变迁 行业研究丨深度报告丨纺织品、服装与奢侈品 [Table_Title] "动"察系列 4：产品引领时代，透视运动行业 报告要点 [Table_Summary] 本篇报告以慢跑行业和跑鞋发展为切入点，剖析运动行业底层逻辑：1）产品技术驱动：Adidas Boost、Nike Pebax、李宁"䨻"等中底科技升级，推动纵向的产品强性价比以及横向品类扩 张，带动品牌市场份额提升；2）产业链突破：国产上游化工与发泡工厂技术进步，使国产品牌 核心中底科技比肩国际，但价格带偏低源于鞋楦设计、产品调校等软实力差距，持续投入有望 实现价格带升级，市场份额提升；3）未来展望：当下整体产业链水平已比肩国际企业，未来国 产上游企业及下游品牌有望引领新的一轮产品周期创新，出海大有可为。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 2 / 36 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com ...

Core Viewpoint - The rise of self-produced podcasts by brands is a significant trend, driven by the need for deeper engagement and connection with consumers, moving away from traditional advertising methods [7][18][22]. Group 1: Growth of Podcasts - The number of Chinese podcasts surged from 11,000 in June 2020 to 42,000 by June 2024, indicating a robust growth in the medium [6]. - Over 30 brands have ventured into self-produced podcasts in the past five years, including luxury brands like GIADA and LV, as well as tech companies like Feishu and Zhihu [11]. Group 2: Types of Brand Podcasts - Two main categories of self-produced podcasts have emerged: those focusing on practical value (e.g., career and finance) and those exploring the "spiritual world" of contemporary individuals [15][16]. - Popular examples include Feishu's "Organizational Evolution" and GIADA's "Rock in the Flower," which cater to different audience needs [15][16]. Group 3: Reasons for Brands to Produce Podcasts - Self-produced content allows brands to create a more authentic connection with consumers, moving away from overt sales tactics [18][19]. - Brands are increasingly choosing podcasts as they offer a platform for deeper storytelling and engagement, particularly appealing to younger, educated audiences [22][23]. Group 4: Audience Characteristics - Podcast listeners are predominantly young, with 70% being post-90s and post-00s, and they tend to be well-educated and have higher income levels [28]. - The audience is concentrated in first-tier and new first-tier cities, with a significant portion holding bachelor's degrees or higher [25]. Group 5: Production Process and Challenges - The production process for brand podcasts is described as flexible and lightweight, allowing for high-value content creation with relatively low effort [29][30]. - Despite the potential for engaging content, brands face challenges in reaching wider audiences, as emotional connections are often more effective than functional value in attracting listeners [41][42].