Core Viewpoint - The article discusses the impact of the controversy surrounding actress Na Er Na Xi on the airing of the drama "The Lychee of Chang'an," which was initially scheduled to be broadcast but was replaced by a movie on Jiangsu TV. Group 1: Impact on "The Lychee of Chang'an" - "The Lychee of Chang'an" was scheduled to air on Jiangsu TV but was replaced by a movie, indicating a potential shift in programming due to external factors [1] - The removal of "The Lychee of Chang'an" from the schedule may be linked to the recent allegations against actress Na Er Na Xi regarding falsification of college entrance examination registration materials [4] - On June 22, the cast list for "The Lychee of Chang'an" aired on CCTV 8, which excluded Na Er Na Xi's name, reflecting the ongoing fallout from the controversy [5] Group 2: Broader Implications for Na Er Na Xi's Career - Other projects featuring Na Er Na Xi, such as the adaptation of the martial arts drama "Biao Ren," have also seen her name removed from ticketing platforms, indicating a broader impact on her career [7] - Na Er Na Xi's involvement in the "Feng Shen" series, where she plays a significant role, remains uncertain as the third installment has yet to be released [10] - Upcoming projects like the suspense film "Shen Shui," in which she plays a key role, are also affected, with the film's release originally scheduled for Q4 2025 [10]

Group 1 - The Shanghai International Film and Television Festival has successfully concluded, with the focus now shifting to the ongoing Shanghai International Film and Television Market, which is exploring the potential of IP (Intellectual Property) transformation in the film industry [1][2] - The market has established a comprehensive industry chain covering the entire process from IP incubation to transformation, aiming to provide optimal solutions for IP development [1][2] - The "Cross-Media Narrators" series of IP-themed activities has become a highlight, attracting significant attention from industry guests and facilitating successful transactions of literary IPs [1][2] Group 2 - Since 2021, the festival has emphasized the value of literary "mother texts," leading to numerous literary IP transactions and expanding development possibilities through various platforms [2] - The market has become a key platform for IP promotion, with notable literary works being highlighted, including 60 selected pieces from the China Writers Association, which are deemed to have high transformation value [2] - The "Cross-Media Narrators: IP Recommendation Conference" has invited various organizations to promote diverse IPs, focusing on genres popular among younger audiences [2] Group 3 - The film market is seeking new growth points, with non-box office revenue becoming a future direction, emphasizing the need for more market-friendly derivative products based on IP [3] - The "Drama Fun MART" offers immersive experiences and promotes the real-world application of IPs, with significant emphasis on creating a multi-dimensional space for cultural and tourism integration [3] - The Shanghai International Tourism Resort is promoting the future development of numerous IPs, aiming to create a high-quality leisure and cultural experience [3]

中国社会科学院视听研究室主任 冷凇：在国际传播中，有的时候大部头的一些纪录片、电视剧是一方面，还有就是短视频、微短剧和网络文 学，它会形成一个新大众文艺的这样一个创作矩阵。微短剧出海和短视频出海就是非常典型的，短、平、快，我觉得这可能是国际传播的一个 新的机遇。 中央广播电视总台影视翻译制作中心创新发展部主任 姜平：版权方和我们译制的机构能有一个互相融合交流的场所，而这对于我们来讲，可 以更好地了解版权方的一些需求。因为作为总台的国家多语种影视译制基地来说，它的特点是译制加传播，这可能是一般的机构所不具备的一 个优势。 由国家广播电视总局、中央广播电视总台、上海市人民政府主办的"第30届上海电视节"于6月23日至27日在上海举行。今年，电视节首次设立 了"国际专区"，集中展示各国文化特色与产业成果，策划、开展"聚焦国际"系列活动，举办买家沙龙，为中外影视产业交流交易创造更多机 遇。 今年国际影视市场吸引了近20个国家和地区的约200家展商参展。其中50余家为海外展商。为了促进重点区域合作，专区设立了"聚焦俄罗 斯""聚焦泰国"等专场活动，通过内容推介、产业对接等形式深化和推动国际合作交流。 国际影视市场举办期 ...

Core Viewpoint - The ancient costume drama market is experiencing a decline in both viewership and critical reception, despite the release of numerous new titles. The industry is at a crossroads, needing to reassess its approach to content creation and audience engagement [1][3][4]. Group 1: Market Performance - In the first half of the year, 23 ancient costume dramas were released across various platforms, covering genres such as fantasy, political intrigue, and comedy [1]. - The most anticipated upcoming dramas include 16 titles, with notable mentions like "Jinxiu Fanghua" and "Fanren Xiuxian Chuan" [1]. - Despite the presence of hit dramas like "Guose Fanghua" and "Cang Hai Chuan," there has been a noticeable decline in both market heat and audience ratings for top content [1][4]. Group 2: Audience Reception - The average viewership for the highest-rated dramas has dropped significantly, with only two dramas surpassing 40 million views, compared to previous years where many exceeded 60 million [4][6]. - A concerning trend is the high number of dramas receiving ratings below 7 on Douban, with 15 out of 23 dramas falling into this category [2][5]. - The audience's patience with ancient costume dramas is waning, indicating a need for more innovative and engaging storytelling [3][4]. Group 3: Competitive Landscape - The competition among ancient costume dramas has intensified, with the summer season expected to bring new contenders [3][9]. - Upcoming dramas like "Peach Blossom Reflecting the River" and "Book Scroll Dream" are generating significant buzz, but they face high expectations and potential comparisons to previous hits [9][10]. - The industry is witnessing a shift towards more diverse themes, including ancient romance, mystery, and business warfare, which may help revitalize interest [9][11]. Group 4: Industry Challenges - The ancient costume drama genre is facing challenges such as content homogenization and audience fatigue with repetitive themes [6][15]. - The success of dramas like "Cang Hai Chuan" and "Guose Fanghua" highlights the importance of unique storytelling and character development in attracting viewers [7][15]. - The market's reliance on established IPs is being questioned, with a call for more original narratives that resonate with contemporary audiences [15].

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan compared to the previous trading day [1] - The military, securities, internet finance, and insurance sectors saw the highest gains, while oil and gas, pesticides, film, and port sectors experienced the largest declines [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.03%, the Shenzhen Component Index increased by 1.72%, and the ChiNext Index surged by 3.11% [1] Investment Strategy - The company has initiated a position in the reducer sector and is currently fully invested, planning to sell the liquor concept the following day based on post-market quantitative analysis [3] - Continuous evaluation of past operations is emphasized to identify areas for improvement, ensuring the investment strategy remains competitive [3] - The company plans to sell the liquor sector and buy into the deep-sea technology sector, indicating a clear and decisive strategy [6] Sector Analysis - The deep-sea economy has shown significant potential, with a notable increase in RPS (Relative Price Strength) metrics over time, indicating strong performance [7] - The deep-sea technology sector is gaining attention from policy levels, with expectations for future industrial policies and major project implementations [7] - The total value of China's marine economy surpassed 10 trillion yuan in 2024, highlighting deep-sea technology as a crucial emerging industry for economic growth [7] - The deep-sea industry has a long supply chain, contributing significantly to economic stimulation across various stages from upstream technology development to downstream application services [7]

Core Insights - The article highlights the rapid rise of Chinese short dramas in the North American market, contrasting it with the failure of Quibi, a $1.75 billion investment in short-form content in Hollywood [1][2] - Chinese short dramas have become a lifeline for unemployed film industry workers during the Hollywood strike, with significant increases in daily wages for actors and directors [1][3] - The article discusses the cultural differences affecting the reception of short dramas in various regions, noting that while 80% of overseas projects are still losing money, there is a significant influx of capital into the industry [2][5] Group 1: Market Performance - A Chinese short drama produced for $170,000 generated $2 million in revenue, showcasing the profitability potential of this format [3] - In the UAE market, daily revenue from short dramas can reach $40,000 to $50,000, indicating strong demand [5] - The Chinese short drama market is projected to reach 50 billion yuan by 2024, surpassing the film box office revenue of 42.5 billion yuan [5] Group 2: Cultural Impact - The article emphasizes that the success of Chinese short dramas is attributed to a mature web novel IP adaptation system and vertical storytelling experience [5] - The rise of short dramas is seen as a cultural shift, with the potential to redefine entertainment industry standards and challenge Hollywood's dominance [6] - The article notes that the audience's desire for "爽感" (a sense of satisfaction) is a driving force behind the popularity of short dramas [8] Group 3: Industry Challenges - Despite the growth, the industry faces challenges such as content homogenization and over-reliance on data-driven formulas for success [7][8] - The article points out the need for diversification in content types to avoid stagnation and to cater to different cultural preferences [8][19] - The Middle Eastern market presents unique challenges due to its complex cultural landscape, requiring careful localization of content [19] Group 4: Future Outlook - The Middle Eastern market is identified as a significant opportunity, with a potential market size of $100 billion, driven by high GDP and a growing demand for content [17][19] - The article suggests that the future of the entertainment industry may not be defined by Hollywood, as new entertainment empires emerge [6] - The integration of AI in production is seen as a way to reduce costs and address the challenges of international markets [5]

Core Insights - China's original IP is gaining global attention and is characterized by three breakthroughs: innovation, expansion, and internationalization [1][2] - The innovation of Chinese IP is deeply rooted in cultural heritage, exemplified by works like "Black Myth: Wukong" and "Nezha: Birth of the Demon Child," which reinterpret classic stories using modern artistic techniques [1] - The Chinese government is actively supporting the development of original IP brands, particularly in sectors like animation, gaming, and esports, which reflects the robust growth of the new consumption model in the Chinese economy [1] Group 1 - Chinese IP is experiencing a surge in popularity overseas, with many tech and gaming products becoming hits in markets like Thailand, Japan, and the United States [2] - The core significance of Chinese IP's internationalization lies in telling China's story to the world and fostering cultural exchange [2] - The success of Chinese IP is attributed to its innovative expression and an open, inclusive approach, which allows it to thrive in the global cultural landscape [2]

Core Insights - The rise of Chinese short drama platforms in North America is reshaping the entertainment landscape, with actors like Marc Herrmann gaining prominence amid Hollywood's struggles [1][2] - The success of platforms like ReelShort and DramaBox indicates a significant shift in content consumption, with Chinese companies dominating the short drama app market [2][4] Industry Overview - In 2024, the micro-drama market in China is projected to reach 50.4 billion yuan, surpassing box office revenues for the first time, highlighting its emergence as a mainstream form of entertainment [4] - Chinese developers occupy 41 out of the top 50 global short drama apps, demonstrating their strong market presence [4] Market Dynamics - The global box office share of Hollywood films has declined from over 90% in 2009 to 69.5% in 2024, indicating a diminishing influence of traditional Hollywood content [4] - The production model of Chinese short dramas allows for rapid content creation, with an average of 40-50 episodes filmed in just eight days, contrasting sharply with traditional film production timelines [5][6] Content Localization - Chinese short dramas are not merely adaptations of local content but are being localized in terms of themes, pacing, and visual language to appeal to international audiences [4][5] - The incorporation of fantasy elements like werewolves and vampires in content aimed at Western viewers reflects a strategic approach to audience engagement [5] Economic Impact - The "free + premium" revenue model of Chinese short dramas is seen as more profitable and responsive compared to the high-cost, slower-paced model of platforms like Quibi [6] - The influx of Chinese investment and production teams in Hollywood is providing new opportunities for local talent, helping to mitigate job losses in the industry [6] Cultural Significance - The international success of Chinese short dramas is viewed as a rare instance of Chinese culture gaining traction in the West, potentially enhancing China's cultural soft power [6][7] - Experts suggest that to maintain momentum, Chinese short dramas should diversify their narratives beyond formulaic plots and explore more varied themes [7]

Summary of Key Points from Conference Call Records Industry Overview - The media and internet sector is benefiting from new consumption trends, content recovery, and growth in AI applications, with significant products in the gaming sector such as Gigabit's "Nine Woods in the Wild" and Kaiying Network's "Nobunaga" being noteworthy [1][5] - The film and television sector shows signs of recovery, with opportunities arising from Guomai Culture's animated film "Three Kingdoms Starry Sky" and derivative licensing, as well as the short drama market expected to reach a scale of 50.5 billion yuan in 2024, surpassing box office revenues [1][6][12] Key Insights and Arguments - The gaming sector is expected to perform well in the first half of 2025, with new products from companies like Giant Network, Perfect World, and Gigabit [3] - The short drama market is rapidly growing, with a projected scale of 63 billion yuan in 2025 and a compound growth rate of approximately 19% [12] - AI applications are increasingly important in the media and internet industry, with major companies like Alibaba and ByteDance actively investing in AI technologies to enhance user experience and drive overall industry valuation [8] Notable Developments - The IP toy sector remains active, with companies like Pop Mart expected to perform well in the second half of the year, driven by emotional consumption trends [1][7] - The open-world gaming market has significant potential, with titles like Perfect World's "Yihuan," NetEase's "Infinite," and Shiyue Network's "Wangyue" anticipated to launch in 2025 or 2026 [9] - The film industry is projected to achieve a box office revenue of approximately 50 billion yuan in 2025, with notable films such as "Mission: Impossible 8" and "Jurassic World Rebirth" expected to perform well [10][11] Additional Insights - The education sector is focusing on AI integration, with companies like New Oriental and Thinking乐 showing strong profit growth potential [4][17] - The new energy vehicle sector continues to grow, with a year-on-year increase in production and sales of 48.3% and 46.2% respectively, and a penetration rate of 42.7% [4][15] - The e-commerce sector is experiencing rapid growth in instant retail, with major players like Meituan, Alibaba, and JD.com heavily investing in this area [13][14] Investment Opportunities - Companies like Dou Shen Education and Sheng Tong are recommended for investment due to their AI-focused educational products, which are expected to lead the market [18][19] - The automotive sector, particularly Li Auto's I8 and I6 models, is expected to outperform due to their design advantages and strong market positioning [16]

Group 1 - Hong Kong film stocks have strengthened, with Ningmeng Film (09857.HK) rising over 20% [1] - Alibaba Pictures (01060.HK) increased nearly 7% [1] - Other companies such as Lehua Group (02306.HK) and One Universe (01616.HK) also saw gains [1]