The Zhitong Finance App learned that Wanlian Securities released a research report saying that the competition economy is in a historical window where consumption structure changes, policy dividends and business model inflection points resonate; China's service consumption share has returned to pre-epidemic levels, consumption structure upgrading and sports industry service transformation to provide demand support and industrial foundation for event economic development; against mature overseas models, commercialization of domestic events is expected to accelerate, and China's sports events are on the eve of a switch from competition feitudes to sponsorship and ticket volume. The bank suggests following the four-tier structure of the industry chain to focus on the core value layer, upstream supply layer, and downstream supply layer consumption There are three main investment lines.
The main views of Wanlian Securities are as follows:
Wanlian Securities: The tournament economy is booming, and the future looks at the revaluation of IP values
The tournament economy is in a historical window where the three phases of changes in consumption structure, policy dividends, and inflection points in business models resonate. The share of service consumption continues to rise, approaching a structural tipping point, and experiential consumption is rapidly penetrating; the goal of the sports industry exceeding 7 trillion yuan in 2030 anchors the main line of industry growth, and the competition economy is listed as a core task in the 2026 government work report; against overseas markets, China's leading events are on the verge of switching from competition fees to sponsorship and ticket volume, and global media copyright is in a historic inflation cycle, providing a clear reference for domestic competition IP value revaluation.
Following the four-tier structure of the industrial chain, it is recommended to focus on the three main lines of investment
(1) Core value layer: Competition IP is the link with the strongest pricing power and the highest profitability in the industrial chain. Under a pattern dominated by domestic associations and local governments, enterprises that can obtain scarce IP operation licenses have the conditions to be the first to redeem policy and business model dividends, and are highly flexible in growth. It is recommended to focus on event operators that have obtained the right to operate core events and have the ability to replicate across categories.
(2) Upstream supply layer: The construction of a “15 minute fitness circle”, the expansion of local leagues, and the construction and renovation of new stadiums have brought rigid orders for leading equipment and materials. Leading companies with professional competition certification and integrated design, construction, operation and maintenance capabilities have stronger bargaining power and order acquisition capabilities in the high-end market, leading to increased performance by entering overseas. It is recommended to focus on the pace of overseas expansion of leading segments in the field of venue materials and fitness equipment.
(3) Downstream consumers: Major cyclical events drive strong consumer demand for beer, instant retail, etc. The cycle of events such as the Nagoya Asian Games continues, and spectator parties, nighttime consumption, and instant delivery scenarios will continue to benefit. It is recommended to focus on the beer, beverage, and instant retail sectors, which are deeply tied to the competition scene, during the competition cycle, and also pay attention to the release of leading sportswear brands during the event marketing window.
The tournament economy is on the rise, and policy foundations are being built to boost scale expansion
The share of service consumption in China has returned to pre-epidemic levels. The upgrading of the consumption structure and the transformation of the sports industry into services have provided demand support and industrial foundation for the economic development of events. Top-level policies continue to be improved. The “Fifteenth Five-Year Plan for Building a Strong Sports Nation” establishes the competition economy as one of the strategic cores of industrial development. Local governments actively introduce high-level events, cultivate local event brands, promote the expansion of event supply, and drive related consumption through “sports+cultural tourism”, unleashing the multiplier effect of the tournament economy.
In line with mature overseas models, commercialization of domestic competitions is expected to accelerate
Leading international tournaments present the commonality of “copyright as the core, scarcity as the shield, and content as the wing”, and build a diversified monetization system based on scarce competitive resources and mature content operations. In contrast, domestic competition copyright development is still in its early stages, and there is still plenty of room for improvement in the level of commercialization. China's sporting events are on the eve of a shift from competition feitodization to sponsorship and ticket sales. As demand for spectators grows, brand sponsorship expands, and investment in streaming content increases, “ticket sales, and copyright breaking to zero” is expected to drive the upgrade of the tournament revenue structure and gradually release the commercial value of high-quality IP.
The expansion of the competition drives demand in the industrial chain, and each segment focuses on the beneficiary path
The expansion of the scale of event operations and profit constraints coexist, and policy catalysts promote the expansion of business to high-value-added commercial development; venue operations rely on core location and scarcity of resources to improve management through competition drive and inventory efficiency; fitness equipment and venue materials benefit from facility construction and renewal requirements, and overseas travel contributes to increased growth. On the consumer side, sportswear uses event marketing to enhance brand influence and sales transformation. Sports lottery shows high flexibility during the competition cycle, and related service providers receive indirect benefits; beer, energy drinks, and instant retail accept demand for games, parties, and nighttime consumption, and the competition catalyzes high-end beer consumption, and the expansion of the scenario drives the growth of instant delivery orders.
Risk factors: Risk of macroeconomics and consumption falling short of expectations, risk of policy changes such as tournament approval and supervision, risk of competition pace and safety risk, risk of uncertainty in tournament IP licensing and renewal, risk of competition commercialization falling short of expectations.