Core Viewpoint - The letter from General Secretary Xi Jinping to eight artists emphasizes the importance of cultural confidence and the need for filmmakers to create works that reflect the spirit of the times and the voices of the people [1][2][3]. Group 1: Expectations from Film Workers - Film workers are encouraged to embody the values of "崇德尚艺" (promoting virtue and artistry) and to create high-quality artistic works that resonate with the public [1][2]. - Artists like Tian Hua express their commitment to follow Xi Jinping's guidance, aiming to inspire others in the industry to serve the people through their art [1][2]. Group 2: Importance of Life as a Source of Inspiration - The letter highlights that life is an inexhaustible source for artistic creation, urging filmmakers to draw inspiration from real-life experiences [3][4]. - Wang Xingdong, a screenwriter, emphasizes the need to deeply engage with life to create compelling narratives, reflecting the call to "扎根生活沃土" (root in the soil of life) [3][4]. Group 3: Commitment to Quality and Cultural Development - Filmmakers are reminded of their responsibility to produce works that are worthy of the times and the people, contributing to the development of a strong cultural nation [4][5]. - The film industry is encouraged to adapt to audience needs and transform cinema into a cultural space that promotes advanced culture and Chinese stories [5]. Group 4: Collective Responsibility and Future Goals - The letter serves as a motivational force for the film industry, with leaders like Chen Daoming stating that it sets a clear direction for the future of Chinese cinema [5]. - There is a collective commitment among filmmakers to maintain creative enthusiasm and produce works that reflect the voices of the people and the spirit of the times [5].

Core Insights - The summer movie season continues to struggle, with the upcoming release of "Lychee in Chang'an" being highly anticipated despite a 14.59% year-on-year decline in box office revenue to 1.906 billion yuan in June 2025 [1] - Domestic films are underperforming, with titles like "Sauce Garden: Suspense" and "The Nameless: The End of the World" failing to meet expectations, while the box office is primarily supported by imported films [1] - The "Detective Conan" franchise, particularly its 28th film "The Case of the Single-Eyed Phantom," has achieved remarkable success, breaking records with a box office exceeding 3 billion yuan and projected to reach 4 billion yuan, making it the highest-grossing film in the franchise's history [3][4] Domestic Film Performance - The domestic film market is facing challenges, with several high-profile releases not performing as expected, leading to a lack of strong contenders in the box office rankings [1] - The box office performance of domestic films is contrasted with the resurgence of imported films, which have garnered positive reviews and box office returns [1] Success of "Detective Conan" - "Detective Conan: The Case of the Single-Eyed Phantom" has set a new record for the franchise, achieving over 3 billion yuan in box office revenue and becoming the highest-grossing film in the series [3][4] - The franchise benefits from a stable fan base, with its long-standing presence in China since 1999 contributing to its sustained popularity and high box office performance [4] Marketing and Audience Engagement - The film's marketing strategy has successfully attracted a broader audience beyond core fans, with significant engagement from female viewers and younger demographics [5][16] - The franchise has leveraged cross-industry collaborations and promotional events to enhance its visibility and appeal, resulting in increased merchandise sales and audience participation [16][23] Box Office Trends and Influencing Factors - The box office performance of "Detective Conan" films is influenced by various factors, including marketing efforts, release timing, and audience reception [5][16] - The latest installment has benefited from a favorable release period during the summer, strong promotional activities, and improved audience ratings, contributing to its box office success [5][16] IP Collaboration and Economic Impact - The franchise's collaborations with various brands have significantly boosted its popularity and sales, with numerous partnerships across different sectors [16][23] - The "Detective Conan" franchise has also positively impacted local economies, as seen in increased foot traffic and sales in areas hosting promotional events and exhibitions [23][24]

继。"八一三"淞沪会战之后，明星、联华等几大支柱电影公司被迫停产。但在血与火的淬炼中，中国电 影也进行着艰难的转变。家国危殆的现实面前，动员民众抗日成为进步文艺的迫切使命，电影仿佛一个 不谙世事的孩童，在家庭变故中迅速成长。声音技术的出现与发展，使国产电影在社会现实和思想内容 的表现上有了更多可能。从无声到有声，从娱乐到担当，中国电影面貌为之一新。 1939年，表现抗日民主根据地斗争生活的影片《老百姓万 岁》拍摄现场。 江苏人民出版社、江苏凤凰教育出版社供图 今年是中国人民抗日战争暨世界反法西斯战争胜利80周年，也是中国电影诞生120周年。80年来，不断 有电影去讲述和呈现中华民族经历的这场浴血抗战，很多人通过影像了解曾经的热血与硝烟。但少有人 知道的是，就在枪炮的轰鸣声中，就在战争发生的当时当地，一批电影人用镜头冲锋，用胶片呐喊，用 光影记录下英勇不屈的抗争。这正是《光影山河：电影与抗战》一书所要挖掘的。 战火给中国电影业带来的首先无疑是重创。以电影重镇上海为例，"一·二八"事变让成立不久的联华天 通庵制片厂全部毁于战火，开设于闸北、虹口的16家影院被炸，30余家中小公司因遭炮轰而难以为 《光影山河：电影与 ...

Industry Overview - The cinema industry is facing significant survival challenges, with structural contradictions becoming increasingly evident [2][5] - The total box office for the first half of 2025 reached 29.231 billion yuan, a year-on-year increase of 22.9%, nearing pre-pandemic historical peaks [2] - However, after a record-breaking February with a box office of 16.09 billion yuan, subsequent months saw a sharp decline, with June's box office at only 1.91 billion yuan, marking a ten-year low [2] Box Office Dynamics - The number of films grossing over 100 million yuan has sharply decreased to 23, with "Nezha 2" contributing 52.8% of the total box office [2] - The average number of viewers per cinema dropped to 2-4 people from March to June, with a 40% empty screening rate [2][5] Production and Investment Trends - The impact of short video platforms has led to increased investment risks in mid-tier films, prompting production companies to focus on larger projects [3] - The industry is experiencing a trend of cost reduction, with producers shortening production cycles and employing more refined cost management strategies [3] Shifts in Power Dynamics - The traditional influence of major directors is diminishing, with production companies gaining more power in negotiations [4] - Wang Changtian, chairman of Enlight Media, emphasized the need to change the profit distribution model in the industry, advocating for a more favorable split for production companies [4][6]

Group 1 - The real estate market remains weak, impacting construction demand, but there is an expectation of supply tightening in cyclical industries due to government policies against low-price competition, leading to a marginal improvement in prices for steel and coal [1][3] - Summer consumption has shown signs of improvement, with notable increases in tourism, movie attendance, and passenger transport, while pork prices have risen significantly, indicating a potential recovery in consumer spending [1][2] - Manufacturing activity is showing mixed results, with a decline in automotive production due to rising dealer inventory pressures, while chemical and asphalt production remains resilient, reflecting some stability in construction demand [1][3] Group 2 - Real estate sales continue to decline, with a 24.6% year-on-year drop in transaction volume across 30 major cities, while second-hand housing transactions in key cities also fell by 11.8% [2] - The automotive market is experiencing a slight increase in sales, driven by summer self-driving demand, although dealer inventory pressures are rising, as indicated by a 3.9% increase in the inventory warning index [2] - Service consumption is on the rise, with a 2.7% increase in tourism prices in Hainan and a 3.1% year-on-year increase in movie box office revenue, suggesting a potential rebound in consumer sentiment [2] Group 3 - The cyclical industry is experiencing heightened expectations for supply tightening, with a slight increase in rebar demand and a rebound in steel prices, while cement prices continue to decline [3] - Manufacturing activity is showing significant divergence, with automotive production rates declining, while chemical production rates are increasing, indicating varying levels of demand across sectors [3] - Resource prices are rising due to increased electricity consumption and tightening supply expectations, with coal prices continuing to rise amid changing monetary policy expectations [3] Group 4 - Passenger transport demand has increased, with metro ridership up by 1.1% week-on-week and domestic flight operations increasing by 6.1% week-on-week, indicating a recovery in travel activity [4] - However, export activities are facing challenges, with a decline in freight volumes and shipping prices, likely influenced by fluctuating international tariff policies [4] - Overall logistics performance shows a mixed picture, with a decrease in highway and rail freight volumes, while express delivery volumes remain strong year-on-year [4]

Core Viewpoint - The article highlights the international release of the English dubbed version of the animated film "Nezha: The Devil's Child" (referred to as "Nezha 2"), which is set to premiere in the US, Canada, Australia, and New Zealand starting August 22. The film has achieved significant box office success and critical acclaim, becoming the highest-grossing animated film globally with a total box office of $2.193 billion [1][2]. Group 1 - The English dubbed version of "Nezha 2" will be released in multiple countries, including the US, Canada, Australia, and New Zealand, starting August 22, and will be available in IMAX and 3D formats [1]. - The film is directed and written by Jiaozi and has received positive reviews and box office performance, making it the highest-grossing animated film and non-English film globally [1]. - The collaboration between A24 and CMC Pictures aims to explore new distribution models for Chinese animation in international markets, leveraging A24's expertise in promoting multicultural stories [1][2]. Group 2 - CMC Pictures has established a mature distribution network covering over 100 countries and 500 cities since launching its overseas distribution business in 2016, successfully promoting major Chinese IPs like "The Wandering Earth" and "Detective Chinatown" [2]. - The partnership with A24 is expected to enhance the international presence and influence of Chinese culture and the "Nezha" IP, allowing the film to reach diverse audiences with different viewing habits [2].

Group 1 - The English dubbed version of "Ne Zha: The Devil's Child" will be released in the US, Canada, Australia, and New Zealand starting August 22, showcasing formats like IMAX and 3D [1] - The film has achieved significant success, becoming the highest-grossing animated film globally with a total box office of $2.193 billion, and is recognized as the highest-grossing non-English film [1] - The collaboration between CMC Pictures and A24 aims to explore new distribution models for Chinese animation in international markets, leveraging A24's expertise in promoting multicultural stories [1][2] Group 2 - CMC Pictures has established a mature distribution network covering over 100 countries and 500 cities since launching its overseas distribution business in 2016, successfully promoting major Chinese IPs like "The Wandering Earth" and "Detective Chinatown" [2] - The partnership with A24 is expected to enhance the international presence and influence of Chinese culture and the "Ne Zha" IP, allowing the film to reach diverse audiences with different viewing habits [2]

Group 1 - The report highlights an improvement in consumer sentiment and a rise in expectations for de-involution in cyclical industries, despite ongoing weakness in the real estate sector affecting construction demand [2][9] - The central financial committee's emphasis on addressing low-price disorderly competition is expected to tighten supply in cyclical industries, leading to a marginal increase in demand for rebar and power coal, resulting in price increases for steel, float glass, and thermal coal [2][9] - Summer consumer sentiment has shown signs of improvement, with notable increases in tourism, movie attendance, and passenger transport demand, alongside a significant rise in pig prices, indicating sustained strength in the passenger car market [2][9] Group 2 - In the downstream consumption sector, real estate sales continue to decline, with a 24.6% year-on-year drop in transaction volume across 30 major cities, while service consumption shows a marginal increase [10][14] - The automotive market remains robust, with June passenger car sales meeting expectations and a 3.9% increase in the inventory warning index for dealers, indicating slight upward pressure on inventory levels [10][16] - The report notes a significant rise in pig prices, improving profitability in the breeding sector, while staple grain prices remain stable [10][18] Group 3 - In the midstream manufacturing sector, the report indicates a divergence in manufacturing activity, with a notable decline in automotive production rates due to rising dealer inventory pressures, while chemical and petroleum asphalt production remains resilient [11][50] - The report emphasizes the cyclical industry's expectation of de-involution, with a rebound in steel prices and a continued decline in cement prices, reflecting weak construction demand [11][43] - The manufacturing sector's hiring intentions have increased, with a 53.3% year-on-year rise in new job postings, indicating a potential recovery in employment [50][53] Group 4 - In the upstream resources sector, the report notes a slight increase in thermal coal prices due to rising electricity consumption during the summer, while industrial metal prices remain under pressure amid declining expectations for interest rate cuts by the Federal Reserve [57][61] - The report highlights that copper and aluminum prices have experienced slight fluctuations, with copper prices facing downward pressure due to high inventory levels and subdued demand [61][66] Group 5 - The logistics and passenger transport sectors have seen a significant increase in demand, with metro passenger volumes in major cities rising by 1.1% week-on-week and 2.5% year-on-year [12][68] - Domestic flight operations have increased by 6.1% week-on-week, recovering to 86.9% of 2019 levels, while international flights have also shown a recovery [12][68] - However, the report notes a decline in freight logistics, with highway and railway freight volumes decreasing by 2.4% and 3.2% respectively, indicating a mixed outlook for logistics performance [72][77]

Market Performance - On July 8, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component increased by 1.46%, and the ChiNext Index surged by 2.39%[3] - The total trading volume on July 8 was 1.47 trillion yuan, an increase of approximately 240 billion yuan compared to the previous trading day[1] Sector Analysis - All sectors except for banking and utilities experienced gains, with notable increases in communication, power equipment, and construction materials[1] - The photovoltaic sector showed significant upward movement, indicating a strong market signal and potential for further growth[1] Capital Flow - On July 8, net inflows into the Shanghai Stock Exchange were 25.048 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 29.912 billion yuan[4] - The top three sectors for capital inflow were photovoltaic equipment, communication equipment, and components, while the sectors with the highest outflows included city commercial banks, ground military equipment, and insurance[4] Industry Trends - The film industry reached a total box office of over 30 billion yuan by July 8, 2025, 28 days earlier than the previous year[9] - A coalition of 33 construction companies issued a "reverse involution" initiative to promote industry transformation and fair competition[10] Policy Developments - The Hong Kong Securities and Futures Commission announced the expansion of the Southbound Trading program to include brokers, insurance companies, and asset management firms[5] - The People's Bank of China is actively researching measures to further open the bond market to foreign investors, enhancing cross-border financing convenience[8]

Box Office Performance - The top ten films of the year are predominantly domestic, with Chinese films occupying nine spots, led by "Nezha: Birth of the Demon Child" which holds over 51% of the box office share [1] - The summer box office has shown robust growth, surpassing 2.5 billion yuan, with over 60 films scheduled for release, offering diverse genres to audiences [1] Market Recovery and Growth - The achievement of 30 billion yuan in box office revenue ahead of schedule indicates a strong recovery in the film market, with this year's performance showing greater growth compared to the same period last year [2] - The increase in box office revenue is attributed to the release of high-quality films and sustained audience enthusiasm [2] Government Initiatives - The National Film Administration and other departments have launched several initiatives to invigorate the film industry, including the "China Film Consumption Year" campaign which provided 91.25 million yuan in subsidies, generating over 540 million yuan in box office revenue [2] - During the Spring Festival, promotional activities led to a box office of 6.088 billion yuan, accounting for approximately 25% of the market during that period [2] Consumer Engagement - The "ticket root economy" has been activated, with over 600 merchants in various shopping districts offering discounts based on film festival tickets, enhancing consumer engagement across multiple sectors [3] - Museums have also participated by offering free or discounted entry to ticket holders, further promoting cultural consumption [3] Tourism and Culinary Integration - The launch of the "Follow the Movie to Travel" initiative aims to integrate film with tourism, featuring themed railway lines and airline ticket exchanges for movie tickets, thereby stimulating the tourism market [4] - The "Follow the Movie to Taste" initiative promotes collaboration between the film and dining industries, enhancing consumer experiences [4]