陈孟 腾讯研究院高级研究员 田小军 腾讯研究院数字内容研究中心负责人 本文首发于光明网， 原标题《总结动画电影成功经验 加强电影与大众的连接》 2025年中国电影票房达518.32亿元，同比增长21.95%，产业展现出强劲的发展韧性。同时，动画电影成为拉 动市场增长的关键引擎，这是国产动画厚积薄发的成果，也反映了新大众文艺时代文化需求的深刻转变。 可总结并吸取动画电影发展的成功经验，推动电影行业更好满足大众文化需求，助力文化产业高质量发 展。 动画电影成为中国电影提质升级"先行军" 2025年，动画电影成为中国电影票房的核心支柱之一。同时，国产动画电影实现了市场与文化影响力的同 步提升，成为中国电影提质升级的领军力量。 其一，动画电影票房集中爆发，成为拉动电影消费的主力。 2025年我国动画电影贡献了票房254.9亿元,占比 49.2%。全年票房榜前10名中有4部是动画电影。从各档期来看，年初、年中和年末，三部动画电影撑起了 春节档、暑期档、贺岁档市场。其中，《哪吒之魔童闹海》以154.46亿元的票房成为中国影史票房冠军，并 以超过50%的票房占比助推了"史上最强春节档"诞生。《浪浪山小妖怪》位列2025年暑 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 8 日 [Table_Title] AI 大厂主动下场推广"养虾" ，MiniMax M2 日均 Token 消耗量激增 [Table_Title2] 传媒行业周报系列 2026 年第 9 周 [Table_Summary] ►市场行情回顾 2026 年第9周（实际交易日为 2026.3.2-2026.3.6）上证指 数下跌 0.93%，沪深 300 指数下跌 1.07%，创业板指数下跌 2.45%。恒生指数下跌3.28%，恒生互联网指数下跌3.58%， 行业落后恒生指数 0.3pct。SW 传媒指数下跌 6.97%，落后 创业板指数 4.53pct，在申万一级 31 个行业涨跌幅排名中 位列第 31 位。子行业中影视、游戏和互联网服务位列前三 位，分别为下跌 3.66%、下跌 4.38%和下跌 5.33%。 ►核心观点&投资建议 腾讯等大厂主动下场推广 OpenClaw，AI 变现找到关键突破 口。据财联社，本周腾讯工程师在深圳总部"摆摊"免费 帮用户完成 OpenClaw 云端安装，现场近千个预约号一小时 发放完毕；字节火山引擎、 ...

两会定调开局，外部变局加剧 ——宏观周报（3 月 2 日-3 月 8 日） 2026 年 3 月 8 日 ⚫ 本周关注：本周正值全国两会召开，会议为"十五五"开局之年经济政策锚 定方向，明确全年经济工作稳中求进、提质增效的总基调。GDP 增长目标 设定为 4.5%-5%区间，以更加积极的财政政策与适度宽松的货币政策协同 发力，加大逆周期与跨周期调节，聚焦扩内需、稳增长、防风险，以政策确 定性应对外部环境扰动。 本周高频数据显示国内基本面保持平稳，但地缘政治风险通过能源价格和 供应链预期对国内形成传导，两会政策的加力提效将为扩内需、稳增长提 供更强支撑。国内消费端电影票房与航空客流回暖，外需方面地缘政治推 升油价，但 BDI 指数和集装箱运价总体平稳，货物吞吐量同比回落显示外 需仍有压力。生产端钢铁行业因春季检修与两会环保要求开工率回落，化 工行业受油价支撑生产偏强，反映企业对供应链担忧提前备货。CPI 受节 后需求回落影响，猪肉、蔬菜价格继续下行；PPI 则因地缘冲突显著分化， 原油价格大幅飙升，有色金属价格走势分化。两会明确积极财政与适度宽 松货币协同，财政资金规模创三项新高，央行也表示将灵活运用降准降息 ...

报告正文 1、生产高频跟踪：工业生产表现分化，建筑业开工有所回升 工业生产中，高炉开工维持韧性，钢材表观消费回落。 节后第1周，高炉开工率环比0.1%，同比较节前 1周回升0.1个百分点至2.3%；钢材表观消费同比较春节前1周回落3.5个百分点至-6.4%。钢材社会库存涨幅较 大，环比上升9.6%。 | 赵 耿 联 人 | 耿 图 39: 节后第１周，高炉开工率有所回升 % 全国高炉开工率 (247家) ··· 2023 ==== 2024 ==== 2025 · 2026 86 - 84 82 80 78 76 74 72 Ho, Ho, Ho' Ho' Ho' H D t I 型运营造造造运运 电视机 资料来源：Wind、申万宏源研究 图 40: 节后第 1 周，钢材周表观消费同比回落 五大品种钢材周表观消费量 万吨 - 2023 -2025 · 2026 =====2024 1100 - 1000 900 800 700 600 500 400 HD + □ HD +0 HD 资料来源: iFind、申万宏源研究 % 涤纶长丝开工率 · 2023 - 2025 · 2026 = · 2024 l 100 ...

Core Viewpoint - The company expects a significant increase in annual profits, projecting a year-on-year growth of over two times, while revenue is anticipated to rise by 12.7% to 15% [1][2]. Group 1: Financial Performance - The company forecasts its 2025 revenue to be between 4.6 billion to 4.7 billion yuan, reflecting a year-on-year increase of 12.7% to 15.1%. In contrast, profit is expected to reach between 540 million to 590 million yuan, marking a substantial year-on-year growth of 196.9% to 224.4% [2][4]. - The significant profit increase is attributed to a record number of films involved in promotion or production, with several films achieving impressive box office results, such as "Detective Chinatown 3" grossing over 3.6 billion yuan [4]. Group 2: Market Environment - The overall Chinese film market saw a rebound in 2023 with box office revenues reaching 54.9 billion yuan, but projections indicate a decline to 42.5 billion yuan in 2024, with a slight recovery to 51.8 billion yuan in 2025. Notably, the film "Ne Zha" accounted for nearly one-third of last year's revenue, suggesting that without such blockbusters, revenues may fall below 2024 levels [5]. - The film industry faces challenges in achieving profit growth, as the success of companies like the subject company is closely tied to the performance of hit films [5]. Group 3: Industry Challenges - The unpredictability of producing successful films poses a significant risk, as even substantial investments do not guarantee success. The extraordinary success of "Ne Zha" is considered a rare occurrence [6]. - The company recognizes the limitations of the film industry and has ventured into the IP market by establishing an animation brand, aiming to expand its reach into various entertainment sectors. However, revenue from this segment remains low, indicating that it is still in its early stages and requires further investment [6].

Industrial Sector - After the Spring Festival, daily average pig iron production and float glass operating rates have increased, indicating a recovery in industrial production[2] - Cement clinker capacity utilization rate has decreased, while asphalt operating rates have also shown a decline[2] - The operating rate of polyester in the textile sector has improved, while weaving industry rates have seasonally weakened[2] Real Estate - New home sales in 30 major cities have seen a year-on-year decline of 24.6%, but this is an improvement of 2.1 percentage points compared to December 2025[2] - The second-hand housing listing price index has increased by 0.11% week-on-week as of February 16[2] Domestic Demand - Retail sales of home appliances have decreased by 12.3% year-on-year, but this represents a 10.1 percentage point improvement from previous values[2] - Domestic flight operations have increased by 17.8% year-on-year, with a growth rate improvement of 10.8 percentage points compared to the previous week[2] - National retail and catering sales during the Spring Festival have grown by 5.2% year-on-year, surpassing the 4.1% growth during the 2025 Spring Festival[2] External Demand - Port cargo throughput has increased by 15.1% year-on-year, with container throughput rising by 19.3%[2] - Exports to South Korea and Japan have grown by 23.5% year-on-year, with a significant acceleration of 25.8 percentage points compared to the previous month[2] Prices - The Nanhua Industrial Price Index has risen by 2.5%, with the non-ferrous metals index increasing by 4.5%[2] - The agricultural product wholesale price index has decreased by 3.1% week-on-week, reflecting seasonal declines[2]

固收市场周报 地产市场季节性回暖，复工节奏快于去 年农历同期——宏观高频数据追踪 2026 年 03 月 02 日 【固收观点】 2026 年春节后复工复产节奏快于去年农历同期，黑色上游及化工行业 开工表现相对较好。根据百年建筑网调研，截至 2 月 25 日(正月初九)， 全国 10692 个工地开复工率农历同比增加 1.5 个百分点。其中，工地 资金到位情况明显强于去年，工人复工情况也好于去年，资金到位率、 劳务上工率的农历同比分别增加 9.4、3.7 个百分点。从工业生产开工 率角度来看，焦化企业开工率、高炉、甲醇、涤纶长丝等开工率数据 均较春节前有不同程度回升，不过黑色下游及建材生产开工表现一般， 其中螺纹钢开工率、石油沥青开工率、水泥熟料产能利用率、汽车轮 胎开工率仍明显回落，或与相关企业复工节奏偏慢有关，后续需关注 近期地产市场边际好转对上游产业链的带动情况以及原油价格波动上 涨对化工产业的边际影响。 挖掘价值 投资成长 东方财富证券研究所 证券分析师：刘哲铭 证书编号：S1160525120003 联系人：孙欣贺 相关研究 《曲线平坦化，哑铃策略优势初现？》 2026.03.01 《上海楼市新政出 ...

完整早报音频，请点击标题下方小耳机收听 【荣耀人形机器人 Robot 亮相，现场表演后空翻】 3 月 1 日晚间消息，在荣耀 MWC 2026 全球发 布会上，荣耀 CEO 李健发表演讲。发布会上，荣耀人形机器人 Robot 以及荣耀机器人手机 Robot Phone 同台亮相，并与荣耀 CEO 李健现场互动。荣耀人形机器人 Robot 还在现场表演了舞蹈、后 空翻等动作。（新浪科技） 【宗 馥莉砍掉娃 哈哈机器人业务，精机公司解散清算】 2026 年 2 月 24 日，杭州娃哈哈精密机械 有限公司发布解散公示，正式进入清算程序，员工劳动合同于 2 月 28 日终止。该公司为娃哈哈商业 股份全资持股，实际控制人为宗馥莉，曾承担集团智能化、机器人研发与智能装备制造业务。据了 解，娃哈哈精机成立于 2011 年， 2023 、 2024 年社保人数分别为 281 人、 261 人。此次注销 原因为决议解散，清算组负责人为宗馥莉旗下宏胜系核心高管严学峰。接近娃哈哈的人士表示，此举 与宗庆后时期多元化思路不同，宗馥莉意在剥离非核心业务，将资源聚焦食品饮料主业。（每日经济 新闻） 【三星拟于 2030 年前在 AI 驱 ...

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - In February, 152 game licenses were approved, with 146 domestic and 6 imported games passing the review. Key products include Tencent's "Snow in the World" and others. As of February, 334 game licenses have been approved in 2026, indicating a stable issuance rhythm and a solid foundation for healthy industry development [2][20] - The rapid development of AI applications, combined with a recovery in entertainment consumption, presents investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors. Beneficiaries include Tencent, Alibaba, and others [21][6] Sub-industry Data Film Industry - The top three films by box office this week are "Flying Life 3" with 94,822.7 thousand yuan, "Biao Ren: Wind Rising in the Desert" with 34,787.9 thousand yuan, and "Silent Awakening" with 26,230.1 thousand yuan [22][23] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle." The top three Android games by popularity are "Heartbeat Town," "Diver Dave," and "Minecraft: Mobile Edition" [24][25] TV Series Industry - The top three TV series by broadcast index are "Taiping Year," "Eliminate Evil," and "Love in the Pure Era," with indices of 80.3, 79, and 78.8 respectively [26][27] Variety and Animation - The top variety show is "Now Departing Season 3" with a broadcast index of 69.6, followed by "The Strongest Brain Season 13" and "Hello Saturday 2026" [28][29] - The top three animations by viewership index are "Happy Hammer," "Xian Ni," and "Beyond Time," with indices of 288.1, 234.4, and 229.5 respectively [30]

2026年 中国电影市场研究报告 拓普数据出品 TISP ist T榜P 篮 | 2026年1月中国电影市场研究报告 核心摘要 2026年1月内地电影总票房19.64亿，同比2025年下降69.16%；观影人次 0.51亿，同比下降62.64%；放映场次1235.78万，同比上升0.14%。一方面, 寒假档热门影片缺阵，大盘长期低迷。另一方面，去年春节档较早，带动去年 1月大盘票房涨幅明显。 影片表现方面，1月国产片票房9.44亿，同比下降84.2%。分账片票房表现强 劲，1月票房8.88亿，同比上升929.3%，贡献月度大盘的45.3%，其中《阿凡 达3》《疯狂动物城2》为主要票房输出对象。类型表现方面，以《疯狂动物城 2》为主的动画片贡献本月票房的24%，以《阿凡达3》为主的科幻片贡献本月 票房21%，以《匿杀》为主的悬疑片贡献本月票房的18%。 影院建设方面，2026年1月新建影院68家，较去年同期减少325家；新建银幕 332块，较去年同期减少2129块。 院线影投方面,头部院线中,金逸珠江本月票房较上月上升1位;运营效率方 面，万达院线运营效率遥遥领先，运营效率为1.80，其次是金逸珠江、上海联 和 ...