Core Viewpoint - Tianfu Culture and Tourism (000558.SZ) has signed a cooperation framework agreement with the Deyang Cultural Broadcasting and Tourism Bureau and Aba Dajiu Zhai Tourism Group to promote the integration of film and tourism, aiming to enhance the film production industry chain and develop high-quality ice and snow tourism products [1] Group 1 - The agreements aim to promote the company's deepening of film business and extend the film production industry chain through multi-party cooperation [1] - The focus is on leveraging film tourism to explore market potential, deepen cooperation in the cultural industry, and achieve high-quality integration of regional tourism, culture, and film industries [1] - The company plans to enhance film production services by improving professional location scouting, support systems for costumes and props, and providing comprehensive services for film crews [1] Group 2 - The strategy includes integrating tourism operation experience and resources to develop new tourism products and routes, while establishing film shooting bases and expanding film business development space [1] - The goal is to create a one-stop film shooting service system in the western region, focusing on top market film projects [1] - The collaboration aims to build film tourism landmarks and promote the organic linkage between city IP and film IP [1]

Core Insights - Guangdong has launched a comprehensive cultural industry development policy package, consisting of 87 measures aimed at enhancing the quality and integration of the cultural sector, including film, performing arts, animation, gaming, esports, and online audio-visual content [1] - The upcoming 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference is set to further promote the integration of culture with finance and technology, aiming for a digital and internationalized cultural industry [1] Cultural Industry Development - The policy package has led to significant achievements in the film sector, with local productions like "Day Hanging in the Sky" gaining international recognition and awards, showcasing the effectiveness of government support in creative processes [4] - The implementation of a full lifecycle support system for television and online drama production has attracted major companies and talent to Guangzhou, enhancing the local creative ecosystem [4] - The "concert economy" has emerged as a new driver for cultural tourism consumption in Guangdong, with successful events attracting significant audiences and revenue [5] Animation and Gaming Sector - The introduction of 15 policies for the animation industry has addressed key challenges, promoting the creation of all-age original IP content and supporting companies in various stages of production and distribution [7] - Companies like Yongsheng Animation have successfully transitioned to all-age content, achieving international recognition and sales through innovative products and collaborations [7][8] - The gaming and esports sectors have seen substantial growth, with a 300% increase in top-tier esports events in Shenzhen, supported by local government initiatives [9] Online Audio-Visual and Technology Integration - The online audio-visual industry in Shenzhen is a national leader, with significant revenue contributions and ongoing efforts to enhance technological capabilities [10] - The rise of micro-short dramas has been a key area of growth, driving tourism and consumer engagement through innovative content [10] Talent Development - The "policy package" emphasizes talent acquisition and retention, with initiatives like the "Million Talents Gathering in Guangdong" plan successfully attracting over 1 million graduates to the region [11][12] - Local governments are implementing tailored policies to support talent, including housing benefits and job placement services, enhancing the attractiveness of Guangdong as a cultural industry hub [12] Investment and Capital Support - The Guangdong Cultural Industry Investment Conference serves as a vital platform for connecting cultural resources with financial capital, demonstrating high investment conversion rates in previous events [13][14] - The conference will feature targeted investment opportunities across various cultural sectors, highlighting the importance of capital in driving industry growth [14] - The overall goal is to create a closed-loop ecosystem for cultural industry development, integrating policy support, capital investment, and talent cultivation to achieve high-quality growth [14]

粉丝越来越操心，播放越来越冷清，人们关注新项目更胜于在播剧，2025年的古偶仍在艰难求索。 首先是影视寒冬拉高试错成本，无论成熟流量还是半熟待爆，越来越承受不起扑剧的代价。这也促使粉丝不断加大投入，砸成倍的钱、操成倍的心。 前者为视频网站撑起了云包场模式，后者则令粉丝"监工"不断前置。继"路透监工"（在剧集拍摄阶段通过路透掌握妆造状态、拍摄进度、有无飞页等）之 后，越来越多流量粉圈试图在艺人接戏、幕后组局方面争夺知情权、话语权乃至掌控权。 2025古偶导演成绩单 古偶导演更新换代并非全无进展。在今年迄今为止播出的30余部古偶中，由港导执导的仅有7部，其中林玉芬的《无忧渡》还是2022年拍摄的积压剧。 唯一一位有两部新作的港导是朱锐斌。一为流量花白鹿的仙侠剧《白月梵星》，一为桃太子陈哲远主演的《一笑随歌》。两部都是杀青到上线相隔不到一 年的新剧，足见朱导在B端地位犹在。 从质量上来说，尽管《无忧渡》的复古风颇受好评，朱锐斌也获赞"审美有进步"，港导的"行活儿"标签还是未被动摇。 何澍培之于《千朵桃花一世开》、李慧珠之于《朝雪录》、蒋家骏之于《锦月如歌》，只能说无功无过。陈家霖（74年生人，代表作《陈情令》《神 ...

Core Insights - Guangdong has launched a comprehensive "policy package" for high-quality development in the cultural industry, covering six key areas, which has significantly boosted the sector's growth and project implementation [1][3][17] Group 1: Cultural Industry Development - The policy package includes 87 measures aimed at enhancing the cultural industry, leading to a more robust ecosystem and attracting talent and quality projects [1][17] - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference will further promote the integration of culture with finance and technology, aiming for a digital and internationalized cultural industry [1][17] Group 2: Film and Television Achievements - The film "Day Hanging in the Sky" has become the first Guangdong-produced film to enter the main competition at the Venice International Film Festival, showcasing the effectiveness of the supportive policies [3] - The Guangzhou government has implemented a comprehensive support system for television and online drama production, attracting nearly 20 leading companies and top talent to the region [3][17] Group 3: Live Entertainment and Concert Economy - The "concert economy" has emerged as a new driver for cultural tourism consumption in Guangdong, with significant ticket sales and sponsorship revenues from major concerts [4][3] - Policies promoting live performances have successfully attracted high-profile artists and events, enhancing the region's cultural appeal [3][4] Group 4: Animation and Gaming Industry - The introduction of 15 policies for the animation industry has addressed key challenges, encouraging the production of all-age original content and supporting the entire production chain [6][7] - The gaming and esports sectors have seen substantial growth, with a 300% increase in top-tier esports events in Shenzhen compared to the previous year [9][17] Group 5: Talent Acquisition and Development - The "Million Talents Gather in South Guangdong" initiative has successfully attracted over 1 million recent graduates to the region, with a focus on high-paying positions in the cultural sector [12][13] - Various cities in Guangdong have implemented targeted policies to support talent retention, including housing benefits and job placement services [13] Group 6: Investment and Financing - The Guangdong Cultural Industry Investment Conference has proven effective in connecting cultural resources with financial capital, achieving a high investment conversion rate in previous events [15][16] - The upcoming conference will feature specialized investment sessions and showcase innovative projects in cultural technology and creative industries [16][17]

自2018年起，华谊兄弟已连续亏损7年。财报显示，2018年至2024年，华谊兄弟的净利润分别为-11.69 亿元、-39.78亿元、-10.48亿元、-2.46亿元、-9.81亿元、-5.39亿元和-2.85亿元。加上今年前三季度的亏 损，华谊兄弟合计亏损超80亿元。@蓝鲸新闻 【#王中磊夫妻试水短视频#】#华谊兄弟7年亏损超80亿# 在这种情况下，王忠军王忠磊两兄弟的每一个举动都被解读为"自救"，比如最近，王中磊夫妻开始活跃 在短视频平台，打造个人IP，这也被不少人视为给直播带货做铺垫。 转自：贝壳财经 从内容来看，王忠磊的账号内容主要为各种人生感悟的分享与影视作品赏析，和当下不少企业家IP打造 的路径相对一致。而王晓蓉的内容则有不少夫妻关系经营和水晶手串、茶叶相关内容。 据最新财报，华谊兄弟今年三季度营收6259.56万元，同比下降31.61%；归属于上市公司股东的净利 润-3946.2万元，同比增长41.27%。亏损几乎已经成为近几年这家曾经影视行业绝对头部公司的主旋 律。 ...

Economic Outlook - The goal for GDP per capita by 2035 is set at $29,000, necessitating a shift in China's economic logic from solely pursuing GDP growth to a new paradigm focusing on productivity enhancement, moderate inflation, and currency appreciation[1] - The new growth paradigm emphasizes the importance of nominal GDP growth and inflation levels, which directly impacts corporate profitability and capital returns[1] Market Dynamics - The equity market is positioned for a systematic revaluation, supported by three main factors: profit foundation, valuation environment, and relative returns[1] - The expectation of RMB appreciation is a significant driver for valuation improvements, enhancing the attractiveness of RMB assets and drawing global capital to Chinese assets[2] Asset Allocation Trends - There is a notable shift in asset preference from real estate and bonds to equities, driven by the changing yield characteristics of various asset classes in a moderate inflation environment[2] - Bonds, while still a stabilizing component, are expected to see diminishing capital gains potential, while real estate is facing downward pressure due to income and price expectations[2] Consumption and Production Insights - Recent data indicates a recovery in consumption, with metro passenger flow increasing by 5.9% year-on-year and logistics delivery volume rising by 5.8%[12] - Production shows structural improvement, particularly in real estate-related sectors, with a narrowing decline in rebar production and a continued decrease in inventory levels[14] Trade and External Factors - Port cargo throughput has decreased to 266 million tons, reflecting a structural adjustment in external demand, while the export container freight index has risen to 1094.03 points[25] - Geopolitical tensions, particularly with Japan, have introduced new uncertainties into the external trade environment, impacting market sentiment[25] Fiscal and Monetary Policy - The broad deficit for the week ending November 23 reached 204.3 billion, with a cumulative total of 11.2 trillion, indicating a slower pace compared to the previous year[35] - The monetary market remains in a loose state, with indicators suggesting continued low interest rates and a high willingness to leverage in the bond market[44]

Report Information - Report Date: November 22, 2025 [1] - Report Title: High - frequency Economic Weekly Report (2025.11.16 - 2025.11.22) [2] - Analysts: Huang Weiping, Yi Qiang, Wang Zheyi [3] Report Industry Investment Rating - No relevant content provided. Report's Core View - The economic situation shows mixed trends. Industrial production is weak, while personnel flow continues to rise, and freight prices increase slightly. Consumption and some segments of the real - estate market show different trends, and export - related indicators also have their own characteristics. [3] Summary by Catalog 1. Big - class Assets - This week, bond indices generally rose, with the ChinaBond 7 - 10 - year China Development Bank bond index rising the most by 0.7%. Stock indices and commodities generally fell, with the ChiNext Index falling the most by 6.15%, and the Nanhua Precious Metals Index dropping by 4.07%. Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.19%, while the US dollar appreciated by 0.14% against the RMB. [3] 2. Industrial Production - Production performance is weak. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27%, the petroleum asphalt plant operating rate dropped by 4.20 pcts to 24.80%, and the blast furnace operating rate decreased by 0.62 pcts to 82.17%, while the crude steel output increased by 6.00%. In the real - estate chain, the rebar operating rate rose by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate dropped by 0.39 pcts to 33.29%. In the consumer goods chain, the polyester filament operating rate increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate dropped by 0.17 pcts to 83.77%. In the automotive chain, the automotive semi - steel tire operating rate decreased by 2.61 pcts to 71.07%, and the automotive full - steel tire operating rate decreased by 3.19 pcts to 61.31%. [3] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operations increased by 1.51%, and the 7DMA of international flight operations increased by 0.84%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year. [3] 4. Consumption - Automobile sales growth declined year - on - year, and price performance decreased. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail sales decreased by 9.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. The weekly movie box office decreased by 22%, and the 7DMA of the number of moviegoers decreased by 22%. Agricultural product prices decreased, with pork prices dropping by 0.83% week - on - week and vegetable prices falling by 6.08% week - on - week. [3] 5. Investment - Construction performance was good, and the commercial housing market had a seasonal uptick. The weekly cement inventory ratio increased by 0.1 pcts, the cement price index increased by 0.43%, and the cement shipping rate remained the same as last week. The rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts, and the rebar apparent demand increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city - tier, the transaction area in first - tier cities decreased, while those in second - and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1%, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 cities increased, and the land premium rate decreased week - on - week. [3] 6. Export - Port throughput decreased, and most shipping indices increased. The weekly port cargo throughput decreased by 1.1%, and the container throughput decreased by 5.4%. The BDI index increased by 7.06% week - on - week, the domestic SCFI index decreased by 3.98%, and the CCFI index increased by 2.63%. [3]

Price-Related Summary - The Nanhua Agricultural Products Index is at 1,045.84, down 16.48 from last week [3] - Brent crude oil futures settled at $63.38 per barrel, an increase of $0.37 from last week, while WTI crude oil settled at $59.00 per barrel, up $0.31 [3] - Average wholesale prices for vegetables decreased by ¥0.04 per kg, fruits by ¥0.01 per kg, pork by ¥0.15 per kg, beef by ¥0.25 per kg, and lamb by ¥0.40 per kg [3] Industrial-Related Summary - The Nanhua Industrial Products Index is at 3,456.21, down 66.82 from last week [14] - Glass futures closed at ¥987 per ton, down ¥45 per ton, and coking coal futures closed at ¥1,103 per ton, down ¥89 per ton [14] - The blast furnace operating rate is recorded at 82.17%, a decrease of 2.08% from last week, while the operating rate for petroleum asphalt is at 24.80%, down 4.20% [14] Real Estate Investment Summary - The land transaction area in 100 major cities is approximately 13,497,800 square meters, an increase of 7,013,200 square meters from last week [21] - The transaction area of commercial housing in 30 major cities is about 1,725,600 square meters, up 330,500 square meters from last week [21] - The second-hand housing listing price index is recorded at 148.80, down 0.26, with the decline rate less than the previous week [21] Transportation and Retail Summary - Subway passenger volumes increased significantly, with Beijing, Shanghai, Guangzhou, and Shenzhen showing changes of -1.16%, 2.41%, 4.17%, and 1.91% respectively [31] - Box office revenue reached ¥656 million, an increase of ¥444 million from last week [31] - Retail sales of passenger cars totaled 67,312 units, up 21,256 units from last week [31] - The number of domestic flights executed was 86,716, an increase of 822 from last week [31]

Core Viewpoint - Japan is facing escalating inflation and economic challenges, prompting the government to implement a record-scale economic stimulus plan, which raises concerns about further deterioration of public finances [1][2][6]. Economic Measures - The Japanese government has approved a comprehensive economic strategy amounting to approximately 21.3 trillion yen (about 96.56 billion RMB), marking the highest general account expenditure for the supplementary budget since 2022 [2][4]. - The supplementary budget for the fiscal year 2025 is expected to reach around 17.7 trillion yen, reflecting a 27% increase compared to the previous year's budget [4]. Inflation and Consumer Impact - The core Consumer Price Index (CPI) in Japan rose by 3.0% year-on-year in October, continuing a trend of increasing prices for over 50 months, with significant price hikes in essential goods like rice (up 40.2%) and eggs (up 13.6%) [10][12][15]. - A survey indicated that over 99% of respondents felt the burden of rising prices, with 81.6% experiencing significant pressure [15]. Market Reactions - The Japanese stock market has experienced volatility, with the Nikkei 225 index dropping by 2.40% on November 21, reflecting market skepticism towards the government's economic policies [21]. - The depreciation of the yen has led to increased import prices, further exacerbating inflationary pressures [17]. Structural Economic Issues - Japan's economy is grappling with structural challenges, including high national debt, persistent inflation, and declining real wages, which contribute to weak domestic demand and market confidence [18][20]. - The government's economic measures are viewed as a temporary fix that does not address the underlying issues of fiscal health and productivity [20].

Core Insights - The conference "万里同春·豫见未来——中原酿新势·2025中国消费智链创新峰会" held in Zhengzhou focuses on new consumption, new manufacturing, and new supply chains, aiming to share new models and experiences while discussing how the capital market can empower growth in the consumer sector [1] - Economist Fu Peng discusses the restructuring of order and development paths driven by AI technology, emphasizing that while technology is a primary productive force, the matching of production relations is crucial for wealth growth [3][4] - Fu Peng warns that the rapid advancement of AI will reshape production relations across industries, but stresses the importance of aligning technology with existing social production relations to avoid exacerbating employment pressures [4][5] Industry and Economic Analysis - Fu Peng references the AJR theoretical model from recent Nobel Prize winners, highlighting that "order" is an independent factor in production relations, which helps explain various economic and social issues [3] - The discussion includes examples from industries such as film, animation, and toy manufacturing, illustrating how AI is disrupting traditional production processes and supply chain models [4] - Fu Peng argues that the advancement of AI will not be universally beneficial, as its adoption will accelerate social stratification, favoring those who can adapt to new tools while potentially sidelining others [4][5]