Core Viewpoint - The pan-entertainment clothing industry is experiencing robust growth, with the market size expected to reach 30.4 billion yuan in 2024, driven by the rise of the Z generation's purchasing power and the popularity of domestic cultural trends [1][11]. Industry Overview - Pan-entertainment clothing refers to garments deeply integrated with the pan-entertainment industry, designed to meet user needs in entertainment consumption, social interaction, and cultural expression [1][4]. - The industry chain is centered around intellectual property (IP), with upstream providing creative sources, midstream converting IP images into clothing products, and downstream utilizing diverse channels for sales and experience services [1][7]. Market Scale - The pan-entertainment clothing market in China is projected to grow to 30.4 billion yuan in 2024, reflecting a steady growth trend compared to previous years [11][12]. - The market's expansion is supported by the flourishing pan-entertainment industry, increasing consumer demand for personalized products, and the maturation of cross-industry collaboration models [1][11]. Competitive Landscape - The competitive landscape of the pan-entertainment clothing industry is diverse, with international players like Disney and Bandai Namco leveraging strong IP resources [13][15]. - Domestic companies such as Meisheng Group are emerging by capitalizing on both local and international popular IPs, focusing on e-commerce and comic conventions for sales [13][15]. Upstream Analysis - In 2022, China's animation industry saw a total output value of 237.9 billion yuan, maintaining steady growth, which fuels the demand for derivative clothing based on popular IPs [9][10]. Research Methodology - The research team employed a combination of desktop research, quantitative surveys, and qualitative analysis to comprehensively analyze the pan-entertainment clothing industry's market capacity, operational characteristics, and business models [2][18].

Investment Rating - The report maintains a rating of "Outperform the Market" for the collectible card industry [6] Core Insights - The collectible card industry is expected to maintain strong growth, driven by diverse IPs, evolving consumer habits, and the inherent social, collectible, and investment attributes of cards [5][12] - The market for collectible cards in China is projected to grow at a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024, with a market share of 25.8% in the overall entertainment toy industry by 2024 [12][16] - The industry is characterized by a high concentration of major players, with the top five companies holding 82.4% of the market share [4][32] Summary by Sections 1. Collectible Card Market Potential - The collectible card segment is a significant part of the rapidly growing entertainment toy industry, which is expected to reach a market size of RMB 1,018 billion by 2024, with a CAGR of 15.8% from 2024 to 2029 [12][13] - The collectible card market is anticipated to grow at a CAGR of 56.6% from 2019 to 2024, making it the fastest-growing sub-sector within the entertainment toy industry [16][17] 2. Types and Characteristics of Cards - The card industry is divided into collectible and non-collectible cards, with collectible cards offering themes, collection, exchange, and competitive play [3][26] - Collectible cards can be further categorized into competitive and non-competitive types, catering to both strategic gameplay and collection interests [3][26] 3. Competitive Landscape - The collectible card industry is highly concentrated, with the leading company, 卡游 (KAYOU), holding a market share of 71.1% in 2024 [4][32] - Major players include 卡游, 宝可梦公司, and others, with the top five companies dominating the market [4][32] 4. Consumer Engagement and Market Dynamics - The low entry barrier and multiple attributes of collectible cards, including social interaction, competition, and investment potential, contribute to their growing popularity [4][39] - The rise of live streaming and secondary markets is enhancing consumer engagement and driving sales in the collectible card sector [4][54] 5. Future Growth Drivers - Factors such as increasing disposable income, expanding consumer demographics, and heightened interest from IP holders in developing entertainment products are expected to drive the market forward [20][21][24] - The overseas market presents significant opportunities for growth, particularly in Southeast Asia, where the collectible card market is projected to reach RMB 2.8 billion by 2024 [24]