6月11日，三大股指集体收涨，上证指数报收3402.32点，涨0.52%；深成指报收10246.02点，涨 0.83%；创业板指报收2061.87点，涨1.21%。Wind数据显示，个股涨多跌少，全市场 3400多股飘 红。 盘面上，大金融涨幅靠前，稀土永磁、短剧游戏、汽车零部件、固态电池、数字货币题材活跃；离境 退税概念股冲高回落，创新药、算力、可控核聚变概念股调整。 具体来看，稀土永磁板块领涨两市，截至收盘，九菱科技30%涨停，中科磁业20%涨停，英斯特、 西磁科技涨13%。 2025.06. 11 本文字数：708，阅读时长大约1分钟 作者 | 第一财经 | 代码 | 名称 | | 内日图 | | 现价 | 涨跌 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | | 3402.32 c | | 17.50 | | 0.52% | | 399001 | 深证成指 | | | 10246.02 c | | 83.84 | | 0.83% | | 899050 | 11:250 | | | ...

Market Overview - A-shares opened higher on June 11, with the Shanghai Composite Index surpassing 3400 points during the midday session, ultimately closing up by 0.52% at 3402.32 points [1] - The Shenzhen Component Index rose by 0.83% to 10246.02 points, while the ChiNext Index increased by 1.21% to 2061.87 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 12,555 billion, a decrease of 1,598 billion from the previous trading day [1] Sector Performance - The financial sector led the gains, with significant activity in rare earth permanent magnets, short drama games, automotive parts, solid-state batteries, and digital currency themes [1] - The rare earth sector continued to strengthen, with several stocks hitting the daily limit or rising over 10% [3] - Automotive stocks showed strong performance throughout the day, with multiple stocks also hitting the daily limit or rising over 10% [3] - The pharmaceutical sector experienced a downturn, with several stocks declining over 6% [3] - Communication stocks faced notable declines, with several companies dropping over 5% [3] Investor Sentiment and Market Outlook - Citic Securities noted that investor sentiment in May was generally stable, with expectations of continued market risk appetite due to improved US-China trade relations [5] - Zhongyuan Securities indicated that the market's liquidity remains ample following recent monetary policy adjustments, with expectations for further policy support [6] - Dongguan Securities highlighted the potential for structural opportunities in the market driven by positive economic indicators and technological breakthroughs [7] - Shenwan Hongyuan suggested that the market may remain in a consolidation phase, with a focus on key economic data and policy developments in June [8]

Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down 0.44%, Shenzhen Component down 0.86%, and ChiNext down 1.17% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.4154 trillion yuan, an increase of 129 billion yuan compared to the previous day [1] - A significant market drop occurred, attributed to unfounded market fears rather than solid evidence [1] Market Sentiment - The first bearish signal after five consecutive days of gains is not necessarily an indication of the end of the rebound trend [2] - Despite concerns over low volatility, the market shows strong resilience, indicating a clear short-term rebound trend [2] - There is a high probability of breaking through the mid-May high in the short term [3] Sector Performance - The innovative drug sector continues to rise but is not considered the main driving force of the market [4] - The innovative drug sector's daily trading volume has not exceeded 100 billion yuan, ranking outside the top 30 among concept sectors [5] - The banking sector index reached a historical high, benefiting from the decline in risk-free interest rates, making it an attractive investment target [6][7] Emerging Trends - The IP economy sector index has reached a new high, driven by successful IP launches and overseas expansions [8] - The short drama industry is experiencing rapid growth, aided by AI technology, which is expected to enhance efficiency and reduce costs [9] Strategic Insights - The market is advised to focus on cultural exports in the short term and blue-chip sectors such as finance, pharmaceuticals, and food and beverage in the medium term [12]

10日，A股、港股午后全线回落，创业板指、科创50指数等跌超1%，恒生科技指数跌近1%。 具体来看，两市股指早盘窄幅震荡，午后加速下探。截至收盘，沪指跌0.44%报3384.82点，深证成指跌0.86% 报10162.18点，创业板指跌1.17%报2037.27点，科创50指数跌1.47%，北证50指数跌约1%，沪深北三市合计成 交14516亿元，较此前一日增加近1400亿元。 场内超4000股飘绿，半导体、军工、石油、券商、酿酒等板块走低；银行板块走强，民生银行一度涨约4%， 兴业银行、南京银行盘中创出新高；农业板块拉升，种业股表现亮眼，秋乐种业、康农种业涨超10%；离境退 税概念崛起，国航远洋30%涨停，宁波海运、南京港、连云港等涨停；创新药概念再度活跃，昂利康连续3日 涨停，一品红、泰恩康涨超9%均创出新高；稀土概念持续强势，中科磁业、科恒股份等涨停；短剧概念尾盘 异动，中文在线涨超13%，慈文传媒涨停；体育概念热度不减，共创草坪斩获7连板。 离境退税概念盘中大幅走高，截至收盘，国航远洋30%涨停，华光源海涨近27%，宁波远洋、南京港、连云港 等均涨停。 | 代码 | 名称 | 4 | 涨幅% | 现价 ...

6月5日，新腕儿联合WETRUE一点查剧推出2025年5月的短剧月榜。 这份月榜深度剖析一个月内上线流通的短剧，通过它们在统计时间段内的数据表现情况，同时结合抖音广告的关联数据，经由WETRUE数据 研发中心的模型进行计算，反映其在媒体投放市场中的消耗热度，并输出多个不同维度的数据，以数据表现特征来总结5月大盘的趋势，尽可 能提炼行业风向指标，以供从业者参考。 一、大盘数据综述： 2025年5月WETRUE热度值总量 17.45亿 环比增幅约（-0.68%） 2025年5月日均热度值 5629.45万 环比增幅约（-3.89%） 2025年5月热度值曲线 2025年5月进入WETRUETop30榜单的短剧 394部 2025年5月WETRUE累积热度值超千万的短剧 15部 四、题材维度数据综述： 从频道类型维度，女频、男频占比分别为74.06%与25.94%，跟上个月相比没有明显变化。 2025年5月WETRUE挖掘到短剧相关的素材：4278914条 2025年5月关联素材数最多的短剧top10 三、公司维度数据综述： 2025年5月共有32个关联方进入WETRUETop30榜单。 2025年5月较为活跃的关 ...

Core Insights - The global short drama market is experiencing high growth, with significant potential for small and medium enterprises (SMEs) to establish a strong presence overseas [6][4][14] - In the domestic market, the independent app "Hongguo" leads the way, while long video platforms are actively transforming [12][4] - The overseas market presents a more favorable competitive landscape, allowing SMEs to potentially become oligopolies [4][14] Domestic Market - Starting from the second half of 2024, independent apps like Hongguo are expected to see rapid growth, with usage time in Q1 2025 increasing by 5.5 times year-on-year [12][4] - Hongguo's monthly advertising ARPU reached 29 yuan, surpassing membership ARPU of long video platforms like iQIYI and Mango [12][35] - The rise of piracy is increasingly impacting the video sector, particularly paid series, necessitating stronger control measures [12][4] - The competition for exclusive content among production companies is intensifying, leading to a temporary increase in profit margins for producers [12][4] Overseas Market - The overseas market is characterized by high revenue growth and reduced risk, with leading platforms like Reel Short achieving a net profit of 7.91 million yuan in 2024 [4][14] - Chinese SMEs are better positioned in the overseas market due to their early entry and competitive advantages in content production and localization through AI technology [2][14] - The payment environment overseas is more favorable, with a mix of IAP and IAA models, resulting in higher average ROI compared to the domestic market [2][14] AI Technology Impact - AI technology is driving upgrades in the short drama industry, with advancements in AI animation, AI transformation, and AI live-action short dramas expected to continue [3][15] - AI animation short dramas are particularly advantageous in terms of cost reduction and user conversion rates in overseas markets [3][15] Market Size and Competitive Landscape - The Chinese micro-short drama market is projected to reach 50.4 billion yuan in 2024 and exceed 68 billion yuan in 2025 [4][44] - The domestic market is dominated by Hongguo, while the overseas market allows SMEs to leverage their technological and content advantages [4][14] Investment Recommendations - Focus on overseas markets where Chinese SMEs are positioned for high revenue growth and manageable competition risks, with companies like Zhongwen Online, Kunlun Wanwei, and Zhangyue Technology showing potential [16][17] - In the domestic market, traditional platforms like Mango Super Media may still have growth opportunities if they can retain existing users while expanding into short dramas [17][16]

Group 1 - Douyin Group has established a short drama copyright center to integrate its short drama business teams, focusing on copyright procurement, content distribution, and creator collaboration [1] - This strategic move is seen as a turning point for the micro-drama industry, shifting from a "traffic battle" to a "systematic cultivation" approach [1][3] - The internal restructuring is primarily driven by a relatively eased external competitive pressure, allowing Douyin Group to enhance its micro-drama copyright management and overall quality [1][3] Group 2 - The internal competition mechanism, known as "internal horse racing," has led to the emergence of several independent short drama products under Douyin Group, including Hongguo Short Drama and others [2][3] - However, this competition has resulted in structural challenges in copyright procurement, leading to increased costs and resource wastage [3][4] - The establishment of the copyright center aims to centralize procurement processes, enhancing efficiency and potentially increasing the group's bargaining power with content providers [4][6] Group 3 - The micro-drama market is rapidly expanding, with user numbers reaching 576 million and market size projected to be 50.44 billion yuan in 2024, marking a 34.9% year-on-year growth [6] - Douyin Group's Hongguo Short Drama has achieved significant user engagement, with 17.3 million monthly active users in March 2024, reflecting a 220.28% increase [6] - The competitive landscape includes other major players like Kuaishou, iQIYI, and Tencent Video, all vying for market share in the micro-drama sector [6][7] Group 4 - The establishment of the copyright center is a response to increasing regulatory scrutiny on copyright management in the micro-drama industry [7][8] - The industry has faced significant copyright issues, including rampant piracy and unauthorized content distribution, necessitating a more structured approach to copyright management [7][8] - Douyin Group's initiative is expected to set a precedent for other market participants, promoting better copyright practices across the industry [8]

中国的微短剧产业链，从IP生产、制作包装、平台搭建、到后端运营等上下游的相关布局，已经清晰完善，甚至出现饱和的趋势。在微短剧作品逐年递 增、市场扩容速度减缓的情况下，微短剧出海为行业带来新的增量空间。 2025年一季度，全球短剧应用的内购收入接近7亿美元，是2024年第一季度的近4倍。此外，全球短剧应用的下载量在2025年第一季度达到了3.7亿次，显 著的增长趋势令行业振奋。眼看海外微短剧市场的数据逐年攀升，对于竞争严重的短剧行业而言，出海的确开辟了新的市场版图。但这并不意味着出海与 稳赢画上了等号，甚至有不少投资者尚未收回成本。 看似"洋气"的出海微短剧，其实一点都不轻松。 海外数据持续增长，中国短剧驶向新海域 随着"中国制造"的品质不断提高，出海浪潮席卷各个行业，而短剧出海是当下文娱行业既新鲜、又火爆的话题。随着中国微短剧市场规则和体系的进一步 完善，微短剧市场将拥抱更多创新与机遇，而中国微短剧出海就是一项重大机遇。 艾媒咨询发布的《2024-2025年中国微短剧市场及出海市场分析报告》显示，中国微短剧市场规模呈上升趋势，预计2027年中国微短剧市场规模超1000亿 元。 中国微短剧出海对全球短剧市场而言 ...

华阳国际的核心业务建筑设计板块在过去几年经历了回调，公司的规模、营收 合同和人员规模有所下降，但目前已趋于稳定。今年（2025 年）以来，合同 同比增长接近 30%，这是近年来少见的情况。公司员工产能和负荷较为饱和， 今年（2025 年）重新启动了校招。整体上，公司在设计业务方面基本保持稳 定，未来是否能继续增长需根据行业情况进一步观察。公司过去几年的首要任 务是确保基本面健康稳健，实现高质量发展，并结合市场形势做出调整。 华阳国际数字文化全栈式微短剧业务的具体推进情况及未来规划是什么？ 过去半年时间里，华阳国际主要进行了团队搭建工作，定位为全栈式短剧平台， 包括剧本创作、制作、投流和版权运营等多个环节。目前团队规模约为 130 至 140 人，基本框架已组建完成，并进行了人员优化调整。公司共拍摄了约 50 公司核心目标是确保基本面稳健，维持 1 到 2 亿净利润和现金流。在文 化赛道上进一步延伸，打造全站式短剧平台，积极出海并推动 AI 应用。 华阳城市科技公司聚焦于支撑核心业务的大场景拓展。 公司一季度订单同比增长接近 30%，为过去几个季度以来首次正增长。 公司将继续开源节流，稳定规模，聚焦新业务拓展。 ...

但事实果真如此么？ 视朋友CEO 何贵龙在接受《对话亚布力》专访时表示， 当"短视频创作"已经成为一个广泛的类别，它的生态需求就变成了共识性的问题。而如何通过场 景管理，赋能内容创作者制作出更加精良的短剧作品，是他当前最紧要的思考。视朋友致力于成为视频产业头部综合解决方案运营服务商，通过数字化管 理工具，让创作者和场景方的关系一键触达，大大提高创作者的沟通效率，重塑创作者与场景之间的价值链条。 前言 亚布力论坛研究中心 微短剧行业近年来发展迅猛，但 场景敷衍、内容同质、制作粗糙、质量失序等问题也引来不少诟病。甚至有人认为，微短剧行业的低俗化倾向，让不良 价值观过分渗透，不过是昙花一现的阶段性产物。 何贵龙 视朋友CEO 以下为采访内容： 亚布力论坛：在进入微短剧行业之前，你看到创作者在寻找拍摄场景时面临哪些主要问题？ 何贵龙：创作者在寻找适配的拍摄场景时，通常会出现以下问题： 第一，信息不对称。有些优质场景的使用率已经严重饱和，而很多想去拍摄的内容创作者，对于场景的信息却并不了解，消耗了大量的沟通成本，行业信 息的智能化披露不够。 其次，行业乱象频出，导致创作者的费用成本不断升高。虽然演员可能很多，但他们的标 ...