体验城市空中跳伞、到离境退税商店"扫货"、打卡影视剧取景地同款照片……近年来，新消费热度攀升， 催生出更多跨领域、跨场景的新消费业态，带动辖区消费持续增长。数据统计显示，2025年上半年重庆两 江新区直管区社会消费品零售总额（简称"社零"）超过790亿元，同比增长7.4％。 值得一提的是，情绪消费正在成为驱动消费市场增长的新引擎。近年来，潮玩经济、文旅经济等多个垂直 细分领域逐步进入大众市场，占领一席之地。光环购物公园联名"荒野之国"IP打造的消费新场景，开放首 日拉动了20％的客流增长。重庆欢乐谷举办国潮文化节，将游戏IP与文化旅游深度融合，联动《王者荣 耀》《百事X黑神话悟空》《葫芦娃》IP打造沉浸式体验街区，让游客成为主角，冲进重庆热门景区前 五。 在潮玩经济带动下，泡泡玛特、卡皮巴拉等品牌快闪西南首站活动相继来到重庆，点燃了潮玩爱好者的热 情。"我今天拿下了隐藏款。"来自贵州的夏琝琳逛了一圈下来特别开心。她说，在线下举办的快闪活动 上，有机会选到心仪的全款式盲盒及周边产品，让人心情特别愉悦。 "荒野之国"全国巡展首站在光环购物公园举办。张玮真 摄 两江新区汽车直播狂欢节上，问界汽车体验顾问张均丽正在进 ...

Core Insights - The new consumption trend is driven by emotional consumption, which is becoming a significant growth engine for the market [1][4] - The retail sales of consumer goods in the Liangjiang New Area are projected to exceed 79 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.4% [1] - The emotional consumption market in China is expected to surpass 2 trillion yuan by 2025, indicating its role in consumption upgrades [4] Group 1: New Consumption Trends - Emotional consumption is emerging as a key driver for market growth, with sectors like trendy toys and cultural tourism gaining popularity [1][4] - The integration of cultural and gaming elements in consumer experiences, such as the "Wilderness Country" exhibition and the National Trend Culture Festival, has led to a 20% increase in foot traffic at venues [3] - The rise of trendy toy brands and pop-up events in Chongqing has sparked enthusiasm among consumers, enhancing their shopping experience [3] Group 2: Supply Side Innovations - The supply side is adapting to meet diverse consumer needs, leading to the emergence of new consumption formats across various sectors [5] - The automotive industry in Chongqing is evolving by incorporating online sales platforms and immersive shopping experiences, such as live-streaming events [5] - The pet economy is also expanding, with new pet-friendly dining options and activities being introduced to attract pet owners [7] Group 3: Local Brand Development - Local brands in the food and beverage sector are leveraging emotional consumption trends, with innovative products gaining traction on social media [7] - The Liangjiang New Area aims to enhance its service industry by focusing on digitalization, branding, and creating innovative consumption scenarios [7]

事实上，类似 LV "路易号" 这样的首店、旗舰店，正逐渐成为拉动消费的关键力量。RET 睿意德数据显示，拥有首店的购物中心客流量平均提升 20%-30%，销售额增长 15% 以上。首店，已然成为商业竞争中的超级流量入口。 上海，作为首店经济蓬勃发展的前沿阵地，数据十分亮眼。央视网数据显示，今年 1 至 4 月，上海新增首店 301 家，其中高能级首店占比 15.95%。自 2015 年率先提出发展首店经济以来，上海持续发力，今年更是从展会支持、通关便利、财政激励等多维度强化扶持，对亚洲及以上级别首店给予 100 万元一次性 奖励，持续吸引优质首店资源。 前段时间，LV 在上海兴业太古汇打造的 30 米高、1600 平方米的 "路易号" 船型概念旗舰店正式亮相。开业当天，尽管高温橙色警报拉响，南京西路却因慕 名而来打卡的人群变得热闹非凡，工作日的冷清一扫而空。这艘 "巨轮" 不仅成为 LV 品牌形象的独特展示窗口，其与对面星巴克烘焙工厂的 "有趣对视"， 在社交平台引发大量二创，持续吸引大众目光，成为新晋网红打卡点。 不过，从上半年首店资料来看，尽管核心商圈依旧备受青睐，但新兴区域凭借差异化特色，正不断吸引品 ...

体验城市空中跳伞、 到离境退税商店"扫货"、 打卡影视剧取景地同款照片...... 近年来，新消费热度攀升，催生出更多跨领域、跨场景的新消费业态，带动辖区消费持续增长。数据统计显示，2025 年上半年两江新区直管区社会消费品零售总额（简称：社零）超790亿元，同比增长7.4％。 以情绪消费为消费增长引擎 情绪消费正在成为驱动消费市场增长的新引擎。近年来，潮玩经济、文旅经济等多个垂直细分领域逐步进入大众市 场，占领一席之地。 ▲"荒野之国"全国巡展首站在重庆光环购物公园。张玮真 摄 "在山城感受云南的'荒野之国'，这确实很酷。"光环购物公园联名荒野之国IP打造的消费新场景，开放首日拉动了 20％的客流增长。重庆欢乐谷举办国潮文化节，将游戏IP与文化旅游深度融合，联动《王者荣耀》《百事X黑神话悟 空》《葫芦娃》IP打造沉浸式体验街区，让游客成为主角，冲进重庆热门景区前五。 重庆欢乐谷相关负责人表示，"文旅＋游戏"跨界融合，不仅可以通过开发服装、道具和游戏机制等多种形式，打造实 景剧本游戏和沉浸式体验项目，丰富旅游者的消费体验，还可以通过数字化文旅场景建设，推出游戏IP周边产品，带 给游客或游戏用户崭新的旅游消费体 ...

Core Viewpoint - The success of Pop Mart is attributed to its platform capabilities rather than a single IP, with emerging IPs like Twinkle Twinkle and Crybaby expected to significantly contribute to revenue in the coming years [1][3][4]. Summary by Sections Platform Value - Morgan Stanley emphasizes that the market underestimates Pop Mart's platform value and its IP incubation capabilities, which are seen as the core long-term investment value [3][6]. - The focus on a single IP's ceiling has led investors to overlook the company's broader platform capabilities [3][6]. Emerging IP Growth Potential - Twinkle Twinkle has shown strong market demand, with products selling out quickly at the Beijing Toy Expo, indicating its potential as a major revenue contributor from 2025 onwards [4]. - Crybaby's lifestyle product line, with an average price exceeding 250 RMB, demonstrates significant sales growth potential, despite supply constraints on plush toys [4]. Globalization and IP Diversification - Pop Mart is expanding its IP diversity through global operations, with existing IPs primarily from Greater China, while also tapping into artists from Thailand and the U.S. [5]. - The company aims to leverage local markets to incubate local artists and their creations as international market scales grow [5]. Core Investment Value - The intrinsic value of Pop Mart lies in its platform capabilities, which enable the success of its IPs, a factor that is often overlooked by the market [6]. - The report suggests a reasonable valuation based on a projected 46 times price-to-earnings ratio for 2025, indicating a PEG ratio of approximately 1.4 for a high-growth consumer company with global expansion potential [6].

Core Insights - Morgan Stanley analysts emphasize that Pop Mart's platform value is underestimated by the market, focusing too much on individual IP ceilings rather than the company's core long-term investment value in platform incubation [1][4]. Group 1: IP Growth Potential - The Twinkle Twinkle IP showcased strong market demand at the Beijing Toy Expo, with products selling out quickly, indicating its potential as a significant revenue contributor from 2025 onwards [2]. - Crybaby's lifestyle product line, with an average price exceeding 250 RMB, demonstrates substantial sales growth potential, although plush toy demand is currently limited by supply constraints [2]. Group 2: Global Expansion and IP Diversification - Pop Mart has four regional sales segments, primarily sourcing its IP from Greater China, with exceptions like Crybaby from Thailand and Peach Riot from the U.S. The company has significant potential to tap into artist resources in the U.S., Europe, Japan, and Southeast Asia [3]. - The report notes that each new IP requires a sufficiently large local market to generate initial momentum, making the focus on Greater China a natural choice for early IP development [3]. Group 3: Platform Capability as Core Investment Value - Analysts argue that the true investment value lies in Pop Mart's platform capabilities rather than just the success of individual IPs, which is often misjudged by investors [4]. - Data shows that Labubu accounted for only 6% of group sales two years ago, while now it is globally recognized, with Crybaby and Twinkle Twinkle also gaining strong market attention [4]. - The implied PEG ratio of approximately 1.4 for the years 2025-2027 is considered reasonable for a high-growth consumer company with global expansion potential [4].

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the investment outlook for various sectors in China, particularly focusing on AI, technology, new energy, and the implications of macroeconomic policies. Core Insights and Arguments 1. **Investment Opportunities in H2 2025**: The domestic economy is expected to maintain a GDP growth rate above 5%, driven by strong export performance and advancements in AI and advanced manufacturing, which are seen as key to enhancing economic output and structural transformation [6][10][12]. 2. **AI Investment Outlook**: AI is viewed as a central theme in global technological innovation, with significant investments expected in AI hardware and applications. The domestic demand for AI is strong, and supply bottlenecks are gradually easing, indicating a positive trajectory for AI-related investments [20][21][22]. 3. **Technology Sector Growth**: The technology sector is anticipated to experience robust growth, particularly in semiconductors and advanced manufacturing. The potential for breakthroughs in these areas is expected to drive long-term growth and competitiveness [25][26]. 4. **New Energy and Environmental Policies**: The transition to new energy sources and the implementation of green policies are seen as critical for sustainable growth. The manufacturing sector is expected to benefit from technological upgrades and innovations aimed at reducing carbon emissions [28][36]. 5. **Consumer Behavior and Market Dynamics**: There is a shift towards quality over price in consumer preferences, which is expected to influence various industries, including real estate and consumer goods. This "anti-involution" trend is likely to reshape market competition and drive companies to focus on quality and brand value [32][35][37]. 6. **Macroeconomic Policies and Global Context**: The call highlights the importance of macroeconomic policies in shaping investment landscapes, particularly in light of ongoing geopolitical tensions and trade dynamics. The focus is on maintaining economic stability and fostering innovation [10][17][18]. Other Important but Possibly Overlooked Content 1. **Long-term Economic Confidence**: Despite short-term challenges, there is a strong belief in the long-term potential of the Chinese economy, driven by technological advancements and structural reforms [7][13][14]. 2. **Sector-Specific Insights**: Different sectors are expected to recover at varying rates, with some industries like real estate facing more significant challenges than others. The recovery in corporate earnings is anticipated to be uneven, influenced by sector-specific dynamics [9][15][18]. 3. **Investment Strategy**: The emphasis on identifying and investing in companies with strong competitive advantages and sustainable business models is highlighted as a key strategy for navigating the current market environment [8][12][19]. This summary encapsulates the key points discussed in the conference call, providing insights into the investment landscape and sectoral dynamics in China for the latter half of 2025.

Core Insights - Heytea is expanding rapidly in overseas markets, particularly in North America, with over 100 stores opened, marking a growth of more than six times in the past year [2][3] - The pricing strategy of Heytea in North America is comparable to Starbucks, with drinks priced between $5 to $7, positioning itself in premium market segments [1][3] - The company is leveraging local tastes and cultural collaborations to enhance its product offerings and brand presence in international markets [7][8] Expansion Strategy - Heytea has recently opened a store in Cupertino, near Apple's headquarters, and has plans to target high-traffic, affluent shopping districts in major cities [2][4] - The company has entered multiple international markets, including the UK, Australia, and Canada, and has established a presence in eight countries and 28 cities [7][8] - The launch of the LAB store in New York signifies a shift towards innovative product offerings, with a focus on limited-edition drinks that cater to local preferences [3][4] Product Development - Heytea has introduced over 20 original drinks tailored for overseas markets, such as the "抹云椰蓝" (Matcha Coconut Blue) which has gained popularity in the UK and US [7] - Collaborations with local brands and artists, such as Alexander Wang and Yayoi Kusama, have been part of Heytea's strategy to enhance brand visibility and cultural relevance [7] - The company has also launched a self-operated delivery service in the US, indicating a move towards a more integrated operational model [8] Operational Infrastructure - Heytea has established specialized local teams in the US to manage brand marketing, product development, and supply chain logistics, ensuring consistent customer experience [8] - The company has set up multiple warehousing centers in key locations, partnering with major suppliers for localized sourcing of essential ingredients [8]

Group 1 - The gaming sector is experiencing a strong upward trend, with the gaming ETF (159869) rising nearly 2.5%, and stocks like Beiwai Technology hitting the daily limit, while Perfect World and Giant Network increased by nearly 5% [1] - The 2025 ChinaJoy event set a new attendance record with 410,300 visitors, an increase of nearly 50,000 from last year, representing a year-on-year growth of 11.8%, including 14,700 overseas attendees [1] - The National Press and Publication Administration approved 127 domestic games and 7 imported games in July, with notable titles like NetEase's "Diablo IV" and Tencent's "Ultimate Showdown" receiving approval [1] Group 2 - The 22nd ChinaJoy, themed "Gathering What You Love," featured 800 well-known companies and covered an exhibition area of 135,000 square meters, with 220 foreign enterprises accounting for 27.5% of the total [2] - The gaming and trendy toy sectors continue to show high growth potential, with recommendations to focus on the sustainability of quality content products [2] - Related ETFs include the gaming ETF (159869), which focuses on leading companies in the A-share IP gaming industry, and the cultural and entertainment media ETF (516190), which balances investments across marketing, film, tourism, and trendy toy sectors [2]

Group 1 - The core idea revolves around the concept of emotional value in branding, suggesting that brands can differentiate themselves by deeply satisfying consumer emotions, which is crucial in a competitive market [1][2] - The article highlights a significant trend where many brands are facing closures or deregistration, reaching a 14-year high in 2024, indicating a need for brands to better understand consumer psychology [1][2] - Emotional value is linked to economic value, as consumers are willing to pay a premium for brands that resonate with their identity and values, exemplified by the success of blind box products [2][4] Group 2 - The shift from material consumption to experiential consumption is emphasized, particularly in Japan, where consumers seek emotional fulfillment through unique experiences rather than just products [3][4] - The rise of products that provide emotional comfort, such as stress-relief toys and virtual goods, showcases the growing potential of the emotional consumption market [4] - Emotional value is identified as a new driving force in consumer behavior, reshaping value perceptions and offering businesses new avenues for economic growth [4]