新华社北京7月16日电 题：激活消费"主引擎" 释放增长新动能——中国经济年中观察之一 谢希瑶、王雨萧、陈芳 消费是经济增长的"主引擎"，也是民生幸福的"晴雨表"。 社会消费品零售总额同比增长5%，消费对经济增长的贡献率达到52%——国家统计局最新发布的 数据显示，今年上半年，我国消费市场"压舱石"作用更为明显，"主动力"释放更大动能。 记者近日在北京、上海、重庆等多地实地走访实体商超，体验线上消费场景，观察假日经济与夜间 经济业态，追踪"中国游"与"中国购"等消费热点，感受消费市场脉搏和发展新趋势。 政策显效 释放活力 在苏宁易购北京安贞店，工作人员一边向顾客讲解产品功能，一边计算着优惠方案。"原本考虑买 一款普通挂式空调，到店后决定升级为最新款无风感空调。原价4000多元的空调，叠加各种优惠到手只 要1999元。"消费者王女士说。 今年以来，随着消费品以旧换新等一系列扩内需、促消费政策发力显效，国内消费需求不断释放， 市场活力逐步增强。上半年，社会消费品零售总额达24.55万亿元，同比增长5%，其中二季度增长 5.4%，比一季度加快0.8个百分点，逐季提升。 服务消费提速、假日消费拉动作用增强、部分升级类 ...

从犯罪手段看，网络化、跨区域特征明显。不法分子利用网络工具，在"标、货、产、销"各环节均实施 侵权行为。在办理的梁某等26人销售假冒古驰(GUCCI)、巴宝莉(BURBERRY)等品牌服装案中，厂家购 进假冒商标标识、原材料后组织生产加工，通过批发商在网络平台开设的店铺分销，犯罪链条涉及广东 省、河北省、北京市等多地，涉案金额共计900余万元，上述人员分别触犯假冒注册商标罪、非法制造 注册商标标识罪、销售假冒注册商标的商品罪，被依法判处刑罚。 新京报讯(记者行海洋)7月16日，北京市通州区人民检察院召开新闻发布会通报，2023年以来办理涉外 知识产权案件16件40人，数量逐年递增。 通州检察院检察长李辰介绍，从案件类型看，侵犯商标权类犯罪占比较高，涉及的罪名包括假冒注册商 标罪和销售假冒注册商标的商品罪，2023年以来，通州检察院受理侵犯商标权类犯罪案件15件36人，占 涉外知识产权案件总数的93%，其中又以文旅领域侵权多发频发，涉及假冒环球影城魔法袍、魔杖等文 化创意产品。通州检察院在北京环球度假区设立涉外知识产权检察工作联络点，提供知识产权普法服务 和司法保护。 为依法平等保护各类中外经营主体合法权益，通 ...

Investment Rating - The report maintains an "Accumulate" rating for the media industry [1] Core Insights - The overseas short drama market is experiencing explosive growth, with in-app revenue expected to rise from less than $100 million in 2023 to $1.5 billion in 2024, and projected to reach $3.8 billion in 2025 [3][11] - Short dramas are not merely substitutes for long videos but represent a new content form that leverages internet algorithms and impulse payment logic, creating a unique content ecosystem [3][19] - The competitive landscape for overseas short dramas is more favorable than in the domestic market, with Chinese companies leading the charge [4][6] Summary by Sections 1. Market Size - The overseas short drama market is projected to exceed $24.2 billion in long-term potential, surpassing overseas movie box office revenues [11][12] - The market is expected to grow significantly, with quarterly growth rates of 20% anticipated for 2025 [12] 2. Demand Side Growth - Demand growth is driven by user expansion, market penetration, and the promotion of the IAA (In-App Advertising) model [30] - Platforms are exploring male-oriented content to tap into a previously underdeveloped market segment [31] 3. Supply Side Challenges - There is a significant imbalance between the vast market demand and the scarcity of effective production capacity [3][6] - The industry is addressing these challenges by recruiting talent from Hollywood and exploring cost-effective production models [3][6] 4. Competitive Landscape - The overseas short drama market is characterized by a more open and market-driven environment compared to the domestic market [4] - Key players include ReelShort and DramaBox, each adopting different strategies to capture market share [4] 5. Profitability Outlook - The business model is shifting from "burning money for growth" to achieving stable profit margins, with long-term net profit margins expected to stabilize between 15% and 20% [6][11] - The cost structure is dominated by user acquisition costs, which currently account for about 50% of revenue [6] 6. Investment Recommendations - The report recommends focusing on leading companies in the industry, such as Chinese Online, Kunlun Wanwei, and Red Child City Technology, which are well-positioned to capitalize on the growth of overseas short dramas [6][11]

7月16日，截至港股收盘，恒生指数下跌0.29%，报24517.76点。十方控股（01831.HK）收报0.145港元/ 股，上涨19.83%，成交量171.25万股，成交额23.43万港元，振幅42.15%。 作者：行情君 行业估值方面，媒体及娱乐行业市盈率（TTM）平均值为-16.69倍，行业中值-1.5倍。十方控股市盈 率-27.77倍，行业排名第55位；其他华视集团控股（01111.HK）为2.12倍、耀星科技集团（08446.HK） 为2.55倍、微博-SW（09898.HK）为6.93倍、艾德韦宣集团（09919.HK）为7.57倍、新华文轩 （00811.HK）为8.37倍。 资料显示，十方控股有限公司通过遍布中国6个省份超过7个二、三线城市的报纸伙伴网络为多个行业的 广告商提供广泛的整套印刷媒体及数字媒体服务。公司相信公司的多城市业务模式在中国独树一帜,通 过此模式,公司与公司的报纸伙伴订立合作合同,由他们向公司提供出售报纸广告位的独家权利。公司随 后将广告位与增值广告服务如设计、版面、内容规划及活动筹办等组合起来,形成整套一站式解决方案 提供给广告客户。此外,该等独家合同让公司可为广告客户提 ...

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% after a previous four-day increase of 697 points [1] - The index opened high at 24,704 points, reaching a peak of 24,867 points, the highest level in nearly four months since March 19, before facing selling pressure [1] - The market's trading volume was recorded at 258.95 billion HKD [1] Sector Performance - Strong performances were noted in sectors such as film and entertainment, domestic retail, and rare earth concepts, while sportswear stocks rebounded [1] - Conversely, sectors including building materials, consumer electronics, and automotive dealerships saw declines, with Chinese brokerage and insurance stocks also experiencing pullbacks [1] - Paper industry stocks have faced declines for two consecutive days [1] Individual Stock Movements - Notable individual stock movements included a 3.35% increase in Tongcheng Travel (00780.HK) and over 2% gains for Trip.com Group (09961.HK) and Kuaishou (01024.HK) [1] - On the downside, Kingdee International (00268.HK) saw a drop of over 6.5%, while Pop Mart (09992.HK) fell nearly 4% [1]

Summary of Walt Disney Company's Q2 2025 Earnings Call Company Overview - **Company**: Walt Disney Company - **Quarter**: Second Quarter 2025 - **Key Executives Present**: Bob Iger (CEO), Hugh Johnston (CFO), Carlos Gomez (EVP, Treasurer, Head of Investor Relations) Core Industry Insights - **Theme Parks**: - Announcement of a new Disney theme park in Abu Dhabi, marking the seventh Disney theme park resort globally [2][3] - Investment of over $30 billion in theme parks in Florida and California to enhance offerings and create jobs [3][18] - Strong performance in the Experiences segment, with adjusted EPS up 20% year-over-year [3][4] - **Entertainment and Streaming**: - Continued success in the entertainment business, with Marvel's "Thunderbolts" being the number one movie globally [4][10] - Upcoming theatrical releases include "Lilo and Stitch," "Pixar's Elio," and "Avatar Fire and Ash" [4][10] - ESPN's primetime audience among the 18-49 demographic increased by 32%, marking the most-watched Q2 in primetime ever [4][12] Strategic Developments - **Partnerships**: - Strategic partnership with the Moral Group of Abu Dhabi for the new theme park, where Disney will oversee design and provide operational expertise [3][11] - The arrangement is a licensing deal, with Disney retaining ownership of its intellectual property [11][12] - **Streaming Strategy**: - Integration of Hulu content into Disney+ is positively impacting engagement and reducing churn [6][7] - Plans to launch ESPN's direct-to-consumer product, with a focus on bundling and enhancing user experience [5][13] - Anticipated improvements in technology and content investment, particularly in international markets [7][19] Financial Performance - **Earnings**: - Strong Q2 results with adjusted EPS up 20% from the previous year [3][4] - Bookings for Walt Disney World are up 4% for Q3 and 7% for Q4, indicating positive momentum [15][16] - **Advertising**: - Advertising revenue for ESPN increased over 20% in Q2, with robust demand from sectors like restaurants and healthcare [12][19] - Overall advertising growth is expected to exceed initial forecasts of 3% for the year [12] Potential Risks and Considerations - **Market Conditions**: - Ongoing macroeconomic uncertainties and competition are acknowledged, but the company remains optimistic about its resilience [4][15] - Softness in demand in China noted, with per capita spending lower, but overall attendance remains strong [15][16] Additional Insights - **Future Growth**: - The company is focused on leveraging its existing properties and intellectual property to enhance guest experiences without compromising quality [20] - Continued investment in capital projects is expected to yield high returns on invested capital [20] This summary encapsulates the key points from the Walt Disney Company's Q2 2025 earnings call, highlighting the company's strategic initiatives, financial performance, and outlook for future growth.

港股午评：恒指收涨0.28% 大市一度涨至近四个月高位 金十数据7月16日讯，隔夜美股三大股指走势分化，中国金龙指数大涨。港股过去4日累涨697点，恒指 今早再度高开113点报24704点，之后反复向上，最多升277点高见24867点，创3月19日后近4个月高位， 但抛盘随即涌现，大市升幅收窄。截至收盘，恒指早盘收涨0.28%，科指早盘收涨0.61%，恒指大市成 交额1579.4亿港元。盘面上，影视娱乐、国内零售、稀土概念股走强，体育用品股反弹，稀土概念、加 密货币概念股再度拉升；建材水泥、消费电子、汽车经销商股走低，中资券商及内险股回调，纸业股连 跌两日。个股方面，三三传媒(08087.HK)涨近49%，同程旅行(00780.HK)、腾讯音乐(01698.HK)均涨超 3%，阿里巴巴(09988.HK)、百度(09888.HK)均涨1.6%。 ...

Group 1: Economic Growth of the Service Sector - The service sector maintained a rapid growth rate, with a value added of 39,031.4 billion yuan in the first half of the year, representing a year-on-year increase of 5.5% [2] - The contribution rate of the service sector to national economic growth was 60.2%, an increase of 5.8 percentage points compared to the same period last year [2] - In the second quarter, the service sector's value added accelerated to 195,172 billion yuan, with a year-on-year growth of 5.7% [2] Group 2: High-Quality Development and New Momentum - Modern service industries, such as information technology and business services, showed strong growth, with value added increasing by 11.1% and 9.6% respectively in the first half of the year [3] - The combined value added of these sectors contributed 1.7 percentage points to the overall growth of the service sector [3] - High-tech service industries saw significant investment growth, with fixed asset investment in high-tech services increasing by 8.6% year-on-year [4] Group 3: Service Consumption Trends - Service consumption showed steady improvement, with service retail sales growing by 5.3% year-on-year, outpacing the growth of goods retail sales [5] - Online retail sales increased by 8.5% year-on-year, indicating a positive trend in new business models such as instant retail and live e-commerce [5] - Cultural and tourism services also experienced significant growth, with transaction volumes increasing by 31.9% and 7.4% respectively [5] Group 4: International Trade and Investment in Services - The total import and export value of service trade reached 32,543.6 billion yuan, a year-on-year increase of 7.7% [6] - The actual use of foreign capital in the service sector was 259.64 billion yuan, accounting for over 70% of total foreign capital utilization [6] - The e-commerce service industry saw a remarkable increase in foreign investment, growing by 146% year-on-year [6] Group 5: Market Sentiment and Future Outlook - The business activity index for the service sector remained above the critical point, averaging 50.2, indicating expansion [8] - The business activity expectation index averaged 56.7, reflecting a positive market sentiment [8] - The service sector is expected to continue its upward trend, but external uncertainties remain, necessitating further policy support to strengthen domestic circulation and enhance service quality [8]

美国6月通胀数据整体表现温和，但平静之下暗流涌动。 据追风交易台消息，摩根大通最新研报显示，虽然整体6月消费者价格指数（CPI）表现温和，但关税对特定商品类别的价格传导效应正在持续加剧。 美国劳工统计局公布数据显示，6月整体CPI环比上涨0.3%，同比涨幅达到2.7%，为四个月高点。核心CPI环比上涨0.23%，同比涨幅为2.9%，略低于预 期。 车辆和旅行相关行业的疲软表现继续对通胀形成拖累。然而，进口商品正显示出明显的上涨压力。摩根大通分析师Michael S Hanson指出，这些压力"明显 可归因于关税"，且在未来几个月将进一步加剧。 而这种相互抵消的价格动态将可能使美联储继续保持观望态度，直到对通胀和劳动力市场前景的相对风险获得更多明确信号。 关税传导效应逐步显现 据摩根大通报告，虽然车辆和旅行相关行业价格继续疲软，但进口商品价格上涨压力日益明显。 报告显示，包括家用电器、窗帘和地板覆盖物、体育用品以及其他家庭和娱乐用品在内的多种商品，其三个月涨幅正在接近甚至已经远超10%的年化水 平。摩根大通分析称： 近几个月来，包括消费电子产品、家居用品和休闲娱乐用品在内的大量进口份额占比较高的商品价格，持续显 ...

踏入上海音乐厅四楼"乐∞空间"，佩戴好VR设备，手握一台老式相机，你就可以化身记者，追随意大利青年Alex的足迹， 自由漫步在1930年代的上海。 7月18日至8月31日，全球首个沉浸声VR体验《寻找秘谱：穿越上海1930》将登陆凯迪拉克·上海音乐厅。体验者可以与上海 街头售卖珍奇玩意的小摊贩互动，可以为上海音乐厅前身南京大戏院拍一张照片，可以漫步青瓦白墙的江南水榭，抬头就见豫 园九曲桥。在虚拟世界里，每扇窗棂、每张乐谱都暗藏历史的彩蛋。 观众尝鲜体验。记者 赖鑫琳 摄 记者 吴桐 实习生 马睿 数字化重建上海音乐厅 《寻找秘谱：穿越上海1930》由上海音乐厅联合上海戏剧学院、科技品牌vivo推出，讲述意大利青年Alex因泛黄的琵琶手稿 穿越至20世纪30年代，化身小提琴手，邂逅正尝试融合浦东派琵琶与西方音乐的苏婉清。VR技术让古老的建筑变成可触摸、可 共创的城市记忆容器，为这座95岁的音乐殿堂注入未来想象。 当传统剧场遇上前沿科技，舞台的边界正在被打破。近年来，VR、AI等技术迅猛发展，正推动剧场艺术向沉浸式、互动 化、数字化方向迈进。从历史穿越到科幻宇宙，从名画复活到海洋探险，各地剧场纷纷推出VR沉浸式项 ...