风险提示：内容和互联网平台监管环境变化风险；项目延期/表现不及预期风险；票务业务不及预期风 险；IP 衍生品业务不及预期风险。 IP 衍生业务收入同比翻倍：ToB 授权业务高增，ToC 快速起步中。FY26H1 收入11.6 亿，同比+105%， 分部业绩（毛利-分配至分部的销售费用）2.3 亿，同比+44%。利润率下降受锦鲤拿趣关停一次性影 响，核心阿里鱼业务收入同比增速超100%、利润基本实现翻倍。分业务：1）ToB 转授权：头部IP 优 质：三丽鸥家族、吉伊卡哇、宝可梦，新增环球影业。阿里鱼将继续加大团队投入，下游合作品牌快速 扩张中。2）零售品牌运营（搭建IP 店铺模型、授权运营方开店经营）：已开多个品牌国内首店，如 Chiikawa 大陆首店、TOPPS 天猫店。后续有望布局更多线下体验类业态：餐饮类（如面店、咖啡 店）、小型室内乐园等 演出：核心国内演唱会品类稳增，启动向外出海、向上游延伸。FY26H1 实现收入13.4 亿，同比 +14.5%；分部业绩7.5 亿，同比+4.7%。利润率下降可能系国际化提前布局+演出内容投资业务的利润率 偏低。1）票务：核心品类演唱会受制于供给（头部内容供给、场馆 ...

日前在京召开的纪念抗战胜利80周年纪录片创作座谈会上，国家广播电视总局相关负责人表示，在 强国建设、民族复兴新征程上，纪录片担负着为国家存正史、为民族续文明的历史重任；纪录片从业者 要围绕重大主题和重要节点，打造覆盖各个领域的纪录片百科全书。 在纪念中国人民抗日战争暨世界反法西斯战争胜利80周年之际，广电总局组织创作了《胜利》《卢 沟桥：我们的纪念》《心安何处》《东北抗联》《正义之战》《正义的审判》等一批抗战主题重点纪录 片。 这位负责人表示，纪录片从业者应将"精品意识"贯穿创作全过程，让纪录片成为兼具思想深度、艺 术高度与情感温度的影像档案；加大超高清在纪录片中的应用，合理运用人工智能技术，不断提升视觉 效果和艺术呈现；强化互联网思维，积极扩大电视播出、加强全媒体传播、做强短视频传播。（记者 白瀛） 与会者认为，这些作品以学理和法理支撑，用史实和史料说话，有力弘扬了正确抗战史观、二战史 观，发出了坚决维护战后国际秩序、决不允许否认和歪曲侵略历史、决不允许军国主义卷土重来的正义 之声。 ...

申万宏源发布研报称，维持大麦娱乐(01060)"买入"评级，主要考虑到公司IP业务高增、演出业务稳步扩 张，看好公司在高景气现场娱乐赛道的中长期价值。 演出方面 核心国内演唱会品类稳增，启动向外出海、向上游延伸。FY26H1实现收入13.4亿同比+14.5%;分部业绩 7.5亿，同比+4.7%。利润率下降可能系国际化提前布局+演出内容投资业务的利润率偏低。(1)票务：核 心品类演唱会受制于供给(头部内容供给、场馆饱和等供给限制使得增速有所回落)，大麦平台GMV稳中 有升，需求侧仍然旺盛，抢票用户数同比+17%。现场服务构筑壁垒：为主办方提供一站式解决方案， 大麦演出FY26H1服务演出数量超2500场，场次同比+19%。(2)现场娱乐内容：收入同比+50%。参与主 办/投资多个场大型演唱会(如易烊千玺2025巡回)、音乐节、戏剧、脱口秀，向行业上游延伸。(3)出 海：海外艺人来华演出日益频繁、国内观众跨境观演需求提升，以东南亚和日韩为起点稳步推进中。同 时公司积极布局上游，中短期将邀约全球头部艺人赴亚洲演出。 影视内容业务仍在磨底 电影：FY26H1收入10.6亿，分部业绩0.95亿，半年报明确调整电影投资策 ...

国产无限流剧集正在经历一场"静水深流"式的进化。 《开端》用一个简单的循环设定证明了无限流也能成为爆款，《不眠日》则进一步展示了循环机制在影视化表达上的多种可能性。如果说，前几年平台对 无限流还停留在"试试看"的小范围探索，今年多个大平台与头部制作公司的片单则显示出了截然不同的态度，无限流、强奇幻等高概念类型已成为平台押 注的增长引擎，正式跨进大制作赛道。 尤其是在腾讯视频今年释出的大剧片单里，《十日终焉》《明日乐园》《穿进赛博游戏后干掉BOSS成功上位》《末日特情处》同时亮相，很难不让人意 识到，平台已经想把无限流做成自家的类型标志。 然而从行业角度看，这条路并不轻松。无限流的受众黏性强，文学世界充满惊喜，但真正要把这种依赖脑补、依赖规则的阅读体验搬到屏幕上，不仅不 是"照做原著就行"的路线，反而是一次必须在叙事、世界观、制作工业、演员表演等多条战线同时打硬仗的挑战。 当无限流影视化不再是一个项目的成败，而是整个市场的命题时，我们更需要问一句最实际的问题——国产无限流剧集到底应该怎么拍？ 无限流创作的三大门槛 比起其他类型的小说改编，无限流影视化首先遭遇的，就是剧本结构层面的"硬骨头"。 无限流之所以好看， ...

Core Insights - The micro-short drama "Kuo Shao Returns to Hometown" focuses on the emotional core of "brokenness and reconstruction," depicting the transformation of a returnee youth, Bai Weite, from a wealthy individual to a non-material cultural heritage inheritor through his engagement with Shaanxi folk songs and other intangible cultural heritages [3][5] Group 1: Cultural Significance - Shaanxi folk songs are described as a vital part of the cultural heritage of the Yellow River Plateau and a national-level intangible cultural heritage [5] - The drama innovatively transforms this ancient intangible cultural heritage into a modern micro-short drama format, aligning with the Ministry of Culture and Tourism's emphasis on systematic protection of intangible cultural heritage [5][9] Group 2: Production and Cast - The production involves notable figures including new-generation actors Xuan Hao and musician Han Xiaojiu, marking Han's debut in micro-short dramas [7] - The cast features a "star-studded" lineup of Shaanxi folk singers, with 83-year-old Bai Mingli serving as the artistic director and prominent folk song inheritor Luo Shengjun making a special appearance [7] Group 3: Release and Impact - "Kuo Shao Returns to Hometown" is set to premiere in early 2026 on platforms like Migu, aiming to create a dual dissemination effect of "drama + music" and enhance the cultural influence of tourism and intangible heritage [9] - The drama seeks to convey the value of "perseverance" in intangible heritage transmission, promoting a dynamic and engaging representation of cultural heritage rather than a static display [9]

位于海南陵水的海风国际影视基地，总面积达1.4万平方米，目前拥有 27 个主题大景、90 余个特色 小景。基地专注打造影视短剧出海领域，为国内外剧组提供专业的一站式服务，打通内容策划，拍摄制 作，发行推广，备案审查等全链路合作通道，打造扎根海南陵水的短剧多功能性产业集群。 自2024年8月建成以来，基地接待影视项目百余部，涵盖短剧、长剧、电影、综艺、MV等，其中 服务剧目近90部，数部剧目已成功出海到印尼等东南亚国家。 12月18日，海南自贸港将启动全岛封关运作。基地负责人介绍，封关后将为影视产业带来更加开放 便利的政策环境。其中最直接的利好体现在跨境人员往来方面：境外剧组及演员在琼拍摄时，出入境、 签证等流程将进一步简化提速，为国际团队在海南合作拍摄创造更加便捷的条件。 人民网陵水11月24日电（符园园、河贞美）上一秒还在大气的总裁办公室"运筹帷幄"，下一秒就切 换到奢华的飞机头等舱开启旅程……近日，人民网韩籍外专河贞美走进海南陵水海风国际影视基地，沉 浸式体验了"秒换人生"的奇妙之旅。 ...

Core Insights - The emergence of longer AI-generated videos marks a significant shift in the industry, with video lengths increasing from under 2 minutes to over 5 minutes, and even approaching 30 minutes [1][4][6] - This transformation is not just about length; it indicates a fundamental restructuring of the traditional film industry's creative processes, allowing for more iterative and flexible workflows [4][26][29] Group 1: Industry Trends - AI-generated videos are gaining traction, with notable examples achieving millions of views, such as the AI sequel to "Your Name" and the series "Making Six Dishes from Ancient Dragons" [1][6] - The "Youth Director Collaboration Plan" initiated by Jimeng AI has produced several AI short films, showcasing a unified visual style and coherent narrative structure [4][10] - The traditional linear creative process is being replaced by a cyclical, sustainable trial-and-error approach, enabling simultaneous work on scripts and audiovisual elements [4][19][29] Group 2: Creative Empowerment - The shift towards AI in video production is seen as a move towards creative equality, with directors and writers regaining control over their work, which had previously been diluted by industry hierarchies [4][26][29] - AI tools allow creators to quickly iterate and refine their projects, fostering a more authentic creative environment [4][29][33] - The emergence of AI long-form content is expected to democratize filmmaking, reducing barriers to entry and enabling more creators to produce work that resonates with audiences [26][29][37] Group 3: Production Workflow Changes - The traditional film production workflow, characterized by strict sequential phases, is being transformed into a more flexible and iterative process, allowing for real-time adjustments [17][19][29] - AI enables creators to revisit earlier stages of production easily, facilitating a more dynamic and responsive creative process [19][20][29] - The integration of AI tools is leading to a potential reduction in the number of traditional production roles, particularly in on-site filming, as AI can handle many tasks previously requiring human labor [25][26] Group 4: Future Outlook - The industry is witnessing a growing trend of creators from both traditional and short video backgrounds experimenting with AI long-form content, indicating a shift towards more scalable and sustainable creative practices [15][37] - As AI-generated content becomes more prevalent, the competition within the industry is expected to intensify, leading to a potential restructuring of creative authority and production dynamics [37] - The acceptance of AI-generated long videos by audiences remains uncertain, but there is optimism that this technology could lead to a more open, efficient, and creative filmmaking landscape [37]

Core Insights - The annual box office for Chinese films has exceeded 46 billion RMB as of now, with over 50 films set to be released in November, generating excitement among audiences [1] - Several films have gained attention due to their performances at international film festivals, contributing to a fresh and diverse cinematic experience in China [1] Film Highlights - The film "Girl," written and directed by Shu Qi, is in the main competition at the 82nd Venice International Film Festival and explores the impact of family on individual growth through the stories of two contrasting girls [3] - "Daylight," tells the story of former lovers reuniting in a small southern city after years apart, ultimately leading to a tragic fate, with Xin Zhilei winning Best Actress at the 82nd Venice Film Festival for her performance [5] - "Wild Era," directed by Bi Gan and featuring Yi Yangqianxi and Shu Qi, won a special award at the 78th Cannes Film Festival and presents a poetic journey through six chapters spanning a century [7] Thematic Diversity - Films like "Cai Rou Hun Tun," a Shanghai dialect film, and "Qing Ai," the first public welfare film on youth AIDS, offer a realistic portrayal of diverse themes, enhancing the viewing experience for audiences [9] - Yi Yangqianxi, a young actor, emphasizes the importance of sincere creative contributions to Chinese cinema, highlighting the youthful spirit and innovative details brought by the younger crew in "Wild Era" [9][10]

Core Viewpoint - The establishment of the National Cultural Trade Base (Guangzhou) Film Shooting Station in the Zini Tang Cultural and Creative Park in Panyu District is expected to enhance the film industry ecosystem in Guangdong Province and inject new momentum into the development of the film industry belt around the Pearl River Delta [1] Group 1: Infrastructure and Services - The Zini Tang Cultural and Creative Park has been developed as a core platform for Guangzhou's film industry, featuring a complete industrial support system including film shooting studios and equipment rental warehouses [1] - The park possesses professional service capabilities in "shooting + production + support," providing a solid foundation for the construction of a national-level film shooting station [1] Group 2: Industry Impact and Growth - Since its operation, the Zini Tang Film Cultural and Creative Park has attracted over 30 companies related to the film industry chain, covering various sectors such as art and set design [1] - The park has completed two phases of construction, establishing 10 professional studios ranging from 500 to 3500 square meters, with a total area of 12,000 square meters [1] - The film production-related industry in the park has an annual output value of 80 million yuan [1]

Core Insights - Wang Zhonglei and Wang Xiaolong, co-founders of Huayi Brothers, have recently entered the short video space, attracting attention due to their background in the film industry [1][2][10]. Company Overview - Huayi Brothers was founded in November 2004 and went public in October 2009, becoming known as "China's first film and entertainment stock" [11]. - The company has produced numerous classic films and reached a peak market value exceeding 90 billion yuan [11]. Recent Developments - Wang Zhonglei and Wang Xiaolong have been actively posting content on short video platforms, with Wang Zhonglei's account having 26 videos and Wang Xiaolong's account over 20 videos as of November [2][5]. - Their content focuses on entrepreneurship, film production, and personal insights, while Wang Xiaolong shares daily life and family experiences [5]. Financial Performance - Huayi Brothers reported a total revenue of 215 million yuan for the first three quarters of 2025, a 46% decline year-on-year, with a net loss of 114 million yuan, an increase of 168% [10]. - Cumulative losses over seven years have exceeded 8.2 billion yuan, with significant losses reported in 2018 through 2024 [10]. Legal Issues - The company has faced multiple lawsuits with a total amount involved reaching 100 million yuan, and recent reports indicate that the controlling shareholders' stocks are subject to judicial auction [10][13]. - As of November 7, 2023, 100% of the shares held by Wang Zhonglei and Wang Zhongjun have been frozen, representing 13.9% of the company's total shares [14][15]. Market Position - As of November 21, 2023, Huayi Brothers' stock price was 2.57 yuan per share, with a market capitalization of 7.13 billion yuan, significantly lower than its peak value [15]. - The company is attempting to adapt to market challenges by integrating traditional film production with short dramas and AI technology [17].