近年来，全球数字内容产业正迎来以人工智能与虚拟仿真为核心驱动力的深刻变革，技术与艺术的融合 日益成为数字创意领域的主旋律。在这一浪潮中，李根凭借其深厚的特效技术功底与创新性的程序化艺 术思维，成为推动视觉仿真与特效智能化发展的重要力量。 李根毕业于美国萨凡纳艺术与设计学院（SCAD）艺术硕士专业，拥有近十年影视、游戏与仿真行业经 验。他早期以视觉特效艺术家身份活跃于中美影视圈，先后参与《头号外交官》《美国恐怖故事》《史 密斯夫妇》《格丽塞尔达》等多部国际流媒体热门剧集制作，作品屡次获得国际大奖。 在这些项目中，他不仅以SideFX Houdini 为核心工具完成复杂流体、爆炸、烟雾等高难度特效制作，更 在特效模板化、程序化系统开发方面实现重要突破。由他自主研发的"数字人群系统"与"枪口火焰程序 化模板"被 FuseFX 工作室广泛复用，并成为多部作品的标准制作流程。 正如他常说的那句话："视觉的边界，就是算法的想象力。" 在深圳枫叶互动科技有限公司的短剧出海项目中，他运用 Houdini 与虚幻引擎开发了适配竖屏叙事 的"命运羁绊"粒子系统，使特效在手机端同样具备电影级表现力。该系列作品在全球播放量突破1亿 ...

文｜犀牛娱乐 沈婉婷 编辑｜朴芳 毫无疑问，2025年对长剧来说并不好过。 行业周期的变化、流量红利的消逝、短剧的持续冲击……让长剧在过去一整年都几乎面临着震荡"下行"的焦虑，市场水位的整体缩水与超级头部作品的缺 位也已成为不可逆的事实。 在此背景下，随之而来的是发生在内容、平台、公司、演员等各个层面的剧烈洗牌，而只有那些真正回归创作本质、尊重并理解观众的作品，才能跨越不 确定性找到"上行"的空间。 变与不变之中究竟得失几何？本文将结合云合、灯塔、猫眼、德塔文等第三方平台公布的年度数据报告或榜单，详细回顾2025年长剧市场在这一年的具体 表现，也为刚到来的2026提供可供参考的一二经验及反思。 大盘再收缩，"超头"缺失 流量规模的整体收缩体现在各个维度。 根据云合数据《报告|2025年长剧集网播年度观察》，2025年上新长剧霸屏榜TOP20正片有效播放296亿，较去年同期缩减20%；其中，41部云合评级为 S+，同比减少3部。 长视频平台长剧上新数量也呈现下滑态势，2025年共上新长剧624部，同比减少31部，可看出"提质减量"大方针仍在坚定贯彻。 头部流量的缩水更加明显，要说去年还有一部热播期集均破亿的"独 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media industry [5][44]. Core Insights - The media industry experienced a 2.27% increase, outperforming both the CSI 300 (-0.59%) and the ChiNext Index (-1.25%) during the week of December 29 to January 4 [1][12]. - Key companies showing significant gains include BlueFocus, Baidu Qiancheng, Yidian Tianxia, and Zhangyue Technology, while companies like Xinhua Dou, Beijing Culture, Guiguang Network, and Guangxi Broadcasting faced declines [1][12]. - Upcoming IPOs include Minimax and Zhizhu, with Minimax set to list on January 9 and Zhizhu on January 8, indicating a strong interest in AI applications [2][18]. - The total box office for the New Year's period reached 740 million yuan, with top films being "Zootopia 2," "Avatar 3," and "Killing" [2][20]. Summary by Sections Industry Performance - The media sector ranked third in terms of performance among all sectors, with a weekly increase of 2.27% [1][14]. - The top-performing companies in the media sector included BlueFocus (30% increase), Baidu Qiancheng (17% increase), and Yidian Tianxia (16% increase) [13]. Upcoming IPOs - Minimax initiated its IPO process on December 31, with a planned listing on January 9, aiming to raise approximately 3.5 billion USD [2][18]. - Zhizhu's IPO is expected to raise around 4.3 billion HKD, with a market valuation exceeding 51.1 billion HKD [2][18]. Box Office Performance - The total box office for the week was 1.073 billion yuan, with "Zootopia 2" leading at 282 million yuan (26.2% share), followed by "Avatar 3" at 268 million yuan (24.9% share), and "Killing" at 195 million yuan (18.1% share) [3][20]. Investment Recommendations - The report suggests capitalizing on opportunities in the gaming sector, particularly with companies like Giant Network, Kayi Network, and Jibite, as well as focusing on AI applications and film industry recovery [4][40]. - It emphasizes the potential for growth in AI applications, particularly in animation and short dramas, and recommends companies involved in these areas [4][40].

（来源：千龙网） 面前的陈明昊努力思考着记者的提问，很想说点什么，但随即，他又摇头叹气，"你说我说的这些是不 是都特没用啊？"自己每天脑子里都是问题，但是没有答案，"我给不出答案。" 一月，深圳。 话剧《第七天》即将再次上演。陈明昊扮演主人公杨飞，死后的他在漫长寻觅中和自己的至亲至爱久别 重逢。 在当下的演出市场中，"重演"并不稀奇，但话剧《第七天》的回归却具有一种不同寻常的意味。三年 前，改编自余华原著小说的戏剧《第七天》（讲述了一位普通人在死后的七天里，于生死两界之间穿 行、回望、倾听的故事），作为第一部法国阿维尼翁戏剧节官方委约的中国作品，在法国全球首演，并 作为当年乌镇戏剧节的开幕大戏，之后开启全国巡演；三年之后，它重新回到中国舞台，回到一个已经 明显发生变化的现实语境中。 世界在变化，观众在变化，城市在变化，而舞台仍然在那里。 对陈明昊而言，《第七天》的再度上演并不是一次阶段性的总结，也并非对"成功经验"的复刻，而更像 是一次回到原点的确认——确认戏剧是否仍然有效，确认舞台是否仍然是一个值得人们花时间抵达的地 方，确认"见面"这件事，在当下是否依然重要。 "人还挺需要见面的。"陈明昊说。 这句话在他 ...

Group 1 - The "Artificial Intelligence + Manufacturing" special action implementation opinion was jointly issued by eight departments, aiming for key AI technologies to achieve safe and reliable supply by 2027, with the industry scale and empowerment level remaining at the forefront globally [3][4]. - The opinion outlines goals to promote the deep application of 3 to 5 general large models in manufacturing, create 100 high-quality industrial data sets, and promote 500 typical application scenarios by 2027 [4]. - The plan includes cultivating 2 to 3 globally influential leading enterprises and a batch of specialized small and medium-sized enterprises, establishing a global leading open-source ecosystem, and enhancing security governance capabilities [4]. Group 2 - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index for December 2025 was 52.4%, reflecting a month-on-month increase of 1.5 percentage points, indicating sustained demand in the logistics business [5]. - The Ministry of Industry and Information Technology announced a plan to promote the implementation of AI and industrial internet upgrades in no less than 50,000 enterprises, significantly enhancing the integration level of industrial internet and AI [6]. - The Shanghai Municipal Government introduced an action plan to accelerate the creation of a world-class business environment by 2026 [3]. Group 3 - The company Fenglong shares experienced a significant stock price increase, with a cumulative rise exceeding 100% over eight consecutive trading days, leading to a warning about high speculation risks [3][6]. - The company Yubis selected to acquire approximately 43% of Fenglong shares, which has led to a series of stock price increases following the resumption of trading [7]. - The company Prit reported that its LCP film products are suitable for use as flexible electrode materials in brain-machine interfaces, with ongoing clinical trials and positive market prospects [9]. Group 4 - The company Zhongwei announced plans to reduce its holdings in Tuo Jing Technology by up to 3,655,131 shares, representing no more than 1.3% of its total share capital, with an expected transaction value of 1.393 billion yuan [10]. - The company Dazhong Mining approved a project for lithium ore extraction with an estimated investment of 3.688 billion yuan, expected to produce 80,000 tons of lithium carbonate annually [10]. - The company Kangkang Pharmaceutical projected a significant increase in net profit for 2025, with estimates ranging from 145 million to 175 million yuan, reflecting a year-on-year increase of 243% to 315% [12].

Core Viewpoint - The issuance of the "Opinions" aims to enhance the quality of cultural and sports activities for workers, expand their consumption in these areas, and unlock their consumption potential by 2030 [2][3]. Group 1: Policy Objectives - The "Opinions" emphasize the need to meet the growing spiritual and cultural demands of workers, aiming to establish a comprehensive and distinctive cultural and sports activity system by 2030 [2]. - The policy encourages trade unions to distribute cultural and tourism consumption vouchers, movie tickets, and annual passes for scenic spots, increasing the frequency of spring and autumn outings to a maximum of four times per year [2][5]. Group 2: Economic Impact - The policy shifts the traditional use of union funds from internal welfare activities to a broader consumer-oriented approach, potentially unlocking a large new market for cultural and sports consumption [3][4]. - It is projected that for every 1 yuan spent on worker cultural and sports activities, it could indirectly stimulate 3 to 5 yuan in related industry consumption, indicating a significant multiplier effect [5]. Group 3: Implementation Challenges - Effective execution of the policy may face challenges, including the need for clear operational guidelines for grassroots unions to utilize funds efficiently and in compliance with regulations [6]. - There is a call for enhanced supervision and management to prevent misuse of funds, ensuring that the benefits reach the workers effectively [6]. Group 4: Market Supply and Quality - The quality and adaptability of market supply are crucial for the success of the policy, with recommendations for the development of tailored products and services for workers [7]. - Suggestions include creating "worker tourism passports" and special fitness plans, as well as improving service quality to enhance the overall experience for workers [7][8]. Group 5: Coordination and Future Steps - A coordination mechanism involving multiple government departments will be established to oversee the high-quality development of worker cultural and sports activities [8]. - Future policy details are expected to clarify the standards for fund usage, rules for voucher distribution, and requirements for venue access, ensuring clear responsibilities among departments [8].

齐鲁晚报·齐鲁壹点 徐润杰 通讯员 李涛 "十四五"期间，青岛西海岸新区坚持深入推进"全域文旅"发展战略，系统构建"轻旅游、慢生活"多元场 景，生动诠释"旅游即生活"的现代内涵，推动新区从"旅游目的地"向"旅居目的地"转型升级。近年来， 青岛西海岸新区先后获评文化强省建设先进区、省文化和旅游产业工作先进区、国家文化产业和旅游产 业融合发展示范区建设单位等称号，并连续多年位居全国市辖区旅游综合实力百强区前列，排名稳居全 省榜首。 节会赋能，塑造全域全季"节旅融合"新生态 2025年10月27日至11月1日，"飞向北京·飞向太空"全国青少年航空航天模型教育竞赛活动（无人机项 目）总决赛在新区举办。这场持续6天的国家级A类赛事，不仅创造了2.5万人的赛事参与新纪录，更以 青岛嘉年华各业态5300万元的经济收入和全域城市文超亿元旅消费拉动，成为西海岸新区消费引擎 的"引爆点"。 如果说大海是西海岸与生俱来的底色，那么节庆，便是这片蔚蓝画布上最绚烂的笔触。 每年盛夏，青岛国际啤酒节都吸引着全球的目光。2025年8月16日晚，为期30天的第35届青岛国际啤酒 节圆满落幕。30天时间里，金沙滩啤酒城累计接待海内外游客697 ...

太平洋证券认为，短剧行业监管逐步明确，推动行业从早期野蛮生长向质量提升过度，供给端精品化趋 势持续推动需求端规模增长。其中，漫剧作为动画形式的短剧，因内容、题材、画面风格等与真人短剧 不同，用户画像与真人短剧存在差异。随着AI技术逐渐成熟，漫剧制作成本、时间周期得以优化，叠 加平台扶持政策陆续落地，漫剧行业景气度提升。鉴于漫剧与真人短剧的用户画像差异，漫剧有望为短 剧行业贡献增量用户，成为行业新增长极。 中信证券认为，AI赋能生产端效率提升，微短剧先行。AI大模型能力进步正在推动影视行业的生产流 程以及产品内容的变革。海外影视行业在经历了最初"AI替代人类"的争议后，以Netflix为代表的影视龙 头积极拥抱AI，也涌现了包括Runway在内的工业级AI影视内容生产工具。国内龙头公司积极拥抱AI融 入生产流程，同时结合自身内容生态推出AI驱动微短剧产品和新功能。相关公司也在通过自研或合作 的方式搭建相关能力，在生产端提升效率，在产品端输出AIGC微短剧以及AI漫短等新产品。看好行业 内相关公司因AI应用带来的业绩增量和成本节约。 1月5日至6日，2026年全国广播电视工作会议在北京召开。会议对2026年广播电 ...

Core Viewpoint - The growth of the media and internet industry in China is driven by performance and AI empowerment, with a focus on increasing AI investments and the long-term benefits of core internet assets in the Hong Kong stock market [1] Group 1: Film Industry - The performance of imported films has been strong, with a significant year-on-year increase in box office revenue [2] - In December 2025, the national box office reached 3.713 billion yuan, a year-on-year increase of 57.93% and a month-on-month increase of 4.50% [2] - The film "Zootopia 2" achieved a monthly box office of 2.098 billion yuan, accounting for 56.5% of the total box office for the month [2] - A total of 83 films were released in December, representing a year-on-year increase of 43.10% and a month-on-month increase of 56.60% [2] - An estimated 29 new films are expected to be released in January 2026 [2] Group 2: Gaming Industry - The domestic gaming market achieved a record sales revenue of 350.789 billion yuan in 2025, with a year-on-year growth of 7.68% [3] - The user base reached 683 million, marking a year-on-year increase of 1.35% [3] - The mobile gaming market generated 257.076 billion yuan in revenue, with a year-on-year increase of 7.92% [3] - The client-based gaming market saw a significant revenue increase of 14.97%, totaling 78.16 billion yuan [3] - A total of 1,676 domestic game licenses were issued in 2025, a nearly 30% increase compared to the previous year [3] Group 3: Marketing Industry - The overall advertising market expenditure increased by 5.4% year-on-year from January to November 2025, with November showing a 16.6% year-on-year increase [4] - Specific industries such as telecommunications, personal care, entertainment, and IT services saw significant advertising expenditure growth, with increases of 86.1%, 62.0%, 22.9%, and 17.8% respectively [4] - Conversely, industries like pharmaceuticals, alcoholic beverages, and cosmetics experienced declines in advertising expenditure, with decreases of -14.6%, -10.3%, and -6.3% respectively [4] Group 4: AI Industry - Meta completed the acquisition of Manus, marking its third-largest acquisition since its inception [5] - Domestic AI company DeepSeek released two new models, achieving performance levels comparable to GPT-5 [5] - Two companies, Zhiyu Huazhang and MiniMax, are expected to go public in early 2026 after passing the Hong Kong Stock Exchange's listing hearing [5] Group 5: Investment Recommendations - Focus on Hong Kong internet companies with stable growth and improving profitability, particularly in the internet video platform sector and leading domestic AI video tool companies [6] - Emphasize AI applications and related industry chains, as well as content production sectors [6] - Consider traditional publishing companies that are exploring new business opportunities as the Lunar New Year approaches [6]

文娱行业上市公司2025年的资本运作可以用一个词来概括：断臂求生。 资本的选择往往会放大天平的倾斜。在这个一个资本的冷静与焦虑并存的时代，"走一步看一步"的求稳心态将成为2026年文娱资本运转的中心思想。 扩张 2025年，上市公司通过资本手段实现的版图扩张主要分为三类。 第一类是向新热点转型。值得注意的是，本轮"AI浪潮"并不是文娱行业向AI等新技术概念靠拢的首轮尝试。在元宇宙概念的1.0版本中，游戏公司中青宝 成为概念核心股，众多影视公司紧随其后宣布接入VR、数字人等技术，但随着元宇宙概念的破产，中青宝等公司也陷入低迷。 如今，当世界正式进入AI元年，AI叙事也扛起了文娱行业赢回投资者目光的"大旗"。 2025年文娱行业的资本运作，是"战略性扩张、战术性收缩、整体性防御"。小娱发现，1）上市公司资本扩张主要分为三类：向新热点转型、向其他行业 延伸和集团内部资源整合，但三种类型的本质都是在寻找新叙事； 2）产业和金融资产都对文娱行业持观望乃至负面态度的同时，文娱行业内部同样面临收缩压力，出售资产求生存或将成为未来的常见现象； 3）不管是影视还是游戏行业，现金流都是当前文娱行业资本运作围绕的核心，上市公司开始 ...