Group 1: Manufacturing and Economic Indicators - The official manufacturing PMI for November rose to 49.2%, a 0.2% increase from the previous month, indicating a slight recovery despite remaining below the critical point [2] - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6% from the previous month, with the construction sector showing a slight improvement while the service sector declined [2] - The RatingDog manufacturing PMI dropped to 49.9%, down from 50.6%, with new orders nearing stagnation and production halting expansion, although export orders saw the fastest growth in eight months [2][3] Group 2: Virtual Currency Regulation - The People's Bank of China reiterated its strict prohibition on virtual currencies, emphasizing that they do not hold the same legal status as fiat currencies and are considered illegal financial activities [4] - Stablecoins, a form of virtual currency, were highlighted for their inability to meet customer identification and anti-money laundering requirements, posing risks for illegal activities [4][5] - The central bank's stringent management of stablecoins is seen as an effective measure for financial risk prevention [5] Group 3: Fiscal Transfers and Local Government Finance - In 2024, Chongqing received the highest level of transfer payments at 249.165 billion yuan, followed by Beijing, Shanghai, and Tianjin, indicating disparities in local fiscal capabilities [6] - The report highlights that transfer payments are crucial for balancing regional financial disparities, with cities in the central and western regions focusing on strengthening provincial capitals [6][7] Group 4: Education and Talent Development - Seven universities, including Shanghai Jiao Tong University, have applied to establish a new undergraduate program in embodied intelligence, reflecting the industry's demand for skilled talent [8] - The average annual salary for embodied intelligence roles is reported at 333,400 yuan, surpassing that of the broader AI sector [8] Group 5: Market Performance and Trends - On December 1, the stock market saw a rebound with the Shanghai Composite Index rising 0.65%, supported by strong performance in consumer electronics and industrial metals sectors [16] - The market is experiencing structural differentiation, with various sectors showing mixed performance, indicating a cautious outlook for the upcoming year-end rally [17]

人民财讯12月2日电，中泰证券（600918）研报表示，《疯狂动物城2》表现超预期，票房有望突破40亿 元。《疯狂动物城2》不仅拓展了影视IP的盈利空间，同时借助联名热度反哺电影传播，让超级IP的价 值持续放大。未来，经典影视IP商业价值开发将继续延伸；新IP的后链路开发将前置，电影宣发期即进 行商业拓展，形成声量的互动叠加。2025年贺岁档与2026年春节档，中国电影（600977）市场有望实现 持续火热。中泰证券认为，电影行业进入到高质量供给推动行业增长的阶段。2025年以来，引进片数量 快速恢复，动画电影呈现空前繁盛，电影IP后链路开发不断拓展，票房与非票双向增加，监管政策释放 积极信号，行业收入周期性、结构性难题的应对路径正逐渐拓宽。建议持续关注：优质内容供给及引进 方；电影院线；电影票务及服务。 ...

长江商报消息 ●长江商报记者 沈右荣 截至12月1日晚，上映仅6天的《疯狂动物城2》票房已超过20亿元，并创下中国内地影史进口片单日票房冠军，同 时也是非春节档影片单日票房冠军。 《疯狂动物城2》的疯狂带火了A股市场上的相关概念股。11月28日、12月1日，中国电影（600977.SH）收获两连 板。 近期，在投资者互动平台上，不少投资者针对《疯狂动物城2》提问，但中国电影方面均未明确回复。此前，中国 电影在互动平台称，公司参与影片《疯狂动物城2》发行。 中国电影是中国电影行业中综合实力最强、产业链最完整、品牌影响力最广的领军企业，市场竞争力不言而喻。 根据灯塔专业版数据，截至12月1日20时，上映仅6天的电影《疯狂动物城2》在中国内地票房已经超过20.14亿 元。 截至目前，《疯狂动物城2》已经打破多项纪录：2025年贺岁档票房冠军、中国影史进口喜剧片票房冠军、中国影 史进口喜剧片观影人次冠军、2025年进口片票房冠军、中国影史进口片单日票房冠军……有报道称，《疯狂动物 城2》打破了60项纪录。 刚刚过去的周日，《疯狂动物城2》引爆中国电影市场，该片排片高达83.3%，单日票房突破7亿元，超过《复仇 者联盟 ...

Core Insights - The animation film market is experiencing a significant boom, with three major films, "Nezha 2," "Little Monster," and "Zootopia 2," achieving remarkable box office success in 2025 [1][5] Group 1: Box Office Performance - "Nezha 2" achieved a box office of 15.446 billion yuan, becoming the highest-grossing film in Chinese history and globally for animated films, ranking fifth in the global box office for 2025 [1] - "Little Monster" grossed 1.719 billion yuan, becoming the highest-grossing 2D animated film in China [1] - "Zootopia 2" surpassed 2 billion yuan in box office within six days of release, becoming the highest-grossing imported animated film in China, with projections suggesting it could exceed 4 billion yuan [1][3] Group 2: Company Financial Impact - Beijing Enlight Media, the main producer of "Nezha 2," reported Q1 2025 revenue of 2.975 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.016 billion yuan, up 374.79% [2] - Shanghai Film Group, the main producer of "Little Monster," saw Q3 2025 revenue of 361 million yuan, a 101.60% increase, and a net profit of 86 million yuan, up 123.51% [3] - China Film Group, the exclusive distributor of "Zootopia 2," is expected to receive 15% to 20% of the film's box office revenue, contributing to its stock price surge [3] Group 3: IP and Merchandise Development - "Nezha 2" has over 1,000 billion yuan in projected merchandise sales, with multiple brand collaborations [2] - "Little Monster" has over 40 authorized partners and more than 800 merchandise SKUs, along with innovative projects like themed cinemas and children's parks [3] - "Zootopia 2" has over 70 co-branded products in China, with several merchandise items becoming bestsellers on e-commerce platforms [4] Group 4: Market Trends and Future Outlook - The animation film sector is crucial, holding about 10% to 15% of the Chinese market share, with a growing trend of high-quality animated films based on established IPs [5][6] - The industry is supported by government policies aimed at promoting high-quality cultural development, with a focus on IP incubation and technological investment [6]

早 报 精 选 宏 观 新 闻 行 业 新 闻 1、 应国家主席习近平邀请，法国总统马克龙将于12月3日至5日对中国进行国事访问。 2、中国公民2026年9月14日前可免签前往俄罗斯。 3、DeepSeek发布两款新模型。 4、宁德时代1-6职级员工基本工资上调150元。 5、现货白银收涨2.85%，报57.987美元/盎司，继续刷新历史新高。 1、 外交部发言人宣布，应国家主席习近平邀请，法国总统马克龙将于12月3日至5日对中国进行国事访问。 2、外交部发言人林剑12月1日表示，日本在口头上搪塞敷衍，在行动上一意孤行，中方对此绝不接受。"在大是大非问题上，日本不 要妄想蒙混过关。我们敦促日方以史为鉴，深刻反省，严肃对待中方要求，老老实实收回错误言论，以实际行动体现对中方的政治承 诺。" 3、当地时间12月1日获悉，根据俄罗斯总统普京当天签署的命令，中国公民至2026年9月14日（含14日）前可免签证以旅游和商务 目的前往俄罗斯。免签天数为30天。 4、美联储表示，出于对"利率高企、承保标准收紧及商业地产价值下降"的担忧正密切关注社区和地区性银行的相关投资组合，因这 些因素可能影响借款人再融资或还清贷款的能力 ...

Core Insights - The article highlights the evolution and achievements of Chinese cinema over the past 120 years, emphasizing its strong connection to reality and societal issues [2][4]. Group 1: Historical Context - Chinese cinema has always been rooted in reality, reflecting the nation's fate and societal concerns since its inception in 1905 [2]. - Significant films like "The Song of Youth" and "The Battle at Lake Changjin" showcase themes of unity and patriotism during critical historical moments [2][4]. Group 2: Industry Development - Early filmmakers, such as the Wan brothers and the Yan'an Film Group, laid the foundation for a unique Chinese cinematic style, overcoming various challenges to create impactful works [3]. - The revival of classic films using AI technology, such as "The Battle of Dingjunshan," demonstrates the industry's innovative spirit and commitment to preserving its heritage [5]. Group 3: Cultural Significance - Films like "The Iron Man" and "The Story of Jiao Yulu" portray the spirit of the nation and its people's resilience, reflecting the collective memory and aspirations of the Chinese populace [4]. - The current landscape of Chinese cinema is characterized by a blend of traditional values and modern storytelling, aiming to inspire and resonate with audiences [5].

Core Insights - The animation film market is experiencing a significant boom in 2025, with three major films, "Nezha 2," "Little Monster," and "Zootopia 2," achieving remarkable box office success and breaking records in China and globally [1][5] Group 1: Box Office Performance - "Nezha 2" has become the highest-grossing film in Chinese history with a box office of 15.446 billion yuan, ranking fifth globally in all-time box office [1] - "Little Monster" achieved a box office of 1.719 billion yuan, becoming the highest-grossing 2D animated film in China [1] - "Zootopia 2" surpassed 2 billion yuan in box office within six days of release, making it the highest-grossing imported animated film in China, with projections suggesting it could exceed 4 billion yuan [1][3] Group 2: Company Performance - Beijing Enlight Media, the main producer of "Nezha 2," reported a revenue of 2.975 billion yuan in Q1 2025, a year-on-year increase of 177.87%, with net profit soaring to 2.016 billion yuan, up 374.79% [2] - Shanghai Film Group, the main producer of "Little Monster," saw its Q3 2025 revenue reach 361 million yuan, a 101.60% increase, and net profit of 86 million yuan, up 123.51% [3] - China Film Group, the exclusive distributor of "Zootopia 2," is expected to earn 15% to 20% of the film's box office revenue, with its stock price hitting the limit up for two consecutive trading days [3] Group 3: IP and Merchandise Development - "Nezha 2" has a projected total sales of derivative products exceeding 100 billion yuan, with multiple brand collaborations in merchandise [2] - "Little Monster" has over 40 authorized partner companies and more than 800 derivative product SKUs [3] - "Zootopia 2" has over 70 co-branded products in China, with several merchandise items becoming bestsellers on social media and e-commerce platforms [4] Group 4: Market Trends and Future Outlook - The animation film sector is expected to continue thriving, with a market share of 10% to 15% in China, supported by strong IP foundations and successful prior works [5] - The industry is encouraged by government policies aimed at promoting high-quality cultural development, with animation being a key focus area [5] - Future investments in animation should focus on IP incubation, product development, and technological advancements to enhance production efficiency [6]

Core Insights - "Zootopia 2" has achieved a remarkable box office of 1.255 billion yuan in its opening weekend, significantly boosting the film market in China [1] - The film has set multiple records, including the highest single-day box office for an imported film in China and the highest single-day audience count for an animated film [1][3] - The film's box office predictions have been revised upwards by major data platforms, indicating strong market performance and potential for further growth [2][4] Box Office Performance - As of December 1, "Zootopia 2" has accumulated a total box office of 1.978 billion yuan, ranking sixth in China's all-time box office for imported films [1] - The film's box office in China has surpassed 277 million USD, making it the largest market for the film, outpacing North America's 156 million USD [2] - Daily box office shares and attendance rates have consistently exceeded market averages, indicating strong audience engagement [2] Audience Reception - The film has received high ratings from audiences, with scores of 9.7 on Taopiaotao and 8.7 on Douban, reflecting its positive reception among viewers [3] - A significant portion of the audience consists of younger viewers, with 20.6% of attendees being 24 years old or younger, which is above the market average [6] Industry Impact - The success of "Zootopia 2" is expected to benefit downstream industries, including ticketing platforms and cinema chains, with notable stock price increases for companies involved in the film's distribution and exhibition [4] - The film's performance is contributing to a strong year for the Chinese film market, with total box office revenue reaching 48.276 billion yuan by the end of November, approaching the annual target of 50 billion yuan [6]

Core Insights - "Zootopia 2" has achieved a remarkable box office performance, grossing 2 billion yuan within six days of release, surpassing the previous record of 1.54 billion yuan set by its predecessor [1] - The film is projected to reach a total box office of over 4.2 billion yuan in mainland China, indicating strong market demand and audience interest [1] Group 1: Box Office Performance - "Zootopia 2" broke the record for the highest box office for an imported animated film in China, achieving 2 billion yuan in just six days [1] - The film's pre-sale ticket sales exceeded 300 million yuan, setting a new record for animated films in China [1] - On its opening day, the film earned over 220 million yuan, capturing 66.5% of the market share and achieving a high attendance rate of 15.1% [1] Group 2: Factors Contributing to Success - The strong IP influence and established audience base from the first "Zootopia" film, which grossed 1.538 billion yuan nearly a decade ago, contributed to the sequel's success [2] - Positive word-of-mouth and marketing strategies, including extensive promotion through traditional and social media, increased audience anticipation [2] - The film's merchandise, including collaborations with brands like Pop Mart and Miniso, saw a surge in sales, indicating strong consumer engagement [2][3] Group 3: Market Environment - The recovery of global cinema attendance post-pandemic has led to increased demand for high-quality entertainment content, which "Zootopia 2" effectively meets [3] - Advanced animation technology and well-crafted storytelling have enhanced the film's quality, appealing to both returning fans and new viewers [3] - The film successfully maintains the charm of the original while introducing new elements, broadening its audience appeal [3]

6 证券研究报告 点评报告 2025 年 12 月 1 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 分析师：刘笑瑜 证书编号：S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 事件： 11 月非制造业 PMI 指数为 49.5%，较上月回落 0.6 个百分点，是 2023 年以来首次 回落至收缩区间。其中，服务业为 49.5%，较上月回落 0.7 个百分点；而建筑业 为 49.6%，较上月回升 0.5 个百分点，连续 4 个月处于 50%以下的收缩区间。11 月综合 PMI 产出指数为 49.7%，较 10 月回落 0.3 百分点，也是 2023 年以来首次 回落至收缩区间。 请务必阅读正文后免责条款部分 第 1 页 共 4 页 晨会纪要 11 月 30 日 9 点半国家统计局公布 11 月 PMI 数据。 评论： 11月中国制造业PMI为49.2%，较上月回升0.2个百分点。其中，大型企业为49.3%， 较上月回落 0.6 个百分点；中型企业为 48.9%，较上月回升 0.2 个百分点；小型 企业为 ...