主节便被这里的活动所吸引，无论是结合运动元素的酒 量健身区，抑或是融入沉浸式角色扮演的窖主体验场，她在这里看到了白酒的不同。通过窖主节周边产 品脱销不难发现，泸州老窖开启了独属于白酒赛道的"谷子经济"。而白酒"谷子经济"的底层逻辑，则在 于用产品挖掘更多新场景以刺激消费活力持续释放。纵观近年来，包括贵州茅台、五粮液、洋河等头部 企业纷纷通过开售盲盒、生活用品以及文创产品等"谷子经济"产物挖掘更多的消费市场。那么，未来谁 会是下一个"网红"？ 文创产品销量增长120% "如果要选择的话，你可以不去春糖会，但你必须来窖主节。这里虽不卖白酒，却将白酒融入到每个环 节之中。"李荔兴奋地说道。 成都桂溪生态公园的春日暖阳下，一场名为"窖主节"的白酒嘉年华正掀起热潮。年轻人排着长队等待体 验"酒神飞篮"；一旁 ...

伴随着夜幕降临，麻园诗人站在主舞台中间，躁动的音乐冲击着粉丝的耳膜，一时间这里成为了粉丝的"乌托邦"。放眼舞台之下，与音乐同频摇动的，不仅 仅是感受激情的粉丝，还有被高高举起的以国窖1573为基酒的特调鸡尾酒。这里便是泸州老窖（000568）为粉丝打造的浓烈生活场"泸州老窖窖主节"。 作为"90后"消费者，李荔(化名)第一次来到泸州老窖窖主节便被这里的活动所吸引，无论是结合运动元素的酒量健身区，抑或是融入沉浸式角色扮演的窖主 体验场，她在这里看到了白酒的不同。不仅如此，窖主节上周边产品频频脱销。借此，泸州老窖开启了独属于白酒赛道的"谷子经济"，即通过开发文创、周 边等衍生产品，挖掘消费新场景。而白酒"谷子经济"的底层逻辑，则在于用产品挖掘更多新场景以刺激消费活力持续释放。纵观近年来，包括贵州茅台 （600519）、五粮液（000858）、洋河等头部企业纷纷通过开售盲盒、生活用品以及文创产品等"谷子经济"产物挖掘更多的消费市场。那么，未来谁会是下 一个"网红"？ 文创产品销量增长120% "如果要选择的话，你可以不去春糖会，但你必须来窖主节。这里虽不卖白酒，却将白酒融入到每个环节之中。"李荔兴奋地说道。 成都桂 ...

Core Viewpoint - Luzhou Laojiao is leveraging the "Jiao Master Festival" to create new consumption scenarios, integrating its products into lifestyle experiences and enhancing consumer engagement [4][6][8]. Group 1: Event and Consumer Engagement - The "Jiao Master Festival" features various interactive activities that attract young consumers, such as fitness zones and immersive role-playing experiences [4][5]. - The festival has successfully sold out surrounding products, indicating a strong consumer interest in the new "Guzi Economy" approach, which focuses on cultural and derivative products [4][6]. - During the festival, sales of cultural products increased by 120%, and the special cocktails sold 800 cups in a single day, with over 12,000 participants engaging in activities [7][12]. Group 2: Market Trends and Strategies - The Chinese liquor industry is shifting towards a consumer-centric model, emphasizing the need for companies to create appealing experiential scenarios to meet consumer demands [6][9]. - The "Guzi Economy" is seen as a crucial strategy for liquor companies to stimulate consumption and address inventory pressures, with many leading brands exploring new product lines and marketing strategies [9][10]. - The industry is experiencing a transformation from traditional sales methods to lifestyle-oriented marketing, with a focus on emotional value and consumer engagement [12][13]. Group 3: Future Directions - Luzhou Laojiao plans to expand the "Jiao Master Festival" to more cities in 2024, enhancing digital marketing and consumer interaction [7][8]. - The industry is expected to see more innovative forms of consumer engagement, moving beyond traditional liquor consumption to include lifestyle integration [8][12]. - Future strategies may involve developing lower-alcohol products and culturally relevant merchandise to appeal to younger consumers and diverse market scenarios [13][14].

Group 1 - The core viewpoint of the articles highlights the transformation of consumer behavior among Generation Z, emphasizing emotional engagement and social empowerment as key drivers of consumption [1] - Digital cultural IPs are evolving into "super interfaces" that activate various industries such as cultural tourism, retail, and food and beverage [1] - Government policies are facilitating the development of a collaborative ecosystem in the cultural industry, promoting a model based on content creation, digital transformation, derivative development, and cross-industry empowerment [1] Group 2 - The "New Cultural Creation Ignites New Consumption" salon in Shanghai focused on discussions around innovation in the digital cultural industry and deep development of digital cultural IPs [2][4] - The concept of "tone alignment" emerged as a key consideration for brands when selecting IP partners, emphasizing the importance of compatibility in brand identity [5][7] - Companies like Softstar Technology and Century Huatong are exploring cross-industry collaborations to enhance brand visibility and consumer engagement [9][11] Group 3 - The tea beverage brand Lemon Right has observed a slowdown in the pace of IP collaborations, indicating a shift towards strengthening its own brand identity [12][14] - The importance of brand building is emphasized, with companies recognizing that successful collaborations should enhance their core offerings rather than solely relying on emotional value [14][15] - AI technology is being integrated into IP collaborations, providing interactive experiences and enhancing consumer engagement [17] Group 4 - Intellectual property protection is crucial for the value realization of IPs, with ongoing challenges related to infringement and the need for effective enforcement strategies [19] - The rise of counterfeit products, such as the imitation of the popular IP "Labubu," highlights the ongoing issues within the industry regarding brand reputation and market integrity [19]

Group 1 - The core viewpoint of the articles highlights the strategic launch of the "TT" brand by Chuangyuan Co., Ltd. and its collaboration with the popular IP "I Am Not Eating for Free," marking a new phase in the company's cultural and creative industry efforts [1][2] - The collaboration aims to integrate cultural elements into product design, transforming trendy toys into tangible cultural symbols and creating a symbiotic system of content dissemination, cultural representation, and commercial conversion [2][3] - The "Guzi Economy" in China is experiencing unprecedented growth, with the market size projected to reach 168.9 billion yuan in 2024, a 40.63% increase from 2023, driven by the rising consumption power of Generation Z [2][3] Group 2 - Chuangyuan Co., Ltd. has reported continuous growth in its performance, with a compound annual growth rate of 125.07% in net profit over the past three years, leading the cultural products sector [4] - The company is expected to maintain strong growth, with net profit growth rates projected at 40.96%, 31.3%, and 53.19% for the years 2025 to 2027 [4]

Group 1 - Miniso (09896) shares increased by over 5%, reaching a price of 40.42 HKD with a trading volume of 268 million HKD [1] - Yonghui Supermarket (601933) announced plans to raise up to 4 billion CNY through a private placement for store upgrades, logistics improvements, and working capital [1] - The upgrade project will involve 298 stores adopting the "Fat Donglai model" [1] Group 2 - Miniso invested 6.27 billion CNY to acquire a 30% stake in Yonghui Supermarket, expected to be completed by September 2024 [1] - The "Guzi Economy" is emerging as a core driver of new consumption in China, influenced by self-consumption needs and the rise of domestic IP [1] - Miniso has collaborated with over 150 well-known IPs globally, with significant partnerships among the top IP licensors [1][1] - The subsidiary brand TOPTOY achieved total revenue of 340 million CNY in Q1 2025, marking a 59% year-on-year growth [1]

Group 1 - Miniso's stock price increased by over 5%, reaching HKD 40.42 with a trading volume of HKD 268 million [1] - Yonghui Supermarket announced a plan to raise up to RMB 4 billion for store upgrades, logistics improvements, and working capital [1] - Miniso acquired a 30% stake in Yonghui Supermarket for RMB 6.27 billion, expected to be completed by September 2024 [1] Group 2 - The "Guzi Economy" is emerging as a core driver of new consumption in China, influenced by self-consumption demands and the rise of domestic IPs [1] - Miniso has collaborated with over 150 well-known IPs globally, with significant partnerships among the top IP licensors [1] - TOPTOY, Miniso's toy brand, achieved total revenue of RMB 340 million in Q1 2025, marking a 59% year-on-year growth [1]