供需共振下延续高景气，继续布局IP“谷子经济”

Summary of Conference Call on IP Economy Industry Overview - The discussion revolves around the IP economy, particularly focusing on the ACGN (Anime, Comic, Game, Novel) content and its derivatives, which have been rapidly growing and are considered a high-prosperity sector in the media industry [1][2][15]. Core Insights and Arguments - The IP economy is defined as the market for derivatives of ACGN content, which includes both hard and soft merchandise such as figurines, toys, and collectibles [2][3]. - The demand for ACGN products is driven by the Z Generation, whose increasing consumer power and cultural engagement are expanding the market [4][5][6]. - The COVID-19 pandemic has heightened the demand for emotional and psychological fulfillment, leading to a surge in interest in ACGN products among younger demographics [7][8]. - There is a growing willingness among younger consumers to pay for licensed IP content, indicating a shift towards valuing authenticity and quality in their purchases [9][10]. - The supply side is characterized by a growing number of companies entering the market, including traditional retailers and online platforms, which are expanding their offerings of ACGN-related products [13][14][15]. Market Data and Growth Projections - The number of ACGN consumers in China has increased from 270 million in 2016 to approximately 500 million in 2023, reflecting a significant market expansion [15]. - The market for ACGN derivatives is projected to grow at a CAGR of 17% from 2019 to 2023, outpacing the growth of the gaming market itself [16]. - The card game market is expected to see substantial growth, with projections indicating a rise from 12.2 billion in 2022 to over 30 billion by 2027 [18]. Key Trends and Opportunities - The collectible card market is diversifying, with both competitive and non-competitive card types gaining traction, appealing to a broader audience [17][20]. - The social aspect of card games is expanding, attracting older demographics and enhancing community engagement [20]. - The price point for collectible cards remains relatively low, suggesting significant room for growth in consumer spending compared to markets like the US and Japan [21]. - The competitive landscape is becoming more open, with new brands and startups entering the market, which could lead to increased innovation and consumer choice [22][24]. Strategic Recommendations - Companies with strong IP portfolios and effective distribution channels are likely to succeed in the evolving IP economy [26]. - Key players such as Yaoji Technology, Shanghai Film Group, and Yuewen Group are highlighted as potential beneficiaries of the growth in the IP economy, particularly in the collectible card segment [26][27]. Conclusion - The IP economy is poised for continued high growth driven by strong demand and supply dynamics, with a focus on companies that excel in IP management and distribution capabilities [27].