文 ｜ 韦昕澄 崔嵘 李翀 韩国近三十年消费总量稳健扩张、服务消费占比提升，发展享受型服务消费需求持续增长。韩 国 政 府 在 世 纪 之 交 的 深 入 改 革 对 此 功 不 可 没 ， 其 扩 大 服 务 消 费 的 经 验 值 得 中 国 参 考 。 在 需 求 侧，韩国政府普及了社会保障安全网，且渐进式缩短了劳动者的标准工作时长。在供给侧，韩 国通过"文化立国"战略成功创造了"韩流经济"，并以深入的制度改革系统性优化了服务产业营 商环境。我们相信中国在适当的政策引导下充分具备扩大服务消费的能力，在需求侧应健全社 会保障体系、落实劳动者休息权、着力提高居民收入，在供给侧应加快推动服务业扩能提质、 构建高水平社会主义市场经济体制并充分释放服务产业的市场活力。 ▍ 韩国扩大服务消费的经验是值得中国参考的案例。 服务消费是经济发展进入更高阶段后的重要增长引擎，也是中国面向"十五五"需发力培育的内需 新动能。韩国与中国同属东亚文化圈，相较于储蓄观念偏弱的美国、福利主义盛行的欧洲、内需长 期停滞的日本，其发展模式对中国更具参考意义。韩国近三十年的消费总量稳健扩张、服务消费占 比提升，家庭扩张服务消费的过程伴随着 ...

在千禧年前后，几乎霸占了我国青少年的电脑屏幕，让不少家长恨得咬碎了后槽牙。 如今再看。 劲舞团、跑跑卡丁车、泡泡堂、剑灵、天堂…… 听到这些古早游戏名，很多80后、90后肯定瞬间梦回那个在网吧和朋友"开黑"的午后，鼻尖飘来记忆中混杂着泡面、袋装香飘飘的劣质香烟味。 玩网游稍微有点年头的人都知道，上面说的这些游戏都是韩国进口的。 韩国虽然在网游这个大圈子里依旧呼风唤雨，但你还能见到多少年轻人屏幕上玩的是韩国游戏？ 像是《地下城与勇士》的开发商Neople，2019年销售额中的94%是中国玩家贡献的（一年赚了中国玩家62亿人民币）。 可现在，韩国游戏怎么好像突然不行了？ 劲舞团游戏界面 韩国网游在中国的"巅峰局" 20世纪末，美国、日本等国的游戏进入韩国。 虚拟游戏像一管麻醉针，给陷入金融危机泥沼无法自拔的韩国民众下了一剂猛药。 要知道，巅峰时期，韩国游戏公司在中国可是没少赚钱。 人们体会到了虚拟世界的致幻魅力，带着"大韩民国已经这样，我能怎么办"的无奈一头扎进满大街鱼龙混杂的游戏厅。 为了把韩国从金融危机里拉出来，当时的韩国总统金大中提出"文化立国"政策。 他高呼："21世纪，韩国的立国之本，是高新技术和文化产 ...

Core Insights - The article emphasizes the steady expansion of consumption in South Korea over the past thirty years, highlighting the increasing share of service consumption and the growth of demand for experiential services, which is attributed to significant government reforms at the turn of the century [3][4][22]. Demand-Side Analysis - The South Korean government has implemented a social security safety net and gradually reduced standard working hours, which has positively impacted service consumption [9][28]. - The labor distribution rate in South Korea decreased in the late 1990s, leading to reforms in the social security system that expanded coverage and reduced the motivation for precautionary savings, thus promoting service consumption [9][28]. - The introduction of a five-day workweek has increased leisure spending, although the prevalence of overtime work may limit the effectiveness of reduced working hours on service consumption [9][28]. Supply-Side Analysis - South Korea's "Cultural Nation" strategy, initiated in 1998, has fostered the development of the cultural industry, enhancing domestic demand for entertainment and cultural consumption while also promoting the global "Korean Wave" [13][33]. - Regulatory reforms since the early 2000s have shifted from heavy intervention to a market-oriented approach, improving the business environment for service trade, which has been crucial for the sustained growth of service consumption in the 21st century [13][33]. Implications for China - China has the potential to expand service consumption under appropriate policy guidance, focusing on enhancing the social security system, ensuring workers' rights to rest, and increasing residents' income [15][35]. - On the supply side, China should accelerate the expansion and quality improvement of the service industry, encouraging the development of local特色产业, and establish a high-level socialist market economy to unleash market vitality in the service sector [15][35].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信证券研究 文|韦昕澄 崔嵘 李翀 韩国近三十年消费总量稳健扩张、服务消费占比提升，发展享受型服务消费需求持续增长。韩国政府在 世纪之交的深入改革对此功不可没，其扩大服务消费的经验值得中国参考。在需求侧，韩国政府普及了 社会保障安全网，且渐进式缩短了劳动者的标准工作时长。在供给侧，韩国通过"文化立国"战略成功创 造了"韩流经济"，并以深入的制度改革系统性优化了服务产业营商环境。我们相信中国在适当的政策引 导下充分具备扩大服务消费的能力，在需求侧应健全社会保障体系、落实劳动者休息权、着力提高居民 收入，在供给侧应加快推动服务业扩能提质、构建高水平社会主义市场经济体制并充分释放服务产业的 市场活力。 ▍韩国扩大服务消费的经验是值得中国参考的案例。 服务消费是经济发展进入更高阶段后的重要增长引擎，也是中国面向"十五五"需发力培育的内需新动 能。韩国与中国同属东亚文化圈，相较于储蓄观念偏弱的美国、福利主义盛行的欧洲、内需长期停滞的 日本，其发展模式对中国更具参考意义。韩国近三十年的消费总量稳健扩张、服务消费占比提升，家庭 扩张服务消费的 ...

Core Insights - Netflix has launched its Ads Suite in South Korea, marking its first introduction of this advertising system in the region after operating it in the US and Europe for over a year [1][3] - The Ads Suite is a comprehensive advertising solution that includes audience targeting, creative management, content insertion, external platform integration, data feedback, and performance monitoring [2] - The introduction of Ads Suite is seen as a significant threat to traditional television networks in South Korea, as it begins to penetrate the advertising budget pool that these networks rely on [6][14] Advertising Market Impact - The overall broadcast television advertising revenue in South Korea is projected to decline by 8.1% in 2024, reaching approximately 2.01 trillion KRW, with terrestrial broadcast advertising revenue falling below 1 trillion KRW for the first time [8] - Despite the growth of South Korea's GDP and advertising budgets not shrinking overall, television advertising continues to decline, indicating a shift in where advertising dollars are being spent [9][10] - Netflix commands 40% of the OTT market in South Korea, with a user base of 13.93 million, achieving a penetration rate of 27% in the population [11] Financial Performance - In April, Netflix reported a revenue of 899.6 billion KRW (approximately 629 million USD) for 2024 in South Korea, reflecting a 9% year-on-year growth, with operating profit increasing by 44% to 17.4 billion KRW (approximately 12.2 million USD) [13] Cultural and Content Shift - Netflix's entry into the South Korean market in 2016 marked a turning point, as it transitioned from merely acquiring content to producing original Korean dramas, with a focus on "local originals for global distribution" [31] - The platform has altered the content logic and production processes of Korean dramas, shifting the audience from local viewers to a global subscriber base [34] - Traditional themes in Korean dramas are being replaced by genre templates that appeal to international audiences, such as the combination of historical and zombie themes in "Kingdom" and social issues in "The Glory" [41][45] Conclusion on Cultural Influence - While Korean dramas maintain their cultural identity, the narratives are increasingly shaped by Hollywood's industrial standards, leading to a blend of Korean aesthetics with global storytelling techniques [52] - The center of the Korean Wave has shifted from local television institutions to global platforms like Netflix, indicating a transformation in how Korean content is produced and consumed [55][56]

Core Insights - The article discusses the emergence of the virtual K-pop group Huntrix from the Netflix film "K-Pop: The Witch's Idol," which has become a cultural phenomenon and the most-watched original animated film on Netflix [1] - The film's single "Golden" topped the Billboard Hot 100, and there has been a significant increase in overseas demand for Korean products, with a 78% rise in purchases through the second-hand market platform Bungaejangter compared to the previous year [1] - The film is seen as a representation of the transition to "K-Pop 4.0," where local creators produce K-pop content, marking a shift from the previous "K-Pop 3.0" phase [2] Group 1: Cultural Impact and Trends - The film maintains a strong Korean cultural essence despite being in English, with a significant portion of the production team being Korean or Korean-American [6] - K-pop's integration into global music is evident, with initiatives like Apple TV+'s "KPOPPED" and the creation of girl group KATSEYE by HYBE and Geffen Records [3][11] - K-pop is evolving into a broader cultural category, with local adaptations in countries like Japan and the Philippines, indicating a shift from a purely Korean identity to a more globalized production model [12][11] Group 2: Industry Dynamics - The Korean content industry has seen a dramatic increase in export value, rising from $1.31 billion in 2005 to $13.34 billion in 2023, while imports have decreased significantly [17] - The article highlights the importance of local collaborations in content production to enhance user engagement and market reach, reflecting a strategic shift from "Made in Korea" to "Made with Korea" [20] - K-pop's growth is accompanied by concerns about the industry's sustainability and ethical practices, particularly regarding the treatment of minors in the entertainment sector [22][23] Group 3: Social and Political Dimensions - K-pop has transcended its entertainment roots to become a form of social movement and ideological expression, particularly evident in collective protests that incorporate K-pop songs [14][15] - The genre's ability to connect diverse groups and facilitate cultural exchange is underscored by its significant growth in streaming, with a 362% increase globally and 182% in the U.S. from 2018 to 2023 [15] - The article notes the potential for K-pop to influence political mobilization, especially among youth, highlighting its role as a cultural bridge [15][14]