Core Viewpoint - Hollywood is facing significant challenges due to declining international market share, increased competition, and the impact of tariffs, which collectively threaten its historical dominance and the broader U.S. service trade [1][4][14] Group 1: Hollywood's Historical Context and Achievements - Hollywood has evolved over a century, pioneering various film production and distribution methods, and has historically dominated global box office revenues [3][4] - In 2024, Hollywood films occupied 9 out of the top 10 global box office spots, with "Inside Out 2" leading at $1.757 billion [3] Group 2: Current Market Challenges - The global box office revenue for Hollywood films fell to $30.5 billion in the previous year, a 10% decrease, with international market share dropping from 82% to 77% [4] - The number of Hollywood films grossing over $200 million globally decreased from 31 to 23, indicating a contraction across all markets [4] - In North America, the number of Hollywood films earning over $100 million fell from 25 to 22, with a revenue drop of nearly $300 million [4] Group 3: Impact of Streaming Services - Streaming platforms like Netflix and YouTube are increasingly preferred by audiences, with only 34% of U.S. adults favoring cinema, while nearly 80% prefer streaming [5] - The average time spent by U.S. audiences on streaming platforms reached 3.13 trillion minutes weekly, indicating a shift in viewing habits [5] Group 4: Tariff Policies and International Relations - The U.S. tariff policies under the Trump administration have led to reduced imports of American films in China, a crucial market for Hollywood [7][9] - China has historically been a significant market for Hollywood, contributing to a peak revenue of $21.6 billion in 2017, but this has declined to approximately $6.273 billion in 2024 [9] Group 5: Financial Implications and Future Outlook - The average production cost for Hollywood films exceeds $200 million, and rising tariffs on imported materials are expected to increase production costs and reduce profitability [9][10] - The usage rate of Los Angeles studios dropped from over 90% to 63%, with filming days at a six-year low, indicating a contraction in production activity [10] - The U.S. service trade, heavily reliant on Hollywood films, is projected to face significant challenges due to declining revenues and potential retaliatory measures from other countries [13][14]

Core Viewpoint - The article critiques the current state of the film industry, highlighting a significant decline in box office performance and a lack of genuine storytelling from filmmakers, leading to a disconnection with audiences [1][2][11]. Group 1: Box Office Performance - The box office for the recent May Day holiday saw a 50% year-on-year decline, reverting to levels seen in 2017, with only two films surpassing 100 million yuan [2][11]. - The underperformance of films this year, except for "Nezha 2," is attributed to the content itself rather than external factors like marketing or star power [2][11]. Group 2: Filmmaking Trends - There is a consensus that the techniques used by veteran Hong Kong directors have become outdated, leading to poor box office results for their recent films [4][5]. - The film "Water Dumpling Queen," despite its potential for a compelling narrative, is criticized for its lack of depth and reliance on clichéd storytelling methods [5][6]. Group 3: Audience Expectations - Audiences are increasingly discerning, with a higher standard for what constitutes a worthwhile film experience, as evidenced by the stark contrast in box office performance between "Nezha" and other films [11][12]. - The article suggests that filmmakers need to move beyond superficial trends and engage with deeper societal issues to resonate with contemporary viewers [10][12]. Group 4: Impact of Short Videos - The rise of short video content has influenced filmmakers to speed up their storytelling techniques, but this has not necessarily translated into better film quality [8][9]. - Films attempting to critique the short video economy often fail to deliver a coherent message, reflecting a lack of understanding of the complexities involved [9][10]. Group 5: Future Outlook - The film industry may face a prolonged period of adjustment, with a continued lack of innovative content and a polarized market where only a few films achieve significant success [13][14]. - There is hope for a resurgence of quality films in the future, but this will require a shift in how stories are told and a deeper connection with audience experiences [12][14].

Core Viewpoint - Trump's new policy to impose a 100% tariff on foreign-made films entering the U.S. is seen as a continuation of his protectionist agenda, which may harm the domestic film industry rather than protect it [3][5]. Industry Impact - The proposed film tariff will significantly impact the U.S. film industry's supply chain, leading to increased production costs and potentially fewer films being produced, which could disrupt the entire industry ecosystem [5]. - Hollywood's reliance on overseas locations, special effects teams, and post-production services means that the tariff could lead to a substantial increase in production expenses, ultimately harming the film distribution business [5]. International Response - European lawmakers have expressed strong opposition to Trump's film tariff, labeling it as a form of trade protectionism. They warn that retaliatory measures could be taken, such as limiting U.S. film imports or imposing additional taxes on American films, which would severely affect Hollywood's international box office revenues [6]. - If Europe enacts countermeasures, it could diminish the influence of American films in European markets, leading to a significant reduction in international ticket sales [6]. Cultural Exchange - The implementation of a film tariff could hinder cultural exchange between nations, as films serve as vital cultural conduits. A retaliatory response could further weaken cultural penetration and influence [8]. - While the immediate impact on Chinese films may be limited due to their small market share in the U.S., the long-term effects of disrupted international cultural trade could destabilize the global film market [8]. Conclusion - Trump's approach to tariffs, particularly in the film industry, is viewed as a misguided attempt that may not yield the desired protective effects and could lead to greater isolation for the U.S. in the international market [9].

Core Viewpoint - The article discusses the potential impact of President Trump's proposed 100% tariffs on foreign-made films, highlighting France's response and the implications for the film industry [1][2]. Group 1: France's Response - French Culture Minister Rachida Dati emphasized that France will defend its "cultural exception" and is not overly concerned about the U.S. threat, stating that the U.S. film market only holds about 15% of the French market [1][2]. - Dati believes that the announcement from Trump is vague and may remain at the "announcement stage," but any retaliatory measures would primarily affect the U.S. film industry due to its profitability and strong exports [1][2]. Group 2: Impact on the Film Industry - The U.S. tariff threat has already created a strong impact in France, as the unique French film financing model is seen as a target for the U.S. government, which views it as "unfair business behavior" [2]. - In 2024, France produced 231 films, demonstrating the contribution of its financing mechanism to the film industry [2]. Group 3: Industry Perspectives - Some industry insiders believe that Trump's tariff threat is a strategic move to intimidate U.S. buyers into purchasing domestically, rather than from foreign sources [3]. - Vincent Maraval, a French producer, criticized the idea of imposing tariffs on foreign films as "inapplicable" and even absurd, arguing that many films contain global elements and should not be labeled as "foreign" [3]. - Maraval also suggested that the U.S. film industry is in decline, as American films, apart from Marvel-type productions, are losing global appeal, indicating a broader artistic and economic crisis [3].

Group 1 - As of May 9, 2025, the total domestic box office for films reached 26.448 billion yuan, with "Nezha: The Devil's Child" contributing 15.38 billion yuan, accounting for 58% of the total box office [1] - The remaining films released in 2025 contributed only 11.068 billion yuan, indicating a heavy reliance on "Nezha 2" for box office success [1] - The film industry is anticipating new blockbuster releases, as "Nezha 2" has undergone three key extensions, with uncertainty regarding a potential fourth extension after May 30 [1] Group 2 - Six animated films awaiting release involve six main production companies: Maoyan Entertainment, Shanghai Film, China Ruoyi, Wanda Film, Light Media, and Zhongwen Online [2] - The upcoming animated films are primarily based on traditional Chinese cultural stories, enhancing their commercial value and potential for derivative products [2] - The increasing emphasis on cultural industries by the government is driving the development of films that feature Chinese cultural elements [2] Group 3 - More high-rated animated series producers are entering the film market, such as Guangzhou Molecular Interactive Media, which is producing "Non-Human: Limited Player" based on a popular comic [3] - The animated series "Non-Human" has received high ratings of 8.9 and 8.6 for its first and second seasons, respectively [3] - The trend of animated series producers targeting adult audiences is expanding the animated film market, moving beyond traditional children's content [3]

刘英（中国人民大学重阳金融研究院研究员） 英美达成贸易协议的同一天，也是美联储连续第三次宣布维持利率在4.25%-4.5%的水平不变的次日，英 国央行宣布降息25个基点，这显示出在美国所谓"对等关税"的冲击下，全球央行的货币政策走势分化加 剧。美联储按兵不动主要源于对高关税冲击所带来的不确定性的担忧，多数国家央行也选择按兵不动， 但日前仍有部分国家选择加息或降息，其中因通胀走升，巴西加息50个基点，日本央行也在继续加息的 路上。中国央行则宣布全面降准降息。 先来看此次英国央行降息25个基点的措施。一方面，这是因为英国通胀情况有所缓解，物价运行处于相 对平稳的水平，英国消费者物价指数（CPI）今年继续呈下行的态势，从今年一月份的3%降到二月份的 2.8%，三月份继续回落到2.6%的水平，核心CPI则从3.7%逐步回落到3.5%和3.4%的水平上。经过连续12 次加息及此前三次降息，英国通胀水平已经从2022年超过11%的高通胀，逐步回落的目前2%的目标区 间范围内，由此，相对稳定的物价水平成为英国央行降息的主要原因。 另一方面，在美国所谓"对等关税"影响下，特别是对全球进口美国的汽车、钢铁和铝等加征25%的高关 ...

Domestic Policy - Trump administration focuses on border security and illegal immigration, attempting to repeal birthright citizenship, but faced legal challenges[3] - Government size reduction and spending control are prioritized, with support for efficiency reforms led by Musk[3] - Deregulation efforts include halting subsidies related to fossil fuel restrictions and supporting cryptocurrency[3] - Tariffs imposed on major trade partners to incentivize manufacturing return to the U.S. and increase domestic investment[3] - Significant cuts to federal research funding, forcing many universities to downsize[3] Foreign Policy - The administration's priority is the Russia-Ukraine conflict, with a focus on bilateral pressure for a ceasefire, but U.S. commitments to Ukraine remain unfulfilled[4] - New tariffs of 10% on Gulf countries aim to strengthen alliances and reshape oil supply dynamics[4] - Traditional allies like Canada and Mexico face tariff threats, destabilizing their supply chain positions[4] - The geopolitical landscape is shifting, with European allies seeking independent defense capabilities and trade partnerships excluding the U.S.[5] Market Impact - Market volatility is heightened due to tariff risks and geopolitical uncertainties, leading to a rapid decline in the S&P 500 index[5] - CNN poll shows Trump's approval rating at 41%, indicating waning confidence among moderate voters[10] - The ongoing tariff war is expected to increase inflation, potentially forcing policy adjustments, but uncertainty may persist until midterm elections[10] Risk Factors - Tariff risks threaten the existing trade system, potentially accelerating international power reallocation[6]

为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（简称"上证信息"）提供的股 东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户使用手册》 中国电影股份有限公司 关于股东大会开设网络投票提示服务的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国电影股份有限公司（简称"公司"）拟于 2025 年 5 月 20 日召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方式，具体内 容详见公司于 2025 年 4 月 30 日在上海证券交易所网站披露的《中国电影关于 召开 2024 年年度股东大会的通知》（公告编号：2025-016）。 证券代码：600977 证券简称：中国电影 公告编号：2025-017 （下载链接：https://vote.sseinfo.com ...

Core Insights - The current state of the film industry is marked by a lack of genuine storytelling and creativity, leading to disappointing box office results during the May Day holiday period, with a 50% year-on-year decline in ticket sales, reverting to 2017 levels [1][3][5] - The industry is experiencing a reflection phase, where the failure of films is attributed to the content itself rather than external factors, indicating a need for creators to take full responsibility for their work [5][6] - Hong Kong directors, once at the forefront of the Chinese film industry, are now seen as outdated, with their techniques becoming tiresome for audiences, as evidenced by the poor performance of their recent films [8][10] Industry Trends - The film market is witnessing a significant shift, with audiences increasingly rejecting formulaic and recycled content, as seen in the stark contrast between successful films like "Nezha" and the underperformance of recent releases [3][19] - There is a growing concern that filmmakers are succumbing to the pressures of short video formats, leading to a faster-paced storytelling style that may not resonate with traditional film audiences [14][18] - The upcoming film slate shows a lack of innovative projects, with many filmmakers opting for sequels or adaptations rather than original content, which may hinder the industry's recovery [21][23] Audience Expectations - Audiences are becoming more discerning, with higher standards for what constitutes a worthwhile film experience, as evidenced by the poor reception of films that fail to deliver meaningful narratives [19][21] - The trend of "crying films" that gained popularity during the pandemic is waning, with recent releases struggling to attract viewers, indicating a shift in audience preferences [19][21] - There is a call for filmmakers to explore deeper, more relatable themes that reflect the complexities of modern life, rather than relying on superficial success narratives [11][18]

Consumption Trends - During the 2025 "May Day" holiday, domestic travel reached 314 million trips, a year-on-year increase of 6.4%[1] - Total spending by tourists was 180.27 billion RMB, up 8.0% year-on-year, with an average spending of 574.1 RMB per person, a slight increase of 1.5%[1] - Restaurant and retail revenues showed significant growth due to consumer promotion policies and holiday effects[1] Travel and Transportation - Cross-regional travel volume reached 1.467 billion trips from May 1 to May 5, with a daily average of 293 million trips, marking an 8% increase year-on-year[2] - Road travel accounted for 1.344 billion trips, a 7.6% increase, while rail travel saw a 10.8% increase with 102 million trips[2] Tourism Insights - Long-distance travel orders increased significantly, with destinations like Haikou and Yining seeing over 130% growth[3] - County-level tourism grew by 25% year-on-year, outpacing growth in higher-tier cities by 11 percentage points[3] Accommodation Preferences - Economic hotel bookings surged by 80% year-on-year, while high-end hotel bookings only increased by 15%[6] - Overall hotel occupancy rates exceeded 84%, reflecting a preference for cost-effective lodging options[6] Dining and Retail Performance - Key retail and dining enterprises reported a 6.3% increase in sales, with consumer vouchers playing a significant role in boosting restaurant revenues[7] - Retail sales of home appliances, automobiles, and communication devices grew by 15.5%, 13.7%, and 10.5% respectively during the holiday[8] Movie Industry Performance - Box office revenue during the holiday was 747 million RMB, down 51.1% year-on-year, primarily due to limited film supply[9]