According to Zhitong Finance APP, Kaiyuan Securities released a research report stating that the current new consumption sector is accelerating iteration around three main lines: &#34;joyful health,&#34; &#34;technological transformation,&#34; and &#34;travel consumption.&#34; Sub-sectors such as trendy toys, healthy eating, beauty economy, and AI+ consumption are showing structural growth potential. With the empowerment of IP content, guidance from health policies, deepening of domestic product substitution, and the application of AI technology, companies with independent product iteration capabilities and a comprehensive ecological layout are expected to benefit in the long term.
<h2>The main viewpoints of Kaiyuan Securities are as follows:</h2>
1. Joyful health: Seeking &#34;small happiness&#34; in life, new consumption brands are reaching new heights
(1) Trendy toys: The global trendy toy industry is currently in a historical opportunity period characterized by the globalization of IP cross-regional penetration, accelerated iteration and innovation of categories, improvement of channel network ecology, and gradual penetration of IP culture across generational consumption. Looking ahead to 2025, the global major IP movie sequels will be released intensively, and local film and game IPs will rise in multiple dimensions. Under the empowerment of IP content, the market space for licensed derivative products is vast. From a category perspective, the interactive characteristics of building block toys create a unique cross-generational IP operation space, with strong innovation in products and high user stickiness driving the sector's growth. At the same time, the trend of &#34;IP+&#34; cross-category fashion in clothing, jewelry, and food toys brings opportunities for user value enhancement. Globally, despite differing starting points, all players' growth paths ultimately focus on building an &#34;IP-product-user&#34; ecosystem. In the long run, companies with deep independent product iteration capabilities and a cross-media user ecosystem are expected to stand out in the new round of the IP wave. Beneficiaries: POP MART, BLOKS, WAHLAP.
(2) Healthy eating and efficiency: The National Health Commission has proposed 2025 as the &#34;Weight Management Year,&#34; with sectors such as fruits and vegetables, light meals, and medicinal cuisine rising. According to iiMedia Research, China's meal replacement industry scale has grown from only 5.8 billion yuan in 2017 to 132.2 billion yuan in 2022, with an expected growth rate of 21.7% from 2022 to 2027, reaching 353.5 billion yuan by 2027. KFC and Nayuki's Tea are increasing their layout in the light meal salad sector, while beverage companies like Gu Ming and Heytea are launching fruit and vegetable teas and body-slimming teas that are popular among consumers. The opportunity for freshly made tea drinks and coffee to replace ready-to-drink soft drinks is significant, with many brands in an upward momentum. Beneficiaries: Mixue Group, Gu Ming, Bawang Chaji, Luckin Coffee.
(3) Beauty: Online channels still have growth potential, with Douyin channels showing broader development potential. In terms of performance, domestic brands show differentiated results. The trend of domestic substitution continues, with the market share of domestic products rising from 13.3% in 2022 to 19.9% in 2024. Leading domestic brands are deeply cultivating and taking advantage of the trend, with a three-pronged approach of trend leadership, multi-product/brand layout, and leading channel strategies. Beneficiaries: Juzhi Biotechnology, Mao Ge Ping, Shangmei Co., Ltd.
(4) Travel: Post-pandemic travel represents a form of spiritual consumption, and travel has gradually become a relatively essential need within low-frequency optional consumption, demonstrating strong anti-cyclical resilience. With the enhancement of national leisure awareness and the expansion of holiday consumption policies, the firm expects the central growth rate of the market to maintain in the mid-to-high single digits (7-8%), while inbound and outbound tourism continues to recover. OTA platforms, as tourism ETFs, benefit from the overall market prosperity, enhancing their distribution position in terms of traffic and elevating their position in the industry chain. After the competitive landscape stabilizes, this provides core support for the sector's profitability
Reviewing the historical valuation of the sector, investment recommendations are combined with the marginal changes in the tourism market's prosperity and the platform's own adjustment rhythm in expenditure. Beneficiaries: Trip.com Group-S, Tongcheng Travel.
2. Technological Revolution: The AI boom drives a creator ecosystem for new marketing, with diverse applications expected in beauty, tea drinks, and more
(1) AI + Consumption: AI supports the prosperity of ecosystems like video and podcasts, with innovative marketing emerging in beauty and tea drink sectors. By June 2024, the number of active creators on content platforms is expected to grow by 62% year-on-year. AI is democratizing content creation, and by March 2025, Meitu ranked 4th among Chinese non-gaming companies in overseas revenue. Meitu's AI material generator Whee has impressive download numbers and growth rates. According to Guanyan Tianxia, with the rise of the &#34;ear economy,&#34; the number of Chinese podcast listeners in China tripled from 2020 to 2022, exceeding 100 million, and it is expected to surpass 150 million by 2025, ushering in a new cycle for podcast entrepreneurship. (2) AI is also rapidly landing in education and human resources, benefiting: Meitu, Youdao, Keri International, and Tongdao Liepin.
3. Travel Consumption: Combining resilience and growth, focus on strong alpha leaders during the expansion cycle
(1) Local Life: Meituan and Didi are expanding into the Brazilian food delivery market, which has a market size exceeding USD 20 billion. Beneficiary: Meituan. (2) Tea Drinks Going Global: Eastern tea culture spread along the Chinese Silk Road and during the British colonial period to the Middle East, South America, Africa, and other parts of the world. Brands like Mixue Ice City and Bawang Chaji are expanding into Europe, the United States, and the Middle East. Beneficiaries: Mixue Ice City, Bawang Chaji.
(3) Trendy Toys: Leading players POP MART and BLOKS are accelerating their global expansion, with the IP/product/brand momentum engine spiraling upwards, expected to create emotional premiums for global consumers across a wider range of categories.
Risk Warning: Domestic and global macroeconomic fluctuations; project implementation falling short of expectations; retail performance below expectations; intensified industry competition from new entrants or existing competitors, etc

301011

00325

09992

KaiYuan Securities released a research report, expecting the overall market growth rate to maintain at 7-8%, with inbound and outbound tourism continuing to recover. The new consumption sector is accelerating iteration around three main lines: "joyful health and wellness," "technological transformation," and "travel consumption." Sub-sectors such as trendy toys, healthy eating, and the beauty economy show structural growth potential. Companies with independent product iteration capabilities and a comprehensive ecological layout will benefit in the long term. Beneficiary targets include POP MART, BLOKS, and WAHLAP

- Open Source Securities reports that the new consumption sector is rapidly evolving around three main themes: "well-being," "technological transformation," and "travel consumption."  
- Key growth areas include trendy toys, health food, beauty economy, and AI-driven consumption, with companies capable of product iteration and ecosystem development expected to benefit long-term.  
- The report highlights significant market opportunities in various segments, including the rise of local brands and the impact of AI on marketing and content creation.

Zhitong

WAHLAP

BLOKS

POP MART

ByteDance

Youdao

GUMING

Luckin Coffee

TRIP.COM-S

Career International

MEITUAN

TONGCHENGTRAVEL

HEYTEA

MIXUE GROUP

TONGDAO LIEPIN

NAYUKI

Open Source Securities: Focusing on the demand for "Joyful Health and Wellness," technology + model iteration generates investment opportunities in the era