Group 1 - The report focuses on the development of the IP fun food industry under the trend of emotional consumption, analyzing industry scale, core competitiveness, competitive landscape, and investment opportunities [1] - The IP fun food market in China is expected to grow from 18.1 billion yuan in 2020 to 35.4 billion yuan in 2024, with a CAGR of 18.2%, while the IP fun food segment is projected to grow from 5.6 billion yuan to 11.5 billion yuan, achieving a CAGR of 19.6% [1][9] - The growth is driven by the younger generation, particularly those born in the 90s and 00s, who are becoming the main force in emotional consumption, with nearly 90% of youth having experience in emotional spending [1][21] Group 2 - The core competitiveness of the industry lies in supply chain management and IP operation, with the ability to control raw material costs and efficient production and distribution being fundamental barriers [2][12] - The competitive landscape is fragmented, with many small and medium-sized enterprises participating, and the leading company, Jintian Animation, holding only 7.6% market share in 2024 [2][12] - The rise of domestic brands is notable, with Jintian Animation entering the top five in the industry by 2024, indicating a shift in market dominance from foreign to local brands [2][12] Group 3 - Jintian Animation focuses on the 0-12 age group and has 26 popular IP licenses, with revenue expected to grow from 596 million yuan in 2022 to 877 million yuan in 2024, and net profit increasing from 37 million yuan to 131 million yuan [3] - The company has a gross margin of 33.7%, with over 70% of its revenue coming from the Ultraman and My Little Pony IPs, and is rapidly expanding its direct sales channels [3]

Core Viewpoint - The rise of the "abstract economy" is characterized by the commercialization of internet culture and emotions, exemplified by products like Joyoung's "Haki Mi North-South Mung Bean Milk," which quickly sold out and led to significant stock price increases for its parent company [1][3][16]. Group 1: Product Launch and Market Response - Joyoung's "Haki Mi North-South Mung Bean Milk" was launched on Double Eleven and sold out on its first day, with pre-order delivery times extended to 45 days [1]. - The product's packaging features a cat head and incorporates popular phrases, appealing to younger consumers [1]. - The parent company, Joyoung Co., had to clarify that it does not engage in food and beverage products due to the stock price surge following the product's success [1]. Group 2: Characteristics of the Abstract Economy - The "abstract economy" refers to the transformation of fleeting internet trends and collective memories into tangible products that can be purchased and displayed [1][3]. - Products in this economy typically have low price points, primarily utilize e-commerce channels, and often operate on a pre-sale basis [3][4]. - The emotional consumption trend among young people emphasizes social value and self-expression through these products [3][4]. Group 3: Consumer Behavior and Market Dynamics - Young consumers are willing to spend small amounts on products that provide emotional satisfaction, reflecting a shift from traditional social bonding methods to those centered around internet culture [2][3]. - The low price of these products reduces consumer pressure and allows for easy gifting among strangers, enhancing social connections [4][5]. - E-commerce platforms facilitate the distribution of these products to geographically distant but culturally connected target groups [4]. Group 4: Production and Sales Process - The production process for these products can take over a month, involving design, sampling, and feedback collection before mass production [11][12]. - Creators, often referred to as "group leaders," manage the entire production and sales process, driven by community engagement rather than profit alone [11][12]. Group 5: Challenges and Copyright Issues - The abstract economy faces challenges related to copyright and the potential for product homogeneity, as many products are based on popular internet memes [15][16]. - The ownership of "meme" content is often unclear, complicating the commercialization of related products [16][17]. - To mitigate copyright risks, creators are encouraged to develop original designs rather than directly copying existing content [17]. Group 6: Future Outlook - The sustainability of the abstract economy depends on balancing cultural engagement with commercial viability while protecting original content rights [18]. - As the market evolves, there is a need for deeper integration of memes with practical applications and intellectual properties to maintain consumer interest [18].

（来源：中国经济导报） 转自：中国经济导报 为了满足旅游旺季和研学旅游、亲子旅游、冰雪旅游、银发旅游等季节性旅游出行的需求，2025年底， 文旅部、中国民航局印发《文化和旅游与民航业融合发展行动方案》，提出要增加相应航班，还要重点 培育打造一批入境游精品航线。 此外，"跟着赛事去旅行"这一文体旅融合的现象级热点则在2025年成为了"爆款"。场均超2.8万人观 赛、线上直播观看人次超20亿，2025年被称为"苏超"的江苏省城市足球联赛作为"家门口的赛事"，让体 育故事迸发出炽热的情感感召力，市民从赛事的"旁观者"变成"参与者"。赛后，人们不急于离开，而是 沿着票根延伸的路径继续体验所在城市。这种"票根经济"利用需求价格弹性激活交通、零售、住宿等多 个链条，放大了消费总量。抖音生活数据显示，2025年第十五届全运会开幕首周，广州、深圳餐饮消费 同比均增长140%以上。 为搭上"票根经济"的"快车"，各地加强空间联动、业态融合、区域协同：广州、深圳等城市实现了"凭 全运会票证享公交、景区、餐饮联动"；"川超"期间，广元市积极探索"体育+"融合发展新路径；上海探 索在演出、活动期间延长部分餐厅、商店运营时间，推出限时 ...

Core Viewpoint - The article discusses the evolving landscape of consumer behavior in China, highlighting the coexistence of emotional and rational consumption trends, and the implications for investment opportunities in the market [5][22]. Group 1: Consumer Trends - Despite perceptions of a cooling consumer market, data shows that final consumption expenditure contributed 53.5% to economic growth in the first three quarters of 2025, an increase of 9 percentage points from 2024 [6]. - Social retail sales grew by 4.0% year-on-year in the first 11 months of this year, surpassing the 3.5% growth expected for the entire year of 2024 [6]. - A McKinsey survey indicates that the expected share of domestic consumption in disposable income for 2025 is stable at 0.0%, a significant improvement from the previous year's expectation of -0.5% [9]. Group 2: Emotional and Rational Consumption - The article identifies two main trends in consumer behavior: emotional consumption, which focuses on personal satisfaction and identity, and rational consumption, which emphasizes quality and cost-effectiveness [13]. - A Nielsen IQ report reveals that 47% of respondents in China purchased only essential items to avoid waste, while 68% were willing to spend more on products that help relieve stress [13]. - The rise of the second-hand economy is noted, with platforms like Xianyu seeing a daily average of 7 million items listed, reflecting a growing acceptance of "recycling consumption" among young consumers [14]. Group 3: Future Consumption Landscape - The emotional economy in China is projected to reach a market size of 2.3 trillion yuan in 2024, with expectations to exceed 4.5 trillion yuan by 2029 [15]. - The article suggests that the health and wellness industry, as well as the pet economy, will benefit from shifting consumer spending towards self-investment and emotional fulfillment [20]. - The emergence of AI-driven emotional technology and virtual consumption is anticipated to create new market opportunities, as consumers increasingly seek personalized emotional experiences [21].

Core Viewpoint - The潮玩 (trendy toy) market is experiencing significant growth, driven by "emotional consumption," with LABUBU's global success marking a pivotal moment in 2025 [2][3]. Group 1: Market Growth and Trends - The潮玩 market in China is projected to grow from 229 billion in 2020 to 763 billion by 2024, with expectations to surpass 1 trillion by 2026 [5]. - In 2025, emotional consumption has become a key trend, leading to a surge in潮玩 popularity, particularly following LABUBU's breakout success [2][3]. - The潮玩 industry has seen a rapid increase in new registrations, with 9,787潮玩-related companies established in 2025, bringing the total to 25,000 [5]. Group 2: Company Performance - Bubble Mart reported a revenue of 138.8 billion in the first half of 2025, a 204.4% increase year-on-year, with an adjusted net profit of 47.1 billion, up 362.8% [3]. - LABUBU's segment, THE MONSTERS, generated 48.1 billion in revenue, achieving a staggering 668% year-on-year growth [3]. - Bubble Mart's international revenue showed remarkable growth, with the Americas experiencing a 1,142.3% increase and Europe seeing a 729.2% rise [8]. Group 3: International Expansion - Bubble Mart participated in the Macy's Thanksgiving Day Parade in New York, becoming the first Chinese brand to feature an original潮玩 IP in the event [6]. - The company has seen long queues at its overseas stores, indicating strong demand for LABUBU products [6]. - Other潮玩 brands like 52TOYS and TOP TOY are also expanding internationally, with TOP TOY planning to open over 1,000 stores in 100 countries within five years [9]. Group 4: Development of Proprietary IP - The success of LABUBU has prompted潮玩 brands to focus on developing proprietary IP, which offers greater brand autonomy compared to licensed IP [10]. - TOP TOY's revenue from proprietary IP remains low, with only 610,000 generated in the first half of 2025, compared to 6.15 billion from licensed IP [10]. - Both 52TOYS and TOP TOY are increasing their investment in proprietary IP, with 52TOYS launching multiple original潮玩 IPs in 2025 [12]. Group 5: Marketing Strategies - The rise of明星营销 (celebrity marketing) has become a significant strategy for潮玩 brands, with various brands collaborating with popular figures to boost visibility and sales [16]. - Brands are recognizing that while celebrity endorsements can drive initial interest, sustained success requires effective brand management and product quality [16].

Group 1 - The core event of the news is the New Year's Eve celebrations across various cities in China, highlighting the growing trend of "cross-year economy" which has become a significant driver of winter consumption and urban vitality [5][6] - The cross-year economy is characterized by diverse activities ranging from cultural performances to immersive experiences, catering to the emotional and experiential needs of consumers, particularly the younger generation [5][6][9] - Data from Meituan Travel indicates a 117% increase in bookings for cultural and tourism activities during the New Year period, with searches for "cross-year fireworks shows" and "cross-year concerts" rising over 500% [3][5] Group 2 - The trend of cross-year celebrations has evolved beyond mere festivities to encompass a full consumption ecosystem, integrating dining, accommodation, shopping, and cultural experiences [6][7] - The rise of new consumption patterns is evident as businesses innovate to meet the emotional value demands of consumers, leading to unique offerings such as outdoor music events and themed dining experiences [5][6][9] - The phenomenon of "cross-year economy" is expanding from first-tier cities to lower-tier cities, with local characteristics being incorporated into celebrations, thus enhancing regional tourism and local product sales [6][7]

9月6日，郑州，情绪消费持续升温，大上海城商业体已成为以"谷子经济"为核心的泛二次元商场，"谷 子店"数量已聚集50多家，单日人流量破5万，以青少年为主的客群在随机舞蹈区参与"随舞"、在动漫游 戏周边IP商店内"吃谷"。视觉中国供图 如今，"情绪"冲出个体内心的暗河，晾晒在公共广场上，成了抢手的硬通货。 2025年，有人挤在"鸡排哥"李俊永的小摊前，想讨一句温暖的话；有人拆开79元的泡泡玛特盲盒，想买 一份不确定的快乐；有人愿意为一张蒙住的脸买单，想获得一点情感满足。 每个新闻事件都构成一个情绪反应堆，能量被精准地解读、分发、推送，转化成消费动力。 一家调研机构发布的报告《情绪消费崛起：2025年市场格局与未来走向》提到，2013年以来，中国情绪 消费相关产业年均复合增长率为12%，预计2025年中国情绪消费市场规模将突破2万亿元。 共情能把一个普通人送上网络流量的风口浪尖。江西景德镇，48岁的李俊永原本在市井守着口油锅炸鸡 排，鸡排卖6元，学生顾客优惠一元，下午4点半后，要让学生先买。炸鸡排间隙，他喜欢和客人扯几句 闲篇，然后从容地爆出一堆金句："做完你的——做你的""一切尽在掌控""鸡排免费送，袋子6块， ...

从情绪消费动机来看，46.8%的青年认为情绪消费是"缓解压力焦虑的良药"，43.1%的人借此"感到被需要、被看见"。从情绪消费发生时段来看，深夜22点后 与工作间歇成为两大消费高峰，月均情绪消费支出达949元，超过18%的青年每月愿为此消费2000元以上。 转自：新华财经 新华财经上海12月30日电（杨子华）上海市青少年研究中心及旗下有数数据创新实验室30日发布《2025中国青年生活全景报告》。该报告基于多平台大数据 与深度调研，勾勒出当代青年在情绪消费、居住方式、旅行习惯等方面的新动向，呈现青年在社会生活中的"韧性生长"。 青年最爱买什么？情绪消费成"刚需" 报告显示，情绪消费已成为青年群体中的普遍现象。近九成青年曾"为情绪价值买单"，近四成为高频消费者。报告对比 2024 及2025 年度调研数据发现，青 年的情绪消费意愿变强，2025 年选择"快乐消费"的青年占比为56.3%，较 2024 年增长 16.2%。 上海市青少年研究中心在关于上海青年发展的一项调研中发现，上海约 45%的青年工作在中心城区，且高度聚集于内环内和中央活动区；约 35%的青年居 住在中心城区，且主要分布于内环沿线区域和内外环之间 ...

资金是金融市场的"活水"。2025年以来，保险资金、社保基金、公募基金稳步入市，"长钱长投"成为资本市场的"压舱石"。外资机 构也用脚投票，扎堆看好中国资产，港股热闹起来了，IPO也回暖了。市场波动不可怕，关键是能从变动里看出门道，抓住国家大 政方针带来的投资机遇。 央视网消息：今天是12月30日，新的一年渐行渐近，回望即将过去的2025年，中国经济交出了一份亮眼的答卷，社会民生有了长足 的进步和发展。围绕这一年的变化，总台记者王雷——财经老王通过词"云"图做了一个盘点。 这一年老王没闲着，跟随者中国经济发展的脚步做了将近150期视频。老王梳理2025年的话题，整理了一张词"云"图——你们猜核 心词有哪些？没错，"政策""支持"都非常显眼！这一年的财经事儿，全绕着咱这片土地和百姓展开。 2025年马上就结束了，老王跟大伙儿唠两句，心里头挺多感慨。年初时，还觉得2025年长得没边儿，这一眨眼的功夫，一年就这么 过去了。 国内市场热热闹闹，但国际上可不太平。关税异动搅动全球市场，好在"国家队"及时护盘，零售巨头集体出手帮助外贸企业出口转 内销，就连中国电商应用都在海外火出了圈。这事儿再次说明，现在的世界早已密切相 ...

新华社 博彩 重塑黄金消费 I p 作者：张梦洁、李海伟、肖雅 新华社音视频部制作 【纠错】 【责任编辑:施歌】 今年的中央经济工作会议提出"深入实施提振消费专项行动"。临近岁末，上海的消费市场提前升温，各大商圈的促消费活动轮番登场，处处 洋溢着热闹的迎新氛围。冰雪经济、宠物经济、情绪消费、首店经济……去上海市中心的BFC外滩金融中心看看各种各样的新业态、新模式、新 场景如何激发消费新活力。 新华 is DE t ur l ! E 40 2 0 Z TFS VALL F 9 lBK推荐 it is | Lei ● ...