2025.07. 15 本文字数：2125，阅读时长大约4分钟 作者 | 第一 财经 林靖 随着县域经济发展和基础设施不断完善，县域消费也在不断崛起，县域的电影院也越来越多。 国家电影局发布的数据显示，2025年上半年电影票房达292.31亿元，观影人次为6.41亿，同比分别增 长22.91%和16.89%，国产影片票房占比为91.2%。 那么，哪些县域的电影票房高呢？第一财经记者根据猫眼专业版数据梳理发现，有18个县域上半年 电影票房超过3000万元。其中，昆山、义乌、江阴位居上半年县域电影票房前三位。不过，需要说 明的是，有个别经济总量大、人口较多的县域电影票房相关数据缺乏，在此未纳入统计。 上半年县域电影票房榜：昆山义乌晋江位居前三 上半年电影票房超4000万元的8个县域，分别是昆山、义乌、晋江、慈溪、江阴、张家港、常熟和乐 清。在这8个县域中，4个位于江苏，分别为昆山、江阴、张家港、常熟，即"苏南四小龙"；3个位于 浙江，分别为义乌、慈溪和乐清；1个位于福建，为晋江。 今年上半年，我国电影市场交出了近五年最佳的"半年考"答卷。这一复苏势头中，《哪吒之魔童闹 海》（下称《哪吒2》）无疑是最大功臣。同样， ...

Core Insights - The film market in June reported a box office of 1.907 billion, returning to levels seen in 2013 [1] - The summer box office has only reached 3 billion so far, significantly lower than last year's 11.643 billion, with a gap of 8 billion to meet this year's KPI [2] - The current state of the film market suggests that even a "V-shaped recovery" during the summer will not change the prevailing trend, and if no recovery occurs, the post-summer market outlook is bleak [3] Industry Performance - The film industry is experiencing a "supply crisis" as the films that typically support the market are disappearing, with a lack of "small hits" (300 million to 500 million) and "near hits" (500 million to 1 billion) [5] - The number of films achieving over 1 billion in box office has decreased significantly, with only 3 films reaching this milestone in 2023, all from the Spring Festival [6] - The absence of "near hits" has led to many domestic films facing losses, which in turn reduces the effective production rate [8] Audience Dynamics - The primary audience for films has shifted, with those aged 25-34 making up 47% of viewers in 2024, while the share of viewers under 24 has halved from 39% to 21% since 2017 [13][14] - The film industry has not adequately addressed the "silver economy," ignoring the growing elderly population, which is projected to reach 400 million by 2031 [18][19] International Cooperation - The international film market is showing signs of recovery, but the ability to penetrate Western markets remains challenging due to cultural and aesthetic differences [24][26] - There are emerging opportunities in the Middle Eastern market, which is developing rapidly, with significant investments in entertainment infrastructure [28][29] - The potential for collaboration in Southeast Asia is also highlighted, with Malaysia showing a strong demand for Chinese films [30]

Core Viewpoint - The company, China Film Industry Group Co., Ltd., anticipates a significant loss for the first half of 2025, with projected net profits ranging from -80 million to -120 million yuan, indicating a downturn compared to the previous year [2][3]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The expected net profit attributable to shareholders is projected to be between -80 million and -120 million yuan [2][3]. - The net profit after deducting non-recurring gains and losses is expected to be between -160 million and -230 million yuan [2][3]. Group 2: Previous Year Performance - In the first half of 2024, the company reported a total profit of 291.51 million yuan, with a net profit attributable to shareholders of 204.25 million yuan [5]. - The net profit after deducting non-recurring gains and losses for the same period was 161.70 million yuan [5]. - The basic earnings per share for the previous year was 0.109 yuan [6]. Group 3: Reasons for Performance Decline - The primary reason for the anticipated loss in 2025 is the underperformance of films at the box office, leading to reduced gross profits, with a net profit of -140.76 million yuan reported by the end of the first quarter [7]. - The second quarter saw a 34.73% year-on-year decline in national box office revenue, with significant drops during key holiday periods [7]. - Despite the challenges, the company is actively enhancing operations and has upcoming films that may positively impact performance, including "Nanjing Photo Studio" and "Non-Human: Limited Player" [7].

Macro Dynamics - The Central Committee emphasizes strict punishment for financial crimes such as market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering to promote healthy financial market development [1] - The People's Bank of China (PBOC) will conduct a 14 trillion yuan buyout reverse repurchase operation to maintain ample liquidity in the banking system [2] - PBOC's Vice Governor Zou Lan highlights that structural monetary policy tools will focus on supporting technological innovation and boosting consumption [3] Real Estate - A residential land in Qianhai, Shenzhen, was sold for 2.155 billion yuan with a floor price of 84,180 yuan per square meter, marking an 86.1% premium, setting a new high for residential land prices in Shenzhen [4][5] Financial Institutions - The Sichuan Financial Regulatory Bureau approved Sichuan Bank's acquisition of a 40.92% stake in Great Wall Huaxi Bank, totaling 942.59 million shares [7] - China Banking Association forecasts that by the end of 2024, the loan balance of consumer finance companies will reach 1.35 trillion yuan, reflecting a year-on-year growth of 16.66% [6] Company Dynamics - Changjiang Securities expects a net profit increase of 110% to 130% for the first half of 2025, projecting a profit of 1.652 billion to 1.81 billion yuan [8] - China International Capital Corporation (CICC) anticipates a net profit increase of 55% to 78%, estimating a profit of 3.453 billion to 3.966 billion yuan [9] - Founder Securities predicts a net profit increase of 70% to 80%, estimating a profit of 2.296 billion to 2.432 billion yuan [11] - Huahong Technology forecasts a staggering net profit growth of 3047.48% to 3721.94%, estimating a profit of 70 million to 85 million yuan [16] - Suli Co. expects a net profit increase of 1008.39% to 1223.91%, estimating a profit of 72 million to 86 million yuan [17] - Huaxia Airlines anticipates a net profit growth of 741.26% to 1008.93%, estimating a profit of 220 million to 290 million yuan [18] - Wanda Film expects a net profit increase of 340.96% to 393.87%, estimating a profit of 500 million to 560 million yuan [20] - New Yisheng anticipates a net profit increase of 327.68% to 385.47%, estimating a profit of 3.7 billion to 4.2 billion yuan [21] - China Rare Earth expects a turnaround with a net profit of 136 million to 176 million yuan, compared to a loss of 244 million yuan in the same period last year [22]

Core Viewpoint - Wanda Film is expected to achieve a net profit of 500 million to 560 million yuan in the first half of 2025, representing a year-on-year growth of 340.96% to 393.87%, despite ongoing pressures in the film market [1] Group 1: Financial Performance - In the first half of 2025, Wanda Film's box office revenue reached 4.207 billion yuan, with 82 million viewers, while the overall box office in China grew by 22.91% year-on-year to 29.231 billion yuan [2] - The company’s gross profit margin from merchandise sales increased by 10 percentage points, while both store and sales expenses decreased year-on-year [2] Group 2: Market Position and Strategy - Wanda Film operates 705 directly managed cinemas with 6,121 screens, enhancing its market presence as the industry undergoes consolidation [3] - The company plans to open 20 to 25 new cinemas in 2025, focusing on high-tier cities and high box office areas to expand its market share [3] Group 3: Strategic Investments - Wanda Film is actively pursuing strategic investments, focusing on synergistic sectors to enhance its ecosystem and brand collaboration [4] - The company has established partnerships with brands like 52TOYS and "好运椰," which have significantly contributed to non-ticket revenue, with "好运椰" accounting for 29% of non-ticket income in some cinemas [5] - The strategic investment aims to provide brands with high exposure and low-cost platforms, sharing development benefits [5]

2025 年 7 月 14 日 中国宏观周报（2025 年 7 月第 2 周） 港口货运增速回升 证券分析师 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 从高频数据观察，本周中国工业生产存在分化，但需求复苏仍在持续， 线下经济活跃度仍高，尤其是 7 月初外需呈现一定回稳迹象，中国港口 货运和韩国 7 月前 10 日出口增速均有回升。 1. 工业：生产存在分化。原材料方面，本周水泥熟料产能利用率、石油沥 青开工率、部分化工品开工率提升，浮法玻璃开工率持平于上周，五大 钢材品种产量和表观需求季节性调整，产需表现更为匹配。中下游方面， 本周汽车轮胎半钢胎和全钢胎开工率环比回升，纺织聚酯开工率、聚酯 织造业开工率季节性调整。 2. 地产：新房成交较上周略有好转。1）销售方面，本周新房销售面积同比 增速较上周提升 0.7 个百分点；7 月以来（截至 11 日）新房销售面积同 比增速较 ...

Core Insights - The letter from General Secretary Xi Jinping to eight veteran film artists emphasizes the importance of cultural confidence and the role of filmmakers in reflecting societal changes and people's voices through their work [1][2][3] Industry Development - The second China (Shenyang) Comedy Film Week concluded successfully, highlighting the significance of comedy in the film industry and the need for filmmakers to root their work in real-life experiences and local culture [2][5] - The event coincided with the 120th anniversary of Chinese cinema, showcasing the government's commitment to the film industry and its achievements over the years [2][5] Cultural Confidence - Filmmakers are encouraged to maintain cultural confidence as a foundation for the prosperity of the film industry, with a focus on telling Chinese stories and showcasing a comprehensive image of China to the world [3][5] - The emphasis on cultural confidence is seen as a guiding principle for the entire cultural sector, urging artists to create works that resonate with the audience and reflect the spirit of the times [3][5] Regional Focus - Liaoning Province is recognized for its strong cultural resources and advantages in film talent cultivation, script creation, and production, aiming to produce works that highlight regional cultural characteristics and the struggles of the people [5][7] - The province's commitment to building a cultural stronghold includes initiatives to support the film industry and foster collaboration with local cultural institutions [5][7] Future Directions - The film industry in Liaoning is set to benefit from new measures aimed at promoting high-quality development, with a focus on creating a robust film creation ecosystem [7] - Filmmakers are encouraged to draw inspiration from local life and culture, ensuring that their works are relatable and impactful [3][7]

近日，2025上合组织国家电影节在重庆举办。本届电影节以"科技光影·上合风采"为主题，为上合组织 国家搭建了电影合作、文化交流的平台。上合组织成员国、观察员国的电影主管部门、国家级影业机 构、知名制片公司相聚电影节，带来多个具有文化特色和合作潜力的电影项目、剧本、版权资源，展示 影像创作实力，寻求深度交流合作的机会。 "中国的经验非常值得学习。"塔吉克斯坦电影人协会主席萨法尔·哈克多多夫表示。白俄罗斯文化部电 影司顾问拉德米拉·扎伊采娃说，白俄罗斯的学生有机会到中国学习电影专业知识，期待白中文化交流 进一步深化。 乌兹别克斯坦国家电影署署长舒赫拉特·里扎耶夫说，电影是增进文化交流、民心相通的重要桥梁。近 年来，乌兹别克斯坦与其他上合组织国家在电影领域的合作呈现全方位发展态势——联合制片数量稳步 增长、专业交流持续深化，从行业论坛到电影节展、从创意开发到实地拍摄，多方协作日益紧密。 《 人民日报 》（ 2025年07月14日 03 版） (责编：岳弘彬、牛镛) 本届电影节开幕式在亚洲最大虚拟摄影棚——重庆永川科技片场二期举办。在这里，各类场景"丝滑"切 换，嘉宾们仿佛置身"未来影院"。近年来，重庆永川着力推动电 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights & Investment Recommendations - Meituan's instant retail daily order volume reached 150 million, with significant growth in rider income. On July 12, the daily order volume surpassed 150 million, with an average delivery time of 34 minutes. Rider daily income increased by 111% year-on-year, with high-frequency riders earning an average of 9,793 yuan per month [2][20]. - The "reciprocal tariff" has been postponed until August 1, with the EU potentially facing a 30% tariff. This unilateral action may increase short-term trade volatility between the US and other countries, but there remains cautious optimism regarding the substantive implementation of existing trade agreements [2][20]. - The report maintains a cautious outlook on trade negotiations, emphasizing the importance of AI and domestic consumption in the current global macroeconomic context. It suggests focusing on Chinese tech leaders and highlights potential investment opportunities in Hong Kong internet leaders, the gaming industry, and the film and cultural tourism sectors [3][21]. Sub-industry Data Film Industry - The top three films by box office this week are "Jurassic World: Rebirth" with 107.08 million yuan (26.3% market share), "Malice" with 73.49 million yuan (18.0%), and "F1: Speeding" with 68.55 million yuan (16.8%) [22][24]. Gaming Industry - The top three iOS games are "Honor of Kings," "Peacekeeper Elite," and "Delta Force." The top three Android games are "Douluo Dalu: Soul Hunting World," "Sausage Party," and "Heartbeat Town" [23][25]. TV Series Industry - The top three TV series by broadcast index are "In the Name of Law" (84.1), "Book of Dreams" (83.4), and "Splendid Blossoms" (82) [26][27]. Variety and Animation - The top variety show is "Running Man Season 9" with a broadcast index of 79.3, followed by "Singer 2025" and "New Rap 2025" [28][30]. The top animation is "Cang Yuan Tu" with a viewership index of 369.3, followed by "Happy Hammer" and "Xian Ni" [29][31].

Core Viewpoint - The Chinese film market achieved its best performance in the first half of 2025, with a box office of 29.231 billion yuan, reflecting a year-on-year growth of 23% [1][2]. Group 1: Box Office Performance - The total box office for the first half of 2025 reached 29.231 billion yuan, with 641 million admissions, marking a year-on-year increase of 22.91% and 16.89% respectively [2]. - Domestic films accounted for 91.2% of the total box office, with "Nezha: The Devil's Child" leading the charts at 15.446 billion yuan, contributing 52.8% to the overall box office [2][3]. - The first half of 2025 is noted as the best performance since 2020, second only to 2018 and 2019 [2]. Group 2: Market Trends - Despite the strong overall performance, June 2025 saw a significant drop in box office revenue, totaling 1.906 billion yuan, the lowest for June in the past five years, indicating a need for more high-quality films to sustain market vitality [4]. - The rise of domestic films has been a gradual trend, with domestic films contributing 334.39 billion yuan to the total box office of 425.02 billion yuan in 2024, representing 78.68% [6]. - The increasing competitiveness of domestic films is changing audience preferences, with fewer viewers solely supporting American blockbusters [6]. Group 3: Policy and Industry Dynamics - The Chinese government is adapting its film import policies in response to global market trends, indicating a potential reduction in American film imports to enhance local content production [6]. - The summer of 2025 is expected to showcase a variety of high-quality domestic animated films, reflecting the robust development of the Chinese animation industry [7].