Travel insurance covers the expenses incurred and minimizes the risks during travel. It acts as a cushion in situations such as trip cancellation due to medical emergency, loss of baggage, evacuation due to medical condition or hijack, and loss of travel documents, among others. The travel insurance providers are executing travel rules & regulations, developing their existing offering by implementing advanced technologies that addresses a variety of customized coverages in the market, which is expected to fuel the growth of the travel insurance market. An in-depth analysis across North America, Europe, Asia-Pacific, and LAMEA has also been included. This report features information on travel insurance offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.

新式茶饮行业规模大增速快。2019 年新式茶饮行业市场规模为 600 亿 元，2015-2019 年 CAGR 为 29.4%，预计 2019-2024 年 CAGR 为 23.5%。 新式茶饮行业的迅速发展是由消费升级、产品推新、社交媒体、线上渠 道、连锁加盟等多个重要因素共同驱动的。

经历了前期的高速繁荣发展、产业链环节和要素的并购整合，在行业政策趋严、疫情等外部冲击的影响下，文化娱乐行业开始进入增速放缓阶段，部分前期扩张激进的企业面临下游需求收缩、效益不及预期等风险。2019 年，文娱行业上市公司和发债企业的商誉规模和减值损失保持高位，对利润形成较大侵蚀；行业投融资数量大幅下降，景气度趋于低迷，中小影视制作商和前期扩张激进的企业面临淘汰出清，同时行业内资金和资源向头部优质企业集中，行业内部分化加剧。

The global motion picture industry is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the global motion picture industry. These include market forecast, drivers, restraints, opportunities, and role of key players operating in the market. The report is analyzed by genre, which includes Action, Comedy, Drama, Fantasy, Horror and others. The report also segments the market on the basis of demographics mainly Children and Adult. By dimension, the market is studied across franchised and standalone. Furthermore, it includes revenue generated from the sales of tickets at multiplexes and movie theatres by individuals across North America, Europe, Asia-Pacific, and LAMEA.

公司主要销售盲盒/手办/BJD/衍生品四大类产品，其中盲盒为公司最主要的品类，以2020H1为例，盲盒营收6.9亿元，占公司总营收84.2%，其中泡泡玛特品牌的盲盒营收6.4亿，第三方品牌盲盒营收0.5亿。公司的渠道布局非常完备，消费者可通过线下和线上两种方式采购公司相关产品：其中线下占比约60%，覆盖全国33个一二线城市的136间零售店、62个城市的1001间机器人商店、短期快闪店和国际潮玩展（北京&上海）等渠道；线上占比约40%，包含天猫旗舰店、泡泡抽盒机（微信小程序）、微信官方商城、葩趣APP和其他电商平台。

1、泡泡玛特登陆港股，新IP 不断推出。泡泡玛特港股上市首日大涨79.22%，收盘市值高达953 亿元，显示潮玩行业受到市场追捧。泡泡玛特通过IP 开发和渠道铺设形成产业链闭环，新推出哈利波特、周杰伦等系列IP，推动小众潮玩市场破圈进入大众消费市场。2、政策层面：财政部、国家税务总局发布《关于广告费和业务宣传费支出税前扣除有关事项的公告》，自2021 年1 月1 日起，延续了化妆品、医药和饮料（不含酒精）行业的广告费和业务宣传费支出税前抵扣比例为30%，我们认为（1）政策平稳，该政策是此前政策的延续，抵扣比例并未变化；（2）政策对于该三行业是利好，税前抵扣比例高使其税基下降，广告主税负下降。对于广告行业无大影响，来自该三行业的广告投入或有提升。

新模式：存量搏杀时代，私域流量大势所趋 随着移动互联网进入成熟期，用户规模增长放缓，开拓成本不断走高，竞争由流量转变存量，去中心化已成市场趋势，社区、网红等带货价值凸显。同时隐私保护将逐步加强，广告商数据获取受限，私域流量产业链具有巨大的商业价值，未来有望带动营销及品牌建设等领域的变革，产业各方都将在这个快速增长的领域中获益。

重点把握流媒体平台、低估值游戏个股、楼宇广告、内容电商与 跨境电商、社区团购等，展望明年调整后龙头公司和二线公司均有机会。