Industry Overview Key Events - China-led industrial 5G international standard officially released, filling the gap in the international standard of industrial 5G [1] - The State Council approved the "Land and Space Plan for the Chengdu-Chongqing Economic Circle (2021 - 2035)", with specific targets for cultivated land, ecological protection, urban development, and water use by 2035 [1] - In the first three quarters, the advertising business revenue of top advertising enterprises and institutions reached 1388.09 billion yuan, a year-on-year increase of 9.6%. Internet advertising maintained rapid growth, with a revenue of 712.88 billion yuan, a year-on-year increase of 22.5%, accounting for 81.2% of the total advertising release revenue [1] Market Conditions - **Upstream**: Prices of iron ore and rebar declined; international oil prices and liquefied natural gas prices dropped slightly [3] - **Midstream**: PX operating rate was at a high level; power plant coal consumption remained stable; asphalt operating rate increased slightly [3] - **Downstream**: Commercial housing sales in first, second, and third-tier cities continued to decline; domestic flight frequencies increased slightly, and the film box office was in the off-season [3] Price Indicators - **Agriculture**: On November 6, the spot price of corn was 2152.9 yuan/ton, up 0.27% year-on-year; the spot price of eggs was 6.2 yuan/kg, up 0.81% year-on-year; the spot price of palm oil was 8760.0 yuan/ton, down 0.66% year-on-year; the spot price of cotton was 14826.2 yuan/ton, down 0.22% year-on-year; the average wholesale price of pork was 18.1 yuan/kg, up 1.46% year-on-year [34] - **Nonferrous Metals**: On November 6, the spot price of copper was 85936.7 yuan/ton, down 2.36% year-on-year; the spot price of zinc was 22476.0 yuan/ton, up 1.08% year-on-year; the spot price of aluminum was 21376.7 yuan/ton, up 0.90% year-on-year; the spot price of nickel was 120750.0 yuan/ton, down 1.21% year-on-year; another spot price of aluminum was 17318.8 yuan/ton, up 0.28% year-on-year [34] - **Black Metals**: On November 6, the spot price of rebar was 3133.0 yuan/ton, down 2.05% year-on-year; the spot price of iron ore was 792.2 yuan/ton, down 3.51% year-on-year; the spot price of wire rod was 3305.0 yuan/ton, down 1.78% year-on-year; the spot price of glass was 14.0 yuan/square meter, up 1.30% year-on-year [34] - **Non-metals**: On November 6, the spot price of natural rubber was 14616.7 yuan/ton, down 0.90% year-on-year; the China Plastic City price index was 776.9, down 0.08% year-on-year [34] - **Energy**: On November 6, the spot price of WTI crude oil was 59.6 US dollars/barrel, down 1.46% year-on-year; the spot price of Brent crude oil was 63.5 US dollars/barrel, down 2.16% year-on-year; the spot price of liquefied natural gas was 4288.0 yuan/ton, down 1.15% year-on-year; the coal price was 824.0 yuan/ton, up 1.85% year-on-year; the spot price of PTA was 4561.1 yuan/ton, up 0.19% year-on-year [34] - **Chemicals**: On November 6, the spot price of polyethylene was 7011.7 yuan/ton, down 1.34% year-on-year; the spot price of urea was 1597.5 yuan/ton, down 1.39% year-on-year; the spot price of soda ash was 1203.6 yuan/ton, down 0.71% year-on-year; the national cement price index was 136.7, down 0.36% year-on-year [34] - **Real Estate**: On November 6, the building materials composite index was 111.8 points, down 1.55% year-on-year; the national concrete price index was 90.9 points, down 0.15% year-on-year [34]

Core Viewpoint - The article highlights the growing trend of integrating film and tourism industries across various regions in China, showcasing how popular TV dramas and films are driving tourism and cultural experiences [1][4][6]. Group 1: Film and Tourism Integration - Various regions are exploring new models of "film + tourism" integration, with examples including "film + intangible cultural heritage" and "film + food" [1]. - Xiamen has established a unified "one-stop" platform for film services, supporting film crews and creating a synergy between film IP and the tourism industry, resulting in 35 film check-in points and over 60 themed tourism routes [6]. - In Fujian's Nanping City, filming locations for popular dramas have attracted tourists, revitalizing old industrial areas and generating over 1.3 billion yuan in tourism revenue [8]. Group 2: Regional Highlights - Ningxia's Town North Fortress Film City, a filming location for over 200 films, has become a popular tourist destination, enhancing the local cultural tourism experience [10][12]. - The Zhao Hong Farmers' Cultural Courtyard in Ningxia, a filming site for "Mountain and Sea Love," has developed tourism routes to attract visitors interested in local customs [13]. - In Yunnan, the success of the drama "Where the Wind Is" has led to increased tourism in areas like Dali, with visitor numbers rising from under 100 to over 10,000 daily in peak seasons [16][18]. Group 3: Economic Impact - Dali has reported a 12.37% year-on-year increase in tourist arrivals, reaching 98.21 million visitors from January to September 2025, with total tourism expenditure growing by 19.78% to 120.8 billion yuan [20].

新华社墨西哥城11月5日电（记者吴昊 翟淑睿）"多彩贵州"文化旅游与影视交流活动日前在墨西哥首 都墨西哥城卡兰萨博物馆举行。墨西哥众议院墨中议会友好小组主席巴斯克斯、卡兰萨博物馆馆长佩尼 切以及来自两国影视界、文化学术界、旅游业和媒体的近百人出席活动。 在贵州文化旅游与影视艺术交流推介环节，中方介绍了贵州作为"全球旅游首选地"和"天然摄影棚"的独 特优势，欢迎墨西哥影视企业、服务机构、导演、制片人及剧组前往贵州采风、勘景、拍摄，期待更多 墨西哥旅行商组织民众前往贵州体验。 巴斯克斯在活动期间表示，这次活动为增进墨中两国民众相互了解搭建了坚实桥梁，期待双方在影视、 旅游等人文领域开展更多务实合作。 活动现场，来宾们还观看了贵州形象宣传片《阅尽千山 开启无限》以及展现贵州民间体育活力的人文 纪录片《我们的赛场》。展出的30幅贵州文化旅游与影视资源主题图片，生动展现贵州的生态之美、人 文之韵与发展之势，为墨西哥观众构筑起立体鲜明的"多彩贵州"印象。 本次活动由贵州省电影局、墨西哥中国文化中心主办，墨西哥卡兰萨博物馆协办。 ...

Group 1 - The core viewpoint of the article highlights the recent research conducted by Xinda Australia Fund on a listed company, Perfect World, emphasizing its focus on long-term operation and value cultivation of older games [1] - Perfect World is enhancing its game offerings through content iteration and refined operations, ensuring the longevity of products like "Perfect World Classic Edition" [1] - The company is improving its self-publishing capabilities with projects such as "Huan Tower" and "Persona 5: The Phantom X," with "Yihuan" set for global launch across PC, mobile, and console platforms [1] - Perfect World has successfully completed domestic and overseas testing phases for "Yihuan," showcasing it at major gaming events like the 2025 Cologne Exhibition and Tokyo Game Show [1] - The esports business is developing steadily, with the successful hosting of the 2025 Counter-Strike Asia Invitational and plans for the 2026 DOTA2 International Invitational in Shanghai [1] - In the film and television sector, the company is focusing on "quality over quantity," controlling investment scale while increasing efforts in the short drama segment [1] - For the first nine months of the year, Perfect World reported a net cash inflow from operating activities of 888.99 million yuan, a significant turnaround from negative to positive, attributed to increased game revenue and cost reduction efforts [1] Group 2 - Xinda Australia Fund, established in 2006, has an asset management scale of 110.04 billion yuan, ranking 56th out of 211 [2] - The fund's non-monetary public fund management scale is 64.37 billion yuan, ranking 66th out of 211 [2] - The fund manages 186 public funds, ranking 37th out of 211, with 38 fund managers, ranking 33rd out of 211 [2] - The best-performing public fund product in the past year is Xinao Performance-Driven Mixed A, with a latest unit net value of 1.64, reflecting a growth of 135.44% over the past year [2] - The latest public fund product launched by Xinda Australia Fund is Xinao High-End Equipment Mixed A, which is a mixed-type equity fund with a subscription period from October 27, 2025, to November 7, 2025 [2]

Core Viewpoint - The article highlights the rapid development of the film and television industry and the exploration of new models for "film-tourism integration" across various regions, emphasizing the deep integration of culture, film, tourism, and technology [1] Group 1: Industry Trends - The film and television industry is experiencing significant growth, leading to innovative business models such as "film + intangible cultural heritage" and "film + cuisine" [1] - There is a strong push for the integration of multiple sectors, including culture, film, tourism, and technology, to enhance the overall experience and offerings [1]

Market Performance - The three major indices collectively rose, with the Shanghai Composite Index up by 0.88%, the Shenzhen Component Index up by 1.39%, and the ChiNext Index also up by 1.39% [1] - Over 2,600 stocks in the two markets increased, with a total trading volume of 1.325 trillion [1] Sector Performance - The power grid equipment sector continued its strong performance, with Moen Electric achieving three consecutive limit-ups and Baobian Electric hitting a limit-up for two consecutive days [3] - The semiconductor sector saw fluctuations, with Demingli reaching a limit-up and Haiguang Information rising over 10% during the session [3] - The chemical sector experienced a surge, with multiple stocks such as Batian Co. and Chengxing Co. hitting limit-ups [3] - The electrolytic aluminum concept was active, with China Aluminum reaching a limit-up and hitting a 15-year high [3] - The gas turbine concept continued to rise, with Triangle Defense hitting a 20% limit-up, and several other stocks like Chuanqi Power and Weichai Heavy Machinery also reaching limit-ups [3] Regional and Sector Adjustments - The Hainan sector opened low and fell into adjustment, dropping by 3.56%, with stocks like Roniu Mountain down by 9.25%, Hainan Airlines down by 8.81%, and Caesar Travel down by 8.43% [3] - The tourism sector collectively declined, with the ice and snow industry concept stocks leading the drop, including Dalian Shengya hitting the limit-down [3] Policy and Investment News - Zhejiang Province established a social security science and technology equity investment fund with a capital contribution of 50 billion [3] - Chongqing is enhancing listing guidance and cultivation to promote biopharmaceutical companies in domestic and foreign capital markets, aiming to create an AI + pharmaceutical public service platform and build a new model of pharmaceutical industry brain + future factory [3]

Investment Rating - The report rates the media industry as "Buy" [1] Core Insights - The media industry experienced significant revenue and profit growth in Q3 2025, with a revenue of 135.21 billion yuan, up 8.6% year-on-year, and a net profit of 10.4 billion yuan, up 43.7% year-on-year. The gaming sector was a major driver, with a net profit growth of 111% [2][11] - The report highlights the positive impact of AI technology on new formats such as animated dramas and short dramas, which are expected to enhance efficiency and drive growth [2][65] Summary by Sections Investment Recommendations - The gaming sector is highlighted for its high growth potential, with Q3 2025 revenue reaching 33 billion yuan, a 27.1% increase year-on-year, and a net profit of 5.88 billion yuan, reflecting a profit margin of 17.8%. Key companies recommended include Kayi Network, Giant Network, and Jibite [8][20][27] - The report suggests focusing on the IP and film sectors, which are recovering from a low base, with recommendations for Mango Super Media and Shanghai Film, particularly in the context of AI-driven innovations [8][54][64] - The publishing sector is noted for its stability, with a recommendation for state-owned publishing companies due to their strong cash reserves and high dividend yields [9][48] Q3 2025 Overview - The media sector's revenue and profit growth is attributed to the gaming sector's performance, with significant contributions from companies like ST Huatuo and Jibite [11][14] - The publishing sector saw a revenue decline of 5.1% but managed to achieve a net profit increase of 27.9% due to favorable tax policies [39][44] Gaming Sector - The gaming industry is experiencing a favorable supply-demand structure, with a notable increase in the number of domestic game licenses issued, reaching a total of 1,354 licenses in 2025 [20][28] - The report emphasizes the strong performance of leading gaming companies, with significant year-on-year growth in both revenue and net profit [27][31] IP and Film Sector - The film sector's revenue in Q3 2025 was 28.59 billion yuan, a decrease of 5.1%, but net profit surged by 936.3% due to improved box office performance [54][58] - The report highlights the potential of AI technologies in transforming the film industry, particularly in production efficiency and IP monetization [65] Marketing Sector - The marketing sector achieved a revenue of 47.16 billion yuan, up 7.6% year-on-year, with notable growth from leading companies like Yidian Tianxia [66]

Core Insights - The gaming sector continues to show strong growth, with quarterly revenue reaching approximately 30 billion yuan, a year-on-year increase of 29.98% and a quarter-on-quarter increase of nearly 8.65% [1] - The film and television sector is stabilizing, with quarterly revenue of 9.3 billion yuan, a slight year-on-year decrease of 0.24%, but a net profit of 79 million yuan, indicating a turnaround from previous losses [1] Gaming Sector - The gaming industry is experiencing robust demand and supply growth, with the number of domestic game approvals exceeding 160 per month, doubling from over 80 at the beginning of 2023 [2] - The approval cycle for game licenses has significantly shortened from six months to about three months, enhancing the supply side's upward trend [2] - User engagement in gaming is increasing, with the share of gaming time in mobile internet rising to 6.5% in March 2025, up from 6.1% year-on-year [2] - The average revenue per user (ARPU) is projected to reach 248 yuan in the first half of 2025, a 13% year-on-year increase, indicating a shift in entertainment spending towards gaming [2] International Expansion - The profitability of the gaming industry is expected to improve as Apple and Google open third-party payment options and reduce commission rates starting in 2025, providing new momentum for domestic companies' overseas performance [3] Film and Television Sector - The film and television industry is seeing favorable policy changes, with the "21 Measures" from the National Radio and Television Administration aimed at enhancing content supply [4] - The film industry is expected to recover with increased imports and the release of major films like "Zootopia 2" in November 2025, which could boost box office performance [4] - The sector is still in a recovery phase, requiring high-quality content to drive demand [5] Outlook - The gaming industry's high growth is expected to continue, with stable supply and a favorable policy environment, leading to high revenue certainty [5] - The film and television sector is in a bottoming phase, awaiting quality content to confirm recovery trends, with new content forms showing over 30% growth [5] Investment Opportunities - The gaming ETF (516010) has surpassed 3 billion yuan in scale, while the film ETF (516620) is gaining attention as a potential investment window [6][7]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index increasing by 0.88% to surpass the 4000-point mark, while the Shenzhen Component Index and the ChiNext Index both rose by 1.39% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,378 billion yuan, an increase of 1,881 billion yuan compared to the previous day [1] - Over 2,700 stocks in the market experienced gains [1] Sector Performance - The leading sectors in terms of gains included phosphorus chemical industry, storage chips, controllable nuclear fusion, aviation engines, insurance, wind power equipment, and PEEK material concept stocks [1] - Conversely, the sectors that saw the largest declines were Hainan Free Trade Zone, tourism and hotels, short drama games, and the ice and snow industry [1] ETF Performance - The semiconductor sector saw a broad rebound, with notable increases in ETFs such as Bosera Semiconductor Industry ETF (up 3.98%), CMB Semiconductor Equipment ETF (up 3.96%), and Guotai Innovation Chip ETF (up 3.72%) [1] - The photovoltaic and power grid sectors continued their upward trend, with GF Fund Photovoltaic ETF leading at an increase of 3.84% and Huaxia Fund Power Grid Equipment ETF rising by 3.27% [1] - The film and television sector experienced a pullback, with the Film and Television ETF declining by 2.25%, while the tourism sector also fell, with the Tourism ETF down by 1.32% [1] - The media sector weakened, with the Media ETF decreasing by 1.19% [1]

Market Overview - The market showed strong performance throughout the day, with the Shanghai Composite Index rising nearly 1% to reclaim the 4000-point level [1] - The chemical sector experienced a collective surge, while the semiconductor chip concept continued to rise [1] - The electric grid equipment sector maintained its strong performance, and the electrolytic aluminum concept was also active [1] - In contrast, the film and tourism sectors saw a collective decline [1] ETF Performance - Semiconductor and chip-related ETFs rose over 4% [1] - Specific ETFs such as the Semiconductor Equipment ETF and various Innovation Chip ETFs showed significant gains, with the Semiconductor Equipment ETF at 2.011 and a rise of 4.8% [2] AI and Technology Insights - Brokerages noted that as AI models evolve, the commercial models for AI applications are becoming clearer [3] - The release of Sora 2.0 introduced social attributes, expanding OpenAI's monetization channels and enhancing user engagement [3] - OpenAI secured orders for storage and GPU components from major companies like Samsung, SK Hynix, and AMD, indicating a growing demand for AI infrastructure [3] Sector Analysis - The film ETF declined over 2%, reflecting challenges in the media sector [4] - Long-term expectations for the media industry are optimistic, with anticipated recovery in content supply and continued technological empowerment from AI [5] - Companies in the film, gaming, and advertising sectors are recommended for monitoring due to their potential strong performance [5]