某传媒公司不服，提起上诉，二审法院维持了原判。 本报讯（记者 蔡蕾 通讯员 张国庆）某化工公司委托第三方制作的企业宣传片中，因包含3秒来自 网络平台的他人作品片段，被权利人诉至法院索赔5万元，某化工公司能否以其委托他人制作为由免除 侵权责任？近日，湖北省大冶市人民法院援引合法来源抗辩制度审结一起侵害作品信息网络传播权纠纷 案，判决被告某化工公司承担原告某传媒公司合理开支500元，驳回其他诉讼请求。 某传媒公司诉称，其在视频交易平台网站上发表了原创作品《公园放风筝》。2022年2月，被告某 化工公司在其官方微信公众号发布的6分钟品牌宣传片中，在第5分34秒至5分36秒处使用了上述作品片 段。某化工公司的行为侵害了其作品信息网络传播权，请求法院判令某化工公司停止侵权、赔偿经济损 失及合理支出5万元、在其公众号发布致歉声明。 某化工公司辩称，其不具有侵权故意和行为。涉案宣传片系其于2020年12月委托案外人深圳某传媒 公司制作，并依约支付了全部制作费13.7万元。收到原告的侵权通知后，其已立即下架了相关视频并删 除了涉诉片段，请求法院驳回原告诉讼请求。 法院审理后认为，本案的核心争议焦点在于：某化工公司作为委托制作 ...

Industry Overview - The current state of the drama market is challenging, with only a few shows like "In the Name of the Law" performing reasonably well, while others from major production companies have not made a significant impact [1][9] - The first phase of the summer season has concluded with disappointing results for major players, as many anticipated dramas failed to resonate with audiences [9] Key Productions and Performances - Tencent Video and iQIYI launched "Lychee of Chang'an" and "Lingjiang Xian" respectively, but both shows faced content controversies that hindered their success despite strong production teams [1][3] - Notable dramas such as "The Age of Forging" and "Huan Yu" also struggled, failing to meet audience expectations due to weak storytelling and character development [3][6] - The summer drama landscape is expected to become more competitive as new productions are set to debut, including "Justifiable Defense," which focuses on self-defense cases and features a strong cast [10][12] Upcoming Projects - Several new dramas are scheduled for release, including "Justifiable Defense" on July 9, which is anticipated to be a standout due to its unique theme and high-profile cast [10][12] - New productions from established companies like New Classics Media and Zhengwu Media are also on the horizon, with a variety of genres being explored [14][18] - The upcoming dramas from Noon Sunshine and Lingmeng are expected to contribute to the summer lineup, with "Cherry Amber" and "Midnight Return" respectively [14][16] Market Trends - Compared to the same period last year, the overall quality of summer dramas has declined, with no standout series capturing a wide audience [20] - The industry is looking for high-quality productions to emerge in the coming months to reverse the current downward trend [20]

今年5月22日深圳文博会上，广东发布了6大文化产业政策包。7月8日，广东影视产业政策推进落实座谈会（电影 类）在广州举行。广东省委宣传部介绍了广东电影整体发展情况，省广电局和广州、深圳市委宣传部负责同志分 别介绍了广东影视政策、动漫影视政策推进落实情况，30余家头部电影企业负责人参会交流。 联手创作电影精品。广东建立起创作选题机制、重点项目推进机制，为优质项目在粤落地提供全方位服务和全链 条资源支持，整合资金、人才、技术、政策等资源，着力解决企业在文学作品影视转化、审批时效、投融资等关 键环节的实际困难，希望与电影企业合作创作更多电影精品。 合作培养影视人才。广东支持头部电影企业和高端影视人才以公司落地、项目合作等方式参与广东电影创作，在 大湾区扎根发展；广东将与电影企业合作共建高层次的影视职业院校；广东欢迎青年电影人将第一部电影放在广 东创作，愿为有潜力的年青创作者提供更多机会和试错空间。 共建影视科技高地。广东正在打造环珠江口影视产业带，支持影视前沿科技应用。广东诚邀企业将优质项目、创 新理念和核心技术带到广东、留在广东，将合作项目从影视内容创作，延伸到产业园区共建、先进技术研发应 用、全产业链构建等更广 ...

Core Insights - The report highlights investment opportunities in the media sector for the second half of 2025, focusing on AI applications, IP commercialization, cultural exports, and dividend-yielding assets [5][6]. AI Applications - The report emphasizes the continuous iteration of AI technology, particularly in education, film, and gaming, predicting strong commercial prospects in these areas due to enhanced input-output capabilities of large models [8]. - Companies leading in AI applications include DouShen Education, Rongxin Culture, and others, which are expected to benefit from the growing demand for AI-enhanced educational tools and content creation [5][6]. IP Commercialization - The IP industry is identified as a high-growth sector with significant potential for commercialization, particularly in empowering both the digital and real economies [9][10]. - The report notes that the retail sales of licensed products in China are projected to reach 1550.9 billion yuan by 2024, indicating a strong market for IP-related products [15][46]. Cultural Exports - The report points out that China's overseas market infrastructure is well-established, with platforms like TikTok and AliExpress facilitating cultural exports, particularly in short films and IP-based products [19][16]. - The growth of cultural exports is supported by the increasing number of overseas stores and the efficiency of logistics services, which are expected to enhance the pace of cultural content going abroad [19][16]. Dividend-Yielding Assets - In a low-interest-rate environment, the report suggests that assets with strong cash flow and high dividend yields, such as publishing and media companies, are becoming increasingly attractive for investors [20][21]. - Companies like Xinhua Wenhui and others are highlighted as having significant dividend advantages, making them appealing investment opportunities [6][20]. Gaming Industry - The gaming sector is projected to grow significantly, with a total market size of 141.1 billion yuan in early 2025, driven by mobile gaming [70][71]. - Government policies are increasingly supportive of the gaming industry, with initiatives aimed at promoting innovation and easing regulatory processes [71][72]. Short Video Market - The short video market is expected to reach a scale of 504.4 billion yuan by 2024, with a significant user base projected to exceed 6.62 billion [86][87]. - The report indicates that the growth of short video applications is being driven by both domestic and international demand, with notable increases in user engagement and revenue [89][90].

Core Viewpoint - The rise of micro-short dramas, characterized by fast-paced storytelling and emotional resonance, is attracting significant participation from listed companies, including Perfect World, which has launched a micro-short drama channel "Her World" across various media platforms [1][2]. Group 1: Company Overview - Perfect World is a global cultural and entertainment group focused on the development, publishing, and operation of online games, while also engaging in television and short drama production [1]. - The company has produced over 300 excellent film and television works since its establishment, receiving more than 500 professional awards [1]. - In May 2024, Perfect World was recognized as one of the "Top 30 Cultural Enterprises in China" for the thirteenth time since 2011, reflecting its growing brand influence and comprehensive strength in the cultural sector [1]. Group 2: Industry Trends - The micro-short drama market is rapidly expanding, with a projected 36,951 micro-short dramas launched in China in 2024, marking a nearly 35% year-on-year increase [2]. - The audience for micro-short dramas is expected to reach 662 million by the end of 2024, a 14.9% increase from mid-year, surpassing the user base of online literature [2]. - The market size for micro-short dramas in China reached 50.4 billion RMB in 2024, reflecting a year-on-year growth of 34.9% [2]. Group 3: Technological Innovation - Perfect World is leveraging cutting-edge technologies such as AI and VR to enhance production efficiency and user experience, including the development of the A.R.C system to improve filming efficiency [3]. - The company anticipates breakthroughs in AI-driven short dramas by 2025, which will significantly contribute to cost reduction and expansion in overseas markets [3]. Group 4: Financial Performance - In the first quarter of 2025, the company achieved a net profit of 163 million RMB after deducting non-recurring gains and losses, representing a year-on-year increase of 203.06% [4].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [6][9]. Core Insights - The media industry has shown a weekly increase of 2.70%, ranking 6th among industries, outperforming the Shanghai Composite Index and Shenzhen Component Index [12][19]. - Key companies such as Gigabit, Giant Network, and Shenzhou Taiyue have demonstrated strong performance, with notable weekly gains [19]. - The report emphasizes the growth potential in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors [4][38]. Summary by Sections Market Performance - The media industry (Shenwan) increased by 2.70% from June 28 to July 4, 2025, while the Shanghai Composite Index rose by 1.40% and the Shenzhen Component Index by 1.25% [12]. - The gaming sector saw a significant rise of 8.36%, while other segments like advertising and film experienced declines [12][19]. Key Industry Data - AI applications are gaining traction, with Quark leading domestic monthly active users (MAU) at 156.18 million, a 2.51% increase [23][25]. - The gaming title "Supernatural Action Group" has accelerated its commercialization, entering the top 10 in the iOS sales chart [26]. - The total box office for the week of June 27 to July 3 reached 696 million yuan, with "Detective Conan: The Eye of the One-Eyed" leading at 217 million yuan [32][35]. Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with specific attention to companies like Giant Network, Yaoji Technology, and Shenzhou Taiyue [4][38].

晨会主题 【常规内容】 证券研究报告 | 2025年07月08日 | 晨会纪要 | | --- | | 数据日期:2025-07-07 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3473.12 | 10435.50 | 3965.17 | 11927.72 | 3000.59 | 978.29 | | 涨跌幅度（%） | 0.02 | -0.69 | -0.42 | -0.10 | -0.30 | -0.66 | | 成交金额（亿元） | 4761.97 | 7324.43 | 2251.06 | 2668.02 | 3465.09 | 175.19 | 行业与公司 汽车行业专题:人形机器人系列专题之新型减速器-摆线减速器有望成为 人形机器人新的迭代方向 机械行业周报:制造成长周报（第 21 期）-中央财经委员会提出推动海洋 经济发展，字节跳动 2 年半量产千台机器人 食品饮料周报（25 年第 27 周）：茅台价格趋稳，关注板块中报业绩表 ...

无锡虚拟摄影棚里的LED巨幕实时渲染古老山洞的场景，扬州智能恒温水棚200种浪形精准复刻历史海 难，周庄梅雨中的宋代街巷自成天然影棚……近年来，江苏影视基地群加速崛起，部分影棚档期已排至 明年。政策红利叠加数字技术的双轮驱动，促使江苏影视基地从单纯的"场地租赁"向"带着创意来，拿 着成片走"的产业闭环迈进。 部分影棚档期已排至明年 在无锡国家数字电影产业园的虚拟摄影棚内，一块500平方米的LED巨幕正实时渲染古老山洞的神秘场 景。园区负责人告诉记者，2024年园区承接影视剧立项申请343部、拍制315部，15个影棚平均使用率达 80%，其中，3个国际标准水景摄影棚持续满租——史诗级战争片《澎湖海战》进行了8个月的拍摄， 《东极岛》剧组驻扎半年之久。面对持续升温的市场需求，园区加速扩建步伐，预计年内将新增5个高 科技摄影棚。 150公里外的扬州影视基地，亚洲最大的恒温水景摄影棚送别《东极岛》剧组，又迎来新的创作团队。 扬州影视基地负责人李勇透露："目前洽谈的项目超过10个，部分摄影棚档期已排至明年。" 即将登陆暑期档的《东极岛》，以其震撼的水下实拍场景引发业界关注。影片重现了1942年"里斯本 丸"沉船事件中中 ...

Group 1 - The integration of technology and film is recognized as a significant area for cultural dissemination and economic growth, with recent policies in Chongqing and Beijing aimed at fostering high-quality development in the tech film industry [1][2] - Chongqing's new policies focus on nurturing film market entities, encouraging production, supporting talent development, and ensuring seamless policy integration [1] - Beijing's action plan anticipates breakthroughs in innovative technologies and aims to upgrade cultural infrastructure by 2027, promoting over 100 new technology applications [1] Group 2 - Under supportive policies, there is a growing market interest in "technology + film" and "artificial intelligence + film," with companies actively disclosing advancements in related businesses [2] - Shanghai Film Co. and the Songjiang District government launched the "Shanghai Tech Film AI Creation Ecological Center," showcasing lightweight virtual production solutions [2] - Bona Film Group is focusing on the application of virtual reality in film production, aiming to enhance viewer experience through immersive content [2] Group 3 - Companies are advised to establish a collaborative mechanism between technology and artistic creation, utilizing modular technology tools for filmmakers [3] - Collaboration with universities and research institutions is encouraged to develop key technologies like real-time rendering and intelligent editing, with a focus on standardizing these innovations in film production [3] - Emphasis is placed on balancing technology ethics and artistic expression, particularly in the use of AI technologies, to maintain the authenticity of artistic works [3]

新品周期开启，AI 加速催化——传媒互联网行业 2025 年 度中期投资策略 20250707 摘要 受益于政策支持，游戏行业迎来增长，一季度大盘收入增长超 10%，4 月增速超 20%，5 月维持近 10%增长。版号发放持续，保障内容供给， 北京对 AI 游戏研发最高补贴 3,000 万，政策红利期内，新品上线业绩 超预期，有望带来估值与业绩双击。 AI 应用商业化元年临近，看好 AI 交互赛道，新影博 AI 玩具结合 IP 与交 互体验，快手、美图等工具链头部公司具商业化潜力。腾讯等大厂在 AI agent 方向具流量优势和生态壁垒，一点、慧亮科技等公司已验证商业 模式。 游戏行业增长驱动力来自新游戏推出和出海市场拓展。国内市场渗透率 达瓶颈，厂商转向海外市场，腾讯《王者荣耀》等游戏海外表现突出， 中国厂商在全球 SLG 赛道占比超 50%。 "悦己经济"推动头部、中长尾厂商新产品流水超预期。《王者荣耀》、 《和平精英》运营多年仍增长，巨人《超自然行动组》、吉比特《问 剑》等表现优异，验证新品周期对业绩的积极贡献。 Q&A 2025 年中期的投资策略主要关注哪些领域？ 2025 年中期的投资策略主要关注游 ...