1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - Q4 economic downward pressure may rise. The manufacturing PMI rebounded in November, but corporate profits may continue to be under pressure. The traditional investment - driven economic model may be unsustainable. Consumption and exports may face pressure. Policy rate cuts and incremental tools in the next six months may be key support measures [2][75]. - The current bond market has prominent allocation value, and bond yields may decline in a volatile manner. The report is bullish on the bond market, predicting that the 10Y Treasury yield will return to around 1.65%, the 30Y Treasury to 1.9%, and the 5Y large - bank secondary capital bonds to 1.9% (all referring to bonds without VAT) [4][76]. 3. Summary by Relevant Catalogs 3.1 Macro News - In November, the manufacturing PMI was 49.2%, a month - on - month increase of 0.2pct. The non - manufacturing business activity index was 49.5%, a month - on - month decrease of 0.6pct. The comprehensive PMI output index was 49.7%, down 0.3pct from the previous month, indicating increased economic growth pressure [4][12]. - In October, the profits of large - scale industrial enterprises decreased by 5.5% year - on - year, and the revenue decreased by 3.3% year - on - year. From January to October, the total profits of large - scale industrial enterprises reached 5.95 trillion yuan, a year - on - year increase of 1.9% [4][21]. - On November 25, the central bank conducted a 1000 - billion - yuan MLF operation, with a net investment of 100 billion yuan in November, the ninth consecutive month of increased roll - over [4][22]. 3.2 Medium - term High - frequency Data 3.2.1 Consumption - As of November 23, the daily average retail volume of passenger cars decreased by 6.6% year - on - year, and the daily average wholesale volume increased by 2.2% year - on - year. As of November 27, the 7 - day total national movie box office increased by 70.9% year - on - year. As of November 21, the total retail volume of three major household appliances decreased by 25.0% year - on - year, and the total retail sales decreased by 48.2% year - on - year [23][27]. 3.2.2 Transportation - As of November 23, the container throughput of ports increased by 12.8% year - on - year. As of November 28, the average subway passenger volume in first - tier cities increased by 3.2% year - on - year. The postal express pick - up volume increased by 8.2% year - on - year, the delivery volume increased by 7.0% year - on - year, the railway freight volume decreased by 0.5% year - on - year, and the highway truck traffic volume increased by 2.3% year - on - year [31][32]. 3.2.3 Industrial Operating Rates - As of November 26, the blast furnace operating rate of major steel enterprises was 76.8%, a year - on - year increase of 0.8pct. As of November 27, the average asphalt operating rate was 20.0%, a year - on - year decrease of 3.0pct. The soda ash operating rate was 81.9%, a year - on - year decrease of 5.0pct, and the PVC operating rate was 78.2%, a year - on - year increase of 0.4pct [40][42]. 3.2.4 Real Estate - As of November 28, the 7 - day total commercial housing transaction area in 30 large - and medium - sized cities decreased by 33.2% year - on - year. As of November 21, the second - hand housing transaction area in 9 sample cities decreased by 17.3% year - on - year [45]. 3.2.5 Prices - As of November 28, the average pork wholesale price decreased by 23.7% year - on - year, the vegetable wholesale price increased by 15.9% year - on - year, and the average price of 6 key fruits increased by 2.0% year - on - year. The average price of thermal coal at northern ports increased by 0.7% year - on - year, and the average WTI crude oil spot price decreased by 15.7% year - on - year [46]. 3.3 Bond and Foreign Exchange Markets - On November 28, most Treasury yields rose. The 1 - year/5 - year/10 - year/30 - year Treasury yields were 1.40%/1.62%/1.84%/2.19% respectively, compared with November 21, they changed by - 0.2BP/+2.8BP/+2.6BP/+2.8BP respectively. The yields of other bonds also had corresponding changes [59]. - On November 28, the U.S. dollar - to - RMB central parity rate and spot exchange rate were 7.08/7.08, down 86/309 pips from November 21 [69]. 3.4 Institutional Behavior - Since the beginning of 2025, the duration of medium - and long - term pure bond funds for interest - rate bonds has shown a trend of first decreasing, then increasing, and then decreasing. As of November 28, the estimated average duration was about 5.0 years, and the median was about 4.2 years, compared with November 21, they changed by + 0.11/ - 0.20 years respectively [71]. - Since the beginning of 2025, the duration of medium - and long - term pure bond funds for credit bonds has shown a volatile trend. As of November 28, the estimated average duration was about 2.0 years, and the median was about 2.1 years, compared with November 21, they changed by - 0.04/+0.05 years respectively [72]. 3.5 Investment Advice - The report is bullish on the bond market, believing that the current bond market has prominent allocation value. Due to domestic economic data pressure, high short - term interest rates, and the start of the Fed's interest - rate cut cycle, the policy rate may be cut by 20BP in the next six months [4][76].

（文章来源：第一财经） 据猫眼专业版数据，电影《疯狂动物城2》上映6天，总票房破20亿。 ...

Core Insights - The release of "Zootopia 2" has generated significant box office success, achieving nearly 2 billion yuan in ticket sales within six days and a high screening rate of 78.2% [1] - The film's success has not only benefited Disney but also local Chinese companies, showcasing a collaborative ecosystem that enhances overall market performance [2] Group 1: Disney's Success - Disney is the primary beneficiary of the film's success, with increased box office revenue and a boost in visitor numbers to Shanghai Disneyland, leading to shortages of related merchandise [1] - The film validates Disney's strong monetization capabilities through its IP-centric, multi-business model [1] Group 2: Local Players' Gains - Chinese film distributor China Film benefits from the film's box office, with its stock price hitting the limit up on November 28 and again on December 1, indicating strong market confidence [1] - Local brands such as Pop Mart and Luckin Coffee have seen their collaborative products sell out quickly, demonstrating the effective leveraging of the film's IP [2] Group 3: Market Dynamics - The stark contrast between the lackluster performance of the National Day film market and the explosive success of "Zootopia 2" highlights that audience interest in cinema remains strong when quality content is available [2] - The success of "Zootopia 2" serves as a case study in the collaborative benefits of IP ecosystems, where established players like Disney and innovative local companies can thrive together [2]

Core Viewpoint - Disney's success in China and globally is fundamentally a victory of the "experience economy" [4][24] Group 1: Box Office Performance - "Zootopia 2" achieved a record-breaking pre-sale box office of over 310 million yuan, surpassing "Nezha: Birth of the Demon Child" [5] - On its opening day, "Zootopia 2" grossed 228 million yuan, with total box office exceeding 1.945 billion yuan by December 1 [5][6] - The first "Zootopia" film earned over 1.5 billion yuan in China, making it the highest-grossing imported animated film [6] Group 2: Marketing and Promotions - The film's release was accompanied by extensive marketing efforts, including collaborations with brands like Luckin Coffee, which saw a significant increase in sales [7][13] - Social media engagement was high, with children sharing photos with movie characters, enhancing the viewing experience [8] - Disney's marketing strategy included numerous brand collaborations and promotional events leading up to the film's release [13] Group 3: Strategic Focus on IP - Disney's shift back to focusing on traditional IP models, emphasizing the synergy between films, theme parks, and merchandise [10][24] - The company plans to invest $60 billion in parks and experiences over the next decade, doubling previous investments [24] - "Zootopia" is highlighted as a key IP with strong emotional resonance in China, driving both box office and merchandise sales [11][27] Group 4: Industry Context and Challenges - Disney's recent financial reports indicate a shift from subscriber growth to profitability, with significant cost-cutting measures implemented [19][20] - The company faces challenges in maintaining originality while relying on established IPs, raising concerns about creative stagnation [31] - The competitive landscape in China has evolved, with local IPs also gaining traction and challenging Disney's dominance [28][31]

（文章来源：第一财经） 据灯塔专业版，截至12月1日，《疯狂动物城2》上映6天累计票房已达19.84亿，超过《熊出没·逆转时 空》进入中国影史动画电影票房前三名，仅次于《哪吒之魔童闹海》《哪吒之魔童降世》。 ...

近年来，中国观众对于高端观影体验的追求不断升温。IMAX中国首席执行官孟丹青表示，《疯狂动物 城2》所展现的非凡势头，再次印证了中国电影（600977）市场的强劲活力与其庞大的观众基本盘。同 时我们也非常珍视与迪士尼的紧密合作，共同将一个个动人心弦的故事通过IMAX呈现给全国观众。 在强劲的观众偏好和动画电影亮眼票房表现的驱动下，IMAX在中国市场创下了其史上最强的十一月成 绩，票房收入达3.07亿元人民币，同时以9%的市场份额创下十一月历史新高。 灯塔研究报告显示，影片11月29日上映后首个周六的单日票房超越《复仇者联盟4：终局之战》，成为 中国影史进口片单日票房冠军。同时缔造好莱坞电影近三年来在中国市场的最佳成绩。首个周末在全国 票房排名前10的影院中，有7家为IMAX影院。 12月1日，IMAX在迪士尼动画电影《疯狂动物城2》在中国上映为期五天，收获票房1.46亿元人民币， 一举打破IMAX中国好莱坞动画电影的最高零点场、上映日及首周末票房纪录，并刷新进口动画电影在 IMAX中国市场的最强五日上映成绩。 ...

IT之家 12 月 1 日消息，据猫眼专业版数据，截至 11 月 30 日，《疯狂动物城 2》上映首周，中国内地票房报 收 2.74 亿美元（IT之家注：现汇率约合 19.4 亿元人民币），超越北美票房成绩，成为本片全球第一大票仓。 | > | g 票房明细 | | C | | --- | --- | --- | --- | | 疯狂动物城2 | | | | | 2025-11-26中国大陆上映 | 器计量房19.63亿 | | | | 胡票房 | 预售排片 全球票房 | 票房预测 | 票房分? | | 全球票房(美元) | 北美票房(美元) | IMDb评分 | | | 8.14亿 | 1.56亿 | 7.8 | | | 全球票房 | | 全球票房 北美明细 | | | 国家/地区 | | | 总票房(美元) | | 中国内地 | | | 2.74亿 | | 2 北美 | | | 1.56亿 | | 3 韩国 | | | 1370.1万 | | 4 中国香港 | | | 199.7万 | | 5 德国 | | | 72.8万 | | 6 意大利 | 60.4万 | | --- | --- | | 7 澳大利 ...

中哈电影合作交流座谈会热烈举行。 新京报讯（记者滕朝）今年适逢中俄文化年和哈萨克斯坦"中国旅游年"，11月23日至29日，北京市电影局组织的 北京电影"走出去"代表团踏上了前往哈萨克斯坦阿拉木图与俄罗斯莫斯科的文化交流之旅。这是一次友谊的续 写，更是一场文明的对话。 以光影续写友谊新篇 11月25日下午，阿拉木图阿尔曼电影院攘来熙往，哈萨克斯坦"北京电影推介会"在这里隆重举行。中国驻阿拉木 图代总领事吕毅、哈萨克斯坦电影工作者联盟理事会主席等嘉宾齐聚一堂，共同见证中哈电影交流的重要时刻。 今年是冼星海诞辰120周年，总领馆先后举办冼星海纪念设施修缮重新开放仪式以及电影《音乐家》重映会、图片 展、纪念音乐会等活动。中国驻阿拉木图总领事吕毅在致辞中指出，"该片系中哈在共建'一带一路'框架下人文合 作的重点项目，开启了两国合拍电影的历史，充分彰显了两国电影工作者对共同历史文化的创新性传承，以澎湃 创作活力共同推进两国影视传播的国际化进程。" 电影是连接世界的通用语言。北京市电影事业发展中心主任韩冰表示，"希望以电影为媒，与哈萨克斯坦及中亚各 国的电影同仁、广大观众，深化理解、凝聚共识，共同探索电影国际合作的广阔前景 ...

1、在美联储12月降息预期升温下，现货黄金11月份涨5.9%，一度突破4240美元，亚盘时段，金价小幅 走高，现货黄金仍报于4220美元上方。 2、国际现货白银历史性攻破55美元，年内涨幅已超90%。 格隆汇12月1日｜上周五，全球有色板块大爆发，铜、白银、黄金联袂走强，今日A股有色板块强势领 涨，黄金股ETF、有色金属ETF基金均涨超4.4%，年内分别涨87%、81%。 | 代码 | 名称 | . | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 600977 | 中国电影 | 中 | 10.01 | 355亿 | 64.41 | | 300528 | 幸福监海 | 中 | 6.53 | 87.56亿 | 170.11 | | 002905 | 金逸影视 | 集 | 3.54 | 46.25亿 | 55.96 | | 600715 | 文投控股 | 本 | 2.78 | 105亿 | 15.11 | | 300251 | 光线传媒 | 章 | 3.17 | 497亿 | 81.35 | | 601595 | 上海田影 | # ...

中泰证券指出，电影行业进入高质量供给推动增长的阶段，2025年贺岁档与2026年春节档市场有望 持续火热。电影市场从"要数量"转向"要口碑"，中低档内容出清，高质量供给成为票房核心驱动力，深 度内容需求持续走高。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 引进片供给快速恢复，市场反应强烈，全球动画电影制作达到高水平，中国市场进入本土与海外双 轮驱动阶段，票房对影片质量的弹性持续提升。《疯狂动物城2》表现超预期，票房有望突破40亿元， 上映4天收获14亿元 ...