从跟随国际标准到参与制定标准，再到主导引领标准，中国电影技术的进阶之路，折射出的是中国从电 影大国迈向电影强国的核心竞争力。当中国的虚拟拍摄技术落地北美、欧洲，当"一带一路"共建国家的 影院搭载中国设备同步放映中国影片，技术已经成为中国电影出海的硬核通行证。 最具深远意义的，是中国电影"模式出海"带来的全球产业价值。如果说内容出海是文化传播的表层突 破，技术出海是产业实力的中层支撑，那么模式出海则是中国电影对全球电影产业的深层贡献。中国特 色的电影管理体系、庞大的市场体系、创新的产业体系和完善的公共服务体系，正在为全球电影产业发 展提供新的思路。横店影视城的影视文旅融合模式，为文旅产业赋能电影发展提供了中国方案；中国完 备的票房统计系统和便捷的联网售票系统，为全球电影市场的规范化运作提供了参考样本。 黄鹤权 据人民日报近日报道，2025年中国电影出海交出亮眼答卷，《哪吒之魔童闹海》以6900万美元海外票房 创下近年新高，全年国产影片海外总票房超10亿元，15部热门影片实现全球上映。更值得关注的是，中 国电影正告别单一的内容输出，迈向"内容+技术+模式"三位一体的系统性出海新阶段。这不仅是中国 电影产业实力的彰 ...

黄鹤权 据人民日报近日报道，2025年中国电影出海交出亮眼答卷，《哪吒之魔童闹海》以6900万美元海外票房创下近年 新高，全年国产影片海外总票房超10亿元，15部热门影片实现全球上映。更值得关注的是，中国电影正告别单一 的内容输出，迈向"内容+技术+模式"三位一体的系统性出海新阶段。这不仅是中国电影产业实力的彰显，更是中 国文化自信从自发走向自觉的生动注脚，标志着中国正以电影为桥，参与全球文化格局的重塑。 中国电影出海的质变，始于叙事逻辑的深层革新。以往部分国产影片出海，往往陷入"东方奇观"的刻板表达，试 图以符号化的中国元素吸引海外观众，结果却难以跨越文化壁垒。如今的中国电影人，不再执着于"展示中国"， 而是转向"融入世界"。 最具深远意义的，是中国电影"模式出海"带来的全球产业价值。如果说内容出海是文化传播的表层突破，技术出 海是产业实力的中层支撑，那么模式出海则是中国电影对全球电影产业的深层贡献。中国特色的电影管理体系、 庞大的市场体系、创新的产业体系和完善的公共服务体系，正在为全球电影产业发展提供新的思路。横店影视城 的影视文旅融合模式，为文旅产业赋能电影发展提供了中国方案；中国完备的票房统计系统和便 ...

Core Insights - The Chinese film market experienced a strong start in 2026, with annual box office surpassing 1 billion yuan within the first 10 days [1] - In 2025, the total box office reached over 51.8 billion yuan, marking a year-on-year growth of over 20%, with 1.238 billion moviegoers [1] - The integration of film with cultural tourism and consumption has created significant spillover effects, contributing to economic growth [1] Film Technology Advancements - The first Chinese space documentary, "Outside is the Blue Planet," utilized a domestically developed 8K ultra-high-definition camera in space, showcasing advancements in film technology [3] - Breakthroughs in projection technology, such as the CINITY LED projection system, have enhanced the viewing experience, with the number of LED theaters in China leading globally by the end of 2025 [5] Global Reach and Popularity - Chinese films gained international acclaim, with "Ne Zha 2" screening in major theaters worldwide, including locations in France, the USA, and Australia [7] - The number of theaters screening Chinese films in North America increased from 135 to over 1,000, with non-Chinese audiences making up 30% of viewers [9] - In 2025, the overseas box office for Chinese films exceeded 1 billion yuan, with screenings in 46 countries and regions [9] Cultural Impact and IP Development - Iconic characters from films like "Ne Zha" and "Wang Wang Mountain Little Monster" have become global cultural IPs, generating significant merchandise sales [11] - The sales of derivatives from "Ne Zha" reached hundreds of millions of yuan, while "Wang Wang Mountain Little Monster" contributed to a tourism boom, with ticket sales in Shanxi increasing by 43% [11][13] Economic Contribution - The film industry is positioned as a major driver of consumption, manufacturing, and cultural activation, moving beyond traditional single screenings [14] - The upcoming 2026 Spring Festival is anticipated to further stimulate the "film+" trend, indicating ongoing growth potential in the industry [14]

Report Information - Report Type: Fixed Income Report - Release Date: January 19, 2026 - Analysts: Liang Weichao (SAC ID: S1340523070001), Cui Chao (SAC ID: S1340523120001) [2] Core Views - High - frequency economic data focuses: production end shows a differentiated heat, with the decline in the operating rates of coke ovens, blast furnaces, and PTA, and the increase in the operating rates of asphalt, PX, and tires; the floor area of commercial housing transactions continues to decline while the land supply area slightly increases; price trends are also differentiated, with slight increases in the prices of crude oil, zinc, and rebar, and copper prices rising and then falling; the overall price of agricultural products continues to decline, but the prices of pork, eggs, vegetables, and fruits all increase. In the short term, pay attention to the implementation of fiscal and monetary coordination policies [3][32] Section Summaries Production - Steel: The utilization rate of coke oven capacity decreased by 0.14 pct, the blast furnace operating rate decreased by 0.47 pct, and the rebar output decreased by 0.74 tons in the week of January 16. The inventory also decreased by 5.27 tons [9] - Petroleum Asphalt: The operating rate continued to rise by 1.8 pct from a low level in the week of January 14 [9] - Chemical Industry: The PX operating rate increased by 1.25 pct, while the PTA operating rate decreased by 0.65 pct on January 15 [9] - Automobile Tires: The operating rate of all - steel tires increased by 4.91 pct, and that of semi - steel tires increased by 7.55 pct in the week of January 15 [10] Demand - Real Estate: In the week of January 11, the floor area of commercial housing transactions in 30 large and medium - sized cities decreased by 107.21 square meters, the inventory - to - sales ratio increased, the land supply area in 100 large and medium - sized cities increased by 39.32 square meters, and the premium rate of residential land transactions increased by 0.62 pct [13] - Movie Box Office: It decreased by 711 million yuan in the week of January 11 [13] - Automobile: In the week of January 11, the average daily retail sales of automobile manufacturers decreased by 92,800 vehicles, and the average daily wholesale sales decreased by 175,200 vehicles [17] - Shipping Freight Rates: In the week of January 16, the SCFI index decreased by 4.45%, the CCFI index increased by 1.25%, and the BDI index decreased by 7.17% and has been falling rapidly since the peak in early December last year [20] Prices - Energy: The Brent crude oil price rose by 1.25% to $64.13 per barrel on January 16, while the coking coal futures price decreased by 0.34% to 1,184 yuan per ton [22] - Metals: The LME copper, aluminum, and zinc futures prices changed by - 1.5%, - 0.06%, and + 1.76% respectively, and the domestic rebar futures price rose by 0.86% on January 16 [22] - Agricultural Products: The overall price continued to decline, with the 200 - index of agricultural product wholesale prices decreasing by 0.37%. However, the prices of pork, eggs, vegetables, and fruits increased by 0.56%, 3.31%, 0.18%, and 1.91% respectively compared with the previous week on January 16 [25] Logistics - Subway Passenger Volume: In Beijing and Shanghai, the seven - day moving average of subway passenger volume decreased by 484,700 and 287,100 person - times respectively on January 16 [28] - Flight Operations: On January 17, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight operations increased by 405.29 flights, domestic (Hong Kong, Macao, and Taiwan) increased by 1.14 flights, and international flights decreased by 18.86 flights [30] - Urban Traffic: On January 17, the seven - day moving average of the peak congestion index in first - tier cities decreased by 0.03 [30]

Industry Trends - The movie industry has identified three major trends over the past 25 years: 1) Animated films have performed exceptionally well, with 4 out of the top 10 box office films being animated, including two record-breaking titles [1] - 2) The trend of derivative layouts is emerging, maximizing the commercial value of IP through a combination of short-term box office and long-term derivatives [1] - 3) The supply of imported films is abundant, becoming a significant contributor during summer and New Year periods [1] Upcoming Releases - For the 2026 Spring Festival, two high-grossing IP sequels, "Fast Life 3" and "Boonie Bears 12," have been scheduled, with major players like Damai, Maoyan, Wanda Film, and China Film expected to announce more significant releases [1] - The strong cast and past box office success of similar films contribute to a positive outlook for the 2026 Spring Festival [1] Box Office Outlook - The company remains optimistic about the performance of imported films in 2026, with anticipated releases of major IP sequels such as "Avengers," "Spider-Man," "Toy Story," and "Minions" expected to be introduced to the domestic market [1] - The smooth introduction of imported films in 2025 and a rich reserve of Hollywood films for 2026 support a positive forecast for domestic box office performance [1] Company Recommendations - The company recommends investing in Damai Entertainment (01060), which is expected to benefit from strong IP business performance and favorable policy changes in the domestic performance sector, as well as from overseas projects [1] - China Film (600977.SH) is also highlighted as a potential beneficiary of the recovery in box office from imported films [1] - Other companies to watch include ticketing leader Maoyan Entertainment (01896), cinema chain leader Wanda Film (002739.SZ), and Shanghai Film (601595.SH), which is expected to benefit from the combination of IP and AI [1]

Group 1 - The "14th Five-Year Plan" emphasizes the integration of culture and technology, promoting digital empowerment and information transformation in cultural construction [1] - The film industry is experiencing rapid upgrades due to the deep integration of new technologies like artificial intelligence, with a significant increase in virtual production processes [1] - The penetration rate of virtual production processes in the film industry is projected to rise from 15% in 2023 to approximately 45% by 2025, indicating a strong trend towards new productive forces [1] Group 2 - The film industry is witnessing advancements in screening technology, achieving 100% digitalization of screens in China [2] - The domestically developed CINITY projection system incorporates multiple high-tech features such as 4K, 3D, high frame rates, and high dynamic range, enhancing the audience's viewing experience [2]

Core Insights - The film industry is evolving, with consumers increasingly engaging with movies through merchandise and experiences before the films are released, indicating a shift in consumer behavior and market dynamics [1][5][11] Group 1: Pre-release Consumer Engagement - Merchandise related to films is being sold well in advance of their release, with some products available for purchase a month prior to the film's debut [3] - The trend shows that consumers are purchasing film-related products, such as toys and collectibles, before even watching the movie, enhancing their overall experience [5][9] - Data indicates that hotel bookings and tourism related to film locations have surged significantly before the films are released, with a 147% increase in hotel bookings for a film's shooting location [9][11] Group 2: Cultural and Educational Impact - The film industry is not only driving box office sales but also influencing cultural engagement, as seen in the rise of exhibitions and educational programs related to films [20][24] - Museums and cultural institutions are adapting their strategies to incorporate film as a means to explore and understand traditional Chinese culture, leading to increased visitor engagement [20][24] - Educational institutions are expanding their curricula to include diverse subjects related to film, indicating a shift towards a more holistic approach to film education [46][48] Group 3: Technological Integration - The integration of AI and advanced video editing tools is democratizing film-making capabilities, allowing ordinary users to create high-quality video content [29][31] - The use of AI in video editing has seen a significant increase, with user engagement nearly doubling, showcasing the growing accessibility of film production techniques [31] - The film industry is leveraging technology to enhance creative expression, moving beyond traditional methods to embrace innovative storytelling techniques [33][46]

Group 1 - The film industry is increasingly influencing consumer behavior, with audiences engaging with movies through merchandise and experiences even before the films are released [1][5][7] - The trend of purchasing movie-related merchandise is shifting to occur before the film's release, with significant sales of items like plush toys and collectibles happening weeks or months in advance [5][7][11] - Data indicates a notable increase in hotel bookings and tourism interest related to film locations prior to the films' release, reflecting a shift from post-release engagement to pre-release anticipation [11][13] Group 2 - The audience's engagement with films extends beyond the cinema, as many continue to discuss and share their experiences on social media after viewing, leading to a deeper cultural connection [17][19] - Cultural exhibitions related to films are gaining popularity, with increased attendance and interest in understanding the cultural context of films, as seen in museums and galleries [21][25] - The rise of AI and video editing tools is democratizing film-making techniques, allowing ordinary users to create content with a cinematic quality, reflecting the influence of professional filmmaking on everyday creativity [26][30][33] Group 3 - The animation sector is evolving, with educational institutions focusing on diverse storytelling and original content creation rather than merely replicating past successes like "Nezha" [36][42][48] - The introduction of new courses in film-related programs indicates a shift towards a more comprehensive understanding of film and digital arts, emphasizing artistic expression alongside technical skills [46][48] - The film industry is moving towards a more diversified and robust creative landscape, suggesting a future where multiple unique narratives can thrive rather than relying on a few blockbuster formulas [48]

Core Insights - The film industry is increasingly influencing consumer behavior, with audiences engaging with movies through merchandise and experiences even before the films are released [1][5][15] Group 1: Pre-release Consumer Behavior - Consumers are purchasing movie-related merchandise, such as character toys, before the films are released, indicating a shift in how audiences interact with films [3][8] - The trend of selling merchandise before a film's release is becoming common, with significant sales occurring even months in advance [5][11] - Data shows that hotel bookings in locations featured in upcoming films have surged, with a 147% increase in bookings for a film's shooting location compared to the previous year [12] Group 2: Cultural Impact and Engagement - The film industry is fostering a cultural ecosystem, with confidence from audiences and producers in the future of Chinese cinema [14] - Post-release, audiences continue to engage with films through discussions and sharing content on social media, indicating a sustained interest beyond the initial viewing [17][18] - Cultural exhibitions related to films are gaining popularity, with significant increases in attendance and engagement, showcasing the connection between cinema and traditional culture [22][23]

"触电光影 中国青年报客户端讯（中青报·中青网记者 赵婷婷）1月17日至18日，2026港影新锐系列观影及交流活动 在北京举行。本次活动以"触电光影 漫绘港岛"为主题，来自内地与香港的电影产业人士齐聚一堂，共 同探讨电竞主题在电影中的呈现路径与创新表达。本次活动由香港特别行政区政府驻北京办事处（香港 驻京办）与北京百老汇电影中心共同举办。 漫绘港岛"2026港影新锐系列观影及交流活动现场。中青报·中青网记者 赵婷婷/摄 据了解，本次活动分长片、短片两个单元。17日展映的长片《触电》《电竞女孩》均聚焦电竞题材，透 过镜头剖析当代青年在虚拟与现实边界的挣扎与求索，呈现他们关于成长、友谊与自我价值的体悟。18 日展映的《极夜》《夏梦回》《铁臂猫黑别》等6部香港动画短片风格迥异，展现出香港新生代创作者 的多元艺术视角。 办署理主任阮慧贤接受媒体采访。主办方供图 香港驻京 香港驻京办署理主任阮慧贤在开幕致辞时表示，近年来，香港新一代电影人勇于创新，不断突破传统题 材与类型的限制，为华语电影注入了活力。她强调，本次选映的电竞题材影片不仅聚焦竞技本身，更立 足现实描摹香港社会风貌，将成长、奋斗与团队协作等精神内核融入故事， ...