文 | 赵伟、屠强、李欣越 联系人 | 屠强、耿佩璇 图 32: 上周, 高炉开工率延续回落 全国高炉开工率 (247家) · 2019 =2021 2022 == 2020 2023 -2024 2025 85 80 75 70 65 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 资料来源: Wind、申万宏源研究 图 33: 上周, 钢材周表观消费有所回落 五大品种钢材周表观消费量 -- 2019 =2021 = 2022 2023 = 2025 1300 万吨 1200 1100 1000 900 800 700 600 500 400 300 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 资料来源:iFind、申万宏源研究 报告正文 2．国内高频：工业生产延续弱势 2.1 生产高频跟踪：工业生产延续弱势，建筑业开工相对稳定 全国商品房成交持续低位，不同能级城市成交仍较弱。 上周（12月07日至12月13日），30大中城市商 品房日均成交面积环比13.8%、同比+10.2pct至-33.4%。分不同能级城市看，一线、二线、三线成交均较弱， 同比 ...

Core Viewpoint - The article highlights the ongoing weakness in industrial production and real estate transactions in China, with various sectors showing signs of decline or stagnation in activity levels. Group 1: Industrial Production - Industrial production continues to show weakness, with a notable decline in the operating rates of blast furnaces [4][5] - The weekly apparent consumption of five major steel products has also decreased [5] - In the petrochemical sector, there is a marginal improvement in operating rates for certain products, while downstream consumption remains relatively weak [8][12] Group 2: Construction Industry - The cement industry shows stable production and a slight increase in prices, with the national grinding operating rate remaining steady [15][19] - Cement shipment rates have slightly declined, and the inventory ratio continues to decrease [15][20] Group 3: Real Estate Market - The national average daily transaction area for commercial housing remains low, with significant declines in transactions across different city tiers [29][31] - The transaction volume in first, second, and third-tier cities has shown varying degrees of weakness [29][31] Group 4: Demand and Consumption - Freight volumes have decreased, but port cargo throughput remains higher than the same period last year [34] - Passenger traffic remains high, with flight operations slightly above last year's levels [38] - Movie attendance and box office revenues are significantly higher than in previous years, while automobile sales have seen a decline [42][45] Group 5: Price Trends - Agricultural product prices have generally increased, with notable rises in fruits, vegetables, and eggs, while pork prices have slightly decreased [55][58] - Industrial product prices have shown a significant decline, particularly in energy and chemical sectors [60][62]

（文章来源：证券日报） 证券日报网讯 12月16日，中国电影在互动平台回答投资者提问时表示，股价波动属于二级市场行为， 受诸多因素影响。 ...

Core Insights - Main Line 1: Three main lines of AI implementation: formation of endpoint access, practical iteration of model capabilities, and maturity of multimodal tools. Focus on AI comic dramas, AI games, AI education, AI marketing, and AI publishing [4] - Main Line 2: Investment value in the IP industry [4] AI Applications - AI Comic Dramas: Significant marginal changes with rapid growth in supply and demand, improving production efficiency by over 300% and reducing costs by over 90%. Support from platform policies is driving high-quality growth [7] - AI Games: Increasing penetration of AI in the development phase, with light casual and interactive games likely to lead in AI integration. Future potential in enhancing user engagement through AI-driven companionship [7] - AI Marketing: New marketing models driven by AI technology, with 53.1% of advertisers using AIGC for creative content generation. Over 80% of consumers are shifting from multi-platform searches to AI one-stop consultations, indicating a need for optimization in generation engines [7] - AI Education: AI reduces costs and improves teaching efficiency, with strong demand for educational equity in China. AI+ education companies are expected to penetrate deeper into the market leveraging product and promotional capabilities [7] - AI Publishing: Successful integration of AI in publishing by overseas companies, with domestic publishers also advancing AI participation in both popular and academic publishing ecosystems [7] IP Industry - The consumer market is shifting from "functional satisfaction" to "emotional resonance," with IP evolving from a traffic symbol to an emotional currency. Anticipation for large IPs and their commercialization is high [7] - The domestic cultural product infrastructure is globally leading, with millennials and Generation Z exhibiting cultural confidence and emotional consumption needs, indicating a smooth supply-demand logic [7] Media Sector Investment Opportunities - Gaming: The industry shows steady growth, with high EPS support in the gaming sector. Focus on companies with strong performance stability or significant product changes [7] - Film: The market is experiencing improved content supply and industry structure, with a gross profit margin of 28.9% in Q1-Q3 2025, up 7.2 percentage points year-on-year. The industry is recovering post-pandemic, with a focus on non-ticket revenue [7] - Publishing: In the defensive dimension, state-owned publishing companies are expected to maintain a strong foundation due to state backing and content advantages. In the offensive dimension, publishing companies are exploring smart education and offline store value [7] Recommended Companies - US Stocks: ALPHABET (GOOGL.O), Cipher Mining (CIFR.O) [7] - Hong Kong Stocks: Alibaba, Tencent Holdings, Kuaishou-W, Yueda Group, and Huimeng Technology [7] - A-shares: AI comic dramas (Rongxin Culture, Huanrui Century, Yidian Tianxia, Zhongwen Online), AI marketing (Yidian Tianxia, BlueFocus, FenZhong Media), AI games (Kaiying Network, Century Huatong, Giant Network), AI education and publishing (Doushen Education, Southern Media, Century Tianhong) [7] - IP: Recommended companies include Pop Mart, Damai Entertainment, Yueda Group, Giant Star Legend, Shanghai Film, Rongxin Culture, and Aofei Entertainment [7] - Media Sector: Focus on gaming (Century Huatong, Kaiying Network, Giant Network, 37 Interactive Entertainment, Perfect World, G-bits), film (China Film, Light Media, Wanda Film, Hengdian Film, Happy Blue Sea, Huace Film, Shanghai Film, China Confucianism, Maoyan Entertainment, Damai Entertainment, Jiecheng Shares), and publishing (Shandong Publishing, Central Plains Media, Yangtze River Media, Southern Media, Phoenix Media, Zhongnan Media, Xinhua Wenshu, Zhejiang Publishing, Anhui Xinhua Media, Times Publishing, Zhongwen Media, Inner Mongolia Xinhua) [7]

2 l 宏观经济高频数据一览表 l 生产端 l 消费端 l 地产基建 l 进出口 l 物价通胀 l 交通运输 宏观经济 高频数据统计周报 2025.12.08-2025.12.14 分析师： 蒋开来 中央编号： BWL381 联系电话： 852-6430 1060 邮箱： jiangkl@cnzsqh.hk 1 目录 宏观经济 高频数据一览表 3 宏观经济高频数据一览表 | 指标名称 数据频率 | | 更新时间 | 最新值 | 前值 | | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | 生产 | | | | | | | | 焦炉开工率(%) | 周频 | 2025/12/12 | 71. 90 | 72.66 | P | -0.76 | | 高炉开工率(%) | 周频 | 2025/12/12 | 78. 61 | 80. 14 | P | -1.53 | | PX开工率(%) | 周频 | 2025/12/11 | 89. 21 | 89. 21 | | 0. 00 | | PTA开工率(%) | 周频 | 2025/12/11 | 73. 81 ...

根据猫眼专业版数据，截至12月16日9时，《疯狂动物城2》中国票房已达35.74亿元人民币，全球票房 突破12亿美元，成为好莱坞今年第二部全球票房超10亿美元的影片。 （文章来源：每日经济新闻） ...

21世纪经济报道记者贺泓源、实习生李音桦 lululemon（露露乐蒙）步入激烈调整期。 12月11日，lululemon宣布，Calvin McDonald 将卸任首席执行官及公司董事会董事职务，于2026年1月31 日正式生效。 随后，lululemon创始人Chip Wilson在一封公开信中，再次表达了对Calvin McDonald 的不满。 "在目睹多年来的糟糕决策不断侵蚀品牌价值、损害股东利益后，我清楚地认识到，正是在我不断加大 的压力下，lululemon 董事会才终于开始倾听意见。董事会对 Calvin McDonald 的赞扬，是对股东的公然 漠视。这位首席执行官在过去两年间见证了公司价值的大幅缩水，LULU 股价跌幅高达62.8%。在我看 来，董事会未能切实要求管理层承担产品创新的责任，反而陷入自满状态。公司核心市场的高端品牌价 值持续流失，这表明董事会已不再了解其目标客户，也不清楚什么能为 lululemon 带来长期股东价 值。"Calvin McDonald 在公开信中称。 12月14日，妙可蓝多（600882）发布公告，称董事张平因届退休年龄申请辞去公司董事等职务，辞职将 在公司 ...

截至12月13日13时51分，2025年贺岁档档期(11月28日—12月31日)总票房破35亿元，《疯狂动物城2》持续领跑贺岁档票房榜。在档期还剩18天的情况 下，产出已大幅超过了去年贺岁档30.5亿元的最终成绩。随着本周《阿凡达3》上映，今年贺岁档有望向影史贺岁档最高票房纪录发起冲击。 正是在火爆的贺岁档助推下，截至12月13日，2025全年总票房已突破500亿元。这较去年同期提升22%，是继2017年、2018年、2019年和2023年之后，年 度票房第五次突破500亿元大关。 根据国家电影局统计，截至2025年12月13日14时30分，全年总票房已达500.03亿元，观影总人次为11.94亿。其中国产影片票房为409.52亿元，国产影片份 额为81.90%。票房前5名影片分别为：《哪吒之魔童闹海》(下称"《哪吒2》")《唐探1900》《疯狂动物城2》《南京照相馆》以及《731》。 年初看《哪吒2》，岁末看《疯狂动物城2》，今年动画电影表现颇为亮眼，随着《疯狂动物城2》的票房还在提升，上述两部动画电影有望斩获今年票房 前两名。此外，暑期档期间，《浪浪山小妖怪》《罗小黑战记2》两部电影也表现较为突出。 灯塔 ...

高度繁荣的中国电影市场，也给全球电影业带来商机。正在上映的进口动画电影《疯狂动物城2》目前 票房已突破33亿元，远超北美市场，暂列全球第一，彰显出中国电影市场的开放与活力。 与此同时，中国电影产业正在从传统票房经济转为多元消费生态。国家电影局和相关部门推出"中国电 影消费年"、跟着电影去旅游、跟着电影品美食、跟着电影游中国等系列活动，充分将电影流量转化为 拉动多领域消费的增量。"电影＋"应用场景不断丰富、消费链不断延伸，多部影片的文创产品销售收入 已经超过电影票房销售。通过与电影工业、电影旅游等多业态融合，中国电影正成为促进消费、推动经 济增长的重要引擎。 转自：央视网 根据国家电影局统计，截至12月13日下午，2025年中国电影总票房突破500亿元，比去年全年总票房超 出75亿元。 截至目前，今年已有超400部影片上映。今年是抗战胜利80周年，《南京照相馆》《731》《东极岛》 《山河为证》《得闲谨制》等一批展现中国人民抗战历程的影片在票房与口碑上均表现突出。此外，一 批承载传统文化内核、蕴含当代价值理念的动画电影从年初开始不断打破多项影史纪录，其中《哪吒之 魔童闹海》以159亿元成为全球动画电影票房冠军。 ...

【环球时报特约记者 董铭】根据猫眼专业版数据，截至12月15日13时，《疯狂动物城2》中国票房已达 35.6亿元人民币，全球票房突破12亿美元，成为好莱坞今年第二部全球票房超10亿美元的影片。 《好莱坞报道者》称，《疯狂动物城2》的全球热卖要归功于其在海外市场的表现，在中国，该片已经 取得35亿元人民币票房，"这个成绩仅次于《复仇者联盟4：终局之战》（42.5亿元），成为目前中国影 史票房第二高的进口电影。"根据猫眼的最新数据，《疯狂动物城2》中国市场票房合计5.03亿美元，几 乎是第二名北美市场的两倍。 "《疯狂动物城2》的中国票房表现优异，已经跻身年度票房前三"，新加坡《联合早报》称，"这部影片 在中国十分火爆，兔子和狐狸的周边衍生品随处可见，吸金能力更是超越北美，成为该片在全球的最大 票仓"。不过在美国《综艺》看来，"来自中国的动画大片《哪吒2：魔童闹海》，仍然是2025年全球票 房最高的电影（超21亿美元），《疯狂动物城2》目前位列影史动画榜第7位"。 《疯狂动物城2》11月26日在中美等全球主要市场同步上映，在美国本土和海外都表现亮眼，"迪士尼推 出的这部动画电影，上映17日之后全球票房超过10亿美 ...