当南京新街口7米高的迪士尼米奇合十祈愿，遇上连云港碧海间的《龙珠传说》VR幻境——这个暑期，江苏沉浸式体验消费亮点频出。虚实交织的"魔 法"与"科技"不仅点燃打卡热情，更悄然重塑着城市空间的体验逻辑，刷新人们为欢乐买单的方式。 新街口惊现"巨型许愿池"，商场变身潮流梦工厂 8月6日，南京潮流地标JLC金陵中环的西区广场，被一个"大家伙"震撼了——足足7米高的巨型米奇玩偶"WISHER"双手合十，虔诚仰望天空。这是潮玩品 牌URDU联手迪士尼打造的"WISHER祈愿之旅"南京首展，限时开到9月9日。这个巨型萌物可不是摆设，它和旁边的大屏幕玩起了互动，直接把广场变成 了一个超有氛围的"城市许愿池"。现场打卡发个小红书，还有机会把限定周边礼品带回家。 几步之遥，URDU的限定快闪店更是梦幻值拉满！神秘深邃的蓝色空间里，流星划过"星空"，还有以南京城剪影为背景的绝佳拍照点。店里首发的新品让 潮玩粉疯狂：金色特别版URDU福部屋迪士尼皮克斯系列招财猫三眼仔金光闪闪，祈愿系列手办和热门盲盒也是手慢无，开售就被抢光光。"没想到逛街 撞进迪士尼片场！"95后游客小陈兴奋地说。 连岛戴上VR眼镜，山海传说"活"了 几乎就在米奇 ...

Group 1: Consumer Goods and Market Trends - The "old-for-new" policy for consumer goods has shown significant effectiveness, with 48.8 million consumers purchasing 51.5 million digital products, generating sales of 143.26 billion yuan as of May 22 [2] - E-commerce platforms have seen a surge in sales during the "618 shopping festival," with notable increases in categories such as 3C products, where sales of action cameras and gaming laptops grew over 300% and 110% respectively [2] - The automotive market is experiencing steady growth, with passenger car sales reaching 1.755 million units in April, a year-on-year increase of 14.5%, and new energy vehicle sales growing by 33.9% to 905,000 units [3] Group 2: Emerging Consumption Sectors - New consumption sectors such as pet products and trendy toys are gaining traction, with pet brand sales doubling during the "618" event, showcasing the competitive advantage of domestic brands [4] - The toy sector also reported impressive growth, with companies like Pop Mart seeing a revenue increase of 165%-170% in Q1, driven by a 95%-100% growth in the Chinese market [4] - Health-related consumption is on the rise, with retail sales of sports and entertainment goods increasing by 23.3% in April, and sales of health monitoring devices growing by 41.6% in Q1 [5] Group 3: Policy Support and Economic Outlook - Various cities are implementing comprehensive measures to boost consumption, focusing on new consumption models and local economic development [7] - The government is expected to continue supporting consumption and technology sectors, with fiscal spending likely to increase, indicating a positive outlook for sustained consumer growth [8] - The overall sentiment in the consumer sector is optimistic, with many companies in the sports and retail industries expressing confidence in future growth [6]

Core Insights - Letsvan has rebranded from "熠起文化" to "奇梦岛," marking a new development phase and aiming to create culturally influential global潮玩 IPs [1][8] - The潮玩 market is rapidly expanding, with projections indicating that China's潮玩 market will reach 877 billion yuan by 2025 [2][3] - Letsvan has successfully launched multiple original潮玩 IPs that resonate with young consumers, indicating a shift from niche collecting to mainstream consumption [3][4] Company Strategy - Letsvan emphasizes the importance of respecting the market and users, focusing on product quality and IP management as core survival strategies [4][6] - The company aims to create an open ecosystem connecting designers, artists, and users through its IP, fostering a collaborative environment [9][10] - The brand upgrade to "奇梦岛" is not merely a name change but a comprehensive strategic enhancement, focusing on curiosity, sincerity, and joy as core values [8][9] Market Dynamics - The潮玩 industry is likened to a tropical rainforest, where diverse companies coexist, highlighting the importance of variety and aesthetic differences [3][4] - Letsvan's approach to international expansion includes adapting to cultural differences while maintaining the emotional core of its IPs [5][10] - The company has established a dual-engine model of "self-developed original + signed original" to accelerate the development of潮玩 IPs with emotional expression and market potential [10] Product Development - Each潮玩 IP is designed to resonate emotionally with users, addressing various feelings of loneliness and providing a sense of connection [5][6] - Letsvan has successfully launched popular products like WAKUKU and 又梨, achieving significant sales milestones shortly after their release [7][10] - The company plans to integrate潮玩 IPs into various cultural contexts, including sports events and entertainment, to enhance user engagement and cultural significance [10]

Core Viewpoint - The rise of new consumption trends in China is reshaping investment logic, with traditional consumer stocks lagging while new brands gain significant market attention and valuation [1][2][4] Group 1: New Consumption Trends - The stock prices of companies representing new consumption trends have surged, with Old Peking Gold increasing over 180% and Pop Mart rising over 110% this year [2] - The emergence of "Guochao" (national trend) brands, particularly in the tea sector, has attracted significant investment, with brands like Gu Ming and Mi Xue Bing Cheng seeing substantial market valuations [2][5] - The Z generation's preferences are driving a shift in consumption, focusing on emotional and experiential value rather than just utility [4][5] Group 2: Investment Opportunities - Fund managers have identified investment opportunities in new consumption stocks, with significant increases in holdings for brands like Pop Mart and Mao Ge Ping [3][4] - The performance of funds that have invested in these new consumption brands has been strong, with some achieving returns close to 27% this year [3] - The changing consumer habits and preferences are leading to a demand for high-quality, emotionally resonant products, creating opportunities for brands that can meet these needs [5][9] Group 3: Market Dynamics and Valuation Concerns - There is a growing debate about the sustainability of high valuations for new consumption stocks, with concerns about potential valuation bubbles [8] - Despite high growth rates, some analysts argue that traditional valuation models may not apply to these new brands, which often focus on IP-driven growth [8] - The market is witnessing a shift where both high return on equity (ROE) and high gross merchandise volume (GMV) are becoming important metrics for evaluating new consumption stocks [6][8] Group 4: Future Investment Directions - Future investment opportunities are expected to arise from the rise of young consumer groups and the shift towards emotional consumption, particularly in sectors like IP derivatives and jewelry [9][10] - The new snack sector is also seen as a promising area, with companies adapting to consumer preferences and benefiting from new distribution channels [9] - Policies encouraging "trade-in" programs are expected to positively impact sectors like home appliances and automotive, providing further investment opportunities [10]

证券时报记者 刘俊伶 今年以来，港股市场尤其是新消费板块，凭借良好的市场表现，吸引了内地公募基金加大投资力 度，QDII基金和其他公募基金对港股的持仓市值显著提升。 新消费板块领涨港股 今年一季度，香港市场表现领跑全球，恒生指数第一季度大涨15.25%，在全球重要指数中居于首 位，恒生科技指数涨幅更是达到20.74%。与此同时，美股主要股指均有所下跌，纳斯达克指数一季度 下跌超10%，标普500、道琼斯工业指数也分别下跌4.59%、1.28%。 从个股来看，多只消费股一季度表现亮眼，带动市场整体向上。恒生消费指数一季度上涨5.59%， 最新涨幅扩大至9.88%。其中，老铺黄金、泡泡玛特、毛戈平、蜜雪集团4只新消费股，凭借各自独特 的商业模式和市场地位，成为港股消费板块的明星股，共同构成了"新消费F4"概念，其强劲表现点燃投 资者的热情。 如老铺黄金，今年一季度大涨202.24%，截至最新年内涨幅更是达到277.62%，泡泡玛特、毛戈平 一季度涨幅也在70%以上。蜜雪集团于今年3月3日上市，首日即大涨43.21%，随后股价持续攀升，最新 价较发行价涨幅超过160%。 对于新消费板块，多家机构持续看好其后市表现。 ...

联合研究丨专题报告 %% %% %% %% research.95579.com 1 [Table_Title] IP 衍生品产业研究（十）：复盘 Labubu 发展历 程，如何看待爆品 IP 的"运"与"势"？ 丨证券研究报告丨 报告要点 [Table_Summary] 复盘 Labubu 发展历程，爆品 IP 的"运"与"势"相辅相成。"势"为根基：创作者龙家升的 跨文化艺术底蕴注入独特性，"丑萌"反叛形象精准契合时代审美潮流，产品形态创新（搪胶毛 绒挂件）打破场景边界，构成 IP 长线生命力的内核；"运"为催化：Lisa 等明星的偶然曝光成 为破圈契机，二手市场溢价、高价拍卖则放大热度。Labubu 的发展历程，是泡泡玛特践行 IP 集团化战略的体现，IP 矩阵分层开发、娱乐场景立体渗透（乐园沉浸+游戏互动+影视叙事）和 全球化文化适配，推动从潮玩向综合性娱乐集团的转型，将"运"转化为"势"的延续力。 分析师及联系人 [Table_Author] 蔡方羿 高超 仲敏丽 SAC：S0490516060001 SAC：S0490516080001 SAC：S0490522050001 SFC：BUV463 ...

Core Insights - The Chinese潮玩 (trendy toy) market has seen the emergence of popular products, with brands like TOP TOY and 52TOYS gaining significant traction on social media. The Labubu series from Pop Mart, created by artist Kasing Lung, has become a key revenue driver, contributing nearly half of the company's income in 2024 [1] - The sustainability of these popular IPs (intellectual properties) post-peak is a critical concern for the industry, prompting discussions on how companies can maintain growth [2][3] Group 1: Market Dynamics - The recent downturn in the new consumption sector has led investors to reassess growth logic in niche markets, including the潮玩 industry. The question of how companies can sustain performance after the initial hype is paramount [2] - Two typical paths for潮玩 companies are identified: one relies on short-lived viral IPs, while the other, like Hello Kitty, focuses on stable growth through multi-channel content output [2][3] Group 2: Content and Consumer Engagement - Content is essential for extending the lifecycle of IPs. Examples like Pokémon illustrate how diverse content offerings keep the brand visible to consumers [2] - New content forms, such as short videos and themed experiences, are becoming increasingly important as consumer habits evolve. Companies like Pop Mart are experimenting with various formats to keep their characters relevant in consumers' lives [3] Group 3: IP Portfolio Strategy - A diverse IP portfolio is crucial for mitigating risks associated with reliance on a single brand. Companies like Disney benefit from multiple IPs, which helps manage overall profitability even when one brand underperforms [4] Group 4: Valuation Considerations - The valuation of潮玩 companies is influenced by whether they are perceived as retail or content companies. In China, retail companies often face more cautious valuations compared to their counterparts in Western markets [5][6] - The ability to withstand market cycles is a key indicator of a company's quality, with financial metrics like inventory turnover and gross margin serving as indicators of effective strategy execution [6] Group 5: International Expansion - Chinese潮玩 brands are increasingly looking to expand internationally, with Pop Mart's Labubu series gaining attention in the U.S. market. The potential for success in the U.S. is bolstered by high consumer spending and cultural similarities [7][8] - Localization is critical for success in foreign markets, as demonstrated by Pop Mart's Crybaby series, which was designed by local talent in Thailand and quickly gained popularity [8]

Core Viewpoint - The "Guzi Economy" is rapidly emerging, driven by the Z generation's self-satisfaction demands and the rise of domestic IPs, reshaping the consumption ecosystem in China [1][4][31] Market Size - The overall market for the pan-dimensional and peripheral market in China is projected to reach 5,977 billion yuan in 2024, with the "Guzi Economy" segment expected to reach 1,689 billion yuan, marking a year-on-year growth of 40.6% [4][14] - By 2029, the "Guzi Economy" market is anticipated to exceed 3,000 billion yuan [1][4] Industry Chain - The industry chain is characterized by an "IP-centric" model, with domestic products breaking through traditional boundaries and a diverse channel structure [4][31] - The supply chain has matured, allowing for the development of differentiated domestic IPs that challenge international giants [1][4][28] Consumer Demographics - The consumer profile for the "Guzi Economy" is increasingly female and younger, with 61.39% of consumers being women and the majority aged between 12-20 years [19][20] - The Z generation, particularly those born after 2005, is the fastest-growing consumer group in this market, with significant engagement in purchasing activities [19][20] Competitive Landscape - The competitive landscape is shifting from Japan leading the market to domestic players competing vigorously, with a focus on differentiated IP ecosystems targeting overseas markets [4][31] - Major brands such as Pop Mart and TOPTOY are establishing significant market positions through extensive product offerings and a growing number of physical stores [5][32] Channels and Sales Growth - The integration of online and offline sales channels is a key driver of growth, with online sales on platforms like Taobao reaching 17 million items sold in 2024, a nearly fivefold increase year-on-year [14][32] - The number of physical "Guzi" stores has also expanded significantly, with over 3,239 stores across at least 39 cities in China [14][32] Policy and Cultural Support - Government policies are increasingly supporting cultural consumption and the development of domestic IPs, which is expected to further stimulate the "Guzi Economy" [21][25] - The rise of cultural events and themed pop-up stores is enhancing the visibility and sales of "Guzi" products [21][25]

2025年8月8日至11日，第十五届中国国际动漫博览会（以下简称"漫博会"）将在东莞市石排镇"中国潮 玩之都・漫博中心"举行，以"潮梦想出发"为主题，将"专业展"与"产业镇"融合，实现从单一展览场景 向全产业链园区的全新升级。 事实上，"梦想"早已生出坚实的翅膀。作为全国最大的潮玩生产基地，东莞生产了中国近85%的潮玩， 全球动漫衍生品1/4由东莞制造。其中，产业最为集中的便是此次漫博会承办地——石排镇。摩动核、 威斯潮玩、TOYCITY、大漂亮……在这些或硬核酷炫、或柔软萌动的潮玩中，石排的诸多企业是如何 演绎"潮"的？日前，南都N视频记者走进石排潮玩企业，探寻产业发展背后的潮流密码。 国潮兴起 立足原创IP聚合产业生态 进入摩动核动漫模型玩具有限公司（以下简称"摩动核"）展厅，4个近3米高的可穿戴机甲伫立在前，一 下子就吸引了记者的目光，它们正是原创动漫IP《星甲魂将传》中的热门角色吕布、关羽、赵云、孙悟 空。这些耳熟能详的英雄名将、神话人物，如今都换上了高精致涂装。 潮玩是动漫产业的重要载体，摩动核深谙此道。与一些传统玩具制造企业不同，最初进入行业时，摩动 核便没有做代工，而是瞄准了原创IP的赛道。 " ...

Economic Performance - Chaoyang District's GDP is projected to exceed 923 billion yuan in 2024, with a current GDP of 462.01 billion yuan in the first half of the year, reflecting a growth rate of 5.1% [1] - The district's general public budget revenue reached 58.47 billion yuan, and the total retail sales of consumer goods amounted to 129.5 billion yuan, with multiple indicators ranking among the top in the city [1] International Engagement - Chaoyang District hosts nearly 100% of foreign embassies in China, 70% of regional headquarters of multinational companies, and 65% of foreign financial institutions [1] - The district has established a system of six international communication lounges and attracted 31 key foreign investment institutions, enhancing its international service capabilities [2] Consumer Market Development - The district has developed a consumption map and introduced 31 new commercial facilities since the 14th Five-Year Plan, with plans for more iconic consumer landmarks [2] - Chaoyang District's commercial complexes account for nearly half of the city's high-quality shopping areas, with first stores and new consumption brand incubators also making up 50% of the city [2] Urban Renewal and Infrastructure - The district is focusing on urban renewal driven by river revitalization, creating a world-class waterfront economic zone along the Liangma River and the Ba River [4] - A new 15-kilometer boat route along the Ba River is set to open by the end of the year, enhancing connectivity and recreational opportunities [4] Future Initiatives - The district plans to implement a series of actions to boost consumption, including the promotion of a 24-hour vibrant urban environment and support for internet retail [3] - Ongoing projects include the second phase of the Chaoyang Outer Street update and the second phase of the Liangma River cultural economic belt construction [3]