广东东莞，一座平均年龄只有34岁的城市，年轻、活力，"潮"文化精彩纷呈，潮玩产业蓬勃发展，从北 京冬奥会吉祥物冰墩墩，到风靡全球的泡泡玛特旗下潮玩产品，中国85%的潮玩产品、全球四分之一的 动漫衍生品均产自这里。2023年，东莞获得了"中国潮玩之都"的称号。 东莞30多个镇街中，石排的潮玩产业产值就占了30%，且其拥有最多潮玩企业及自主品牌，产业链条完 善。8月8日，石排迎来一场潮玩人的欢聚，第十五届中国国际影视动漫版权保护和贸易博览会（以下简 称漫博会）在这里的"中国潮玩之都·漫博中心"开幕，潮玩是其中的重头戏。 《每日经济新闻》记者走进漫博会，探寻这座"潮玩之都"是如何孵化出一个个潮玩"生命体"。记者发 现，人们讨论的是地标"劳拉"换上了新装、"哪吒"和Labubu的爆火对产业链的提振等。同时，展会上来 了跳起民族舞的泰国人，中国传统动画形象"美猴王"也走进了美国校园 都在谈Labubu和哪吒 这背后是前期产品开发的沉淀。陈显介绍，前3年里，有一半的时间公司在做产品开发，后一半时间则 是市场销售爬升的过程。他说："相当于遇到了风口的时候，市场有需求，我们有IP，有产品，销量一 下子就上来了。" "搪胶毛绒 ...

李辉介绍，立足东莞动漫潮玩产业基础和优良生态，东莞出台了《东莞市文化发展专项资金管理办法》 《东莞市加快潮玩和动漫产业发展若干措施》等政策文件，完善产业规划布局，在研发原创、IP授权、 出海拓市场等领域提供"真金白银"支持，并投资建设"中国潮玩之都·漫博中心"，打造集展示、交易、 孵化于一体的产业地标。 南方财经记者程浩实习生李天豪东莞报道 8月8日，在东莞动漫潮玩产业招商推介会上，《东莞市加快潮玩和动漫产业发展若干措施》（以下简称 《若干措施》）正式发布。东莞将拿出1.2亿元"真金白银"，从产业生态、市场开拓、内容创作、集群 发展四大方向支持潮玩和动漫产业高质量发展。 东莞是中国潮玩之都，潮玩产业正在蓬勃发展，从北京冬奥会吉祥物冰墩墩，到风靡全球的泡泡玛特， 中国85%的潮玩产品、全球四分之一的动漫衍生品均产自东莞。 东莞市副市长李辉在招商推介会上介绍，在东莞，包括潮玩在内的玩具制造产业具备强大的上下游产业 链配套和供应链网络，目前拥有超过8000家玩具生产企业、近1500家上下游配套企业，全球1/4动漫衍 生品、全国85%潮玩产能，是全国最大的玩具出口基地。截至2024年，东莞涉及潮玩生产的规上限上企 业 ...

Core Viewpoint - Yuanlong Yatu, a company that gained popularity for designing the "Bing Dwen Dwen" mascot, has recently announced a significant shift in its financial performance, projecting a net loss of 5 to 10 million yuan for the first half of the year, compared to a profit of 25.79 million yuan in the same period of 2024 [1][2]. Financial Performance - The company has identified a case of embezzlement by a sales employee, who allegedly forged contracts and misrepresented sales, impacting the company's revenue significantly. The estimated impact on sales revenue for the first quarter alone is approximately 29.35 million yuan [2]. - Yuanlong Yatu's revenue decreased by 18.19% year-on-year in 2023, with net profit dropping by 85.86%. The company is expected to report its first loss since going public in 2024, with a projected net profit of -184 million yuan [3][4]. Market Reaction - Following the announcement of the financial issues, Yuanlong Yatu's stock price fell to the daily limit, resulting in a market value loss of about 540 million yuan. This decline occurred after a significant increase of 123% over 45 trading days earlier in April [4]. Industry Context - The new media marketing industry is facing intensified competition, which is expected to slow down the growth of Yuanlong Yatu's related business and decrease its gross margin. The company's high-margin licensed business is also anticipated to suffer due to fewer major events in 2024 [4].

Core Viewpoint - The article highlights the rise of the潮玩 (trendy toy) industry in Shipaizhen, Dongguan, emphasizing the shift from being mere OEM factories for brands like Pop Mart to developing original IPs, reflecting a broader trend in the toy manufacturing sector in China [3][4][15]. Group 1: Industry Overview - Shipaizhen is a significant hub for潮玩 production, with over 400 toy manufacturers and a total output value of 132.2 billion yuan in 2024, marking a 12.3% year-on-year increase [3][4]. - Dongguan, known as the "world's factory," produces 1/4 of global anime derivatives, with Shipaizhen accounting for 50% of潮玩 products in Dongguan [9][10]. - The潮玩 industry in Shipaizhen has evolved from a focus on OEM production to a growing emphasis on original IP development, with the number of original IPs increasing from over 30 in 2021 to over 100 in 2024 [20][24]. Group 2: Company Dynamics - Many toy factory owners in Shipaizhen aspire to create their own original IPs, moving away from low-margin OEM work, which typically yields profits of only 3-10% [11][15]. - Pop Mart's collaboration with local factories has raised industry standards and introduced higher craftsmanship requirements, prompting factories to seek their own IPs for better profit margins [15][16]. - ToyCity, founded by a former OEM factory owner, has successfully developed around 20 original IPs, demonstrating the potential for local companies to transition from OEM to original content creation [18][19]. Group 3: Challenges and Opportunities - The transition to original IP development is fraught with challenges, including high costs and the need for effective marketing strategies, as many companies lack experience in market promotion [29][30]. - The investment required for IP development can be substantial, with companies often needing to cultivate a loyal fan base to ensure profitability [31][33]. - Despite the difficulties, the potential for success in the潮玩 market drives companies to explore various paths for IP development, including licensing and content creation [33][34].

Group 1 - Private enterprises play a crucial role in boosting consumption, serving as important suppliers, promoters of consumption upgrades, and direct beneficiaries of consumption expansion [1] - The continuous optimization of the policy environment and deepening digital transformation have led to significant contributions from private enterprises in promoting consumption [1] Group 2 - The SOLANA Blue Harbor, a national-level 3A tourist attraction, has transformed into a demonstration window for Beijing's international consumption center city construction by integrating water-based commerce, outdoor streets, and non-standard economies [3] - Blue Harbor has created diverse consumption scenarios and cultural IPs, enhancing its positioning as a high-end leisure port for international trends and quality living [3][4] Group 3 - The Blue Harbor commercial area has successfully integrated commercial and artistic scenes, becoming a popular social media hotspot with numerous trendy dining options [4] - Plans to create immersive consumption experiences for concert-goers by linking ticket stubs to discounts and after-party events are underway, promoting synergy among local businesses [4][5] Group 4 - Xiushui Street, known for high-quality "Beijing gifts," has seen a 245% increase in inbound tourist numbers in 2024 compared to the same period in 2023, with sales up 71% [7] - The street is becoming a hub for "national treasures," showcasing Chinese design and craftsmanship, and aims to present a comprehensive experience of Chinese culture to international visitors [8] Group 5 - The brand "Kailun Life," incubated by Xiushui Street, exemplifies the support for local designers and the promotion of high-quality Chinese products [9] - Xiushui Street has undergone a comprehensive update since 2020, focusing on supporting lesser-known but high-quality Chinese brands to enhance their visibility [8] Group 6 - The traditional restaurant "Meizhou Dongpo" has adapted to consumer demands by innovating its breakfast offerings, including a "half-portion" concept to promote balanced nutrition [11] - The restaurant has received support from local government initiatives aimed at stimulating consumption and enhancing market opportunities [12] Group 7 - The emerging brand "Xiaoxian Stewed" has led the fresh stewed bird's nest market in China for eight consecutive years, focusing on systematic innovation to modernize traditional health products [14][15] - The brand has expanded to 27 stores across 16 cities, benefiting from supportive policies in Chaoyang District [15] Group 8 - The cultural product "Bing Dwen Dwen," associated with the 2022 Winter Olympics, has generated over 300 million yuan in sales, showcasing the appeal of cultural consumption [16] - Beijing Huajiang Culture Group has successfully developed Olympic-themed cultural products, demonstrating the potential of small products to become significant businesses [17] Group 9 - The transformation of industrial relics, such as the Shougang Park's SoReal Sci-Fi Theme Park, illustrates the integration of technology and culture in creating new consumer experiences [24] - The park has attracted 150,000 to 200,000 visitors annually, becoming a landmark for cultural tourism and educational activities [25] Group 10 - Traditional supermarkets like Yonghui are adapting to changing consumer environments by implementing innovative retail strategies, resulting in a significant increase in sales and customer traffic [28][29] - The support from local government in streamlining processes and enhancing the business environment has been crucial for the success of these adaptations [30][31] Group 11 - Overall, private enterprises are becoming a driving force for economic growth, employment, and innovation in China, supported by favorable policies and a focus on enhancing the business environment [1][28]

Core Insights - Dongguan, known as the "World Factory," is transforming into a vibrant hub for trendy toys, earning the title of "China's Trendy Toy Capital" with over 85% of the country's trendy toy products originating from the city [1][6] Group 1: Manufacturing and Innovation - The city has demonstrated remarkable manufacturing capabilities, exemplified by a project where a scaled-down model of a 27-meter giant sculpture was completed in just 33 days [2][3] - Dongguan's supply chain can respond instantly, with automated production lines and AI assistance reducing the time from design to finished product to mere hours [3][4] Group 2: Shift from OEM to IP Creation - Historically, many toy companies in Dongguan engaged in low-margin OEM work, but there has been a significant shift towards creating original products and cultural expressions [5][6] - The emergence of independent intellectual properties (IPs) in Dongguan signifies a transition from "Made in China" to "Created in China," enhancing the cultural vitality injected into global markets [6][7] Group 3: Cultural and Market Impact - The combination of creativity and an efficient supply chain, along with cultural elements meeting large markets, has led to a dynamic growth story for Chinese trendy toys [7]

Core Insights - The article discusses the rising popularity of the Labubu blind box in Japan, highlighting its cultural significance and the influence of social media and celebrity endorsements in driving consumer interest [1][2][10] Group 1: Labubu's Popularity and Cultural Impact - Labubu blind boxes have become a sensation in Japan, with original prices of 3,000 yen being resold for over 100,000 yen (approximately 5,000 RMB), indicating a 30-fold increase in value [1] - The popularity of Labubu is attributed to its unique design and the "ugly" aesthetic that resonates with Japanese consumers, contrasting with the traditional cute designs of local IPs like Chiikawa [1][4] - The spread of Labubu from China to Japan involved a pathway through Thailand and the West, influenced by celebrities like Lisa from BLACKPINK and Rihanna, which created a significant buzz around the product [2][10] Group 2: Historical Context of Blind Box Culture - The blind box and capsule toy culture originated in Japan during the 1960s, with the concept of "Gashapon" (扭蛋) being a key part of the market, characterized by low prices and randomness [3][4] - The enduring appeal of blind boxes and capsule toys lies in their emphasis on scarcity and the thrill of surprise, which keeps consumers engaged and willing to spend [3][4] Group 3: Marketing and Consumer Behavior - The limited edition strategy employed by Labubu aligns with Japan's "limited culture," where consumers are drawn to exclusive and rare items, enhancing the desirability of Labubu products [5][6] - Labubu's marketing strategies have effectively utilized social media platforms, creating a community of collectors who share their experiences and showcase their collections online [6][11] - The success of Labubu in Japan reflects a shift in the market where Chinese brands are not only entering but also innovating within the Japanese consumer landscape, leveraging local cultural elements [10][11]

Core Viewpoint - Dongguan, known as the "World Factory," is transforming into a vibrant hub for trendy toys, earning the title of "China's Trendy Toy Capital" with over 85% of the country's trendy toy products originating from the city [1][4]. Group 1: Manufacturing and Innovation - Dongguan's manufacturing capabilities are highlighted by its rapid production times, exemplified by a project where a scaled model of a giant sculpture was completed in just 33 days [10]. - The city has shifted from low-margin assembly work to creating its own products and cultural narratives, moving up the value chain [13][21]. - The local supply chain's responsiveness allows for the transformation of creative ideas into finished products within hours, showcasing the efficiency of automated production lines and AI assistance [13]. Group 2: Cultural Impact and Market Reach - The emergence of original intellectual properties (IPs) in Dongguan is gaining global popularity, indicating a shift from mere manufacturing to cultural creation [21]. - The combination of creativity and an efficient supply chain has led to a dynamic market presence, with Chinese trendy toys making their mark worldwide [20]. - Dongguan's evolution reflects a broader trend of infusing Chinese cultural vitality into the global market, enhancing the perception of "Made in China" products [21].

Group 1 - China is actively promoting its cultural soft power and enhancing its international image through various initiatives, including digital payments and tax refund policies for foreign tourists [1][7] - The competition for cultural soft power is increasingly important as it reflects a country's values and influences its global standing [2][3] - The need to break the Western narrative monopoly and present a more accurate and comprehensive image of China is emphasized [3][4] Group 2 - Constructing a Chinese narrative and discourse system is crucial for effective international communication and is a key component of Xi Jinping's cultural thought [4][5] - Innovative storytelling methods are necessary to convey China's achievements and cultural heritage effectively, utilizing both macro and micro narratives [6][7] - Successful examples, such as the Beijing Winter Olympics and cultural programs, have demonstrated the potential for enhancing China's global image [7][8] Group 3 - Strengthening cultural soft power and international discourse is a complex task that requires strategic planning and multi-faceted collaboration [8][9] - Reforming mainstream media and utilizing new technologies are essential for improving international communication capabilities [9][10] - Promoting international cultural exchanges and cooperation is vital for fostering mutual understanding and friendship [10][11] Group 4 - The responsibility of shaping a credible and appealing image of China is significant, necessitating a collective effort from all sectors of society [11]

Group 1 - The report emphasizes that the investment themes from the Two Sessions are not just one-time opportunities but have long-term implications for industry development and sustained excess returns [2][20]. - Short-term characteristics highlight that low valuation themes are more likely to experience valuation increases shortly after the Two Sessions [3][26]. - The correlation between market capitalization distribution and cumulative excess returns weakens over time, indicating that smaller market cap stocks (<100 billion) tend to outperform in the short term [3][30]. Group 2 - Cumulative excess returns and performance growth are significant in the long term, with themes often generating excess returns over a 360-day period post-Two Sessions [4][36]. - Historical analysis shows that only a few years (2017, 2019, 2023) underperformed, suggesting the importance of new proposals in the government work report [4][36]. - The average cumulative excess returns may not be realized in the same year as the Two Sessions, indicating a longer-term guidance effect [4][38]. Group 3 - Seasonal timing indicates that the best periods for investing in Two Sessions themes are February-March and October [5][55]. - The report suggests that themes failing to pass the first-quarter report test may see their momentum stall in spring [5][56]. Group 4 - The evolution of "blockbuster" themes shows a clear pattern: national policy setting, local follow-up, highlighting key enterprises/events, expanding networks, and standardized industry development [6][10]. - Common characteristics of successful themes include alignment with current trends, broad market potential, high recognizability, and performance support [6][10]. - Themes first introduced in the Two Sessions tend to have better long-term excess returns [6][12]. Group 5 - The report identifies investment opportunities in 2025, particularly in deep-sea technology and embodied intelligence (humanoid robots) [7][18]. - Deep-sea technology is positioned as a strategic area with strong performance support, while humanoid robots are seen as potential blockbuster themes due to their alignment with market trends [7][18]. - The report suggests that deep-sea technology has already shown significant gains since the Two Sessions, with a maximum increase of 16.91% and an excess return of 18.16% relative to the Wind All A index [12][16].