智通财经APP获悉，万联证券发布研报称，近年来，伴随Z世代消费崛起及情绪价值需求凸显，IP经济 在传媒行业中持续高速发展，谷子、卡牌、盲盒等形式在衍生品市场里呈现强劲增长态势。该行认为， 随着优质IP跨媒介开发深化，其商业化变现具备广阔成长空间，IP经济未来市场规模具备较高增长潜 力。建议关注：1)具备丰富IP库和跨形态开发能力的公司;2)具备内容型IP源头生产能力、创造能力强的 内容厂商;3)聚焦衍生品设计、供应链整合及线下场景运营能力突出的公司。 万联证券主要观点如下： IP本身核心属性与运营策略互相配合，实现商业价值的变现与长期生命力的持续。商业化变现的深度与 广度，高度取决于IP形象的识别度、覆盖人群及地域的辐射范围、商业变现模式的多元性等核心要素; 而形象型IP生命周期的延续与热度的长效维持，则需依托人物矩阵的结构化打造、形象的持续更新迭 代，以及向内容型IP衍生发展。 IP衍生品 以IP的内容价值或形象价值为核心，通过多元载体将IP影响力具象化、消费化，既是粉丝情感的载体， 也是内容价值变现的关键环节。IP衍生品是指基于具有一定影响力的IP开发的相关周边产品，强调IP核 心价值的多场景延伸，在扩大 ...

（文章来源：每日经济新闻） 每经AI快讯，11月12日，IP经济板块震荡走弱，洪兴股份触及跌停，吉视传媒、曼卡龙、*ST沐邦、全 聚德、苏大维格、元隆雅图等跟跌。 ...

Core Insights - The performance of the new consumption sector shows significant divergence, with companies like Pop Mart achieving impressive growth, while the capital market reacts with valuation adjustments [1] - The pet economy continues to attract capital attention, with companies like Zhongchong and Guai Bao Pet reporting steady growth, yet facing valuation declines [1] - The beauty economy, represented by companies like Aimeike and Huaxi Biological, is experiencing notable declines in performance [1] IP Economy Performance - Pop Mart reported a substantial revenue increase of 245%-250% year-on-year for Q3 2025, continuing its high growth trend from the first half of the year [2] - In the Chinese market, revenue grew by 185%-190%, with online channels surging by 300%-305% and offline channels by 130%-135% [2] - Overseas revenue skyrocketed by 365%-370%, with the Americas showing an extraordinary growth of 1265%-1270% [2] - Light Media also saw significant growth, with Q3 revenue reaching 3.616 billion yuan, a 150.81% increase, and net profit soaring by 406.78% [2][3] Pet Economy Trends - Zhongchong reported Q3 revenue of 3.860 billion yuan, up 21.05%, and net profit of 333 million yuan, up 18.21% [4] - Guai Bao Pet achieved Q3 revenue of 4.737 billion yuan, a 29.03% increase, with net profit growing by 9.05% [4] - Despite high market demand, the pet economy faces challenges from homogenization and increased competition [5] Beauty Economy Challenges - Aimeike's Q3 revenue fell by 21.49% to 1.865 billion yuan, with net profit down 31.05% [6] - Huaxi Biological reported a revenue decline of 18.36% to 3.163 billion yuan, with net profit decreasing by 30.29% [6] - Beitaini's revenue dropped by 13.78% to 3.464 billion yuan, with net profit down 34.45% [6] - The medical beauty industry is undergoing a strategic transformation, with a focus on high-end markets and new materials gaining attention [6][7]

Group 1 - The report anticipates increased market volatility due to uncertainties surrounding US-China negotiations, suggesting a focus on controlling positions and highlighting the strong support level at 3700 points for the Shanghai Composite Index [3][6][12] - The report emphasizes that the A-share market is expected to remain bullish in the fourth quarter, driven by policies against "involution," increased household savings entering the market, potential Fed rate cuts, and a reversal in technical trends [3][6][12] - Key investment directions to watch include the "15th Five-Year Plan" focusing on clean energy, environmental protection, and aging population issues, as well as high-dividend sectors like banking and utilities [3][12][13] Group 2 - The report notes that the A-share market experienced significant fluctuations recently, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by 1.47% and 4.99% respectively [13] - It highlights that the average daily trading volume in the A-share market has decreased to around 2 trillion yuan, indicating increased cautiousness among investors [6][13] - The report also points out that the upcoming macroeconomic data releases and the 20th Central Committee meeting are expected to influence market trends significantly [7][12][13] Group 3 - The report indicates that the September consumer price index (CPI) showed a year-on-year decline of 0.30%, with food prices being a major contributor to this drop [7][8] - It mentions that the total social financing (TSF) in September was 35,296 billion yuan, exceeding expectations, but the structure of financing still requires improvement [8][9] - The report observes a rebound in exports in September, with a year-on-year growth of 8.30%, although future trends remain uncertain due to potential tariff impacts [10][12]

Group 1 - The core viewpoint is that the A-share market is experiencing a "slow bull" trend, with high-growth sectors being the preferred choice for investment [1][2] - Policy support is expected to strengthen with the upcoming Fourth Plenary Session in October, particularly in hard technology and new productivity sectors [1][2] - Recent increases in overseas AI industry capital expenditure are positively influencing market sentiment [1][2] Group 2 - A total of 12 out of the 15 leading companies with the highest gains since June are linked to overseas expansion, particularly in the AI supply chain and innovative pharmaceuticals [2][3] - The market consensus has been strong since August, but the intensity of sector rotation has decreased to a new low since April of the previous year [2][3] - The focus should be on high-growth sectors such as solid-state batteries, energy storage, and innovative pharmaceuticals, while also considering new consumption trends [1][2] Group 3 - The current market sentiment is characterized by a high degree of volatility, with a potential for a significant upward trend if new catalysts emerge [3][4] - The upcoming October meeting is anticipated to clarify the direction of the "14th Five-Year Plan," likely emphasizing technological innovation and new productivity [3][4] - The market is expected to see a shift towards cyclical trades as the economy transitions from service to manufacturing sectors [4]

Group 1 - As of August 31, 2025, a total of 5,432 listed companies in China disclosed their semi-annual reports, showing a continuous optimization of industrial structure and steady strengthening of internal driving forces [1] - In the first half of 2025, the total operating revenue of listed companies reached 35.01 trillion yuan, a year-on-year increase of 0.16%, while net profit was 3 trillion yuan, up 2.54%, with an acceleration of 4.76 percentage points compared to the previous year [1] - Nearly 60% of companies reported positive revenue growth, and over three-quarters achieved profitability, with 2,475 companies showing positive net profit growth and 1,943 companies experiencing both revenue and net profit growth [1] Group 2 - Leading industries are showing significant profitability advantages, with accelerated industry concentration driven by policies and funding, particularly in AI, chips, and optical modules [3] - The growth performance of small and medium-sized enterprises is notable, with the ChiNext, STAR Market, and Beijing Stock Exchange companies showing revenue growth rates of 9.03%, 4.90%, and 6.08% respectively, surpassing the overall market level [3] Group 3 - The Beijing Stock Exchange serves as a primary platform for innovative small and medium-sized enterprises, showing comprehensive recovery growth compared to the same period last year, particularly in high-end equipment manufacturing, new energy, and new materials [5] - The advanced manufacturing sector is leading in performance, with significant recovery in industrial manufacturing, sustained market consumption potential, and stable growth in overseas business [6] Group 4 - Key advanced manufacturing sectors such as military, new energy, and medical devices are showing strong performance, with net profit growth exceeding 30% in the new energy vehicle sector [6] - The cultural consumption sector is also experiencing growth, with gaming and film industries seeing revenue increases and net profit growth rates exceeding 70% [6] Group 5 - Despite facing tariff pressures from the U.S., listed companies demonstrated resilience, achieving overseas revenue of 4.90 trillion yuan, a year-on-year increase of 4.50%, with a continuous rise in overseas revenue share for three consecutive years [8] - The shipbuilding industry is leading globally, with export delivery value increasing by 38.6%, and listed companies in this sector reporting revenue growth of 23.42% and net profit growth of 135.33% [8] - Emerging markets are becoming core growth drivers, with domestic internet giants accelerating overseas warehouse layouts, leading to significant investment growth in cross-border e-commerce exceeding 15% [8]

Group 1 - As of August 31, 2025, a total of 5,432 listed companies in A-shares disclosed their semi-annual reports, showing continuous optimization of industrial structure and steady strengthening of endogenous momentum [1] - In the first half of 2025, the total operating revenue of listed companies reached 35.01 trillion yuan, a year-on-year increase of 0.16%, while net profit was 3 trillion yuan, up 2.54% year-on-year, with an acceleration of 4.76 percentage points compared to the previous year's full-year growth [1] - Nearly 60% of companies reported revenue growth, over three-quarters achieved profitability, with 2,475 companies showing positive net profit growth and 1,943 companies experiencing both revenue and net profit growth [1] Group 2 - Leading industries are showing significant profitability advantages, with accelerated industry concentration driven by policies and funding, particularly in AI, chips, and optical modules, which are driving growth across the entire industrial chain [3] - The performance of small and medium-sized enterprises is notable, with revenue growth in the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange reaching 9.03%, 4.90%, and 6.08% respectively, significantly surpassing the overall market level [3] Group 3 - The advanced manufacturing sector is leading in performance, with industries such as military, new energy, and medical devices showing strong results [7] - The "old-for-new" subsidy policy has led to sustained high growth in the production and sales of new energy vehicles, with related companies seeing net profit growth exceeding 30% [7] - The home appliance replacement trend has resulted in industry revenue and net profit growth exceeding 9% [7] Group 4 - Despite facing tariff pressures from the U.S., listed companies demonstrated resilience, achieving overseas revenue of 4.90 trillion yuan, a year-on-year increase of 4.50%, with the proportion of overseas income rising for three consecutive years [9] - Shipbuilding has led globally, with export delivery value increasing by 38.6%, and listed companies in this sector reporting revenue growth of 23.42% and net profit growth of 135.33% [9] - Emerging markets have become a core growth driver, with domestic internet giants accelerating overseas warehouse layouts, leading to significant investment growth in cross-border e-commerce, exceeding 15% [9]

Group 1 - The Hong Kong stock market showed strong performance with the Hang Seng Index opening up by 1.72% and the Hang Seng Tech Index up by 2.08%, driven by new consumption concept stocks [1] - Alibaba saw a significant increase of over 17%, while other companies like Smoore International, Midea Group, and Xiaomi also experienced notable gains [1] - The China Securities Association reported that the cultural consumption sector, including gaming and film industries, experienced revenue growth with net profit growth exceeding 70% in the first half of the year [1] Group 2 - The pet economy and IP economy are emerging as new consumption trends, particularly appealing to younger demographics, with net profit growth rates of 40.29% and 54.90% respectively [1] - The combination of policy support and consumption upgrades is reshaping the industry landscape, creating new growth opportunities in the capital market [1] - According to GF Securities, service-oriented consumption is expected to be a critical direction for China's macroeconomic future, with a shift towards emotional and self-satisfying consumption patterns [2]

Overall Business Performance - In the first half of 2025, the total revenue of listed companies in China reached 35.01 trillion yuan, a year-on-year increase of 0.16% [2] - The net profit for the same period was 3.00 trillion yuan, showing a year-on-year growth of 2.54%, with an increase of 4.76 percentage points compared to the previous year [2] - Nearly 60% of companies reported revenue growth, and over 75% were profitable, with 2,475 companies showing positive net profit growth [2] Industry Performance - Among 19 industry categories, 17 achieved profitability, with 7 industries showing revenue growth and 10 industries showing net profit growth [3] - The manufacturing sector showed a marginal improvement, with revenue and net profit growth rates of 4.73% and 7.75% respectively [4] - Advanced manufacturing fields such as military, new energy, and medical devices experienced strong demand, with revenue growth rates of 6.49% and 10.10% for non-ferrous metals and plastic products [4] Consumption and Market Trends - The consumption potential continued to be released, with the automotive sector, particularly in new energy vehicles, showing over 30% net profit growth [4] - The home appliance sector also saw revenue and net profit growth exceeding 9% [4] - Emerging consumption trends, such as pet economy and IP economy, showed significant growth, with net profit increases of 40.29% and 54.90% respectively [4] Overseas Business Growth - Despite challenges from U.S. tariffs, overseas revenue reached 4.90 trillion yuan, a year-on-year increase of 4.50% [5] - The shipbuilding industry led global exports with a delivery value increase of 38.6% [5] - The cross-border e-commerce sector saw investment growth exceeding 15% as domestic internet giants expanded overseas [5] R&D and Innovation - Total R&D investment across listed companies exceeded 810 billion yuan, a year-on-year increase of 3.27% [6] - The R&D intensity for the entire market was 2.33%, with higher intensities in the ChiNext and Sci-Tech Innovation Board [6] - The issuance of Sci-Tech bonds reached over 1.02 trillion yuan, significantly boosting funding for technology innovation [6] Capital Market Developments - As of August 31, 2025, there were 5,435 listed companies in the domestic stock market, with 67 new listings this year [8] - Cash dividends reached a total of 649.7 billion yuan, with a payout ratio of 31.97%, indicating a trend towards normalized and standardized profit distribution [8] - The number of companies announcing share buyback plans reached 1,321, with a completion rate of 49% [9]

Core Insights - The report indicates a continuous release of consumer potential in China, with significant growth in various sectors during the first half of 2025 [1] Group 1: Automotive Industry - The "old-for-new" subsidy policy has been steadily implemented, leading to sustained high growth in the production and sales of new energy vehicles [1] - The net profit of listed companies in the automotive sector has increased by over 30% [1] Group 2: Home Appliances - The trend of upgrading home appliances to smarter versions is evident, with industry revenue and net profit both growing by over 9% [1] Group 3: Consumer Electronics - The acceleration of domestic substitution in consumer electronics has resulted in a revenue growth of 24.82% for the industry [1] Group 4: Cultural Consumption - The cultural consumption sector, including gaming and film industries, has seen revenue growth, with net profit growth exceeding 70% [1] Group 5: Logistics and Delivery - The total logistics volume in society has steadily increased, with enhanced logistics activity among residents, leading to a 10% revenue growth for five listed companies in the express delivery sector [1] Group 6: Emerging Consumption Trends - New emotional consumption scenarios, such as the pet economy and IP economy, have ignited enthusiasm among younger demographics, with related industries showing significant performance growth, net profit increasing by 40.29% and 54.90% respectively [1]