2025年最后一个季度的剧集商务市场延续了全年持续慢收缩的主基调，整体呈现两极分化的状态。优酷整体招商表现突出，《长安二十四时》以223个广 告、41个品牌合作拿下优酷广告年冠，带领头部项目占据招商主要市场。而反观腰部项目近70%的剧集只有个位数的品牌合作，持续印证行业"二八效 应"。除此之外，《暗河传》《唐朝诡事录之长安》《新闻女王2》这些系列IP的续集也是广告招商的重点对象。在品牌方面，快销品牌是广告投放的核心 赛道，德芙、百岁山、爱他美、王小卤等品牌多次出现。"顶流演员 + 成熟 IP + 强类型化" 的头部项目已成为广告市场的宠儿。 （下文数据参考豆瓣榜上有名小组） 头部演员自带商务加持，广告资源两极分化 十月至十二月剧集招商市场延续全年的招商冷静期，呈现明显的波动态势，整体先抑后扬。头部剧集与中小剧集在广告吸引力上的分化愈发显著，从广告 数量、合作品牌数、集均广告时长及无广集数的核心数据来看，资本更倾向于向收益确定性更高的头部项目，而中小项目则面临资本冷落的困境。 十月古偶扎堆却难出爆款，40%的全集有广率犹如温水煮青蛙。其中演员龚俊作为男主角为《暗河传》带来了较高的广告投放热度，总体广告数达到14 ...

Core Viewpoint - The auction of Hu Long Securities' shares held by Xin Zhou Group has been postponed for the third time, reflecting a cautious investment environment and low enthusiasm for participation in auctions among investors [1][3][7] Company Summary - Xin Zhou Group's auction of 11.6232 million shares of Hu Long Securities was initially set at a starting price of 13.02 million yuan, significantly lower than the market price of 23.2465 million yuan, indicating a drop of over 1 million yuan [3] - Hu Long Securities reported a revenue of 1.197 billion yuan in 2023, a year-on-year decrease of 10.93%, and a net profit of 322 million yuan, down 24.2% year-on-year [3] - The company has a total of 133 shareholders, with Xin Zhou Group holding 40 million shares, representing 0.63% of the total [4] Industry Summary - The auction environment for small and medium-sized securities firms has been challenging, with several auctions experiencing failures or postponements due to market volatility and cautious investor sentiment [6][7] - The "80/20 effect" is becoming more pronounced in the industry, where a few firms are thriving while many smaller firms struggle, leading to a reshaping of the industry landscape [7] - In contrast to the struggles of smaller firms, larger firms are actively participating in auctions, as seen with Zhejiang Securities successfully acquiring shares of Guodu Securities at a premium [7]