Open source securities: the integration of technology and innovation activates new energy for urban development.

Open Source Securities released a research report stating that the first economic launch covers a comprehensive economic model of the entire chain development, including the first performance, brand flagship store, product launch, exhibition debut, etc. It is expected to accelerate development with policy assistance. High-tech empowerment such as AI/AR/drones/Siasun Robot&Automation can further unleash consumer potential. The firm believes that the first economic launch helps drive innovation in technology, models, scenarios, products, etc., and creates benchmark leadership, enhances industry consumption standards, and promotes innovation diffusion. Key points from Open Source Securities: The first economic launch activates new urban momentum, and frequent policy support or continued assistance may accelerate development. The first economic launch covers a comprehensive economic model of the entire chain development, including the first performance, brand flagship store, product launch, exhibition debut, etc. The Central Economic Work Conference in December 2024 emphasized "actively developing the first economic launch," and the Ministry of Commerce stated in its routine press conference the same month that it will accelerate the issuance of policy documents to promote the first economic launch. Policy support may help accelerate the development of the first economic launch. The first economic launch helps drive innovation in technology, models, scenarios, products, etc., and creates benchmark leadership, enhances industry consumption standards, promotes innovation diffusion. For example, in Shanghai from January to July 2024, 770 new flagship stores were opened, a year-on-year increase of 16.5%. The first economic launch is expected to become a new engine driving urban commercial development. AI/AR/drones/Siasun Robot&Automation and other high-tech empowerments promote the first economic launch, or further unleash consumer potential. (1) First performance: Fireworks shows, immersive performances, and concerts use technologies such as light and shadow, AI, AR, drones, holographic 3D, etc., to create exciting performances. Performing arts are expected to become important application scenarios for humanoid Siasun Robot&Automation. The humanoid Siasun Robot&Automation appeared on the CCTV Spring Festival Gala stage in the Year of the Snake, attracting wide attention. Zhejiang Dafeng Industry used bionic machinery to create the grand scene "Qianjiang Tide," and Funshine Culture Group achieved a highly immersive ice and snow visual effect using naked eye 3D, AR, and 8K ultra-clear screens at the opening ceremony of the Harbin Asian Winter Games. (2) Brand flagship store: IP pop-up shops have rapidly risen in recent years, with strong consumer vitality from the "Z generation." The IP Guzi flagship store continues to introduce new products, and supply and demand may stimulate offline commercial premises. (3) Product launch: Jellycat is a new force in the plush toy industry, providing emotional companionship value through cute images, immersive shopping experiences, and humanized product stories. Various AI companionship products are thriving, and many first-launch products are selling well, opening up growth opportunities in AI companion products. (4) Exhibition debut: AI glasses empower overseas exhibitions, CJMF launched a 2.5-dimensional music festival experience, and AI, IP pop-up shops, and other factors helped enhance the exhibition "old trees in new bloom." Actively pay attention to participants in the first economic launch with innovative genes, IP advantages, and operational experience (1) Funshine Culture Group: Utilizes a large number of drone, naked eye 3D, AR, and 8K ultra-clear screen technologies to launch immersive first performances, leveraging high-tech to drive consumer entertainment in the cultural tourism sector; (2) CHINA LIT: Continues to launch IP "Guzi" flagship stores and launch immersive interactive dramas and other emerging content linked to IP; (3) Shanghai Film: Its Shanghai Element IP reserves are rich, with the Meiluo City expanding the "Guzi" format; (4) Alpha Group: Empowers toys with "AI+IP," launching the Xiyangyang AI plush doll; (5) Hangzhou Shunwang Technology: The influence of the CJ exhibition continues to expand, while also launching a 2.5-dimensional music festival experience; (6) Zhejiang Dafeng Industry: Uses bionic machinery to launch the main torch "Qianjiang Tide," actively layout performing arts "mech show"; (7) ALI PICTURES: Its subsidiary Damai.com is a leading ticketing platform in China, benefiting from the economic upswing of concerts; (8) MAOYAN ENT: Leading online movie ticketing, with rich experience in "traffic advantage + self-produced content"; (9) Citic Press Corporation: Incubates the emerging consumer brand "Guzi Guzhi" in its bookstores; (10) COL Group Co., Ltd.: Focuses on the development of IP derivative products, exploring the brand's dimensional mysteries; (11) Beijing Yuanlong Yato Culture Dissemination: A leading company in the gift-giving industry and IP cultural dissemination, expanding the cultural landscape with IP pop-up activities; (12) Guangdong Brandmax Marketing: A comprehensive experiential marketing service provider, with years of experience in pop-up formats; (13) Zhejiang Jinke Tom Culture Industry: Strong IP influence, unveiling the AI companion Siasun Robot&Automation; the firm recommends actively paying attention to participants in the first economic launch with innovative genes, IP advantages, and operational experience, with a focus on Funshine Culture Group, CHINA LIT, Shanghai Film, Alpha Group, Hangzhou Shunwang Technology. Beneficiary targets include Zhejiang Dafeng Industry, ALI PICTURES, MAOYAN ENT, Citic Press Corporation, COL Group Co., Ltd., Beijing Yuanlong Yato Culture Dissemination, Guangdong Brandmax Marketing, and Zhejiang Jinke.- Culture Industry such as Tom.Risk Warning: The introduction of the first store and product launch may not meet expectations, and offline consumer recovery may not meet expectations.