智通财经APP获悉，万联证券发布研报称，近年来，伴随Z世代消费崛起及情绪价值需求凸显，IP经济 在传媒行业中持续高速发展，谷子、卡牌、盲盒等形式在衍生品市场里呈现强劲增长态势。该行认为， 随着优质IP跨媒介开发深化，其商业化变现具备广阔成长空间，IP经济未来市场规模具备较高增长潜 力。建议关注：1)具备丰富IP库和跨形态开发能力的公司;2)具备内容型IP源头生产能力、创造能力强的 内容厂商;3)聚焦衍生品设计、供应链整合及线下场景运营能力突出的公司。 万联证券主要观点如下： IP本身核心属性与运营策略互相配合，实现商业价值的变现与长期生命力的持续。商业化变现的深度与 广度，高度取决于IP形象的识别度、覆盖人群及地域的辐射范围、商业变现模式的多元性等核心要素; 而形象型IP生命周期的延续与热度的长效维持，则需依托人物矩阵的结构化打造、形象的持续更新迭 代，以及向内容型IP衍生发展。 IP衍生品 以IP的内容价值或形象价值为核心，通过多元载体将IP影响力具象化、消费化，既是粉丝情感的载体， 也是内容价值变现的关键环节。IP衍生品是指基于具有一定影响力的IP开发的相关周边产品，强调IP核 心价值的多场景延伸，在扩大 ...

IP 价值深挖，拉动衍生品市场新引擎 [Table_ReportType] ——IP 行业系列深度报告（一） [行业核心观点： Table_Summary] 消费人群的转变及情绪价值凸显，带动 IP 经济的快速发展。随着时代 发展，内容消费不再仅依赖内容品质本身，更依托于用户情绪、社交表 达与文化认同的复合动因。其中，Z 世代作为新兴消费主力军，凭借其 规模体量、媒介习惯与价值偏好，对 IP 产品展现出更强的情感黏性与 消费活跃度。同时，随着消费观念从"功能性"向"情绪价值"转变， 悦己型、体验型与社交驱动型消费动因持续释放，为 IP 内容的延展性 与衍生品的商业化提供了更宽广的转化空间。 投资要点： IP 分为内容型 IP 与形象型 IP 两大核心类别，前者倚靠内容端创作， 后者倚靠独特视觉符号，两大类型 IP 可以相互转换，探寻更高的价值， 并以开发 IP 衍生品去加强商业化程度： 内容型 IP：跨形态开发呈常态化，持续挖掘商业潜力。1）文学型 IP& 影视型 IP：文学型 IP 与影视型 IP 跨形态转化较为频繁，同时网文型 IP 在文学型 IP 中占据核心主导地位，是文学 IP 生态的第一大创意策 源 ...

为了看一场电影，有人花200住酒店 15日中午，当我来到影院时，正好赶上一场电影即将开场。这场电影会为观众赠送购票特典(商品的特 殊赠品)，电影海报、纪念票根、小卡摆满一桌，等待领取特典的人群将柜台围了个水泄不通，柜台后 的影城负责人陈天择和另一名工作人员应接不暇。 电影院里除了看电影，还能干什么？ 今年以来，电影衍生品、集市摆摊、主题装饰等各种各样的产品和活动频繁登陆院线。除了卖爆米花， 影院运营玩出了更多花样。近日，中新经纬走进保利国际影城凯德北京大峡谷店，以影城负责人"助 理"的身份，实地体验当前影院运营的"新思路"。 以下为小编自述： 电影院里等待领取特典的观众中新经纬摄 人群直到电影正式开场才散去。陈天择告诉我，电影一般会在放映前10分钟开始检票，观众往往习惯在 检票前"踩点"赶到，因此这会儿也是他们最忙的时候。周末是主要观影时间段，一大早他们就把今天预 备的特典摆了出来，经过刚刚这一波人潮，海报等部分特典已经全部发完了。 "特典的数量是根据我们预计的观众数量准备的，但遇到热门影片，难免会出现供不应求的情况。现在 我已经不知道究竟发了多少，观众太多了，数不清楚。接下来还有放映，只能把明天预备的量也掏 ...

电影院里除了看电影，还能干什么？ 今年以来，电影衍生品、集市摆摊、主题装饰等各种各样的产品和活动频繁登陆院线。除了卖爆米花，影院运营玩出了更多花样。近日，中新经纬走进保 利国际影城凯德北京大峡谷店，以影城负责人"助理"的身份，实地体验当前影院运营的"新思路"。 以下为小编自述： 为了看一场电影，有人花200住酒店 15日中午，当我来到影院时，正好赶上一场电影即将开场。这场电影会为观众赠送购票特典（商品的特殊赠品），电影海报、纪念票根、小卡摆满一桌， 等待领取特典的人群将柜台围了个水泄不通，柜台后的影城负责人陈天择和另一名工作人员应接不暇。 电影院里等待领取特典的观众 中新经纬摄 人群直到电影正式开场才散去。陈天择告诉我，电影一般会在放映前10分钟开始检票，观众往往习惯在检票前"踩点"赶到，因此这会儿也是他们最忙的时 候。周末是主要观影时间段，一大早他们就把今天预备的特典摆了出来，经过刚刚这一波人潮，海报等部分特典已经全部发完了。 "特典的数量是根据我们预计的观众数量准备的，但遇到热门影片，难免会出现供不应求的情况。现在我已经不知道究竟发了多少，观众太多了，数不清 楚。接下来还有放映，只能把明天预备的量也掏出来 ...

Group 1 - The international gold price has surged over 45% in 2025, closing at $4211.02 per ounce as of November 14, 2025, leading to a significant increase in domestic gold jewelry prices, which have surpassed 1300 yuan per gram [3][8][10] - Major gold jewelry brands have seen average price increases of approximately 181.8 yuan per gram since October, causing many potential buyers to reconsider their purchases due to the high prices [10][8] - The consumption of gold jewelry in China has declined sharply, with a 26.85% year-on-year drop in the first quarter of 2025, despite rising gold prices [16][8] Group 2 - The brand "潮宏基" has shifted its strategy to focus on small-weight gold jewelry, targeting younger consumers with lower price points and emotional value through IP collaborations [51][70] -潮宏基 has successfully integrated popular IPs into its product offerings, resulting in significant sales growth, with a reported revenue increase of 28.35% year-on-year in the first nine months of 2025 [70][59] - The brand's approach contrasts with traditional gold retailers, which are facing store closures and declining sales, as潮宏基 capitalizes on the trend of emotional spending among young consumers [69][70]

格隆汇11月14日｜信达证券研报指出，哈尔斯多年前已切入海外知名品牌供应链，2024年前五大客户合 作金额高达23.26亿元，占代工收入88.4%、占公司总收入69.8%。此外，公司为行业内首家拥有海外产 能的生产企业，泰国基地计划产能已达3000万只，未来面对全球贸易不确定性、全球供应份额有望加速 提升。2025年公司品牌中心组织重构&能力跃迁双重升级，独立配备研、产、销全链路战队，实现从市 场洞察、产品定义到终端上架的端到端闭环。渠道方面，搭建"线下＋线上＋新零售渗透＋私域沉淀＋ 即时零售"立体网络；模式方面，近年来初试故宫等联名产品，未来有望在IP经济持续升温的背景下加 码布局。公司提出宏伟目标，规划28年品牌收入占比趋近于制造，预计OBM业务增速有望维持高增。 首次覆盖，给予"买入"评级。 ...

走进广州、深圳多家十五运会和残特奥会官方特许商品零售店，"喜洋洋"与"乐融融"吉祥物衍生周边货架告急，有门店直接贴出"十二生肖盲盒已无货"的 告示。 消费市场的热潮直抵工厂。东莞的生产车间里，流水线高速运转，工人加班加点赶工，一箱箱封装完毕的吉祥物周边正排队上货柜。 相比十五运会赛事，这对以中华白海豚为原型的吉祥物似乎更有热度，网络相关话题阅读量已破5亿，搜索量暴涨300%，有望成为大湾区年度最具引爆力 的文体IP。 南方财经记者从十五运会和残特奥会广东赛区执委会市场开发部特许经营处获悉，十五运会吸引了来自全国33家特许生产商与44家特许零售商参与。截至 目前，已累计审批通过涵盖20个大类的2800多款特许产品，数量与品类达历届之最，已上市特许商品市场货值总额已突破6.8亿元。 引发供需两端热潮涌动的十五运吉祥物，是如何进化为文体消费有力杠杆的？连日来，南方财经记者深入供需两端一线采访，还原爆款吉祥物卖断货背后 的生意经。 距离十五运会开幕式已过去3天，"喜洋洋"与"乐融融"的销售热度非但未减，反而因武校学生扮演的吉祥物"出圈"被彻底点燃。 连日来，十五运会官方特许零售店门前都大排长队。尽管不少门店已贴出"今 ...

Core Insights - The article highlights the significant consumer demand for the mascots "喜洋洋" and "乐融融" related to the 15th National Games and the Special Olympics, leading to a surge in sales and production of related merchandise [1][4][10] - The total market value of licensed products has exceeded 680 million yuan, with over 2,800 licensed products approved, marking the highest number in history [1][10] - The mascots have become a cultural and commercial phenomenon, with a strong online presence and engagement, indicating their potential as a leading cultural IP in the Greater Bay Area [1][10][14] Sales and Market Dynamics - The sales of the mascots have been exceptionally high, with some stores reporting daily sales exceeding 130,000 yuan and long queues outside retail locations [5][9] - The demand has led to stock shortages, with many stores posting notices about sold-out items and consumers actively seeking products across multiple locations [4][7] - The online sales have also been robust, with significant quantities of merchandise sold out during live-streaming events [10][11] Production and Supply Chain - The production of mascot-related merchandise has ramped up significantly, with manufacturers like 文博工艺 increasing workforce and production capacity to meet demand [11][14] - The company has received substantial orders, with projections indicating total production could exceed 1 million units for the event [11][14] - The Greater Bay Area's efficient supply chain and manufacturing capabilities have facilitated rapid production and distribution of these popular items [14][15] Consumer Demographics and Preferences - The consumer base includes a diverse demographic, with both young people and older collectors showing interest in the products, particularly limited edition items [9][10] - The younger generation is particularly drawn to stress-relief and therapeutic products, which aligns with the design and marketing of the mascots [10][14] - The article notes that international tourists are also purchasing these products, indicating a broader appeal beyond local consumers [9][10] Cultural and Economic Impact - The mascots represent a successful case of cultural IP leveraging, with the potential for long-term brand development beyond the event [15][16] - The article emphasizes the need for a sustainable ecosystem for cultural IP development, suggesting that the focus should be on transforming short-term successes into lasting brand value [15][16] - The collaboration between design, production, and sales within the Greater Bay Area is highlighted as a model for future cultural and commercial initiatives [14][15]

Group 1: Core Insights - The article emphasizes the importance of a favorable policy environment in fostering a new content cycle in the cultural industry, particularly in gaming and long-form video content [2][3] - It highlights the need for continuous innovation in high-quality content to retain users on long video platforms, with a focus on flexible funding and creative energy [2][3] - The article predicts that the period from 2026 to 2028 will be crucial for content innovation and mechanism optimization in the industry [3] Group 2: AI Integration - AI is entering a new stage of development, promoting deep integration with various industries, including media, where significant breakthroughs in AI applications are expected by 2025 [6] - The article outlines specific areas of AI application, including film and television, gaming, advertising, and social media, where AI is enhancing efficiency and commercial viability [6][7] - It anticipates that as AI technology matures, there will be a shift towards highly automated content generation across multiple sectors, leading to increased user engagement and monetization [7] Group 3: Cultural Export - The article discusses the trend of "cultural export," where Chinese cultural products are increasingly tailored for global markets, moving from generic content to high-quality, culturally rich offerings [9] - It notes that leading companies in the gaming sector are achieving global distribution success, while web literature and short dramas are also adapting to local markets through translation and localization efforts [9] - The integration of AI is expected to further enhance the scalability of cultural exports, allowing for more efficient production and distribution [9] Group 4: IP Economy - The article highlights the growing demand for high-quality, serialized content, driving the IP economy, which involves monetizing intellectual property through various media and product forms [11] - It observes that content IP companies are increasingly focusing on strategic IP development to mitigate profit volatility and expand commercial opportunities [11] - The article suggests that the maturation of the domestic IP industry will lead to a systematic revaluation of IP assets, with companies possessing differentiated IP reserves gaining competitive advantages [11]

Investment Rating - The report assigns a "Buy" rating for the company Hars (002615) [2] Core Insights - The report highlights the transformation of stainless steel thermal containers from "durable goods" to "consumer goods," driven by emotional branding and differentiated design, with the global market size reaching $12.491 billion in 2021 [2][24] - The report emphasizes the company's strong customer base and the expected increase in market share due to overseas production capacity expansion [3] - The company aims for a comprehensive brand optimization and has set ambitious goals for brand revenue to approach manufacturing by 2028 [4] Summary by Sections 1. Leading Brand in Thermal Containers - The company has evolved from an OEM model to establishing its own brand, creating a second growth curve [8] - The ownership structure is concentrated, with significant shareholding by management, indicating strong confidence in the company's future [16] 2. Accelerating Consumption Logic and Industry Expansion - The consumption scenarios for thermal containers are broadening, leading to market expansion [24] - The global market for stainless steel thermal containers is projected to grow, with China being a major production country [24][34] 3. Overseas Capacity Boosting Market Share - The company has established a solid customer base, with significant revenue from major clients [3] - The brand is undergoing comprehensive reforms, which are expected to contribute significantly to future growth [4] 4. Profit Forecast and Investment Rating - The report forecasts net profits for 2025-2027 to be 144 million, 298 million, and 385 million yuan respectively, with corresponding P/E ratios of 27.4X, 13.3X, and 10.3X [4][11]