Core Insights - The Chinese digital cultural IP peripheral consumption market is experiencing explosive growth, with significant participation from younger demographics [1][3][5] - The sales of licensed peripheral products related to the "Nezha" series have reached hundreds of billions, with projections suggesting that the IP could eventually drive over a trillion yuan in derivative consumption [1][3] - In the first quarter of this year, the transaction volume of Chinese IP peripherals surpassed that of Japanese IP peripherals for the first time, indicating a shift in market dynamics [3] Group 1 - The popularity of various anime and gaming conventions in Hangzhou has led to increased sales of related merchandise, with attendees actively purchasing and trading products [1][3] - The "谷子经济" (peripheral economy) is thriving, with the market expected to reach 168.9 billion yuan in 2024, reflecting a growth rate of over 40% year-on-year [5] - The demand for personalized and interactive products is driving innovation in the industry, with manufacturers rapidly iterating on designs and features to meet consumer preferences [3][5] Group 2 - The gaming IP peripheral sales have consistently dominated the market, accounting for a significant portion of the top-selling IPs over the past two years [3] - The trend of collecting and trading peripheral products has become a new form of emotional expression and social interaction among youth, leading to a more mature market [5] - The industry is increasingly focusing on original content protection mechanisms as the market matures, ensuring the sustainability of growth [5]

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