3月22日新三板开盘必读：文灿股份过会重燃新三板投资热情

百度 在分权条件下，中央政府可以对地方政府从外部施加限制，而无法对地方政府的行为和相互关系进行精确的定义和引导；地方只会以提升自身对中央的要价为目标，不需要对整体布局有较深入的理解，也不需要与中央和其他地方政府的交流和互动。

Thanks to the accelerated integration of e-commerce and the real economy in recent years, new business forms, models and scenarios like instant retail and livestream marketing have rapidly emerged, and the knowledge-based economy and the gaming industry have boomed, with young people leading digital consumption trends.

Young people, as "digital natives," pursue instant efficiency, high-quality lifestyles, and cost-effectiveness, while also having strong cultural and entertainment demands. They are more selective in their consumption preferences and are naturally inclined toward digital consumption.

New trends in online shopping

Recently, at a bonsai livestream base in Shuyang county, east China's Jiangsu Province, livestreamers sell beautiful potted landscapes to customers nationwide through competitive bidding.

"Single items like bonsai red plums and black pines are very popular among young consumers," said Zhou Yanling, hostess of the livestream session, adding that this innovative livestream form brings together multiple livestreamers to form a livestream matrix, attracting more consumers, especially young people.

An agricultural innovator sells bonsai via livestream in a greenhouse in Jindong district, Jinhua, east China's Zhejiang province, Dec. 9 2024. (People's Daily Online/Yang Meiqing)

In recent years, Shuyang county has been vigorously promoting digital consumption and a new livestream e-commerce model for flowers and plants. This has boosted the sales of flowers, plants, and bonsai in domestic and international markets. Products such as flowers for the Spring Festival are now exported to countries and regions including the United States, Malaysia, and Singapore.

Today, over 350,000 people in the county work in the flower and plant industry. The county is home to more than 50,000 flower and plant e-commerce businesses, generating 35 billion yuan ($4.82 billion) in flower and plant sales in 2024.

New forms of online shopping brought by livestream and short video marketing and instant retail are also creating new consumption demands for young people.

According to estimates by a research group from the National Academy of Economic Strategy at the Chinese Academy of Social Sciences, China's retail sales of livestream e-commerce reached 4.3 trillion yuan in the first 11 months of 2024.

"Livestream e-commerce is a brand-new shopping model that combines entertainment, shopping, and social interaction, which is popular among young people," said Hong Tao, vice president of the China Consumer Economics Society and director of the Institute of Business Economics at Beijing Technology and Business University.

Hong added that according to related data, those born after 1990 are the main consumer group for livestream e-commerce.

Meanwhile, rapidly rising instant retail is becoming a "favorite" among young people. Meituan Shangou, the quick-commerce arm of Chinese online food delivery platform Meituan, sold 500 million sets of pre-cut fruits in 2024, and sales of fresh flowers, face masks, dresses, blind boxes, and game controllers all grew significantly, with blind box sales skyrocketing by 990 percent year on year.

Wang Kai, a researcher at the Meituan Research Institute, said that new consumption behaviors of instant retail services—such as ordering flowers, blind boxes, dresses, game controllers, and small home appliances, ordering necessities while on business trips, and placing late-night delivery orders—are mostly driven by young people who are more adaptable to and fond of new consumption models.

Rising potential of pay-for-knowledge industry

Recently, 30-year-old Zhang Lin purchased a PowerPoint template from an online template-sharing platform. This platform features a vast selection of user-generated templates, and the one she bought had already been purchased by over 100 users, providing income to the original designer.

With digital platforms transforming knowledge and education into paid services, the pay-for-knowledge market has experienced rapid growth. The market size of China's pay-for-knowledge industry grew from 2.65 billion yuan in 2016 to 112.65 billion yuan in 2022. The sector is expected to reach 280.88 billion yuan by 2025, with a user base of 640 million people, including a significant portion of young people.

As short-form video platforms gain popularity, video and livestream-based knowledge content is playing an increasingly important role. Algorithms now help match users with relevant courses, reducing the time spent searching for learning materials.

On various platforms, educational videos catering to career skills, hobbies, and personal growth range from a few yuan to over 10,000 yuan. Meanwhile, experts on Q&A platforms generate tens of thousands of yuan per month by publishing high-quality paid articles.

Young consumers have become more selective, prioritizing content quality, personalization, and cost-effectiveness.

"I spent 1,200 yuan on a six-month online fitness coaching program," said university student Zhu Meng. "The videos are detailed, I can pause and replay them, and my coach customizes my workout and diet plan every month while answering my questions anytime." Some online fitness trainers reportedly handle over 10 clients per week.

The rise of AI-powered education is also shaping the industry. A new AI-powered language-learning app allows users to converse with AI characters in different accents and roles, receiving real-time grammar corrections and pronunciation feedback. University student Li Xiao opted for a lifetime membership, stating: "It's just like talking to a real person, but without social anxiety. It's perfect for students who lack access to foreign teachers."

Booming gaming economy

The total revenue of China's gaming industry exceeded 320 billion yuan in 2024, with domestically developed games raking in 280 billion yuan, according to data from the 2024 China Game Industry Annual Conference. The number of players in the country reached approximately 670 million.

"In recent years, domestic games have developed rapidly, with people under 35 making up the majority of players in China. Many games are designed according to young people's preferences," said Liu Mengfei, a graduate supervisor at the School of Arts and Communication, Beijing Normal University.

Liu added that games incorporating excellent traditional Chinese culture are popular among young people, and Chinese-style games are increasingly common.

The 2024 Chinese Youth Consumption Trends report reveals that nearly 30 percent of young respondents consume for emotional value.

"Previously I bought more foreign triple-A games, but now domestic games are getting better and better. My friends and I are very excited and buy them immediately to show support," said 29-year-old Xu Wang, who has been purchasing games on gaming platforms since 2017 and has bought nearly 200 games worth over 10,000 yuan.

Gaming is not just about software—it also drives hardware sales, offline tourism, and cultural events. Some players even upgrade their gaming gear, spending thousands of yuan annually. The success of "Black Myth: Wukong" has driven related cultural tourism in Shanxi, proving that gaming is a thriving and expansive economic force.