Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

证券之星消息，12月17日影视院线板块较上一交易日上涨0.76%，华策影视领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。影视院线板块个股涨跌见下表： 从资金流向上来看，当日影视院线板块主力资金净流出8332.49万元，游资资金净流出262.74万元，散户 资金净流入8595.23万元。影视院线板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

| | 股 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 002972 | 科安达 | 3.97 | 3.13 | 11.55 | 11.79 | 2.1 1 | | 000428 | 华天酒 | 3.96 | 6.46 | 3.34 | 3.41 | 2.08 | | | 店 | | | | | | | 603088 | 宁波精 | 6.59 | 5.57 | 10.00 | 10.19 | 1.85 | | | 达 | | | | | | | 300565 | 科信技 术 | 4.08 | 10.53 | 12.28 | 12.50 | 1.80 | | 002590 | | | | | | | | | 万安科 技 | 1.99 | 4.25 | 13.60 | 13.82 | 1.65 | | 688266 | 泽璟制 药 | 1.87 | 0.60 | 97.28 | 98.85 | 1.61 | | 600130 | *ST波导 | 1.32 | 1.17 | 3.77 | 3.83 | 1.54 | | 605337 | 李子园 ...

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 - The long drama market is expected to face a "bleak" end in 2025, with significant changes in industry dynamics anticipated due to a challenging environment [1] Group 1: Industry Trends - The traditional "Big Six" production companies are experiencing a decline in both output and market share, with Huace Film and TV significantly reducing its new releases from seven to three this year [2] - New releases from New Classics Media have also decreased, with only one major drama expected in 2025 compared to multiple successful titles last year [3] - The overall production capacity of companies like Noon Sunshine and Ningmeng Media has remained stable, but their new releases have not matched the success of previous years [5] Group 2: Emerging Players - New players in the industry are fiercely competing, with companies like Changxin Media and Jiaxing Media gaining attention through successful new releases [14][16] - Quantum Pan Entertainment and Chunyu Media's collaboration on "Cang Hai Chuan" has emerged as a leading title in the male-oriented drama category, showcasing the potential of new entrants [21] - Other emerging companies like Xixi Film and Xinglian Film have also produced new works, indicating a slight recovery in their performance compared to last year [23] Group 3: Performance Metrics - The performance of dramas has varied significantly, with some productions achieving high ratings while others struggle to gain traction, reflecting the competitive nature of the market [9][11] - The drama "Xu Wo Yao Yan" from Jinhe Media has achieved notable success, marking a significant comeback for the company after a period of fewer hits [18] - The overall sentiment in the industry suggests that even successful productions are facing challenges in achieving blockbuster status, indicating a tough market environment [30]

12月9日，华策影视宣布与群核科技达成战略合作，共同推进空间智能技术在影视内容创作与制作领域 的应用与融合。华策影视将借助Aholo开放平台，围绕虚拟片场生成与影视场景重建以及产业生态协同 共建等方向展开深度合作。 ...

据悉，短剧《墨香缱绻，赘婿竟是资本家》挪用《家业》预告片中场景，从镜头角度到情节设定对《家业》进行像素级复刻，预告里"合墨"、"送八爷"两 大高情浓度名场面都被"复制粘贴"到短剧中。 谁承想，华策影视的古装传奇剧《家业》还未上线，已被短剧抢跑。 《家业》是由爱奇艺、华策克顿旗下宽厚文化联合出品，杨紫、韩东君主演的非遗文化题材古装剧。作为国内首部徽墨文化大剧，该剧以明朝徽州为背 景，讲述了徽州几大制墨家族兴衰更迭的往事。9月25日，剧方正式发布了"制墨文化"预告，预计2026年上线播出。 然而，短剧《墨香缱绻，赘婿竟是资本家》后发先至，于2025年11月底上线，甚至打出"国内首部徽墨文化短剧"的宣传口号。是的，连定位都一模一样。 诚然，短剧"致敬"长剧其实不算新鲜事，但大部分作品"致敬"的对象是播出多年的经典之作。像《家业》这样，复刻剧情、场景、镜头，并且抢在前头播 出的少之又少。 面对短剧这一出"李鬼假作李逵"的戏码，12月1日，《家业》出品方华策影视坐不住了，发布《谴责短剧跟风拍摄的严正声明》，表示已经"固定涉嫌侵权 证据，并将依法追究侵权方的责任"。 而情节与分镜抄袭，用观众更能理解的话翻译一下，就是"名 ...

证券之星消息，根据天眼查APP数据整理，近日，华策影视（广东）有限公司成立，法定代表人为贾 尧，注册资本1000万元，经营范围包含：会议及展览服务;社会经济咨询服务;广告设计、代理;广告制 作;摄像及视频制作服务;图文设计制作;技术进出口;电视剧发行;电影发行;音像制品制作;电视剧制作;广 播电视节目制作经营;演出经纪。天眼查APP股权穿透显示，该公司由华策影视全资持股。 数据来源：天眼查APP 数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，华策影视（广东）有限公司成立，法定代表人为贾 尧，注册资本1000万元，经营范围包含：会议及展览服务;社会经济咨询服务;广告设计、代理;广告制 作;摄像及视频制作服务;图文设计制作;技术进出口;电视剧发行;电影发行;音像制品制作;电视剧制作;广 播电视节目制作经营;演出经纪。天眼查APP股权穿透显示，该公司由华策影视全资持股。 ...

证券日报网讯 12月4日晚间，华策影视发布公告称，控股股东杭州大策投资有限公司解除质押2423万 股，占其所持股份7.49%，占公司总股本1.28%。 （文章来源：证券日报） ...

本报讯 （记者袁传玺）天眼查工商信息显示，近日，华策影视（广东）有限公司成立，注册资本1000 万元，经营范围包括会议及展览服务、社会经济咨询服务、电视剧发行等。股东信息显示，该公司由华 策影视全资持股。 （文章来源：证券日报） ...