Production Sector - The coke oven operating rate increased to 71.63%, up by 0.87% from the previous week[7] - The blast furnace operating rate rose to 79.33%, a 0.37% increase week-on-week[7] - The PX operating rate improved to 90.07%, reflecting a 1.67% increase[7] - The full tire steel operating rate decreased slightly to 58.02%, down by 0.13%[7] - The semi-tire steel operating rate fell to 65.89%, a decrease of 2.36%[7] Consumption Sector - Weekly box office revenue reached 107.3 million yuan, a significant increase of 51.5 million yuan compared to the previous week[7] - Average daily retail sales of passenger cars increased to 82,048.55 units, up by 3,134.35 units[7] - Average daily wholesale sales of passenger cars rose to 106,358.95 units, an increase of 6,925.70 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities dropped to 116.27 million square meters, down by 110.15 million square meters from the previous week[7] - The transaction area of second-hand houses in major cities increased to 206,569.54 square meters, up by 53,755.83 square meters[7] - The land transaction area in 100 major cities decreased to 625.15 million square meters, down by 593.60 million square meters[7] - The land premium rate in 100 major cities increased to 1.41%, up by 0.96%[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) fell to 1,647.39, a decrease of 8.93 points[8] - The China Export Container Freight Index (CCFI) rose to 1,194.89, an increase of 48.22 points[8] - The Baltic Dry Index (BDI) decreased to 1,688.00, down by 194.00 points[8] - The wholesale price index for agricultural products dropped to 128.65, down by 0.78 points[8] Transportation - The subway passenger volume in Beijing decreased to 950.13 million, down by 1.58 million from the previous week[8] - The subway passenger volume in Shanghai fell to 917.29 million, a decrease of 56.71 million[8] - The subway passenger volume in Guangzhou dropped to 969.54 million, down by 105.56 million[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,383.71, down by 294.57 flights[8]

Core Viewpoint - Shanghai is actively promoting the integration of culture, tourism, commerce, and sports through various new scenarios and business models, enhancing consumer vitality in the city since the beginning of 2026 [1] Group 1: Cultural and Tourism Integration - The Wu'an Film Street in Shanghai features over 50 film-related tourist attractions and nearly 200 businesses, creating a "new consumption billion street" that offers unique experiences for visitors [3] - The first anime-themed cinema in Shanghai Meiluo City has attracted foot traffic, with a 7.6% year-on-year increase in revenue during the New Year holiday, highlighting the role of film in driving the integration of culture, tourism, and commerce [3] Group 2: Diverse Consumption Complexes - The Shanghai West Bank waterfront new district showcases vibrant multi-dimensional consumption complexes that integrate film, culture, tourism, performances, exhibitions, and sports [4] - The Yuyuan area features a popular Oriental aesthetic national trend street, while the Shanghai Performing Arts World connects 27 professional theaters and 116 new performance spaces, creating a complete chain of "viewing, consumption, and tourism" [4] Group 3: Red Culture and Tourism - Shanghai, as a significant birthplace of red culture, continues to attract tourists with its rich red cultural resources, such as the site of the First National Congress of the Communist Party of China and the Sinan Mansions [6] - The sales revenue of the cultural and creative store at the First National Congress site saw a year-on-year increase of over 90% during the New Year holiday, demonstrating the integration of red culture into daily life [6]

Core Viewpoint - The company aims to provide diverse and high-quality overseas films to audiences, highlighting its commitment to enhancing the cinematic experience [2] Group 1: Film Releases - The company has confirmed the overseas release plans for several classic IP films, including "Avengers: The Day of Doom," "Spider-Man: A New Day," "Dune 3," "The Mandalorian and Gugu," "The Devil Wears Prada 2," and "Odyssey" [2] - Specific release details for these films can be accessed through the "China Film Movie Pass" app [2]

Core Viewpoint - The film market is expected to experience significant growth in 2025, with total box office revenue projected to increase by 22.0% to 51.83 billion yuan, primarily driven by the success of "Ne Zha," which contributed approximately 30% of the total box office revenue for the year [1][2]. Group 1: Box Office Performance - The total box office for 2025 is forecasted to reach 51.83 billion yuan, marking a 22.0% year-on-year increase [2]. - "Ne Zha" is anticipated to generate 15.4 billion yuan in box office revenue, significantly impacting the overall market performance [1][2]. - The number of moviegoers is expected to rise by 22.6% to 1.238 billion, with an average ticket price remaining stable at 41.9 yuan [2]. Group 2: Film Supply and Quality - The number of new films released in 2025 is projected to be 465, a decrease of 34 films compared to the previous year, indicating a trend of "less quantity, more quality" in domestic films [3]. - Despite the reduction in the number of new releases, the box office revenue from domestic films is expected to increase by 26.5% to 41.06 billion yuan, reflecting improved content quality [3]. - Animation films are becoming a dominant force in the market, with their box office share rising from 16.6% in 2024 to 49.4% in 2025 [3]. Group 3: Cinema Growth and Industry Leaders - The number of newly built cinemas in 2025 is projected to reach 1,065, a 3.8% increase year-on-year, with 6,206 new screens added [4]. - The operational performance of cinemas shows a 2.5% increase in the number of operating cinemas and a 1.1% increase in the number of screens compared to 2024 [4]. - Wanda Cinemas continues to maintain its leading position in the industry, achieving a box office revenue of 869 million yuan, accounting for 16.76% of the market [4]. Group 4: Investment Recommendations - The film market's growth in 2025, particularly in the animation sector led by "Ne Zha," presents investment opportunities in companies that can consistently produce quality content and develop animation and series IP [5]. - Attention is recommended for cinema operators with high operational efficiency and those involved in the production of quality content [5].

Report Information - Report Type: Fixed Income Report - Release Time: January 13, 2026 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [1][2] Investment Rating - The provided content does not mention the report's industry investment rating. Core Viewpoints - High - frequency economic data focuses on: production - end heat differentiation with increased coke oven, blast furnace, and PX operating rates and increased rebar production, but decreased asphalt and automobile tire operating rates; decreased commercial housing transactions and land supply areas; overall price recovery with rising energy and metal prices (copper prices hitting new highs) and falling agricultural product prices (except for rising pork prices). Short - term focus on the implementation of fiscal and monetary coordinated policies [3][35] Section Summaries Production - Steel: In the week of January 9, coke oven capacity utilization increased by 0.87 pct, blast furnace operating rate increased by 0.37 pct, and rebar production increased by 8.56 tons. - Petroleum Asphalt: In the week of January 7, the operating rate continued to decline by 2.0 pct at a low level. - Chemicals: On January 9, the PX operating rate increased by 1.67 pct, and the PTA operating rate remained flat. - Automobile Tires: In the week of January 8, the all - steel tire operating rate decreased by 0.13 pct, and the semi - steel tire operating rate decreased by 2.36 pct [4][13][14] Demand - Real Estate: In the week of January 11, commercial housing transaction area decreased, inventory - to - sales ratio increased, land supply area decreased, and residential land transaction premium rate increased. - Movie Box Office: In the week of January 4, it increased by 515 million yuan compared with the previous week. - Automobile: In the week of December 31, the daily average retail sales of automobile manufacturers increased by 33,000 vehicles, and the daily average wholesale sales increased by 91,000 vehicles. - Shipping Freight Rates: In the week of January 9, the SCFI index decreased by 0.54%, the CCFI index increased by 4.21%, and the BDI index dropped significantly by 10.31% at a high level [5][17][21][24] Prices - Energy: On January 9, Brent crude oil prices rose by 4.26% to $63.34 per barrel, and coking coal futures prices rose by 6.5% to 1,188 yuan per ton. - Metals: On January 9, LME copper, aluminum, and zinc futures prices changed by +4.31%, +3.81%, and +0.85% respectively, and domestic rebar futures prices rose by 0.61%. - Agricultural Products: On January 9, the overall price of agricultural products declined, with the 200 - index of agricultural product wholesale prices dropping by 0.56%. Pork, eggs, vegetables, and fruits prices changed by +1.18%, +2.03%, -1.43%, and -0.63% respectively compared with the previous week [6][26][28] Logistics - Subway Passenger Volume: On January 11, the seven - day moving average of subway passenger volume in Beijing and Shanghai increased. - Flight Volume: On January 11, the seven - day moving average of domestic and international flight volumes decreased. - Urban Traffic: On January 11, the seven - day moving average of the peak congestion index in first - tier cities increased [7][31][33]

Core Insights - The A-share market saw a collective rise in the three major indices on Monday, with the Shanghai Composite Index up by 1.09%, the Shenzhen Component Index up by 1.75%, and the ChiNext Index up by 1.82%. The total trading volume in the Shanghai and Shenzhen markets reached 36,010.93 billion yuan [2][7] - In terms of industry performance, media, computer, and defense industries led the gains, while oil, coal, and real estate sectors lagged behind. Concept stocks related to Sora (text-to-video), MLOps, and AI applications saw significant increases, while rental rights, animal vaccines, and glyphosate concepts experienced declines [2][7] - The Hong Kong market also performed well, with the Hang Seng Index rising by 1.44% and the Hang Seng Tech Index increasing by 3.1%. In overseas markets, the three major US indices collectively rose, with the Dow Jones up by 0.17%, S&P 500 up by 0.16%, and Nasdaq up by 0.26% [2][7] Important News - The National Development and Reform Commission and three other departments jointly issued guidelines to clarify the layout and investment direction of government investment funds. The guidelines emphasize supporting major strategies and key areas, promoting the deep integration of technological and industrial innovation, and nurturing emerging pillar industries while prohibiting investments in restricted or eliminated industries [3][7] Industry Analysis - The "Artificial Intelligence + Manufacturing" initiative aims to accelerate the commercialization of brain-computer interface technology. The policy encourages the development of intelligent terminals and focuses on key scenarios such as industrial inspection and remote medical care, promoting the commercialization of new terminals like AR/VR devices and brain-computer interfaces [8][9] - The brain-computer interface industry is currently in a critical transition phase characterized by technological breakthroughs, clinical validation, and commercial landing. The global competition landscape shows the US leading in invasive technologies while China excels in non-invasive applications. Key competitive factors include electrodes, chips, and algorithms [9][11] - The domestic film market is projected to see a significant increase in box office revenue in 2025, with a 22.0% year-on-year growth to 51.83 billion yuan, driven by high-quality content such as "Nezha" which contributed nearly 30% of the total box office. The number of moviegoers is expected to rise by 22.6% to 1.238 billion [11][12] - The number of new cinemas is expected to grow, with 1,065 new cinemas opening in 2025, a 3.8% increase year-on-year. Wanda Cinemas continues to maintain its leading position in the industry, achieving a box office of 8.69 billion yuan, accounting for 16.76% of the total market [13]

Group 1 - The only confirmed films for the Spring Festival slot are "Boonie Bears: Year of the Bear" and "Fast and Furious 3" [1] - Han Han maintains a consistent filmmaking schedule, with "Fast and Furious 3" expected to follow a pattern of successful releases [1] - Han Han's films, except for "The Four Seas," have been profitable, indicating a strong potential for "Fast and Furious 3" to perform well [1] Group 2 - Tingdong Film, controlled by Han Han, relies on the "Fast and Furious" franchise for recovery, especially after Bona's significant losses [3] - Bona, a major shareholder in Tingdong, has faced financial difficulties, even resorting to selling shares to raise funds [3] Group 3 - A loan agreement between Zhejiang Bona and Shanghai Tingdong includes a debt restructuring plan, indicating a strategic financial maneuver to manage liabilities [4] - Tingdong Film has strong cash flow, positioning Han Han as a rare profitable investor in the current challenging film market [4] Group 4 - Han Han is not only a director but also an investor in several successful films, contributing to his influence in the industry [6] - Tingdong Film has emerged as the fourth largest private film company, surpassing traditional players like Huayi Brothers and Bona [8] Group 5 - The domestic film market shows significant disparities, with a few blockbusters dominating box office revenues while many films underperform [10] - The Spring Festival period is crucial for box office success, with several films expected to compete for high earnings [11] Group 6 - The market for martial arts films appears to be declining, with historical data suggesting a low ceiling for box office performance in this genre [13][14] - Despite the star power associated with martial arts films, the current market trends indicate a challenging environment for such releases [14][16]

Group 1 - The core viewpoint of the article highlights that Miaokelan Duo (妙可蓝多) has maintained growth amidst market fluctuations, with a revenue increase of 14.22% year-on-year to 1.39 billion yuan and a net profit increase of 214.67% to 42.97 million yuan in Q3 2025 [1] Group 2 - The growth is primarily driven by the B-end market, with liquid milk, cheese, and dairy product trade revenues showing mixed results: liquid milk down 8.55% to 87.15 million yuan, cheese up 22.44% to 1.166 billion yuan, and dairy products down 7.27% to 130 million yuan [2] Group 3 - The company is optimizing its distribution channel by reducing the number of distributors, focusing on quality over quantity, and enhancing efficiency through strategies like "store effect multiplication" and "BC dual-wheel drive" [3] - The integration of Mengniu's cheese business has led to synergies, allowing for a unified B-end operation system and improved service capabilities for core distributors [3] Group 4 - The demand for cheese in the catering market is significantly influenced by foreign brands, but Miaokelan Duo's products are gradually achieving domestic substitution [4] Group 5 - The temporary anti-subsidy measures on EU dairy products by the Ministry of Commerce in December 2025 are expected to accelerate the domestic substitution process, leveraging domestic raw milk price advantages to strengthen competitiveness [5]

Group 1 - The 83rd Golden Globe Awards took place on January 11, with "One More Time" winning four awards, including Best Motion Picture - Musical or Comedy and Best Director [1][3] - "One More Time" led the nominations with nine and is expected to perform well in the upcoming Oscars, indicating a strong position for Warner Bros. as it faces a potential acquisition by Netflix [3][4] - Timothée Chalamet won the Best Actor in a Motion Picture - Musical or Comedy for "Supreme Marty," becoming the youngest recipient of this award in Golden Globe history [1][3] Group 2 - "Supreme Marty," produced by independent studio A24, has grossed $70.13 million in North America, making it A24's highest-grossing film to date [4] - The film's production budget was $65 million, and it is expected to continue its success during the awards season [4] - A24 also produced "If I Had Legs, I Would Kick You," which won Best Actress in a Motion Picture - Musical or Comedy, showcasing the studio's strong performance in the awards circuit [4] Group 3 - Netflix's animated film "K-POP: Demon Hunter Group" unexpectedly won Best Animated Feature, defeating Disney's "Crazy Animation City 2" [5] - The Brazilian film "The Spy" won Best Foreign Language Film and Best Actor in a Motion Picture - Drama, marking a significant achievement for Brazilian cinema [5] - The British series "Chaos Youth" was the biggest winner in the television category, taking home four awards, including Best Limited Series [5] Group 4 - The ceremony reflected a somber atmosphere due to the political climate and uncertainty in the industry, following disappointing box office results [6] - Several attendees, including Mark Ruffalo, wore pins protesting against the U.S. Immigration and Customs Enforcement (ICE), highlighting social issues relevant to the film industry [6]

Core Viewpoint - The article discusses the decline in the quality of director Ke Wenli's films, particularly comparing "Murder by Deception" to his earlier work "Murder" and highlights the challenges faced in maintaining creative integrity after parting ways with producer Chen Sicheng [1][2]. Group 1: Film Quality and Direction - Ke Wenli's film "Murder by Deception" is perceived as a significant drop in quality compared to his earlier success "Murder" [1]. - The narrative quality of "Murder" is noted to be superior, while "Murder by Deception" is described as having a B-movie feel, yet it achieved a box office of 1.351 billion yuan, surpassing "Murder" [1]. - The original script for "Murder" took seven years to develop, indicating Ke Wenli's deep investment in his creative process, contrasting with the collaborative nature of "Murder" which involved multiple writers [2]. Group 2: Themes and Style - "Murder by Deception" is characterized by a dark, horror-inspired style that reflects Ke Wenli's true artistic vision, diverging from the more commercial and safe approach of Chen Sicheng [2]. - The film addresses social issues like bullying and substandard construction projects, using horror elements to engage audiences, although it is criticized for its simplistic narrative techniques [3]. - The sequel "Murder by Deception" continues the narrative style of the "Southeast Asian crime universe," leveraging Ke Wenli's background as a Malaysian Chinese director [3]. Group 3: Narrative and Character Development - "Murder by Deception" is criticized for its inconsistent narrative and character motivations, leading to a lack of coherence in the story [4]. - The film's attempt at a mystery plot is undermined by illogical character actions and a failure to maintain suspense, resulting in a disjointed viewing experience [4][5]. - The portrayal of characters in "Murder by Deception" lacks realism, with social class dynamics not accurately represented, further detracting from the film's credibility [5].