Core Viewpoint - The short drama trend, initiated by the game "The End," has rapidly gained traction in the media and gaming sectors, leading to significant stock market activity and investment interest in related companies [1][12]. Group 1: Market Performance - The short drama concept has become a "dark horse" in the secondary market, with companies like Zhongwen Online seeing their stock prices nearly double in the past five trading days, closing at 26.76 with a 20% increase [1][4]. - Other companies such as Tianwei Video and Tangde Film & Television have also experienced substantial stock gains, with Tangde Film & Television rising over 14% [3][4]. - The media and cultural media sectors are leading in net capital inflows, with 3.57% and 2.54% increases, respectively, amounting to net inflows of 30.22 billion and 28.19 billion [5]. Group 2: Industry Trends - The rise of short dramas is linked to the popularity of interactive short drama games, with platforms like iQIYI, Youku, Tencent, and Bilibili actively participating in this space [8]. - Companies such as Zhongwen Online have been exploring the short drama market since 2020, with revenues from short dramas exceeding 300 million in 2022 [8][12]. - The short drama market is projected to grow significantly, with estimates suggesting a market size of 200-300 billion in 2023 and potential to exceed 500 billion in the following year [12][13]. Group 3: Investment Opportunities - Securities firms are increasingly focusing on the short drama market, with recommendations to capitalize on new opportunities in the entertainment industry [13]. - Companies with strong IP, traffic, and early market entry are highlighted as key players to watch in the evolving landscape of short dramas and interactive media [13].

近日，#爆款短剧制作方否认8天收入过亿#话题冲上热搜。"爆剧制造机"柠萌影视凭借《二十九》系列在C端付费收入达到千万而"出圈"。 与此同时，柠萌影视此前公布的2023半年报显示，其业绩并不理想。 「不二研究」据柠萌影视半年报发现：今年上半年，柠萌影视的营收同比减少12.10%。目前，柠萌影视主要面临营收下滑，过度依赖版权剧等问题，在 「不二研究」看来，这主要是由于柠萌影视的版权剧播映权业务收入下滑所致；与此同时，在政策监管趋严下，短剧行业竞争不断加剧，"爆款制造机"似 乎失灵。 柠萌影视是一家拥有丰富的版权IP储备，专注于创作高收视率剧集的中国剧集公司，代表作品包括《三十而已》《小别离》《小欢喜》等。 作者 | 艺馨 禄存 排版 | Cathy 监制 | Yoda 出品 | 不二研究 短剧之火点燃了资本市场。 截至12月5日港股收盘，柠萌影视报收7.89港元/股，对应总市值28.44亿港元(约折合人民币26.20亿元)；对比今年1月的市值高点115.35亿港元，其市值已经 蒸发86.69亿港元。 「不二研究」据其半年报发现：今年上半年，柠萌影视的营收为4.22亿元，同比减少12.10%；同期，经调整后的净利润 ...

作者 | 周琳 主编 | 苏淮 从2023年开始，上市的影视、院线公司在投资者问答平台都免不了回答一个问题：公司有没有布局短剧 业务？能不能贡献营收？ 微短剧的火越烧越旺，明明被吐槽是下沉专属的"奶头乐"，但架不住"日充千万"的收益神话频频搅动市 场敏感的神经，影、剧、文三界的"老炮儿"全被拉到了赛场，只要旗下业务有一点沾边，就逃不过投资 者的灵魂拷问。 但在长剧集和电影上的优秀战绩，未必能延续到短剧领域。从目前短剧行业的格局来看，"正规军"中能 称为头部的选手寥寥，市场多是被一些MCN机构、直播平台以及成立不久的新公司占据。 源媒汇研究了目前头部的影视公司、网文平台在短剧领域的布局和发展情况，总的来讲，"正规军"对这 场战役还是较为谨慎的。尤其是上市公司，基本都停留在"有准备"的层面，已有项目落地的并不多。目 前表现较为亮眼的是柠萌影视（09858.HK)）和华策影视（300133.SZ）。 从短剧业务切入的难易程度到公司的市占率目标，再到微短剧的团队搭建情况和能力建设周期，机构对 于短剧这个资本市场热点抱有极大热情。 华策影视在此次问答中表示，公司从2022年开始关注并研究微短剧市场，从2023年6月开始 ...

"财经主持人试水表演微短剧，的确是一个不小的挑战"。第一财经主持人黄伟告诉 记者，演员需要更多的表情、动作、感性表达技巧，这对以权威、专业为风格定位 的财经专业主持人来说，是一个新的领域。"有挑战，也就意味着成长。"黄伟信心 满满。 在这个5.15投保日，投教投保领域有"剧"变！财经主持人将试水微短剧演员，联 合破圈！第一财经和中证中小投资者服务中心携手切入微短剧赛道！防范非法证券 活动的系列投教微短剧预计9月闪亮登场。 近日，《股东来了》防范非法证券活动微剧场开机仪式在上海电视台举行。记者获 悉，第一财经与中证中小投资者服务中心将导演一部"非法证券骗局现形记"。 第一财经主持人出演 《繁花》证券顾问客串角色 导演试演大反派 该投教微短剧的演员阵容看点十足。据透露，众多第一财经知名主持人将在微短剧 中出演角色，包括观众熟悉的孙睿淇、黄伟、李婷、阳子、周俊夫等。据悉，这是 国内首次专业财经主持人联合出演财经微短剧。 "我在大学里就曾被著名导演选中担任演员，但因为各种原因没有实现。"该剧主演 之一：第一财经女主持人孙睿淇对记者表示，主持人都学过表演专业，自己的表现 力也比较强，一直想将表演专业能力发挥出来，丰富财 ...

Group 1: Market Overview - In April 2025, the total download volume of short drama apps in overseas markets reached approximately 100 million, with a month-on-month increase of about 5.03 million downloads [1] - Estimated in-app purchase (IAP) revenue for April is approximately $126 million, reflecting a month-on-month growth of about $6 million [1] - The overseas micro-short drama market has shown signs of recovery since February, with both downloads and revenue surpassing 100 million in April [1] Group 2: Regional Analysis - In April 2025, the highest download volume for overseas short drama apps came from other regions (non-key regions) at approximately 34.73 million downloads, followed by Latin America with 28.18 million and Southeast Asia with about 22.85 million [4] - The United States remains the best-performing region for IAP revenue, generating approximately $61.16 million, accounting for 49% of total overseas micro-short drama app revenue [7] - In Japan, while download volume increased to approximately 2.27 million, revenue saw a slight decline due to a shift from paid to free apps amid economic challenges [12] Group 3: Revenue Insights - In April, the estimated IAP revenue from Southeast Asia was about $11.85 million, ranking third, while the revenue from other non-key regions was approximately $23.23 million [7] - The revenue growth in South Korea is notable, with an increase in IAP revenue despite a decline in download volume, indicating strong user engagement and willingness to pay for membership services [14] - Latin America experienced significant growth in both downloads and revenue, attributed to a young population and the popularity of free short drama apps [20] Group 4: Advertising and Content Trends - The number of advertising materials for overseas short dramas reached approximately 500,000 in April, marking a month-on-month increase of 9.3% and a year-on-year surge of 10 times [22] - The number of participating overseas short drama apps increased to 274 in April, reflecting a 15.6% month-on-month growth and a twofold increase compared to the previous year [26] - Emotional themes accounted for the largest share of advertising materials, with approximately 370,000 pieces, representing 22.7% of the total [29] Group 5: Popular Titles and Trends - The top three overseas short drama apps by advertising material in April were NetShort, DramaWave, and DramaBox, with 90,000, 87,000, and 67,000 materials respectively [36] - The most popular short drama in April was "The Missing Master Chef," achieving a high heat value of 20.78 million, followed by "Falling for a SUPERSTAR" and "CEO Wants My Little Rascal" [42] - The trend indicates a strong preference for urban emotional themes, with 15 out of the top 20 dramas falling into this category [44]

Market Overview - On May 15, the three major stock indices in Shanghai and Shenzhen opened lower and experienced fluctuations, with the ChiNext index leading the decline [1] - The Shanghai Composite Index closed at 3389.75 points, down 0.42%, with a trading volume of approximately 293.5 billion yuan; the Shenzhen Component Index closed at 10238.63 points, down 1.12%, with a trading volume of approximately 446.9 billion yuan; the ChiNext Index closed at 2055.06 points, down 1.35%, with a trading volume of approximately 206.2 billion yuan [1] Sector Performance - The consumer sector showed strength, with significant gains in beauty care, pet economy, and food sectors, including stocks like Jieya Co., Lafang Home, and Xiwang Food hitting the daily limit [1] - The synthetic biology concept also surged, with stocks like Chuaning Biology, Furida, and Jindawei reaching the daily limit [1] - Conversely, computing power concept stocks underwent adjustments, with Hongjing Technology dropping nearly 10% [1] Institutional Insights - Galaxy Securities noted that the temporary easing of tariff policies benefits electronic companies exporting directly to the U.S., reducing costs associated with transshipment trade, and provides a window for domestic consumer electronics companies [3] - Huatai Securities highlighted the CIBF2025 event focusing on solid-state batteries and related technologies, indicating a strong interest in the solid-state battery sector [3] - Changjiang Securities emphasized that stable fundamentals, high dividend logic, and the expansion of passive funds will drive the continued recovery of undervalued bank stocks [3] News Highlights - China led the development of international standards for an aging-inclusive digital economy, with the ISO publishing guidelines that address the participation of the elderly in various digital economic scenarios [4] - Sensor Tower reported that global in-app purchase revenue for short video applications reached nearly $700 million in Q1 2025, nearly quadrupling from Q1 2024, with the U.S. being the highest revenue market [5] - Heng Rui Medicine officially launched a global public offering of H-shares, planning to issue 225 million shares, with a potential maximum fundraising amount of 13.08 billion HKD [6]

Core Viewpoint - The micro-short drama industry is rapidly developing in China, facing challenges such as content quality and the need for professionalization, prompting government support for high-quality production and industry growth [1][2]. Group 1: Industry Development - Micro-short dramas are characterized by their small size, fast pace, and dense plots, becoming a vibrant and potential new form of online art [1]. - The National Radio and Television Administration has issued a notice to promote the professionalization and quality development of the micro-short drama industry [1]. - In 2022, the micro-short drama industry in Xi'an generated revenue of 160 million yuan [3]. Group 2: Regional Highlights - Xi'an is a major production hub, with 60 out of every 100 micro-short dramas produced there, focusing increasingly on realistic themes [2]. - In Zhengzhou, the local government has implemented supportive policies, resulting in an average daily output of 4.3 micro-short dramas [5]. - In Zhejiang, the Hengdian Film and Television City has transformed into a micro-short drama shooting base, accommodating over 780 drama crews in the first quarter of this year [8][9]. Group 3: Technological Innovation - Companies like Yunxiang Technology are utilizing AI to enhance scriptwriting and production efficiency, with 24 micro-short dramas released in the first quarter of this year, five of which exceeded 100 million views [2][3]. - Zhengzhou's AI editing system has reduced post-production time from three days to five hours, significantly improving production efficiency [6]. Group 4: Community Engagement - In Zhengzhou, local villagers are participating as actors in micro-short dramas, contributing to their income and community engagement [4][7]. - The filming of micro-short dramas has increased local tourism, with a 30% rise in visitors to scenic spots like the Songshan area due to related productions [6]. Group 5: Government Initiatives - The Shaanxi Provincial Radio and Television Bureau has established funding to support the micro-short drama industry, aiming to produce over 200 quality dramas in two years [3]. - Zhejiang plans to create around 40 excellent cultural tourism micro-short dramas this year, integrating micro-short dramas with tourism [10].

Group 1 - The core focus of the news is on Zhangyue Technology's development and strategic planning in the short drama business, which has become the company's largest revenue segment and is rapidly growing [1][2] - The company has established a diverse range of short drama content, including various genres such as urban, fantasy, campus, mystery, historical, romance, and more, and has released hundreds of short dramas in collaboration with multiple production and technology partners [1] - Zhangyue Technology plans to launch its own short drama APP platforms, including both free and paid options, to enhance interaction between its mini-program short dramas and the new APP offerings [2] Group 2 - The company has made significant progress in its overseas short drama business, with its platform iDrama gaining nearly 200,000 new users since its launch and performing well in markets like the USA, South Korea, and Indonesia [2] - Zhangyue Technology is exploring the AI short drama sector, aiming to leverage its extensive online literature resources to create AI-driven short drama assets and streamline the commercialization process [3] - The company plans to release approximately three AI short dramas each month, focusing on both realistic AI short dramas and AI adaptations of live-action dramas into animated formats [3]

日前，微短剧《狮城山海》横空出世，以投资过亿元的"天价"标签引发行业震动。作为微短剧领域的一次"跃迁式"尝试，《狮城山海》 不仅打破了传统微短剧的题材局限，更以精良制作和独特叙事风格为行业树立了全新标杆。 《狮城山海》的诞生，标志着微短剧迈入"大制作时代"。在行业普遍追求"短平快"的背景下，该剧以投资过亿元的规模，重构了微短剧 的生产逻辑。制作团队在马来西亚实地搭建占地2.4万平方米的南洋街景，通过南洋骑楼、红灯码头等场景的精细还原，构建出具有沉浸 感的时代画卷。女主角岳丽娜身着的八斤重珠绣娘惹服，借鉴了新加坡华侨珍藏的同款服饰，这种"电影级"的服化道投入，让南洋风情 从背景升华为叙事的一部分。该剧监制郭靖宇说："该剧的投资体量甚至不少于电影，从服化道到场景还原，都追求历史真实感。" 该剧以每集20分钟的体量，打破了传统年代剧的叙事桎梏，并摆脱"土味""低俗"标签，进入主流文化视野。剧中的"帮扶精神"为微短剧 的社会价值表达开辟了新径，标志着微短剧从"流量游戏"转向"品质竞争"，并承担起讲述中国故事、传播华人精神的文化使命。 专家表示，《狮城山海》的价值，远超一部剧集的成功。它证明微短剧可以兼具商业性与艺术性 ...

流量狂飙的红果，是懂点兵法的。 从入场时间看，红果短剧并没有明显的先发优势。2023年8月正式上线时，在当时小程序短剧已坐拥40 亿市场规模。 两年时间，红果短剧通过免费短剧（观看 3-5 秒广告解锁剧集）模式，实现月活人数过亿，坐上了短剧 APP第一的宝座，更有赶超"爱优腾"之势。 如今，红果又将战略眼光瞄准了"组建联盟"。虽然年初与爱奇艺的合作洽谈不欢而散，但4月24日，芒 果TV已经正式确认与抖音集团旗下红果短剧正式达成系列合作。据披露，双方将推出行业首个"双平台 分账+联合运营"模式。 不过，短剧归根究底是一场用户时间和注意力的争夺，而真正决定成败的是商业化能力。那么红果短剧 还能狂飙多久？红果短剧会是先甜后毒的毒"果"吗？ 再次盯上周杰伦跑通了短剧的路子 进入2025年，短剧市场几乎集体哑火，唯独红果一枝独秀。从《好一个乖乖女》，到《老千》，再到 《家里家外》......红果几款爆剧播放量均突破了10亿。 据第三方数据机构QuestMobile3月数据：截至2025年1月，红果免费短剧APP月活跃用户规模高达1.66 亿，断层式领先短剧APP排行榜，第二至第五名则分别为：河马剧场（3766万）、繁华 ...