21世纪经济报道记者贺泓源，实习生刘瑾睿、李晴 北京报道 未来，像《甄嬛传》这样的"大热剧"可能会越来越多，因为广电总局对古装剧的限制相对放开了。 此前，视频平台上线古装、玄幻等类型剧集，有着一定数量限制。 而近期，广电总局印发实施若干举措，被业内统称为"广电21条"。其中就明确，"不严格限制古装剧数 量"。 条例一出，影视行业"喜大普奔"，多家影视股涨停。 今天，我们就来聊下，"广电21条"对市场的影响 。 大家好，我是小贺，欢迎收看本期消费参考。 登顶中国影视剧流量之王的，依旧是古装剧。像云合数据正片有效播放破250亿名单中，有且只有《三 生三世十里桃花》《知否知否应是绿肥红瘦》两部古装剧集。 此外，《延禧攻略》成为中国影视剧出海标杆，该剧登顶2018年谷歌年度电视节目热搜榜。 新政提出的古装剧调控灵活化，就是支持中国影视业的明确信号。 其二，"广电21条"提到，电视剧将适当放开40集上限。这一政策也为优质长剧打开空间。 像《甄嬛传》高达76集，40集的时候华妃才刚被"斗倒"，离甄嬛变身钮祜禄·甄嬛还很远很远。正是细 致的故事细节，才让《甄嬛传》如此经典。 首先，我们来聊下，"广电21条"落地，是如何利好 ...

未来，像《甄嬛传》这样的"大热剧"可能会越来越多，因为广电总局对古装剧的限制相对放开 了。 此前，视频平台上线古装、玄幻等类型剧集，有着一定数量限制。 而近期，广电总局印发实施若干举措，被业内统称为"广电21条"。其中就明确，"不严格限制 古装剧数量"。 条例一出，影视行业"喜大普奔"，多家影视股涨停。 今天，我们就来聊下，"广电21条"对市场的影响 。 首先，我们来聊下，"广电21条"落地，是如何利好市场化创作的。 其一，我们都知道，古装剧对中国影视业是至关重要。 像《甄嬛传》长红十几年，直到现在都还在养活出品方乐视。 登顶中国影视剧流量之王的，依旧是古装剧。像云合数据正片有效播放破250亿名单中，有且 只有《三生三世十里桃花》《知否知否应是绿肥红瘦》两部古装剧集。 此外，《延禧攻略》成为中国影视剧出海标杆，该剧登顶2018年谷歌年度电视节目热搜榜。 新政提出的古装剧调控灵活化，就是支持中国影视业的明确信号。 其二，"广电21条"提到，电视剧将适当放开40集上限。 这一政策也为优质长剧打开空间。 像《甄嬛传》高达76集，40集的时候华妃才刚被"斗倒"，离甄嬛变身钮祜禄·甄嬛还很远很 远。正是细致的故事细节， ...

Core Viewpoint - The recent implementation of the "21 Regulations" by the National Radio and Television Administration (NRTA) is expected to significantly benefit the Chinese film and television industry by relaxing restrictions on historical dramas, potentially leading to an increase in high-quality productions like "Empresses in the Palace" [2][3][10]. Group 1: Impact of "21 Regulations" - The NRTA's new regulations indicate a flexible approach to the control of historical dramas, which is a clear signal of support for the Chinese film and television industry [10]. - The regulations allow for the lifting of the 40-episode limit on dramas, creating opportunities for longer, high-quality series [11]. - The introduction of policies such as "border examination and broadcasting" for series and seasonal dramas is expected to shorten content production cycles and align broadcasts with current social sentiments, enhancing capital efficiency for companies like iQIYI [11][14]. Group 2: Market Reactions and Financial Implications - Following the announcement of the "21 Regulations," many film and television stocks experienced significant gains, indicating a positive market reaction [3]. - iQIYI reported a year-on-year revenue decline of 11% to 6.628 billion yuan, with a net loss of 133.7 million yuan, highlighting the financial struggles within the industry [15]. - Tencent Video also saw a decrease in paid subscribers, losing 3 million to a total of 114 million, reflecting the financial challenges faced by major players [16]. Group 3: Future Prospects - The potential for more popular dramas akin to "Empresses in the Palace" is anticipated, as the relaxed regulations may lead to the creation of more engaging content [12][23]. - Companies like Yuewen Group, which owns popular IPs, expect to see an increase in film and television projects following the new regulations [13]. - Despite the positive outlook, the ability to produce high-quality works remains crucial, as audience preferences continue to evolve [21].

Core Viewpoint - The article discusses the concept of "CP感" (Couple Chemistry) in Chinese dramas, suggesting that it can be analyzed and understood through specific frameworks rather than being purely mystical or random [4][5][15]. Group 1: CP感 Analysis - CP感 can be likened to a chemical reaction, where the right elements and conditions lead to successful pairings in dramas [6][13]. - The article categorizes CP感 into five basic types of reactions: 1. **Combustion Reaction**: Intense physical chemistry, exemplified by the drama "这一秒过火" [8]. 2. **Acid-Base Neutralization**: Character contrasts that create balance, seen in "永夜星河" and "念念有词" [9][10]. 3. **Oxidation-Reduction Reaction**: Characters drawing out needed traits from each other, as in "雁回时" [10]. 4. **Decomposition Reaction**: Unleashing suppressed traits, illustrated by "苍兰诀" [11]. 5. **Synthesis Reaction**: Combining two distinct characters for a common goal, as in "朝雪录" [12]. Group 2: Industry Trends - The article notes that the understanding of CP感 is not just theoretical but also practical, requiring careful casting and direction to achieve desired emotional responses [15][26]. - It highlights the trend of "CP邪修" (CP Deviance), where unconventional pairings are explored, often leading to unexpected audience engagement [18][20]. - The phenomenon of audience-driven "self-generated CP" is also discussed, where fans create their own narratives and pairings through editing and reinterpretation [22].

Company Overview - Blueport Interactive (08267.HK) is primarily engaged in the development and publishing of online games, including mobile, web, and client games [2] - The company generates revenue through the sale of virtual goods and provides licensing and technical services [2] - Notable games under its portfolio include "Ten Thousand Cold Jokes," "Zhen Huan Zhuan," "Shu Shan Zhan Ji," and "Wang Zhe Zhan Hun" [2] - The company also invests in a third-party mobile game trading platform called "Tao Youxi," which focuses on game account transactions [2] Financial Performance - As of December 31, 2024, Blueport Interactive reported total revenue of 146 million yuan, representing a year-on-year increase of 7.78% [1] - The company's net profit attributable to shareholders was -29.03 million yuan, a decrease of 66.6% year-on-year [1] - The gross profit margin stood at 14.68%, while the debt-to-asset ratio was 25.77% [1] Market Performance - On July 11, the Hang Seng Index rose by 0.46%, closing at 24,139.57 points [1] - Blueport Interactive's stock closed at 0.495 HKD per share, up 20.73%, with a trading volume of 8.15 million shares and a turnover of 3.76 million HKD [1] - Over the past month, the stock has seen a cumulative increase of 41.38%, but it has declined by 12.77% year-to-date, underperforming the Hang Seng Index by 19.78% [1] Valuation Metrics - Currently, there are no institutional investment ratings for Blueport Interactive [2] - The software services industry has an average price-to-earnings (P/E) ratio of -10.24, with a median of -2.66 [2] - Blueport Interactive's P/E ratio is -4.81, ranking 122nd in the industry [2] - Comparatively, other companies in the sector have P/E ratios ranging from 3.57 to 5.85 [2]

Core Viewpoint - The article emphasizes the importance of creating Chinese dramas as a "universal language of cross-cultural narratives," aiming to convey the intrinsic spirit and wisdom of the Chinese people to a global audience. Group 1: Growth of Chinese Dramas Overseas - The recently concluded drama "Cang Hai Chuan" has gained popularity both domestically and internationally, being broadcast in 190 countries and regions, showcasing traditional Chinese culture to diverse audiences [1] - Over the past decade, Chinese dramas have expanded from a focus on historical genres to include suspense, urban, and realistic themes, successfully penetrating markets beyond the Southeast Asian Chinese community to Europe and America [1] - The international recognition of Chinese aesthetics and "Xia Culture" reflects a growing interest among foreign viewers in Chinese traditional culture [1] Group 2: Success of Historical Dramas - Historical dramas have consistently performed well in overseas markets, with notable titles like "Bu Bu Jing Xin" and "Lang Ya Bang" paving the way for recent hits such as "Cang Lan Jue" and "Du Hua Nian" [2] - The second season of "Qing Yu Nian" in 2024 introduced a model of simultaneous streaming on overseas platforms, enhancing its global reach [2] - Short videos have become a significant channel for the dissemination of Chinese dramas abroad, with highlights from "Mo Yu Yun Jian" achieving over 1.1 billion views on TikTok [2] Group 3: Appeal of Romance Dramas - Chinese romance dramas maintain a strong viewer base in Southeast Asia, with the new version of "Meteor Garden" consistently ranking high in viewership [3] - The drama "Secretly Can't Hide" has surpassed 6 billion views on TikTok, while "Nan Hong" reached the sixth position on Netflix's global daily chart [3] - These dramas resonate with young audiences through their emotional narratives and rich visual aesthetics, contributing to their popularity [3] Group 4: Drivers of Success - The increasing global influence of Chinese culture has shifted foreign audiences' perceptions from cultural curiosity to active engagement with Chinese artistic works [4] - Innovative distribution channels and promotional strategies have created a multi-faceted coverage model, effectively reaching new markets in the Middle East and Latin America [4] - Adaptations to overseas market characteristics, such as the fast-paced storytelling in "Chang An Twelve Hours," have successfully bridged cultural gaps and enhanced international appeal [4] Group 5: Cultural Integration and Future Prospects - The "China Travel" trend has provided new opportunities for Chinese dramas, with "Cang Hai Chuan" encouraging tourism and cultural exploration [5] - Collaborations like the one between Singapore's tourism board and Yuewen Group highlight the potential of integrating drama content with tourism experiences [5] - The article calls for creators to maintain a focus on quality content and cultural confidence, aiming to transform stereotypes into a self-defined cultural identity [5]

Group 1 - The core viewpoint of the report is that CIBN KuMiao has become the leading platform in the smart screen market with 148 million monthly active users by 2024, surpassing Galaxy Qiyi [1][5] - The report indicates that the total number of activated smart TVs in China reached 390 million by the end of 2024, representing a year-on-year growth of 2.6% [5] - The daily average viewing time for smart TV users is 4.5 hours, which exceeds the average daily internet usage time on mobile phones, recorded at 4.1 hours [10] Group 2 - The report highlights that the viewing time for children's content has seen the fastest growth, increasing by 76% year-on-year [9] - Classic content continues to attract viewers, with 20 classic dramas accounting for 22% of the viewing time among the top 100 dramas [9] - Youku has upgraded its user experience across all platforms, focusing on content recommendation, immersive viewing, and visual upgrades to enhance user decision-making efficiency [10]

Group 1 - The article discusses the importance of etiquette in historical dramas, emphasizing that it significantly impacts the audience's perception and immersion in the story [3][10][65] - The author argues that many contemporary historical dramas lack a genuine representation of ancient customs and behaviors, leading to a loss of authenticity [9][62][98] - The piece highlights that proper etiquette reflects a character's social status and identity, which is crucial for audience engagement [14][15][66] Group 2 - The article provides examples of how historical figures were portrayed in earlier dramas, showcasing their unique walking styles and gestures that conveyed their status [18][22][24] - It contrasts past productions with modern ones, noting that many current dramas fail to capture the subtleties of character behavior, resulting in a less believable portrayal of historical figures [36][62][97] - The author emphasizes that attention to detail in character portrayal, including body language and small gestures, is essential for creating a believable historical narrative [50][55][90] Group 3 - The article concludes that the decline in the quality of historical dramas is due to a lack of commitment from both actors and directors to authentically represent the characters and their contexts [89][100][102] - It suggests that a return to rigorous training and a focus on character depth could enhance the quality of future productions [92][94][96] - The author expresses disappointment in the current state of historical dramas, indicating that the industry has shifted towards a "fast-food" model rather than producing quality content [98][101]

Core Viewpoint - iQIYI's hit drama "The Crazy" achieved a record-breaking viewership of 10.79 billion, marking it as the most successful production in terms of traffic, revenue, and influence since the company's inception nearly 13 years ago [1] Group 1: Legal Action and Court Ruling - iQIYI filed a lawsuit against a short video company for unauthorized distribution of content related to "The Crazy," seeking 30 million yuan in damages [2][3] - The court ruled that the short video company's actions constituted copyright infringement, as the videos provided were not merely reviews but included substantial content from the drama [3] - The court determined that the short video platform had a responsibility to monitor and prevent copyright infringement, leading to a ruling in favor of iQIYI for the full amount claimed [3] Group 2: Industry Context and Implications - The case highlights a growing trend of copyright infringement in the short video sector, with many similar cases emerging as platforms allow user-generated content that often violates copyright [5][6] - The legal landscape is evolving, with courts increasingly recognizing the need for stricter accountability from platforms that host user-generated content, especially for popular works [7] - The National Copyright Administration has initiated ongoing campaigns to combat copyright infringement, focusing on various digital platforms and emphasizing the need for enhanced protection measures for high-profile works [9][10]

Core Insights - Chinese dramas are achieving significant breakthroughs in international markets, showcasing the immense potential of domestic content to go global [3][4] - The success of series like "The Long Season," "The Legend of Zhen Huan," and "The Untamed" is attributed to differentiated content strategies and innovative marketing approaches [3][4] - The industry is leveraging blockchain technology to combat piracy, which incurs annual losses of over 5 billion yuan [8] Group 1: Success of Chinese Dramas - "The Long Season" has become the highest-rated domestic drama in nearly eight years, achieving an IMDb score of 8.7 and a Rotten Tomatoes freshness rating of 89% [3] - "The Legend of Zhen Huan" reached over 8 million views per episode on Netflix, with a total of over 280 million views on YouTube [4] - "The Untamed" surpassed 6.8 billion views globally, with ticket sales for fan meetings selling out in 3 minutes in Thailand [4] Group 2: Diverse Content Strategies - Early Chinese dramas primarily relied on historical themes, but recent trends show a shift towards diverse storytelling that resonates emotionally with international audiences [6][7] - The rise of realistic dramas like "Mountain and Sea Love" and "In the World" reflects a growing interest in universal human experiences, moving beyond mere cultural curiosity [7] - The industry is increasingly exploring various genres, including fantasy and contemporary themes, to attract a broader audience [6][7] Group 3: Challenges and Opportunities - The industry faces challenges such as rampant piracy, which affects over 80% of overseas works, leading to significant economic losses [8] - Cultural differences and competition from major international streaming platforms complicate the market landscape [8][9] - The potential for growth in the global market remains vast, with a need for high-quality translations and adaptations to enhance international appeal [9]