华金证券：国内长剧内容供给创新 微短剧市场多元发展

Group 1 - The domestic long drama market in Q3 2025 shows significant "head effect, frequent high-quality content, enhanced platform dominance, and diversified business models," despite a slight decline in total market volume [4] - The top 20 long dramas in Q3 2025 achieved 14.5 billion effective views, a 10% year-on-year decrease, while the number of new long dramas with effective views between 10 million and 20 million increased by 7 [4] - The proportion of exclusive domestic new dramas reached 79%, up 6 percentage points year-on-year, with platforms like Youku and Mango TV deepening their exclusive distribution strategies [4] Group 2 - The micro-short drama market in China is projected to reach 67.79 billion yuan in 2025, a year-on-year increase of 34.40%, with expectations to exceed 150 billion yuan by 2030 [5] - The industry is moving beyond single-genre "爽剧" (refreshing dramas) as diverse and innovative themes emerge, with brand IP customization becoming mainstream [5] - Major online literature platforms are expanding their IP libraries, with Tomato Novel's IP adaptations increasing 17 times compared to the previous year [5] Group 3 - The global drama series market is expected to reach 108 billion dollars by 2025, with a compound annual growth rate of 5.4% from 2025 to 2033 [3] - Subscription-based streaming platforms are anticipated to become the largest contributors to the global television economy, generating 190 billion dollars annually by 2029 [3] - The demand for high-quality scripted content is driving the production of long dramas, aligning with audience preferences for binge-watching and complex narratives [3] Group 4 - Investment recommendations include companies such as Mango Super Media, Huanrui Century, Huace Film & TV, Beijing Culture, and Damai Entertainment, as long drama content quality and IP ecosystem development are expected to enhance industry value [6]