撰 文丨陈 桐 编 辑丨美 圻 文娱价值官解读： 重构影视行业生产逻辑 在影视剧生产端，爱优腾等长视频平台已将AI应用于内容策划和后期制作等环节，并初见成效。AI不仅让评估和挖掘优质IP变得更精准，还能显著缩短内 容制作周期，成倍提升生产效率。 当前，影视剧备案和开机项目数量较去年同期呈下降趋势，整个行业比以往任何时候都更关注创意新颖、价值突出的作品，这对内容策划和IP发掘提出了 更高要求。"好钢用在刀刃上"已成为行业共识。 生成式AI工具的出现，极大提升了发掘和评估好故事的精度与速度。早在2023年GPT-4发布后不久，爱奇艺便启动了利用AI重塑影视内容创作与评估的探 索。其内容团队与智能制作产品开发、算法技术团队紧密合作，通过"拉片"方式，为《隐秘的角落》《苍兰诀》等优质剧本进行评级标注。这些剧本被算 法团队深度拆解分析，转化为机器可读的结构化信息，成为训练大模型的关键语料。 借助生成式AI能力，爱奇艺制作团队已能利用AI工具提高剧本和小说的阅读效率与评估水平。以往，主创为筛选出适合开发的IP，往往需要耗费大量时间 阅读动辄数十万字的小说才能做出判断。如今运用生成式AI工具，仅需原先三分之一的时间就能完成 ...

Group 1 - The report maintains an "outperform" rating for the media sector, highlighting the importance of performance and the potential opportunities in AI applications and IP trends [3][6]. - In July 2025, the media sector (Shenwan Media Index) rose by 3.18%, underperforming the CSI 300 Index by 0.37 percentage points, ranking 18th among 31 industries [4][17]. - The current TTM-PE for the Shenwan Media Index is 44.9x, placing it in the 93rd percentile over the past five years, indicating a relatively high valuation [17][22]. Group 2 - The gaming market showed sustained growth in the first half of 2025, with a total revenue of 168 billion yuan, representing a year-on-year increase of 14.08% [33]. - From January to July 2025, 946 game licenses were issued, a 19.1% increase year-on-year, with July alone seeing over 100 domestic game licenses approved [4][24]. - The overseas revenue for self-developed Chinese games reached 9.5 billion USD in the first half of 2025, marking an 11.1% year-on-year growth, with the US, Japan, and South Korea being the primary markets [34][42]. Group 3 - The film market in July 2025 saw a total box office of 4.067 billion yuan, a decline of 24.4% year-on-year, although it experienced a month-on-month increase of 113.7% [52][57]. - The film "Nanjing Photo Studio" performed well, contributing positively to the box office in August, despite its late July release [57][60]. - The number of film registrations has shown a significant increase of 60% year-on-year since 2023, indicating a potential recovery in quality content supply starting in 2025 [60][64]. Group 4 - The WAIC conference showcased rapid advancements in embodied intelligence, with over 150 humanoid robots presented, highlighting significant breakthroughs in the field [75][82]. - The AIGC application DeepSeek topped the user growth chart with 163 million monthly active users, indicating strong market appeal [83][84]. - The Kimi K2 high-speed model was released, significantly increasing output speed from 10 tokens per second to 40 tokens per second, enhancing its application in real-time scenarios [87][92].

Group 1 - China's economy demonstrated resilience with a GDP growth rate of 5.3% in the first half of 2025, providing a boost to the global economy [1] - The transition from traditional growth drivers to new productive forces is highlighted by the significant increase in production efficiency through technological advancements, such as the use of intelligent furnaces and industrial internet platforms [1] - The production of new energy vehicles and industrial robots surged by over 35%, reflecting the dedication of researchers and the impact of institutional innovation [1] Group 2 - The consumer market in China is thriving, with 400 million people benefiting from trade-in subsidies and a sales volume of 2.9 trillion yuan, indicating a strong internal demand despite external fluctuations [2] - Policy reforms are effectively addressing developmental challenges, with initiatives like the Hangzhou-Taipei high-speed rail and low-altitude economy regulations facilitating innovation [2] - The transformation of production relations through reforms is enabling the free flow of production factors, akin to the revitalization of an oasis along the ancient Silk Road [2] Group 3 - The continuous release of policy effectiveness is likened to nurturing rain, with long-term special government bonds and technological innovation loans supporting the real economy [3] - The collaboration of fiscal, monetary, and industrial policies is crucial for both immediate relief for enterprises and long-term strategic development [3] - China's economy is evolving from a follower to a leader in the global landscape, driven by new productive forces, ongoing reforms, and supportive policies [3]

近日，他接受了《每日经济新闻》记者的专访，分享了影片背后的故事。 暑期档后半程，《戏台》《浪浪山小妖怪》《南京照相馆》等影片热映。 其中，电影《戏台》上映21天斩获3.89亿元票房，豆瓣14.6万名观众给出8.0分的平均分。这部影片没有 流量明星加持，也无大IP（知识产权）背书，全凭扎实剧本与严密结构突围。更引人注目的是，暌违大 银幕30余年的陈佩斯，以导演兼领衔主演的身份回归。而当观众走进影院，他的儿子，即"徐明礼"的饰 演者陈大愚，也逐渐被大家熟知。 暑期档影片类型各异，有《长安的荔枝》《浪浪山小妖怪》等聚焦职场、瞄准年轻受众的影片，也有讲 述传统文化故事的《戏台》。"其他电影在争夺30岁以下、30岁到40岁的观众，而对于《戏台》，五六 十岁的观众会一直来。中老年人也有精神需求，他们不只是喜欢旅游、踢毽子和广场舞。"陈大愚说 道。 《戏台》介于话剧和电影之间陈大愚已"看"了七八年 在电影《戏台》中，陈大愚饰演的"教化处处长"徐明礼，是个如"墙头草"般的角色。他周旋于各大帅之 间，凭三寸不烂之舌在乱世中站稳脚跟，蓄着小胡须，眼珠滴溜乱转，能见什么人说什么话，形象鲜 明。 "《戏台》最特别的，是让很多很少进影 ...

Core Insights - The film "The Stage" has achieved significant box office success, grossing 389 million yuan in 21 days, with an average rating of 8.0 from 146,000 viewers on Douban, despite lacking star power and major IP backing [1] - The film has successfully attracted an older audience, with 60.9% of viewers aged 40 and above, highlighting a demand for content catering to middle-aged and elderly viewers [10][8] Group 1: Film Overview - "The Stage" is a unique film that has drawn in many older viewers who typically do not frequent cinemas, showcasing a different audience dynamic compared to other summer blockbusters [4] - The film's narrative focuses on traditional cultural stories, contrasting with other films targeting younger demographics [4][8] - The preparation for "The Stage" took about a year, while the actual filming lasted only one and a half months [8] Group 2: Character and Performance - Actor Chen Dayu, who plays the character Xu Mingli, emphasizes the importance of capturing the character's core instincts, reflecting the fears and uncertainties of living in a tumultuous era [6] - Chen Dayu has a deep connection with the material, having been involved with the original stage play for several years, which informed his performance in the film [5][6] - The transition from stage to film requires significant adjustments in performance style, as film captures subtleties that stage performances do not [7] Group 3: Directorial Approach - Director Chen Peisi, known for his work in the film industry, meticulously planned each scene, understanding the requirements and desired outcomes before filming began [10] - The film's script and director's notes are extensive, with a total of 41 pages of director's notes and a 30,000-word script, indicating a thorough preparatory process [11][13] - Chen Peisi's approach reflects a blend of theatrical and cinematic techniques, aiming to create a unique viewing experience that resonates with both mediums [7][10]

以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 娱乐资本论隶属于界面财联社（上海报业集团主管主办），持有新闻牌照，是北京市文化产业投融资协 会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行业大会展开了长期、深度 的合作，致力于独家报道，是泛文娱行业第一媒体。 来 源丨娱乐资本论 （ yulezibenlun ） 作者丨 尖椒 一个诞生两年半的原创 内容 IP，能创造多大的经济价值？ 上映一周的《浪浪山小妖怪》用 17亿的预测票房 和卖断货的周边给出了答案。 两年前《小妖怪的夏天》用共情打工人的内核成为圈层爆款。而《浪浪山小妖怪》则用"假冒取经"的 故事，收获了更广泛的亲子观众。想看数据显示，上映前仅有23%的35岁以上用户，上映后激增到 48%。 影片的出圈也成功带动了衍生周边售卖成绩。据媒体报道，仅上海联和电影院线周边衍生品销售额就 超过700万元，线下店也有不少周边很快售罄。 联动早、铺货广、销量高，离不开上影元早在《浪浪山小妖怪》创作时就开启了IP授权合作， 上映时 就已经与30+品牌联名，推出了800+周边单品。 相较于今年春节档期间哪吒周边"正版买不到、盗版 满天飞" ...

Group 1 - The film "Nanjing Photo Studio" has surpassed a box office of 2.3 billion, significantly increasing the online archive inquiry volume at the Nanjing Archives by approximately 100 times [1][5] - The summer box office has reached a total of 8.9 billion, with over 200 million admissions to cinemas as of August 12 [1] - The film "Nanjing Photo Studio" has attracted over 60 million viewers, reviving the audience's memories of the War of Resistance and patriotic sentiments [3] Group 2 - The animated film "Wang Wang Mountain Little Monster" has set a new box office record within 10 days of release, leading to a surge in tourism at filming locations such as Jin Ci Museum, which saw record-high visitor numbers [7] - The film's merchandise, including plush toys, sold out quickly, with 300,000 blind boxes sold by a company in Guangzhou [7][9] - Over 30 companies are eager to collaborate with "Wang Wang Mountain Little Monster," resulting in more than 400 licensed products across various sectors [9] Group 3 - The film industry is experiencing a significant boom, with multiple film stocks being favored by institutions, leading to some stocks doubling in price within five days [9] - As of August 7, the national annual box office has exceeded 35 billion, achieving this target 55 days earlier than the previous year [9] - The potential for the film industry in China is seen as vast, with opportunities in IP licensing, cultural tourism integration, and derivative development just beginning to be explored [9]

Core Viewpoint - The traditional film and television market is facing significant challenges due to the rise of short dramas, which are gaining popularity and financial success, while the film industry struggles with declining box office revenues and increasing unemployment among actors [2][12][25]. Group 1: Short Drama Market Growth - The short drama market is thriving, with several productions achieving both critical acclaim and financial success, such as "Zhuque Hall," which had a production cost of 40 million and generated 20 million in revenue on iQIYI alone within 10 days [2][5]. - The short drama "Zhuque Hall" has maintained a leading position in the online short drama viewership rankings for 33 consecutive days, achieving a market share of 49% [5]. - The short drama market is projected to grow significantly, with estimates suggesting it will reach 634.3 billion by 2025 and exceed 1 trillion by 2027 [18]. Group 2: Traditional Film Industry Challenges - The film industry is experiencing a downturn, with the summer box office in 2023 only reaching 8.7 billion, significantly lower than previous years [2][12]. - The majority of box office revenue is concentrated in a few films, with "Nezha 2" contributing 15.4 billion, accounting for 52% of the total box office for the first half of 2025 [12][18]. - The number of unemployed actors is rising, with estimates suggesting that nearly 300,000 actors in Beijing are currently out of work due to a lack of productions [14]. Group 3: Industry Trends and Shifts - Major platforms are shifting focus to short dramas, with companies like Tencent and iQIYI launching initiatives to promote short content [24]. - The success of short drama platforms like Douyin's Hongguo Short Drama, which reached 210 million monthly active users in just over a year, indicates a significant shift in viewer preferences [20][21]. - The trend of established actors participating in short dramas is becoming more common, as seen with figures like Wan Qian and Liu Xiaoqing, reflecting a broader acceptance of the format within the industry [3][9][26].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The July financial data shows significant fiscal support, with 188 billion yuan in investment subsidies for equipment renewal under the 2025 ultra - long - term special treasury bonds, driving over 1 trillion yuan in total investment in various fields [1] - In July 2025, M2 balance was 329.94 trillion yuan, a year - on - year increase of 8.8%; M1 balance was 111.06 trillion yuan, a year - on - year increase of 5.6%. Net capital injection in the first seven months was 465.1 billion yuan, RMB loans increased by 12.87 trillion yuan, and deposits increased by 18.44 trillion yuan. The social financing scale stock at the end of July was 431.26 trillion yuan, a year - on - year increase of 9% [1] Summary by Directory Upstream - In the energy sector, international oil prices continued to decline; in the agricultural sector, egg and palm oil prices rebounded [2] Midstream - In the agricultural sector, the operating rate of pig products continued to rise [3] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities declined seasonally and were at a near - three - year low; in the service sector, the popularity of movies decreased and box office revenue declined [4] Industry Credit Spread Tracking - The report provides the credit spreads of various industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, showing their data from last year to this week and their quantiles [48] Key Industry Price Index Tracking - It includes price data of multiple industries such as agriculture, non - ferrous metals, energy, and chemicals, along with their year - on - year changes and trends in the past 5 days [49]

Group 1 - Great Wall Military Industry opened flat after 10 consecutive days of gains [1] - Beiwai Technology, a robotics concept stock, opened up 0.79% after 8 days of gains [1] - Zhongma Transmission opened down 2.88% after 11 days of gains [1] Group 2 - Hongtong Gas, a local stock in Xinjiang, opened up 6.02% after 7 days of gains [1] - Xinjiang Communications Construction opened down 2.18% after 4 consecutive days of gains [1] - Jishi Media, in the film and television sector, opened up 4.17% after 8 days of gains [1] Group 3 - Furi Electronics, in the consumer electronics sector, opened down 2.88% after 8 days of gains [1] - Haili Co., part of the chip industry chain, opened down 4.67% after 6 days of gains [1] - Wantong Development opened up 4.93% after 4 consecutive days of gains [1] Group 4 - Aerospace Technology, a commercial aerospace concept stock, opened up 4.84% after 7 days of gains [1] - Chunzhong Technology, in the liquid cooling IDC concept, opened up 3.62% after 10 days of gains [1]