更多公司人才地图、人事动态、组织架构，尽在36氪「职场Bonus」（ID：ZhiChangHongLi） "2025年，AI让你的职场变得更轻松了吗？" 在《职场Bonus》编辑部，新人作者或许会想起刚入职时尝试用AI写就的深度报道初稿，被编辑打回来反复修改"去味"——最后还是决定把AI限制在查资料 的辅助环节。 对「职升机AI」小程序的产研前同事来说，在奔向"AI时代的革命性求职工具"的这条路上，我们绕了很多弯路——资本对今年AI应用层创新的审慎不无道 理，许多创业者的失败，都是因为在"伪需求"里钻牛角尖。 DeepSeek带来的惊喜感并没有持续很久，它的幻觉率和极繁主义给打工人带来的"祛魅感"，远超它带给老板们对降本增效的想象空间。它更像引火点，后面 紧接着的，是关于国产AI Agent、具身智能、各类智能硬件的爆炸性热度，以及其他大模型创业公司为生存挣扎的故事。 同样挣扎的还有被AI替代的人——没错，那些"AI不会替代学习能力强的人"的话都是用来安慰你的。世界上每新增一位"超级个体"，都意味着他的溢出产 能，挤掉了某需求单位里的其余几位从业者的就业空间。 由于《职场Bonus》内容定位的特殊性，我们总会 ...

头部厂牌在IP领域谋求更大的话语权。 发力自有IP生态建设，潮玩产业强化与多元创意资源的对接。 在优质IP的市场变现能力被进一步看见之时，基于IP稀缺性和市场热度，优质IP供应商在产业链的议价能力得到强化。2025年，潮玩领域头部厂牌陆续在推 进自有IP生态的建设，巩固自身在IP核心资产布局的抗风险能力与话语权。 头部厂牌推动自有IP构成产品力核心 近几年，就IP衍生品销售来看，潮玩领域头部厂牌高歌猛进。伴随着自有IP盈利潜力的释放，潮玩领域头部厂牌在建设自有IP生态的步伐正在加快。 今年，量子之歌集团正式宣布更名为奇梦岛集团（NASDAQ:HERE），战略重心全面转向潮玩生态布局。12月初，该集团发布2026财年第一季度（截至 2025年9月30日）财报。报告期内潮玩业务总营收1.271亿元，环比激增93.3%。 公开资料显示，该集团在3月控股并全资收购WAKUKU所在公司。截至9月30日，奇梦岛拥有包括WAKUKU在内的11个自有IP，以及SIINONO在内的4个独 家授权IP和2个非独家授权IP。其中，WAKUKU本季度营收8973万元，占总营收的70.6%。 奇梦岛集团执行总裁、联合创始人施广强在接受 ...

Core Viewpoint - The Hong Kong stock market's new consumption sector, represented by the "new consumption trio" of Pop Mart, Lao Pu Gold, and Mixue Group, has experienced significant price corrections due to previous overvaluations and market scrutiny of their business models [1][2][3] Group 1: Market Performance and Valuation - The "new consumption trio" saw stock price declines of 43%, 39%, and 35% from their peak values as of December 18 [1] - High valuations were noted, with Lao Pu Gold's dynamic P/E ratio exceeding 142 times and Pop Mart reaching 113 times, compared to Disney and LVMH's P/E ratios of 20-40 times and 20 times, respectively [2] - The market's correction is attributed to a reassessment of valuation bubbles and skepticism regarding the sustainability of their business models [2][3] Group 2: Consumer Behavior and Economic Environment - Increased global economic uncertainty has led to a decline in consumer confidence and spending power, particularly affecting non-essential goods [3] - Consumers are becoming more cautious, prioritizing cost-effectiveness, which poses challenges for brands like Pop Mart and Lao Pu Gold that target trend-driven and mid-to-high-end markets [3] - The competitive landscape for Mixue Group in the tea beverage market is intensifying, with risks of market share dilution due to easily replicable business models [3] Group 3: Growth Strategies and Future Outlook - Despite stock price declines, the fundamentals of the "new consumption trio" remain strong, with Mixue Group reporting a revenue growth of 39.3% and a net profit increase of 44.1% in the first half of the year [4] - The companies are focusing on creating a "second growth curve" through international expansion, supply chain innovation, and brand value enhancement [4][5] - Mixue Group's coffee brand, Lucky Coffee, has surpassed 10,000 global stores, indicating rapid market penetration for affordable coffee in China [4][5] Group 4: Brand and Cultural Strategy - The "new consumption trio" is urged to transition from a focus on products to building brand culture and emotional connections with consumers [7][8] - Companies are encouraged to innovate continuously across product development, marketing, and service models to maintain competitiveness [8] - Strong supply chain management is essential for enhancing operational efficiency and product quality, which will bolster resilience against market fluctuations [8]

Core Insights - The report highlights that the macroeconomic environment in 2026 will be influenced by U.S. midterm election pressures, defense demands in Europe and Japan, and China's focus on stable growth, leading to continued policy easing in the first half of the year [2] - The AI boom is expected to enhance efficiency and stock valuations but may also exacerbate job losses and economic K-shaped divergence [2] - The report suggests that the second half of 2026 may see a rebound in inflation due to global liquidity easing, a weaker dollar, and China's anti-involution efforts, potentially causing volatility in high-valuation assets [2] Industry Outlook Chinese Internet Software - 2026 is seen as a critical year for competing for user attention in the AI era, with a focus on lowering usage barriers, enhancing decision-making efficiency, and creating real value [2] - Companies with stable cash flows supporting AI investments and strong operational capabilities are expected to have higher long-term investment value [5] Semiconductor - The report maintains four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive allocations, and industry consolidation [7] - The global semiconductor market is projected to grow by 26% to $975 billion in 2026, with AI-related segments leading the growth [7] Technology - The global tech industry is expected to experience demand differentiation and accelerated AI innovation, with a focus on AI computing infrastructure and end-user AI products [8] - Key companies to watch include Apple, which is anticipated to have a year of innovation with new AI products [8] Consumer Sectors Essential Consumption - The report identifies three main investment themes: deepening consumption stratification, focusing on essential survival needs, and leveraging overseas expansion to hedge against domestic uncertainties [10][20] - Companies in the food and beverage sector, such as Nongfu Spring and China Resources Beverages, are recommended due to their stable demand and attractive valuations [21] Discretionary Consumption - The outlook for the discretionary consumption sector is cautious, with expected retail sales growth of about 3.5% in 2026, slightly down from 4% in 2025 [11] - The report suggests a focus on survival-type consumption and low-cost emotional comfort products, with recommendations for companies like Luckin Coffee and Bosideng [11][21] Automotive - The Chinese automotive industry is expected to show resilience despite pressures from subsidy reductions and tax incentives, with retail sales of passenger vehicles projected to remain stable [12] - Key trends include intensified competition and the introduction of new models, particularly in the new energy vehicle segment [12] Pharmaceuticals - The innovative drug sector has seen significant growth driven by overseas licensing deals, but future catalysts are expected to shift from upfront payments to milestone achievements [13] - The CXO industry is anticipated to continue its recovery in 2026, supported by a rebound in domestic R&D demand [13] Real Estate - The report forecasts a continued contraction in the real estate market, with total residential sales expected to decline by 8% in 2026 [16][17] - Investment themes include focusing on stock market service providers and companies with strong operational capabilities in commercial assets [18][19]

在消费赛道估值重塑、传统行业难留机构资金的背景下，"情绪价值"正成为撬动股价、引流公募基金重仓 布局、抬升估值的支点。 随着公募基金经理对"泛消费"版图的重新审视，以情绪价值为特点的新消费成为少数保持高增长的消费子行 业，潮玩也开始演变为一种提升传统消费股估值的通用策略。零售巨头、游戏股、儿童玩具、艺人娱乐公司等 纷纷跨界布局潮玩业务，低估值特征为此类转型增添了无数想象力，一场由公募资金选股偏好所主导的"老树 开新花"，开始频现资本市场。 估值重构刺激基金低位布局 对于传统消费股而言，切入潮玩赛道的本质是一场估值逻辑的"升维"。在公募基金眼中，具备成熟供应链和渠 道能力的传统企业，一旦叠加了"IP运营"的想象力，便具备了实现"戴维斯双击"的潜质。 这一逻辑在近期的机构调研动向中体现得尤为明显。文具制造龙头广博股份近期密集接待了鑫元基金、新华基 金等7家机构调研，核心议题聚焦于其潮玩IP出海的商业化落地进度。尽管此前公募覆盖率较低，但凭借在东 南亚市场的精准卡位，该公司正迎来估值重塑的窗口期。 东吴基金挖掘的大麦娱乐，即是从传统电影票务公司布局潮玩、获得新兴估值的典型。大麦娱乐日前披露2026 年中期财报（20 ...

Core Viewpoint - The new consumption sector in Hong Kong, represented by the "new consumption three sisters" (Pop Mart, Laopuhuang, and Mixue Group), has experienced significant stock price declines, indicating a market correction of previously high valuations and a reassessment of the sustainability of their business models [1][2][3] Group 1: Market Performance and Valuation - The "new consumption three sisters" saw stock price drops of 43%, 39%, and 35% from their peak values as of December 18 [1] - High valuations were noted earlier in the year, with Laopuhuang's dynamic P/E ratio exceeding 142 times and Pop Mart reaching 113 times, compared to Disney's 20-40 times and LVMH's around 20 times [2] - The market correction was driven by a concentration of funds exiting the sector, as many funds significantly reduced their holdings in these stocks during the third quarter [2] Group 2: Business Model Challenges - Experts indicate that the stock price declines stem from market skepticism regarding valuation bubbles and the viability of business models [2] - Pop Mart's reliance on youth and IP is questioned due to declining interest in its flagship products, while Laopuhuang faces demand contradictions due to high gold prices affecting middle-class consumers [2] - Mixue Group is challenged by intense competition in the tea beverage market, with its business model being easily replicable, leading to potential market share dilution [3] Group 3: Growth Strategies - Despite stock price declines, the fundamentals of the "new consumption three sisters" remain strong, with Mixue Group reporting a 39.3% revenue growth and a 44.1% net profit increase in the first half of the year [4] - The companies are actively pursuing a "second growth curve" through international expansion, supply chain innovation, and brand value enhancement [4] - Mixue Group's coffee brand has surpassed 10,000 global stores, indicating rapid market penetration for affordable coffee in China [4] Group 4: Long-term Transformation - The current market correction serves as a "stress test" for the growth logic of the "new consumption three sisters," necessitating a shift from being trend-driven to building brand equity [7] - Recommendations for transformation include elevating value from product sales to cultural storytelling, creating a robust ecosystem beyond single product reliance, and fostering deep trust with consumers [7][8] - Strong brand culture and continuous innovation in product development and supply chain management are essential for sustaining competitiveness in the rapidly changing new consumption sector [8]

（原标题：AI突围战，盯上数字文娱风口） 南方财经记者谭砚文 张雅婷 魏彤 广州报道 "一首快节奏歌曲，由钢琴、吉他、架子鼓伴奏，适合短视频BGM（背景音乐）。"输入一句描述，点 击"Create"（创建）按钮，Suno AI就可以生成一首风格独特的BGM。 这正是AI技术瞄准数字文娱赛道的一个缩影。党的二十届四中全会提出"推进文化和科技融合，推动文 化建设数智化赋能、信息化转型，发展新型文化业态"，为"十五五"时期文化产业指明方向。 数字文娱站上风口。12月18日，2025年中国数字文娱大会落地广州，见证产业变局与发展。 从行业格局来看，1.75万亿元市场规模正托举"浪大"风口，微短剧、游戏、潮玩等赛道"鱼多"齐跃，而 AI正以"织网者"姿态，重构生产方式与消费体验。 需求升级与技术赋能之下，一场围绕数字文娱风口的AI突围战已全面开启，产业变革正全面提速。 作为文化产业的重要组成部分，数字文娱可以说正迎来最好的发展时期。 《中国文娱产业AI应用发展报告》显示，2024年我国数字文娱市场规模已攀升至1.75万亿元，市场规模 持续扩容。日前发布的"十五五"规划更提出大力繁荣文化事业，数字文娱"浪大"的行业趋势愈 ...

近日，中央党校主办刊发文章，将一种在年轻群体中悄然兴起的"犒赏经济"定义为拉动内需、扩大 消费的新引擎。 核心驱动力是为情绪价值买单。据权威预测，作为"犒赏经济"典型代表的潮玩产业，到2026年市场 规模将达到1101亿元。 01 经济新概念 "犒赏经济"并非传统经济学概念的简单再现。 它是指消费者为应对压力或满足特定心理需求，购买能力范围内的非必需品或体验服务，以获取即 时愉悦感、自我确认感和心理疗愈的经济活动。 这与"口红效应"有本质区别。后者是经济波动时人们被迫转向廉价非必需品，而"犒赏经济"表现出 更强的主动性和情感导向，消费不仅为满足功能，更是为了自我关爱和心理建设。 潮玩产业是"犒赏经济"最生动的注脚。市场正经历爆发式增长。中国潮玩产业已超越"盲盒"的单一 形态，发展成千亿级的"情绪生意"。 产业内部充满活力与想象空间。2025年4月的数据显示，全国现存的潮玩相关企业超过5万家，头部 品牌泡泡玛特2024年营收首次突破百亿元。 一个值得关注的现象是，头部品牌的市场份额之和尚不足一半，超过50%的市场仍是广阔蓝海。 03 消费新面貌 现代年轻人的消费画像正被"犒赏经济"深刻重塑。 消费者的行为特征是 ...

每经记者｜石普宁 每经编辑｜唐元 图片来源：受访者供图 成都数字文创的"潮"引力，从年头一直火到了年尾，从北京、东莞再到苏州，我们不断"走出去"，也把外地企业家们"请进来"。 货架上陈列的，是成百上千个比指甲盖还小的金属零件。玩家需要利用水口钳和尖嘴钳，花费几小时甚至几十个小时，将它们扣合成"小西天"或一顶华丽 的"凤冠"。 图片来源：受访者供图 在"短平快"的流量时代，把这种"苦行僧"式的慢娱乐"卖"出去并非易事。但他们在成都，看到了消费潜力。 "现在的年轻人，包括成都的消费者在内，缺的不是一个摆在桌上的成品，而是一个能够安放情绪的过程。"刘冬涛谈到。 一场场产业对接的背后，彰显着成都数字文创的创意、消费与产业潜能。而在这当中，有一个缩影尤为生动——东莞潮玩企业与成都的"双向奔赴"。今年夏 天，金属模玩品牌"拼酷"在成都热门商圈开出"酷拼工坊"，落子布局。 作为东莞微石文化科技（拼酷）品牌顾问、成都酷拼工坊负责人，刘冬涛扮演着连接两地产业的"金属榫卯"：一边对接东莞精密的金属蚀刻产能，一边直面 成都"挑剔"又热情的消费者。 在他看来：所有的设计和制造，最终都源于市场需求。必须去到离消费者最近的地方，跑通从" ...

今日（12.18），大消费板块回调，消费ETF（159928）收跌0.5%，全天成交额2.4亿元！资金再度逆市涌入，全天获1400万份净申购，近5日累计"吸金"超3 亿元！ 聚焦大消费板块，估值性价比仍极具吸引力。截至12月17日，消费ETF（159928）标的指数市盈率TTM为19.4，处于近10年3.17%分位点，比近10年历史上 近97%的时间便宜，估值性价比更高！ 年底将近，市场风格将如何演绎？信达证券指出，每年Q4存在基于投资者配置思路变化的季节性规律，容易成为风格变化的高发期，特别是12月市场风格 更容易偏向低估值。（来源：信达证券20251109《年底容易成为风格变化的高发期》） 【2026年新消费如何看？】 犒赏经济概念今日上涨。消息面上，12月17日，高层发表文章《何为"犒赏经济"》，所谓"犒赏经济"，是指消费者在面对工作生活压力或特定的心理需求 时，通过购买价格在承受范围内的非必需品或体验服务，以获取即时性愉悦感、自我确认感和心理疗愈的一种经济活动。例如，上班族在回家路上购买一份 精致的甜点、大学生考试结束后抢购一张演唱会门票，这种消费行为越来越成为时下年轻人的选择，也是观察当前我国消费市 ...