市 场 研 究 [Table_MeetReportDate] 2025 年 11 月 26 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】周二 A 股三大指数集体收涨，截至收盘，上证综指涨 0.87%，深证成指涨 1.53%，创业板指涨 1.77%。沪深京三市全天成交 额 18262 亿元，较上日小幅增加 858 亿元。全市场超 4300 只个股上 涨。板块题材上，游戏、AI 应用、CPO、贵金属等板块涨幅居前，军 工装备、养殖等板块跌幅较大。 【重要新闻】 【资源税有关政策执行口径明确】财政部、国家税务总局联合发布公 告，明确了资源税有关政策执行口径。公告主要从 9 个方面明确了对 资源税有关政策和征管问题的执行口径，包括不缴纳资源税的情形、 部分应税产品的适用税目和征税对象、特殊情形下应税产品的计税依 据、关联交易价格明显偏低的正当理由、自用连续生产应税产品定义、 减免税管理规定和计算方法、不同结算方式下资源税的纳税义务发生 时间等。 【神舟二十二号飞船载货飞赴中国空间站】11 月 25 日，搭载神舟二 十二号飞船的长征二号 F 遥二十二运载火箭，在酒泉卫星发射中心点 火发射。神 ...

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 ...

IP 价值深挖，拉动衍生品市场新引擎 [Table_ReportType] ——IP 行业系列深度报告（一） [行业核心观点： Table_Summary] 消费人群的转变及情绪价值凸显，带动 IP 经济的快速发展。随着时代 发展，内容消费不再仅依赖内容品质本身，更依托于用户情绪、社交表 达与文化认同的复合动因。其中，Z 世代作为新兴消费主力军，凭借其 规模体量、媒介习惯与价值偏好，对 IP 产品展现出更强的情感黏性与 消费活跃度。同时，随着消费观念从"功能性"向"情绪价值"转变， 悦己型、体验型与社交驱动型消费动因持续释放，为 IP 内容的延展性 与衍生品的商业化提供了更宽广的转化空间。 投资要点： IP 分为内容型 IP 与形象型 IP 两大核心类别，前者倚靠内容端创作， 后者倚靠独特视觉符号，两大类型 IP 可以相互转换，探寻更高的价值， 并以开发 IP 衍生品去加强商业化程度： 内容型 IP：跨形态开发呈常态化，持续挖掘商业潜力。1）文学型 IP& 影视型 IP：文学型 IP 与影视型 IP 跨形态转化较为频繁，同时网文型 IP 在文学型 IP 中占据核心主导地位，是文学 IP 生态的第一大创意策 源 ...

格隆汇11月24日丨一心堂(002727.SZ)在投资者互动平台表示，公司在部分门店新增美妆、个护、盲 盒、卡牌等品类，可提高这部分门店的经营情况。 （原标题：一心堂(002727.SZ)：在部分门店新增美妆、个护、盲盒、卡牌等品类） ...

每经AI快讯，有投资者在投资者互动平台提问：目前店改增加了药妆、洗护食品、儿童产品、彩票、 盲盒、卡牌、毛绒玩具等品类，效益如何？ 一心堂（002727.SZ）11月24日在投资者互动平台表示，公司在部分门店新增美妆、个护、盲盒、卡牌 等品类，可改善这部分门店的经营状况。 （文章来源：每日经济新闻） ...

今天分享的是：潮玩行业系列深度报告：穿越经济周期，拥抱潮流成长-万联证券 报告共计：21页 潮玩行业深度报告核心内容总结 潮玩是以潮流文化为核心，融合艺术、设计、IP等多元素的玩具，具有强视觉辨识度、限量发售、跨界联名等特征，涵盖盲 盒、手办、卡牌等多种形式，区别于传统玩具，更偏向15岁以上人群，兼具收藏价值、社交属性与情感连接功能。其产业链围 绕IP展开，上游为IP供给和运营商，议价能力取决于IP稀缺性与热度，IP分为自主运营的形象IP和依赖外部载体的内容IP；中游 是潮玩制造商，门槛低、竞争激烈，规模化与工艺稳定是突围关键；下游为终端零售商，议价能力取决于IP储备，拥有独家IP 的企业具备定价主导权。 对标日本玩具行业，其发展历程对中国极具借鉴意义。日本玩具行业初期随经济和婴儿潮兴起，泡沫经济破裂后，年轻人转向 动漫游戏寻求慰藉，推动优质IP集中爆发，助力玩具行业逆势成长。当下中国同样面临人口出生率下滑等问题，但随着人均可 支配收入提升，消费从生存型转向情绪型，潮玩等相关消费需求逆势增长。 中国潮玩行业正处于快速成长期，2020 - 2024年市场规模从229亿元增长至763亿元，CAGR达35.11%。 ...

南方财经记者于长洹 广州报道 "我们在大湾区文投会上接触到一些非常优质的投资方、资源方，公司发展获得巨大助力。"林俊说， 2024年，杰森动漫参加大湾区文投会，路演结束后一年内就完成了两轮投资。令林俊欣喜的是，该公司 投资估值增加了3.7倍，目前已超20亿元；今年一季度，杰森动漫营收同比提升3.71倍，对接机构超100 家。 杰森动漫的故事，是大湾区文投会"为资金找项目、为项目找资金"的一个缩影。自2023年首次举办以 来，大湾区文投会便致力于搭建文化企业与投资机构高效对接的投融资服务平台，大力推动文化、科 技、金融深度融合，成为投资机构和文化企业的"超级联系人"。 一组数据直观呈现出大湾区文投会的丰硕成果：第一届共18个路演项目，现场意向投资签约超20亿元， 会后一年内共有9个项目达成投融资合作，实际融资15.1亿元；第二届共有40个路演项目，现场意向投 资签约超56亿元，会后一年内共有18个项目达成投融资合作，实际融资近80亿元。 也就是说，前两届大湾区文投会上，近一半路演项目中成功拿到投资，融资总额近100亿元。这一相对 较高的投融资转化率，既体现了产融合作的活跃，也体现了大湾区文投会的平台价值。不仅如 ...

Core Insights - The rise of emotional consumption reflects the psychological needs of contemporary society and is a significant driver of consumption upgrade, with the market expected to exceed 2 trillion yuan by 2025 [1][6] Group 1: Market Trends - Emotional consumption has seen an average annual growth rate of 12% since 2013, indicating a robust market potential [1] - The emotional consumption market is projected to surpass 2 trillion yuan by 2025, becoming a key component of consumption upgrade [1] - The popularity of emotional value products, such as plush toys and aromatherapy, highlights a shift in consumer preferences towards emotional resonance and connection [2] Group 2: Consumer Behavior - Over 90% of young consumers recognize emotional value, with nearly 60% willing to pay for it, showcasing a new consumer attitude [4] - Young consumers are increasingly seeking experiences and emotional connections rather than mere material possession, as evidenced by their engagement with interactive and community-driven products [2][3] - The transformation of traditional spaces into creative markets and experience-driven venues has led to significant increases in foot traffic and sales, reflecting the demand for unique emotional experiences [5] Group 3: Business Strategies - Companies are focusing on product innovation and brand building to enhance the overall image and competitiveness of domestic brands in the emotional consumption sector [6] - The integration of technology, education, and cultural tourism into emotional consumption is seen as a future development direction, aiming to create new economic growth engines [6] - The emphasis on visually impactful and shareable experiences in commercial spaces has resulted in notable sales increases, demonstrating the effectiveness of innovative retail strategies [6]

Group 1 - The media sector has shown a significant upward trend in performance, with a year-to-date increase of 24.36% in the Shenwan Media Index, outperforming the CSI 300 by 10.35% [3][76] - In the first three quarters of 2025, the media sector achieved a total revenue of 387.6 billion yuan and a net profit of 32.1 billion yuan, representing year-on-year growth of 5.41% and 37.18% respectively [3][16] - The current TTM-PE for the Shenwan Media Index is 44x, which is at the 80th percentile of the past five years, indicating a recovery in valuation [3][76] Group 2 - The gaming sector has benefited from a strong product cycle, with Q3 2025 revenues reaching 30.4 billion yuan and net profits of 4.6 billion yuan, marking year-on-year increases of 28.60% and 111.65% respectively [4][29] - The popularity of collectible toys and IP-based products remains high, with the domestic market for IP economy projected to grow from 94.1 billion yuan in 2022 to 240.6 billion yuan by 2025, maintaining a growth rate of over 10% [112][118] Group 3 - The shift in policy direction is expected to positively impact the entertainment content industry, with ongoing improvements in content supply likely to stimulate demand recovery [5][127] - AI applications are rapidly penetrating the entertainment content industry, enhancing efficiency and return on investment in content production, thus creating new opportunities [5][127] Group 4 - Investment recommendations focus on sectors with strong growth potential, particularly in gaming and AI-driven content creation, with specific companies highlighted for their promising performance [6][111] - The report emphasizes the importance of monitoring product cycles and performance trends in the gaming sector, recommending companies such as Giant Network and 37 Interactive Entertainment [6][111]

Core Insights - The Chinese潮玩 market is rapidly expanding due to factors such as rising disposable income, the emergence of emotional consumption, the rise of domestic潮流 culture, and quality IPs [1][4] - The competitive landscape of the潮玩 market in China is relatively fragmented, with significant room for improvement compared to Japan [1][5] 潮玩 Industry Overview -潮玩 is defined as toys that integrate elements of潮流 culture, art, design, and various other concepts, characterized by high visual recognition, limited releases, and cross-industry collaborations [1] - The潮玩 industry includes various forms such as blind boxes, figurines, plush toys, gashapon, cards, dolls, art toys, assembly toys, and building sets [1] 潮玩 Industry Chain - The upstream segment consists of IP suppliers and operators, where high-quality IP suppliers hold strong bargaining power based on the scarcity and market popularity of their IPs [2] - The midstream includes潮玩 product manufacturers, who generally have weaker bargaining power; manufacturers with large-scale production capabilities are more likely to succeed [2] - The downstream segment involves retailers and consumers, where retailers' bargaining power depends on the quantity and quality of their IP reserves [2] Comparison with Japanese Toy Industry - The Japanese toy industry has matured and offers valuable lessons for China; despite challenges like declining birth rates, the industry has thrived due to the rise of gaming and anime [3] - In China, rising disposable income and a shift towards emotional consumption are driving demand for潮玩 and related products, despite demographic challenges [3] Market Growth and Projections - The Chinese潮玩 market is projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, with a CAGR of 35.11% [4] Market Concentration and Competition - The Chinese潮玩 market is currently fragmented, with the top five companies holding a combined market share of only 23.7% [5] - New domestic companies are rapidly expanding, with significant growth rates compared to international giants [5] - The quality and quantity of domestic IPs are increasing, with notable examples including《原神》,《黑神话：悟空》, and characters from泡泡玛特 [5]