Group 1 - The core viewpoint of the article highlights the rapid growth of the "Guzi" economy driven by self-consumption trends, with over 80% of related companies established within the last three years [1] - The "Guzi" consumption is expected to explode in 2024, with a projected transaction volume increase of 105% year-on-year, and the first quarter of this year already showing a transaction volume 1.2 times that of the daily "Guzi" [2] - The domestic game IPs have performed exceptionally well, with sales of titles like "Love and Deep Space" topping charts, and the sales of "Guzi" products related to the Nezha IP skyrocketing by 2346.2% [2] Group 2 - As of April 25, 2025, there are 940,000 registered "Guzi" economy-related companies in China, surpassing the registration volume of the same period in 2024 [3] - Among the existing 6.672 million "Guzi" economy-related companies, 87.7% were established within the last three years, with 45.7% founded between one to three years ago and 42.0% established within the last year [4] - The industry distribution shows that 86% of "Guzi" economy-related companies belong to the wholesale and retail sector, totaling 5.733 million companies [5]

Office Market - In Q1 2025, Shenzhen's premium office market saw a substantial supply of 302,000 square meters, with a significant year-on-year increase in net absorption by 44.4%, marking the highest demand for the first quarter since 2022 [12][19] - The overall vacancy rate slightly increased by 0.1 percentage points to 22.3%, driven by strong demand from the technology sector, particularly in smart IoT and AI [12][10] - Average rent decreased by 3.6% to RMB 158.3 per square meter per month, influenced by supply expansion and cost-cutting measures from tenants [14][19] Retail Market - No new supply was recorded in Q1 2025, leading to a slight decrease in the overall vacancy rate to 3.7% [23] - The restaurant sector emerged as the primary demand driver, with a demand share of 44%, while retail demand remained stable, particularly in apparel and jewelry [24][25] - Average rent in the retail sector fell by 0.4% to RMB 18.4 per square meter per day, with varying performance across different segments [28][25] Logistics Market - The logistics market in Shenzhen experienced no new supply in Q1 2025, resulting in a vacancy rate of 6.3% [31] - Demand primarily came from third-party logistics and electronic manufacturing, with rental growth slowing down due to reduced export volumes [31][41] - Average rent increased slightly by 0.4% to RMB 49.0 per square meter per month, but future supply pressures are expected to impact vacancy rates [31][41] Investment Market - In Q1 2025, Shenzhen's commercial real estate market completed three transactions totaling RMB 7.04 billion, with office properties accounting for 94% of the transactions [44] - The buyer profile was predominantly banks, focusing on self-use, while the capitalized rates for office and retail properties continued to expand slightly [44][46] - The market is expected to attract investors due to the bottoming out of prices for office and commercial properties, with a focus on core area quality assets and REITs [46]

Core Viewpoint - Bilibili (B站) has launched a support program called "SUPER UP" aimed at enhancing its fashion and beauty content creator ecosystem, with a significant investment of 10 billion in traffic support for 100 selected creators [1][3]. Group 1: Program Details - The "SUPER UP" program will provide selected creators with resources for commercial collaboration with international luxury brands and invitations to major events to boost their industry influence [1]. - Creators with over 100,000 followers on Xiaohongshu and over 1 million followers on Douyin, as well as industry professionals like fashion editors and stylists, will have access to a "green channel" for head creators, offering exclusive services [1][3]. Group 2: Market Context - Bilibili's core user base is Gen Z, whose demand for fashion and beauty content has seen explosive growth, prompting the platform to enhance its offerings in this area [3]. - Despite Bilibili's efforts to diversify content beyond ACG (Anime, Comics, and Games), the platform has struggled to attract high-quality creators in the fashion and beauty sectors, as evidenced by the low representation of beauty creators in the annual top UP master list [3]. Group 3: Financial Insights - In Q4 2024, Bilibili reported revenues of 7.73 billion, a 22% year-on-year increase, with advertising revenue reaching 2.39 billion, up 24%, accounting for 31% of total revenue [5]. - The beauty and fashion industry is known for significant marketing expenditures, with brands like Mao Geping reporting sales and distribution expenses of 1.904 billion, representing 49% of their revenue during the same period [5]. Group 4: E-commerce Strategy - Bilibili is shifting towards e-commerce, having upgraded its merchant management platform to "Bilibili Small Shop," facilitating direct purchases and third-party platform transitions [7]. - The fashion and beauty sector is expected to drive high conversion rates in e-commerce, with online sales in this category showing a 15.65% year-on-year growth, totaling 95.822 billion from January to February [7]. Group 5: Competitive Landscape - Bilibili is actively promoting its fashion and beauty e-commerce initiatives, including a recent video sales incentive program to boost creator engagement [9]. - To differentiate itself from competitors like Douyin and Xiaohongshu, Bilibili is focusing on long-form horizontal video content, which may not align with the typical vertical video format preferred by creators on other platforms [9][11].

Investment Rating - The report does not explicitly provide an investment rating for the fashion industry or specific companies within it. Core Insights - The fashion industry is experiencing a significant transformation driven by consumer demand for self-expression and diverse trends, including retro styles and futuristic designs. E-commerce platforms like JD.com are leveraging user insights to capture these trends and enhance sales channels for brands [2][4][5]. Market Overview - The apparel market on major e-commerce platforms is projected to reach nearly 2 trillion yuan in 2024, with social media engagement related to fashion outfits increasing by 54% year-on-year and interaction rates rising by 17% [9][12]. - JD.com’s apparel sales are steadily growing, driven by increased user engagement and a rise in female consumers. The brand's trendiness and category awareness are improving year by year [12][18]. Spring/Summer Fashion Trends Trend 1: Pioneering Technology - The 2025 spring/summer fashion trends highlight a blend of outdoor functionality and urban futurism, with styles focusing on simplicity, practicality, and technological features [27][31][41]. Trend 2: Commuter Aesthetics - The commuter fashion for 2025 showcases a mix of minimalist, elegant, and power styles, reflecting users' diverse and personalized fashion needs [47][51][63]. Trend 3: Leisure Street Style - The leisure street style for 2025 combines retro denim, new Chinese styles, and vacation aesthetics, catering to users' demands for comfort and fashion [69][75][79]. Category Insights T-Shirts - The T-shirt category is seeing a rise in popularity, with social media engagement reaching 139 million and a sales increase of over 80%. Key trends include cooling and quick-dry fabrics, with a focus on casual and outdoor wear [113]. Dresses - The dress category is characterized by a blend of retro and innovative designs, with social media engagement at 185 million and a sales increase of 30%. Key styles include slip dresses, new Chinese styles, and lace designs [97][100]. Footwear - Footwear trends are shifting towards high-quality, stylish options, with brands focusing on comfort and functionality. Popular styles include loafers, Mary Janes, and classic sneakers [89].