盘前要闻 1、涉及中际旭创、胜宏科技等，沪深300等A股多条重要指数样本股调整 类型：公司 情绪影响：正面 情绪影响：正面 截至11月30日，《疯狂动物城2》累计票房已突破19.2亿元，超越前作在中国内地创下的15.4亿元票房纪 录，并以惊人速度刷新纪录。中泰证券认为，今年是动画电影大年，电影行业迎来供给与结构改善。相 关电影上市公司有望获益，如优质内容供给及引进方及电影院线等上市企业。 3、产需两端均改善，11月制造业PMI小幅回升！机构预期稳增长措施将出台 类型：宏观 情绪影响：正面 国家统计局数据显示，11月份，制造业采购经理指数(PMI)为49.2%，比上月上升0.2个百分点，景气水 平有所改善。东方金诚分析师王青认为，不排除年底前出台新的稳增长措施的可能。其中，年底前财政 促消费力度有可能加大，央行还可能实施新一轮降息降准。 4、央行等部门首次公开定调稳定币，继续坚持对虚拟货币的禁止性政策 类型：行业 沪深300、中证500、上证50等多个重要指数将调整指数样本。华电新能、东山精密、指南针、胜宏科技 等调入沪深300指数；华工科技、光启技术、中际旭创、胜宏科技等调入中证A50指数；上证50指数更 换 ...

Core Insights - "Zootopia 2" has achieved significant box office success in China, surpassing 7 billion in single-day box office and over 19 billion in total, making it the highest-grossing imported film in Chinese history [1][4] - The film's IP has generated over 70 collaborations across various sectors, including fast fashion, dining, and personal care, appealing to a wide demographic from children to adults [4][6] - The emotional connection and nostalgia associated with the characters have driven audience engagement and merchandise sales, particularly among the 20-29 age group [11][14] Box Office Performance - "Zootopia 2" set a record with a single-day box office of 7 billion, surpassing the previous record held by its predecessor [1] - The total box office has exceeded 19 billion, significantly higher than the first film's 15.4 billion [1] IP Collaboration and Marketing - The film has seen over 70 collaborations since June, covering a wide range of consumer products and services [4] - Successful collaborations include popular brands like Starbucks, McDonald's, and various fashion retailers, indicating a broad market appeal [38][40] - The "Fox and Bunny" couple has become a major marketing focus, generating significant social media engagement and discussions [24][31] Audience Engagement - The film has successfully tapped into nostalgia, with many viewers reflecting on their personal growth since the first film's release nine years ago [8][11] - The emotional resonance of the characters has led to a strong connection with audiences, particularly among those who grew up with the original film [14][56] Merchandise Success - 52TOYS has emerged as a leading brand in merchandise sales, with its "Best Partners" series becoming a top seller on platforms like Tmall and Douyin [49][51] - The emotional appeal of the products, such as plush toys and collectibles, has resonated with consumers, turning them into "emotional containers" for fans [56][58] - The collaboration with 52TOYS highlights the importance of understanding the IP's core audience and emotional needs [51][61]

Group 1: Manufacturing Sector - In November, the manufacturing Purchasing Managers' Index (PMI) rose to 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in business sentiment among manufacturing enterprises [1] - The production and business activity expectation index reached 53.1%, up by 0.3 percentage points from last month, reflecting increased confidence in market development [1] - The steel industry PMI fell to 48%, a decrease of 1.2 percentage points from the previous month, indicating a slowdown in industry operations [1] Group 2: Green Bonds - China has become the world's largest green bond market, with green bond issuance totaling $101.8 billion, a year-on-year increase of 92%, accounting for 20% of the global total [1] Group 3: Oil Market - Major oil-producing countries have decided to maintain their production plans, suspending any increase in output for the first three months of 2026, with a flexible adjustment based on market conditions [3] Group 4: Corporate Announcements - Arctech plans to establish a joint venture with its controlling shareholder to adjust its business in the U.S. market [4] - Jiangxi Copper is planning to acquire shares of the overseas-listed company SolGold Plc [4] - Huayang Co. has launched a project to produce 200 tons of high-performance carbon fiber annually [4] - Enjie Co. is planning to purchase 100% equity of Zhongke Hualian, leading to a stock suspension [4] - ST Tianrui's controlling shareholder is planning matters related to a change in company control, resulting in stock suspension [4] - ST Dongyi still faces the risk of being declared bankrupt due to failed restructuring [4]

Group 1 - The film "Zootopia 2" has surpassed a box office of 2 billion, with projections suggesting it may exceed 4 billion, potentially becoming the highest-grossing imported film in Chinese history, surpassing "Avengers: Endgame" [1] - According to Zhongtai Securities, the production quality of domestic animated films has significantly improved, while overseas animated films are entering a phase of extending the value cycle of classic IPs, leading to sustained monetization [1] - The year 2025 is anticipated to be a significant year for animated films, marking a new phase in the Chinese animated film market driven by both domestic and overseas influences [1] Group 2 - "Zootopia 2" has over 70 brand collaborations in China, covering various industries such as toys, food and beverages, apparel, retail, dining, pets, and gaming [1] - The film not only expands the profit space of film IPs but also leverages the popularity of collaborations to enhance movie promotion, thereby amplifying the value of super IPs [1] - Future development of classic film IPs will continue to extend commercial value, with new IPs focusing on commercial expansion during the film promotion period to create interactive engagement [1] Group 3 - Wanda Film is identified as a leading domestic cinema chain [1] - Semir Apparel has launched IP collaboration products under its brands Semir, Balabala, and Semir Kids featuring Disney's Zootopia [1]

Core Insights - The animated film "Zootopia 2" has surpassed 1.9 billion yuan in box office revenue in China, breaking the record set by its predecessor and becoming the highest-grossing imported animated film in the country [1] - The film is projected to exceed 4 billion yuan in total box office revenue, indicating strong market performance and consumer interest [1] - "Zootopia 2" is the third animated film in 2025 to surpass 1 billion yuan in box office, highlighting the commercial value of all-age animated films [1] Box Office Performance - As of November 30, "Zootopia 2" has achieved a box office of over 1.9 billion yuan in China, surpassing North America’s total [1] - The film has broken the box office record of the original "Zootopia" in China [1] - Predictions suggest that the total box office could reach 4 billion yuan in the future [1] IP Collaboration and Merchandise - "Zootopia 2" has over 60 IP collaborations across various sectors, including toys, beverages, and apparel, with some products topping e-commerce popularity lists [1] - The "Zootopia Best Partners" blind box series by 52TOYS quickly sold out within a week of its launch in Wanda Cinemas, indicating strong consumer demand [1] - MINISOLAND reported a significant number of consumers purchasing related merchandise, with over a hundred co-branded products available [2] Consumer Trends - Interest-based consumption is emerging as a new market trend, particularly among Generation Z, who are willing to spend on beloved franchises [2] - The success of animated IPs in the merchandise sector reflects diverse monetization strategies for films, suggesting a potential shift in focus for film companies towards sustainable IP exploration [2][3] Industry Insights - Toy companies are seen as "co-creators" in the ecosystem of popular IP merchandise, collaborating with IP owners to enhance content and extend the IP lifecycle [3] - The need for a robust industry chain to support high-quality IP is emphasized, indicating a trend towards comprehensive IP management and development [3]

据网络平台数据，2025年度电影总票房（含预售）突破480亿。 （文章来源：央视新闻） ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - "Zootopia 2" achieved a single-day box office of 700 million yuan, setting a new record for animated films. The cumulative box office reached 1.37 billion yuan, with total pre-sale tickets at 1.54 billion yuan. The significant increase in audience numbers reflects the strong appeal of quality IP and production, injecting confidence into the film industry chain [2][21] - In November, 184 game licenses were approved, indicating continuous optimization in the industry supply. The National Press and Publication Administration released 184 game licenses, including 178 domestic and 6 imported games. The high number of licenses reflects policy stability, allowing leading companies to deepen their competitive advantages through product iteration and multi-platform strategies [2][22] - Current head technology companies are increasing their computing power investments, coupled with a recovery in entertainment consumption. Investment opportunities include: 1) Hong Kong internet leaders, promoting consumption and stabilizing employment; 2) Gaming industry, with policy incentives boosting domestic demand and technological empowerment enhancing product competitiveness; 3) Film and cultural tourism industries, with consumption policies promoting cinema recovery and stimulating improvement in consumer demand [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Zootopia 2" (1.373 billion yuan, 89.50% market share), "Wild Era" (59.14 million yuan, 3.90% market share), and "Demon Slayer: Infinity Castle" (47.84 million yuan, 3.10% market share) [23][24] Gaming Industry - The top three iOS games by sales are "Peace Elite," "Honor of Kings," and "League of Legends Mobile." The top three Android games by popularity are "Heart Town," "Boundary: Knife Sound," and "Daughter of Volcano: Reunion" [26][27] TV Series Industry - The top three TV series by broadcast index are "Tang Dynasty Strange Stories: Chang'an" (83.2), "Xiao Qi Qing Huang" (80.6), and "Si Xi" (79.7) [28][29] Variety Shows & Animation - The top three variety shows by broadcast index are "Now Departing Season 3" (81.7), "Wonderful Night Season 2" (78), and "Running on the Road: Tianlu Edition" (75.9) [30][32] - The top three animations by viewership index are "Immortal Reversal" (193), "Demon Slayer" (187.6), and "Devouring the Starry Sky" (175.2) [31][33]

有的影院甚至在周日凌晨密集排了三场，最晚的一场于00:45开场，散场时已是凌晨2:33。 "如果不提前买票，这个周末只能看《疯狂动物城2》黄金场次的角落座位了。"李言鲁告诉记者。 以他管理的济南新世纪电影城（泉城路店）为例，《疯狂动物城2》上映后掀起观影热潮，影院几乎全 天候排映该片，"其他影片基本也就是早晚场补一下"。他了解到，一些影厅数量较少的影院甚至全天只 排《疯狂动物城2》。 值得注意的是，《疯狂动物城2》由中国电影引进发行。11月28日，中国电影午后涨停封板。（每日经 济新闻） 【爆了！#疯狂动物城单日票房超7亿元#，#疯狂动物城预测总票房超42亿#】#疯狂动物城发行方中国电 影涨停#《疯狂动物城2》爆了。这个周末，多家影院经理直观感受到，观影的热闹氛围仿佛回到了春节 档。11月29日，《疯狂动物城2》单日票房超7亿元，据猫眼专业版，总票房预测上调至42.63亿元。 2025年国内单日票房纪录由今年春节档上映的《哪吒之魔童闹海》保持，为8.66亿元。相比之下，《疯 狂动物城2》的表现已接近这一高点。 疯狂动物城2 收起场次 ^ 0 加鬼搭档 今天 11月29日 186后全129 英语 4D 65 @ ...

Investment Rating - The industry investment rating is "Increase Holding" [4][11]. Core Viewpoints - The release of "Zootopia 2" has exceeded expectations, with total box office revenue expected to surpass 50 billion yuan [6]. - The animation film market is entering a new phase driven by both domestic and overseas productions, with 2025 anticipated to be a significant year for animation films [6]. - The commercial value of film IP is expanding, with over 70 brands collaborating with "Zootopia 2" across various sectors [6][7]. - The film market is transitioning from quantity to quality, with high-quality content becoming the core driver of box office performance [6]. Summary by Sections Industry Overview - The industry comprises 130 listed companies with a total market value of 1,783.635 billion yuan and a circulating market value of 1,650.146 billion yuan [2]. Market Performance - "Zootopia 2" achieved a box office of 14 billion yuan within four days of release, setting multiple records in Chinese film history [6]. - The film's performance indicates a strong recovery in the market, with a significant increase in audience attendance and box office revenue [6]. Future Outlook - The upcoming holiday seasons are expected to see a robust performance from both imported and domestic films, with several high-profile releases scheduled [6][10]. - The industry is expected to continue its growth trajectory, supported by a recovery in the supply of imported films and a focus on high-quality content [6]. Key Companies to Watch - Companies to monitor include China Film, Light Media, Wanda Film, and Maoyan Entertainment, among others, which are positioned to benefit from the evolving market dynamics [6].

Core Insights - "Zootopia 2" has achieved remarkable box office success, surpassing its predecessor's record in just five days, with a total of 1.889 billion yuan in China [1][13] - The film's single-day box office on November 29 reached 730 million yuan, making it the highest single-day box office for an imported film in China, with total box office predictions raised to 4.263 billion yuan [3][13] - The film's release has revitalized the market for imported films, with significant audience engagement and high attendance rates in theaters [13] Box Office Performance - "Zootopia 2" has broken multiple records, including surpassing the previous film's box office in China [1] - The film's total global box office has exceeded 475 million USD, with China being the largest market, accounting for over half of the total revenue [13] - The film's opening day significantly boosted the box office, increasing daily revenue from less than 500 million yuan to 2.8 billion yuan [13] Audience Engagement - The film has a strong emotional connection with Chinese audiences, being one of the most influential animated IPs in the past decade [11] - The Shanghai Disneyland theme park features the only "Zootopia" themed area globally, enhancing audience interaction and engagement [11] - The film has received a high rating of 8.6 on Douban, indicating strong audience approval and emotional resonance [13] Thematic Depth - "Zootopia 2" continues to explore social themes such as equality and justice, reflecting real-world issues like prejudice and displacement [10] - The film's narrative maintains a focus on the friendship between the main characters, Judy and Nick, emphasizing trust and understanding [10] - The sequel expands on the original's themes while introducing new characters and settings, enhancing the overall narrative complexity [8][10]