华西证券发布研报称情绪消费红利(人均收入↑+闲暇↑+代际更替)驱动千亿级IP市场扩容但中国仍处早期(人均消费为美国1/6

智通财经
04 Jul
华西证券发布研报称情绪消费红利(人均收入↑+闲暇↑+代际更替)驱动千亿级IP市场扩容但中国仍处早期(人均消费为美国1/60)。头部企业需通过IP情感化设计(Labubu)、跨媒介开发(乐园/影视)及全球化布局(泡泡玛特海外收入+375%)抢占增量同时警惕单一IP依赖(Hello Kitty历史波动)及内容创新不足风险。相关受益标的:泡泡玛特(09992.HK)、布鲁可(00325.HK)、量子之歌(QSG.US)、名创优品(09896.HK)。

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