现在，一张电影票带来的消费体验，远不止银幕上的120分钟。观众看一场电影，顺便能干些什么？看看观众怎么说。 市民 周月：像盲盒、杯子，然后宝宝喜欢的发箍、手套，一系列的动漫周边，可能都会买的。 市民 李宁：去过南京，看了《南京照相馆》，就格外地想去纪念馆看一看，认真去铭记这段历史，认真去参观这座城市。 我们发现，近七成的消费者愿意在观影前后花上2—3小时的时间进行逛街、吃饭以及衍生品的购买，超四成的观众愿意花上一个周末甚至是更久的时间前往 拍摄地或取景地进行游玩打卡。 "电影+"带动国产IP快速出圈 在采访当中，我们格外关注到，IP类的消费尤为突出。记者了解到，电影IP化其实是"电影+"的关键，不仅可以带动全链路的消费，还能加速国产文化出 海。 在浙江的一家玩具企业生产车间里，全自动生产线正开足马力，生产今年最新款的国产影视IP周边。2025年，企业生产的许多国产IP周边时常因备货不足导 致供不应求。为此，公司不仅提前布局，还新增了2个生产基地及20多条产线。 市民 蒋天韵：抽了相关的盲盒，再去买一些别的彩妆用品，甚至还可能会去购买一些相关的二手平台的一些东西。 不仅如此，国内电影市场的火爆也给了企业员工十足 ...

现在，一张电影票带来的消费体验，远不止银幕上的120分钟。观众看一场电影，顺便能干些什么？看看观众怎么说。 市民 蒋天韵：抽了相关的盲盒，再去买一些别的彩妆用品，甚至还可能会去购买一些相关的二手平台的一些东西。 市民 周月：像盲盒、杯子，然后宝宝喜欢的发箍、手套，一系列的动漫周边，可能都会买的。 市民 李宁：去过南京，看了《南京照相馆》，就格外地想去纪念馆看一看，认真去铭记这段历史，认真去参观这座城市。 不仅如此，国内电影市场的火爆也给了企业员工十足的发展信心。 除了在国内市场大获成功，在海外，特别是东南亚等地，国产影视IP衍生品同样大受欢迎，这也为企业拓展海外市场带来了新的契机。 我们发现，近七成的消费者愿意在观影前后花上2—3小时的时间进行逛街、吃饭以及衍生品的购买，超四成的观众愿意花上一个周末甚至是更久的时间前往 拍摄地或取景地进行游玩打卡。 "电影+"带动国产IP快速出圈 在采访当中，我们格外关注到，IP类的消费尤为突出。记者了解到，电影IP化其实是"电影+"的关键，不仅可以带动全链路的消费，还能加速国产文化出 海。 在浙江的一家玩具企业生产车间里，全自动生产线正开足马力，生产今年最新款的国产影视IP ...

再如年轻人消费群体集中的潮玩行业，以00后为主力群体的潮玩盲盒、动漫周边、娃圈等，天猫双11期 间增长均超两位数，超过30万个玩具潮玩新品在双11期间发售，盲盒、Lolita、游戏周边等新品大放异 彩，引领行业新品增长，叠纸心意、泡泡玛特、米哈游等二次元特征显著的品牌，位列双11潮玩品牌榜 前列。 除了个性、多样的商品生态，淘宝的年轻化运营同样成为吸引00后用户的关键。从去年开始，淘宝持续 通过猜题免单、春节许愿等贴合年轻人兴趣的互动活动吸引年轻用户，95后、00后是这些活动的主力参 与人群。今年5月，淘宝闪购上线。即时零售的受众以年轻群体为主，尼尔森IQ《2024年度网络购物趋 势研究报告》显示，即时零售用户中，35岁以下的年轻人占比达到了72%。淘宝闪购的高速增长，也为 淘宝带来大量年轻新用户。 本报讯(记者梁傲男)近日，QuestMobile发布《2025"00后"用户消费洞察报告》的显示，2025年10月，淘 宝00后月活用户规模达1.55亿，同比增长11.6%，远超其他电商app。 同时，00后线上消费意愿稳定，中高意愿与中高能力人群持续增长。以10月的数据为例，中高消费意愿 的00后占比接近95% ...

Core Insights - A portion of the "post-00s" generation, known as "internet natives," is shifting from online consumption to offline shopping, with "two-dimensional street blocks" becoming new urban landmarks [1] - Traditional malls are undergoing significant renovations to attract younger consumers and enhance their shopping experience [2][3] Group 1: Market Trends - A survey by the China National Commercial Information Center indicates that 66% of surveyed enterprises expect an increase in renovation and upgrade events in 2024 [2] - The Wangfujing Joy Shopping Center, transformed from the Beijing New Yansha Golden Street Shopping Center, has quickly become a trendy destination for Gen Z consumers since its opening at the end of 2023, with significant increases in sales and foot traffic [2][3] - The Shanghai Bailian ZX Creative Park focuses on the two-dimensional economy, hosting nearly 700 events in 2024, resulting in a 70% year-on-year increase in sales and a 40% rise in foot traffic [3] Group 2: Consumer Preferences - Consumers are increasingly prioritizing experiential and emotional aspects of shopping, with 64% of consumers valuing spiritual consumption more, especially among younger demographics [5] - The demand for offline shopping has shifted from merely purchasing goods to seeking unique experiences and personalized offerings [5] Group 3: Innovative Strategies - Malls are evolving from traditional retail spaces to urban lifestyle centers that integrate social, cultural, and consumption experiences [7] - Various malls are implementing unique service enhancements, such as multilingual support and pet-friendly spaces, to create differentiated competitive advantages [8] Group 4: Challenges and Solutions - The disconnect between traditional business models and modern consumer needs poses challenges for physical retail [9] - High renovation costs and the need for effective operational support are significant hurdles for many malls [11] - Innovative approaches, such as mixed-use developments that combine retail with office and residential spaces, are being explored to mitigate renovation costs and boost foot traffic [11]

Core Points - The 2025 Beijing Primary and Secondary School Technology Maker Activities commenced on November 22, showcasing over 400 students engaging in various technology projects [1][2] - The event aims to integrate traditional culture education and labor education into technology maker education, providing a platform for students to display and exchange their innovative works [3] Group 1: Student Projects - Students from different schools presented their creations at the "Maker Market," including AI-generated anime stories and original storybooks [1] - The "Ink Trace" storybook, created by students, combines traditional culture with digital technology, highlighting the importance of cultural transmission [1] Group 2: Woodworking Competition - The "Craftsmanship Creation" woodworking competition featured students designing and building a two-layer storage box with a mirror, enhancing their practical skills [2] - The competition emphasizes the application of mathematical knowledge and problem-solving abilities in product design [2] Group 3: Model Projects - Students participated in model sailing practice, which enhances hand-eye coordination and provides a sense of achievement [3] - The event included new model project categories, expanding the scope of activities available to students [2] Group 4: Event Organization and Future Plans - The event is organized by the Beijing Education Commission and aims to promote technology innovation among students [3] - Future initiatives include exhibitions of outstanding works and workshops to further support the transformation of technological achievements into practical applications [3]

Core Viewpoint - The article discusses how the current generation is constructing a new emotional world, moving away from the grand narratives of previous generations and creating their own "abstract world" within a digital and community-oriented context [2][3]. Group 1: Emotional Economy and Community - The younger generation is building "molecular communities" that are small in scale but possess strong cohesion and productivity, particularly in areas like concerts and fan culture [3][4]. - These communities create a new type of "emotional economy" centered around resonance and presence, providing individuals with a sense of being seen and shared life experiences [3][4]. - The phenomenon of emotional expression and value attribution is reshaping how individuals connect and find meaning in their lives, signaling the arrival of a "new emotional economy era" [3][4]. Group 2: Abstract Worlds and Escapism - Young people are moving away from abstract ideals and grand narratives, preferring to engage with concrete, relatable experiences in their daily lives [7][8]. - They have constructed their own "abstract world" through practices like cosplay, virtual reality, and participation in 2.5D culture, which serve as both an escape and a means of spiritual elevation [8][12]. - This "abstract world" is characterized by a lack of traditional religious or ideological frameworks, instead focusing on personal experiences and emotional engagement [8][9]. Group 3: Social Dynamics and Community Structures - The article highlights a shift from traditional public participation to a more atomized individual existence, where young people find connection in specific cultural communities rather than broader societal narratives [21][24]. - These "molecular communities" provide a sense of belonging and emotional support, allowing individuals to resist loneliness and find motivation in their lives [24][25]. - The challenge remains in how these communities can integrate into a larger societal framework without losing their unique identities [25]. Group 4: Cultural Context and Shanghai's Role - Shanghai is identified as a cultural hub for the younger generation, particularly in the realm of 2D and virtual culture, due to its historical openness to diverse influences and practical engagement with daily life [26][27]. - The city's cultural characteristics align with the younger generation's preference for concrete experiences over abstract ideals, making it a fertile ground for the growth of new cultural expressions [27][28]. - The article suggests that Shanghai's unique blend of cultural traditions and its acceptance of global influences contribute to its status as a "two-dimensional capital" [29][30].

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights significant differentiation within the industry, particularly noting that the card category is under pressure. The performance of various segments, such as the toy industry and light medical beauty, shows strong growth, with companies like Xiaocaiyuan and Xinyang achieving notable revenue and profit increases [4][45] - The report indicates that the social services sector has underperformed compared to the broader market indices, with specific recommendations for investment in tourism, education, catering, and beauty care sectors [5] Summary by Sections 1. Toy Industry - In July 2025, the online sales of the toy category maintained steady growth, with a total sales amount of 1.23 billion yuan, representing a year-on-year increase of 29% [16] - The performance of various toy subcategories was strong, with blind boxes and anime peripherals showing significant growth rates of 55% and 70% respectively [17][21] - The number of offline toy stores reached 3,865, with a net increase of 131 stores, and the overall offline store efficiency grew by 8% year-on-year [28] 2. Xiaocaiyuan - Xiaocaiyuan achieved a revenue of 2.714 billion yuan in the first half of 2025, a year-on-year increase of 6.52%, and a net profit of 382 million yuan, up 35.66% [34][35] - The company’s gross margin improved to 70.46%, a historical high, and employee costs as a percentage of revenue decreased to 24.56% [34][40] - The company plans to accelerate its store opening pace, aiming to exceed 800 stores by the end of 2025 and reach a thousand-store scale by 2026 [34][42] 3. Xinyang - Xinyang's light medical beauty chain business saw revenue of 144 million yuan in Q2 2025, a remarkable year-on-year increase of 426% [45] - The company has expanded its operational scale, with 31 stores across 9 cities, and 25 stores generating positive cash flow [45][48] - The upcoming launch of the NAN beauty brand is expected to enhance market presence, with five new products set to be released [56][59] 4. Travel and Consumer Services - The report notes that the social services sector has lagged behind the broader market indices, with specific sectors like education and sports showing stronger performance [5][26] - Domestic air travel has seen a slight increase, while international flights have decreased, indicating a mixed recovery in the travel sector [60][64] - Visitor numbers to Hong Kong from the mainland and globally have shown positive trends, with a week-on-week increase of 15.4% and 16.9% respectively [65][67]

Group 1 - Emotional value is driving consumer growth, with 99.9% of respondents willing to pay for emotional value, particularly for "emotional support" services [1] - The domestic healing economy market has reached 10 trillion yuan, growing at an annual rate of 10% globally, with healing home products seeing sales growth exceeding 40% [1][5] - The rise of emotional consumption is influencing retail business models, with shopping centers needing trendy brands to attract more foot traffic [1] Group 2 - Emotional consumption is becoming a necessity, with the proportion of spending on emotional consumption increasing by nearly 8 percentage points among those spending 21%-30% of their total [3] - The distribution of trendy toy brands is widespread, with over 350 stores operating in Shanghai, reflecting structural changes in the Chinese consumer market [3] - The healing economy is a significant segment of "new Chinese consumption," with a focus on cultural narratives and the aesthetics of slow living [5] Group 3 - The global healing economy is expected to reach $7 trillion by 2025, with the essential oil massage industry projected to reach $34.6 billion by 2030 [5] - The rise of the healing economy is driven by a shift from functional needs to emotional healing, particularly among Generation Z [5] - The market for aromatherapy is rapidly growing, with annual consumption growth rates of 20%-30%, and a "SPA + retail" model emerging [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Core Viewpoint - The article highlights the surge of cross-dimensional consumption in Shanghai, driven by various IP-themed events and activities, particularly during the summer season, indicating a significant shift towards integrating culture, commerce, tourism, and exhibitions [1][4]. Group 1: Events and Activities - The "Shanghai Summer International Consumption Season" was launched on July 4, 2025, introducing the first "Shanghai Summer International Anime Month" to attract young consumers [1][4]. - The "Shining! Dimension Festival 2.0" commenced on June 27, attracting a large number of young fans, with sales exceeding 10 million yuan within the first few days [2][3]. - Various shopping centers in Shanghai are hosting numerous IP-themed pop-up events, with a focus on creating engaging consumer ecosystems [1][3]. Group 2: Consumer Behavior - A significant portion of the consumer base, approximately 70%, comes from outside an 8-kilometer radius, indicating that shopping centers are becoming key gathering places for anime and gaming enthusiasts [3][5]. - Consumers are increasingly traveling long distances, often carrying luggage filled with merchandise, showcasing the popularity of IP-related products [3][5]. Group 3: Industry Trends - The IP consumption market is expected to enter a trillion-yuan industry phase by 2024, with a growing emphasis on creating unique consumer experiences in shopping malls [4][6]. - The integration of IP culture into commercial spaces is seen as a way to attract younger demographics and enhance overall foot traffic [5][7]. - The rise of "Guziko" stores, which sell derivative products from anime and games, is noted, but there are concerns about their sustainability without a strong cultural atmosphere [6][7]. Group 4: Future Outlook - The article suggests that while the current trend of IP and anime-related activities is beneficial for driving foot traffic, the challenge lies in maintaining long-term consumer engagement and operational efficiency [7][8]. - Companies are expected to continue innovating in their offerings and experiences to capitalize on the popularity of IP culture and ensure sustained commercial vitality [7][8].