每经记者｜石普宁 每经编辑｜唐元 9月3日晚，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年文艺晚会《正义必胜》在北京人民大会堂隆重举行。晚会热度持续刷屏，网友齐 呼："建议全国巡演！" 一场文艺晚会像热播剧一样持续"刷屏"社交媒体，这样的情景并不多见。这场融合了情境诗朗诵、舞剧、音乐剧等多种形式演出的晚会，以一种磅礴而细 腻的情感力量，感染了屏幕内外的所有人。 舆论很快注意到，这台晚会的主创团队极其年轻，由80后艺术家担任总导演，大批90后编导参与制作，"00后"演员的比例更超过半数。这股扑面而来 的"新"意，自然也将聚光灯投向了背后的总导演——被称为"舞坛双子星"的周莉亚与韩真。 图片来源：新华社 "对话" 周莉亚与韩真是来自中国东方演艺集团的青年编导。近些年，两人因《永不消逝的电波》《只此青绿》《咏春》等作品声名鹊起。 她们以联合总导演的身份合作创排的四部舞剧，三度摘得"文华大奖"，因才华与默契，被业界称为"舞坛双子星"。 回看她们的一系列作品，观众似乎总能收获一种奇妙的"在场感"，仿佛历史的呼吸拂面而来，而非隔着玻璃在看文物。用她们的话来说，也许这就是"对 话"的力量。 搭建一座连接过去与现在的桥 ...

Group 1 - The core viewpoint emphasizes the historical achievements in cultural construction in China since the 18th National Congress, highlighting the progress towards building a socialist cultural power and enriching the spiritual and cultural life of the people [2] - The cultural innovation and creativity have been significantly stimulated, contributing to the great rejuvenation of the Chinese nation [2] Group 2 - The mechanism for guiding, supporting, and incentivizing literary and artistic creation has been improved, leading to the emergence of quality works that reflect people's lives, such as "Great Journey" and "Only This Green" [4] - A six-level public cultural service network has been established, promoting standardized and equal access to cultural services across urban and rural areas [5] Group 3 - In the first half of 2025, the revenue of large-scale cultural and related industry enterprises reached 71,292 billion yuan, a year-on-year increase of 7.4%, driven by the "national trend" stimulating new consumption potential [8] - The cultural new business formats showed explosive growth, with 16 sub-sectors achieving a revenue of 31,564 billion yuan, a 13.6% increase year-on-year, contributing 76.8% to the overall growth of large-scale cultural enterprises [9] Group 4 - As of now, China has 44 projects listed in the UNESCO Intangible Cultural Heritage list, ranking first in the world, showcasing "Chinese stories" on global platforms [12]

Group 1: China Publishing Group Co., Ltd. - In 2024, China Publishing Group Co., Ltd. improved management quality, achieving a balance between social and economic benefits [1] - The company published 21,000 titles with a reprint rate of around 60% [1] - The group won multiple awards, including the "Five One Project" Excellent Works Award and had the highest number of publications selected as "Good Books" in 2024 [1] Group 2: China Education Publishing Media Group Co., Ltd. - The group integrated the latest achievements of the Party's innovative theory into textbooks, reflecting the creative transformation of traditional culture [2] - It published over 45,000 books and donated more than 53 million yuan in cash and materials [2] - The group focused on developing future industries, including "Artificial Intelligence+" initiatives [2] Group 3: China Film Co., Ltd. - In 2024, China Film Co., Ltd. released 46 films, capturing 70.19% of the total box office for domestic films [3] - The company provided distribution services for 646 films, accounting for over 88% of the national box office [3] - It received multiple awards, including the "Five One Project" Award and the Golden Rooster Award [3] Group 4: Huaxia Film Distribution Co., Ltd. - Huaxia Film Distribution Co., Ltd. produced and distributed several award-winning films, contributing positively to the film industry [4] - The company provided quality distribution services to over 120 clients and released 22 films [5] - The first global high-frame LED cinema, "Huaxia Film Center," was established, leading industry upgrades [5] Group 5: China International Television Corporation - The company supported major promotional efforts for significant events, including the 20th National Congress of the Communist Party and the 75th anniversary of the founding of New China [6] - It achieved a record high in international communication business contracts and expanded its overseas media channels [6] - The company launched various cultural and sports events, enhancing its market presence [6] Group 6: Kuaishou Technology Co., Ltd. - Kuaishou Technology Co., Ltd. developed a video generation model, achieving over 6 million users and generating over 65 million videos [7] - The company created a job recruitment platform, leading to 43.2 million employment opportunities [7] - Kuaishou integrated various sectors, becoming a new carrier for the digital economy [7] Group 7: iQIYI, Inc. - iQIYI, Inc. covered over 1 billion users, ranking high in user engagement in the online video industry [8] - The company produced award-winning original content and expanded its use of AI in content production [8] - iQIYI developed immersive experiences using VR and gaming technologies [8] Group 8: Weibo Corporation - Weibo Corporation operated over 100,000 government and media accounts, achieving nearly 3 trillion annual reads [10] - The company promoted cultural themes and engaged in significant topics, generating substantial online discussions [10] - Weibo collaborated with various organizations to enhance cultural heritage and tourism [10] Group 9: Hebei Publishing and Media Group Co., Ltd. - The group achieved a revenue of 6.883 billion yuan, with a net profit of 1.186 billion yuan, reflecting steady growth [11] - It focused on reforming governance and resource allocation, with R&D investment increasing by 201% [11] - The group built 158 cultural spaces and hosted numerous reading events [11] Group 10: Shanghai Film Group Corporation - Shanghai Film Group Corporation produced award-winning works and achieved significant box office success, with total box office exceeding 7.5 billion yuan [12] - The company launched an AI creation center, pioneering a new creative model [12] - It attracted over 140,000 visitors to its film tourism projects [12] Group 11: Oriental Pearl New Media Co., Ltd. - The company integrated various media resources and advanced its smart broadcasting and cultural tourism sectors [13] - It launched significant projects, including a nationwide release of a dance film and a popular urban drama [13] - The company enhanced its cultural consumption offerings, attracting millions of visitors to its attractions [13] Group 12: Jiangsu Phoenix Publishing and Media Group Co., Ltd. - The group ranked first among domestic publishing companies in the global publishing top 50 [16] - It published over 120 award-winning titles and implemented four major original publishing projects [16] - The group achieved over 3.2 billion yuan in digital economy revenue [16] Group 13: Jiangsu Provincial Radio and Television Information Network Co., Ltd. - The company developed a comprehensive cultural and technological system, establishing a unique broadcasting platform [17] - It launched innovative projects in smart television and audio-visual applications [17] - The company collaborated internationally to create culturally impactful content [17] Group 14: Zhejiang Publishing United Group Co., Ltd. - The group focused on high-quality publishing and launched numerous themed books [18] - It established a dual online and offline distribution system, enhancing bookstore operations [18] - The group explored AI and big data applications in publishing [18]

Core Viewpoint - The dance drama industry is experiencing a significant resurgence, with a growing number of productions and interest from audiences, but there are concerns about the impact of a fast-paced approach on artistic quality and creativity [1] Group 1: Industry Trends - The dance drama market is witnessing an explosive growth, with many regions eager to capitalize on this trend [1] - There is a prevailing mindset among some regions to quickly achieve success in dance drama, which is negatively affecting the artistic creation process [1] Group 2: Artistic Quality and Performance - Artists emphasize the importance of time and effort in honing their craft, suggesting that true artistry requires patience and dedication [1] - The need for actors to understand the nuances of their roles and the intentions behind the script is highlighted, indicating that mere technical proficiency is insufficient [1] Group 3: Evaluation and Recognition - The selection process for prestigious awards like the Plum Blossom Award is rigorous, with a significant number of actors evaluated, reflecting the competitive nature of the industry [1] - There is a distinction made between different levels of actors based on their performance styles, with a call for actors to strive for excellence and resilience in their careers [1]

Core Viewpoint - The emergence of "famous scenes" in artistic creation reflects an increasing media awareness and user consciousness, but it also leads to a disconnection in overall artistic expression and the creation of "famous scenes" for the sake of it [1][3]. Group 1: Characteristics of "Famous Scenes" - "Famous scenes" are defined as classic segments in films and dramas that possess strong dissemination power and memorability, contributing significantly to the success of characters and works [1][2]. - The phenomenon of "famous scenes" is prevalent across various media, including stage performances and short videos, where creators attempt to replicate the success of classic scenes [1][2]. Group 2: Impact of Media Trends - The rise of "famous scenes" is a response to new trends in media technology and changes in cultural consumption, driven by the fast pace of life and fragmented leisure time, making attention a scarce resource [2][3]. - The efficiency of dissemination has become a key indicator of a work's influence, with "famous scenes" serving as critical points for engagement and virality [2]. Group 3: Narrative Innovation - "Famous scenes" reflect narrative innovation in popular art, catering to audiences' decreasing patience for traditional storytelling and the growing trend of "speed-watching" and "speed-reading" [2][3]. - The creation of "famous scenes" often involves breaking down narratives into visually intense, emotionally charged segments to meet audience expectations [2]. Group 4: Challenges and Misconceptions - The focus on "famous scenes" can lead to a disconnect where segments gain popularity independently, while the overall work may lack substance, resulting in a phenomenon described as "having lines without a story" [3]. - Some creators may design "famous scenes" based on data analysis, detaching them from the narrative, which can lead to a sense of artificiality and formulaic content [3]. Group 5: Artistic Integrity - Ultimately, "famous scenes" serve as a crucial interface between artistic works and audiences, necessitating a balance between market responsiveness and artistic integrity [4]. - The aspiration is to create substantial works that support memorable "famous scenes," contributing to a vibrant cultural landscape that reflects contemporary artistic expectations [4].

Investment Rating - The report assigns a "Buy" rating for the company [5][57]. Core Viewpoints - The company has recently completed a private placement, enhancing its liquidity and entering a new development phase. The breadth and depth of its content strategy are expected to exceed market expectations [1][5]. - The private placement process has accelerated, with significant progress made in a challenging market environment, indicating strong support from Zhejiang State-owned Assets [2]. - The company's content production capabilities have improved, with a pipeline of over 8 films and series, which could lead to substantial revenue growth if successful [3][48]. Summary by Sections Investment Highlights - The completion of the private placement marks a transition for the company, providing necessary capital and signaling a new growth phase [1][5]. - The private placement price increased from 3.94 CNY to 8.19 CNY per share, reflecting market confidence [2]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 0.60 billion, 3.48 billion, and 4.71 billion CNY, respectively, with net profits expected to shift from a loss of 0.05 billion CNY in 2024 to a profit of 1.31 billion CNY by 2026 [5][57]. - The current price-to-earnings (P/E) ratios are projected to be - for 2024, 84 for 2025, and 36 for 2026 [5][57]. Company Overview - The company specializes in film and television investment, production, and distribution, with a strong portfolio of past successful projects [22]. - The company is currently under the control of Zhejiang Radio and Television Group, which is expected to enhance its operational capabilities [4][57]. Industry Analysis - The traditional film and television market has faced challenges, with a notable shift towards micro-short dramas, which are experiencing rapid growth [26][30]. - The micro-short drama market is projected to reach 680 billion CNY by 2025, indicating a significant opportunity for content creators [26][30].