Core Viewpoint - The Shanghai International Film Festival's "Future Cinema" section has gained significant attention, with tickets selling out within 15 minutes, showcasing the growing interest in immersive viewing experiences [1] Group 1: Future Cinema Experience - The "Future Cinema" features 16 VR works, including global and Asian premieres, allowing audiences to explore various interactive viewing possibilities [1] - Attendees are engaged in immersive experiences, such as a VR shadow play titled "Wu Song Fights the Tiger," blending virtual and real elements [3] - The setup of the Future Cinema this year is unique, located within a traditional cinema, allowing for both online reservations and on-site experiences for consumers who meet spending requirements [5] Group 2: Integration of Virtual and Real - New directors are experimenting with blending real-life experiences and virtual imagery, enhancing audience engagement through live performances and surrounding environments [3] - The Future Cinema aims to transform the audience's mindset from traditional viewing to a more interactive and game-like experience, providing a new artistic context [5] Group 3: Cultural Project Expansion - Cultural projects are expanding into various venues beyond traditional settings, such as theme parks and museums, now entering cinemas and commercial spaces, which can activate existing commercial potential [7]

Group 1 - The core viewpoint of the article highlights the significant drop in the second-hand market prices of Labubu 3.0 series collectibles following a large restock by Pop Mart, indicating a shift in supply and demand dynamics [2][4] - The Labubu 3.0 series saw a price drop in the second-hand market from 1100-1500 yuan to 600-900 yuan after the restock, reflecting a decrease in perceived scarcity among consumers [2][4] - Pop Mart's stock price fell over 5% on June 19, following a period of substantial growth where it had increased by 100% from March to mid-June, and over 11 times since the beginning of 2024 [4] Group 2 - International spot gold prices have been on a downward trend, with a continuous decline observed from June 16 to June 18, and prices fluctuating around 3400 USD per ounce as of June 19 [9][10] - Domestic gold prices also experienced slight declines, with the Shanghai gold futures dropping by 0.49% [10] - Citibank's latest analysis predicts that gold prices will peak in the third quarter of this year and gradually decline to a range of 2500-2700 USD per ounce by the second half of next year, influenced by various economic factors [12]

Group 1 - The 9th China-South Asia Expo opened in Kunming, Yunnan, with participation from 73 countries and regions, and over 2,500 enterprises exhibiting [2] - The China (Shanghai) Free Trade Zone is conducting comprehensive pilot projects to align with international high-standard economic and trade rules, with 80 pilot measures implemented [2] - The China International Trade Economic Cooperation Research Institute reported that the total profit of foreign-invested industrial enterprises in China increased from 1.6 trillion yuan to 1.8 trillion yuan from 2019 to 2024 [2] Group 2 - The Export-Import Bank of China successfully issued "support Shanghai's stable foreign trade and promote development" themed bonds worth 10 billion yuan, with a one-year maturity [2] - The China Banking and Insurance Regulatory Commission's chairman visited Shanghai to investigate the development of the Lingang New Area in the Shanghai Free Trade Zone [2] - The China Construction Bank's vice chairman spoke at the 2025 Lujiazui Forum about promoting the sustainable and healthy development of capital markets [3]

Core Insights - The structure of the box office composition in China's film market has significantly changed since 2020, with the proportion of imported films dropping from over 36% to a projected 21% by 2024 [1] - The Shanghai International Film Festival has introduced forums and promotional activities for various countries, indicating a trend towards more diverse international cooperation in the film industry, particularly with Southeast Asia [1] Box Office Trends - The share of Hollywood films in the Chinese market has also decreased, with projections showing a decline from 13.5% in 2020 to 15.1% in 2024 [1] - The Southeast Asian market is increasingly recognized as a potential growth area for Chinese films, with significant box office contributions from countries like Malaysia [3] International Collaboration - Chinese film companies are looking to collaborate with Southeast Asian and Japanese firms for mid-budget films, as opportunities for large-scale productions are limited [3] - The potential for collaboration has been highlighted by successful projects like the "Detective Chinatown" series, which have utilized Southeast Asia as a filming location [3] Market Growth - The Southeast Asian film market has recovered to pre-pandemic box office levels and is growing at an annual rate of 5%-6%, with a predominantly young audience [3] - The region has a significant Chinese-speaking population, providing a solid audience base for Chinese-language films [3] Tax Incentives - Many Southeast Asian countries offer attractive tax incentives for film production, with some providing rebates of 20%-30%, encouraging Chinese companies to film and establish branches in the region [4] Distribution Challenges - Chinese films often do not consider overseas distribution until after production, which can lead to cultural mismatches and lower acceptance in foreign markets [6] - The high costs of marketing and distribution in China pose challenges for smaller films from Southeast Asia, limiting their box office potential [7] Cultural Exchange - There is a call for greater cultural exchange and understanding between Chinese and Southeast Asian filmmakers to enhance the appeal of films in both markets [8]

Core Points - The 27th Shanghai International Film Festival "Belt and Road" Film Week was launched on June 18, featuring a theme of "Travel with Movies" and a series of activities including film screenings, cultural forums, and a lifestyle market [1][2] - This year's film week showcases 15 diverse films from Belt and Road countries, many of which have been nominated for major international film festivals, highlighting cross-cultural narratives and regional characteristics [2] - Prominent actors Huang Xiaoming, Tang Yan, and Yu Shi were appointed as ambassadors for the "Belt and Road" Film Week, aiming to enhance global film culture dissemination [3] Industry and Company Summary - The film week aims to create a dialogue platform for global filmmakers while providing immersive cultural consumption experiences for citizens and tourists, balancing professional and public engagement [1] - The event has been successful in attracting international filmmakers, with over 40 participants from more than 20 Belt and Road countries, discussing topics such as film industry cooperation and talent cultivation [3] - The festival also includes a voting system for audience favorites, with results to be announced during the "Charming Pudong Night" event on June 20 [2]

Core Viewpoint - The 2024 Annual General Meeting of Zhongshi Media Co., Ltd. aims to uphold investor rights and ensure orderly proceedings while discussing key reports and proposals for the company's future direction and governance [1][2]. Meeting Agenda - The meeting will cover various reports including the Board of Directors' work report, Supervisory Board's work report, financial settlement report, profit distribution plan, and proposals for the remuneration of directors and supervisors [2][3]. Financial Performance - In 2024, Zhongshi Media achieved a revenue of approximately 1.14 billion yuan, representing a year-on-year growth of 2.03%. The net profit attributable to shareholders was approximately 43.85 million yuan [3][4]. Business Strategy - The company focuses on core business areas, enhancing cross-strait services, expanding external markets, and upgrading operations to seek growth. The advertising segment is exploring new digital marketing models, while the tourism segment is enhancing cultural experiences [4][6]. Governance and Compliance - The Board of Directors is committed to improving governance structures in response to regulatory changes, ensuring compliance with laws and regulations, and enhancing risk management practices [6][7]. Information Disclosure - The company emphasizes the importance of transparent information disclosure and investor relations management, aiming to build trust and enhance its corporate image in the capital market [7][8]. Profit Distribution Plan - The proposed profit distribution plan for 2024 includes a cash dividend of 0.34 yuan per 10 shares, totaling approximately 13.52 million yuan, with no capital reserve conversion into shares [12][22]. Audit and Financial Oversight - The financial report for 2024 received a standard unqualified audit opinion from the auditing firm, indicating that the financial statements fairly represent the company's financial position [19][21]. Use of Idle Funds - The company plans to utilize idle funds for low-risk short-term financial products, with a maximum investment of 300 million yuan, ensuring that daily operations and liquidity needs are not affected [28][29].

Core Insights - The integration of film and tourism in Le Ling City is seen as a key to unlocking high-quality development opportunities [1][2] - The establishment of Le Ling Film City aims to attract film projects, with a notable collaboration for the movie "Detective Chinatown 1900" [1][2] - The rapid construction of themed sets has led to increased tourism and economic activity in the region [2][3] Group 1: Film and Tourism Integration - Le Ling City is leveraging its proximity to Beijing to attract the film industry, creating a bridge to cinematic opportunities [1] - The film city has established a closed-loop operation model that transitions film sets into tourism assets post-production [2] - The "Follow the Movie to Travel" initiative has been launched, enhancing the city's visibility and tourism appeal [2] Group 2: Economic Impact - The film industry has spurred significant growth in related sectors, with 178 new film-related companies registered and over 8,400 new hotel and guesthouse beds added [2] - The city has attracted 66 well-known brands to open their first stores, earning the title of "National County Commercial Leader" [2] - The film industry has created over 30,000 extra roles for background actors and attracted over 1,000 individuals to innovate and start businesses locally [2] Group 3: Future Prospects - Le Ling City is positioning itself as a leading destination for film shooting and post-production in Northern China [3] - The city is set to host multiple films and television productions in the coming year, further solidifying its status in the industry [3]

Core Insights - The 27th Shanghai International Film Festival Sci-Fi Film Week's "Technology Creation Unit" highlights the integration of AI technology, digital imaging, and virtual shooting into the film industry [1][3] - The event showcases the achievements of the Songjiang District in building an advanced manufacturing development zone and a new productivity development zone [1] Group 1: Major Projects and Initiatives - Three key projects were unveiled: "Shanghai National Sci-Fi Industry Park," "Huace Yangtze River Delta Overseas Short Drama Production Center," and "Qiming Film and Television Technology Innovation Base," focusing on sci-fi ecosystem construction, short drama export, and variety content production [3] - The launch of the "Shanghai Data Intellectual Property (Shanghai Technology Film City Data Business) Platform" and "Co-Production Helper" app aims to enhance intellectual property protection and provide one-stop services for film production teams [3] Group 2: Collaborations and Agreements - A framework agreement for cross-regional judicial cooperation to support the high-quality development of the film industry was signed by six local courts [4] - Seven universities and enterprise representatives signed agreements to form a "Shanghai City Domain Industry-Education Joint Body," while six universities and enterprises signed agreements for "Shanghai Technology Film City Industry-Education Integration Cooperation" [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The weekly economic index rebounded. The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The production sub - index of WEI decreased, while the demand sub - index and the supply - demand gap increased [1]. - Production declined. The 4 - week moving average year - on - year of rebar production and the daily coal consumption of major coastal power plants decreased, and the blast furnace operating rate dropped slightly, while the operating rate of automobile semi - steel tires increased [1]. - High - frequency infrastructure indicators declined. The cement shipping rate and cement mill operating rate decreased, while the asphalt plant operating rate increased [1]. - The decline in commercial housing sales narrowed. The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities improved, but the 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities decreased [2]. - Consumption rebounded. The year - on - year daily retail sales of passenger cars increased significantly, and the 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen also increased, while the 4 - week moving average year - on - year of movie box office and domestic flight execution numbers decreased [2]. - Exports rebounded. South Korea's export year - on - year in early June increased, and the 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) and the Baltic Dry Index (BDI) also improved [2]. - Pork prices declined. The 4 - week moving average year - on - year of the average wholesale price of pork decreased, while the 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices and the average wholesale price of 28 key monitored vegetables increased [3]. - Industrial product prices declined. The 4 - week moving average year - on - year of the Nanhua Composite Index and Brent crude oil spot price increased slightly, while the 4 - week moving average year - on - year of rebar price, Qinhuangdao Port thermal coal closing price, and cement price index decreased [3]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The WEI production sub - index was 4.3%, down 0.1 percentage points from the previous value; the WEI demand sub - index was 5.9%, up 0.1 percentage points from the previous value; the supply - demand gap was 1.6%, up 0.1 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 6.1%, down 1.9 percentage points from the previous value. The blast furnace operating rate was 83.4%, down 0.1 percentage points from the previous value. The operating rate of automobile semi - steel tires was 78.0%, up 4.1 percentage points from the previous value. The 4 - week moving average year - on - year of the daily coal consumption of major coastal power plants was - 2.1%, down 1.8 percentage points from the previous value [1]. 3.3 Infrastructure - The cement shipping rate was 41.3%, down 0.1 percentage points from the previous value. The cement mill operating rate was 39.8%, down 0.2 percentage points from the previous value. The asphalt plant operating rate was 31.5%, up 0.2 percentage points from the previous value [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities was - 4.7%, up 3.3 percentage points from the previous value. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 10.2%, down 11.5 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year daily retail sales of passenger cars was 19.0%, up 13.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 21.2%, down 3.8 percentage points from the previous value. The 4 - week moving average year - on - year of domestic flight execution numbers was 2.2%, down 0.6 percentage points from the previous value. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.4%, up 1.3 percentage points from the previous value [2]. 3.6 Exports - South Korea's export year - on - year in early June was 5.4%, up 5.3 percentage points from late May. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 35.1%, up 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 18.3%, up 7.0 percentage points from the previous value [2]. 3.7 CPI - The 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices was - 1.6%, up 0.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was - 9.6%, down 4.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 3.6%, up 2.5 percentage points from the previous value [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 11.6%, up 0.2 percentage points from the previous value. The 4 - week moving average year - on - year of Brent crude oil spot price was - 16.4%, up 1.9 percentage points from the previous value. The 4 - week moving average year - on - year of rebar price was - 14.7%, down 0.1 percentage points from the previous value. The 4 - week moving average year - on - year of Qinhuangdao Port thermal coal closing price was - 30.3%, down 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the cement price index was 1.5%, down 3.2 percentage points from the previous value [3].

Group 1 - The success of "Nezha: The Devil's Child" (Nezha 2) is attributed to the deep integration of culture and technology, serving as a model for future projects [1][2] - The film has set a new global box office record for Chinese cinema, highlighting the potential of cultural and technological synergy [1] - The Sichuan province aims to explore the establishment of a cultural and technological integration development pilot zone, aligning with the current trends in the industry [2] Group 2 - The integration of culture and technology is seen as a developmental trend, with emerging sectors like digital cultural heritage and immersive experiences reshaping the cultural tourism industry [2] - The provincial meeting emphasized the need to cultivate key industries such as film and animation, gaming, digital creativity, and high-definition video, aiming to build a robust cultural big data system [2] - The establishment of industrial parks is crucial for gathering the film industry and fostering technological innovation, with plans for the Emei Film Group to create a comprehensive entertainment cultural IP hub [2]