专题：2025全球文化IP产业发展大会 2025全球文化IP产业发展大会于12月26—27日在上海举行。大会期间，"引爆IP价值之跨界联名、衍生开发与粉丝经济"圆桌会议举行，组委会秘书长周鹏主 持，iBox CEO宣松涛、唯一艺术CEO佟世天、上海瓣鼎网络科技有限公司CEO及HOTDOG、秦潮觉醒CEO史明、万生华态科技有限公司创始人兼董事长彭 程、白月城Mooncity CEO白雪卉等嘉宾围绕IP破圈、产品矩阵、数字资产与技术赋能展开深入交流。 会议指出，跨界联名的底层逻辑并非简单的"流量置换"，而是基于用户心智洞察的"价值共振"；数字资产从现实世界走向数字世界，需要选材策划、扫描 SOP与资产标准化的全链条能力；平台与IP方需要在合规、生态协同与虚实融合中，推动行业迈向更广阔的公域传播与二次破圈。 在产品化与商业化层面，佟世天谈到从"爆款单品"走向"产品矩阵"的路径：文化叙事下的单品可以延展为相关品类组合，并在文博、二次元、游戏电竞等不 同领域积累矩阵化能力；长期的数字版权与文化机构服务经验，使团队能够在版权素材应用与2C转化上形成半径优势。 谈及跨界联名的核心，白雪卉提出，更重要的是"价值共振"而非"流 ...

此前，中央经济工作会议将"坚持内需主导，建设强大国内市场"定位明年八大重点任务之首。 在短暂的概念爆炒之后，"犒赏经济"会走出怎样的行情？ 01 尽管概念新鲜，但从其本质来看，犒赏经济概念仍是新消费概念的分支。 在此基调下，"扩内需"势必成为市场的重要议题。 近日，学习时报刊发《何为"犒赏经济"》的文章，提出了一个新名词——"犒赏经济"。 随后，百大集团、德艺文创、广博股份等一众概念股批量直接涨停，有的甚至不到1个月就已接近翻倍。 某种程度上看，犒赏经济和之前的IP经济、谷子经济、悦己经济等情绪消费概念十分类似，但又更进一步。 从官方定义来看，犒赏经济是指消费者在面对工作生活压力或特定的心理需求时，通过购买价格在承受范围内的非必需品或体验服务，以获取即时性愉悦 感、自我确认感和心理疗愈的一种经济活动。 也是因此，相比悦己经济等，犒赏经济的范畴内加入了更多服务性消费。 相比文娱、潮玩，旅游、餐饮，甚至饮料，都可以被纳入"犒赏经济"的范畴。 在生活中也不难发现，越来越多行业开始引入"疗愈""解压"等情绪元素，也开始模仿盲盒、谷子等情绪消费的玩法。 商务部数据显示，2025年年轻人"犒赏类"消费占比明显攀升，95后 ...

此前，中央经济工作会议将"坚持内需主导，建设强大国内市场"定位明年八大重点任务之首。 在此基调下，"扩内需"势必成为市场的重要议题。 近日，学习时报刊发《何为"犒赏经济"》的文章，提出了一个新名词——"犒赏经济"。 随后，百大集团、德艺文创、广博股份等一众概念股批量直接涨停，有的甚至不到1个月就已接近翻倍。 在短暂的概念爆炒之后，"犒赏经济"会走出怎样的行情？ 某种程度上看，犒赏经济和之前的IP经济、谷子经济、悦己经济等情绪消费概念十分类似，但又更进一步。 从官方定义来看，犒赏经济是指消费者在面对工作生活压力或特定的心理需求时，通过购买价格在承受范围内的非必需品或体验服务，以获取即时性愉悦 感、自我确认感和心理疗愈的一种经济活动。 也是因此，相比悦己经济等，犒赏经济的范畴内加入了更多服务性消费。 相比文娱、潮玩，旅游、餐饮，甚至饮料，都可以被纳入"犒赏经济"的范畴。 在生活中也不难发现，越来越多行业开始引入"疗愈""解压"等情绪元素，也开始模仿盲盒、谷子等情绪消费的玩法。 01 尽管概念新鲜，但从其本质来看，犒赏经济概念仍是新消费概念的分支。 而目前，A股消费板块在经历了较长时间调整后，估值已然处于历史上较低 ...

盲盒指玩家事先不知道具体产品款式的玩具盒子，因其充满不确定性，让很多人对拆盲盒非常痴迷。如今，盲盒在线下实体店、线上电商平台销售火爆 的同时，也成了网络直播间的"网红"。 然而，一些别有用心的人，却把直播拆盲盒变成了赌博犯罪。 9.9元抽稀有手办？ 看似交易正规 实则另藏猫腻 在一个名为"赛博赏"的App里，直播间主播正在进行盲盒开盒，抽取当下各种热门动漫和游戏角色的手办、卡牌。每当为买家开出了稀有手办或卡牌， 直播间就会爆发出阵阵欢呼声、铃铛声。 按照主播说法，只要花9.9元到199元不等的价格参与抽盲盒，就有机会抽到价值上千元的稀有手办。伴随着直播间里主播卖力的"吆喝"，和时不时开出 稀有手办的刺激氛围，观看直播和参与开盲盒游戏的人逐渐兴奋，下单的人也越来越多。 然而蹊跷的是，在开盲盒游戏结束后，很多买家发现，自己抽到的稀有手办却迟迟没有发货。感觉受到欺骗的买家纷纷上网投诉，有人还报了警。这也 让"赛博赏"App进入了警方的视线。 警方对涉事App的玩法进行线上尝试，却并未发现涉赌或其他违规行为，也确实收到了寄送的手办。民警疑惑，为何网友在多平台投诉，却在App中查 不到问题？ 经过持续跟踪和深入调查，警 ...

盲盒是指玩家事先不知道具体产品款式的玩具盒子，因为充满不确定性，也让很多 人对拆盲盒非常痴迷上瘾。如今，盲盒在线下实体店、线上电商平台销售火爆的同 时，也成了网络直播间的"网红"。然而一些别有用心的人，却把直播拆盲盒变成了 赌博犯罪，来关注发生在浙江杭州的一起案例。 杭州市公安局余杭区分局民警 俞宁：我们首先组织了侦查民警力量，对这款App 的玩法进行了线上的尝试，但是在玩的过程当中，我们实际上一开始也没发现这款 App存在涉赌，或者是其他违规的玩法，手办也是寄到了我们这里。所以我们心中 也产生了疑问，为什么在大量的平台上网友有过投诉，怎么到了 App上就发现不 了问题。 经过一段时间的持续跟踪和深入调查，警方逐渐发现，原来"赛博赏"App看似正规 交易的背后，还有另一套隐藏玩法。侦查民警收到的手办，都是不太值钱的款式， 玩家如果想提高抽中稀有款的概率，必须先进行大额充值，换取游戏币。而即便运 气好抽到稀有手办，卖家也未必会发货。 俞宁：他们设置了一定的门槛，需要玩家充值5000元、上万元不等的大额资金进 去，然后"赛博赏"App上面的客服就会来私聊，私聊之后他就会引导用户到另一个 App上，来寄售用户抽中的 ...

今天分享的是：2025年IP价值深挖，拉动衍生品市场新引擎 报告共计：30页 IP价值深度释放，衍生品市场成新增长引擎 在当今文化消费领域，知识产权（IP）已不再局限于单一的内容形式，而是逐渐演变为驱动衍生品市场爆发式增长的核心动 力。随着Z世代成为消费主力，其注重情绪价值、社交表达与身份认同的消费观念，正推动IP经济进入高速发展期。内容消费的 逻辑发生深刻变化，用户不再仅仅满足于内容本身的质量，更追求能够引发情感共鸣、彰显个人品味的IP产品。这一转变使得 IP衍生品市场迅速崛起，成为连接内容创作与消费市场的重要桥梁。 内容型IP通过跨形态开发持续挖掘商业潜力。以文学、影视、游戏和动漫为代表的IP形态，正积极打破媒介边界，实现多平 台、多场景的价值延伸。网络文学作为重要的创意源头，不断被改编为影视剧、游戏及短剧，形成"一源多端"的开发模式。游 戏IP则兼具内容供给与载体承接的双重属性，通过构建多元化内容矩阵覆盖用户全场景需求。动漫IP则通过形象化、场景化与 社交化布局，将虚拟角色转化为可感知的情感载体，从而延长IP生命周期并最大化商业价值。 形象型IP则凭借其独特的视觉符号与情感投射能力，在商业化路径上展现出 ...

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The apparel industry is experiencing significant trends driven by consumer preferences and competitive pricing strategies, particularly during major shopping events like Double Eleven [4][7][12] Industry Trends - StockX's "Big Facts: 2025 Trends" report highlights key consumer trends for 2025-2026, including the popularity of ASICS Gel-1130 running shoes and a 21% growth in ballet flats [4] - The Double Eleven shopping event has seen aggressive price wars, particularly in the down jacket segment, with some items seeing price drops of several hundred yuan, leading to increased sales but decreased average transaction values [4] - Canada Goose is expanding its product range beyond down jackets, with a 1.8% revenue growth in Q2 2026, driven by a 21.8% increase in direct-to-consumer sales, particularly in the Chinese market [7] - The rise of affordable workwear, such as 50 yuan jackets, has gained popularity among delivery workers, indicating a shift in consumer demand towards high-value, functional apparel [7] Top Brand News - Li Ning has launched a collaboration with Pokémon, introducing nine trendy shoe models that blend nostalgic elements with modern design [9] - Camel, a domestic brand, is seeing a rise in market share due to its affordable jackets, with a projected market share of 5.5% and retail sales of 5.6 billion yuan in 2024 [9] - Kappa has introduced a new ski series that combines high-performance materials with stylish design, catering to both outdoor and urban environments [10] - Adidas Originals has partnered with Avavav to release a new collection that challenges the boundaries of sportswear with a focus on exaggerated aesthetics and deconstruction [12]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - The global IP toy market is projected to reach 525.1 billion yuan in 2024, with a year-on-year growth of 21.7%, and is expected to grow to 771.7 billion yuan by 2029 [3][12] - The Chinese IP toy market is anticipated to reach 75.6 billion yuan in 2024, growing at a year-on-year rate of 29.2%, and is expected to reach 167.5 billion yuan by 2029 [3][13] - Generation Z is becoming the main consumer group, accounting for over 70% of the market, driven by emotional attachment, social needs, and companionship attributes [3][18] - The core competitiveness of the trendy toy industry lies in IP, with the highest cumulative revenue IP, Pokémon, reaching 98.9 billion USD [3][29] - The industry is witnessing a diversification of competition, with domestic IP gradually rising, and the market is still in a rapid development phase [3][4] Summary by Sections 1. Market Expansion and Consumer Demographics - The trendy toy market is expanding, with Generation Z becoming the primary consumer group [3][12] - The market structure is becoming more balanced, with static and movable dolls experiencing the fastest growth [3][13] 2. Value Transformation and Industry Trends - Leading IPs are enriching their cultural content through various media, creating a cross-media IP content ecosystem [3][4] - Companies are actively expanding their IP value transformation paths, achieving multi-category expansion and full ecosystem construction [3][4] 3. Full Industry Chain Coverage - The trend indicates that trendy toy companies are evolving from single-point breakthroughs to full industry chain layouts [3][4] - Companies like Disney and LEGO have achieved full chain layouts, while others are still working on their weaknesses [3][4] 4. Investment Recommendations - The report recommends investing in companies with full industry chain layouts such as Pop Mart, and those transforming retail into IP like Miniso and Morning Glory [4]

Core Insights - The A-share market saw a collective rise in the three major indices on Tuesday, with the Shanghai Composite Index increasing by 0.87%, the Shenzhen Component Index by 1.53%, and the ChiNext Index by 1.77%. The total trading volume in the Shanghai and Shenzhen markets reached 1.8262 trillion yuan, a slight increase of 85.8 billion yuan compared to the previous day, with over 4,300 stocks rising across the market [2][7]. Important News - The Ministry of Finance and the State Administration of Taxation jointly issued an announcement clarifying the execution standards for resource tax policies. The announcement covers nine aspects, including circumstances under which resource tax is not payable, applicable tax categories for certain taxable products, and the calculation basis for taxable products under special circumstances [3][7]. - The Shenzhou-22 cargo spacecraft successfully launched to the Chinese space station on November 25, marking the first emergency launch mission in China's manned space program [3][8]. Industry Analysis - The IP (Intellectual Property) economy is rapidly developing, driven by changes in consumer demographics and the emphasis on emotional value. The Z generation, as the emerging consumer group, shows strong emotional attachment and active consumption of IP products, shifting consumer focus from functionality to emotional value [9][10]. - IP can be categorized into content-based IP and image-based IP, with both types capable of mutual conversion to explore higher value and enhance commercialization through derivative products [10][11]. - The derivative products of IP are crucial for materializing and monetizing the influence of IP, with the market for these products experiencing explosive growth, particularly among younger consumers [12][13]. Investment Recommendations - The report suggests focusing on companies with rich IP libraries and cross-media development capabilities, as well as content producers with strong IP creation abilities. Companies excelling in derivative product design, supply chain integration, and offline scenario operations are also highlighted as potential investment opportunities [13].

Core Insights - The rise of Generation Z as a consumer group and the emphasis on emotional value are driving the rapid development of the IP economy in the media industry [1] - The market for IP derivatives is experiencing explosive growth, with products like cards, blind boxes, and collectibles becoming increasingly popular among younger consumers [4] Group 1: Consumer Trends - The shift in consumer demographics and the highlighting of emotional value are propelling the rapid growth of the IP economy [1] - Generation Z, as the new main consumer force, shows strong emotional attachment and active consumption of IP products due to their scale, media habits, and value preferences [1] - The transition from "functional" to "emotional value" in consumer attitudes is creating broader conversion space for the commercialization of IP content and derivatives [1] Group 2: IP Development Strategies - Cross-media development of content-type IP is becoming a norm, with frequent transformations between literary and film IP, particularly with web literature leading the ecosystem [2] - Game IP serves dual roles as both a source and a carrier, with strong commercial potential and the ability to create diverse content matrices for comprehensive user engagement [2] - Anime IP focuses on long-term viability by transforming characters into emotional carriers through visualization, scenario-based engagement, and social interaction [2] Group 3: IP Derivatives - IP derivatives are key to materializing and commercializing the influence of IP, serving as emotional carriers for fans and crucial for monetizing content value [4] - The market for IP derivatives has seen explosive growth, with products evolving from simple items to complex collectibles, effectively meeting the social, entertainment, and identity needs of younger consumers [4] - Core categories like cards, blind boxes, and collectibles are identified as the most dynamic growth areas in IP commercialization, driven by their unique gameplay mechanisms and collectible attributes [4]