【环球时报特约记者 董铭】2025年北美暑期档已过大半，北美市场重量级大片也纷纷与观众见面，然而与往年动画片"称霸暑期"相比，今年的好莱坞动画 明显势弱，不仅数量上无法与真人电影相比，为数不多的几部大厂作品也遭遇票房和口碑的"滑铁卢"。 据BoxOfficeMojo网站统计，截至7月30日，今年暑期档（北美市场为5月2日至9月1日）票房前十中居然没有一部动画片。其中票房最高的是迪士尼经典动画 改编的真人版《星际宝贝史迪奇》（4.2亿美元），另外一部动画真人版《新驯龙高手》也获得2.5亿美元的不错成绩，无论是超英题材的《超人》《雷霆特 攻队*》还是原创电影《F1：狂飙飞车》都获得了超1亿美元的票房，就连刚刚上映的《神奇4侠：初露锋芒》也以1.2亿美元挤入票房前十。 FROM THE DIRECTOR OF TOP GUN: MAVERICK DAMSON IDRIS KERRY CONDON AND JAVIER BARDEM BRAD PITT THE MOVIE O MISTO l = 40 E OLY IN THEATERS FILMED FOR IMAX Securities & wishings 19 ...

Core Viewpoint - The film "Nanjing Photo Studio," based on real historical evidence from the Nanjing Massacre, has sparked significant interest, grossing over 600 million yuan within five days of release, leading the daily box office charts [2] Group 1: Film Narrative and Themes - The film tells the story of ordinary citizens in Nanjing who, while seeking refuge in a photo studio, are forced to assist Japanese soldiers in developing photographs that document war crimes, ultimately planning to expose these atrocities [4] - The narrative centers around the concept of photography as a dual tool for both documentation and propaganda, highlighting the manipulation of images during wartime [4][5] - The film emphasizes the importance of discerning truth from propaganda, reflecting on the historical context while drawing parallels to contemporary issues of misinformation [5] Group 2: Character and Storytelling - The film employs a multi-character narrative to depict the awakening of ordinary people from survival to resistance against the invaders, showcasing their diverse backgrounds and experiences [7] - Characters represent various societal roles, enhancing relatability and engagement for the audience, with the protagonist embodying the spirit of resilience and courage [9] - The collective effort of these characters to preserve evidence of war crimes illustrates the theme of unity and shared struggle against oppression [9] Group 3: Historical Context and Research - The production team conducted extensive research, visiting memorials and archives to ensure historical accuracy and depth in storytelling [10] - The film references real events, such as the preservation of crucial photographic evidence that played a significant role in post-war trials against Japanese war criminals [12] - The narrative also critiques the ongoing influence of militaristic ideologies in Japan, emphasizing the need for continued awareness and education regarding historical truths [12] Group 4: Audience Reception and Impact - Viewers have expressed that the film effectively connects historical events to contemporary realities, enhancing understanding of the past and the value of peace [13] - The film's portrayal of resilience and the importance of memory resonates with audiences, prompting reflections on national identity and collective memory [13]

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人| 屠强 耿佩璇 摘要 高频跟踪：工业生产表现分化，基建开工有所回暖，港口货运量仍在上行。 【工业生产】工业生产表现分化。 本周，高炉开工率同比小幅回升，录得1.2%。化工链生产有所回落， 纯碱、PTA开工同比分别-3.3pct至-6.0%、-1.2pct至-1.0%。汽车半钢胎开工仍不及去年同期，同比-0.2pct 至-3.3%。 【建筑业开工】建筑业开工表现分化。 本周，全国粉磨开工率同比-3.9pct至-6.2%；水泥出货率仍在低 位，同比-2.6pct至-3.0%。沥青开工率有所回升，同比+1.0pct至0.3%。 【下游需求】地产成交有所回升，港口货运量仍在上行。 本周，全国新房日均成交面积偏弱，同比 +20pct至-6.1%。货运方面，与出口相关的港口货物吞吐量、集装箱吞吐量回升，同比分别+5.2pct至 13.3%、+6.3pct至11.5% ；但集运价格延续回落、环比-3.2%。人流出行强度小幅回升，全国迁徙规模指 数同比+0.4pct至17.8%。国内执行航班架次同比+0.7pct至2.5%。 1. 生产高频跟踪：工业生产表现分化，基 ...

Core Viewpoint - The current downturn in the film market cannot be solely attributed to audience behavior or the quality of works, indicating a more complex phenomenon that requires deeper analysis [1][6]. Box Office Performance - As of July 29, 2023, the total box office for the summer season (June 1 - August 31) exceeded 5.5 billion yuan, with "Nanjing Photo Studio" grossing 536 million yuan in its first five days and projected to reach 3.246 billion yuan [2]. - By mid-July, the box office was only 3.412 billion yuan, lower than the 3.848 billion yuan earned by the 2023 summer box office champion "All In," highlighting the industry's pressure [2]. - The 2023 summer box office total is projected to be significantly lower than the 20.62 billion yuan in 2023 and 17.653 billion yuan in 2019, raising concerns among industry professionals [2]. Film Quality and Audience Engagement - "Nanjing Photo Studio" has a high Douban rating of 8.6, but its box office performance needs a significant boost to be considered a true "dark horse" [3][4]. - The film's serious historical theme may deter some viewers due to emotional weight, similar to the past performance of "1942," which had a high rating but low box office [5]. - Despite the overall quality of films this summer being commendable, audience engagement remains a challenge, as seen with "The Lychee of Chang'an," which, despite good ratings, is projected to earn only 660 million yuan [5]. Market Dynamics and Future Outlook - The film industry is facing a complex set of challenges, including shifts in consumer spending, public psychological expectations, and changes in the entertainment environment [6]. - The industry must focus on creating films that resonate with audiences on a deeper emotional level, as past strategies relying on emotional triggers are no longer as effective [6]. - Regardless of the summer box office outcome, filmmakers should strive to create timeless classics that can ensure the industry's future survival and growth [7].

Group 1 - Industrial production shows divergence, with slight recovery in blast furnace operating rates, up 1.2% year-on-year [1][4] - Chemical production has declined, with soda ash and PTA operating rates down by 3.3 percentage points and 1.2 percentage points respectively [1][11] - Construction industry shows mixed performance, with nationwide grinding operating rates down 3.9 percentage points to 6.2% [1][16] Group 2 - Real estate transactions have seen a rebound, with average daily transaction area for new homes up 20% year-on-year, although still weak [1][29] - Port cargo throughput continues to rise, with year-on-year increases of 5.2% for cargo and 6.3% for container throughput [1][34] - Passenger travel intensity has slightly increased, with the national migration scale index up 0.4 percentage points to 17.8% [1][39] Group 3 - Agricultural product prices show divergence, with egg and vegetable prices up 0.3% and 5.0% respectively, while pork and fruit prices are down 0.2% and 2.3% [2][56] - Industrial product prices have rebounded significantly, with the South China industrial product price index up 4.2% [2][63] - Energy and chemical price indices increased by 4.0% and metal price index by 4.1% [2][63]

Group 1 - The film "Nanjing Photo Studio" is set to be released in multiple overseas markets, indicating the acceleration of China's film "going out" strategy [1] - The film's release in Australia, New Zealand, the US, Canada, and other regions is expected to boost the company's overseas box office revenue and brand influence [1] - Actual box office performance and market feedback will be crucial in assessing the film's contribution to the company's financial results [1] Group 2 - The Ministry of Agriculture and Rural Affairs, along with ten other departments, has issued a plan to promote agricultural product consumption, focusing on nutritional and healthy eating [2] - There is a shift in consumer demand from merely satisfying hunger to seeking nutritional and health benefits, prompting the ministry to advocate for increased consumption of soybeans and milk [2] - This initiative is expected to lead to demand expansion for related enterprises and reshape the agricultural product consumption structure, enhancing the overall industry value [2] Group 3 - Apple has announced the closure of its retail store in Dalian, citing changes in the external commercial environment as the reason for this decision [3] - This move reflects Apple's cautious assessment of the commercial ecosystem and aims to optimize its store network for improved operational efficiency [3] - While there may be short-term concerns regarding retail strategy, this decision is likely to strengthen brand experience by focusing on core business districts in the long run [3]

Core Insights - The 2025 summer movie season is experiencing significant growth, with total box office exceeding 5.5 billion yuan and over 145 million admissions as of July 29 [1][2][3] - The film "Nanjing Photo Studio" is leading the box office, breaking multiple records and is projected to reach a total box office of 3.2 billion yuan [2][4] - The diverse supply of films, exceeding 100 titles, caters to various audience preferences, contributing to a sustained box office performance [3][4] Industry Performance - The summer box office has consistently surpassed 600 million yuan for four consecutive weeks, indicating a strong market momentum [3] - The first half of 2025 saw a total box office of 29.23 billion yuan, a year-on-year increase of 22.9%, marking the best performance since 2020 [7] - Domestic films accounted for 91.2% of the box office in the first half of the year, highlighting their role in market recovery [7] Company Involvement - The production companies behind "Nanjing Photo Studio," including Happiness Blue Sea and China Film, have seen stock price increases following the film's success [4] - "Nanjing Photo Studio" involved nine production companies, while "Longan's Lychee" had eleven, indicating a collaborative approach in film production [4] - The strong performance of animated films this summer, such as "Liao Zhai: Lan Ruo Si," reflects the growing potential of the domestic animation industry [5]

Group 1 - The summer film season of 2025 is performing strongly, with total box office exceeding 5.5 billion yuan and over 145 million admissions as of July 29 [1][2] - The top films include "Nanjing Photo Studio," "Jurassic World: Rebirth," and "Lychee in Chang'an," with "Nanjing Photo Studio" breaking multiple records and projected to reach a total box office of 3.2 billion yuan [1][2][3] - The diverse supply of films, exceeding 100 titles, caters to various audience preferences, contributing to a sustained box office performance of over 600 million yuan for four consecutive weeks [1][2] Group 2 - The film "Nanjing Photo Studio" is seen as a leading contender in the summer season, with its box office performance and predictions indicating it could become a "dark horse" of the season [2][3] - The production companies involved in "Nanjing Photo Studio" include major players like China Film and Happiness Blue Ocean, which have seen stock price increases [3] - The summer film season is expected to continue its momentum with upcoming releases, including historical war films and animated features, enhancing the overall market performance [2][3] Group 3 - The domestic film market is recovering strongly, with a 22.9% year-on-year increase in box office revenue for the first half of 2025, reaching 29.23 billion yuan [4] - Domestic films accounted for 91.2% of the box office, with 25 films surpassing 100 million yuan, indicating a robust performance in the domestic film industry [4] - The infrastructure for cinemas is improving, with record numbers of operating cinemas and screens, and significant growth in special effect theaters, enhancing the viewing experience [4][5]

Group 1: Industrial Production - Industrial production shows divergence, with a slight year-on-year increase in blast furnace operating rates of 1.2% [1][4] - Chemical production has declined, with soda ash and PTA operating rates down by 3.3 percentage points and 1.2 percentage points respectively [1][11] - The automotive sector's semi-steel tire operating rate remains below last year's level, down by 0.2 percentage points [1][11] Group 2: Construction Industry - Construction activity is mixed, with nationwide grinding operating rates down by 3.9 percentage points to 6.2% [1][16] - Cement shipment rates remain low, down by 2.6 percentage points to 3.0% [1][16] - Asphalt operating rates have seen a year-on-year increase of 1.0 percentage points to 0.3% [1][16] Group 3: Downstream Demand - Real estate transactions have shown a slight recovery, with average daily transaction area for new homes down by 6.1% year-on-year, but still up by 20% compared to the previous week [1][29] - Port cargo throughput related to exports has increased, with cargo and container throughput up by 5.2 percentage points and 6.3 percentage points respectively [1][34] - Passenger travel intensity has slightly increased, with the national migration scale index up by 0.4 percentage points to 17.8% [1][39] Group 4: Price Trends - Agricultural product prices are mixed, with egg and vegetable prices up by 0.3% and 5.0% respectively, while pork and fruit prices are down by 0.2% and 2.3% [2][56] - Industrial product prices have rebounded significantly, with the Nanhua Industrial Price Index up by 4.2% [2][63] - Energy and chemical price indices have increased by 4.0% and 4.1% respectively [2][63] Group 5: Transportation and Logistics - National railway and highway freight volumes have increased, with year-on-year growth of 0.1 percentage points and 1.6 percentage points respectively [1][34] - Port cargo throughput continues to rise, with significant increases in both cargo and container throughput [1][34] - The overall trend in logistics indicates a recovery in freight activity [1][34] Group 6: Consumer Behavior - Cinema attendance has surged, with a year-on-year increase of 49.3% in viewer numbers [1][42] - Automotive sales show a mixed trend, with retail sales up by 2.2% while wholesale volumes are down by 17.8% [1][42] - The overall consumer spending environment is showing signs of recovery, particularly in entertainment sectors [1][42]

Core Viewpoint - The Chinese film industry is experiencing a structural downturn, with a significant decline in audience attendance and box office performance, despite an increase in the number of cinemas and screens [3][4][12]. Group 1: Box Office Performance - As of July 23, 2025, the total box office for the summer season was only 4.297 billion yuan, far below the 17.778 billion yuan recorded in 2019 [8][9]. - The summer box office in 2025 has not even reached half of the figures from previous years, indicating a severe decline in audience engagement [9][10]. - The average number of attendees per screening has been between 2 to 4, with a near 40% empty screening rate [11]. Group 2: Cinema Expansion vs. Audience Decline - Despite the opening of 546 new cinemas in the first half of 2025, the total number of operating cinemas exceeded 13,000, while audience numbers continue to dwindle [12][15]. - The first half of 2025 saw a total box office of 29.231 billion yuan, a 22.9% increase year-on-year, but over half of this revenue came from the Spring Festival, primarily driven by the film "Nezha" [15]. Group 3: Financial Challenges for Cinemas - The cinema revenue model is complex, with only 57% of ticket sales going to cinemas after taxes and fees, leading to financial strain as operational costs remain high [21][23]. - The reliance on blockbuster films for profitability has created a precarious situation, where the failure of a few major releases can severely impact cash flow [20][26]. Group 4: Audience Engagement and Content Quality - A report indicated that 57% of audiences watched only one film in 2024, with a significant drop in attendance among younger viewers [33]. - The decline in audience interest is attributed to a perceived lack of quality in films, leading to a shift in viewing habits towards alternative entertainment options [34][36]. - The film industry is facing a creative crisis, with many filmmakers feeling pressured to prioritize commercial success over artistic expression [36][39]. Group 5: Industry Adaptation and Future Directions - Some companies are shifting their focus from traditional film production to broader IP development, including games and merchandise, to mitigate risks [43]. - Cinemas are exploring new revenue streams by enhancing the consumer experience with additional offerings beyond ticket sales [43][45]. - The industry is at a crossroads, needing to adapt to changing consumer preferences and competition from other entertainment forms to regain audience interest [46].