联合新闻网近日发文称，随着中国内地消费市场转向追求精神与情绪价值，"情绪经济"快速崛起，相关消费场景持续 扩张；在促消费政策密集推动下，以悦己消费为代表的新型消费，正成为市场与企业布局的重要方向。 零售业上市公司居然智家称，观察到消费趋势正从"满足刚需"转向"重视体验"，"颜值经济"、"情绪消费"与"价值感"逐 渐成为主流。为此，公司已提出"场景化"战略，计划于明年春节前后，率先在北京北四环店与十里河店打造跨品类"生 活场景集合馆"，聚焦居家办公、人宠共居、亲子互动等沉浸式消费需求。 被称为"创意包装第一股"的柏星龙也在机构调研中表示，公司文创潮玩业务核心品牌"玩物丛生"，聚焦Z世代情绪经 济，已形成"AI情绪陪伴类"与"热门潮玩类"双主线产品结构。其中，IP"独眼星球"AI陪伴毛绒玩具已启动大批量生 产，核心通路与消费者预计于年底前取得产品。 报道还提到，东吴证券指出近期促消费政策的"含新量"明显提高，核心在于透过新技术、新产品与新场景，激发消费 内生动能。 【环球网财经综合报道】艾媒咨询近日发布数据显示，我国情绪消费市场规模快速攀升，从2022年1.63万亿元升至 2024年的2.31万亿元，并预计202 ...

中证报中证网讯（王珞）近日，广博股份（002103）披露最新投资者活动记录，详细介绍了投资者最为 关心的几个问题，如公司品牌体验店包含哪些主要产品、公司的"IP趣玩食品"进展情况、后续发展计划 以及公司卡牌的开发情况等。公司表示，2025年公司聚焦新品类拓展，重点推进卡牌、毛绒、食玩等新 项目的孵化工作，并取得阶段性成果。 布局品牌体验店并搭配快闪活动 近期，公司联动热门IP《名侦探柯南 M28:独眼的残像》打造的食玩系列产品，凭借IP的高国民度与"食 品+收藏"的创新形态，在线上电商平台及线下合作渠道均取得了较好的市场反响。未来，公司将持续 聚焦Z世代消费需求，深度挖掘全球优质热门IP资源，精准链接不同圈层受众偏好，同时不断拓展并优 化食品供应链体系在产品开发中，将进一步融合创意设计与趣味互动属性，搭配多元化营销玩法，同步 激活IP周边收藏价值，以沉浸式"好吃+好玩"的消费场景重构体验，持续丰富IP趣玩食品的产品矩阵与 消费场景。 公司表示，2025年公司聚焦新品类拓展，重点推进卡牌、毛绒、食玩等新项目的孵化工作，并取得阶段 性成果。其中，卡牌方面，公司分别于8月，11月推出《诛仙》动画"问天"收藏卡牌第一 ...

Core Insights - The rise of "New Chinese Style" creative products is evident as they become popular among consumers during the Mid-Autumn Festival, with a focus on cultural significance and innovative design [1][3][10] Product Innovation - Various new products have emerged, including themed refrigerator magnets and tea sets, reflecting traditional cultural elements [1][3] - Popular items on shopping platforms include cultural creative products like figurines and scented sachets, with significant sales figures reported [3] Market Trends - The cultural and creative toy industry is experiencing growth driven by emotional consumer engagement, with higher demands for design and quality [7] - The pet product market is also evolving, with a notable increase in pet mooncake offerings, indicating a shift in consumer behavior towards premium pet products [8] Cultural Integration - Companies are leveraging cultural IP and technology to create immersive experiences, enhancing the festive atmosphere during the Mid-Autumn Festival [10][11] - New experiential projects, such as XR experiences, are being developed to engage consumers with traditional culture in innovative ways [10][11] Consumer Behavior - The "Z Generation" is becoming a major consumer force, influencing the demand for culturally rich and aesthetically pleasing products [7] - There is a growing trend towards integrating traditional culture with modern consumption patterns, leading to new market opportunities [11]

Core Insights - The 2025 World Design Capital Conference (WDCC2025) will be held from September 25 to 28 along the Huangpu River, co-hosted by the Shanghai Municipal Government and UNESCO, focusing on the theme "Design Without Boundaries, Sustainable Development" [1] Group 1: Event Overview - The conference will feature nearly 100 co-creation partners, over 60 exhibition areas, and more than 3,000 exhibits [4] - The event will follow a "12255+X" structure, including an opening ceremony, two major exhibitions (one in Shanghai and one overseas), two thematic forums, five specialized forums across various design fields, and multiple city-wide and overseas activities [4] Group 2: Talent Development - The conference will launch the "U35 Plan" aimed at nurturing young creative design talents in fields such as industrial design, architectural design, fashion design, digital design, service design, and creative management [4][13] - A total of 300 applications have been received, with 35 selected participants to be showcased during the conference [4][13] Group 3: Design Trends and Innovations - The conference will emphasize a "new paradigm of fashionable living," showcasing design-driven new consumption scenarios, including new energy vehicles, consumer electronics, high-end fashion, and cultural creative products [13] - Notable exhibits will include the latest models from brands like Huawei and Xiaomi, as well as high-end fashion collections from renowned designers [13] Group 4: Global Participation and Recognition - The event will gather nearly 1,000 speakers, including leaders from three major international design organizations and top design schools, to discuss cutting-edge technologies and trends in five design fields [12] - The "Shanghai Design 100+" global competition will feature over 2,600 entries from 17 countries, showcasing high-quality projects and trends in the design industry [12]

Group 1 - The "2025 IPX World Cultural Tourism Flow Conference" was held in Shenzhen from August 27 to 29, organized by the Shenzhen Cultural Tourism Promotion Association, involving over 50 business associations [1] - The conference featured more than 30 forums and activities, two major exhibitions, and an IP licensing matchmaking event, covering an exhibition area of 15,000 square meters with over 1,000 popular IPs from 21 countries and regions [1][2] - The event is expected to attract over 35,000 professional visitors, showcasing the global trend of deep integration between IP licensing, creative design, cultural and creative toys, and the cultural tourism industry [1] Group 2 - The main forum focused on "Intelligent Observation of the World: New Chapter in Cultural Tourism," with experts discussing how phenomenon-level IPs can reconstruct urban dialogue through culture and technology [2] - Representatives from companies like Tencent Cultural Tourism and the Guangdong-Hong Kong-Macao Greater Bay Area Low-altitude Economy Drone Association will brainstorm on digital transformation in cultural tourism and emerging sectors [2] - The conference also included the 12th Shenzhen International IP Licensing Industry Expo and the 3rd Shenzhen International Cultural and Creative Exhibition & Trendy Toy Exhibition, featuring over 30,000 exhibits across the entire industry chain [2]

Summary of Conference Call Notes Industry Overview - The focus is on the consumer sentiment-driven spending in the second half of the year, particularly in the light industry and sportswear sectors, which have shown a modest increase of approximately 5% and 6% respectively since the beginning of the year [1][2] Key Investment Themes 1. **Outdoor Sports Sector** - Emphasis on social attributes and mental wellness, targeting urban consumers [2][13] - The outdoor sports market is driven by activities such as cycling, hiking, and climbing, which have gained popularity among younger demographics [5][6] - The average annual spending on outdoor products in first-tier cities exceeds 5,000 yuan, indicating a strong market for outdoor apparel and gear [6] 2. **Gold and Jewelry Sector** - Retail sales of fine jewelry have shown a year-on-year increase of approximately 22% as of May 2025, with a cumulative growth of 12.3% from January to May [7] - The sector is characterized by a trend towards heritage and cultural value, particularly in handcrafted gold products [8][9] - Brands are leveraging IP collaborations to attract younger consumers, focusing on affordability and emotional value [8][9] 3. **Cultural and Trendy IP Sector** - The demand for cultural and trendy IP products is driven by emotional value and social connections, appealing to both young and middle-aged consumers [10][12] - The market for blind box products has been particularly strong, creating excitement and surprise for consumers [12] Additional Insights - The internal brand performance in the sportswear sector is stable, with effective inventory and receivables management [4] - The rise of emotional and mental wellness consumption trends is expected to continue influencing consumer behavior in the latter half of the year [13] - Recommended companies for investment include Anta Sports, Laofu Wangjin, Chaohongji, Pop Mart, and Brook, which are closely monitored for performance [14] Risk Considerations - While the outlook for emotional and mental wellness consumption remains positive, potential risks should be acknowledged, particularly in market volatility and consumer sentiment shifts [15]

Core Viewpoint - The event focused on the opportunities for innovation and entrepreneurship in the context of the new quality productivity, emphasizing the intersection of technology and consumer trends [1][3]. Group 1: New Quality Productivity - New quality productivity is characterized by digitalization and intelligence, which can optimize and upgrade supply chains and foster emerging and future industries [9]. - It is not simply equivalent to technological innovation; rather, it encompasses multi-track technological revolutions and rapid technology transfer across various fields [10]. - Disruptive technological innovation arises from the cross-application of cutting-edge technologies, such as AI, brain-computer interfaces, and immersive media [11]. Group 2: T-shaped Model - The T-shaped model is a framework for deep vertical innovation in industries, focusing on technology as the engine and emotional connection as the bond [18]. - It has seven key characteristics, including rapid cycle innovation and the integration of consumer-level technology leading to product innovation [18]. - The model applies to various sectors, including fashion, beauty, home life, and healthcare, indicating its broad relevance [19]. Group 3: Government and Enterprise Roles - The government is encouraged to enhance the business environment by extending service chains and addressing key challenges in the industry [26]. - Enterprises should focus on their core business, integrate various technological resources, and optimize their management and R&D models [25]. - There is a significant optimism among private enterprises regarding the transformative potential of new quality productivity, with 64.07% expressing positive expectations [21][24].

Fixed Income - Credit spreads are expected to have further compression potential, with most industries showing a slight decrease in credit spreads except for the AA agricultural sector which saw a minor increase of 3 basis points [2][6][8] - The yield on 3-5 year perpetual bonds may gradually approach the interest rates of major banks' 3-5 year fixed deposits, indicating that credit spreads may still have room for compression [2][8] Transportation - The State Post Bureau opposes "involution" competition in the express delivery industry, which may lead to high-quality development opportunities [10][11] - Major express companies like Zhongtong, Yuantong, Yunda, and Shentong have seen a decline in single ticket revenue year-on-year, with decreases of -7.8%, -6.4%, -10.1%, and -6.2% respectively in Q1 2025 [11] Media - The upcoming mid-year report disclosures may present trading opportunities, with high-frequency data expected to maintain an upward trend if no turning points are observed [28] - The gaming sector is highlighted, with major titles from companies like Tencent and Giant Network performing well in the market, indicating potential for value reassessment [30][34] North Exchange - The cultural and IP economy is thriving, with the market size of the national trend economy reaching 2.05 trillion yuan in 2023 and expected to exceed 3 trillion yuan by 2028 [23][24] - The Chinese trend toy market is projected to achieve a compound annual growth rate of 35.11% from 2020 to 2024, surpassing the global average [24] Pharmaceutical - The pharmaceutical index rose by 1.82%, with innovative drug companies showing strong performance, indicating a positive outlook for the sector [6][19] - Business development (BD) transactions are expected to become a regular source of income and profit for traditional pharmaceutical companies, enhancing their international revenue share [19] Overall Market Data - The Shanghai Composite Index closed at 3,519.65, reflecting a year-to-date increase of 7.88% [3] - The North Exchange consumption service sector saw a median stock price change of +1.29%, with 25 companies experiencing increases [25]

Group 1: Market Overview - The cultural and creative toy industry is experiencing a positive trend, driven by national cultural confidence and the Z generation becoming the main consumer force[3] - The market size of the national tide economy reached 2.05 trillion yuan in 2023, with expectations to exceed 3 trillion yuan by 2028, reflecting a growth rate of 9.44%[3] - The Chinese cultural and creative product market is projected to grow at a compound annual growth rate (CAGR) of 35.11% from 2020 to 2024, surpassing the global average of 19.79%[3] Group 2: Company Performance - Taohuxue's revenue in 2024 was 516 million yuan, with a year-on-year decline of 2.96%, while its net profit was 28.06 million yuan, down 18.32%[32] - Baixinglong's revenue in 2024 reached 592 million yuan, reflecting a year-on-year increase of 10.21%, but its net profit decreased by 10.53% to 41.23 million yuan[38] - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service sector increased from 53.2X to 53.4X this week[45] Group 3: Investment Insights - The median market capitalization of consumer service companies on the North Exchange rose from 123.92 billion yuan to 124.65 billion yuan, indicating a positive market sentiment[48] - 68% of consumer service companies on the North Exchange saw their stock prices increase, with notable gainers including Guoyi Bidding (+70.62%) and Guangzi International (+24.71%)[43] - The overall consumer industry P/E ratio median decreased from 70.6X to 68.1X, suggesting a slight contraction in valuation[53] Group 4: Risks and Challenges - Potential risks include macroeconomic fluctuations, market competition, and statistical data inaccuracies[68]

Group 1: Company Overview and Product Development - The company has a diverse range of IP resources, including popular external licensed IPs such as "Detective Conan," "Anpanman," and "Jujutsu Kaisen," which effectively attract consumers due to their built-in fan base [2][3] - The company is actively developing plush keychains in collaboration with "Detective Conan," with market launch already achieved [5] - Future plans include creating a diverse IP matrix and developing unique cultural and trendy products [3] Group 2: Marketing and Promotion Strategies - The company constructs marketing matrices based on different IP characteristics, launching new products in conjunction with relevant events, such as the release of "Detective Conan: The Phantom of the Eye" [6] - Participation in industry exhibitions, like the 2025 Bilibili World Digital Entertainment and Animation Culture Expo, aims to enhance immersive experiences and strengthen the IP commercialization operation [6] Group 3: Financial Performance and Risk Management - In 2024, the company's overseas revenue accounted for 28.07%, while domestic revenue was 71.93%, indicating a stronger domestic market presence [7] - The company has established overseas production bases in Vietnam, Cambodia, and Malaysia, with Vietnam and Cambodia generating 4.51 billion RMB in revenue, representing 63.97% of the company's overseas income from educational and office supplies [8] - Strategies to mitigate the impact of U.S. tariffs include increasing domestic supply, enhancing product value through innovation, and actively seeking new customers through international exhibitions [8]