Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

中国品牌，正加速走向 世界舞台。 去年8月，《 黑神话：悟空》震撼 登场，凭借着惊艳的视觉效果与深厚的文化底蕴，在全球游戏市场掀起热潮，让全球玩家领略到东方神话的独特魅力。 今年1月，DeepSeek正式发布R1推理模型后，瞬间在全球科技圈引发了一场"地震"，它以更低的算力和更高的性价比，重新定义了AI技术的商业化路径。 文化消费领域也频频发力。 年初以来，《哪吒2》通过创新的叙事手法和自主研发的"伏羲"渲染技术，创下159亿元票房纪录，位居全球影史票房榜第5名，实现了中国文化在全球影 视市场的成功突围。 最近，泡泡玛特旗下的LABUBU，更是以独特的魅力火遍全球，从东南亚到纽约、伦敦、东京等国际大都市，无数年轻人连夜排队抢购，展现出中国文 化创意产品的强大吸引力。 这些现象级案例的背后，是中国企业对品牌价值的系统性重构。 随着产业升级与消费迭代加速，中国品牌正突破传统"成本优势"的路径依赖，转而以"技 术创新+文化赋能"为核心驱动力，在全球市场实现从产品力到品牌价值的跃迁。 穿越周期，重塑中国品牌价值锚点 品牌的百年进化史，本质是商业逻辑与消费需求的持续博弈。 当下，中国消费市场正在经历从"量"到"质"的升 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 传媒 5 月中国游戏市场规模达 280.51 亿元，Kimi-Dev-72B 登顶全 球开源编程模型 行情概览：本周（6.16-6.20）中信一级传媒板块下跌 1.78%。本周传媒板 块受整体市场影响下跌。2025 年传媒弹性方向看好 AI 应用、IP 变现及并购 重组，AI 应用聚焦新应用的映射投资及部分较成熟应用的数据跟踪，重点关 注多模态产业方向。IP 变现聚焦有 IP 优势及全产业链潜力的公司，潮流玩具、 影视内容等方向有机会。并购重组重点关注国企方向，在国资委明确国企市值 考核的背景下，传媒国企诉求明显提升，部分国企资金优势明显。 板块观点与关注标的：1）资源整合预期：中视传媒、国新文化、广西广电、 唐德影视、吉视传媒、游族网络等；2）AI：荣信文化、奥飞娱乐、汤姆猫、 盛天网络、中文在线、易点天下、视觉中国、盛通股份、焦点科技、豆神教育、 世纪天鸿、佳发教育等；3）游戏：建议关注确定性强的神州泰岳、恺英网络、 巨人网络、吉比特，关注完美世界、ST 华通、冰川网络、华立科技；4）国企： 慈文传媒、皖新传媒、中文传 ...

2025.06. 22 本文字数：4409，阅读时长大约6分钟 作者 | 第一财 经 乐琰 实地探访乍浦路风貌影视街，看看"酱园弄"电影之外的生意经 一起发生于80年前的奇案，轰动了上海滩，牵扯出一段令人唏嘘的故事，这个故事被拍成了电影 《酱园弄·悬案》，该电影从筹拍初期到如今于上海国际电影节上映，都引发了极高的社会关注度。 经过点映阶段后，6月21日，《酱园弄·悬案》正式上映，而该影片的主要拍摄地——上海市乍浦路 风貌影视街也迎来了诸多驻足打卡的游客。第一财经记者近期实地探访乍浦路后发现，在这条高度体 现80年前上海风貌的老街上，有好几位参与《酱园弄·悬案》电影制作的工作者留在了下来，将与电 影相关的产业在戏外继续延伸，更有传统手艺人特意来此开店铺，希望未来将传统文化与微电影相结 合，打造新兴文旅产业链。 红帮裁缝的微电影梦 来到乍浦路，硕大的"酱园"二字矗立在交叉路口，就在"酱园"招牌之下最显眼处，第一财经记者见 到了一家裁缝铺子，店内的装修风格非常复古，主要的服饰都是长衫和旗袍，一台老式缝纫机就是主 柜台，旁边还有很多几十年前的复古风格海报、小吃招牌等，有些装饰品来自《酱园弄·悬案》，是 电影拍摄结束后 ...

Core Viewpoint - The release of the film "Jiangyuan Alley: The Suspense Case" has significantly increased tourist traffic to Shanghai's Zhapu Road Film and Television Street, inspiring local tailors and shop owners to integrate film elements with traditional industries, exploring new opportunities for cultural tourism integration [1][4][11]. Group 1: Film Impact on Local Economy - The film's official release on June 21 has attracted numerous visitors to Zhapu Road, a street that showcases the historical aesthetics of 80 years ago [4]. - Local artisans, including tailors, are leveraging the film's popularity to extend related industries, with some traditional craftsmen opening shops to combine traditional culture with micro-films [4][10]. - The film's production has led to the preservation of props and settings in Zhapu Road, which has become a hub for film-related tourism and activities [10][20]. Group 2: Tailoring Business Transformation - Tailor Lü Fang, a red-collared tailor, has shifted his business focus from custom suits to promoting traditional Chinese clothing, creating over 1,000 pieces of long gowns and qipaos [6][7]. - Lü Fang's shop now offers costume rentals for film-related events, enhancing his business model by catering to both individual and corporate clients [8][10]. - The integration of film elements into his business has led to the idea of creating immersive micro-films for customers, further expanding his service offerings [10][11]. Group 3: Restaurant Business Development - Restaurant owner Yu Jian, who participated in the film's production, opened a noodle shop that incorporates film memorabilia and offers discounts to movie ticket holders [14][16]. - The restaurant experiences a daily foot traffic of approximately 300 customers, with plans to enhance evening business by developing a night market [16]. - Yu Jian's venture reflects the broader trend of integrating film culture into local dining experiences, capitalizing on the film's popularity [16][20]. Group 4: Film and Cultural Tourism Integration - Shen Bin, the producer of "Jiangyuan Alley: The Suspense Case," is focused on developing Zhapu Road Film and Television Street as a cultural tourism destination, incorporating various business models such as restaurants, tailoring shops, and prop rentals [18][20]. - The street has seen a surge in visitors due to promotional activities linked to the film, including discounts for ticket holders and themed events [20][23]. - Future plans include expanding the cinema's role to host cultural events and performances, further blending film with tourism and local culture [23].

见闻财经日历 WSCN Economic Calendar | 时间 地区 | 内容 预期 前值 | | --- | --- | | 6月23日 周一 | | | 数据 | 元 | | 事件 | 元 | | 6月24日 周二 | | | 数据 | 元 | | 国内 事件 | 夏季达沃斯论坛举行，至6月26日 | | 海外 | 22:00 美联储主席鲍威尔在众议院发表半年度货 | | | 币政策证词 | | 6月25日 周三 | | | 数据 | 元 | | 事件 海外 | 07:50 日本央行公布6月货币政策会议审议委员 意见摘要 | | | 英伟达公司举行股东大会 | | 6月26日 周四 | | | 数据 海外 | 20:30 美国 一季度实际GDP年化季环比终值 -0.2% -0.2% | | 事件 | 元 | | 6月27日 周五 | | | | 20:30 美国 5月核心PCE物价指数同比 2.6% 2.5% | W 华尔街见间 周二（6月24日），美联储主席鲍威尔将在众议院发表半年度货币政策证词。 届时，鲍威尔或将阐述美联储对当前经济形势的评估，包括就业、通胀等关键领域。 除了密切关注有关利率或通 ...

昨天下午在上海展览中心中央大厅举办的"文学之光、影视闪耀——最具转化价值文学IP推荐 会"上，一蓝一红两本册子意味深长。如果说蓝皮书代表过去一年文学IP对中国电影电视剧的支持，观 众和业界都在期待"最具转化价值文学IP榜单"中能够产生中国影视剧新的爆款和经典。 为什么在上海推荐"最具转化价值文学IP"？中国作协创研部主任何向阳说，在世界电影诞生130周 年、中国电影诞生120周年之际，上海不仅书写了中国文学与中国电影百年共生的传奇，而且有基础成 为未来岁月文学与电影双向赋能的有力见证。 "我拍的戏大概有一半是根据经典文学作品改编的，创作这些作品时，我特别有底气，因为这些作 品具有'核能'。"导演阎建钢拍过《尘埃落定》《人生路遥》等改编自中国当代文学经典的影视剧，在 他看来，文学改编不总是成功的，"真正优秀的文学作品提供给影视剧的不只是故事，还有作家的思 考，这种思考会穿越时间，经得起一代代人审视，不断焕发出当代价值。" "我想任何文学作品的影视转化都不能被简单理解成'IP改编'，而是文学与影视从业者深入感知时 代、感知社会、感知人，同时意识到两种门类自身发展的历史，并对时代中的种种变化作出自己的回 应。"上海 ...

Group 1 - The core viewpoint of the article emphasizes the evolving strategies of Chinese companies in their globalization efforts, particularly in the context of the Belt and Road Initiative, highlighting a shift from mere survival to deeper, more strategic international engagement [2] - The roundtable discussion at the forum featured insights from various industry experts on the new paradigms of Chinese companies going global, focusing on the concept of "civilizational leap" and the importance of building a global ecosystem [2][3] Group 2 - The automotive industry has seen significant growth, with China's car exports surpassing 2 million units in 2021 and projected to reach over 5.8 million by 2024, solidifying its position as the world's largest car exporter [3] - Despite this growth, many Chinese automotive brands are still in the early stages of internationalization, primarily exporting to underdeveloped regions, with a need to penetrate developed markets such as North America, Japan, and Western Europe [3] Group 3 - Legal considerations are crucial for companies going global, with a focus on compliance and risk management to ensure sustainable operations in foreign markets [4][5] - The importance of trademark registration under international agreements, such as the Madrid Protocol, is highlighted as a key step for protecting brands abroad [5] Group 4 - The need for international talent development is emphasized, with a focus on training professionals in strategic areas like chip technology, artificial intelligence, and renewable energy to support China's global ambitions [6] - The establishment of pilot programs for graduate education in export control is part of a national strategy to address talent shortages in critical sectors [6] Group 5 - Strategic capital is viewed as a vital partner for companies, facilitating resource optimization and supporting international expansion efforts [7][8] - The relationship between entrepreneurs and strategic investors is characterized as complementary, with capital playing a supportive role in achieving business objectives [8][9]

据灯塔专业版实时数据，截至6月21日14时35分，影片《酱园弄.悬案》票房突破1亿元。 (界面) ...

Core Viewpoint - The M511 Light and Shadow Hub in Hangzhou has transformed from a traditional film warehouse into a multifunctional cultural consumption landmark, offering diverse experiences beyond just watching movies [1][4]. Group 1: Venue Transformation - The former Zhejiang Film Company's film warehouse has been renovated over five years into a cultural hub for viewing, drama, exhibitions, and performances, enhancing the summer viewing experience for the public [4]. - Each screening room in the hub is designed for multiple uses, featuring advanced technologies like L-shaped screens and real-time synthesis, allowing for interactive performances that engage the audience [6][8]. Group 2: Technological Integration - The introduction of a digital museum on the first floor allows visitors to use VR glasses to explore cultural scenes, with a guiding system that enables hundreds of visitors to navigate simultaneously without collisions [10]. - The venue incorporates a flexible stage and retractable seating, accommodating various events and linking film with other cultural activities [8]. Group 3: Economic Impact - The integration of night economy elements, such as outdoor music concerts and cultural markets, enriches the overall cultural experience, driving new consumer engagement [14]. - The cinema space has seen a 40.5% increase in box office revenue, and from January to May 2025, operational revenue is projected to grow by 28.6% [17].