Core Viewpoint - The company, China Film (600977.SH), clarified that it did not participate in the investment or production of the film "731" [1] Group 1 - The company stated that the investment ratio for the film project does not fall under the disclosure requirements as per the Shanghai Stock Exchange regulations [1] - The company's main operations and business conditions will be disclosed in temporary announcements or regular reports according to information disclosure regulations [1]

Industry Overview Upstream - Energy: International crude oil prices have shown a slight upward trend [2] - Agriculture: Egg prices have dropped significantly recently [2] Midstream - Chemical industry: The operating rate of PTA has declined [3] - Energy: Coal consumption in power plants has remained stable recently [3] - Infrastructure: The operating rate of asphalt has been rising continuously recently [3] Downstream - Real estate: Recent sales of commercial housing have declined [3] - Services: The box office revenue of summer movies has been rising continuously [3] Policy Overview Production Industry - Shanghai has issued measures to support enterprises in increasing investment in basic research, with different levels of one - time financial subsidies for enterprises with different annual basic research investment amounts [1] - Hainan has released an action plan to build a modern industrial system, aiming to cultivate the commercial space industry chain and achieve an operating income of 10 billion yuan in the aerospace industry cluster in Wenchang International Aerospace City by 2027 [1] Service Industry - The People's Bank of China will continue to implement a moderately loose monetary policy, using various monetary policy tools to maintain sufficient liquidity and guide reasonable credit growth [1] Industry Credit Spread Tracking (as of 8/5) | Industry | Current | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 82.26 | 77.04 | 56.21 | 49.35 | 0.30 | | Mining | 30.94 | 47.98 | 35.42 | 31.88 | 0.40 | | Chemical Industry | 65.92 | 62.95 | 47.54 | 45.37 | 43.20 | 0.30 | | Steel | 35.23 | 56.36 | 46.01 | 42.01 | 40.13 | 5.10 | | Non - Ferrous Metals | 37.37 | 58.80 | 48.05 | 43.33 | 41.11 | 4.40 | | Electronics | 49.90 | 78.23 | 53.17 | 42.82 | 44.06 | 0.70 | | Automobile | 54.05 | 51.85 | 37.90 | 34.43 | 32.96 | 1.10 | | Household Appliances | 35.59 | 21.45 | 46.36 | 42.79 | 41.10 | 5.80 | | Food and Beverage | 34.22 | 46.11 | 35.53 | 31.06 | 28.90 | 0.20 | | Textile and Apparel | 43.07 | 54.72 | 51.57 | 43.28 | 40.83 | 0.50 | | Light Industry Manufacturing | 44.25 | 168.19 | 142.28 | 133.76 | 131.32 | 7.20 | | Pharmaceutical and Biological | 49.06 | 73.61 | 21.88 | 47.68 | 45.75 | 0.60 | | Public Utilities | 23.59 | 34.55 | 26.02 | 23.85 | 22.13 | 0.80 | | Transportation | 24.68 | 39.10 | 28.96 | 27.63 | 26.86 | 4.50 | | Real Estate | 198.71 | 127.12 | 95.84 | 89.30 | 86.30 | 0.20 | | Commerce and Trade | 37.22 | 21.51 | 40.42 | 37.06 | 34.73 | 0.90 | | Leisure Services | 69.22 | 124.48 | 117.80 | 105.37 | 105.65 | 85.60 | | Banking | 22.29 | 19.16 | 16.05 | 16.05 | 14.40 | 1.20 | | Non - Banking Financial | 23.00 | 35.56 | 28.84 | 26.89 | 23.84 | 0.70 | | Comprehensive | 67.78 | 51.72 | 40.12 | 36.67 | 35.01 | 1.10 | | Building Materials | 31.30 | 47.42 | 35.15 | 28.51 | 26.59 | 0.50 | | Building Decoration | 34.80 | 56.69 | 50.46 | 46.97 | 45.62 | 8.90 | | Electrical Equipment | 51.00 | 80.45 | 73.91 | 69.86 | 68.68 | 26.70 | | Machinery and Equipment | 25.71 | 47.87 | 43.24 | 40.49 | 38.30 | 11.50 | | Computer | 63.70 | 63.32 | 44.59 | 37.41 | 34.72 | 0.30 | | Media | 238.93 | 45.77 | 35.91 | 34.82 | 33.51 | 1.20 | | Communications | 26.26 | 28.04 | 30.43 | 27.71 | 25.42 | 2.50 | [42] Key Industry Price Index Tracking (as of 8/4) | Industry | Index Name | Frequency | Unit | Update Time | Value | YoY | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 8/4 | 2328.6 | - 0.18% | | | | Spot price of eggs | Daily | Yuan/kg | 8/4 | 6.4 | - 5.59% | | | | Spot price of palm oil | Daily | Yuan/ton | 8/4 | 8888.0 | - 1.20% | | | | Spot price of cotton | Daily | Yuan/ton | 8/4 | 15172.2 | - 2.48% | | | | Average wholesale price of pork | Daily | Yuan/kg | 8/4 | 20.3 | - 0.88% | | | Non - Ferrous Metals | Spot price of copper | Daily | Yuan/ton | 8/4 | 78418.3 | - 0.92% | | | | Spot price of zinc | Daily | Yuan/ton | 8/4 | 22148.0 | - 2.12% | | | | Spot price of aluminum | Daily | Yuan/ton | 8/4 | 20493.3 | - 0.89% | | | | Spot price of nickel | Daily | Yuan/ton | 8/4 | 121600.0 | - 0.88% | | | Black Metals | Spot price of aluminum | Daily | Yuan/ton | 8/4 | 16737.5 | - 0.67% | | | | Spot price of rebar | Daily | Yuan/ton | 8/4 | 3307.7 | - 1.32% | | | | Spot price of iron ore | Daily | Yuan/ton | 8/4 | 786.2 | - 0.44% | | | | Spot price of wire rod | Daily | Yuan/ton | 8/4 | 3442.5 | - 1.57% | | | Non - Metals | Spot price of glass | Daily | Yuan/square meter | 8/4 | 15.4 | - 1.72% | | | | Spot price of natural rubber | Daily | Yuan/ton | 8/4 | 14433.3 | - 4.57% | | | | China Plastics City Price Index | Daily | - | 8/4 | 810.8 | - 0.24% | | | Energy | Spot price of WTI crude oil | Daily | US dollars/barrel | 8/4 | 67.3 | 3.33% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 8/4 | 69.7 | 1.80% | | | | Spot price of liquefied natural gas | Daily | Yuan/ton | 8/4 | 4158.0 | 0.24% | | | | Coal price | Daily | Yuan/ton | 8/4 | 776.0 | 1.04% | | | Chemical Industry | Spot price of PTA | Daily | Yuan/ton | 8/4 | 4808.8 | - 1.11% | | | | Spot price of polyethylene | Daily | Yuan/ton | 8/4 | 7453.3 | 0.00% | | | | Spot price of urea | Daily | Yuan/ton | 8/4 | 1812.5 | - 0.55% | | | | Spot price of soda ash | Daily | Yuan/ton | 8/4 | 1315.0 | 0.00% | | | Real Estate | National cement price index | Daily | - | 8/4 | 129.0 | - 0.82% | | | | Building materials composite index | Daily | Points | 8/4 | 115.9 | - 1.96% | | | | National concrete price index | Daily | Points | 8/4 | 93.6 | - 0.73% | | [43]

Group 1: Industrial Production Trends - The industrial production shows signs of seasonal weakness, but infrastructure construction is experiencing a slight recovery. The blast furnace operating rate and apparent consumption have both increased year-on-year, with a rise of +1.1 and +0.5 percentage points to 2.2% and -0.3% respectively [2][6] - The social inventory of steel has seen a rebound [2] - In the textile sector, operating rates are higher than the same period last year, while the polyester filament and automotive sectors have seen a decline in operating rates [14][20] Group 2: Cement and Construction Industry - Cement production and demand are recovering, with grinding operating rates increasing significantly by +6.0 percentage points to -0.2% year-on-year. Cement shipment rates have also improved by +0.8 percentage points to -2.2% [25][29] - The cement inventory ratio has slightly decreased by -0.5 percentage points to -0.2% [32] Group 3: Glass and Asphalt Production - Glass consumption has decreased, with production slightly rebounding but still down by -7.7% year-on-year. Apparent consumption has also fallen by -5.0 percentage points to 8.7% [37][41] - Asphalt operating rates have increased year-on-year, up by +2.5 percentage points to 8.0% [37] Group 4: Real Estate and Demand Trends - The transaction volume of commercial housing has declined, with a year-on-year decrease of -13.6 percentage points to -19.6% in 30 major cities. The largest drop is observed in third-tier cities, with a decline of -44.0 percentage points to -31.5% [49][50] - National railway and highway freight volumes have also decreased, with year-on-year declines of -0.5 percentage points to 6.5% and -0.8 percentage points to 2.8% respectively [60][64] Group 5: Export and Shipping Trends - The shipping prices continue to decline, with the CCFI composite index dropping by -2.3% week-on-week. The Southeast Asia route has seen a significant price drop of -3.9% [89][90] - The BDI average price has also decreased by -3.1% [89] Group 6: Price Trends in Agriculture and Industry - Agricultural product prices are showing divergence, with pork and fruit prices falling by -0.3% and -0.2% respectively, while vegetable and egg prices have increased by +0.6% and +3.6% [101][105] - The industrial product prices have generally declined, with the Nanhua Industrial Price Index dropping by -1.4% [113][114]

Core Viewpoint - The summer box office was significantly boosted by the success of "Nanjing Photo Studio," which prevented an otherwise dismal performance and exacerbated the operational crisis of cinema chains [1][4]. Group 1: Box Office Performance - "Nanjing Photo Studio" grossed 1.574 billion yuan in 11 days, accounting for 56.8% of the total box office [2]. - Other films like "Wandering Mountain Little Monster" and "The Legend of Little Nezha" had lower earnings, with 152 million yuan and 353 million yuan respectively, indicating a disparity in box office success [2]. - The overall quality of films released during the summer was above average, but they lacked the blockbuster appeal needed to drive significant box office revenue [3]. Group 2: Industry Challenges - The Chinese film industry is in a precarious position, being the largest single market globally for cultural products, yet struggling to produce groundbreaking works [5][8]. - There is a notable gap between the audience's expectations for innovative content and the industry's current output, which often relies on outdated narratives and themes [12][16]. - The persistence of classic films in the audience's consciousness highlights a failure of new productions to resonate, leading to a cultural stagnation [6][11]. Group 3: Audience Expectations - Contemporary audiences are increasingly demanding high-quality storytelling and visual experiences, leading to a decline in interest for mediocre films [7][22]. - The cultural consumption threshold has risen, making it difficult for average films to succeed in a market that favors either exceptional or classic content [7][25]. - The need for a new generation of filmmakers who can meet modern standards is critical for the industry's evolution [15][19]. Group 4: Market Dynamics - The current market is characterized by a rapid turnover of cultural products, with new classics emerging to replace older ones [8][19]. - The film industry must adapt to the changing landscape, where traditional producers may struggle to keep pace with new creative forces [10][17]. - The expectation for domestic films to compete on an international level is growing, necessitating improvements in both content and production quality [21][22].

Core Viewpoint - The film "Nanjing Photo Studio" has emerged as a significant box office success, grossing 11.15 billion yuan in its first nine days, marking a potential revival for the struggling Chinese film market [1][24][28] Group 1: Box Office Performance - "Nanjing Photo Studio" has achieved a box office of 11.15 billion yuan within nine days of release, with a predicted total box office of 40.05 billion yuan [1][24] - The film has been compared to previous hits like "Nezha 2," indicating its potential to lead the summer box office [1][24] - The film's success has positively influenced the box office predictions of other films currently in theaters, such as "The Lychee of Chang'an" and "The Legend of the Cat and Mouse" [4][28] Group 2: Film's Unique Approach - The director, Shen Ao, utilized genre film techniques to present a historical narrative, making the film engaging and relatable to audiences [1][4] - The film focuses on small characters and their stories during the Nanjing Massacre, providing a human perspective on a significant historical event [9][10] - The film's narrative structure includes suspense and character complexity, which enhances its appeal as a commercial film [15][17] Group 3: Historical Context and Production - "Nanjing Photo Studio" is based on real historical events and aims to present a truthful depiction of the Nanjing Massacre, with meticulous attention to historical accuracy [12][14] - The film's production was completed in a short timeframe, showcasing effective management and coordination among various departments [18] - Shen Ao's background in advertising has influenced his approach to filmmaking, focusing on creating visually impactful and emotionally resonant content [21][23] Group 4: Market Impact and Audience Engagement - The film has reignited public interest in cinema, serving as a social currency and a topic of discussion among audiences [24][28] - The film's themes resonate with family and educational values, making it a popular choice for parents taking their children to the cinema [27] - The overall film market has seen a revival in discussions and engagement due to the success of "Nanjing Photo Studio," indicating a potential shift in audience viewing habits [28][29]

Group 1: Industrial Production - Industrial production in China shows divergence, with raw material production demonstrating relative resilience[1] - Daily pig iron output is higher than the same period last year, while steel and construction material production and apparent demand have marginally declined[1] - The operating rates for petroleum asphalt and some chemical products have recovered, while cement clinker capacity utilization remains stable compared to last week[1] Group 2: Real Estate - New home sales in 30 major cities decreased by 18.4% year-on-year as of August 1, 2025, with a 19.3% decline in July compared to the previous month[1] - The second-hand housing listing price index decreased by 0.48% month-on-month as of July 21, 2025[1] Group 3: Domestic Demand - National retail sales of passenger cars from July 1-27, 2025, reached 1.445 million units, a 9% increase year-on-year, while the total market for July is estimated at around 1.85 million units, up 7.6% year-on-year[1] - Major home appliance retail sales increased by 18.5% year-on-year as of July 25, 2025[1] - Daily movie box office revenue averaged 230 million yuan, a 27.9% increase year-on-year, with a government subsidy program in Beijing to encourage attendance[1] Group 4: External Demand - Port cargo throughput increased by 10.9% year-on-year as of July 27, 2025, with container throughput up by 5.6%[1] - South Korea's export value grew by 5.9% year-on-year in July, an increase of 1.6 percentage points from June[1] Group 5: Price Trends - The South China industrial product index fell by 3.8%, with the black raw materials index down by 5.6%[1] - Rebar futures prices dropped by 4.6%, while spot prices decreased by 2.3%; coking coal futures fell by 13.2%, but spot prices rose by 1.2%[1]

据灯塔专业版数据，截至8月3日21时28分，2025年暑期档(6月—8月)电影总票房(含预售)突破70亿元。 国信证券认为，短期内容供给恢复有望促进电影市场成长，中长期AI技术突破与IP潮玩的结合有望推动 电影行业持续繁荣。1)2023—2024年电影备案数量回升，行业内容储备丰富，考虑内容制作周期，2025 年国内电影内容供给有望复苏，推动票房持续恢复，同时得益于高经营杠杆的特性，放映渠道有望迎来 更好利润释放期；2)中长期来看，内容端有望受益AI技术的进步而降本提效；渠道端受益于以潮玩等为 代表的多元经营业态坪效有望持续提升。 华源证券认为，暑期档优质影片仍在陆续释放。暑期档作为一年中最长时间的档期，优质影片催化有望 带动电影票房市场稳步增长，建议关注重点影片的出品方以及院线/票务公司。 ...

Box Office Performance - As of August 3, the single-day box office on that date exceeded 378 million yuan, setting a new record for the summer season of 2025 [1] - The total box office for the summer season (including pre-sales) surpassed 7 billion yuan on the evening of August 3 [1] - The film "Nanjing Photo Studio" has accumulated over 1.5 billion yuan in box office since its release on July 25, ranking fourth in the 2025 box office chart and leading the summer season box office [6] Upcoming Films - A series of films are set to be released in August and September, including "Mountains and Rivers as Evidence," "731," "Chasing the Wind," "The White Coat Rescuer," "A Cloud Like You," and "Rescue Flying Tigers," covering various genres such as documentaries, animations, and dramas [2][4] - "Mountains and Rivers as Evidence," releasing on August 15, is the first panoramic documentary showcasing the hardships of the Chinese people's 14-year resistance against Japan [4] - "731," scheduled for release on September 18, tells the story of Japanese biological warfare research and human experimentation in Northeast China during the war [4] Animation and Cultural Integration - The animated comedy film "Wang Wang Mountain Little Monster" was released on August 2, creatively integrating traditional culture with modern workplace philosophy [8] - The film continues the aesthetic style of the Shanghai Animation Film Studio and injects contemporary vitality into classic animation [8] - A themed event called "Playful Day" was held in a Shanghai cinema, enhancing audience engagement with the film's content, resulting in a fourfold increase in sales of cultural and creative products compared to the same weekend [8]

Group 1 - A new batch of films has been scheduled for release, including titles such as "Mountain and River as Evidence" and "Mr. Pingshi" on August 15, and "731" on September 18 [1] - The film "731" has garnered significant attention, with over 3.8 million people expressing interest in watching it, making it the most anticipated film [3] - Directed by Zhao Linshan, "731" focuses on the atrocities of the 731 Unit during the Anti-Japanese War, showcasing the struggles and resistance of ordinary people [3]

Core Insights - The total box office for this summer's film season has surpassed 7 billion yuan, indicating a strong performance in the industry [2][3] - The top three films contributing to this box office success are "Nanjing Photo Studio" with over 1.5 billion yuan, "The Lychee of Chang'an" exceeding 600 million yuan, and "Jurassic World: Rebirth" crossing 500 million yuan [2][3] Box Office Performance - As of the latest report, the single-day box office on August 3 reached 375 million yuan, setting a new record for this summer's film season [3] - Over 60 domestic and international films have been scheduled for release during the summer season, showcasing a diverse range of genres and innovative themes [3] Film Highlights - "The Lychee of Chang'an," a comedy adapted from a novel by Ma Boyong, follows a Tang dynasty official on a mission to deliver lychees [4] - "Nanjing Photo Studio" is based on real historical events during the Nanjing Massacre, focusing on the evidence of Japanese war crimes [4] - The animated film "Wang Wang Mountain's Little Monster," released on August 2, has already surpassed 100 million yuan at the box office, blending traditional culture with modern workplace philosophy [3][4]