中金研究 当前，长剧的监管政策基调从严格规范向松绑与深耕并重转变，监管方式也更加多元化与精细化。2025年8月18日，国家广播电视总局印发实施广电新 规，促进内容供给创新。我们认为，展望未来，随着广电新规细则进一步落地，多重利好下行业有望进入良性循环。 点击小程序查看报告原文 Abstract 回顾背景：外部短剧冲击，内部下游预算收紧。 近年来，以红果免费短剧为代表的微短剧平台的兴起加剧长剧的竞争压力，头部长视频平台亦加大降本 增效力度。我们判断，长剧产业链下游预算的收紧，一定程度上加速上游供给出清，但也影响主创生存环境的稳定性和创作积极性，对内容创新产生影 响。 行业触底：供给侧出清平稳，期待精品化与类型多元化。 当前，长剧供给侧格局逐步从调整期迈向企稳阶段，结构性提质增效持续深化。从剧集的拍摄 备案到发行再到播出上新，整体数量在经历多年出清后自2024年开始已逐渐企稳。精品化：长视频平台逐渐提升独播剧比例，且高度重视会员剧集的转 化，内容布局愈发向头部倾斜。类型化：作为年轻女性受众的重要类型，古装剧备案和上线数量经历2019~2022年的低迷后已有回升趋势。 新规观察：促进内容供给创新，多重利好逐渐显现。 ...

Core Insights - The article discusses the importance of emotional resonance in building urban cultural tourism brands, particularly among young consumers, emphasizing the role of quality IP content in creating lasting commercial value and city influence [1][2] Group 1: Emotional Resonance and IP - The core driving force for contemporary young travelers is "spiritual necessity," highlighting the critical role of emotional resonance in urban cultural tourism brand development [2] - The case study of the show "Planting Land" illustrates how quality IP can serve as an emotional entry point for young users, achieving high ratings and transforming a location into a popular destination [2] Group 2: Innovative Marketing Strategies - The company employs an "open-loop ecosystem" marketing strategy, utilizing a content matrix of long videos, short videos, and live broadcasts to maximize IP value [2] - The "518 Love Day" event, derived from the "Planting Land" series, exemplifies how IP can create commercial value by linking multiple enterprises [2] Group 3: IP as a City Brand - Quality IP can act as a "city business card," telling urban stories and serving as a "traffic password" for effective communication [2] - The company aims to achieve long-term retention of audience engagement through new business formats like offline parks and immersive theaters [2] Group 4: Advertising Innovations - The company has launched an upgraded advertising platform called "Qiju," which integrates brand and performance advertising to enhance the efficiency of quality traffic monetization [3] - Innovative technologies such as AI-driven content integration are being utilized to improve advertising effectiveness and user experience [3] Group 5: Strategic Planning in Content Marketing - The company is focused on a "long + short" content ecosystem, maintaining its core strength in long videos while expanding into short-form content to meet diverse consumer needs [5] - The strategy includes breaking down IP into various formats and leveraging different media channels for rapid content iteration and user interaction [5]

Core Viewpoint - iQIYI's entry into the live e-commerce sector is a strategic move to address performance pressures, leveraging its unique content-driven e-commerce model to differentiate itself from established players like Douyin and Taobao [4][5][12] Group 1: Market Position and Strategy - The live e-commerce market is dominated by platforms like Douyin and Taobao, which hold over 85% of the market share, leaving limited space for new entrants [6] - iQIYI plans to utilize its extensive IP resources, such as the hit series "Tang Dynasty Ghost Stories," to create a "watch and buy" shopping experience, allowing users to purchase items featured in shows [4][5] - The introduction of the AI assistant "Peach Bean" aims to enhance user experience by intelligently recommending related products during content viewing [4] Group 2: Financial Performance and Challenges - iQIYI's financial performance in 2024 showed a total revenue of 29.23 billion yuan, a year-on-year decline of 8%, and a net profit of only 760 million yuan, down 60% [5] - Membership revenue also fell by 12.5% to 17.76 billion yuan, indicating a pressing need for new monetization channels [5] - The company faces significant challenges in establishing a robust supply chain, developing a mature product catalog, and overcoming user habits formed around long-form content consumption [5][9] Group 3: Opportunities and Risks - Despite the saturated market, there are opportunities in IP derivative product development and the micro-drama sector, which could provide new growth avenues for iQIYI [6][10] - User skepticism regarding the commercialization of content poses a risk, as some members view the shift to e-commerce as exploitative [6][10] - Balancing commercial interests with content quality is crucial; failure to maintain quality could erode user trust and loyalty [8][10] Group 4: Future Outlook - iQIYI's success in live e-commerce hinges on its ability to convert popular IP into sales, build a comprehensive supply chain, and educate users on shopping habits [9][10] - The company aims to establish a unique competitive advantage by integrating content and e-commerce, potentially reshaping industry dynamics if successful [10][12] - However, the challenges of late entry, supply chain weaknesses, and user resistance to commercialization may hinder iQIYI's efforts in this competitive landscape [12]