Core Viewpoint - The establishment of "International Tai Chi Day" by UNESCO highlights the significance of traditional Chinese culture in promoting global health, cultural exchange, and world peace [1] Group 1: Cultural Export Trends - China's cultural export has gained momentum, with products like Palace Museum cultural creations and games like "Black Myth: Wukong" achieving significant international recognition [1][2] - The success of cultural IPs indicates a shift from mere scale expansion to quality enhancement and value dissemination in cultural exports [1][2] Group 2: Foundation of Cultural Content - Traditional Chinese culture serves as the foundation for sustainable cultural export, with examples like the game "Nishuihan" and the drama "Cang Hai Chuan" effectively integrating traditional elements into modern narratives [2] - Emphasizing the importance of innovative expression while maintaining cultural roots is essential for making Chinese stories recognizable and relatable globally [2] Group 3: Ecosystem Development - The cultural export landscape is transitioning from "single product output" to "ecosystem construction," as seen with companies like Yuewen Group fostering a complete ecosystem for overseas creators [2] - Building a global cultural communication network that integrates online and offline resources is crucial for enhancing collaborative cultural exchanges [2] Group 4: Technological Integration - New technologies, particularly artificial intelligence, are reshaping the cultural export landscape by enabling personalized and interactive cultural experiences [3] - The use of AI in translation and content distribution is breaking down language barriers and facilitating smarter content delivery [3] Group 5: Cultural Confidence and Future Prospects - There is a strong emphasis on enhancing national cultural soft power and the global influence of Chinese culture, aiming for a more vibrant presence in the global cultural landscape [3]

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 12 月 02 日 [Table_Title] 《疯狂动物城 2》6 天票房破 20 亿，阿里发 布夸克 AI 眼镜 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.11.22-2025.11.28，下同）：传媒行业（申万）上 涨 4.23%，排名行业第 4 名。读者传媒、名臣健康、新华都、读客文 化和蓝色光标表现较优，恒生科技成分股中传媒行业本周阅文集团（周 涨幅 7.69%）和哔哩哔哩-W（周涨幅 7.44%）表现较好。 行业重点数据及动态更新 AI 应用：最近一周（11.24-11.30）Deepseek/豆包/腾讯元宝/千问七 麦数据预估 ios 端下载量分别为 39.40/209.48/87.46/148.48 万次，环 比分别-1.77%/-0.05%/-2.72%/+34.93%，阿里千问下载量环比增长。 AI 应用事件方面，Anthropic 发布新一代大模型 Claude Opus 4.5，腾 讯混元 3D 创作引擎国际站上线，阿里首款 AI ...

Core Insights - The event "Chengdu Cultural Tourism (Hungary) Promotion Conference and Chengdu Gift Exhibition" successfully showcased Chengdu's rich historical heritage and modern vitality to various sectors in Hungary [1][7] - The "Chengdu Gift" exhibition featured four main areas: cultural and creative products, intangible cultural heritage fashion, trendy toys, and other categories, highlighting the blend of tradition and innovation [1][7] - Chengdu's cultural tourism brand "Chengdu Gift," set to launch in 2025, aims to creatively transform and develop local cultural resources through the promotion of cultural products [7] Group 1 - The event was co-hosted by Chengdu's Cultural, Radio, Television, and Tourism Bureau and the Chinese Tourism Office in Budapest, emphasizing the importance of cultural exchange [1] - The exhibition included creative products inspired by Chengdu's cultural icons, such as the Jinsha Site and Du Fu's Thatched Cottage, showcasing the transformation of historical resources into modern experiences [1][7] - The promotion highlighted Chengdu's identity as a historical cultural city and a modern international metropolis, enhancing local audiences' understanding of Chengdu's culture [7] Group 2 - The "Chengdu Gift" brand has already gained recognition on international platforms, winning multiple awards at events like the China International Consumer Products Expo and the Osaka World Expo [7] - The integration of intangible cultural heritage and IP development is seen as crucial for cultural outreach, with the brand enhancing its international influence [7] - The event aimed to strengthen practical cooperation between China and Hungary in the cultural tourism sector [7]

Investment Rating - The report gives a "Buy" rating for Trip.com and Tongcheng Travel, and an "Accumulate" rating for Zhongxin Tourism [3][4]. Core Viewpoints - The Chinese inbound tourism market is entering a golden development period, driven by visa-free policies and cultural exports, with significant growth potential [1][20]. - The inbound tourism market has shown rapid growth since 2023, with inbound visitor numbers expected to increase from 82.03 million in 2023 to 131.90 million in 2024, a year-on-year growth of 60.8% [20]. - The report highlights the importance of optimizing visa-free policies and enhancing cultural outreach as key drivers for the growth of inbound tourism [7][9]. Summary by Sections 1. Market Potential - The Chinese inbound tourism market has a low base and significant growth potential, with historical growth lagging behind domestic and outbound tourism [19][21]. - Key source countries for inbound tourism include South Korea, Japan, and Russia for short-haul travel, while the United States is the largest long-haul source [19][50]. 2. Policy Impact - The report emphasizes the positive impact of visa-free policies, particularly in Hainan, which has significantly boosted inbound visitor numbers [19][20]. - The continuous release of visa-free policy benefits is expected to inject strong policy-driven momentum into the inbound tourism market [19][20]. 3. Cultural Influence - The integration of cultural exports with tourism is creating a virtuous cycle, enhancing China's global appeal and driving inbound tourism growth [7][19]. - The report cites Turkey as a successful example of how cultural exports can stimulate inbound tourism [7][19]. 4. Company Analysis - Trip.com is actively expanding its inbound tourism market presence and optimizing its supply chain to leverage growth opportunities [2][9]. - Tongcheng Travel is rapidly developing its international business, with significant year-on-year growth in international flight and hotel bookings expected in 2024 [2][9]. - Zhongxin Tourism, with its strong outbound tourism background, is beginning to establish its inbound tourism services, showing potential for future growth [3][9].

证券日报网讯 12月1日，万达电影在互动平台回答投资者提问时表示，公司子公司互爱互动积极响应国 家文化出海战略，以"跨界塑造超级IP，进军全球市场"为经营策略推进各项工作，构建从IP合作到研发 合作、游戏发行、海外运营的完整产业链条。互爱互动将秉承"聚焦经典IP"的理念持续与多家版权公司 洽谈IP合作事宜，为长期发展储备更多优质IP。同时，互爱互动将积极探索与其他板块的协同，在IP联 动、技术协同、宣发一体化、长线运营等方面发力，通过游戏、动漫、影视的深度联动，不断提高经营 业绩。 （文章来源：证券日报） ...

Core Viewpoint - The 2025 National Cultural and Tourism Brand International Communication Conference was successfully held in Beijing, focusing on the international dissemination of cultural tourism brands and addressing challenges in going global [1][4]. Group 1: Event Overview - The conference was organized by the Beijing International Brand Week Organizing Committee, Enterprise Observation Newspaper, and China National Tourism Magazine, aiming to promote the internationalization of cultural tourism brands [1]. - Migu Digital Media Co., Ltd. was recognized for its case study on the international dissemination of online literature and web dramas, earning a spot in the "2025 China Cultural Tourism Brand Going Global Top 100 Cases" [1][4]. Group 2: Company Strategy - Migu Digital Media, a subsidiary of China Mobile, actively supports the "going global" cultural strategy by utilizing online literature and micro-dramas to explore new paths for cultural tourism brand internationalization [5]. - The company has a content reserve of over 200,000 authors, 600,000 online literary works, and over 10,000 micro-dramas, focusing on high-quality creation and full-chain development [5]. Group 3: Competitive Advantages - Migu Digital Media's works, such as "Xihua Zhi" and "Tao Sanyuan's Spring, Summer, Autumn, and Winter," effectively convey Chinese culture and contemporary society, receiving national awards and aligning with foreign publicity policies [7][8]. - The company has produced over 3,000 online literary and micro-drama outputs, reaching over 40 countries and regions in more than 10 languages, significantly enhancing the influence of Chinese culture [8]. Group 4: Business Model Innovation - Migu Digital Media has established a multi-dimensional overseas ecosystem by integrating online literature, comics, and films, collaborating with over 30 institutions to promote content localization [10]. - The company has launched the Hong Kong UTV short drama channel, utilizing a membership model to penetrate the Southeast Asian market, demonstrating a sustainable and replicable business model for global cultural dissemination [10]. Group 5: Global Reach and Future Plans - The company employs multi-language content localization, overseas platform distribution, and offline cultural events to reach global audiences, with notable works like "Feng Li Jiang Shan" and "Shan Hun Fu Qi Chong Wa Ri Chang" gaining popularity [13]. - Migu Digital Media plans to leverage its unique platform advantages to enhance quality content production, cross-field collaboration, and flexible dissemination strategies, aiming to provide replicable "content going global" models for the cultural tourism industry [13].

Core Viewpoint - The article highlights the significant investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area's cultural industry, driven by a robust policy framework, strong capital influx, and a collaborative ecosystem among various stakeholders [2][4][19]. Group 1: Investment Landscape - The 2025 Greater Bay Area Cultural Investment Conference attracted over 1,000 participants, including 350 cultural enterprises and more than 200 investors, with 17 leading institutions managing over 20 billion yuan [1][2]. - The conference established a "3+365" innovative service model to facilitate continuous interaction between capital and projects, enhancing investment efficiency [1][10]. - The cultural investment landscape is evolving, with a reported 720 financing events from 2020 to 2025, amounting to approximately 56.41 billion yuan, predominantly driven by Guangzhou and Shenzhen [9][11]. Group 2: Policy Support - The Guangdong government has introduced 87 cultural industry policies covering various sectors, creating a supportive network for grassroots initiatives [6][5]. - The "Million Talents Gather in South Guangdong" initiative aims to attract over one million graduates to develop in the region, further bolstering the talent pool [6]. Group 3: Regional Collaboration - Hong Kong and Macau are actively integrating into the Greater Bay Area's cultural ecosystem, with initiatives aimed at enhancing local capital's engagement with the broader market [7]. - The collaboration among Guangdong, Hong Kong, and Macau is exemplified by the recent 15th National Games, showcasing regional synergy in cultural, sports, and technological sectors [4]. Group 4: Cultural Industry Growth - The cultural industry in Guangdong is projected to exceed 3 trillion yuan in revenue by 2024, maintaining its position as the largest in the country [11]. - The manufacturing sector within the cultural industry is also thriving, with a projected revenue of 12.639 billion yuan in 2024, accounting for 25.5% of the national total [12]. Group 5: Global Expansion - The Greater Bay Area is a key hub for cultural exports, accounting for 40% of China's cultural product and service exports, with a focus on IP-led global outreach [19][20]. - The region's cultural enterprises are increasingly successful in international markets, with significant IPO activity on the Hong Kong Stock Exchange [21]. Group 6: Future Outlook - The article emphasizes the need for continuous innovation and collaboration in the cultural sector to enhance global competitiveness and drive sustainable growth [24]. - The upcoming "15th Five-Year Plan" is expected to further stimulate the cultural industry, with a focus on technology integration and ecosystem development [24].

Core Insights - The article highlights the significant investment activity in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the region's cultural industry as a new investment frontier [2][8][41] - The event serves as a platform for capital and projects to connect, showcasing a collective movement of investors towards the Bay Area [3][9][12] Investment Landscape - Over 1,000 attendees, including 350 cultural enterprise leaders and 200+ investors, participated in the event, with 17 major institutions managing over 20 billion yuan [2][12] - The event is characterized by a dual focus on finding projects for funding and vice versa, creating a dynamic environment for investment [3][5] Policy and Government Support - The Guangdong government has introduced 87 cultural industry policies covering various sectors, aiming to enhance innovation and support for the cultural economy [14][20] - The region's strategic positioning and government backing are seen as critical factors driving investment confidence [11][41] Cultural Industry Growth - The cultural industry in Guangdong is projected to generate over 3 trillion yuan in revenue by 2024, maintaining its status as the largest in the country [20] - The Bay Area's cultural manufacturing sector is expected to reach 12.639 billion yuan in revenue by 2024, accounting for 25.5% of the national total [21] Emerging Trends and Opportunities - The report indicates a shift in investment focus towards "cultural + technology" integration, with a growing emphasis on long-term value and cultural premium [28][30] - The event showcased successful case studies, such as the use of AI in cultural projects, highlighting the innovative potential within the industry [26][28] International Expansion - The Bay Area is positioned as a key hub for cultural exports, accounting for 40% of the national total, with a focus on IP-driven global outreach [34][38] - The article notes a transition from simple product exports to a more integrated approach involving IP and ecosystem development [39][42] Future Outlook - The article concludes that the ongoing investment momentum and policy support will continue to drive the cultural industry's growth, positioning the Bay Area as a leading player in the global cultural landscape [41][51]

Core Insights - MINISO successfully held its first global MINI TALK value story sharing conference in Guangzhou, focusing on the theme of "Faith, Belief, Confidence" [1][3] - The event showcased MINISO's commitment to corporate culture and its strong internal cohesion, reflecting the proactive exploration of Chinese brands in the globalization process [1][3] Group 1: Corporate Vision and Cultural Significance - The CEO of MINISO, Ye Guofu, emphasized the layered logic of "Faith, Belief, Confidence" and their deep impact on driving corporate development, stating these elements are the foundation of MINISO's growth [3] - Ye also aligned MINISO's vision with the national cultural strategy, aiming to become a leading global IP operation platform and promote Chinese IP in the global market [3][5] - The corporate culture is viewed as a shared belief among MINISO employees, which is crucial for uniting global efforts and supporting long-term development [3] Group 2: Leadership Insights and Brand Mission - Executives shared personal stories and insights to clarify the meanings of "Faith, Belief, Confidence," providing motivation for employees [5] - The brand mission has evolved to "Born for Happiness," focusing on the well-being of employees, consumers, and partners, while promoting Chinese IP globally [5][10] - The confidence of MINISO's team is rooted in its business model, globalization strategy, and core competitiveness, with a commitment to creating a warm and engaging global brand [10] Group 3: Globalization and Market Recognition - MINISO's belief in its globalization strategy is reflected in its expansion into over 100 countries, overcoming cultural differences and market barriers [7][8] - The company has received widespread market recognition, demonstrating the strength of its commitment to its direction and the courage to innovate [8] Group 4: Cultural Export and Future Aspirations - The MINI TALK competition attracted nearly 100 participants globally, with 14 finalists sharing authentic stories that embody the values of "Faith, Belief, Confidence" [12][13] - MINISO's mission of "Born for Happiness" continues to guide its product offerings, aiming to transition from "product export" to "cultural export" [19] - The company aspires to invigorate Chinese culture through its IP-centric approach, moving towards its vision of becoming a leading global IP operation platform [19]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference emphasizes the integration of cultural technology, cultural manufacturing, digital creativity, and cultural export, aligning with the province's new policy package aimed at high-quality cultural industry development [6][8]. Cultural Industry Overview - In the first three quarters of 2025, Guangdong's cultural enterprises generated over 2 trillion yuan in revenue, maintaining the highest total revenue in the country [6]. - The province's operating performance in the cultural sector is robust, with a total of 35,600 performances and revenue of 6.356 billion yuan, leading the nation [6]. Regional Performance - Guangzhou's cultural industry saw 3,707 entities with revenues of 477.63 billion yuan, an 8.6% year-on-year increase, while Shenzhen's cultural industry achieved 1,091.76 billion yuan, a 16.7% increase [7]. Film and Television Sector - Guangzhou and Shenzhen are attracting top talent and enterprises in the film and television sector, with Guangzhou implementing supportive policies to enhance local production [8][10]. - The film "Dumpling Queen" from Guangzhou topped the box office during the May Day holiday, showcasing the effectiveness of the new policies [10]. Performing Arts Market - The performing arts market is thriving, with Guangzhou's concert economy generating over 1.1 billion yuan from events like the "Evolution Nic Live" concert, attracting significant out-of-province audiences [13]. - Shenzhen's performing arts sector recorded 33,181 performances with ticket revenue of 1.208 billion yuan, reflecting a 19.1% increase [14]. Animation and Gaming Industry - Guangdong is a hub for animation and gaming, with successful IPs like "Pleasant Goat" and "Boonie Bears" achieving global reach [15][16]. - The first Guangdong Electronic Sports Super League launched, marking a significant event in the esports sector [15]. Policy Support and Development - Both Guangzhou and Shenzhen are establishing service centers for gaming enterprises, providing comprehensive support for local and international expansion [16]. - Shenzhen's gaming industry is projected to generate 150 billion yuan in revenue, accounting for nearly half of the national total [16].