央视网消息（新闻联播）：元旦假期，北京围绕"钟鼓齐鸣 京彩启程"主题，布局新场景、打造新空间，为首都假日消费市场注入强劲动能。 北京以文化赋能消费，打造跨年经济新场景。全市近百家影院延长营业时间，十余家重点影院通宵放映不打烊，首批12家"影院新空间"正式亮相。影院还联 动周边商业体推出"一票多享"优惠，有效拉动区域消费。 节日期间，49场"京彩新年音乐会"、800多场营业性演出，从副中心三大建筑到国家大剧院，点燃全城艺术激情。湾里等商圈推出主题派对等特色活动，同 步延长营业时间，激活夜间经济。围炉煮茶、冰雪旅游、乡村旅游等30条主题线路将全域景区形成联动，进一步释放消费动能。元旦期间，北京接待游客 800多万人次，实现旅游总花费109.7亿元，创历年元旦假期新高。 通过"文化+商业""文旅+消费"的全域联动模式，北京以丰富活动供给推动供需两端同频共振，为传统节日增添经济新活力。 ...

来源：环球网 消息人士透露，Netflix一直以来都坚定主张将放映窗口期设定为17天。Netflix作为流媒体平台的头部， 其商业模式侧重于通过线上订阅服务为用户提供丰富多样的影视内容，快速将电影推向流媒体平台，能 够吸引更多用户订阅，增加平台的流量和收益。然而，这一主张与院线方的利益诉求产生了激烈冲突。 以全球知名院线AMC为代表的传统影院方，坚持认为院线窗口期应维持在目前常见的45天左右。院线 方认为，较长的窗口期能够为影院提供足够的排片时间，吸引观众走进影院观影，从而保障影院的票房 收入和经营稳定。 【环球网科技综合报道】1月3日消息，据Deadline报道，Netflix在完成对华纳兄弟的收购后，计划将华 纳兄弟电影的院线放映窗口期大幅缩短至17天。 传统影院依赖电影放映作为主要收入来源，较长的院线放映窗口期能够确保观众在一段时间内只能选择 在影院观看新片，为影院创造可观的票房。而好莱坞电影创作者也担心，过短的院线窗口期可能会影响 电影的艺术表达和市场传播效果。电影在影院的大银幕上放映，能够为观众带来独特的视听体验，这种 体验是流媒体平台无法完全替代的。如果窗口期过短，观众可能会更倾向于等待电影在流媒 ...

AMC娱乐控股公司（AMC Entertainment Holdings）的股价周一下跌，延续了长期连跌势头，投资者基 本未理会这家连锁影院的一则公告，该公司称其刚刚创下了四年来最大的圣诞节前周末票房。随著 AMC披露了其债务证券条款的最新修正案，其中包括可能在公开市场进一步出售普通股，投资者则似 乎将注意力转向了该公司的资金问题。 AMC的股票周一收盘下跌2.9%，至1.70美元。对于这只曾经的初代模因股而言，这不仅是其连续第10 个交易日下跌（为2022年1月27日结束的11连跌以来最长连跌纪录），其收盘价也连续第六个交易日创 下历史新低。 尽管该公司表示，根据其影院的上座率和门票收入，公司迎来了自2021年以来表现最好的圣诞假期前周 末，但抛售仍在继续。这一强劲表现主要由华特迪士尼公司（Walt Disney Company， DIS）的《阿凡 达：火与烬》（"Avatar： Fire and Ash"）带动，据Box Office Mojo的数据，该片在刚过去的周末取得了 8，800万美元的国内票房，为12月份首周末票房历史第七高。 AMC娱乐控股公司（AMC Entertainment Holdin ...

【#私人影院异性陪侍套餐试探法律底线# | 新京报微评】#私人影院必须摒弃打擦边球侥幸心理#近日， 有媒体在西安、成都、三亚、大理等多地调查发现，部分私人影院存在提供过夜、有偿陪侍等违规服 务，甚至强制顾客选购异性陪侍套餐，相关服务项目露骨。而一些私人影院即便被查处、要求停业，仍 可继续提供相关服务。影院本是看电影的地方，私人影院因为私密性强、可以提供个性化服务，受到一 些影迷的青睐。但私密性不是违法活动的遮羞布，强制顾客选购异性陪侍、乃至色情交易，是法律法规 所明确禁止的。私人影院若想把生意做长久，必须彻底摒弃"打擦边球"的侥幸心理，将合规经营作为生 存底线。（视频：江苏新闻） ...

Core Insights - Wanda Film has made a strategic investment in the interactive photo brand "Paili Cube," aiming to enhance the cinema experience by integrating social media and immersive entertainment [3][13][19] - The collaboration is expected to transform cinemas into multi-functional social spaces, moving beyond traditional viewing experiences to include interactive and shareable moments [4][5][20] Investment and Strategic Moves - On December 12, Wanda Film announced the completion of its investment in Paili Cube, with plans to install the first batch of smart selfie devices in Wanda cinemas by early 2026 [3][15] - The investment is part of Wanda Film's broader strategy to create a "super entertainment space," enhancing the cinema experience with interactive elements and social sharing opportunities [20][21] Market Trends and Consumer Behavior - The current consumer market is shifting towards experiential consumption, particularly among the younger generation (Z Generation), who prioritize emotional experiences and social sharing [8][9] - Data indicates that over 90% of users born after 2000 have a high willingness to spend on experiences they love, highlighting the potential for cinema to cater to this demographic [8][9] Innovative Experiences and Engagement - Wanda Film is actively creating new consumption experiences by integrating IP derivatives and scene-based activities, such as themed pop-up stores and interactive events [4][9] - Recent collaborations with popular IPs have resulted in significant increases in foot traffic and engagement, with average visitor growth of about 50% during promotional events [9][10] Future Prospects and Expansion - The partnership with Paili Cube is expected to expand beyond cinemas, with plans to introduce interactive photo booths in urban centers and transportation hubs, enhancing the social experience in various settings [22] - Wanda Film aims to leverage its extensive film IP resources to create unique, immersive social experiences that resonate with younger audiences, establishing a comprehensive entertainment ecosystem [22]

中信证券研究发文表示，随着中国制造业在全球定价权和经济利润份额的不断提升，资产内在价值亦不 断提升，最终会带来持续的人民币升值。中信证券研究部宏观组预测2026年人民币对美元有望升值到 6.8。为了避免人民币过早、过快单边升值对出口导向型制造业的损伤，超预期的货币宽松是必要的。 超预期的货币宽松可能会带动实际利率下行，并在一定程度上撬动内需（当然这需要财政的配合），而 内需的系统性提振是2026年市场整体打破震荡僵局再上一个台阶的必要条件。在此之前，预计震荡和结 构性机会的轮动是A股的常态，我们依然建议在配置上寻找全球有敞口，且利润率有提升逻辑的方向。 1）资源与传统制造业领域，依旧看好中国在全球有份额优势的行业对应的龙头企业，讲出"供应在内反 内卷，需求在外出利润"的故事，不断提升在全球的定价权，重点关注的行业包括有色、化工和新能源 等。2）企业出海依旧是打开利润和市值空间的重要方式，A股从本国敞口的新兴市场定位向全球敞口 的成熟市场定位过渡也依旧是时代特征，过程中不可避免的会出现与海外风险资产和经济环境共振频率 增加的问题，这是必经之路，重点关注的行业包括工程机械、创新药、电力设备、游戏和军工等。3） 站 ...

Core Viewpoint - Netflix announced plans to acquire Warner Bros. Discovery's film production and streaming business for approximately $82.7 billion, which has raised concerns in the market about the implications for the entertainment industry and traditional cinema [1][2]. Group 1: Acquisition Details - The acquisition involves a payment of about $72 billion in equity and the assumption of Warner Bros. Discovery's debt, with completion expected within 12 to 18 months [1]. - If successful, this acquisition would merge Netflix's popular IPs like "Stranger Things" and "Squid Game" with Warner Bros.' classics such as "Friends" and the "Harry Potter" series, along with HBO Max streaming services [1]. Group 2: Market Reaction - Following the announcement, Netflix's stock fell by 2.89% to $100.24 per share, while Warner Bros. Discovery's stock rose by 6.28% to $26.08 per share, reflecting a total market capitalization of approximately $64.6 billion for Warner Bros. [2][7]. - Despite receiving debt financing support from major banks, the acquisition is viewed as expensive, especially considering Netflix's cumulative net profit of about $32.1 billion from 2018 to Q3 2025 [2]. Group 3: Industry Concerns - Hollywood unions and cinema owners have expressed concerns that the acquisition could threaten the traditional cinema business model, potentially leading to reduced film production budgets and impacting industry professionals' incomes [5][6]. - There are fears that Netflix may push more Warner Bros. films to premiere on streaming platforms rather than in theaters, which could result in a 25% decrease in box office revenues in the U.S. and Canada [5]. - The acquisition has been criticized as a potential violation of antitrust laws, with warnings about job losses, wage reductions, and a decline in content diversity [6][8].

Core Viewpoint - The report from CITIC Securities emphasizes the importance of focusing on opportunities in resource and traditional manufacturing industries, highlighting the advantages of leading companies in sectors where China has a global market share [1] Group 1: Market Characteristics - The market is characterized by low volatility and a slow bull trend, with a notable decrease in the volatility of major broad-based indices [1] - The maximum drawdown of the Shanghai Composite Index this year is -9.7%, which is significantly lower than previous years, indicating a relatively stable market environment [1] - The Sharpe ratios for major indices have improved, with the Shanghai Composite Index and Shenzhen Component Index exceeding 1, indicating favorable risk-adjusted returns [1] Group 2: Performance of Investment Strategies - Subjective long-only products have slightly outperformed the Wind All A index but continue to lag behind quantitative strategies, with average returns of 23.3% compared to 26.4% for Wind All A and 35.2% for quantitative products [2] - The gap between private and public subjective long strategies has reached a peak, with private strategies underperforming public ones by 7.6 percentage points [3] - The performance of balanced market selection products remains mediocre, indicating limited excess returns from stock selection despite significant index gains [2][3] Group 3: Capital Flow and Investment Behavior - There is a notable increase in allocation-type capital and quantitative pricing power, while the growth of active stock-picking funds is limited [4] - The influx of capital from insurance funds and "fixed income plus" products has contributed to market stability, but these funds are less sensitive to individual stock fundamentals [4] - The main source of active capital driving rapid increases in high-growth sectors has been margin financing, which has seen a net increase of approximately 700 billion yuan over two months [5] Group 4: Market Strategy and Outlook - The prevailing strategy among subjective long investors has become cautious, characterized by a "squat, hit, and withdraw" approach due to the lack of pricing power in individual stocks [6] - The report suggests that breaking the current market deadlock will require significant positive changes in fundamentals, particularly in domestic demand [7] - Without unexpected changes in fundamentals, the anticipated market movements may only reflect existing structural logic, limiting potential upside [7]

Core Insights - Shanghai has transitioned from being a "trendsetter" to a "value-defining" city, where brand success is measured by excellence rather than novelty [11] - New consumer brands often undergo a process of "training in other cities" before entering Shanghai, allowing them to refine their offerings [3][4] - The competitive landscape in Shanghai demands brands to adapt and innovate to meet the high expectations of discerning consumers [5][6] Group 1: Brand Strategies - Emerging brands are increasingly using other cities as testing grounds before launching in Shanghai, which is seen as a challenging market due to high costs and consumer expectations [3][4] - Brands like "阿嬷手作" and "蜀宴赋" have successfully entered Shanghai after establishing themselves in other regions, demonstrating the effectiveness of this strategy [3][5] - The "异地练兵" approach allows brands to build a loyal customer base and refine their business models before facing the rigorous Shanghai market [3][4] Group 2: Market Dynamics - Shanghai is viewed as a critical market for brands aiming for national and international recognition, often seen as a "crowning" location for brand expansion [4][5] - The city serves as both a testing ground and a platform for brands to connect with global resources, enhancing their market presence [7][8] - The evolving consumer preferences in Shanghai emphasize the need for brands to provide unique and refined experiences rather than just new offerings [11] Group 3: Consumer Expectations - Shanghai consumers are known for their high standards, which require brands to not only innovate but also ensure that their offerings are well-executed [4][6] - The shift from "people finding goods" to "goods finding people" highlights the importance of creating engaging experiences that resonate with consumers [6][10] - Brands must adapt their products and services to align with local tastes and preferences, as seen in the modifications made by "蜀宴赋" to cater to Shanghai's consumer base [6][8]

Core Insights - Beijing Yuanyang Letipark integrates cultural elements with commercial real estate, creating a new consumer experience space that supports Beijing's development as an international consumption center [1][12]. Group 1: Cultural Integration - The complex is rooted in the Grand Canal culture, offering a multifaceted consumption space that combines cultural depth, commercial vitality, and consumer enthusiasm [3]. - The "Mumu Theater," located on the third floor, is one of the first 25 city-level "performing arts new spaces" in Beijing, featuring a mix of theater, bookstore, cultural creativity, exhibitions, and arts education [3]. - The theater employs a time-sharing operation strategy, catering to different demographics such as families on weekends and urban professionals during weekdays [3]. Group 2: Commercial Innovation - The shopping center hosts nearly 50 flagship and upgraded stores, significantly enhancing the regional commercial capacity, with notable brands like Huawei and NIO House [10]. - The opening of the first "Hao Te Mai Super Warehouse" in Tongzhou attracted over 100,000 visitors within three days, showcasing strong consumer appeal [10]. - Letipark is recognized as a flagship brand of the Yuanyang Group's commercial product line, focusing on "fashion, art, and lifestyle" to create diverse consumption scenarios [12].