Industry Investment Rating No information provided in the report. Core Views - During the National Day holiday, there were two major trading themes in global assets: the US government shutdown and the victory of Sanae Takaichi as the president of Japan's Liberal Democratic Party. The global risk appetite is expected to rise driven by liquidity. Japanese stock indices and gold led the gains, while long - term bond yields in major countries such as the US and Japan increased due to concerns about loose fiscal policies and debt sustainability [1][11]. Summary by Directory 1. Holiday News Summary and Thoughts - **US Government Shutdown**: On the evening of September 30, the US Senate failed to pass the annual appropriation bill, leading to a government shutdown. The core reason is the disagreement between the two parties on medical insurance welfare spending. The shutdown may delay important economic data releases and the Fed's interest - rate cut decision. The market's concern about the unsustainability of US government debt has increased [11][12]. - **Sanae Takaichi's Victory**: On October 4, Sanae Takaichi won the Liberal Democratic Party's presidential election. Her victory implies a high probability of becoming Japan's prime minister. Her policy style is expected to continue "Abenomics", with a combination of loose fiscal and monetary policies, which may lead to a strong Japanese stock market, a weak Japanese bond market, and a weak yen. The market's expectation of a Japanese interest - rate hike in October has been postponed [12][13]. - **Gold Price Increase**: During the National Day holiday, the COMEX gold price rose 2.49% in three trading days. The rise is driven by the Fed's interest - rate cut expectation, geopolitical risks, and central banks' gold purchases. The US government shutdown further boosted gold's safe - haven demand [14]. 2. Global Asset Class Performance - **Equity Assets**: During the National Day holiday (October 1 - 6), equity asset prices generally rose, with Japanese stock indices performing outstandingly. In the domestic market, A - shares were on holiday, and Hong Kong stocks rose first and then fell. Overseas, most global stock indices rose after the Fed's September interest - rate cut. Sanae Takaichi's victory pushed up the Japanese stock market [15][19]. - **Commodity Market**: The US government shutdown drove up the safe - haven demand for precious metals. Gold, silver, and copper prices rose significantly, while crude oil prices generally fell [19]. - **Bond Market**: Affected by the US government shutdown and concerns about the sustainability of loose fiscal policies, US 10 - year Treasury bond yields first decreased and then increased, with a net increase of 2.0BP. Japanese bonds showed a steepening trend, with 10 - year Treasury bond yields rising 1.5BP. Italian and German 10 - year Treasury bond yields also increased [20]. 3. Overseas News Summary - **US Government Shutdown and Data Delays**: Key economic data were postponed due to the government shutdown. The new ADP employment was negative, but the decline slowed down. The US 9 - month manufacturing PMI was still in the contraction range, but the contraction speed slowed down, and the non - manufacturing PMI rose significantly [27][30]. - **US 9 - month ISM Manufacturing PMI**: The 9 - month ISM manufacturing PMI was 49.1%, a slight increase from the previous month. Except for output, supplier delivery, and prices, other sub - items were in the contraction range. The output item had the largest month - on - month increase, while new export orders had the largest decline [32]. - **Eurozone Inflation**: In September, the Eurozone CPI increased slightly year - on - year, and the core CPI decreased month - on - month. The PPI decreased both year - on - year and month - on - month [36]. - **Sanae Takaichi's Victory and BOJ Expectations**: Sanae Takaichi won the Liberal Democratic Party's presidential election, and the market's expectation of a BOJ interest - rate hike in October was postponed [39]. 4. Domestic News Summary - **Travel**: During the National Day holiday, the cross - regional population flow and private travel volume increased compared with the same period last year. Domestic and international flight operations also increased, especially international flights [44][45]. - **Movies**: During the National Day holiday, the number of moviegoers and box office revenue were close to those of 2024 but far lower than those of 2019. The number of movie screenings was significantly higher than that of 2019 [51]. - **City Subways**: The subway ridership in most first - tier cities decreased during the National Day holiday [51]. - **Catering**: Catering consumption was booming during the National Day holiday. The order volume of "Must - eat List" restaurants increased significantly, and the sales of key retail and catering enterprises increased year - on - year [58]. - **Real Estate**: Shanghai's second - hand housing transactions decreased compared with 2024, while Beijing's real estate market was active during the National Day holiday. The real - estate market's "stabilization" still needs further confirmation [58][61].

Core Insights - The integration of film and tourism is becoming a new trend in various regions of China, with themed travel routes being developed to attract visitors [1][9] Group 1: Film-Related Tourism - During the National Day and Mid-Autumn Festival holidays, regions like Beijing, Anhui, and Sichuan launched multiple movie-themed travel routes, promoting the concept of "visiting locations featured in films" [1] - Huangshan, known for its stunning landscapes and as an inspiration for the movie "Avatar," attracted over 30,000 visitors daily during the holiday period [3] - Ma'anshan has become a cultural hotspot due to its connection with the animated film "Chang'an 30,000 Li" and poet Li Bai, offering themed activities that blend film and local culture [5][7] Group 2: Cultural and Technological Integration - The "Empire Code - Qin Shi Huang's Tomb" XR experience project combines technology and culture, enhancing visitor engagement through immersive experiences [11] - West Lake in Hangzhou, a filming location for several movies, introduced new tech-driven attractions, including a 3D dynamic display and a music performance venue, drawing significant tourist interest [13] - The Tang City and Han City film shooting bases in Hubei have become popular due to their historical ambiance, with over 300 films shot there, leading to increased visitor numbers [15][17] Group 3: Industry Development and Innovation - The Chinese film market is experiencing a resurgence, with new production capabilities and a focus on digital and intelligent transformation, fostering the emergence of new film production bases [19][21] - The film "Nezha" has set records and exemplified the deep integration of film and technology, leading to significant upgrades in the Chinese film industry [21][23] - Qingdao Oriental Movie Metropolis has developed a comprehensive digital filming solution, enhancing production efficiency and quality through advanced technology [23]

Group 1 - The National Day box office for this year reached 1.765 billion, which is only 83.9% of last year's total of 2.105 billion, despite this year's holiday being one day longer [1] - The only notable drama during the National Day period was "Xu Wo Yao Yan," which averaged around 28 million views per episode, while other dramas struggled to exceed 10 million [1] - The film industry is experiencing a contraction, but there is a rising trend of "evil women" characters in recent productions, indicating a shift in narrative focus [2][3] Group 2 - The portrayal of "evil women" has evolved, with contemporary characters like those in "Bi Zheng Ming's Proof" and "Xu Wo Yao Yan" being more complex and driving the plot rather than serving as mere antagonists [4][5] - The character of Xu Yan in "Xu Wo Yao Yan" exemplifies this new archetype, as she prioritizes her desires and manipulates situations to her advantage, reflecting a shift in audience perception of morality [6][7] - The resurgence of "evil women" characters corresponds with a downturn in the film and television industry, as audiences seek relatable narratives amid a decline in traditional heroic storytelling [9][10]

Consumption Trends - The National Service Consumption during the first three days of the holiday increased by 21% year-on-year, surpassing product consumption for the first time, reaching 53%[3] - The unprecedented holiday length of 16 days, due to flexible leave policies, significantly boosted service sector consumption[3] Subsidies and Promotions - Major platforms like Gaode Map and Meituan provided substantial subsidies, contributing to a surge in dining and service consumption during the holiday[4] - The promotional activities led to a vibrant dining scene, further enhancing service consumption levels[4] Travel Patterns - Daily cross-regional mobility increased by 5.2% compared to last year, indicating a new peak in travel during the holiday[4] - There is a notable shift towards "high-frequency nearby" travel and "low-frequency long-distance" travel, reflecting a more rational consumer spending behavior[4] Consumer Preferences - The preference for "value for money" is evident, with consumers opting for experiences like movies over purchasing cars, and favoring second-hand homes over new ones[5] - The average ticket price for movies during the holiday was at a historical low, contributing to increased attendance[5] Real Estate Market - The transaction volume for new homes remained subdued, while the second-hand housing market showed stronger performance, maintaining high transaction levels compared to historical data[5]

Group 1 - The total box office for the 2025 National Day film season has exceeded 1.7 billion yuan, highlighting the booming domestic film industry and its impact on cultural tourism [1] - The integration of technology and culture is exemplified by the immersive XR experience project "The Empire Code - The Tomb of Qin Shi Huang," which has attracted many tourists during the National Day holiday [2] - The "New Three Qin Package" combines cultural experiences with technological innovations, showcasing the potential for cultural consumption [2] Group 2 - The Tang City scenic area in Hubei has become a popular filming location for over 300 films, significantly increasing tourist traffic, with more than 2 million visitors annually [3] - Local initiatives like the "Film Check-in Map" and the establishment of numerous Hanfu shops have enhanced the visitor experience by offering themed services [3] - The integration of various filming locations and services in Xiangyang is creating a comprehensive service system for the film and tourism industries [3]

Group 1 - The total box office for the 2025 National Day film season has exceeded 1.7 billion yuan, indicating a strong recovery in China's film market driven by diverse content and robust consumer activity [1] - The development of new productive forces is driving the digital and intelligent transformation of China's film industry, leading to the emergence of new film production bases that are becoming key players in the international film industry [4][8] - The film "Assassination Novelist 2" showcases seamless transitions between virtual and real worlds, heavily relying on LED virtual shooting and AI-driven facial capture technology, significantly enhancing production efficiency and artistic precision [4][6] Group 2 - The year 2025 is referred to as the "Year of Technological Explosion in Chinese Cinema," with the film "Nezha: Birth of the Demon Child" not only breaking box office records but also promoting the deep integration of "film + technology," thus upgrading the Chinese film industry [8][10] - The production of "Nezha 2" utilized an LED virtual shooting system in Beijing's Huairou Film Base, achieving over 60% improvement in outdoor shooting efficiency [12] - The Zhejiang Deqing AI Virtual Film Base features the world's largest single LED virtual studio, integrating a computing power center and digital asset library, marking a transition of China's digital infrastructure from isolated technological breakthroughs to a mature, scalable solution across the entire production chain [14][16]

据网络平台数据，截至10月7日18时40分，2025年国庆档电影总票房（含预售）破17亿元。中国电影市 场以其多元的内容和旺盛的消费活力，展现了文化产业的强劲复苏。新质生产力的发展也为我国电影工 业的数字化、智能化转型提供了强大动能，一批新型电影制作基地应运而生，成为国际电影产业新崛起 的生力军。在国庆档电影《刺杀小说家2》中，角色在虚拟与现实世界间无缝穿梭，其令人信服的视觉 奇观，大量依赖于LED虚拟拍摄和AI驱动的面部捕捉技术。极大地提升了制作效率与艺术实现的精准 度。这正是新质生产力从"可不敢想"到"敢于实现"的转变，直接支撑了此类高概念、强视效影片的诞 生，丰富了市场选择。（央视） ...

Group 1 - Hainan province has suspended the 2025 automobile replacement subsidy policy effective from October 6, 2025, while subsidies for other products like home appliances and mobile devices will continue as per existing policies [1] - As of the end of August 2025, the total outstanding scale of Asset-Backed Securities (ABS) in China reached approximately 21.89 trillion yuan, with 2,573 active plans [2] - Alibaba's Gaode Map has reached 400 million users for its destination ranking feature since its launch in September, with daily active users hitting a record of 360 million on October 1 [3] Group 2 - Berkshire Hathaway has separated the roles of Chairman and CEO as part of its governance changes, effective immediately following a board vote on September 30 [4] - The film "Thunderous" has grossed over 90 million yuan within two days of its release [5] - Deutsche Bank suggests that holding AI investments long-term is the best strategy, as discussions around an "AI bubble" have cooled down [6]

Core Insights - The National Day film season in 2025 has seen a significant increase in box office revenue, surpassing 1.5 billion yuan, driven by a diverse lineup of films catering to various audience preferences [1][4] - The film industry is expected to maintain the momentum from the summer season, with projections indicating continued growth in box office performance [4] - Several A-share listed companies are poised to benefit from the successful films, with notable stock price increases observed in companies like Guomai Culture and Light Media [5][8] Film Performance - The total box office for the National Day films has exceeded 1.5 billion yuan, with top films including "The Volunteer Army: Blood and Peace," "731," and "Assassin's Code 2" leading the charts [1][3] - The diversity in film genres this year includes fantasy, action, war, drama, animation, comedy, and crime, appealing to a wide range of viewers [3][4] - The extended duration of the National Day holiday is expected to enhance box office performance through a long-tail effect [3] Market Trends - The summer box office in 2025 reached 11.966 billion yuan, with a year-on-year increase of 2.76%, indicating a recovering market [4] - The total box office for the 2025 fiscal year has surpassed 40 billion yuan, with domestic box office accounting for approximately 39.292 billion yuan [4] - The "21 Regulations" from the broadcasting and television authority are expected to improve the attractiveness of domestic film content, enhancing profitability for film companies [4] Company Insights - Multiple A-share listed companies are involved in the production of successful films, including China Film, Huace Film, and Bona Film [5] - The stock prices of film concept stocks have shown remarkable performance, with Guomai Culture, Light Media, and Huanrui Century seeing increases of 201.13%, 107.48%, and 101.23% respectively [5][8] - Huanrui Century has been actively engaging with institutional investors, indicating a strong focus on producing high-quality short dramas and expanding into animation and AI-driven content [6] Earnings Expectations - Seven film concept stocks are expected to see significant earnings growth in 2025, with companies like Light Media, Shanghai Film, and China Film projected to double their net profits [7][8] - The anticipated net profit growth rates for these companies are substantial, with Light Media expected to achieve a net profit of approximately 7.378 billion yuan [8]

Core Insights - The development of accessible cultural services for visually impaired individuals in China has significantly improved over the past few years, with libraries, cinemas, and museums enhancing their facilities and offerings to cater to this demographic [1][2][3] Group 1: Library Services - The establishment of a network of visually impaired reading rooms across China, with a total of 1,659 such facilities, has been a major advancement in providing access to literature and resources for visually impaired individuals [1] - The availability of nearly 19,000 smart reading machines in libraries nationwide, which have accumulated 35.83 million hours of online interaction, highlights the growing engagement of visually impaired readers with available resources [1] Group 2: Film Accessibility - The "audio-described cinema" initiative, which has been in place for over a decade, allows visually impaired individuals to experience films through detailed narration, with over 2,000 films now available on various internet platforms [2] - Volunteer efforts have been crucial in delivering these audio descriptions, enhancing the cultural experience for visually impaired audiences [2] Group 3: Museum Accessibility - The implementation of the "Barrier-Free Environment Construction Law" in September 2023 marks a significant step towards improving accessibility in museums, with institutions like the Forbidden City now offering guided tours and tactile experiences for visually impaired visitors [3] - The integration of cultural and creative elements in museum exhibits allows visually impaired individuals to engage with history through touch and sound, enriching their understanding of cultural heritage [3]