2025年，是属于中国IP经济的"高光之年"，实现了真正意义上的"跃迁"。 这种"跃迁"，一方面体现在"本土IP"正在成为"全球符号"。Labubu跻身纽约曼哈顿花车大游 行，与米老鼠、超级马里奥等全球经典IP同台；《哪吒之魔童闹海》刷新票房纪录，打破了好 莱坞对动画影史纪录的长期垄断；欧洲"老钱"奢侈品LVMH集团高管走进老铺黄金的门店，细 细观赏中国古法黄金技艺。 另一方面，中国IP立足传统根基，不断推陈出新。无论是哪吒的故事主线，还是老铺黄金的纹 样来源，这些文化符号并非脱离传统的凭空创造，而是在中国传统文化根脉上的创新迭代。 资本市场上，2025年内泡泡玛特、老铺黄金涨幅均突破100%。在头部玩家的带领下，IP潮玩 与黄金饰品赛道黑马频出，资本抢筹。卡游、52TOYS、TOP TOY先后向港交所递表；周六福 正式在港交所上市，寶蘭、琳朝珠宝、君佩等黄金品牌先后获亿元级融资。 在当下，如何实现中国IP从概念到商业的变现转化？将中国IP融入在电影、游戏、潮玩甚至首 饰中，都是全新的答案。2025年的中国IP经济，正是"群星闪耀时"。 2 0 2 5年内，《哪吒之魔童闹海》再创新纪录 2025年春节，饺子导 ...

Core Perspective - Shanghai is focusing on cultivating globally competitive cultural entities, enhancing brand building, and innovating communication mechanisms to effectively tell China's story and promote cultural exchange, providing a replicable "Shanghai model" for global engagement [1]. Group 1: Cultivating Diverse Cultural Entities - The internationalization of cultural entities is the core support for cultural outreach, with Shanghai having a number of leading cultural enterprises like Oriental Pearl, Shanghai Film Group, and MiHoYo, which are evolving from "content export" to "ecosystem export" [2]. - Support for small and medium-sized cultural enterprises is essential, encouraging the development of cultural IP derivatives and providing a "lightweight" empowerment model, including a public service platform for overseas expansion [2]. - A collaborative matrix of cultural enterprises is being constructed to enhance the synergy between large and small entities in the international market, promoting a more vibrant and layered approach to cultural outreach [2]. Group 2: Strengthening Brand Building - Shanghai has strong capabilities in film, performing arts, design, digital entertainment, and art trading, which provide a solid industrial foundation for cultural outreach [3]. - There is a need to create a globally recognizable "Shanghai brand" that combines local cultural resources with international market demands, encouraging the creation of works that feature "Chinese narratives" and "Shanghai expressions" [3]. - The identification of Shanghai's cultural symbols is crucial, focusing on core values that can be globally disseminated, and developing sub-brands that resonate internationally, such as "Shanghai Design" and "Shanghai Light and Shadow" [3]. Group 3: Innovating Communication Mechanisms - Cultural communication is shifting from broad outreach to precise targeting, requiring Shanghai to build a new communication mechanism that emphasizes data-driven approaches and emotional connections [4]. - The integration of culture with other sectors like tourism, commerce, and technology is essential to expand the influence of cultural brands and enhance user engagement through innovative scene design [4]. - Major cultural events in Shanghai, such as the Shanghai International Film Festival and the Shanghai Book Fair, are being upgraded to global cultural events to enhance their international impact and attract top cultural projects [4]. Group 4: Enhancing International Cultural Exchange - Strengthening the "Shanghai brand" in cultural exchange is a systematic project aimed at transforming local cultural resources into international cultural appeal and competitiveness [5]. - This initiative is designed to elevate Shanghai's status as an international cultural metropolis, facilitating mutual understanding and exchange among civilizations [5].

标记文化的璀璨坐标 华西都市报讯（记者 徐语杨 李雨心）1月4日上午，"2025四川省文化发展十件大事"在成都发布，这些 大事串联起四川过去一年文化发展的璀璨轨迹，也承载着时代气息与集体记忆，共同绘就一幅幅生动鲜 活的文化长卷。 2025四川省文化发展十件大事分别为：中外元首都江堰临水品茗，中国"治"慧展现世界意义；"锦绣天 府·安逸四川"硬核出圈，文旅融合焕发新气象；《哪吒之魔童闹海》创造世界影史纪录，"家里家外"闪 耀"灼灼韶华"；金熊猫奖再披盛装，绘就美美与共文明新图景；激情"川超"燃动绿茵，全民共享文体盛 宴；文明创建结出硕果，时代新风洋溢巴蜀；第十四届中国艺术节花开川渝，五万余场文艺演出嗨翻全 年；濛溪河遗址入选全国十大考古新发现，填补东亚现代人演化关键空白；中国新闻奖获奖数再创新 高，全媒叙事解码万千气象；首开古籍保护地方立法，典册守护文明薪火。 本次发布活动由四川省委宣传部主办，四川日报报业集团、四川广播电视台承办，新华社四川分社特别 支持。在2025四川省文化发展十件大事的评选中，全省各市州和省直单位踊跃推荐，累计申报大事要事 103件，最终由14位权威专家评审遴选推出2025四川文化发展最具 ...

行 业 研 究 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-01 2025-05 2025-09 传媒 沪深300 相关研究报告 《资本化或助力 AI 应用商业化加速， 继 续 关 注 新 游 — 行 业 点 评 报 告 》 -2025.12.29 《AI 与 IP 相融共生，共驱内容繁荣— 行业投资策略》-2025.12.26 《大厂加速模型升级，继续布局游戏 等 多 模 态 AI 应 用 — 行业周报》 -2025.12.21 聚焦大模型企业 IPO、模型迭代及游戏上新、更新 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 新游上线及老游运营活动密集展开，小游戏迎分成政策利好，继续布局游戏 在全新怪物"丑丑蛋"推出、珍宝阁上新（包含冬日限定道具礼包）及系列跨年 夜活动（如大厅和"摸金撤离"模式下的倒计时效果）、元旦活动的推动下，巨 人网络旗下《超自然行动组》近 7 日在 iPhone 游戏畅销榜排名最高升至第 16， 2025.12.29 ...

证券研究报告 传媒 行业定期报告 hyzqdatemark 2026 年 01 月 04 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com DeepSeek 发布框架新论文，微信小游戏更新 IAP 新政 投资评级： 看好（维持） ——传媒互联网行业周报（2025.12.29-2026.1.4） 投资要点： 联系人 板块表现： 本周观点：2025 年 12 月 31 日，DeepSeek 发布一篇梁文锋署名的论文：提出 mHC（Manifold-Constrained Hyper-Connections, 流形约束超连接）架构，通 过将超连接的残差空间投影到双随机矩阵流形上，成功解决扩展残差宽度带来的 训练不稳定性。同时配合内核融合与通信重叠等工程优化，以仅 6.7%的额外开 销实现 ...

Group 1 - In 2025, private equity firms held over 3.34 billion shares of listed ETFs, with technology sector ETFs accounting for over 30% of the total holdings [2] - The top three private equity firms by ETF holdings were Zhufeng Asset with 280 million shares, followed by Zhongyi Asset and Shanghai Binghao Private Equity, each holding 176 million shares [2] - The National Silver LOF fund has issued a risk warning regarding its secondary market price, which has been trading at a significant premium over its net asset value [2] Group 2 - In 2026, two companies, Derun Electronics and Jintongling, were flagged for financial fraud, with Derun Electronics having fabricated over 500 million yuan in receivables [3] - Over 80 A-share companies were investigated for disclosure violations in 2025, with about 40% being ST companies [3] - The regulatory environment in China's capital markets has become stricter, reflecting the ongoing commitment to rigorous oversight since the introduction of the "New National Nine Articles" [3] Group 3 - Berkshire Hathaway's new CEO, Greg Abel, has been given full decision-making authority, with Warren Buffett expressing confidence in the company's future [4] - Following Buffett's retirement, Berkshire's stock price fell by 1.4%, raising concerns about the company's future performance under new leadership [4] - Buffett stated that he would continue to participate in company meetings but would no longer speak publicly, leaving his role to Abel [4] Group 4 - The National Supercomputing Internet platform has surpassed 1 million registered users, integrating over 30 national supercomputing and intelligent computing centers [5] - The platform has developed the largest computing power network in the country, offering 70 types of computing services for various applications [5] Group 5 - SAIC Motor Corporation reported sales of 4.507 million vehicles in 2025, a year-on-year increase of 12.3%, with electric vehicle sales reaching 1.643 million, up 33.1% [8] Group 6 - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan to implement employee stock ownership plans [16] - Nine Ding New Materials announced an investment of 246 million yuan to build a large-scale wind turbine blade production line, aligning with industry trends [19] - Baolong Oriental expects a net profit increase of 46.34% to 70.73% for 2025, driven by strong order volumes and improved production capacity [20]

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in gaming and social entertainment media, with companies like Bilibili and Tencent outperforming the market [3][4][8] - The report emphasizes the potential of AI applications and the gaming sector, predicting continued industry growth in 2026 [14][19][22] Group 1: Internet Sector - E-commerce: The report notes that the national subsidy policy for 2026 is expected to be slightly better than anticipated, although recent e-commerce performance remains weak [19][20] - Social Entertainment Media: Bilibili and Tencent's advertising performance continues to exceed market expectations, with Tencent's gaming fundamentals improving [19][20] - Internet Healthcare: JD Health and Alibaba Health are leveraging their platform advantages to deepen cooperation with upstream pharmaceutical manufacturers, leading to strong revenue and profit growth [20] Group 2: Media Sector - Gaming: The report remains optimistic about the gaming sector's performance driven by fundamentals, recommending leading companies such as Tencent and NetEase [22][23] - Advertising: The report discusses recent adjustments by Focus Media regarding its acquisition of New Wave, reflecting concerns about growth impacts from reduced investment [23][24] - Publishing: Some publishing companies are facing negative impacts from educational reforms, leading to delays in revenue recognition [24] Group 3: Key Company Analysis - Tencent Holdings: The company reported a revenue of 192.9 billion RMB for Q3 2025, with a year-over-year increase of 15% [29] - Kuaishou: The company achieved a total revenue of 35.6 billion RMB in Q3 2025, with a year-over-year increase of 14% [30] - Bilibili: The company reported total revenue of 7.685 billion RMB in Q3 2025, with a year-over-year increase of 5% [31]

Core Insights - The entertainment industry is on the brink of significant changes driven by generational shifts in content consumption and creation, particularly influenced by platforms like Douyin [1] - The rise of AI is heralding a new productivity revolution in content production, which is expected to reshape the operational paths of IP and the landscape of downstream platforms [1] Group 1: Family Entertainment - The concept of family entertainment is evolving, with a focus on cross-generational empathy as the core element, as evidenced by the success of films like "Nezha 2" which grossed 15.4 billion [2] - The new phase of family entertainment is characterized by catering to diverse audience segments, with productions like "Sheng Wan Wu" appealing to both older and younger viewers [2] Group 2: Market Recovery - The industry is increasingly focused on practical solutions for market recovery, with the importance of blockbuster content being amplified to boost confidence and stabilize expectations [3] - Recovery strategies will involve a mix of releasing backlog projects and returning to strong genre content, emphasizing the need for content to flow to create market repair opportunities [3] Group 3: AI Production Capacity - AI has transitioned from experimental phases to becoming a crucial driver of productivity in the entertainment sector, with many companies integrating AI into traditional production processes [4] - The emergence of AI agents signifies a shift towards a more platformized and streamlined production structure, moving away from project-based models [4] Group 4: Electronic Actors - 2025 is marked as the year of electronic actors, with AI-generated performers beginning to establish themselves as professional artists, as seen with AI singer Yuri's successful MV [6] - AI actors are expected to play a significant role in reducing production costs for localized content and enhancing engagement with overseas audiences [6] Group 5: Human-Machine Collaboration - Human-machine collaboration in creative processes is redefining the roles and capabilities of creators, allowing AI to assist in creative ideation and decision-making [7] - This trend is expected to lower creative barriers and foster diverse expressions, while also raising questions about copyright and ethical considerations [7] Group 6: AI Content Quality Concerns - The proliferation of AI-generated content is leading to an influx of low-quality, homogeneous material, which risks diminishing user engagement and attention [8] - Platforms are facing challenges in balancing traffic and content quality, necessitating new content standards to maintain a healthy ecosystem [8] Group 7: Cyber Burnout - Users are experiencing cyber burnout due to the overwhelming volume of fragmented content, prompting a shift towards more immersive long-form content and offline experiences [9] - Platforms are investing in high-quality content to counteract this trend, as seen with Douyin's focus on premium offerings [9] Group 8: Aesthetic Trends - The "rough edge aesthetic" is emerging as a response to the polished AI-generated content, emphasizing authenticity and rawness in short videos [10][11] - This trend is fostering a unique sub-ecosystem of creators who prioritize genuine storytelling over perfection [11] Group 9: Individual Imaging Era - The new generation is increasingly using video as a primary form of social expression, supported by affordable professional equipment and user-friendly editing tools [12] - This shift is leading to a rise in personal storytelling and diverse aesthetic expressions, becoming a vital source of content vitality [12] Group 10: IP Development - The ByteDance ecosystem is facilitating the incubation of more IPs, with short dramas gaining strength in their ability to carry IP value, as demonstrated by successful series [13] - The music sector is witnessing a transformation, with platforms like Qishui Music rapidly growing and reshaping the competitive landscape [14] Group 11: Short Drama Evolution - 2025 is a pivotal year for short dramas, with significant growth in user engagement and the emergence of new stars, indicating a shift in the entertainment landscape [15] - The industry is questioning whether short dramas can produce universally appealing breakout stars, potentially rewriting the power dynamics in entertainment [16] Group 12: Market Segmentation - The short drama market is expanding into lower-tier markets, focusing on relatable themes for specific demographics, leading to a cost-effective production model [17] - This segmentation is creating a robust production system that efficiently meets the needs of targeted audiences [17] Group 13: Vertical Distribution - Vertical distribution is gaining traction in the film market, allowing for more stable revenue streams by connecting specific films with niche audiences [18] - The success of targeted distribution strategies is evident in the growth of companies focusing on high-quality niche content [18] Group 14: Niche Economy - The entertainment landscape is increasingly defined by niche economies, where success is achieved within specific interest groups rather than broad audiences [19] - This trend is fostering micro-communities that engage deeply with content, creating a self-sustaining commercial ecosystem [19] Group 15: Self-Identity Focus - Consumers are prioritizing self-identity and active participation in content creation, seeking deeper experiences and social connections through their consumption [20] - This shift is reflected in the rise of immersive experiences and fan-driven events that enhance community engagement [21] Group 16: Affordable Idols - The idol industry is decentralizing, with new avenues for aspiring performers emerging through live streaming and interactive experiences [22] - This trend is transforming audience roles from passive viewers to active participants, fostering closer emotional connections [22] Group 17: New Trends in Trendy Toys - The demand for trendy toys is surging, prompting new narratives and strategies from brands to engage younger consumers [23] - Brands are exploring direct-to-consumer models and leveraging social media to connect with target audiences [23] Group 18: IP Saturation - The IP market is experiencing intense competition, leading to a higher frequency of IP turnover and a need for strategic management of IP assets [24] - This saturation is raising concerns about the longevity and viability of individual IPs in a crowded marketplace [25] Group 19: Global Cultural Symbols - Chinese pop culture is beginning to establish its own global symbols, with brands like labubu gaining international recognition [26] - This development signifies a new phase in cultural export, with opportunities for content companies to participate in creating globally recognized cultural icons [26] Group 20: Event Festivals - Sports events are evolving into comprehensive experiences that blend entertainment, social interaction, and cultural engagement [27] - This trend is activating local economies and fostering community identity through integrated event experiences [27]

围绕2026年文娱行业，《新声Pro》梳理出了21个关键词，涵盖长内容、PUGC、短剧、线 下等多个领域，其中既有用户和社会情绪洞察，也包含AI等新技术可能产生的变化，以及 变化之下平台维度的版图变化。 我们正处在变化的前夜，这个感觉在2025一整年的工作中变得越来越明确。 如果我们以抖音的上线作为节点，10年足够养成在内容消费和创作上都有独特代际色彩的「抖音一 代」。事实上，在过去一年无论是以二次元为代表的年轻文化的再次兴起，还是在短视频、音乐等领域 不断涌现的年轻创作者，都印证了新一代内容消费者已经走到舞台中央，成为当下内容消费和创作的主 力。 与此同时，以AI作为驱动，新的生产力革命正在内容上游酝酿，并来到爆发节点，它不仅意味着产能 的爆发，还将带来创作者思维和工作模式的全面革新，内容制作能力的普惠将改变IP的运营路径，也大 概率会重塑下游平台格局。 围绕2026年文娱行业，《新声Pro》梳理出了21个关键词，涵盖长内容、PUGC、短剧、潮玩、线下等 多个领域，其中既有用户和社会情绪洞察，也包含AI等新技术可能产生的变化，以及变化之下平台维 度的版图变化。我们选择以关键词形式呈现趋势，旨在为发生中的变化 ...

宏观新闻 1、外交部发言人就爱尔兰总理马丁将访华答记者问表示，马丁总理此访是爱尔兰总理时隔14年再次访 华。访问期间，习近平主席将同他会见，李强总理、赵乐际委员长将分别同他会谈、会见，就双边关系 和共同关心的问题深入交换意见。除北京外，马丁总理还将访问上海。 公司新闻 2、外交部发言人就美国对委内瑞拉实施军事打击答记者问表示，中方对美方悍然对一个主权国家使用 武力并对一国总统动手深表震惊，予以强烈谴责。美方的这种霸权行径，严重违反国际法，侵犯委内瑞 拉主权，威胁拉美和加勒比地区和平与安全，中方坚决反对。我们敦促美方遵守国际法及联合国宪章宗 旨和原则，停止侵犯别国的主权安全。 3、据海口海关统计，元旦假期前两日：海口海关共监管海南离岛免税销售30.7万件，同比增长48.3%； 购物人数达6.5万人次，同比增长60.9%；购物金额达5.05亿元，同比增长121.5%。 行业新闻 1、2025年，多型商业火箭密集发射，商业航天的蓬勃发展，为中国航天事业注入了强劲动能。在"十五 五"开局之年，中国航天的新蓝图正在展开。载人登月项目将展开多项试验，嫦娥七号将奔赴月球南极 寻找水冰存在的证据，多型新火箭将首飞并挑战回收。 ...