新华社广州7月14日电（记者 邓瑞璇）"给我讲一个温暖的睡前故事吧！""老师用英语怎么说？""没有抽到隐藏款很难过，怎么办？"这些天马 行空的对话不是两个人之间的交流，而是玩家与AI毛绒玩偶的互动。 这款"会说话"的玩具，是东莞潮玩品牌"娃三岁"推出的新产品。毛茸茸、童趣十足的外表之下，搭载着AI大模型，主打语言交互与智能陪 伴。产品上市不久，不仅俘获了小朋友的心，也成为许多青年人的"好玩伴"。在多个社交平台上，人们分享自己抽中的盲盒玩偶以及与之有趣的 交流互动，并为其贴上"超萌""可爱""治愈"等情绪性标签。 "娃三岁"推出的AI潮玩新产品。新华社发 在名创优品门店，首发、IP联名等潮玩引发消费者购买热潮。新华社发 不少业内人士告诉记者，他们在市场调研中发现，年轻人对缓解压力、寻求心理安慰的消费需求上升，可爱、丑萌、古怪等多样化的潮玩设 计成为理想消费载体。"消费者喜欢设计独特的潮玩，他们通过与潮玩的情感互动，可以在其中读到自己想要的故事。""娃三岁"品牌所属公司、 大漂亮（东莞市）玩具有限公司首席执行官徐少胜说。 火遍全球的LABUBU正是这种情感投射的体现。"我觉得它外表看起来就很叛逆，有种敢于打破常规 ...

点击小程序查看报告原文 开篇：新消费，何以常新 图表1：一张图看懂"新消费" 资料来源：中金公司研究部 2019年，我们发布了《聚焦"新消费"》[1]大报告，在新消费崛起的初期论证了其兴起的原因与本质，展望了美好的前景。经过这几年的发展，新消费浪潮 风起云涌，当年的明星公司，有的大展宏图，有的泯然众人矣。站在这个时点，我们需要进一步思考：新消费，何以常新？ 当前中国消费行业似乎进入了一个分水岭：一面是海水，一面是火焰。一面是Labubu二手价的热炒，一面是茅台批价的承压。一面是胖东来门庭若市，一 面是外资卖场黯然退场。我们发现，消费者依旧需求旺盛、依旧充满热忱，只不过供需易势，需要供给方用更诚挚的热忱、更高的效率、更创新的产品来 建立自己的"买方解法"。因此，爆发性流量红利从未远去，前有哈尔滨用硬核诚意守护游客，换来"尔滨"美誉；后有苏超重振了国民对足球的热爱与信 心，"比赛第一，友谊第十四"让人会心一笑。新消费，新的是技术与创新驱动的效率革命、体验重构的产品和场景升级，不变的是消费者对品质的追求、 与品牌的情感链接。 什么是"新消费"？新消费是消费升级趋势的深化演进，更是大消费行业的经营理念升级。 随着中国 ...

研究报告 Research Report 13 Jul 2025 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | | 评级 | | 泡泡玛特 | Outperform 现代牧业 | | | Outperform | | 安踏体育 | Outperform 九毛九 | | | Outperform | | 百威亚太 | Neutral | 澳优 | | Outperform | | 华润啤酒 | Outperform | | | | | 华住酒店集团有限 | Outperform | | | | | 公司 | | | | | | 海底捞 | Outperform | | | | | 康师傅 | Outperform | | | | | 名创优品 | Outperform | | | | | ...

社会服务 社会服务 烟火气回归家常菜崛起，潮玩&创作者经济赛道景气 2025 年 07 月 13 日 投资评级：看好（维持） ——行业周报 | 行业走势图 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 初敏（分析师） 李睿娴（分析师） 程婧雅（联系人） chumin@kysec.cn liruixian@kysec.cn chengjingya@kysec.cn | | | | | 社会服务 | | 沪深300 | | | | | | 60% | | | 证书编号：S0790522080008 证书编号：S0790525020004 证书编号：S0790123070033 | | | | | 48% | | |  潮玩/创作者经济：6 月线上基数提升增速平稳，非音乐内容强化平台议价能力 | | | | | 36% | | | 潮玩：6 月久谦潮玩类目销售额 13.5 亿/yoy+17%（VS 3 月、4 | 月、5 | | 月为 | | 24% 12% | | | 86%/16%/17%），2024 高基数阶段已逐步消化。 ...

编者荐语： 一部分人赚情绪，一部分人赚钱。 以下文章来源于深圳微时光 ，作者黄小邪 深圳微时光 . 寻找深圳的每一寸惊喜。 6月份，我去找胡梅玉时带过去一个Labubu，这是她第一次见到搪胶脸之外，这款潮玩的全貌。 "啊！这些脸就是这个娃娃身上的呀"，胡梅玉看着我手里的Labubu，对比她手里的娃娃脸感叹，这是她第 一次见到Labubu。 "好看吗？"我问胡梅玉。 "嗯，好看，真好看"，她笑笑说，不知道是不是客气话。 "这个娃娃现在卖1000多块呢"，我告诉胡梅玉。 "就这个呀，啧啧啧啧……"她又打量了几眼我手里的Labubu，摇摇头，嘴里又是一串"啧啧啧啧"。 去年10月份，经老乡介绍，胡梅玉找到这份给娃娃脸"削裙边"的工作。 （备注："削裙边"，也叫削边，即 对出模后的塑料制品进行削切操作，以去除多余的塑料毛边。） 这些娃娃脸上，有两道凸起的眉毛，两个 凹进去的眼眶，还有一张月牙般的嘴，缀满了尖尖的牙齿。娃娃脸，是泡泡玛特旗下的现象级产品Labubu 搪胶毛绒玩具的面部，属于搪胶产品 （备注：搪胶，是一种PVC制作工艺） 。如今，Labubu系列玩具风靡 全球，初代产品在拍卖市场拍出108万天价，多个国家 ...

Core Insights - The article highlights the practical engagement of students from Beijing Technology and Business University in promoting local products through live streaming, showcasing the integration of education and real-world application in e-commerce [3][4]. Group 1: E-commerce and Live Streaming - The students transformed from novices to skilled live streamers, learning essential sales techniques and e-commerce operations from professional mentors [4]. - They actively promoted local specialties such as traditional sesame oil and handicrafts, effectively bridging the gap between unique products and a broader market [4][5]. - The initiative aims to convert online traffic into actual sales, utilizing the "Internet + Business" model to create new sales channels for local products [4]. Group 2: Industry Chain and Innovation - The practice team conducted in-depth research on the "selection-production-storage-distribution" chain within the e-commerce industry park, highlighting the integration of supply, service, and resource chains [5][7]. - They explored the application of innovative technologies like AI and digital live streaming, which enable 24-hour unattended broadcasts and precise user profiling [7]. - The initiative serves as a comprehensive approach to empower local economies through e-commerce, combining live streaming, promotional content creation, and deep industry research [7].

Core Insights - The event "Anyi Sichuan: Play in Tianfu" 2025 China (Chengdu) Animation and Game Consumption Season was launched, marking the first domestic consumption season themed around animation and gaming [1] - The event aimed to explore new trends, technologies, and models in the cultural tourism industry, gathering representatives from leading companies in culture, technology, and digital entertainment [1] Group 1: Event Overview - The event featured a tight agenda, including a keynote address from the Sichuan Digital Entertainment Culture Promotion Association, emphasizing the integration of "animation and gaming + cultural tourism" [1] - The launch of the 2025 China (Chengdu) Animation and Game Consumption Season signifies the beginning of a new journey for industry collaboration [1] - Experts shared insights on enhancing cultural tourism experiences through digital entertainment technologies, providing valuable practical inspiration for attendees [1] Group 2: Technological Integration - The event showcased a digital immersive experience exhibition, featuring popular exhibits like "AI plush cultural products" and "3D Gaussian splashing technology," highlighting the transformative impact of technology on cultural tourism experiences [2] - Traditional IPs were creatively expressed through innovative designs, demonstrating the vitality of cultural tourism products [2] - The event facilitated efficient connections between local digital cultural technology and tourism demands, allowing for in-depth exchanges between supply and demand sides [2] Group 3: Investment Opportunities - Over 1,000 innovative solutions for cultural tourism consumption upgrades were collected, with 100 selected for promotion [4] - The event released the "2025 Sichuan Cultural Tourism Opportunity List," detailing 41 projects with a total intended cooperation amount of 10.372 billion yuan, covering 13 regions [4][5] - Projects like the "Nightless Three Kingdoms City" aim to create immersive cultural tourism spaces, seeking partners and operators for business innovation [4][5] Group 4: Future Activities - Chengdu will host a series of animation and gaming-themed events, including the 2025 Sichuan-Chongqing Digital Cultural Creative Competition and the largest animation and gaming product exhibition in Southwest China [7] - The event serves as a showcase for the integration of animation, gaming, and cultural tourism, promoting industry collaboration and providing a model for "digital + cultural tourism" development nationwide [7]

新消费行业目前处于高景气、高成长阶段，尽管前段时间经历了一些股价调整， 但我们仍然坚定看好当前时点的机会。特别是信息烟草、潮玩和个护这三个方 向，调整实际上提供了较好的入场机会。烟草和潮玩的竞争格局较好，龙头公 司的业绩增速也非常优秀，是可以持续看好的方向。 传统轻工行业的投资逻辑是什么？ 传统轻工行业可以分为三个方向：稳健增长及高分红、成长性以及周期性。稳 健增长及高分红方面，包括包装和家居板块，今年有可能逐步进入稳增长、高 分红的投资逻辑。典型标的如裕同科技和永新股份，它们在包装领域能够实现 中高个位数甚至双位数增长，同时具有非常高的分红率且估值较低。此外，家 居板块逐步起稳，从二季度开始可能看到利润同比正增长趋势，这使得该板块 具有高分红、高股息特征。 成长性方面，出口链上的优秀公司表现良好，如匠 家具板块逐步走向高分红投资逻辑，二季度利润企稳，高股息、低估值 和稳增长是主要特征，可能吸引险资等红利资金配置。关注业绩企稳后 的估值修复机会。 出口板块自下而上选股，匠心家居等公司在美国市场仍有增长空间，长 期看具备全球市场潜力。关注嘉益、永益等其他出口型企业的发展。 摘要 传统轻工行业投资逻辑多元，可分为 ...

作为一部融合动漫、游戏与真实赛马历史的跨媒体作品，玩家可以在《赛马娘 Pretty Derby》中扮演训 练员，培训以真实赛马为灵感打造的"赛马娘"，带领她们征战各类大赛。其中，赛马春丽被拟人化为一 名粉色头发的"赛马娘"，不少海外玩家纷纷表示："春丽从不放弃，我们也不会放弃她。"在虚拟世界 里，春丽获得了"第二次机会"，在全球玩家的支持下，向着胜利不断迈进。 【环球时报驻日本特约记者 潘小多】据新加坡《海峡时报》8日报道，由日本Cygames公司开发、运营 的养成模拟游戏《赛马娘 Pretty Derby》于今年6月26日正式推出英文版，并同步登陆Steam、iOS与 Android平台，迅速在英语圈玩家群体中掀起热潮。其中，以现实中从未获胜却始终坚持奔跑的赛马"春 丽"为原型的同名角色获得超高人气。 据报道，春丽是一匹29岁的雌性赛马，红粉相间的HelloKitty面罩是其标志性特点（如图）。自1998年 出道至2004年退役，春丽历经113场比赛，但始终与胜利无缘。但令人意想不到的是，几乎从未受伤的 春丽凭借强健体魄和屡战屡败的不屈精神成为日本媒体及民众关注的焦点。在日本经济较为艰难时期， 春丽以"不惧 ...

Group 1 - The core idea of the articles emphasizes the importance of innovative marketing strategies for "Shenzhen Intelligent Manufacturing" products to reach the right consumer demographics effectively [1][2][3] - "Machine Era" has established an AI experience center at Shenzhen Bao'an International Airport, showcasing thousands of high-tech products, with over 80% sourced from local Shenzhen companies [1] - By July 2025, "Machine Era" plans to operate 44 airport experience centers across 24 cities in China, targeting over 400 million high-end business travelers [1] Group 2 - Traditional sales methods are inadequate for new products, as they require consumers with updated consumption concepts, higher purchasing power, and skills [2] - The global AI terminal exhibition held on May 22, 2023, highlighted the government's commitment to promoting "Shenzhen Intelligent Manufacturing," showcasing various AI terminal products [2] - The Shenzhen intelligent terminal industry cluster is projected to reach an added value of 204.55 billion yuan in 2024, reflecting a year-on-year growth of 9.9% [2] Group 3 - The emerging smart consumer products are on the verge of a market explosion, presenting significant opportunities for early adopters to capitalize on market benefits [3] - The dual drive of innovation and revenue generation is crucial for the sustainable development of "Shenzhen Intelligent Manufacturing" [3]