1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - 7 - month economic data was generally below expectations, showing a weak - recovery pattern of "stable production, under - expected consumption, and intensified investment differentiation", which confirmed the "weak demand + low inflation" fundamental for the bond market. The risk of a trend - based correction in the bond market was generally controllable. It was suggested to seize the adjustment window in the third quarter and gradually allocate bonds after the adjustment [1]. - Short - term concerns included changes in risk - preference assets such as equities and commodities, and the effect of policies like fiscal discounts on private - sector financing demand [1]. 3. Summary by Catalog 3.1 Demand - Real estate: The transaction area of commercial housing in 20 cities decreased both month - on - month and year - on - year, significantly lower than the seasonal level. The transaction area of second - hand housing in key cities showed differentiated performance. In Beijing and Shenzhen, it increased week - on - week, while in Shanghai, Guangzhou, Hangzhou, and Chengdu, it decreased [2][12]. - Consumption: Automobile consumption decreased week - on - week. The box office of movies decreased week - on - week but was stronger than the same period last year. The national migration scale index increased week - on - week, and the subway passenger volume in first - tier cities increased [2][38]. 3.2 Production - Mid - and upstream: The operating rates of rebar, PTA, and polyester filament decreased, while the operating rate of petroleum asphalt plants increased [3][47]. - Downstream: The operating rate of all - steel tires for automobiles increased, while that of semi - steel tires decreased, but the latter was still at a seasonal high [3][47]. 3.3 Investment - Rebar: Apparent consumption decreased, but the price increased week - on - week [4][64]. - Cement: The price decreased week - on - week, while the shipping rate and inventory ratio increased [4][64]. 3.4 Trade - Export: Port throughput increased, while the comprehensive CCFI index decreased. The BDI index increased week - on - week [5][75]. - Import: The comprehensive CICFI index decreased by 1.2% week - on - week [5][75]. 3.5 Prices - CPI: The agricultural product wholesale price 200 index increased by 0.7% week - on - week. Vegetable prices increased, while egg, pork, and fruit prices decreased [6][86]. - PPI: The Nanhua industrial product price index increased by 0.2% week - on - week. Brent crude oil and COMEX gold prices decreased, while LME copper prices increased. The commodity futures market was stable with differentiated performance among varieties [6][91]. 3.6 Interest - rate Bond Tracking - Next week (August 18 - 22, 2025), the planned issuance of interest - rate bonds was 765.2 billion yuan, with a net financing of 495.2 billion yuan [7][110]. - As of August 15, the cumulative issuance progress of replacement bonds this year exceeded 95%, that of new general bonds was 72.0%, and that of new special bonds was 64.5% [7][112][117]. 3.7 Policy Weekly Observation - The Q2 monetary policy report emphasized implementing and refining a moderately loose monetary policy, including maintaining sufficient liquidity, matching financing and money supply with economic growth targets, and promoting a reasonable recovery of prices [122][123]. - Multiple policies were introduced in the week, including fiscal subsidy policies for consumer loans, tax policies for express delivery services, and real - estate policies in some regions [123][124].

Group 1 - The overall performance of the film market, especially domestic films, was lackluster during the first half of the summer season, but began to improve significantly in the second half [1][2] - As of August 16, 2025, the total box office for the summer season exceeded 9.6 billion yuan, with top films including "Nanjing Photo Studio," "Little Monster of Langlang Mountain," and "Jurassic World: Rebirth" [1][2] - The box office for the summer season saw a year-on-year decline of 17.85%, with an average ticket price of 37.39 yuan compared to 40.9 yuan in the previous year [1][2] Group 2 - Analysts noted that the film market faced significant challenges post-Spring Festival due to a lack of major releases, leading to a subdued market atmosphere [2][3] - The success of films released in the latter half of the summer season, particularly "Nanjing Photo Studio," which grossed over 2.4 billion yuan, helped to reverse the trend [2] - The market is still experiencing issues such as a shortage of mid-to-high tier films, insufficient funding for new projects, and a decline in the performance of imported films [3] Group 3 - The rise of online entertainment platforms, particularly Douyin, is contributing to a decline in cinema attendance among younger audiences, further complicating the market landscape [3]

Core Insights - China's position as the world's second-largest consumer market remains solid, with the penetration rate of the new energy vehicle market exceeding 50% and significant growth in various sectors, indicating vast opportunities and potential for investment [1] - The Ministry of Commerce's report on consumption during the 14th Five-Year Plan highlights four key themes: expansion, quality improvement, renewal, and openness, with an average annual growth of 5.5% in retail sales of consumer goods over the past four years, expected to surpass 50 trillion yuan this year [1] - The average annual contribution of consumption to economic growth is around 60%, with a notable increase in service consumption, which is projected to be a major driver of consumption upgrade during the 15th Five-Year Plan [2] Group 1 - The retail sales of consumer goods are projected to exceed 50 trillion yuan this year, with an average annual growth rate of 5.5% over the past four years [1] - The average annual growth rate of residents' service consumption expenditure is 9.6%, with its share in total consumption expenditure rising by 3.5 percentage points to 46.1% [1] - The per capita disposable income and per capita consumption expenditure of residents have increased from 32,000 yuan and 21,000 yuan to 41,000 yuan and 28,000 yuan, respectively, over the past four years [2] Group 2 - The shift from goods consumption to service consumption is expected to be a primary development direction for consumption upgrade during the 15th Five-Year Plan [2] - Improving the consumption environment is a systematic project that involves infrastructure construction, market regulation, consumer rights protection, and credit system development [2] - Enhancing consumer willingness to spend requires multi-faceted collaboration and measures, including market order regulation and the establishment of efficient consumer rights protection channels [2]

据网络平台数据 动画电影《浪浪山小妖怪》 累计票房突破8.079亿元 超过《铃芽之旅》《你想活出怎样的人生》 《你的名字。》等3部日本动画 登顶中国影史 二维动画电影票房榜！ 来源：央视新闻 （文章来源：证券时报） ...

Core Viewpoint - The article discusses the launch of the "Future Image Project," a global AI-generated image work collection initiative by JIMU AI in collaboration with Volcano Engine, Shanghai Film, and various filmmakers from China and South Korea, aimed at showcasing cutting-edge AI creative works at the 30th Busan Film Festival [1] Group 1 - The initiative will select five outstanding works that best represent the forefront of AI-generated image creation [1] - Selected works and their creators will be showcased on the InnoAsia platform during the Busan Film Festival [1] - The submission period for works is from August 8 to August 27, with requirements for original works completed after January 1, 2025, and a duration of 1 to 20 minutes [1] Group 2 - Submissions must include Chinese and English subtitles and utilize AI tools as the primary creative medium, specifically incorporating JIMU AI [1] - Creators can submit their works through the JIMU official website and complete a work information declaration questionnaire [1]

Core Viewpoint - The animated film "浪浪山小妖怪" has achieved a cumulative box office of over 8.079 billion yuan, surpassing three Japanese animated films and becoming the highest-grossing 2D animated film in Chinese history [1][4]. Box Office Performance - "浪浪山小妖怪" has surpassed "铃芽之旅" (8.07 billion yuan), "你想活出怎样的人生" (7.91 billion yuan), and "你的名字。" (7.13 billion yuan) in terms of box office revenue [5]. - The record for the box office is still being updated as the film continues to perform well [4].

Group 1 - The film "浪浪山小妖怪" has achieved a cumulative box office (including pre-sales) of 807.9 million yuan, surpassing Makoto Shinkai's "铃芽之旅" to become the highest-grossing 2D animated film in Chinese history [1] - Prior to this, the top three highest-grossing 2D animated films in China were "铃芽之旅" at 807 million yuan, "你想活出怎样的人生" at 791 million yuan, and "你的名字" at 713 million yuan [1]

8月14日，国产2D动画票房冠军《浪浪山小妖怪》在经历了多天口碑发酵后，喜提票房日冠，预测票房升至17亿+，成为继《哪吒之魔童闹海》后能再次 证明中国动画电影创作能力和商业市场认可度的力作。 同样在14日，《浪浪山小妖怪》陷入上映13天以来的最大舆情危机，观众质疑浪浪山宣发方向与作品价值观出现冲突，挑起性别对立议题，一时间#浪浪 山宣发 傅首尔# #大批网友因傅首尔给浪浪山小妖怪打 1 分# 等负面话题冲上微博、贴吧等多社媒热搜，网友晒票根闹退票，去豆瓣打低分，去官方号评 论区要说法，各方混战，乱作一团。 事件的导火索，是8月10日小红书主办的《浪浪山小妖怪》线下观影活动邀请了两位带有"女权"属性的嘉宾傅首尔、苏敏评价作品，大谈离婚，鼓励片中 角色猪妈妈离开浪浪山。 是的，"女权"网红解读《浪浪山小妖怪》这部合家欢电影，主办方是那个"女性立场"平台小红书，而@电影浪浪山小妖怪 微博转发表达了感谢。 一次错误的宣发，《浪浪山小妖怪》电影遭受了无妄之灾，被贴上"性别对立"的标签，原本大涨的票房势头突然有了裂痕。这一波，是小红书害了浪浪 山。 舆论失焦 事故的开始就不简单，在小红书8月10日的"薯你最懂浪浪山"活动 ...

Core Insights - The summer box office in China surpassed 9 billion yuan, showing a significant recovery compared to the previous year, indicating a strong resurgence in the film market [1] - A record number of 128 films were released during the summer season, showcasing a diverse range of genres and styles, which catered to various audience preferences [2] - High audience satisfaction ratings for films like "Nanjing Photo Studio" and "The Tale of the Cat Demon" highlight the importance of quality content in driving box office success [3] Industry Trends - The summer film season featured a diverse supply of 45 different genres, including drama, animation, and historical war films, appealing to a wide demographic [2] - Domestic films dominated the top ten summer box office rankings, with "Nanjing Photo Studio" alone accounting for a quarter of the total box office [2] - The audience's strong demand for high-quality content has led to a notable recovery in cinema attendance, marking this summer as the best in terms of audience satisfaction in the last decade [4] Audience Engagement - Films like "Nanjing Photo Studio" and "The Tale of the Cat Demon" attracted multi-generational audiences, while other films appealed significantly to younger viewers [5] - Regional preferences and genre-specific interests have emerged, with certain films performing better in specific areas, indicating a need for targeted marketing strategies [5] - The integration of films with other industries, such as dining and travel, has created new consumption patterns, enhancing the overall movie-going experience [6]

Core Insights - The summer box office in China surpassed 9 billion yuan, showing significant growth compared to the previous year, indicating a strong recovery in the film market [1] - A record 128 films were released during the summer season, with a diverse range of genres satisfying various audience preferences [2] - High audience satisfaction ratings for films like "Nanjing Photo Studio" and "The Tale of the Little Demon" highlight the importance of quality content in driving box office success [3] Group 1: Market Performance - The total box office for the summer season reached over 9 billion yuan, marking a substantial increase from the previous year [1] - Six domestic films ranked in the top ten, with "Nanjing Photo Studio" alone grossing over 2 billion yuan, accounting for a quarter of the total summer box office [2] - The summer season is noted for its strong word-of-mouth, with the best audience satisfaction ratings in the past decade [4] Group 2: Content Diversity and Quality - The summer film lineup included 128 films across 45 genres, catering to a wide range of audience demographics [2] - Films like "Nanjing Photo Studio" and "The Tale of the Little Demon" have been praised for their innovative storytelling and high production quality, setting new standards for historical and animated films [3] - The emphasis on quality content is seen as essential for the industry's recovery and growth, with audiences increasingly demanding well-crafted films [4] Group 3: Audience Engagement and Trends - The audience demographic for films is becoming more diverse, with family-oriented films attracting multi-generational viewers [5] - Regional preferences are influencing box office performance, with different films resonating in various cities and demographics [5] - The integration of films with other industries, such as dining and travel, is creating new consumption patterns and enhancing audience engagement [6]