欢迎扫描下方二维码关注： 1.自2018年1月1日起，当年具备高新技术 企业或科技型中小企业资格（以下统称资格） 的企业，其具备资格年度之前5个年度发生的尚 未弥补完的亏损，准予结转以后年度弥补，最 长结转年限由5年延长至10年。 < 10 CE 集成电路生产企业 政策依据 > 高新技术企业资格 科技型中小企业资格 政策依据 > 《财政部 税务总局关于延长高新技术企业和科 技型中小企业亏损结转年限的通知》(财税 〔2018〕76号) 第一条 2.国家鼓励的线宽小于130纳米（含）的集 成电路生产企业，属于国家鼓励的集成电路生产 企业清单年度之前5个纳税年度发生的尚未弥补 完的亏损，准予向以后年度结转，总结转年限最 长不得超过10年。 线宽≤130nm 《财政部 税务总局 发展改革委 工业和信息化部 关于促进集成电路产业和软件产业高质量发展 企业所得税政策的公告》（财政部 税务总局 发 展改革委 工业和信息化部公告2020年第45号 ) 第二条 3.受疫情影响较大的困难行业企业2020年度 发生的亏损,最长结转年限由5年延长至8年。 受疫情影响较大的 困难行业企业 2020年度 发生的亏损 5年-8年 /! 困 ...

中泰证券（600918）认为，1)电影大盘恢复增长，2025年11—12月高质量引进片集中上映推动全年票房 持续增长。2)单银幕收入探底回调，市场结构从用户、场景、价值链等多维度显现拓展空间。单银幕收 入从2012年以来呈波动下降趋势，疫情中探底，并开始恢复。此外，观影年龄持续提升，30岁以上观众 在2024年首次突破50%，用户整体消费能力增强；三线及以下城市票房占比突破40%，开拓了收入空 间；影院非票经济得到空前重视，IP后链路开发横向延伸，电影商业变现路径持续拓宽。3)电影市场 从"要数量"进入"要口碑"新阶段，中低档内容出清，高质量供给成电影票房核心驱动力。 光大证券认为，展望2026年，电影市场将从"单片支撑"走向"多强共振"与结构性修复，虽然2026年一季 度面临2025年同期《哪吒2》造成的高基数压力，但从全年来看，随着头部国产片类型多元化、进口片 供给恢复，电影市场有望回归常态化修复，呈现温和增长的态势。关注2026年影片定档进展，重点关注 春节档影片表现。 国家电影局1月21日发布信息，据不完全统计，2025年中国电影（600977）全产业链产值达到8172.59亿 元、票房拉动系数约为1 ...

Core Insights - The National Film Administration of China reported that by 2025, the total value of the Chinese film industry chain is expected to exceed 810 billion yuan, with a box office multiplier of approximately 1:15.77, ranking among the top globally [1][2] - The estimated total value of the Chinese film industry chain in 2025 is projected to reach 817.26 billion yuan, with core industry segments such as production, distribution, and exhibition contributing 226.62 billion yuan [1] - The indirect value from film equipment procurement and technical services is estimated at 251.55 billion yuan [1] Industry Developments - The first virtual reality cinema in China, 798 Super Dimension Vision, has recently opened in Beijing, currently screening 13 VR films regularly [1] - China is the first country in the world to incorporate virtual reality into film management, which is expected to significantly impact the artistic essence, market operations, and viewing modes in cinemas [1] Economic Impact - In the 2025 film industry chain, the value generated from dining, transportation, and tourism related to movie viewing is projected to be 339.10 billion yuan [2] - The trend of "one movie igniting a city" is becoming more common, indicating a shift in consumer logic through the integration of "film+" initiatives [2] - The launch of "China's Film Consumption Year" aims to transform the allure of cinema into tangible consumer spending through activities like traveling and dining inspired by films [2]

美国沃克斯新闻网站1月20日文章，原题：中国如今正在世界上展现一种新型力量 说中国2025年取得了 成功，恐怕远不足以形容其成就。华盛顿对华采取强硬立场，大幅加征关税、限制芯片出口，但很难找 到这些举措奏效的证据。相反，中国凭借不断增强的"软实力"蓬勃发展，甚至反过来对美国产生了显著 的经济影响。 就算你没看过现象级中国国产大片《哪吒2》，也没玩过游戏《黑神话：悟空》，你很可能听说过拉布 布。为什么这些中国文化产品恰好在当前成功走向世界？这将如何影响中国对美国日益增强的硬实力？ 就这些问题，记者采访了英国《经济学人》驻上海的中国商业与金融编辑唐·韦恩兰德。 问：这些产品在过去一年成功走出国门、成为文化出口爆款，它们有何共同点？这次情况与以往有何不 同？ 答：我总结出两个关键因素。第一，这些作品背后的创作者大多在40岁左右。他们上大学时正值中国教 育的重要变革期——高校扩招，互联网相对开放。他们吸收了大量外国文化，并将影响融入创作中。其 次，这类产品如今获得的投资比过去要多得多。中国希望在制造业领域保持强大，在电动汽车、太阳能 等领域保持领先地位，过去并未真正重视文化产品和软实力。但这种情况正在发生改变，例如在 ...

央视网消息：国家电影局1月21日发布信息，据不完全统计，2025年中国电影全产业链产值达到 8172.59亿元、票房拉动系数约为1：15.77，均位居全球前列。其中，制作、发行、放映环节等电影核心 产业产值为2266.18亿元；电影设备采购、技术服务等间接产值为2515.46亿元；餐饮、交通、旅游等观 影带动与外溢产值为3390.95亿元。电影经济已经成为提振中国服务消费升级、推动中国文化"走出 去"的有力引擎。 ...

在权威媒体评选的影史最佳恐怖片榜单中,《闪灵》常年位居榜首。在国内影视平台,它保持着8.3分的高 分,位列恐怖片前列。片中的视觉语言被后世无数作品致敬与戏仿,比如斯皮尔伯格在《头号玩家》中近 乎复刻了酒店走廊与迷宫,周星驰的《功夫》里"不正常人类研究中心"的电梯场景灵感同样源自此片。 此次《闪灵》画质修复版在中国影院公映,无疑圆了许多影迷多年的大银幕之梦。 "寂静岭"系列出新 除了《闪灵》,另一部近日官宣定档的惊悚片《重返寂静岭》也吸引了大量关注。该片由2006年首部 《寂静岭》电影版导演克里斯多夫·甘斯再度执导,改编自系列恐怖游戏《寂静岭2》,旨在原汁原味地还 原游戏那迷雾笼罩的绝望世界。 从《重返寂静岭》日前发布的预告片看,阴郁的迷雾街道、锈蚀的工业场景都以更精良的视效重现。这 种对游戏经典元素的高度还原,迅速点燃了核心玩家群体的热情,他们自发对比游戏与电影画面,并表示 要"携带手柄去影院打卡"。同时,影片深沉压抑的心理恐怖氛围,也吸引了大量寻求惊悚体验的影迷,纷纷 寻找"观影搭子"共赴银幕之约。 惊悚类型电影的市场潜力在过去两年已被反复验证。《死神来了:血脉诅咒》以续写经典IP的魅力成为 票房黑马；《异 ...

在昨日举办的媒体观影活动中，《极限审判》凭借其创新的叙事与极致的观影体验收获了首批好 评。"这才是开年最爽悬疑片，90分钟无冷场，全程被节奏牢牢拿捏"，不少观众直言影片每秒都有新线 索，信息多到不敢眨眼。同时90分钟的观影时间与自证时间完全重合，影评人评价其带来了"久违的、 被电影完全'绑架'90分钟的震撼体验。" 影片在《网络谜踪》标志性的屏幕叙事语言上全面升级，打破了单一屏幕局限，融合多源视角构建全方 位破案信息网，让观众从被动观看变为主动参与。主演克里斯·帕拉特与丽贝卡·弗格森的对手戏张力十 足，演技获赞"撑起了核心冲突"。 中新网1月21日电 由索尼影业全球发行并引入国内，高分悬疑黑马《网络谜踪》团队升级打造的悬疑电 影《极限审判》将于1月23日全国上映。影片于1月20日至21日在全国140城开启提前观影，中国观众将 领先全球解锁这场肾上腺素狂飙的生死博弈。 海报 《极限审判》由"星爵"克里斯·帕拉特与"沙丘圣母"丽贝卡·弗格森领衔主演。该片讲述不久后的将来， 犯罪率飙升，政府引进AI系统"宽恕"同时扮演法官、陪审团和执法者，死罪不断增加。此时，一名参与 设计该系统的警探被指控谋杀了妻子，他必须证明自 ...

Core Insights - The Chinese film industry has made significant strides in international markets, with the film "Ne Zha" achieving an overseas box office of $69 million, marking a new high for domestic films [1] - In 2025, the total overseas box office for Chinese films exceeded 1 billion RMB, showing an increase from the previous year [1] - The trend of Chinese films "going global" is becoming more systematic, with 15 out of the top 20 domestic films released overseas [1] Group 1: Trends in Chinese Film Going Global - The production side is seeing a rise in co-productions and international collaborations, exemplified by the "Meg" series, which utilizes a "Chinese control + international resources" model [4] - Chinese filmmakers are expanding their narratives beyond local contexts, allowing Chinese characters to resonate with global audiences [4] - The distribution of Chinese films is evolving from festival screenings to a more commercial and systematic approach, with simultaneous global releases and a dual distribution model of theaters and streaming [4] Group 2: Technological Advancements - China leads in the global LED cinema screen market, with 13 out of 22 certified manufacturers and over 200 installations worldwide [5] - Chinese virtual filming technology is being adopted in North America and Europe, with several companies establishing virtual studios abroad [5] - Chinese film technology is gaining recognition at major international film awards, with domestic cameras and sound technologies being utilized in award-winning films [5] Group 3: Systematic Development and Challenges - The "mode going global" phase reflects a comprehensive management system that encourages innovation and learning, supported by a robust market and public service framework [6] - The essence of "mode going global" is rooted in China's institutional advantages and reforms, which provide a stable policy environment for film development [9] - Challenges include language and cultural barriers, a weak marketing system for overseas films, and the need for skilled professionals familiar with international regulations [11] Group 4: Future Vision - By 2035, China aims to become a major player in the global film industry, not just in market share but also in production capabilities and technological advancements [14] - The goal is to create a comprehensive international standard system in areas like LED optics and sound, positioning China as a key influencer in reshaping the global film landscape [15] - The transition from being a "learner" to a "contributor" and "leader" in the global film industry is underway, with a focus on mutual cultural exchange and interaction [15]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The film market in 2025 is characterized by significant fluctuations and polarization, with a notable concentration of box office revenue towards a few blockbuster films. The total box office revenue reached 51.83 billion yuan, a year-on-year increase of 21.98%, ranking fifth in film history, but it decreased by 5.61% compared to 2023 and by 19.17% compared to 2019. The total number of moviegoers was 1.238 billion, up 22.65% year-on-year, but down 4.66% from 2023 and down 28.35% from 2019 [5][24][25] - The market is experiencing a shift where traditional factors like IP, directors, and star power are no longer sufficient to guarantee high box office returns. The focus is shifting towards the quality of individual films rather than their genre, indicating a potential new paradigm in the industry [5][24] - Investment recommendations for 2026 suggest focusing on companies with strong cash flow and a rich portfolio of headliner content, particularly those positioned well for the upcoming Spring Festival box office [5][31] Summary by Sections 1. Market Fluctuations and Polarization - The film market has undergone significant changes post-pandemic, with a clear distinction between peak and off-peak seasons. The highest daily box office in 2025 was 1.808 billion yuan, while the lowest was 13.67 million yuan, indicating a widening gap in daily earnings [23][38] - The number of new films released in 2025 was 463, a decrease of 36 from the previous year, with domestic films accounting for 346, down 61 from the previous year. The box office for domestic films was 41.056 billion yuan, a year-on-year increase of 26% [25][30] 2. Factors Behind Market Polarization - The film market's polarization is attributed to the failure of traditional release strategies and the increasing concentration of box office revenue among a few top films. For instance, the film "Nezha: Birth of the Demon Child" alone contributed 15.446 billion yuan, accounting for approximately 30% of the total box office [5][24] - The average ticket price remained above 40 yuan, but the frequency of high-frequency viewers has decreased, leading to a more cautious viewing decision-making process among audiences [5][24] 3. Future Market Outlook - The 2026 film market is expected to continue exhibiting polarized characteristics, with a focus on blockbuster films and release schedules. Companies with a strong lineup of films and flexible performance are recommended for investment [5][31]

Core Insights - The Chinese cinema market is experiencing a significant recovery in 2025, with total box office revenue reaching 51.832 billion yuan and total audience attendance at 1.238 billion, representing year-on-year growth of 21.95% and 22.57% respectively [1] - The development of cinema chains in China is characterized by the keywords "caution" and "transformation," with a focus on strategic adjustments and refined operations to consolidate competitive advantages [1][2] - The industry is shifting from quantity-focused expansion to enhancing operational efficiency and profitability, with a growing emphasis on differentiated experiences and technological upgrades [6][8] Group 1: Market Performance - In 2025, the total number of cinemas built reached 1,065, an increase of 39 from the previous year, indicating sustained investor confidence in the market [6] - The average ticket price for films in 2025 was 41.8 yuan, continuing a two-year decline, while the average ticket price for premium formats like IMAX and CINITY rose to 56.3 yuan [10] - The top three cinema chains accounted for 36.76% of the market share, up from 33.81% the previous year, reflecting increased market concentration [2][3] Group 2: Strategic Adjustments - Wanda Cinemas, the leading cinema chain, reported a box office of 8.683 billion yuan in 2025, holding a market share of 16.75%, despite a strategic shift to focus on direct operations rather than franchise models [5][6] - China Film's cinema chain saw a significant increase in new cinema openings, with 148 new cinemas launched in 2025, up from 103 the previous year [8] - The industry is witnessing a trend of "quantity reduction and quality increase," with a decrease in the number of cinema investment companies to 529, while the number of companies generating over 100 million yuan in box office revenue increased [6][8] Group 3: Technological Advancements - The number of special effect theaters surpassed 10,000, generating a total box office of 12.67 billion yuan, with a year-on-year growth of 48.5% [10] - The average audience attendance for special effect theaters reached 24.6, significantly higher than the 8.7 for regular theaters, indicating a preference for high-quality viewing experiences [10] - Virtual reality cinemas are being actively developed, with several locations opening in 2025, showcasing the industry's commitment to innovative viewing experiences [13][15] Group 4: Audience Engagement and Content Strategy - The industry is moving towards a more diversified content strategy, with cinemas increasingly hosting special screenings, community events, and localized film releases to engage different audience segments [19][20] - Successful case studies include the "Danish Film Master Exhibition" at Shanghai Cinema, which achieved a 99.24% average attendance rate across multiple screenings [17] - The integration of cinema with community culture and local events is becoming a common strategy to enhance audience engagement and loyalty [19][20] Group 5: "Cinema+" Business Model - The "Cinema+" model is gaining traction, with cinemas exploring collaborations with various sectors such as dining, retail, and gaming to create multifaceted entertainment experiences [23][25] - Wanda's collaboration with popular gaming IPs during the National Day holiday led to a 50% increase in customer traffic, demonstrating the effectiveness of cross-industry partnerships [25] - Cinemas are evolving into cultural spaces that offer a blend of viewing, socializing, and consumption, moving away from traditional single-function models [28][29]