2025年，中国电影迎来诞生120周年的重要节点。在年初的市场喧嚣与年中的行业沉淀之间，中国电影 行业挣脱固有边界，走出了一条兼具突破力与生命力的"惊喜"之路。 截至12月25日，我国电影市场2025年票房已超过510亿元。年度票房前十名的影片分别为《哪吒之魔童 闹海》《疯狂动物城2》《唐探1900》《南京照相馆》《731》《浪浪山小妖怪》《捕风捉影》《封神第 二部：战火西岐》《熊出没·重启未来》和《长安的荔枝》，其中国产影片占据九席，合计票房超410亿 元。 张大伟 制图 ◎记者 杨翔菲 中国电影家协会联合大麦娱乐灯塔研究院发布的《2025中国电影市场及观众变化趋势报告》（简称《报 告》）显示，预估全年观影人数达5.13亿，创下2020年以来新高。 这一年，电影不再只是单纯的娱乐选项，已成为承载情感共鸣、文化认同与极致体验的消费新载体，既 激活了消费新活力，也筑牢了文化自信的根基。 动画电影： 从亲子专属到全龄共鸣 2025年，中国动画电影实现了历史性跨越，体现了我国文化创意产业的蓬勃生机。 截至12月25日，动画电影票房已超251亿元，创下历史新高，占据全年总票房的近半壁江山，从"儿童专 属"的银幕"配菜 ...

证券之星消息，12月23日影视院线板块较上一交易日下跌1.31%，博纳影业领跌。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。影视院线板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601595 | 一海甲影 | 1220.85万 | 8.67% | -261.50万 | -1.86% | -959.35万 | -6.82% | | 300251 | 光线传媒 | 828.59万 | 2.04% | 39.85万 | 0.10% | -868.45万 | -2.13% | | 300027 华谊兄弟 | | 265.46万 | 1.61% | 181.20万 | 1.10% | -446.65万 | -2.71% | | 603721 | *ST天择 | 214.43万 | 7.15% | -183.76万 | -6.13% | -30.6 ...

（原标题：万达电影入股智能设备研发商方图科技，后者含智能机器人业务） fund 企查查APP显示，近日，广州方图科技有限公司发生工商变更，新增万达电影（002739）为股东，同时 注册资本增至1344.54万元。企查查信息显示，该公司成立于2018年，经营范围包含：智能机器人的研 发；人工智能理论与算法软件开发；人工智能通用应用系统；集成电路制造等。据其官网，方图科技是 一家专注于智慧警务、智慧企业、智慧校园、智慧政务系统解决方案提供商，致力于研发、生产和销售 智能设备的高新技术企业。 ...

Core Insights - Guangzhou Fangtu Technology Co., Ltd. has recently undergone a business change, with Wanda Film becoming a new shareholder and the registered capital increasing to 13.4454 million yuan [1] Company Overview - Fangtu Technology was established in 2018 and focuses on the research and development of intelligent robots, artificial intelligence theory and algorithm software development, general application systems for artificial intelligence, and integrated circuit manufacturing [1] - The company positions itself as a high-tech enterprise dedicated to providing solutions for smart policing, smart enterprises, smart campuses, and smart government systems, as well as the research, production, and sales of intelligent devices [1]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The report highlights that the daily usage of Doubao Tokens has surpassed 50 trillion, ranking first in China and third globally. The gaming market is expected to grow steadily by 2025, with female-oriented games experiencing growth rates significantly above the industry average [2][4]. Industry Summary - The Doubao model was launched by Huoshan Engine, with significant improvements in capabilities, including enhanced agent abilities, multimodal capabilities, and context management [8][9]. - The domestic gaming market is projected to reach a revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%. Mobile games, PC games, and console games are expected to see growth rates of 7.92%, 14.97%, and 86.33%, respectively [13][19]. - The female-oriented gaming segment is rapidly expanding, with a market size of 8 billion yuan in 2024, marking a year-on-year increase of 124.1% [19]. - The report recommends investment in specific companies within the media sector, including Wanda Film, Perfect World, and Mango Super Media, among others, due to their potential for sustained high growth [7][21].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [10]. Core Insights - The report emphasizes the concept of "Reward Economy," which is seen as a strategic initiative to expand domestic demand. The media industry, with its dual attributes of technology and consumption, is positioned to leverage this trend to stimulate curiosity-driven and emotional consumption [3][4]. - The cinema sector is expected to benefit from increased consumer spending on experiences, particularly during festive seasons, with a lineup of both domestic and international films anticipated to boost box office attendance [4]. - The IP derivatives market in China is projected to grow significantly, with the market size expected to increase from 174.2 billion yuan in 2024 to 335.7 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 14% [4][8]. Summary by Sections Media Industry Performance - The media sector has shown a relative performance of -1.1% over the past month, -8.0% over three months, and a positive 10.4% over the past year compared to the CSI 300 index [1]. Consumer Behavior Trends - Changes in population structure are influencing consumer behavior, shifting focus from mere material acquisition to a holistic enhancement of life quality, including spiritual and emotional satisfaction [3]. - The "Reward Economy" reflects a growing demand for meaningful consumption, where purchases are driven by emotional significance rather than just functional needs [3]. Cinema and Experience Economy - The cinema sector is highlighted as a key player in the experience economy, with strategic investments in IP and social consumption aimed at attracting younger audiences [4]. - Notable companies like Wanda Film and Shanghai Film are adapting their business models to focus on IP-driven ecosystems that resonate emotionally with consumers [4][8]. IP and AI Integration - The report identifies a growing market for IP-related products, including toys and trading cards, with significant growth expected in the coming years. The IP toy market is projected to grow from 75.6 billion yuan in 2024 to 167.5 billion yuan by 2029, with a CAGR of 17.2% [4][8]. - AI-enhanced products, such as AI toys and smart glasses, are emerging as new consumer choices, further driving engagement in both online and offline experiences [7][8]. Investment Opportunities - The report suggests focusing on cinema chains (e.g., Wanda Film, Hengdian Film), IP-related products (e.g., Mango Super Media, Aofei Entertainment), and new experience-driven exhibitions (e.g., Oriental Pearl, Bilibili) as potential investment targets [8].

Group 1 - The film stocks that rebounded yesterday returned to weakness today, with a collective drop at the beginning of the trading session [1] - Bona Film Group fell over 7%, China Film Group dropped over 5%, and Beijing Culture decreased nearly 4% [1] - Other companies such as Huace Film & Television, Huayi Brothers, and Happiness Blue Sea also saw declines of over 2% [1] Group 2 - Bona Film Group's market value is 13.7 billion, with a year-to-date increase of 63.13% [2] - China Film Group has a market value of 29.6 billion, with a year-to-date increase of 37.01% [2] - Beijing Culture's market value is 3.673 billion, with a year-to-date decrease of 25.97% [2] - Huace Film & Television has a market value of 15 billion, with a year-to-date increase of 10.14% [2] - Huayi Brothers has a market value of 5.632 billion, with a year-to-date decrease of 22.52% [2] - Happiness Blue Sea has a market value of 7.057 billion, with a year-to-date increase of 117.70% [2]

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

Core Insights - Wanda Film reported strong sales of merchandise related to the release of "Zootopia 2," indicating a successful product launch and consumer interest [2] Group 1: Product Performance - The company highlighted that various themed products, including packaging, figurines, plush toys, blind boxes, stationery, and keychains, have achieved good sales performance [2] - Notably, the carrot-shaped popcorn bucket is exclusively sold in China, contributing to the uniqueness of the product offering [2]

Core Viewpoint - Wanda Film is committed to enhancing shareholder returns and improving investor understanding of the company's business and intrinsic value through a well-defined shareholder reward mechanism [2] Group 1 - The company has developed a shareholder return plan based on existing technological conditions and practical situations [2] - Wanda Film will further research and refine its shareholder return mechanism in the future [2] - The company aims to actively engage in shareholder return activities to express gratitude to its investors [2]