听老歌、看老剧、买老物件……这届年轻人爱上了怀旧。 然而，怀旧的溢价却并不低。已经被"淘汰"很久的翻盖按键手机都可以卖到几百元。1月7日，21世纪经济报道记者线下走访发 现，某些型号的CCD一台甚至卖至上千元。曾经的"电子垃圾"摇身一变，成为千元潮品。一些品牌也利用"回忆杀"，轻松收割 年轻人的钱包。 老物件的性能不算好，有的价格也不算便宜，为何年轻人仍愿意为"怀旧"买单？ 老物件翻红，电子垃圾变千元潮品 年轻人越来越吃"怀旧"这一套了。 刚过去不久的跨年晚会上，一大波老歌让一众90后、95后直呼"爷青回"；《甄嬛传》《知否》等经典老剧被盘到包浆，在抖音 上养活大批二创博主，评论区有人留言："真想跪下来求自己不要再看了"。 不仅是听老歌、看老剧，年轻人还爱上了老物件。21世纪经济报道记者发现，截至1月6日，在小红书上，话题#今天玩CCD了吗 #阅读量超9.7亿；#黑胶唱片#阅读量超5.7亿；#古董手机#阅读量超2.4亿；#怀旧小霸王游戏机#阅读量超4720.6万。 在线下旧货市场，某些型号的CCD一台甚至可卖至上千元。 为怀旧买单，也是为情绪买单 知萌咨询机构《2026中国消费趋势报告》揭示，超过80%的消费 ...

Group 1: Macro Economic Insights - The new consumption pattern in China is driven by generational shifts, with each generation having its own cultural symbols, referred to as "Labubu" [1] - The "Implementation Plan" aims to enhance the adaptability of supply and demand, identifying three trillion-level and ten hundred-billion-level consumption hotspots to boost resource allocation efficiency [1] - The Chinese潮玩 market is expected to grow at a compound annual growth rate of approximately 24% from 2022 to 2026, reflecting a structural change in demand [3] Group 2: New Consumption Trends - Future consumption is shifting from purchasing goods to subscribing to experiences, influenced by spatial, temporal, and relational dimensions [2] - Consumers are evolving from mere buyers to co-creators of content and emotional transmitters, emphasizing community relationships and cultural identity [2] - The demand for children's products is transitioning from safety features to cognitive development and emotional growth, with a focus on AI-enabled interactive toys [6] Group 3: Supply-Side Innovations - The supply side is undergoing a structural transformation, with flexible production and rapid iteration becoming industry standards, allowing for quick responses to new consumer trends [8] - The "Implementation Plan" emphasizes differentiated supply for various consumer groups, moving from traditional age-based products to lifestyle-based solutions [8] - The silver economy in China is projected to grow from approximately 7 trillion yuan in 2023 to 30 trillion yuan by 2035, indicating a shift towards comprehensive lifestyle solutions for the elderly [7] Group 4: Investment Opportunities - The investment focus is on three trillion-level sectors (elderly products, smart vehicles, consumer electronics) and ten hundred-billion-level sectors (潮玩, outdoor products, pet supplies, smart wearables, and national trend clothing) [9] - Identifying the next "Labubu" involves assessing emotional needs, sustainable supply systems, and alignment with national development strategies [10]

Core Insights - The rise of Labubu is not coincidental but a result of generational aesthetics, emotional symbols, and identity expression [1][2] - The "Implementation Plan" provides a systematic framework for the new demand and supply dynamics, emphasizing the importance of capturing emotional trends and creating a sustainable supply chain [1][2][10] Generational Symbols - Each generation has its own Labubu, representing the spirit of the times, from Transformers for the 70s to digital IPs for Gen Z [2] - The changing emotional structures reflect new consumer demands in China, with the "Implementation Plan" targeting three trillion-level and ten hundred-billion-level consumption hotspots [2][4] New Consumption Trends - Future consumption is shifting from purchasing goods to subscribing to lifestyles, driven by demographic segmentation and interest-oriented consumption [3] - Changes in consumption dimensions include spatial (from traditional malls to immersive experiences), temporal (from one-time purchases to long-term relationships), and relational (from buyers to co-creators) [3] New Demand Dynamics - The demand for new products is shaped by collective choices across generations, with emotional needs such as identity recognition, emotional healing, and self-narrative being crucial [4][5] - The children's market is evolving towards cognitive development and emotional growth, while the elderly market is shifting from passive care to active quality of life improvements [6][5] New Supply Strategies - New supply-side structural reforms focus on leveraging technology and new models for precise supply-demand matching [7] - Flexible production and rapid iteration are becoming standard, with the ability to quickly respond to new consumer trends [7][8] Investment Opportunities - The investment landscape is becoming clearer with three trillion-level sectors (elderly products, smart vehicles, consumer electronics) and ten hundred-billion-level sectors (trendy toys, outdoor products, etc.) identified [9] - Key investment criteria include addressing unique emotional needs, having a sustainable supply system, and aligning with national strategic directions [9][10]

2025年末，资本市场的目光被两条看似无关的线索牵引交织。 另一边，曾因 "国民神车" 光环崛起、又因连续六年亏损超250亿元陷入绝境的众泰汽车，正悄然完成一场关键的人事换血——新一届管理层中，韩必文、 李立忠等"奇瑞系"老将与许明哲、严敏霞等步步高背景高管相继就位，勾勒出"产业+资本"的重组轮廓。 一边是低调潜行二十余年的商界奇人段永平，突然密集出现在公众视野，从特斯拉投资谈到财富哲学，甚至不惜推翻对马斯克的过往评价，一句"不做朋 友但可以投资"，让这位"步步高教父"的每一次发声都成为舆论焦点。 这场跨越电子消费与汽车制造两大领域的人事交集，引发外界连锁猜想。有人将段永平的高调亮相解读为"造车前哨"，认为其正通过资本网络布局整车制 造；也有分析称奇瑞汽车欲借众泰上市平台实现A股落地，完成新能源战略升级。 值得注意的是，截至目前，无论是段永平本人及步步高集团，还是奇瑞汽车，均未通过公告或官方渠道确认对众泰汽车的直接投资或接管意图，奇瑞汽车 方面相关工作人员向《每日经济新闻》记者直接回应其为"不实消息"。 众泰汽车的公告板则成为唯一的事实出口。12月8日和12月9日晚间，众泰汽车（000980.SZ）连续发布两 ...

"我一直有双隐形的翅膀……"粉色透明随身听轻轻一响，耳机里播放着千禧年代的流行热曲；手摇留声 机的唱针摩擦唱片，飘出上世纪八九十年代的经典老歌——这看似"穿越"的行为，却是当下不少年轻人 的日常。 祝莹晰 徐佩玉 《人民日报海外版》(2025年12月11日 第 04 版) 童年IP的火爆不仅体现在玩具、盲盒，也延伸到饮品、服饰及各种联名周边。以1959年问世的"芭比"为 例，尽管诞生于半个多世纪前，却仍受当代年轻人喜爱。出生于2002年的小刘收藏了一整柜的芭比周 边。她说，芭比早已超越玩偶本身，其所代表的勇于追求梦想的精神，至今仍能为她带来力量和启发。 在不少年轻人看来，这些老物件是独特的、有故事的。"买一台100年前的留声机，再买个唱片，能在家 随时听到百年前的声音。我特别喜欢这种穿越感，也愿意让孩子从老物件里了解历史。"在商店中挑选 产品的陈平哲如是说。一位CCD爱好者说，相比于手机，CCD需要手动对焦、调节距离，过程较慢， 但这也令拍摄的瞬间具备了更强的参与感、留下了更深的记忆。相较于高清相机，CCD低像素带来的 颗粒感和模糊、朦胧的质感，能把人短暂带回到千禧年。 复古潮流的兴起，在很大程度上也受到了社 ...

近年来，留声机、CCD相机（使用CCD图像传感器的早期数码相机）、小霸王游戏机等复古物件 重新流行，猪猪侠、哆啦A梦、蜡笔小新、维尼熊等童年IP联名款商品出现在商场货架上，芭比和魔卡 少女樱元素成为年轻人的穿搭灵感来源。一股跨越年代的复古风，正在当下年轻消费者中悄然升温。 在北京潘家园旧货市场经营复古物件商店20多年的梁秀兰明显感受到了这一趋势。"这几年，年轻 人的品味在不断变化，大概占复古老物件消费人群的1/3，一些00后也会来购买。"她说，许多年轻人会 购买留声机、放映机等老物件放在家里，提高生活格调。 童年IP翻红，留声机等老物件再度流行—— 年轻人为何爱上"复古风" "我一直有双隐形的翅膀……"粉色透明随身听轻轻一响，耳机里播放着千禧年代的流行热曲；手摇 留声机的唱针摩擦唱片，飘出上世纪八九十年代的经典老歌——这看似"穿越"的行为，却是当下不少年 轻人的日常。 复古潮流的兴起，在很大程度上也受到了社交媒体的推动。《家有儿女》等20年前的老剧在短视频 平台上重现；《倩女幽魂》《千与千寻》等经典电影再次登上大银幕，引发观影热潮，不少年轻观众在 社交平台分享"第一次在电影院看见这些电影"的独特体验。在社交媒 ...

Core Insights - The dialogue features Fang Sanwen, founder of Xueqiu, and investor Duan Yongping, discussing investment philosophies and experiences, particularly emphasizing the importance of understanding companies rather than just stock prices [1] Investment Philosophy - Duan Yongping transitioned from being a business operator to an investor, realizing that the essence of investing lies in understanding the business itself, inspired by Warren Buffett's philosophy of "buying a company" [3][4] - He believes that understanding business operations is crucial for successful investing, stating that "those who do not understand business find it hard to invest well" [3] Investment Strategy - Duan advocates for a concentrated investment strategy, likening it to a "punch card" metaphor where one can only make a limited number of significant investments, suggesting he currently holds around ten core investments [3][4] - He emphasizes the importance of deep understanding and long-term holding of a few companies rather than diversifying across many [4] Case Studies - For his investment in NetEase, Duan highlighted the company's passionate team and sound business model, which led to a significant return on investment, although he admits he still does not fully understand the company [4] - Apple is identified as a core asset, with its value stemming from both product quality and corporate culture, which prioritizes user experience and long-term value over short-term profits [5] Current Market Views - Duan expressed that Apple's current stock price is "not cheap," and investment returns should be evaluated against opportunity costs [6] - Regarding Nvidia, he acknowledged the importance of not missing out on the AI wave, recognizing the company's strong competitive position and sustainable demand in the AI industry [7]

Core Insights - Duan Yongping, known as "China's Buffett," donated 10,000 shares of Kweichow Moutai stock valued at 15 million yuan to Jiangxi Water Conservancy and Electric Power University [2][3] - The donation is part of Duan's long-standing commitment to educational philanthropy, having donated over 1 billion yuan to various universities over the past 20 years [2][5] - Kweichow Moutai has a history of consistent dividends, with an estimated dividend of 515,600 yuan from the donated shares based on last year's payout [2][5] Company and Industry Overview - Kweichow Moutai has distributed a total of 336.11 billion yuan in dividends to date, with a cash dividend of 64.67 billion yuan planned for 2024 and a payout ratio of 75% [4][5] - Despite a slight revenue growth of 6.32% to 130.90 billion yuan and a net profit increase of 6.25% to 64.63 billion yuan in the first three quarters, the company faces challenges in maintaining growth amid a declining market for high-end liquor [10] - The price of Moutai's flagship product has dropped significantly, from 2,220 yuan per bottle at the beginning of the year to 1,640 yuan, reflecting market pressures [10] - Moutai's management is actively seeking diversification strategies to alleviate performance pressures, including exploring new product lines in wine and health beverages [10][11]

Core Viewpoint - The article discusses the complex social dynamics and commercial activities surrounding the "小天才" (Little Genius) children's smartwatch, highlighting issues such as virtual transactions, social status, and the prevalence of scams and cyberbullying among its young users [2][5][33]. Group 1: Social Dynamics - The "小天才" smartwatch has become a status symbol among children, with users needing a significant number of likes (starting from 600,000) to be recognized as "大佬" (big shots) in the community [3][4]. - The community is primarily composed of children from affluent families, with many parents being professionals such as civil servants or academics [4][5]. - The culture surrounding the smartwatch has led to a social hierarchy where children without the device may feel excluded from peer groups [5][17]. Group 2: Commercial Activities - Young users engage in various commercial activities, including selling "bot" services to artificially inflate likes on their profiles, with some earning substantial amounts during peak seasons [6][7]. - The market for virtual goods related to the smartwatch is thriving, with transactions for accounts with high likes being common, and services for account management and content creation being offered [10][12]. - The article notes that the "小天才" ecosystem has fostered a form of "light entrepreneurship" among children, creating a unique marketplace driven by social media dynamics [13][33]. Group 3: Risks and Challenges - The article highlights the risks associated with the smartwatch's social network, including scams, cyberbullying, and exposure to inappropriate content, which have become prevalent issues [5][33]. - Young users often engage in risky behaviors, such as sharing personal information and participating in online harassment, reflecting a lack of understanding of the consequences [18][33]. - The article mentions that regulatory measures are being considered to address these issues, as the original purpose of the smartwatch—to ensure safety and communication—has been overshadowed by its entertainment features [34][35]. Group 4: Market Position - "小天才" holds a dominant position in the children's smartwatch market, with a market share of 35.3% and a year-on-year growth of 47.6%, significantly outpacing industry averages [22]. - The brand's success is attributed to its unique social features that differentiate it from competitors, making it a preferred choice among children and parents alike [9][24]. - The article notes that the increasing complexity of the social dynamics and commercial activities surrounding the smartwatch may lead to further challenges in maintaining a healthy ecosystem for its young users [35].

Core Viewpoint - The article discusses the rise of the "Xiaotianzi" smartwatch among children, highlighting its role in creating a social hierarchy and commercial ecosystem among young users, leading to both opportunities and risks in the digital landscape [6][9][21]. Group 1: Market Dynamics - Xiaotianzi holds a 35.3% market share in the children's smartwatch sector, with a year-on-year growth of 47.6%, significantly outpacing the industry average [21]. - The brand has established itself as a status symbol among middle-class families, with many parents opting for it to ensure their children's safety and communication needs [8][17]. - The average age of prominent users, referred to as "big shots," ranges from 11 to 17 years, indicating a young demographic heavily engaged in social media dynamics [6][7]. Group 2: Social and Commercial Ecosystem - The Xiaotianzi smartwatch has fostered a culture where children engage in "like" trading, creating a marketplace for services such as "like bots" and account management, which are often operated by minors [10][12][13]. - Users can earn money through various means, including selling "likes" and managing accounts, with some young entrepreneurs reportedly earning over 60,000 yuan in a year [10][12]. - The competitive nature of gaining likes has led to a significant increase in the threshold for being recognized as a "big shot," now requiring at least 800,000 likes [18][21]. Group 3: Risks and Challenges - The article highlights the darker side of this ecosystem, including issues of online bullying, scams, and inappropriate content, which have emerged as children navigate this digital space [8][18][28]. - Parents often face challenges in monitoring their children's activities, leading to conflicts and even legal issues when transactions occur without parental consent [15][31]. - The increasing complexity of the social dynamics and the potential for exploitation have prompted calls for stricter regulations and oversight in the children's smartwatch market [31][32].