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影响力的同时，构建起内容创作与消费市场之间的商业闭 环。近年来，随着Z世代消费崛起与"情绪价值"经济盛行，IP衍生品市场呈现爆发式增长，从简单的徽 章挂件到复杂的潮流玩具，形态日益多元。其中，谷子、卡牌与盲盒作为三大核心品类，凭借各自独特 的玩法机制与收藏属性，精准切中了年轻群体的社交、娱乐与身份认同需求，成为IP商业化运作中最具 活力的增长极。 2)AI：在当今数字化时代，AI已经是最具变革性的技术力量之一，成为全球科技竞争的焦点、未来产 业的关键赛道以及经济发展的新动力，展现出巨大的发展潜力和广阔的应用前景，在传媒各子行业均有 应用落地，推动整体市场全新发展 智通财经APP获悉，万联证券发布研报称，传媒业2025Q1-Q3营收稳健增长，归母净利润有所回升， 2025Q3营收、归母净利润同比上涨，环比均呈现周期性变化态势。在2026年传媒行业的发展趋势中， IP、AI仍为行业 ...

Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.27% and the Shenzhen Component Index increasing by 0.09%, while the ChiNext Index fell by 0.57%. The total trading volume in the Shanghai and Shenzhen markets reached 29,650.88 billion yuan [1][7] - In the industry sector, non-ferrous metals, oil and petrochemicals, and coal led the gains, while sectors such as comprehensive, media, and national defense and military industry lagged behind. Concept sectors like gold, lead, and zinc saw significant increases, while monkeypox, cell immunotherapy, and newly listed tech stocks experienced declines [1][7] Important News - The Federal Reserve maintained its benchmark interest rate at 3.50%-3.75%, following three consecutive rate cuts of 25 basis points. This decision aligns with market expectations. The Fed noted signs of stabilization in the unemployment rate, while inflation remains relatively high, and economic uncertainty persists [2][8] Industry Analysis - The media industry experienced a strong performance in 2025, with the Shenwan Media sector rising by 27.17%, ranking ninth among Shenwan's first-level industries and outperforming the CSI 300 Index. The industry valuation (PE-TTM) has shown fluctuations but remains above the average level of the past seven years. Revenue and net profit for the first three quarters of 2025 showed steady growth, with year-on-year increases in Q3 [9][10] - The dual focus on IP and AI is reshaping the media industry. As consumer preferences shift from "functional" to "emotional value," there is a growing market for IP content and its commercialization. AI is recognized as a transformative technology with vast potential across various media sub-industries, driving new market developments [9][12] Investment Highlights - IP is categorized into content-based and image-based types, both of which can interchange to explore higher value and enhance commercialization through derivative products. Content-based IP includes literary and film adaptations, while image-based IP focuses on recognizable visual symbols [10][11] - The market for IP derivatives is experiencing explosive growth, driven by the rise of Generation Z consumers and the popularity of "emotional value" economics. Key product categories include collectibles and toys, which resonate with younger audiences' social and entertainment needs [12] - AI applications are expanding across multiple media sectors, enhancing content production efficiency and reducing costs. In gaming, AI is revolutionizing narrative and gameplay experiences, while in advertising, traditional marketing models are being restructured to adapt to new consumer information-seeking behaviors [14][13]

Market Overview - On January 12, 2026, the A-share market continued its strong performance, with the Shanghai Composite Index rising by 1.09% to 4165.29 points, marking a ten-year high. The Shenzhen Component Index and the ChiNext Index also saw gains of 1.75% and 1.82%, respectively [1] - The total trading volume reached 3.64 trillion yuan, an increase of over 490 billion yuan from the previous trading day, indicating high market activity [1] Sector Performance - The AI application and commercial aerospace sectors were the market highlights on January 12, with the Kimi Index surging by 12.25%. Other related indices, including satellite internet and AIGC, also saw significant increases of over 9% [1] - The commercial aerospace sector showed strong performance, with the commercial aerospace theme index and satellite industry theme index rising by 10.18% and 10.16%, respectively. These indices have increased by 103.17% and 99.97% since November 24, 2025 [3] AI Applications - The AI application sector experienced a robust rally, driven by the acceleration of AI industry implementation both domestically and internationally. Companies are exploring new commercialization paths in AI + healthcare, AI + finance, and AI + programming [2] - The current trend in AI applications is expected to benefit from multiple catalysts, including the transition from SEO to GEO, advertising monetization, and the anticipated "AI application year" [2] Investment Insights - Investment strategies should focus on avoiding speculative risks in popular sectors and instead prioritize companies with core technological advantages and clear commercialization prospects [4][5] - The market is expected to continue its structural upward trend, with profitability becoming the main driver of market growth, while investors should be cautious of potential valuation corrections in high-flying sectors [4][5] Future Outlook - The performance of listed companies' earnings is anticipated to become a central focus in January, with particular attention on sectors like overseas computing power, storage, and consumer electronics, which still have room for low-cost positioning [6] - Emerging themes for investment in 2026 include solid-state batteries, intelligent driving, and robotics, as high-risk, quantitative funds seek new thematic directions [6]

Industry Overview - AI Companion refers to the use of artificial intelligence technologies, particularly natural language processing, emotional recognition, and machine learning, to provide emotional support, interactive communication, and companionship services [5][6] - The rise of AI companions is driven by societal factors such as increased loneliness due to high mobility, demographic changes like aging populations, and the prevalence of online social interactions [5] - Future AI companions are expected to evolve from simple interactions to more emotionally engaging experiences, potentially taking on physical forms that can integrate into daily life [6] Technology and Applications - AI companions are categorized into virtual software forms, such as Replika and Character.AI, and physical hardware forms, like ElliQ and Ropet, each utilizing different technologies for interaction [6][8] - The core technology driving virtual companions is emotional computing based on large language models, while physical companions rely on multimodal interaction and embodied intelligence [8] - AI companions are being integrated into various sectors, including education and elderly care, with specialized models tailored to specific needs [8][9] Industry Chain - The AI companion industry chain consists of upstream (core technologies and materials), midstream (product design and manufacturing), and downstream (market promotion and user services) segments [9][10] - Upstream technologies include AI chips, sensors, and algorithms that enable interaction, while midstream focuses on product design and assembly, integrating AI with popular content [9] - Downstream activities involve marketing, sales channels, and ongoing services, with a focus on diverse applications for different age groups [10] Market Trends - The AI companion sector has seen a significant increase in investment activity, with funding events rising from 13 in 2020 to 22 in 2023, indicating growing capital interest [10] - Companies like Lomi Intelligent and Luobo Intelligent are emerging in the AI companion space, focusing on emotional interaction and multi-modal technologies [12][15] - SLAY GmbH's product, Pengu, has gained over 15 million users globally, showcasing the potential for AI companions to integrate into social relationships [18][19] Regulatory Environment - New regulations for AI emotional companions were proposed in December 2025, emphasizing strict data usage policies for training models [23] - The regulations aim to protect user data and ensure ethical practices in AI interactions, which could impact the development and deployment of AI companions [23]

Group 1 - The article emphasizes the significance of the F&M Innovation Festival, highlighting the intersection of business, technology, and human value, encouraging individuals to redefine themselves and seek breakthroughs [4] - The event will take place from November 22 to November 23 in Beijing, attracting over 5,000 attendees and more than 200 key opinion leaders (KOLs) and authors from the Tiger Sniff platform [4] - The festival aims to foster connections among individuals who are willing to challenge the status quo and utilize AI to reshape their identities and experiences [4] Group 2 - The article mentions a limited offer for free tickets to the F&M Innovation Festival, which can be redeemed through a mini-program by entering a specific code [3] - The event features a roundtable discussion with notable guests, focusing on the role of AI in capturing moments and transforming experiences [1]

Core Viewpoint - The article emphasizes the significance of innovation and the role of AI in reshaping experiences and identities, encouraging individuals to break free from past labels and redefine themselves through technology [4]. Group 1: Event Overview - The F&M Innovation Festival will take place from November 22 to November 23 in Beijing, specifically at the 798 Art District [4]. - The event is expected to attract over 5,000 attendees and feature more than 200 key opinion leaders (KOLs) and authors from the Tiger Sniff platform [4]. Group 2: Participation and Engagement - Attendees can obtain limited free tickets by using a specific redemption code in the Tiger Sniff FM Innovation Festival mini-program [3]. - The festival aims to connect individuals who are willing to challenge their past selves and explore new identities through AI [4].

Core Insights - The rise of the emotional economy is a significant trend in China's consumer market, driven by a shift from material needs to emotional fulfillment as basic needs are met [4][7] - The emotional consumption market in China is projected to exceed 800 billion in 2024, with an annual growth rate of 25%, potentially surpassing 2 trillion by 2025 [4][5] Group 1: Market Dynamics - The emotional economy is characterized by the emergence of seemingly "useless" products that carry high emotional value, such as stress-relief toys and collectible blind boxes, which have seen substantial sales growth [5][6] - The service sector is witnessing a boom in experiential emotional offerings, including paid study rooms and emotional support services, with the ice and snow leisure tourism expected to generate over 630 billion in revenue in the 2024-2025 season [5][6] - Digital consumption is also on the rise, with AI companionship services and virtual emotional support gaining popularity, reflecting a significant increase in demand among younger consumers [6][7] Group 2: Consumer Behavior - The Z generation, comprising 260 million individuals, accounts for over 40% of total consumption, with a significant portion directed towards products that provide emotional value [4][5] - Consumers are increasingly viewing purchases as a means of self-expression and emotional satisfaction, leading to a shift in consumption logic [4][5] Group 3: Business Implications - Companies are adapting their product designs to incorporate both functionality and emotional appeal, as seen in successful cultural products and innovative marketing strategies that resonate emotionally with consumers [6][7] - The emotional economy is creating new job roles, such as emotional designers and digital therapists, while also revitalizing traditional retail spaces through thematic transformations [6][7] Group 4: Regulatory Considerations - The emotional economy faces unique challenges, including the lack of regulatory oversight for virtual services, which can lead to potential harm and exploitation [7][8] - There is a pressing need for regulatory frameworks to ensure ethical practices in the emotional economy, balancing consumer protection with the growth of this emerging market [7][8]

Core Insights - The report highlights that "emotional value" has become a core necessity in the spiritual lives of young people by 2025, driven by the rise of emotional consumption among the youth [1] - The findings are based on a survey conducted by Soul App, which collected 2,338 valid responses, with approximately 70% of respondents being from Generation Z (post-1995 and post-2000) [3] Emotional Consumption Trends - Over 90% of young people recognize "emotional value," with many having experiences of paying for it, and nearly 40% are frequent consumers [3][4] - The average monthly expenditure on emotional consumption is 949 yuan, with 18.1% of youth willing to spend over 2,000 yuan monthly [4] Motivations and Preferences - The primary motivations for young people to pay for emotional value are "emotional tuning" and "gaining understanding and recognition," with women favoring self-rewarding consumption and men seeking understanding through consumption [6] - The top five categories of emotional consumption include physical goods (40.7%), experiential consumption (39.4%), social relationship consumption (28.1%), digital consumption (27.7%), and co-branded/IP-related consumption (24.9%) [6] Age-Related Consumption Patterns - Younger groups are more inclined to pay for social relationships and digital consumption, with the highest average spending in these categories observed among those aged 18-20 and 21-25, respectively [7] - Significant growth in interest for "AI companionship" and "digital avatars" has been noted, with post volumes and search volumes increasing dramatically on the Soul platform [7] Consumption Timing and Psychological Aspects - More than half of young people exhibit regular consumption patterns, with peak times occurring after 10 PM and during work breaks [9] - Emotional consumption serves dual purposes: 48.4% engage in it for emotional stability, while 34.9% do so to celebrate happiness [10] - The report indicates a shift towards a more rational and mature perspective on emotional consumption among young people, emphasizing the importance of diverse social networks for long-term emotional health [10]

Group 1 - The article highlights several upcoming AI events, including the "AI Creator Carnival" hosted by Silicon Star, which will take place from September 17 to 21, 2025, featuring technology exchanges, product demos, and workshops [2][4] - The Voice Agent Camp organized by the RTE Developer Community will showcase 17 demo projects related to AI voice services, including AI customer service and AI companionship, on September 22, 2025 [5][6] - The S Innovation Shanghai 2025 event, organized by Slush China, will occur on September 23-24, 2025, featuring six stages with discussions on various fields such as green technology and healthcare [6] Group 2 - The Cloud Summit will feature a dedicated exhibition area for Generation Z innovators, showcasing 50 outstanding cases of AI works, aimed at engaging 60,000 attendees from around the world [7][8] - The article provides links for registration and further details on the events, encouraging participation from AI builders, investors, and industry researchers [5][6][9]

Core Insights - The report highlights the rising trend of "emotional consumption" among the Z generation, indicating a shift from material preferences to emotional satisfaction as a primary consumer behavior [1][4][12] - Emotional value is recognized by over 90% of young people, with nearly 60% willing to pay for it, reflecting a significant increase of 16.2% compared to 2024 [4][11][12] Group 1: Emotional Consumption Trends - The report indicates that emotional consumption is becoming a core driver in the Z generation's market, with 56.3% of young consumers engaging in "happy consumption" [11][12] - Monthly spending on emotional consumption averages 949 yuan, with 18.1% of youth willing to spend over 2000 yuan monthly [16][12] - Emotional consumption is often triggered by both positive and negative emotions, with 48.4% of youth actively consuming to stabilize their emotions [30][12] Group 2: Demographics and Preferences - The Z generation, particularly those born after 1995, constitutes about 70% of the respondents, with a notable preference for emotional value derived from social interactions [4][11] - Male consumers tend to seek understanding and recognition, while female consumers are more inclined towards self-reward and self-care [23][24] - The report shows that younger individuals are increasingly willing to pay for social relationships and digital experiences, with the highest average spending in these categories [24][27] Group 3: Emotional Value Perception - Over 70% of young people believe that the standards for obtaining emotional value through consumption are rising, with many seeking more customized and immersive experiences [36][12] - The emotional value is perceived as essential for mental health and life motivation, indicating a shift in consumer priorities towards emotional well-being [12][36] - The report identifies a growing trend where young consumers are more selective, preferring higher quality and more meaningful products [36][12]