今年的电影市场屡次证明了二次元用户的消费力。 从年初《哪吒之魔童闹海》（154.46亿）到暑期档的《浪浪山小妖怪》（17.19亿）和《罗小黑战绩2》（5.33亿），再到近期在映的《鬼灭之 刃：无限城篇第一章猗窝座再袭》（6.37亿）和《疯狂动物城2》（22.22亿），这些作品不仅展现了二次元核心用户的消费力，也揭示出泛二 次元人群蕴含的巨大市场潜力。 番剧领域同样如此。各平台布局二次元内容多年，而今年最炙手可热的漫剧赛道，以"动态漫画+轻量化叙事"贴合二次元用户碎片化观看习惯，部分作品 更凭借粉丝二创反哺，播放量突破10亿，成为平台新的流量增长点。 从电影票房的爆发到平台内容的倾斜，从漫剧的崛起到二创生态的繁荣，这一系列现象并非偶然。这背后，是二次元观众从"被动接受"到"主动发声"的身 份转变，更是他们逐步掌握话语权的直观体现。 二次元到泛二次元 二次元原指动画、漫画等平面二维世界，核心聚焦ACG及衍生内容，受众为深度认同圈层文化、强社群归属感的核心粉丝，通过同人创作、漫展等互动 形成高凝聚力封闭社群。 随着代际更替中Z世代成为消费主力，二次元文化逐渐扩容与延伸，打破ACG边界，进化成"泛二次元"。这一概念将 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities in the潮玩 (trendy toy) sector [4]. Core Insights - The潮玩 industry is characterized by its integration of various cultural elements, including art, design, and popular IPs, leading to a unique product offering that appeals to consumers [2][3]. - The Chinese潮玩 market is experiencing rapid growth, driven by increasing disposable income, the rise of emotional consumption, and the emergence of quality domestic IPs [3][4]. - The competitive landscape is fragmented, with new domestic players leading market growth, while established international brands maintain a significant presence [4][5]. Summary by Sections 1.潮玩 Industry Overview and Value Chain -潮玩 is defined as toys that incorporate trendy culture, featuring high visual recognition and limited release mechanisms [2]. - The value chain consists of three segments: upstream (IP supply and operators), midstream (manufacturers), and downstream (retailers and consumers) [2][3]. 2. Comparison with the Japanese Toy Industry - The Japanese toy industry serves as a reference for China, having evolved through economic cycles, with a notable shift towards virtual entertainment during economic downturns [3][19]. - Despite challenges like declining birth rates, the Japanese market has seen growth in related sectors such as animation and gaming, which has positively impacted the潮玩 industry [3][22]. 3. Growth of the Chinese潮玩 Market - The Chinese潮玩 market is projected to grow from 229 billion yuan in 2020 to 763 billion yuan by 2024, with a CAGR of 35.11% [3][33]. - The market remains fragmented, with the top five players holding a combined market share of 23.7%, indicating potential for consolidation [4][52]. 4. Investment Recommendations - The report suggests focusing on潮玩 companies that cover the entire value chain and possess quality IP resources, as they are likely to outperform in the competitive landscape [4][7].

Core Insights - The first Weibo ACG World (WAW) was held from May 3 to May 5 in Beijing, attracting over 68,000 attendees, with nearly 80% from northern regions and 77% under 30 years old [1][9] - The event featured over 100 popular esports teams, players, game streamers, and artists, showcasing more than 150 popular game, esports, and anime IPs, creating a vibrant atmosphere for ACG enthusiasts [1][2][4] - The event generated significant online engagement, with a total reading volume of 2.45 billion and 9.5 million interactions on Weibo, along with 87 trending topics [1][7] Event Highlights - WAW included four themed exhibition halls, offering a one-stop celebration of games, esports, and anime, with over 30 exciting activities that allowed fans to interact with their favorite characters [2][4] - The event featured notable appearances from popular groups and characters, including the six-year anniversary celebration of the "Infinite King Team" and a large cosplay parade from "Jian Wang 3" [2][4][5] - Exclusive game demos, such as the first offline trial of the domestic AAA game "Mingmo: Yuanshu Yu," were well-received, with fans expressing satisfaction despite long wait times [4][10] Industry Impact - The event showcased the growing ACG ecosystem on Weibo, with 666 game IPs and over 3,600 top accounts in the anime sector, indicating a robust community and resource base [9][12] - WAW aimed to establish a benchmark for northern game and anime exhibitions, enhancing offline engagement for ACG culture and facilitating a closed-loop fan operation model [10][12] - The collaboration with partners like Maoyan Entertainment for ticket sales and marketing demonstrated a successful integration of online and offline experiences, contributing to the cultural consumption landscape in the region [10][12]

Core Insights - The first Weibo ACG World (WAW) was held from May 3 to May 5 in Beijing, marking it as the largest comprehensive game and animation exhibition in Northern China [1] - The total attendance for the inaugural event exceeded 68,000, with nearly 80% of ticket purchasers coming from Northern regions and 77% being under the age of 30 [1] - Currently, Weibo's pan-ACG (Anime, Comic, and Games) bloggers produce an average of 2.6 million posts daily, attracting over 300 million users to follow pan-ACG content on the platform [1]