Core Viewpoint - The article highlights the evolution of Chinese commerce over the past 40 years, emphasizing the transition from a planned economy to a market-oriented one, and the emergence of diverse new consumption scenarios that cater to individual preferences. It announces the launch of two initiatives aimed at collecting exemplary cases of commercial innovation to promote high-quality development in Chinese commerce [1][4]. Group 1: Historical Context and Achievements - The article provides a historical overview of Chinese commerce, noting significant milestones such as the shift from "unified purchase and sale" during the planned economy to the current era of diverse consumption models. It cites that the total retail sales of consumer goods in China reached 245,458 billion in the first half of 2025, compared to 430.5 billion in 1985 [5][6]. - It acknowledges the rapid development of private enterprises in recent years, attributing this growth to supportive government policies [5]. Group 2: Innovation and Trends - The article discusses the ongoing trends in commercial innovation, highlighting the emergence of new industries, models, and formats in response to policy support. Examples include the return of supermarkets to their retail essence, the rapid growth of instant retail and live-streaming e-commerce, and the integration of various sectors such as travel, culture, and sports [6][8]. - It emphasizes the importance of innovation in driving the evolution of commercial practices, including technological advancements and new business models that have revolutionized the industry [6][9]. Group 3: Case Collection Initiatives - The article announces the launch of the "商报四秩・推动中国商业进程四十年案例" initiative, which aims to collect and evaluate cases that have significantly contributed to the development of Chinese commerce from 1985 to 2025. The selection criteria include relevance to the times, leadership, demonstrability, and sustainability [8][9]. - It outlines the focus areas for the case collection, which include innovations in commercial systems, industry diversification, digital transformation, and sustainable practices [9][10]. Group 4: Future Directions and Participation - The article invites participation in the "2025年度中国商业创新金鼎典范" initiative, which seeks to recognize outstanding achievements in commercial innovation for the 2024-2025 period. The focus is on practical implementations that demonstrate significant breakthroughs in various aspects of commerce [10][12]. - It details the evaluation process, which involves a professional review team and multiple assessment stages, culminating in the announcement of selected cases at a major event in December 2025 [12][14].

未来，东莞洪梅将持续优化营商环境，强化产业链协同，为动漫IP的创作、转化、落地提供全周期服 务，成为创意迸发的沃土、合作共赢的舞台。 洪梅镇投资促进中心以《IP赋能·潮聚水乡》为题就招商引资作了宣传推介。据介绍，洪梅地处东莞水 乡特色发展经济区核心，依托洪梅镇坚实的制造业基础、人工智能赋能和"百年国漫"的文化底蕴，正全 力打造动漫IP与潮玩产业融合发展的新高地，为产业升级注入了强劲动能。 11月14日，第二届"岭南水乡国际动漫周"中国动漫IP产业前瞻会在洪梅举办，来自国内外的行业领军人 物、专家学者和企业代表共同探讨在AI技术席卷全球的浪潮下，文化创意产业所面临的机遇与挑战， 解析IP商业转化的前沿趋势与突破性应用。 中国动漫IP产业前瞻会由东莞水乡特色发展经济区管理委员会、东莞市洪梅镇人民政府、广东省动漫艺 术家协会主办，东莞水乡经济发展局、洪梅镇经济发展局、洪梅镇投资促进中心承办。 采写：南都N视频记者 陈泽然 活动现场，华中科技大学设计学院院长、博士生导师蔡新元，奥斯卡动画短片提名奖《男孩丹尼》制片 人卢克·图唐尼（Luc Toutounghi），编剧、艺术总监、制作人朱莉娅·斯尼亚罗夫斯卡（Julia ...

Core Insights - The rise of emotional consumption reflects a significant shift in consumer behavior, where emotional needs are prioritized alongside functional needs [1][2][3] Group 1: Emotional Consumption Trends - Emotional consumption is becoming a key choice for the new generation of consumers, with 56.3% of young people willing to pay for emotional value, a 16.2% increase from 2024 [2][6] - Young consumers spend an average of 949 yuan per month on emotional consumption, equating to approximately 30 yuan daily [2][6] - Popular categories for emotional consumption include plush toys, aromatherapy, and experiences like concerts and psychological counseling [4][6] Group 2: Market Dynamics - The emotional consumption market in China is projected to reach 2 trillion yuan by 2025, with expectations to exceed 4.5 trillion yuan by 2029 [6][9] - The Z generation, comprising about 260 million individuals in China, is driving this emotional economy, seeking emotional connections and self-soothing through consumption [7][9] - Emotional consumption is characterized by a shift from material goods to experiences and services that fulfill emotional needs, as highlighted by the rise of the "accompanying economy" [5][8] Group 3: Consumer Behavior - A significant 88.2% of young people report experiencing frequent stress, with 60.3% believing that consumption helps alleviate this stress [3][4] - The trend of emotional consumption is not merely a fad; it represents a long-term shift in consumer priorities towards emotional fulfillment [14] - The COVID-19 pandemic has exacerbated feelings of loneliness, further driving the demand for emotional consumption [8][9] Group 4: Business Implications - Companies must adapt their production and marketing strategies to focus on emotional needs, moving from traditional product-centric approaches to consumer-centered models [12][13] - Brands that can effectively address emotional pain points and create products with both emotional and functional value will likely emerge as leaders in the emotional consumption space [14]

Core Insights - The recent "Pop Mart live streaming incident" has sparked discussions about the pricing of a 79 yuan blind box, raising questions about its value [1][2] - In the first half of 2025, Pop Mart is projected to generate revenue of 13.88 billion yuan, with a gross margin of 70.3%, significantly higher than Apple's 47% and nearly on par with Hermès [1] Group 1 - The high profitability of Pop Mart is accompanied by controversies regarding product quality control and pricing strategies [2] - The company is currently facing critical issues that need to be addressed, particularly in terms of product quality and pricing [2]

Group 1 - Southbound funds recorded a significant net purchase of 12.887 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Alibaba-W and Tencent Holdings received net purchases of 1.327 billion HKD and 1.071 billion HKD respectively [1] - China Life Insurance had the highest net sell amount at 262 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Tencent Holdings and Alibaba-W received net purchases of 1.097 billion HKD and 930 million HKD respectively [1] - Pop Mart had the highest net sell amount at 237 million HKD [1]

Core Viewpoint - Southbound funds experienced a significant net purchase of 12.887 billion yuan today, indicating strong investor interest in Hong Kong stocks [1] Group 1: Southbound Fund Activity - The Hong Kong Stock Connect (Shanghai) saw Alibaba-W and Tencent Holdings receive net purchases of 1.327 billion HKD and 1.071 billion HKD respectively [1] - China Life Insurance had the highest net sell amount at 262 million HKD [1] - The Hong Kong Stock Connect (Shenzhen) recorded Tencent Holdings and Alibaba-W with net purchases of 1.097 billion HKD and 930 million HKD respectively [1] - Pop Mart had the highest net sell amount at 237 million HKD [1]

南向资金今日大幅净买入128.87亿元。港股通（沪）方面，阿里巴巴-W、腾讯控股分别获净买入13.27 亿港元、10.71亿港元；中国人寿净卖出额居首，金额为2.62亿港元；港股通（深）方面，腾讯控股、阿 里巴巴-W分别获净买入10.97亿港元、9.3亿港元；泡泡玛特净卖出额居首，金额为2.37亿港元。 ...

Group 1 - The media sector has shown a significant upward trend in performance, with a year-to-date increase of 24.36% in the Shenwan Media Index, outperforming the CSI 300 by 10.35% [3][76] - In the first three quarters of 2025, the media sector achieved a total revenue of 387.6 billion yuan and a net profit of 32.1 billion yuan, representing year-on-year growth of 5.41% and 37.18% respectively [3][16] - The current TTM-PE for the Shenwan Media Index is 44x, which is at the 80th percentile of the past five years, indicating a recovery in valuation [3][76] Group 2 - The gaming sector has benefited from a strong product cycle, with Q3 2025 revenues reaching 30.4 billion yuan and net profits of 4.6 billion yuan, marking year-on-year increases of 28.60% and 111.65% respectively [4][29] - The popularity of collectible toys and IP-based products remains high, with the domestic market for IP economy projected to grow from 94.1 billion yuan in 2022 to 240.6 billion yuan by 2025, maintaining a growth rate of over 10% [112][118] Group 3 - The shift in policy direction is expected to positively impact the entertainment content industry, with ongoing improvements in content supply likely to stimulate demand recovery [5][127] - AI applications are rapidly penetrating the entertainment content industry, enhancing efficiency and return on investment in content production, thus creating new opportunities [5][127] Group 4 - Investment recommendations focus on sectors with strong growth potential, particularly in gaming and AI-driven content creation, with specific companies highlighted for their promising performance [6][111] - The report emphasizes the importance of monitoring product cycles and performance trends in the gaming sector, recommending companies such as Giant Network and 37 Interactive Entertainment [6][111]

Core Insights - The Chinese潮玩 market is rapidly expanding due to factors such as rising disposable income, the emergence of emotional consumption, the rise of domestic潮流 culture, and quality IPs [1][4] - The competitive landscape of the潮玩 market in China is relatively fragmented, with significant room for improvement compared to Japan [1][5] 潮玩 Industry Overview -潮玩 is defined as toys that integrate elements of潮流 culture, art, design, and various other concepts, characterized by high visual recognition, limited releases, and cross-industry collaborations [1] - The潮玩 industry includes various forms such as blind boxes, figurines, plush toys, gashapon, cards, dolls, art toys, assembly toys, and building sets [1] 潮玩 Industry Chain - The upstream segment consists of IP suppliers and operators, where high-quality IP suppliers hold strong bargaining power based on the scarcity and market popularity of their IPs [2] - The midstream includes潮玩 product manufacturers, who generally have weaker bargaining power; manufacturers with large-scale production capabilities are more likely to succeed [2] - The downstream segment involves retailers and consumers, where retailers' bargaining power depends on the quantity and quality of their IP reserves [2] Comparison with Japanese Toy Industry - The Japanese toy industry has matured and offers valuable lessons for China; despite challenges like declining birth rates, the industry has thrived due to the rise of gaming and anime [3] - In China, rising disposable income and a shift towards emotional consumption are driving demand for潮玩 and related products, despite demographic challenges [3] Market Growth and Projections - The Chinese潮玩 market is projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, with a CAGR of 35.11% [4] Market Concentration and Competition - The Chinese潮玩 market is currently fragmented, with the top five companies holding a combined market share of only 23.7% [5] - New domestic companies are rapidly expanding, with significant growth rates compared to international giants [5] - The quality and quantity of domestic IPs are increasing, with notable examples including《原神》,《黑神话：悟空》, and characters from泡泡玛特 [5]

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 ...