Market Overview - The large-scale commercial performance market in China is expected to thrive in 2024, with box office revenue reaching 29.636 billion yuan, 2.7 million performances, and an audience of 36.5182 million people, accounting for 51.1% of the total box office [1][9][6] - The market is characterized by a significant increase in large concerts, with box office revenue exceeding 26 billion yuan, a year-on-year growth of 78.1%, and an audience exceeding 29 million, marking a 45% increase [13][10] - The concentration of performances is shifting towards second-tier cities, with their box office and performance share exceeding 60%, while the Yangtze River Delta remains the core consumption area [17][28] Content Trends - The number of touring projects constitutes 79.7% of large concerts, with a growing trend towards niche and innovative concerts utilizing theaters and new spaces [2][69] - The number of music festival IPs has decreased, but internationalization and content iteration have accelerated, focusing on niche genres or enhancing performance lineups [81][88] - Government policies are being implemented to promote large-scale music performances, facilitating the integration of "music + cultural tourism" [88][89] Audience Profile - Female audience members account for over 65% of attendees at large concerts and music festivals, with the age demographic becoming more mature, as 21.6% of concert-goers are aged 35 and above [96][98] - The average attendance frequency for large concerts is 1.5 times per year, with over 50% attending with companions, highlighting the social aspect of these events [2][88] - Cross-city attendance is over 60%, with second-tier cities showing the highest cross-province attendance [2][88] Performance Highlights - The number of concerts with ticket sales exceeding 30 million yuan has increased, with 11.8% of performances falling into this category, indicating a growing ability of top artists to attract audiences [37][33] - The large music festival market is experiencing a rational return in supply and demand, with the May Day and National Day holidays becoming peak performance periods [40][39] - The market is showing a trend of expansion in third and fourth-tier cities, with significant growth in ticket sales and performance numbers in provinces like Anhui and Fujian [44][45] Regional Insights - Coastal provinces remain key areas for music festival consumption, with Jiangsu leading in ticket sales for large music festivals [54][53] - In 2024, several provinces, including Guangdong, Shanghai, and Zhejiang, are expected to surpass 1 billion yuan in ticket sales for large concerts [28][9] - The top cities for large concert ticket sales include Shanghai, Hangzhou, and Suzhou, with significant performances contributing to their rankings [30][28]

Group 1 - In the first quarter, China's retail sales of consumer goods increased by 4.6% year-on-year, indicating a recovery in market sales growth [1] - New consumption trends such as ticket economy and travel photography are emerging, linking various consumption scenarios like performances, tourism, dining, and accommodation, thus stimulating market vitality [1] Group 2 - The "Mountain Songs Echoing" concert in Nanchang saw a 140% year-on-year increase in ticket orders for scenic spots during the event, showcasing the impact of cultural events on local tourism [2] - In Hubei, a promotional campaign allowed visitors to exchange highway toll receipts for discounted tickets to multiple scenic spots, attracting over 120,000 visitors in just over a month [2] Group 3 - The travel photography industry is booming, with businesses in popular scenic areas like Zhejiang's Hengdian Film City preparing for increased demand by hiring more makeup artists and sales staff ahead of the May Day holiday [4] Group 4 - In Zhuhai, the cross-border travel peak was marked by over 117,000 vehicles crossing the Hong Kong-Zhuhai-Macao Bridge from April 17 to 21, a 60.71% increase year-on-year, driven by public holidays and weekend overlaps [6] - The Zhuhai Municipal Bureau of Commerce has implemented measures to enhance cross-border shopping experiences, including subsidies for appliance upgrades for Hong Kong and Macao residents [6] Group 5 - The 15th Beijing International Film Festival is promoting consumption through various activities, including discounts and themed dining experiences, resulting in daily foot traffic exceeding 35,000 [7] - The "Beijing Film Life Festival" will continue until the May Day holiday, with some shopping malls extending their promotional offers until May 18 [9] Group 6 - The "2025 Old Brand Carnival" has been held over 140 times this year, generating over 6 billion yuan in sales, with traditional dining enterprises seeing a 21% increase in dine-in transactions from January to March [9]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 韩港（微信 HGK1366） 核心观点 本文从行业协会视角出发，观察 20 大中观行业的现状与未来趋势。 1 ）当前供需失衡、需求不足等问题仍然存在。 2 ）但边际上，已出现一定积极迹象， 表现为：企业正通过调整改造、并购重组等方式重构行业格局（例 如百货行业）；在总量偏弱背景下不乏结构性亮点（例如珠宝消费承压，但黄金高增）； 3 ）往后看，关注四个趋势： 通过供改改善行业环境（如光伏 / 钢铁 / 石化 / 水泥等 ）；新的增长极正在 形成（ AI/ 软件 / 演出等）； AI 助力降本提效（如餐饮 / 珠宝 / 百货等）；深耕细分领域（服装 / 珠宝 / 白酒等）。 报告摘要 一、供需失衡等症结仍存 1 ）供求失衡问题，主要集中在周期、制造业领域 ，例如： a ）石化，"面临深度调整的阵痛期"； b ）钢 铁，需求自 2020 年连续 4 年下滑，且"新的供需动态平衡机制尚未建立"； c ）水泥，"水泥市场饱和度较 高"，在需求下滑的背景下， 内卷式竞争加剧； d ） ...

演出，指演出单位或个人在特定的时间特定的环境下所举办的文艺表演活动，把戏曲、舞蹈、曲艺、杂技等才艺在观众面前表演出来。详细地 说就是演员通过某种艺术表演形式和服装道具、舞美、灯光、音响的特殊艺术效果，现场把舞台艺术品展现给观众的过程。 | ■ 华经情报网 | 专业严谨 · 容观科学 | | --- | --- | | | 演出分类 | | 营业性演出 | | | | 营业性演出是指以营利为目的、通过下列方式为公众举办的演出活动:(一) | | | 售票或者包场的;(二)支付演出单位或者个人报酬的;(三)以演出为媒介进 | | | 行广告宣传或者产品促销的;(四有赞助或者捐助的;(五以其他营利方式 | | 组织演出的。 | | | 公益性演出 | | | | 现代的公益,是人人参与的公益,不管是个人还是集体,人们通过各种公益 | | | 活动、公益基金、公益网站等途径,通过直接参与、捐赠、公益广告、公益 | | | 歌曲等方式参与到公益中来。公益性演出指的是通过演出的形式参与到公益 | | | 中来,不以营利为目的,即不以追求利润的最大化作为根本目标。 | | | 资料来源:公开资料,华经产业研究院整理 | 中 ...

Core Viewpoint - The cross-border cultural tourism consumption in the Guangdong-Hong Kong-Macao Greater Bay Area is experiencing significant growth, with residents increasingly traveling for performances and events, indicating a shift in lifestyle preferences [1] Group 1: Market Demand and Supply - The cultural performance market in the Greater Bay Area is thriving, with strong demand and supply dynamics observed in 2023 [1] - The trend of traveling to different cities for performances has become a fashionable lifestyle choice among residents in the Greater Bay Area [1] Group 2: Cross-Border Movement - As of April 14, 2023, over 6.63 million entries and exits of mainland residents were recorded at the Huanggang and Futian ports, marking a year-on-year increase of 19.3% [1]