21世纪经济报道记者 刘婧汐 根据Sensor Tower数据，2025年Q1季度全球短剧应用内购收入逼近7亿美元，是2024年第一季度的近4 倍。而短剧应用下载量同样快速攀升，2025年Q1全球下载量超过3.7亿次，是2024年Q1的6.2倍。截至 2025年3月，全球短剧应用累计下载量接近9.5亿次。 "短剧是一种全新的休闲方式，具有旺盛的生命力和发展潜力。"枫叶互动创始人兼首席执行官贾毅在接 受采访时表示，"这些'第一'的背后都是创新，是我们根据市场的变化不断进行的全新探索。" 短剧海外走红 短剧出海，正在成为中国泛娱乐内容国际化的新赛道，展现出巨大的市场潜力和商业价值。根据《中国 微短剧行业发展白皮书(2024)》，未来微短剧海外市场规模有望达到360亿美元。 当被问及短剧能在海外迅速走红的原因时，贾毅认为这是宏观因素与微观因素共同作用的结果。"最根 本的原因在于国家强大。"贾毅坦言，"过去很长一段时间，一个国家的经济实力往往通过文化分享来体 现。随着中国综合实力的提升，许多优秀的本土故事和表达方式逐渐受到更多海外观众的喜爱，这为短 剧出海奠定了坚实的基础。" 在宏观因素之外，短剧自身的特点也成为其走 ...

文化出海的多重切面 过去三年，全球消费市场的兴趣版图正在明显重构。报复性消费浪潮逐渐退去，取而代之的是更审慎、更讲究价值匹配的消费选择。无论是发达市场还是新 兴市场，消费者的关注点正从单纯的性价比转向文化认同、情绪共鸣与可持续体验。 人群结构的变化同样显著。Z世代和α世代正在成为新兴市场的主力消费群体，天然习惯于跨文化内容的"混搭"，在审美、价值观和购买动机上比上一代更加 多元。同时，更多消费者愿意为情绪体验付费，愿意在品牌身上寻找自己文化身份的延伸。这种特征也让文化出海从"附带属性"变成了竞争核心。 而从伴行者的角度来看，能在全球市场站稳脚跟的中国品牌，往往具备三种共性：首先，它们拥有高识别度的文化符号。无论是视觉形象、故事原型，还是 价值观表达，都能在跨文化环境中迅速建立感知锚点；其次，擅长把产品功能与情绪价值绑定，让购买不仅仅是理性的选择，而是一种身份或情感的延伸； 第三，具备足够灵活的市场适配能力，能在不同地区进行内容、口味、玩法甚至渠道的本地化迭代。 在这样的筛选标准下，游戏、短剧、新消费正成为高度活跃的赛道：游戏用在地化的叙事和赛事氛围，打造出类似"国民运动"的文化参与感；短剧则通过高 频、强情绪 ...

近年来，中国短剧在海外市场异军突起，成为文化出海的新亮点。枫叶互动（Crazy Maple Studio）作为该领域的先行者，自2022年推出全球短剧APP以 来，创造了行业多个"第一"，打造的诸多爆款作品更是引发广泛关注。 "短剧是一种全新的休闲方式，具有旺盛的生命力和发展潜力。"枫叶互动创始人兼首席执行官贾毅在接受新华网专访时表示，"这些'第一'的背后都是创 新，是我们根据市场的变化不断进行的全新探索。" 短剧海外走红：宏观与微观因素的 双重驱动 ReelShort是枫叶互动2022年面向海外推出的短剧平台，作为最早瞄准海外市场的短剧平台，从 2023 年开始，就与美国当地的制作团队和演员合作，致力 于打造本土化短剧。 当被问及短剧能在海外迅速走红的原因时，贾毅认为这是宏观因素与微观因素共同作用的结果。"最根本的原因在于国家强大。"贾毅坦言，"过去很长一 段时间，一个国家的经济实力往往通过文化分享来体现。随着中国综合实力的提升，许多优秀的本土故事和表达方式逐渐受到更多海外观众的喜爱，这为 短剧出海奠定了坚实的基础。" 在宏观因素之外，短剧自身的特点也成为其走红的重要助力。"短剧的快节奏故事表达形式，越来越 ...

Core Viewpoint - Company Xiaoyu Yingtong (00139) has seen a stock price increase of over 4%, currently trading at 0.023 HKD, with a transaction volume of 3.8266 million HKD, following the announcement of a memorandum of understanding with Zhejiang Chuhai Digital Technology Co., Ltd. for potential investment opportunities in the rapidly growing short video industry [1]. Group 1 - Xiaoyu Yingtong's stock price rose by 4.55% to 0.023 HKD, with a trading volume of 3.8266 million HKD [1]. - The company signed a memorandum of understanding on August 18 with Zhejiang Chuhai Digital Technology Co., Ltd. for potential investment, including but not limited to acquiring equity in the target company [1]. - The board of directors is actively seeking opportunities to expand the group's business scope, identifying the target company as having development prospects and growth potential in the fast-growing short video industry [1].

Group 1 - The core point of the article is that Xiaoyu Yingtong (00139) has seen a stock price increase of over 4%, currently trading at 0.023 HKD with a transaction volume of 3.8266 million HKD [1] - Xiaoyu Yingtong announced a memorandum of understanding with Zhejiang Chuhai Digital Technology Co., Ltd. on August 18, indicating plans for potential investment, including but not limited to acquiring equity in the target company [1] - The announcement highlights that the board is actively seeking opportunities to expand the group's business scope, believing that the target company has growth potential in the rapidly developing short video industry [1]

AI技术在视频制作领域的应用前景依然广阔。 在科技飞速发展的当下，AI技术正以前所未有的态势渗透进各个行业，影视行业也不例外。爱奇艺，作为长视频领域的头部平台，大力投入AI技术，短 剧平台也纷纷跟进，这一现象值得深入探讨。 AI技术的应用为视频平台带来了诸多优势。最直观的便是成本的降低，无论是前期的剧本创作、美术设计，还是拍摄阶段的实景搭建，AI都能减少人 力、物力的投入。同时，效率得到极大提升，内容的产出速度加快，能更好地满足观众日益增长的内容需求。在创意方面，AI也为创作者提供了更多灵 感和可能性，打破了传统创作思维的局限。 然而，AI技术在视频制作中的应用也面临着一系列挑战。技术层面，当前AI生成的内容仍存在诸多瑕疵。在视频生成中，会出现帧率不稳、细节错误、 人物变形等问题，角色动作和表情不自然，影响观看体验。以一些AI生成的虚拟角色短剧为例，人物的肢体动作僵硬，面部表情单一，与真人演员的表 现力相差甚远。而且，在多场景连续叙事时，AI难以保持人物形象、服装、场景等细节的一致性，容易出现时空建模维度缺陷的一致性断裂问题。 版权和伦理问题同样不容忽视。AI生成内容的版权归属模糊不清，训练数据可能涉及未经授 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Insights - The short drama market in China is experiencing intensified competition, with various platforms launching incentive policies to attract quality content and increase user engagement [4][46] - The report highlights significant growth in user engagement metrics for short dramas on platforms like Kuaishou, with daily active users surpassing 300 million and heavy users reaching 146 million, reflecting a year-on-year increase of 11% and 55.3% respectively [4][13] - The report identifies two key investment directions: focusing on platform companies that can effectively convert short drama traffic into core business value, and production companies with the ability to consistently produce hit content and quality IP [4][46] Summary by Sections Industry Overview - The total market capitalization of the industry is 16,827.50 billion [2] - The circulating market value is 15,410.36 billion [3] Key Company Status - Companies such as Zhongwen Online, Kunlun Wanwei, and Kuaishou are highlighted as potential investment opportunities due to their stable traditional business flows and ability to leverage short drama traffic [4][46] Short Drama Market Dynamics - Kuaishou's short drama segment has seen a 44% increase in average daily viewing time, indicating enhanced content appeal and user stickiness [4][13] - Various platforms, including Douyin and iQIYI, have implemented comprehensive support policies for short dramas, including funding, IP collaboration, and promotional resources [4][16][24] Incentive Policies - Platforms are adopting a combination of guaranteed payments, traffic support, and tiered revenue sharing to attract quality content creators [4][45] - For instance, Douyin's new policy includes up to 500 million in investment and a 50% profit sharing model for collaborators [4][16] Future Outlook - The report expresses optimism about the investment value in the domestic short drama industry, emphasizing the importance of both platform and production companies in driving growth [4][46]

Core Viewpoint - The article emphasizes the importance of not limiting oneself to fixed professional labels, highlighting the evolving nature of career paths in the content creation industry, particularly through the lens of the emerging short drama sector [2][6]. Group 1: Industry Insights - The short drama industry is experiencing explosive growth, with the market size increasing from 300 billion in 2022 to 500 billion in 2024, despite facing challenges such as data opacity and difficulty in capital returns [4][5]. - There is a significant difference between short dramas and traditional advertisements, with script quality being paramount, accounting for 70% of the success, while emotional resonance plays a crucial role in audience engagement [3][4]. - The production budget for short dramas is on the rise, indicating a shift towards more refined and quality-focused content creation, supported by recent regulatory measures aimed at promoting healthy industry development [5][6]. Group 2: Career Perspectives - The founder of Huaxiong Culture, Zhou Zhou, embodies the "slash youth" concept, having transitioned through various roles in the creative industry, including advertising and short drama direction, without being confined to a single identity [2][6]. - Zhou encourages aspiring creators to focus on foundational skills and teamwork, emphasizing that the industry is collaborative and requires adaptability to technological changes and audience needs [6]. - The article suggests that the traditional film industry is being disrupted by advancements in artificial intelligence, necessitating continuous evolution in content creation practices [6].

Core Viewpoint - The article discusses the impact of the internet and modern entertainment on human attention spans, suggesting that the issue is more about choice and strategy rather than capability [5][22]. Group 1: Overview - The article highlights that by 2025, 5.65 billion people will use the internet, representing 68.7% of the global population, with adults spending an average of 6 hours and 38 minutes online daily, a figure that has remained stable over the past decade [3]. - It raises concerns about how various forms of entertainment, such as short videos and AI, are competing for limited attention, leading to a fragmented entertainment landscape [3][68]. Group 2: Music Industry - The article notes that the rise of a musician named "揽佬" on Spotify, surpassing Jay Chou, exemplifies how the internet has restructured the music industry, focusing on producing "hit songs" through strategic resource allocation based on audience feedback [9][14]. Group 3: Short Drama Market - The short drama market is maturing, with production companies still anxious about capturing audience attention despite their established presence [14]. - The article emphasizes the shift in career paths for young professionals, who are increasingly drawn to roles in content creation for lower-tier markets due to the significant traffic these platforms generate [17]. Group 4: Attention Management - Nir Eyal, author of "Hooked," argues that individuals must take responsibility for their attention management rather than blaming technology companies, emphasizing the importance of personal choice in how time is spent [22]. Group 5: Fast Food Industry - The article discusses the transformation of the fast food industry, particularly the "坪效之王" 南城香, which is adapting to new economic cycles by testing a weight-based pricing model in its Beijing locations [28]. Group 6: F1 Industry - The article outlines the evolution of Formula 1 from a niche sport dominated by European elites to a global entertainment product aimed at younger audiences, initiated by an American media company's acquisition eight years ago [31].

Group 1: Media Industry Analysis - The domestic short drama industry has matured, transitioning from chaotic growth to standardized development, with a shift in profit models from IAP to IAA, and a move from mini-programs to independent apps targeting overseas markets [3] - The market size for short dramas is projected to reach 50.4 billion yuan by 2024, surpassing box office revenues for the first time, with a user base of 666 million and an increasing share of the IAA model [3] - The short drama industry has a short payback period and encompasses content production, distribution, and consumption, with significant growth in anime short dramas primarily targeting Generation Z [3] Group 2: Emerging Markets for Chinese Enterprises - Chinese companies are accelerating their expansion into emerging markets such as Africa, Central Asia, the Middle East, and Latin America amid ongoing US-China tariff disputes [4] - Brand globalization is becoming a core focus, with trends indicating a shift towards younger global markets and a positive image of Chinese technology [4] - The characteristics of five major regional markets vary, with Africa emerging as a new blue ocean requiring localization strategies [4] Group 3: Gaming Industry Insights - The Chinese gaming industry is experiencing accelerated overseas expansion, supported by various local policies, with 25 evergreen games generating approximately 11.6 billion yuan in overseas revenue in the first half of 2025 [5] - Notable games like PUBG MOBILE and Genshin Impact have monthly revenues exceeding 100 million yuan, while potential games like Whiteout Survival are showing strong performance [5] - Future trends in gaming exports may include mixed casual games, female-oriented titles, and the integration of AI technology [5] Group 4: AI Industry and Brazil - The relationship between China and Brazil has deepened since 1974, with China being Brazil's largest trading partner, focusing on agricultural products, minerals, and machinery [6] - Chinese enterprises are actively investing in Brazil's infrastructure, agriculture, and energy sectors, with a report highlighting opportunities and challenges in the Brazilian market [6] - The 2025 BRICS summit will focus on AI governance, with Chinese AI companies like DeepSeek driving global collaboration [6] Group 5: Chinese Milk Tea Brands Going Global - Chinese milk tea brands are making significant inroads into overseas markets, becoming a cross-cultural "social currency" [7][8] - Brands like Tea Yan Yue Se are utilizing e-commerce to enter the North American market, avoiding traditional brick-and-mortar strategies [8] - The global ready-to-drink tea market holds substantial potential, with e-commerce providing a low-cost, rapid feedback mechanism for brands [8] Group 6: Automotive Industry Expansion - In the first half of the year, China exported 3.083 million vehicles, with 1.06 million being new energy vehicles, marking a 75.2% increase [9] - The China Association of Automobile Manufacturers predicts total exports could exceed 7 million vehicles for the year, with a shift towards technology output [9] - The industry is calling for "high-quality exports" to avoid chaotic competition, particularly in the European market [9] Group 7: Brand Expansion Strategies - Wangzai Milk has successfully expanded overseas, with a unique English name "HOT-KID," generating nearly 1.2 billion yuan in overseas revenue in the 2023 fiscal year [16] - The brand's strategy focuses on retaining unique characteristics while adapting to local markets, achieving significant brand recognition [16] - The recent popularity of "HOT-KID" has generated buzz in domestic marketing, showcasing the brand's innovative vitality [16] Group 8: E-commerce and Supply Chain Strategies - Dingdong Maicai is prioritizing overseas expansion, starting with Saudi Arabia and collaborating with local retailers to enhance supply chain capabilities [21] - The company aims to leverage China's rapid development in agriculture and supply chain to address market gaps in overseas regions [21] - Dingdong's approach emphasizes collaboration and technology support rather than direct consumer sales, differentiating its strategy from domestic operations [21]