该基金重点投资面向虚拟现实、空间计算、人工智能、实时渲染等新一代数字技术发展所带来的文化消 费新业态，包括VRARMR等沉浸体验产品、游戏电竞、虚拟现实电影等领域；或有限合伙人提议的其 他领域的有利于达成合伙目的目标的项目。 人民财讯11月25日电，华如科技(301302)11月25日公告，公司拟作为有限合伙人与专业投资机构杭州科 实股权投资有限公司及其他有限合伙人深圳产城创新发展研究有限公司共同投资设立南京科实创业投资 合伙企业(有限合伙)并签署《南京科实创业投资合伙企业(有限合伙)之合伙协议》。该合伙企业的认缴 出资总额为5050万元，其中公司拟以自有资金认缴出资2000万元，占认缴出资总额的39.6%。 ...

Core Viewpoint - The company, 华如科技, is planning to invest in a new venture capital partnership to enhance its core competitiveness and leverage resources from professional investment institutions [1] Investment Details - The company will act as a limited partner alongside 杭州科实股权投资有限公司 and 深圳产城创新发展研究有限公司 to establish 南京科实创业投资合伙企业 with a total committed capital of 50.5 million yuan [1] - The company will contribute 20 million yuan, representing 39.60% of the total committed capital [1] Investment Focus - The fund will primarily focus on venture investments that align with its partnership goals, particularly in new digital technologies such as virtual reality, spatial computing, artificial intelligence, and real-time rendering [1] - Key investment areas include immersive experience products like VR, AR, MR, gaming, esports, and virtual reality films, as well as other projects proposed by limited partners that support the partnership's objectives [1]

本基金以有利于实现合伙目的的创业投资为主，并兼顾其他投资方式。重点投资面向虚拟现实、空间计 算、人工智能、实时渲染等新一代数字技术发展所带来的文化消费新业态，包括VRARMR等沉浸体验 产品、游戏电竞、虚拟现实电影等领域；或有限合伙人提议的其他领域的有利于达成合伙目的目标的项 目。 格隆汇11月25日丨华如科技(301302.SZ)公布，为满足公司整体战略发展需要，充分借助专业投资机构 的力量及资源优势，整合各方资源，进一步提升公司的核心竞争力，在不影响公司日常经营和发展、有 效控制投资风险的前提下，公司拟作为有限合伙人与专业投资机构杭州科实股权投资有限公司（简 称"科实资本"）及其他有限合伙人深圳产城创新发展研究有限公司共同投资设立南京科实创业投资合伙 企业（有限合伙）并签署《南京科实创业投资合伙企业（有限合伙）之合伙协议》。该合伙企业的认缴 出资总额为人民币5,050万元，其中公司拟以自有资金认缴出资2,000万元人民币，占认缴出资总额的 39.60%。 ...

Core Insights - The report highlights that interest-driven consumption has become the core engine for growth in the "11.11" market, shifting from a demand-driven logic to an interest-driven one [1][2] - It introduces the "TSTE" consumption experience model, detailing the consumer journey from interest generation to brand loyalty [1] User Research Findings - The current consumption market is undergoing a profound "value return," where consumers are willing to pay for emotional resonance, community recognition, and self-actualization rather than just product functionality [2] - Five distinct interest circles have emerged, shaping the future consumption ecosystem: - Hardcore Tech Enthusiasts focus on intelligent collaboration - Quality Homebodies transform their homes into emotional healing spaces - Entertainment Experience Seekers shift from passive viewing to emotional co-creation - Mind and Body Growth Advocates view consumption as a long-term investment in self - Fashion Lifestyle Enthusiasts evolve from following trends to defining personal style [2] Interest-Driven Value Cycle - The report illustrates how interest drives a cycle of "browsing value - consumption value - sharing value," emphasizing that consumer behavior is not merely shopping but a revolution in identity construction and lifestyle practice [4] - It proposes the "interest value" model, outlining the complete loop from "interest spark" to "consumption action" and finally to "value recognition" [4] Hardcore Tech Enthusiasts - This group is experiencing a leap from "functional satisfaction" to "ecological co-construction," with 91.5% of personal digital consumption during "11.11" focused on tech products [5] - Key trends include the integration of digital devices, the advancement of smart hardware, and the evolution of AI appliances from passive to proactive services [5] Quality Homebodies - This segment is upgrading their living spaces into "emotional healing zones," with 70.5% of consumption focused on cooking and 60.6% on home environment enhancements [6] - Consumers are creating spaces that blend social interaction and solitude, emphasizing the importance of emotional experiences over mere functionality [6] Entertainment Experience Seekers - This group is moving from passive consumption to deep participation, with 44.7% of their spending on gaming and 39.4% on live experiences during "11.11" [7] - They actively seek out experiences that foster emotional connections and cultural identity, transforming entertainment into a process of meaningful co-creation [7] Mind and Body Growth Advocates - This category shows a trend towards "multi-dimensional integration and systematic planning," with 73.5% of spending on outdoor activities and significant investments in knowledge and health [8] - Their approach to personal growth combines traditional wisdom with modern health concepts, emphasizing a holistic life system [8] Fashion Lifestyle Enthusiasts - This group extends aesthetic expression to all aspects of life, with 75.4% of spending focused on fashion and 63.9% on skincare during "11.11" [9] - Their consumption behaviors reflect a shift towards personal style definition and identity construction through image management and lifestyle aesthetics [10]

Core Viewpoint - Multiple regions in China, including Chongqing, Jiangsu, and Inner Mongolia, are implementing policies to support the digital cultural industry, aiming to accelerate the scale and integration of digital cultural resources, thereby unlocking new cultural consumption scenarios and providing strong momentum for the industry's development [1][2]. Group 1: Policy Initiatives - Chongqing's recent policy offers a 15% subsidy for film projects that utilize local companies for digital content services, with a maximum subsidy of 5 million yuan for projects generating costs of 2 million yuan or more [1]. - Local governments are focusing on fostering enterprise growth in the digital cultural sector, promoting collaboration among cultural enterprises, and providing substantial subsidies for high-tech research and production in the film industry [1][2]. Group 2: Industry Characteristics and Growth - The digital cultural industry is crucial for enhancing cultural innovation and reshaping the global cultural supply and value chains, encompassing various segments such as online audio-visual, digital animation, and gaming [2]. - The industry is projected to generate approximately 48,684 billion yuan in revenue in 2023, with an expected annual compound growth rate of about 11% from 2024 to 2029, reaching 97,464 billion yuan by 2029 [3]. Group 3: Challenges and Recommendations - Current challenges in the digital cultural industry include fragmented technology application, weak industry clustering effects, and inadequate intellectual property protection mechanisms [3]. - Experts suggest establishing a collaborative mechanism involving policy guidance, platform empowerment, leading enterprises, and association services to address these shortcomings and encourage cultural enterprises to adopt cloud services and big data technologies [3].