来源：凤凰网房产 作者：王婷婷 临近年底，知名移动游戏公司"家乡互动"发布公告，宣布其附属公司以总价约1.07亿元，购得深圳南山前海华润金融中心T2栋的部分物业。 不盘不知道一盘"吓一跳"，今年乃至近三年，买房买楼买地最狠的，其实是各类煤老板、泛游戏公司、工业公司、能源公司…… 它们不仅频频出手，价格还不低，有些价格甚至远远高出市场价，这在遍地打折的行情中实属"异类"。 最高调： 泛游戏公司"高溢价"冲进楼市 赚钱了，就要买楼。这句话在泛游戏类公司身上体现得最明显。 例如卡游，作为中国集换式卡牌行业龙头企业凭借奥特曼、小马宝莉等IP卡牌盲袋备受少年喜爱。 这一家毛利率达71.3%的公司近年在上海中心城区的静安区买下19.6万平的一批物业，据称其买价超过目前市场最高价的2倍，几乎可以理解相当于溢价 200%。 （卡游在上海买下19.6万平物业） 国内的网络游戏开发公司也在频繁布局房地产。 例如，延趣游戏在2025年11月就以3.31亿元底价，司法拍卖竞得泉州浦西万达广场商业综合体2号建筑；今年9月该公司还以3100万元竞得厦门思明区一地 块，计划投资1.5亿元建设全球总部大厦。 今年6月，飞鱼科技投入5030万 ...

2025年是卡游深化战略布局、实现全域突破的关键一年。在行业向千亿级市场迈进、消费呈现高端化与 差异化趋势的背景下，卡游持续领跑集换式卡牌领域，突破"单一卡牌"局限，拓展毛绒玩具、潮玩、文 具等新品类，构建"卡牌+周边+场景"多元生态，不仅拓宽营收边界，也通过多品类协同提升用户粘 性；全球化布局实现里程碑式进展，泰国旗舰店的开业为辐射东南亚、拓展全球市场奠定基础。与此同 时，卡游精准把握国潮IP崛起风口，契合年轻群体情感陪伴与圈层认同需求，在卡牌收藏、社交、竞技 等核心属性之外，进一步强化产品的文化价值与收藏潜力，在行业竞争中持续巩固龙头壁垒。 从制造到智造的蜕变 卡游的发展是传统制造向智能制造转型的典范。面对市场竞争与科技变革，卡游重金引进德国曼罗兰印 刷生产线等国际顶尖设备，以微米级精度保障卡牌印刷与模切质量，搭配专属纸张双面印刷，让产品质 感与品质备受认可。 技术创新上，卡游重视工艺创新，研发光栅立体烫金触感增效印刷、高精微雕烫金印刷等数十种高端印 刷技术，赋予卡牌独特视觉效果与艺术价值，使其成为精美的艺术品。 国创IP孵化成绩斐然。叶罗丽以东方奇幻风格诠释友谊、勇气等主题，配套卡牌及文具、玩具等周边产 ...

Investment Rating - The report indicates a high growth potential for the Chinese collectible card market, with a compound annual growth rate (CAGR) of 67.87% from 2017 to 2024, and a projected CAGR of 11.1% from 2024 to 2029 [8][10]. Core Insights - The Chinese collectible card market is experiencing rapid expansion driven by "IP economy," "emotional consumption," and "social interaction," transitioning from a highly concentrated competitive landscape to a more diversified one [7]. - The market size has grown from RMB 700 million in 2017 to RMB 26.3 billion in 2024, with expectations to reach RMB 44.6 billion by 2029 [8][10]. - Despite the rapid growth, per capita spending in China remains significantly lower than in mature markets like Japan and the USA, indicating substantial room for growth [11]. Market Dynamics - The competitive landscape is currently dominated by a few key players, with 卡游 holding a market share of 71.1% as of 2024, while the top five companies account for 82.4% of the market [15][20]. - The core driver of the collectible card industry is the richness and exclusivity of IP resources, which are essential for building competitive strength [16]. - Channel layout and community operation are critical for maintaining market position, with 卡游 leveraging a robust multi-channel sales network [17]. Consumer Trends - The user demographic is becoming younger, with the Z generation and female users increasingly participating in the market, shifting towards interest and emotional consumption [24]. - Innovative models like live-streaming card unboxing have transformed card consumption into community interaction activities, significantly boosting user engagement [27][28]. Product Categories - The industry has diversified into four main product categories: IP cards, sports cards, film cards, and star cards, with IP cards being the largest segment [37][38]. - Each category has distinct characteristics and target audiences, with IP cards leading the market due to their strong cultural appeal [40]. Future Outlook - The report suggests that the future of the collectible card market will depend on the ability to innovate and deepen engagement with core drivers, such as IP development and community building [37][46]. - The integration of online and offline channels is crucial for providing a diverse consumer experience, with significant growth potential in the online sales segment [34].

Core Insights - The A-share market experienced a decline across all major indices, with the Shanghai Composite Index falling by 0.51% to 3,878.00 points, and the Shenzhen Component Index down by 0.78% to 12,955.25 points. The total trading volume in the A-share market reached 1.67 trillion RMB, with net inflows from southbound funds amounting to 2.279 billion HKD [2][8] - The transportation, non-ferrous metals, and coal industries showed the highest gains, while the media and computer sectors faced the largest declines. Notably, the cultivated diamond and hyperbaric oxygen chamber concept indices saw significant increases, whereas the Kuaishou concept and MLOps concept indices experienced notable declines [2][8] Industry Overview - The report highlights the successful maiden flight of China's reusable carrier rocket, Zhuque-3, marking a significant milestone in the commercial space sector. The Chinese commercial space industry is projected to reach a scale of 7-10 trillion RMB by 2030, with capabilities for in-orbit maintenance and construction of spacecraft becoming a reality [3][9] - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the "14th Five-Year Plan" for central enterprises, emphasizing the importance of strategic planning and industry layout for major state-owned enterprises [3][9] Investment Highlights - The trading card game (TCG) market is evolving into a comprehensive cultural consumption product, driven by IP ecosystems. The core logic revolves around "collecting-exchanging-value accumulation," with emotional connections between IP and consumers being crucial for long-term engagement [10][11] - The TCG industry has established a complete industrial chain covering IP authorization, content creation, product manufacturing, channel distribution, and community operation. The upstream sector relies heavily on IP as the fundamental driver of user engagement and retention [11][12] - The design aspect is critical for product differentiation and targeting specific consumer segments, enhancing brand value and maximizing user lifecycle value [12][13] - The distribution channels are characterized by a dual approach of "offline foundation and online expansion," with offline channels focusing on high accessibility and experience, while online channels provide flexibility and broad coverage [13][14] Industry Development - The integration of TCG with diverse business models is highlighted, with examples such as Pokémon's multi-ecosystem approach that combines online digital empowerment with offline experiences and global competitions [14] - Companies like Huali Technology are exploring new avenues by merging gaming equipment with TCG, aiming to enhance consumer experiences through innovative integrations [14] Investment Recommendations - The report suggests focusing on companies with rich upstream IP resources and original IP development capabilities, leading companies in TCG design and manufacturing, and those with significant advantages in sales channels [15]

Investment Rating - The report maintains a "stronger than the market" rating for the trading card game (TCG) industry, indicating a positive outlook for growth and investment opportunities [3]. Core Insights - The trading card game market is evolving into a comprehensive industry chain that encompasses IP licensing, content creation, product manufacturing, channel distribution, and community operation, with IP as the core engine driving user engagement and long-term retention [3][4]. - The industry is characterized by a dual-channel strategy of "offline foundation and online expansion," which enhances consumer experience and broadens market reach [4][50]. - The integration of trading cards with various business models, such as digital platforms and gaming devices, is driving innovation and expanding the market [8][66]. Summary by Sections 1. Trading Card Game Overview - Trading card games (TCGs) combine themes, collection, exchange, and competitive play, often based on popular IPs from films, anime, or original designs, providing rich cultural experiences [2][12]. - TCGs can be categorized into competitive and collectible types, each with distinct value propositions and target audiences [13][14]. 2. Industry Chain - The TCG industry has established a complete industry chain driven by content, with upstream IP providers, midstream design and production companies, and downstream sales channels [35]. - Upstream, IP is the fundamental driver of user recognition and purchase conversion, with emotional resonance being a key factor in consumer decisions [38][39]. - Midstream, design differentiates products and targets specific consumer segments, enhancing brand value and user engagement [44]. - Downstream, the dual-channel strategy combines offline experiences with online sales, creating a comprehensive consumer engagement ecosystem [50][51]. 3. Market Development - The TCG market in China is projected to grow significantly, reaching a market size of 263 billion RMB by 2024, with a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024 [20][21]. - The competitive landscape is concentrated, with the top five companies holding 82.4% of the market share, highlighting the dominance of key players like 卡游 (Kawoo) [26][27]. 4. Investment Recommendations - The report suggests focusing on companies with rich IP resources, strong design and manufacturing capabilities, and significant sales channel advantages [8].

Group 1 - The core viewpoint is that the collectible card game (CCG) sector within China's pan-entertainment industry is experiencing rapid growth, with a compound annual growth rate (CAGR) exceeding 50% over the past five years, positioning it as a significant category alongside other products like "Baji" [1][2] - The CCG market in China is still in its early development stage, indicating substantial potential for future growth, especially when compared to more mature markets like Japan and the United States [2][4] - The CCG's low price point and high purchase frequency make it particularly appealing to younger consumers, enhancing its market attractiveness [4] Group 2 - The company has established a competitive edge through multiple advantages, including ownership of popular IPs such as Ultraman and My Little Pony, and a diverse product matrix that includes collectible cards, figurines, and stationery [3] - The company has a well-developed sales network and high coverage of offline distribution channels, facilitating product accessibility to consumers [3] - Continuous innovation in gameplay design and community engagement strategies are being implemented to enhance product flow and player activity [3] Group 3 - The company aims to maintain its advantages while exploring new growth drivers, focusing on collaborations with entertainment content producers to secure diverse IP licenses and expand product categories [4] - In addition to collectible TCGs, the company is targeting the competitive TCG segment to meet consumer entertainment and social needs, enhancing gameplay fun and competitiveness [4] - The company plans to leverage its domestic experience and established international brand presence to gradually expand its brand overseas, creating a secondary growth curve [4]

Core Insights - The rise of Pokémon cards as a new investment asset class is gaining traction, with returns significantly surpassing traditional stock markets [3][6][10] - The integration of blockchain technology is transforming physical collectibles into digital assets, enhancing their liquidity and marketability [3][9][10] Investment Potential - Pokémon cards have shown a cumulative return rate of 3821% since 2004, outperforming the S&P 500 index's 483% increase during the same period [6] - Rare cards, especially those graded by professional services like PSA and BGS, command significant premiums in the secondary market, with some cards selling for hundreds of thousands to millions of dollars [5][6] Market Dynamics - The rarity and collectibility of cards create a natural trading mechanism, with players often needing to buy or trade cards to complete their collections [4][7] - The market's sustainability relies on the management of supply and demand, including controlling the issuance of new cards to maintain their scarcity [7][10] Blockchain Integration - Platforms like Collector Crypt are facilitating the transition of physical cards to digital assets, allowing users to purchase NFT versions of Pokémon cards, thus broadening the market [3][8][9] - The Gacha-style card purchasing model has seen significant engagement, with Collector Crypt reporting over 1.14 billion USD in revenue from card sales [8] Cultural and Generational Appeal - Pokémon's cross-generational appeal and established cultural significance contribute to its status as a viable investment option for younger investors [9][10][14] - The growth of Pokémon in China, driven by local tournaments and new game releases, is expected to further enhance its market presence [14][15] Regulatory Considerations - The financialization of collectibles like Pokémon cards raises questions about regulatory oversight, with potential for future regulations to govern trading practices and protect investors [10][15]

Core Insights - The rise of Pokémon cards as a new investment asset class is gaining traction, with returns significantly outperforming traditional stock markets [2][7] - The integration of blockchain technology is transforming physical card trading into digital assets, enhancing their liquidity and marketability [2][9] Group 1: Investment Potential - Pokémon cards have shown a cumulative return rate of 3821% from 2004 to present, far exceeding the S&P 500's 483% increase during the same period [7] - Rare cards, especially those graded by professional services like PSA and BGS, command significant premiums in the secondary market, with some cards selling for hundreds of thousands to millions of dollars [6][11] - The market for Pokémon cards is projected to grow, with estimates suggesting the global card market could reach $5.09 billion by 2028, reflecting a 46% growth from 2022 [11] Group 2: Market Dynamics - The rarity and collectibility of cards create a natural trading mechanism, with players often needing to buy or exchange cards to complete their collections [5][6] - The success of Pokémon cards is attributed to their established IP, which has created a loyal fan base and a robust secondary market [13][15] - The introduction of platforms like Collector Crypt is facilitating the transition of physical cards into the digital realm, allowing for NFT-based trading and enhancing user engagement [9][12] Group 3: Challenges and Considerations - The sustainability of the Pokémon card market relies on the management of supply and demand by the official entities, as oversaturation could lead to a decline in value [7][12] - The current regulatory environment for collectible financialization in China is still developing, posing potential risks for investors [12][18] - The market's growth is contingent on the establishment of a mature secondary market infrastructure, including grading systems and trading platforms [18]

Core Insights - The article discusses the emergence of a new cultural consumption ecosystem centered around "谷子" (goods), highlighting its significance in youth culture and economic vitality [1] - The card game market, particularly trading card games (TCGs), plays a crucial role in this ecosystem, serving as a medium for emotional consumption and social interaction among Generation Z [1][3] Market Potential - The trading card market has evolved from a niche hobby to a multi-billion dollar industry, with the global market size reaching $11.13 billion in 2020 and projected to grow to $31.26 billion by 2027, reflecting a compound annual growth rate (CAGR) of 15.9% [2] - China has emerged as one of the largest trading card markets, with a market size of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [2] Industry Evolution - The Chinese trading card market has transformed significantly since 2009, with key milestones including the launch of "三国杀" and the introduction of popular international IPs like Pokémon and Disney cards [3] - The market size increased from 700 million yuan in 2017 to 12.2 billion yuan in 2022, achieving a CAGR of 78.4%, with expectations to reach 31 billion yuan by 2027 [3] Consumer Behavior - Young consumers are drawn to trading cards for their emotional, social, and cultural values, with cards serving as tangible representations of their favorite IPs and facilitating unique social interactions [3] - The average spending on trading cards in China is significantly lower than in mature markets like Japan and the U.S., indicating substantial growth potential if spending levels increase [4] Competitive Landscape - The trading card industry is characterized by intense competition among leading companies such as 卡游, 闪回, and 集卡社, as well as entries from entertainment giants like 爱奇艺 and 阅文集团 [5] - Major players are actively pursuing IPOs to gain a competitive edge, with 卡游 being a notable example [5] Company Performance - 卡游, as a market leader, reported a revenue surge to 10.057 billion yuan in 2024, with its card business contributing 8.2 billion yuan and holding a 71.1% market share [6] - The company has successfully integrated traditional cultural elements into its products, appealing to younger consumers and expanding its market reach internationally [6][7]

Group 1 - The 2025 Hurun Rich List features 1,434 individuals with a wealth of over 5 billion RMB, with 1,021 billionaires, an increase of 268 from last year [1][2] - The list includes 376 new faces, primarily from the industrial products, health, and consumer goods sectors, while real estate saw a decline in representation [1] - The founder of Nongfu Spring, Zhong Shanshan, became the richest person in China for the fourth time with a wealth of 530 billion RMB, setting a new record [1] Group 2 - The total number of individuals on the Hurun Rich List reached a near historical high, largely due to a significant recovery in the stock market, with major indices up by 40-50% compared to last year [2] - The number of billionaires has increased significantly, with over 40 individuals now classified as billionaires, compared to none a decade ago, and the number of hundred-millionaires has risen to 750 [2] - There is a projection that China may see its first trillionaire within five years, with the number of billionaires potentially exceeding 100 in the same timeframe [2]