2025年是很不平凡的一年，DeepSeek-R1的上线带火了中国科技叙事，AI成为全年主线；"反内卷"成为 各行业共识，产业发展向更高质量方向迈进；《哪吒2》热映、外卖大战，既是生活里的"烟火气"，也 是2025年消费新图景的生动写照。 在读者们的共同投票下，证券时报·e公司精选出2025年十大产经热点事件——定格过去一年每一个重磅 瞬间。 DeepSeek-R1发布 AI成全年主线 2025年1月，DeepSeek-R1发布，为资本市场注入强劲动能，成全年核心投资主线。其以少量算力实现 顶尖推理性能，打破"堆算力"路径依赖，开源模式降低行业门槛，带动芯片、设备、应用及散热、备用 电源等大模型相关产业链获资本高度关注，形成全年最大投资赛道。 在产业维度，资金向AI头部集中，推动行业从单纯性能比拼转向成本、效率与商业化能力竞争：一方 面，中小企业不用再为高昂的算力成本望而却步，能基于开源权重快速搭建适配自身场景的应用；另一 方面，允许蒸馏训练的规则，相当于打开了二次创新的大门，开发者可以基于现有成果优化衍生模型， 加速技术落地。 在投资维度，它推动中国科技产业"估值折价"修复，A股科创50、港股恒生科技及纳斯 ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Views - As the winter vacation and Spring Festival approach, high DAU products like "Delta Action" and "Supernatural Action Group" are expected to achieve new highs in DAU and revenue, with market consensus strengthening [3] - Emphasis on cross-year allocation opportunities and companies with significant growth potential, such as Tencent Holdings, Giant Network, and Century Huatong, is recommended [3] - New product launches and updates in gaming and film content are highlighted as key trading opportunities [3][4] Summary by Sections Gaming Sector - Major products like "Honor of Kings," "Delta Action," and "Supernatural Action Group" are expected to strengthen their market position through frequent content updates [5] - Companies exploring AI integration in gaming are noted for their potential to drive value reassessment [5] - Recommendations include Tencent Holdings, NetEase, and several others for their innovative approaches [5] Film and Television Sector - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [4] - The implementation of new policies by the National Radio and Television Administration is expected to enhance content creation and development in the long-form drama sector [4] Internet Sector - ByteDance's launch of the general Agent model Seed1.8 is noted for its multi-modal capabilities, impacting traditional business models [6] - Continued focus on AI technology development and its application in various sectors, including education and e-commerce, is advised [6] New Business Models - The rise of "group broadcasting" is seen as a shift towards systematic growth, with recommendations for companies directly involved in this model [7] - Companies benefiting from the growth of group broadcasting, such as Kuaishou and Bilibili, are highlighted [7] Market Performance - The A-share market saw a slight decline in the media sector, ranking 26th among all industries during the specified period [12] - Notable stock performance includes Baida Qiancheng (+20.08%) and Rebate Technology (+14.34%) [15][19] Industry News - "Chinese Tales 2" will exclusively launch on Bilibili starting January 1, 2026 [9] - The 2025 mini-game market is projected to reach 61 billion yuan, growing by 22% [9][24]

北京商报讯（记者 程靓）12月28日，据灯塔专业版，截至12月28日9时34分，2025年贺岁档（11月28日 —12月31日）档期总票房（含预售）突破50亿元。据了解，这也是继2017年贺岁档后，中国影史贺岁档 票房第二次突破50亿元。 ...

浸润心灵的文化盛宴、双向奔赴的文旅之约、点燃激情的赛场瞬间……2025年的南京，在传统与现代的碰撞交融中，书写了一曲文商体旅深度融合、"诗与 远方"共生共荣的城市交响。 此刻，让我们循着记忆的脉络重返现场，在文字与光影的交织中，重温那些让眼眶发热、心跳加速的时刻，探寻文商体旅深度融合的浪潮如何激荡出创新的 涟漪，读懂这座千年古都在时光流转中，始终面向未来的蓬勃活力与人文温度。 第六届南京熙南里中秋笪桥灯市。熙南里街区供图 关键词：读城 三千年文脉，编织古今交融画卷 在南京，"读"与"被读"交相辉映，共同构成"读城"最美风景。 每一座老建筑、每一个老地名、每一家老字号，都承载着岁月的痕迹与深厚的文化底蕴。2025年，南京以"读城"为纽带，通过多元载体、沉浸式体验与全民 参与，让三千年文脉在行走中可感可触。 从山脉到水系，从古建筑到石刻，从秦汉以前到近现代……南京是一本厚厚的大书，拥有众多文化遗产和历史遗存在主城区内层层叠加，形成异常丰富的文 化层次。与此同时，南京地铁线路就像蛛网一样铺开，超500公里的运营里程串联了无数生活场景。"环城一千里 读城三千年——跟着地铁去读城"系列活 动，通过便利的交通，让一趟趟走 ...

（来源：微博沧州） #肖战[超话]# 【#肖战杂志与作品双丰收# 】肖战《ELLE》杂志销量火爆，一人分饰的四季主题以"春 晓、夏凉、秋寂、冬藏"为叙事脉络，通过光影变化融合自然轮回与演员个人成长，展现千面魅力。主 编孙哲盛赞肖战温暖真诚、自带干净气质，合作过程如老友重逢般亲切顺利。2025年，肖战在影视与时 尚领域全面爆发，均取得了令人瞩目的成绩，真正实现了杂志与作品的双丰收。未来，期待肖战继续在 影视、时尚等多个领域深耕细作，为我们带来更多精彩的作品和惊喜。#肖战的回答永远真诚又清醒# ...

"古宣CP"合体，或成这部迟来的电影续作的最大看点。（图/视频截图） 其实早在2019年7月，这部电影就已杀青，几年间数次传出即将上映的"路边社消息"，一度成了香港影坛的"都市传说"。但直到今年，档期才终于尘埃落 定：先是今年5月，古天乐现身林峯红馆演唱会现场，宣布电影将于元旦上映；而后电影官方账号也上线整活，在各大社交平台发布宣传物料，情怀牌打 得那叫一个火热。 前期诸多铺垫似乎试图把观众的胃口吊到嗓子眼，但豆瓣上标记"想看"的人数不到两万，几乎已经为这部跨越时空之作预先点播了一首《凉凉》。毕 竟，"欠XX一张电影票"的口号早已喊烂，用情怀就能轻松把观众骗进电影院的时代，已经过去了。 2019年就杀青的电影版《寻秦记》，终于定档今年年底上映。积压六年之久，观众们一边期待在这部续作中再次看到原班人马合体，一边在看 到各种成色不明的片花预告时又难免抱有"续作多翻车、积压必烂片"的忐忑。这种复杂微妙的集体情绪，还要从24年前那部穿越剧鼻祖说起。 元旦假期还没到，古早神剧《寻秦记》的剧粉们已经提前开始有了过节的心情。 前段时间，积压多年的《寻秦记》电影版终于官宣定档12月31日上映，打出的口号是"原班人马陪你过新年 ...

Core Insights - The 2025 Guangzhou Film Industry Expo and the inaugural China Film Overseas Promotion Week were successfully held from December 19 to 21, 2025, attracting over 200 film institutions and 500 industry guests from 14 countries and regions [6][8] Group 1: Event Overview - The event was organized by the Guangzhou Municipal Government and the Guangzhou Film Industry Expo Committee, with the China Film Overseas Promotion Week co-hosted by the China World Film Society [7] - The expo highlighted Guangzhou's historical significance in film, being a center for film production since the 1930s, and showcased its current status as a major player in the film industry with a box office of 1.302 billion yuan in 2024, ranking fourth in China [8] Group 2: Industry Developments - The expo facilitated 153 international cooperation projects with an intended transaction value of nearly 6.7 billion yuan, showcasing advancements in virtual production, XR, and AI film technology [8] - The event included the "Vibrant Plan" international investment initiative, which received 711 project submissions from 21 countries, with awards given to projects like "The Tiger in the Mountain" and "My Best Friend's Wedding" [10][11] Group 3: International Collaboration - The international film project promotion session featured 15 cross-border projects, including co-productions between China and countries like Iran and Kazakhstan, emphasizing the cultural dialogue fostered through film [9][11] - The event also served as a platform for countries like Cambodia and Nepal to promote their film industries, with Cambodia noting that over 10% of its annual film releases are Chinese films [9][10] Group 4: Cultural Exchange and Historical Reflection - The "Light and Shadow Carry Chinese Feelings" event commemorated the 80th anniversary of the victory in the Anti-Japanese War, featuring classic anti-fascist films from Russia, highlighting the historical ties between China and Russia [12][13] - The event underscored the importance of film as a medium for cultural exchange and historical remembrance, with discussions on the role of filmmakers in conveying authentic narratives [13]

报告围绕 "AI 与 IP 相融共生" 核心逻辑，明确 2026 年传媒行业两大主线，核心内容如下： 行业整体景气度高企，盈利与估值有望共振。2025 年传媒行业累计上涨 24%，两轮行情分别由 AI 大模型突破与应用落地 + 业绩释放驱动。基本面表现亮 眼，2025 年前三季度行业营收同比增长 6%，归母净利润同比增长 38%，Q3 单季度净利润增速达 61%，盈利能力显著提升。细分板块中，游戏行业供需两 旺，营收与净利润同比分别增长 24% 和 89%；影视行业受益于优质 IP 内容，净利润同比增长 110%；营销行业随消费复苏与 AI 赋能，Q3 净利润同比增长 14%；出版行业凭借高股息与政策红利，保持稳健盈利。AI 技术迭代与 IP 价值深化将持续打开行业长期成长空间。 AI 成为核心增长引擎，多领域应用落地提速。海内外大厂加速大模型迭代，OpenAI、谷歌、DeepSeek 等模型在多模态、推理效率、成本控制上持续突破， 为应用生态奠定基础。AI + 游戏领域，版号宽松带动新游供给，AI 重构开发流程实现降本增效，同时创新交互体验，巨人网络、恺英网络等厂商受益于新 游周期与出海拓展。AI + 影视 ...

Group 1: Industry Overview - The report highlights that domestic discrete device manufacturers, such as Shenzhen Hekaitai, are increasing prices for thick film chip resistors by 8%-20% and semiconductor devices by 5%-20% due to significant rises in global metal raw material prices, particularly copper, silver, palladium, ruthenium, nickel, and tin [2] - The electronic cigarette industry is facing stricter regulations as the National Tobacco Monopoly Administration has proposed a notice to regulate production investments, limiting new projects and capacity increases, which is expected to intensify competition within the industry [2] Group 2: Advanced Manufacturing - Hualian Holdings has acquired a high-quality salt lake resource project in Argentina, with approximately 4.122 million tons of lithium carbonate equivalent (LCE) resources, positioning it among the top tier globally. The project's disclosed production cost is about 38,000 yuan per ton, making it highly competitive [5] - The report notes a shift in the competitive landscape for lithium resources, with salt lake lithium extraction emerging as the most profitable and advantageous method, especially as high-cost resources are phased out [5] Group 3: Consumer Sector - The film market is experiencing a significant recovery, with total box office revenue reaching 51.074 billion yuan as of December 23, 2025, surpassing the same period in 2024. The holiday season is identified as a key growth driver, with a diverse range of films catering to various audience preferences [7] - Several major films are set to release at the end of December 2025, which is expected to further boost box office performance and benefit film production and cinema sectors, highlighting the strategic importance of upcoming releases [8]

Core Viewpoint - The media sector has experienced two rounds of growth in 2023, driven by AI expectations and the release of fundamental performance [1][2] Group 1: Media Sector Performance - The media industry saw a total of two rounds of growth this year, with the first round from January to February showing approximately a 24% increase, primarily due to the impressive performance of the domestic AI model DeepSeek, which boosted expectations for AI applications [2] - The second round from April to September experienced nearly a 47% increase, driven by the iterative development of AI large models and the gradual implementation of applications, alongside a reduction in tariff concerns that improved risk appetite [2] - The gaming sector is expected to maintain high prosperity due to a combination of emotional consumer demand and the release of new games, while high-quality IP content like "Nezha 2" is anticipated to drive performance in the film sector [2] Group 2: AI Empowerment and Industry Outlook - AI technology is significantly enhancing content production and commercialization processes across various fields, including gaming, video production, advertising, e-commerce, and education, with promising application prospects [1][3] - The gaming industry is characterized by strong supply and demand, with core domestic manufacturers maintaining stable operations of existing games and a rich reserve of quality new games, indicating a bright future [3] - The film sector is expected to benefit from supportive policies like the "21 Regulations of Broadcasting and Television," which may lead to an upward turning point for long dramas and variety shows [4] Group 3: Investment Recommendations - Recommended stocks in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, among others, due to their strong fundamentals and growth potential [3] - In the film sector, recommended stocks include Mango Super Media and Shanghai Film, with additional beneficiaries like Chinese Online and Huace Film [4] - For marketing, recommended stocks are HuiLiang Technology and Inertia Media, while beneficiaries include BlueFocus Communication Group and Easy Point Tianxia [4] Group 4: IP Industry Growth - The IP industry is experiencing growth driven by overseas expansion, category diversification, and accelerated capitalization, with companies like Yuewen Group and Aofei Entertainment being recommended stocks [5] - The trend of IP companies expanding from online to offline and from virtual to physical products is expected to continue, contributing to sustained growth [5]