Citic Sec points out that according to calculations in the domestic pan-second dimension field, from a long-term perspective, under optimistic conditions, it is expected to stimulate over 500 billion IP-derived consumption. There is reason to believe that young consumers will have a higher willingness to pay a premium for personalization and value identification. With the vigorous development of IP-derived consumption as a major trend in the industry, it will inevitably give birth to high-quality companies with content ecology and brand power. At the investment target level, the focus is on both content and commodity dual tracks. On the content side: bullish on companies with mature IP operation capabilities that create derivative consumption in fields like online literature, film, animation, and peripheral products based on IPs; on the commodity side: recommend companies with rich reserves at the IP end that are evolving into IP full-chain operators, suggest focusing on companies transitioning to global IP design retailers, companies involved in domestic Pokemon and star card layouts, leading companies in the domestic trading card market with a complete industry chain layout, as well as companies benefiting from the Hanfu trend, increased prosperity in the rubber and chemical fiber industry related to the improved economy.