走过120年光影征程，中国电影（600977）在2025年收获了沉甸甸的里程碑：春节档动画电影《哪吒之 魔童闹海》（以下简称《哪吒2》）凭借159亿元的全球票房，跻身全球影史票房榜前五，也一并成就 了"史上最强春节档"——82.57亿元票房，刷新了历年春节档的票房纪录。 陈塘关畔"海水也有情绪"的效果，得益于粒子模拟系统和AI增强功能；利用知识图谱从《封神演义》等 古籍中提取了数百个关联符号（如混天绫物理特性），于是自动生成了道具设计草案……人工智能等硬 科技在《哪吒2》中的运用，已经渗透到动画制作的完整产业链，实现了从辅助工具到核心生产力的跃 迁。 2025年，硬科技赋能电影产业，展开了一次充分演练：据不完全统计，全年超100部影片采用AI辅助剪 辑和特效合成，制作效率提升了40%。 然而，2025年的中国电影也告诉我们，平民视角的叙事策略，永远会有一席之地——当镜头对准普通人 的瞳孔，历史被真正看见，使银幕成为映照时代精神与民族自信的一面明镜。 平民视角演绎宏大叙事 2025年国产影片的一个显著趋势，是历史题材的"去英雄化"。《南京照相馆》《东极岛》《山河为证》 等抗日战争胜利80周年主题影片，摒弃了传统 ...

Core Viewpoint - Wanda Film has made a strategic investment in Guangzhou Fangtu Technology Co., Ltd.'s interactive entertainment brand "Pailifang," aiming to explore and define a new consumption scenario of "image social new life," marking a deepening of its "super entertainment space" strategy [3][4]. Group 1: Strategic Investment and Market Position - The investment signifies Wanda Film's commitment to enhancing the entertainment experience by creating "portable joyful experiences" for audiences, moving beyond traditional movie viewing [3][4]. - The current consumer market is shifting from functional satisfaction to emotional value pursuit, particularly among Generation Z and younger consumers, with over 90% of "post-00s" showing a strong willingness to pay for experiences [4][5]. - Pailifang has established itself as a leader in the self-service imaging sector, with operations covering over 160 core cities and more than 1,000 devices deployed, serving over 10 million users since its launch in June 2020 [4][5]. Group 2: Competitive Advantages and Technological Edge - Pailifang holds the largest market share in the domestic equipment market and has built solid competitive barriers, including exclusive strategic partnerships with top international IPs and a comprehensive technology system with over 100 national patents [5][6]. - The company's AI image processing technology allows for real-time beautification and lighting optimization, ensuring high-quality imaging for users [5][6]. Group 3: Future Plans and Market Expansion - Pailifang is set to install its devices in Wanda Cinemas nationwide before the 2026 Spring Festival, integrating resources such as movie genes, celebrity artists, and trendy IPs [6][8]. - The initial deployment in Shanghai has already covered key transportation hubs, with expectations of daily exposure reaching millions, and future plans include expanding into first and second-tier city commercial centers and overseas markets [6][8]. - Wanda Film aims to create a new entertainment ecosystem by linking IP, technology, and consumption, enhancing its appeal to younger consumers and solidifying its industry leadership [8].

Core Viewpoint - The article discusses the recent implementation plan by the Ministry of Industry and Information Technology and five other departments to enhance the adaptability of supply and demand in consumer goods, aiming to stimulate consumption and economic growth. Group 1: Consumption Trends - The article highlights the emergence of new cultural and tourism products related to winter sports and heritage experiences, which are contributing to the "hot economy" from "cold resources" [2] - The release of the Beijing Winter Olympics mascot "Bing Dwen Dwen" has seen a significant consumer demand, indicating a robust market for cultural products [2] - The film "Zootopia 2" has outperformed expectations in the Chinese market, showcasing the potential of the large domestic market [2] Group 2: Supply and Demand Adaptation - The article emphasizes the shift in consumer demand from mere availability to quality, as outlined in the "14th Five-Year Plan," which calls for expanding the supply of quality consumer goods and services [2] - It points out the structural mismatch in supply and demand, particularly in the elderly products market, where the market size is expected to grow from 2.6 trillion yuan to 5.4 trillion yuan from 2014 to 2024 [3] - The need for businesses to align their production with consumer preferences is highlighted, suggesting that policies should focus on fostering high-end brands and innovative products [3] Group 3: Innovation and Quality - The article stresses the importance of innovation in driving consumption, with new products and services being essential for meeting consumer demands [4] - It mentions the role of technology and digitalization in enhancing production capabilities and developing high-quality consumer goods [4] - The expansion of international markets for Chinese brands, such as the significant growth of overseas stores for brands like Mixue Ice City, is noted as a way to elevate consumption levels [4] Group 4: Market Opportunities - The article identifies potential in traditional consumption sectors, suggesting that there are still opportunities for growth through innovative approaches [5] - New consumption hotspots are emerging, with cities like Shanghai integrating international brands and outdoor economies to boost local consumption [6] - The rise of health-focused brands and technology in sectors like wearable devices and elder care is highlighted as a response to changing consumer needs [6] Group 5: Economic Impact - The article concludes that consumption is a crucial engine for economic growth, and the current period of rapid consumption structure upgrade is vital for unleashing market potential [6] - It emphasizes that enhancing supply-demand adaptability will stimulate domestic demand and support sustainable economic development [6]

Core Insights - The article discusses the recent implementation of a plan by six departments, including the Ministry of Industry and Information Technology, aimed at enhancing the adaptability of supply and demand in consumer goods, with a focus on five key tasks to stimulate consumption [1] Group 1: Consumption Trends - The article highlights the emergence of new cultural and tourism products, such as ice and snow sports experiences, which are contributing to a "hot economy" from previously underutilized "cold resources" [2] - The success of the Beijing Winter Olympics mascot "Bing Dwen Dwen" and the strong box office performance of "Zootopia 2" in China indicate a robust consumer market that exceeds expectations [2] - The shift in consumer demand from mere availability to quality reflects a growing emphasis on high-quality products and services, as outlined in the "14th Five-Year Plan" [2][3] Group 2: Supply and Demand Adaptation - The article emphasizes the importance of addressing structural mismatches in supply and demand, particularly in the elderly care market, where the market size is projected to grow from 2.6 trillion yuan to 5.4 trillion yuan from 2014 to 2024 [3] - It suggests that businesses should focus on producing what consumers want, such as high-end brands in jewelry and cosmetics, to better meet diverse consumer needs [3] Group 3: Innovation and New Consumption - The article stresses the significance of innovation in driving consumption, highlighting the need for new products, services, and experiences to meet evolving consumer demands [4] - It notes that the integration of technology and digitalization is crucial for enhancing existing production capacities and developing high-quality products [4] - The expansion of international brands and the success of Chinese brands in global markets, such as the rapid growth of overseas stores for brands like Mixue Ice City, demonstrate the potential for increased consumption levels [4] Group 4: Market Opportunities - The article identifies opportunities in traditional consumption sectors, suggesting that there is still potential for growth through innovative approaches, such as the production of yoga apparel and low glycemic index food products [5] - It highlights the emergence of new consumption hotspots, particularly in urban areas, where brands are adapting to health trends and cultural heritage [6] - The article concludes that the acceleration of consumption structure upgrades is critical for stimulating domestic demand and supporting economic stability [6]

12月18日，海南自由贸易港将正式启动全岛封关，这一标志性开放举措为中国高水平对外开放按下加速 键。值此关键节点，由每日经济新闻联合海南国际经济发展局共同主办的"2025第十四届上市公司发展 年会暨海南自贸港开放机遇交流大会"系列活动，于12月11日至13日在海南海口举行。 这场一年一度的资本市场盛会，汇聚超400位政产学研精英，以多元议程搭建思想交锋与资源对接的平 台，旨在把脉宏观经济走向、深挖自贸港开放红利，为上市公司把握新周期机遇提供思路和路径。 值得一提的是，12月11日下午，本次盛会系列活动之一的"2025第九届上市公司董秘年会暨海南自由贸 易港政策沟通会"先于主论坛启幕，届时有150位上市公司董秘及行业人士共话海南自贸港机遇。海南相 关政府部门代表在分享政策红利、产业机遇的同时，还将围绕税收、海关监管等关键领域为企业开展多 方位答疑。 嘉宾云集 共探开放新机遇 12月的海口，23℃左右的气温让人倍感舒适。加上空气中隐约飘过的一丝椰香，这种南国特有的搭配， 为这场年度资本盛会烘托出一种舒适惬意的交流氛围。 在主论坛主旨演讲环节，三位重磅嘉宾将带来高价值观点输出。工业和信息化部原副部长苏波将以《中 国 ...

Group 1 - The Hainan Free Trade Port will officially start its full island customs closure on December 18, marking a significant step towards China's high-level opening-up [1] - The "2025 14th Annual Development Conference of Listed Companies and Hainan Free Trade Port Opportunity Exchange Conference" will be held from December 11 to 13, gathering over 400 industry leaders to discuss macroeconomic trends and the benefits of the free trade port [1][2] - The conference will feature key speeches from prominent figures, including former Vice Minister of Industry and Information Technology Su Bo, who will discuss the path to upgrading China's manufacturing industry [2] Group 2 - The 20th Central Committee's Fourth Plenary Session emphasized the importance of expanding autonomous opening-up and implementing a high-standard construction of the Hainan Free Trade Port, positioning it as a key practice window for national opening-up policies [3] - The conference will include roundtable discussions on AI technology's transition from concept to commercial realization and the collaborative pathways for Chinese enterprises in global supply chains [3][4] - An "International Consumption New Opportunities" session will explore new directions in the consumption industry, featuring insights from notable industry representatives [4][5] Group 3 - The event will also focus on the evolution of China's role in the global consumption industry, shifting from passive acceptance to active integration, with an emphasis on capital linkage and brand output [5] - Discussions will cover long-term strategies for new consumer brands and the integration of cultural tourism to activate overall consumption [5] - A report on consumer trends for 2024-2025 will be released, providing industry analysis and future outlooks [5]

报告导读： 中观景气延续分化， AI 产业链延续高景气，存储器继续涨价；服务消费需求 同比明显提升；工业金属价格大幅上涨；地产链和耐用品景气边际下滑。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 AI 产业延续高景气，服务消费同比偏强。 上周（ 12.01-12.07 ）中观景气表现分化，值得关注： 1 ）全球 AI 基建持续带动电子产业链需求提升，高端存 储器 DRAM DDR4 价格延续上涨，国内 AI 模型和端侧 AI 手机陆续取得突破，后续仍需关注 AI 应用商业进展以及资本开支持续性； 2 ）服务消费和出行景 气边际有所回落，但 11 月以来景区出行、电影票房均明显好于 24 年同期，或表明传统内需偏弱下，居民更注重"吃喝玩乐"型的轻消费类型，多地实施秋假 也对服务消费景气 ...

文 | 赵伟、屠强 联系人| 屠强、耿佩璇 报告正文 4、生产高频跟踪：工业生产维持弱势，建筑业开工边际改善 图 36: 上周, 高炉开工率延续回落 全国高炉开工率 (247家) === 2020 2019 2021 2022 2023 -2024 · 2025 96 85 80 75 70 65 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 资料来源: Wind、申万宏源研究 工业生产中，高炉开工延续回落，钢材表观消费也有下滑。 11月23日至11月29日，高炉开工率环 比-1.1%至81.1%，同比-0.8pct至-0.5%；上周（11月30日至12月06日），钢材表观消费环比-2.68%、同 比-2.4pct至-1.2%。钢材社会库存延续回落，环比-2.9%。 图 37: 上周, 钢材周表观消费有所回落 五大品种钢材周表观消费量 2021 2019 == 2020 = 2022 2023 2024 2025 1300 万吨 1200 1100 1000 900 800 700 600 500 400 300 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 1 ...

人民网迪拜12月10日电 （记者管克江）近日，多部中国电影在约旦安曼彩虹剧场展映，受到各方好评。 约旦皇家电影委员会总干事穆汉纳德·巴克里表示，约旦与中国在叙事方式上有深刻共鸣，两国在电影制作领 域的合作既具有战略意义，也拥有深厚的文化根基。他指出，中国电影在约旦长期扮演着文化先驱的角色，为两 国交流奠定了良好基础。 观众走过中国电影展示灯箱。人民网 纳达尔·达乌德摄 据介绍，彩虹剧场共上映了《南京照相馆》《长安的荔枝》《雄狮少年2》《里斯本丸沉没》等四部影片。中 国驻约旦大使郭伟表示，电影合作已成为连接中约两国的重要文化桥梁。本次展映的影片涵盖中国的历史、文化 与日常生活，希望能帮助约旦观众更加深入地理解中国。 中外互动。人民网 纳达尔·达乌德摄 ...

中国大市场，决定了一部全球大片到底能飞多高，庞大的观众、成熟的影院、强大的消费力是中国 电影市场最大的底气。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 迪士尼出品的《疯狂动物城2》，上映6天，票房冲破20亿！ 从年初的《哪吒2》到年中的《浪浪山》再到年底的《动物城2》，动画电影完成了贯穿全年的"三 连爆"！ ...