证券研究报告 | 2026年01月08日 本周重要数据跟踪：元旦档期拉动票房，点点互动持续表现亮眼。1）本周 （12 月 29 日-1 月 4 日）电影票房 10.73 亿元。票房前三名分别为《疯狂动 物城 2》（2.82 亿元，票房占比 26.2%）、《阿凡达 3》（2.68 亿元，票房 占比 24.9%）、《匿杀》（1.95 亿元，票房占比 18.1%）；2）综艺节目方面， 《现在就出发第 3 季》、《现在就出发第 2 季》、《开始推理吧第三季》、 《奔跑吧天路篇》和《奔跑吧第九季》排名居前；3）游戏方面，2025 年 11 月中国手游收入前三名分别为点点互动《Whiteout Survival》、点点互动 《Kingshot》和柠檬微趣《Gossip Harbor：Merge&Story》。 投资建议：把握游戏板块超跌布局机会，关注 AI 应用及影视院线。1）持续 看好游戏、IP 潮玩景气周期；游戏板块近期调整赋予良好机会，结合产品周 期及业绩表现，推荐巨人网络、恺英网络、吉比特等标的；IP 潮玩重点推荐 泡泡玛特；媒体端关注经济底部向上可能（分众传媒等）；2）关注内容政 策转向与 AI 应用机会；影视 ...

Investment Rating - The report assigns an "Overweight" rating for the media industry, particularly highlighting opportunities in the gaming sector [5]. Core Insights - The media index saw a maximum increase of over 40% in 2025, with the gaming index nearly doubling, indicating strong growth potential in the gaming sector [2][9]. - The film market is experiencing a trend of increasing concentration among top films, with imported films leading the box office during the New Year period [18][21]. Summary by Sections 1. Media Index Performance - The media index achieved a maximum increase of 42.24% in 2025, with a notable rise of 30% from January 2 to December 31 [8][9]. - The gaming sector outperformed all other sub-sectors, with a maximum increase of 98.45% in 2025, while other sectors like film exhibition benefited from the Spring Festival, nearing a 50% increase [9][17]. 2. Film Market Trends - The total box office for 2025 reached 51.8 billion yuan, a year-on-year increase of 22%, with over 1.2 billion admissions [18][20]. - The number of imported films exceeded 100 for the first time in five years, reaching 106, contributing significantly to box office revenues [21][22]. - The concentration of box office revenue among top films is increasing, with a few high-grossing films supporting the market [21][23]. 3. Recommendations for Companies - The report recommends focusing on companies in the gaming sector such as Giant Network, Century Huatong, and Perfect World, which are expected to perform well due to the release of new games and the performance of existing titles [17][27]. - For the film sector, companies involved in upcoming films for the Spring Festival, such as Maoyan Entertainment and Wanda Film, are highlighted as potential beneficiaries [27][28].

（来源：科普中国） 转自：科普中国 很多网友表示，为了不错过剧情，膀胱承受了相当的压力。有的网友则在 3D 影片中后段开始眼酸、眼胀、头痛，甚至轻微恶心。 还有的网友在电影结束站起来那一刻，膝盖不舒服，小腿发胀发麻，走两步才缓过来。而不幸亲身经历过这一切的笔者，这次不讲剧情，就聊 一聊 3 个小时的 3D 电影，我们该注意些什么。 用喝水技巧控制尿点 很多人怕看电影时上厕所，开场前猛灌一大杯水，心想先喝够，看电影时就不喝了，等电影结束再去上厕所。还有些朋友则干脆从下午开始不 怎么喝，指望少喝水就不会想上厕所。 但现实往往是，这两种方式都容易"翻车"。原因并不复杂，我们的尿意并不是单纯由喝了多少决定，更关键的是在多短时间里喝了多少。身体 对突然灌进来的一大波水和分散多次喝水，处理方法完全不同。 如果你短时间内喝了很多水，这些水被胃肠吸收进入血液循环，血液中的水分比例变化更明显，肾脏就会越"积极"地工作，好把多余水分排出 去，膀胱被充盈得也就越快，膀胱壁牵拉产生的尿意信号也就越早出现[1]。此外，尿意强度也受年龄、性别（女性更易尿频）、膀胱功能疾 病（如膀胱过度活动症）影响。 开场前咕咚咕咚喝得很痛快的朋友，本以 ...

证券研究报告 | 行业定期报告 2025 年 12 月 25 日 国内 AI 商业化快速发展，巨人《超自然行动组》持续火爆 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业下跌了 0.19%，在所有行业中排名第 23 位，传媒板块 年初到现在上涨了 26.84%，排名所有板块第 8 名。近期海外 AI 科技板块有 所调整，特别是之前的美股科技龙头甲骨文，博通都出现了较大的调整，一 时之间，海内外关于 AI 泡沫论的论调又起，我们认为：AI 大发展毋庸置疑， AI 应用的需求未来也会在各个行业全面爆发，现有的算力还是远远不够，但 核心现在还是需要进一步探索 AI 应用的商业化，只有探索出逐步成熟的 AI 应用盈利模式，才会进一步支撑后期的海量应用需求和算力需求。算力逐步 完善后，就应该全力寻找 AI 应用的商业化和吸引更多付费用户，从而形成良 性发展。而关于 AI 应用，我们近期也查阅 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5][4][35]. Core Insights - The media industry has shown a weekly increase of 0.54%, outperforming both the CSI 300 index (0.35%) and the ChiNext index (-1.31%) during the week of December 15-21, 2025 [11][12]. - Key performers in the industry include Guangxi Guangdian, Sanwei Communication, Perfect World, and 37 Interactive Entertainment, while notable decliners include Bona Film Group, ST Fanli, Ciwen Media, and Zhejiang Wenlian [11][12]. - The release of "Avatar 3" has significantly boosted box office revenues, contributing to a total of 706 million yuan in film box office for the week, with "Avatar 3" alone accounting for 381 million yuan (53.9% of the total) [18][20]. Summary by Sections Industry Performance - The media sector ranked 16th in terms of weekly performance among all sectors, with a 0.54% increase [11][12][13]. - The top three films for the week were "Avatar 3" (381 million yuan), "Zootopia 2" (242 million yuan), and "Deqian Jinzhi" (46 million yuan) [18][20]. Key Developments - ByteDance launched the Doubao model 1.8 and Seedance 1.5 Pro, enhancing capabilities for audio-visual content generation [2][15]. - Tencent introduced the Mix Yuan video model 1.5, a real-time interactive experience platform [2][16]. - OpenAI released the GPT Image 1.5 model, improving image generation and editing capabilities [2][17]. - MiniMax and Zhiyu passed the Hong Kong Stock Exchange hearing, with plans to list in January 2026 [2][17]. Investment Recommendations - The report suggests seizing opportunities in the gaming sector, particularly with companies like Giant Network, Kaiying Network, and Jibite, as the gaming sector is expected to rebound [4][35]. - It also highlights the potential in AI applications and the film industry, recommending platforms like Mango TV and Bilibili, as well as content producers like Light Media and Huace Film [4][35].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [10]. Core Insights - The report emphasizes the concept of "Reward Economy," which is seen as a strategic initiative to expand domestic demand. The media industry, with its dual attributes of technology and consumption, is positioned to leverage this trend to stimulate curiosity-driven and emotional consumption [3][4]. - The cinema sector is expected to benefit from increased consumer spending on experiences, particularly during festive seasons, with a lineup of both domestic and international films anticipated to boost box office attendance [4]. - The IP derivatives market in China is projected to grow significantly, with the market size expected to increase from 174.2 billion yuan in 2024 to 335.7 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 14% [4][8]. Summary by Sections Media Industry Performance - The media sector has shown a relative performance of -1.1% over the past month, -8.0% over three months, and a positive 10.4% over the past year compared to the CSI 300 index [1]. Consumer Behavior Trends - Changes in population structure are influencing consumer behavior, shifting focus from mere material acquisition to a holistic enhancement of life quality, including spiritual and emotional satisfaction [3]. - The "Reward Economy" reflects a growing demand for meaningful consumption, where purchases are driven by emotional significance rather than just functional needs [3]. Cinema and Experience Economy - The cinema sector is highlighted as a key player in the experience economy, with strategic investments in IP and social consumption aimed at attracting younger audiences [4]. - Notable companies like Wanda Film and Shanghai Film are adapting their business models to focus on IP-driven ecosystems that resonate emotionally with consumers [4][8]. IP and AI Integration - The report identifies a growing market for IP-related products, including toys and trading cards, with significant growth expected in the coming years. The IP toy market is projected to grow from 75.6 billion yuan in 2024 to 167.5 billion yuan by 2029, with a CAGR of 17.2% [4][8]. - AI-enhanced products, such as AI toys and smart glasses, are emerging as new consumer choices, further driving engagement in both online and offline experiences [7][8]. Investment Opportunities - The report suggests focusing on cinema chains (e.g., Wanda Film, Hengdian Film), IP-related products (e.g., Mango Super Media, Aofei Entertainment), and new experience-driven exhibitions (e.g., Oriental Pearl, Bilibili) as potential investment targets [8].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to see a significant increase in revenue due to the upcoming holiday season and the launch of new games, with notable titles like "Nine Muses of the Wild" and "Goose Duck Kill" generating high anticipation [3] - The film industry is highlighted by the upcoming release of "Avatar 3," which has already garnered significant pre-sale interest, indicating strong potential for box office performance [3] - The emotional economy in China is projected to grow substantially, with the market expected to reach 8.1 trillion yuan by 2030, driven by online platforms and AI technology [11][12] Summary by Sections 1. Soul: Leading Immersive Social Platform - Soul is positioned as a leading platform in the immersive social space, leveraging AI to enhance user engagement and emotional value [11][17] - The emotional economy in China is projected to grow from 2.4 trillion yuan in 2024 to 8.1 trillion yuan by 2030, with a CAGR of 22.2% [12] - The platform reported a revenue of 16.83 billion yuan in the first eight months of 2025, reflecting a year-on-year growth of 17.82% [21][26] 2. Industry Data Overview - "Delta Action" topped the iOS free game chart, while "Honor of Kings" led the iOS revenue chart as of December 13, 2025 [27][31] - The film "Zootopia 2" achieved the highest weekly box office, indicating strong audience interest [41] 3. Industry News Summary - The release of GPT-5.2 is expected to enhance AI capabilities in the industry, while Disney's investment in OpenAI emphasizes the growing value of content IP [3] - The gaming sector is experiencing a surge, with "Delta Action" achieving record daily revenue following a new season launch [3] 4. Announcement Summary - Recent changes in leadership at various media companies and the successful "hat removal" of Caesar Culture highlight ongoing developments in the industry [3] 5. Sector Performance Overview - The A-share media sector performed moderately in the market, with the gaming sector showing strong performance [3]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Views - Disney's investment of $1 billion in OpenAI and its partnership with Sora for content licensing is seen as a significant move that may lead to new business models and enhance IP value [5] - The film and television sectors are expected to see steady growth, driven by strong performances from quality imported films and new policies promoting content creation [5] - The AI application sector is witnessing advancements, particularly in content generation, which could accelerate the elevation of IP content [6] - The internet sector is experiencing competitive dynamics, with major companies adapting their strategies to leverage AI technologies [8] - The gaming industry is showing robust performance, with top titles maintaining strong user engagement and revenue potential [9] Summary by Sections Media Sector - Disney's collaboration with OpenAI is expected to standardize AI content copyright usage and create new revenue streams [5] - The film market is projected to grow, with notable films like "Zootopia 2" and "Avatar 3" performing well in China [5] - Recommendations include focusing on quality IP companies and film distribution firms [5] AI Applications - The release of Nano Banana Pro indicates significant improvements in AI capabilities, which may enhance content production [6] - Companies involved in IP rights and industrialized content production are recommended for investment [6] Internet Sector - The launch of the Doubao mobile assistant highlights the ongoing evolution of AI technologies in the internet space [8] - Major internet companies are expected to continue adjusting their strategies to maintain competitive advantages [8] Gaming Sector - The gaming industry is seeing high engagement with major titles like "Honor of Kings" and "Delta Force" leading the market [9] - Investment opportunities are identified in companies exploring AI integration in gaming [9] New Business Models - The rise of group broadcasting is transforming the industry from reliance on individual charisma to systematic growth [10] - Companies directly involved in group broadcasting and those benefiting from its growth are highlighted as potential investment targets [10] Publishing and State-Owned Media - State-owned publishing companies are exploring new business models and enhancing dividend sustainability [11] - The report suggests monitoring the merger and acquisition activities of state-owned media companies [11] Market Overview - The media sector showed a slight increase of 0.26% in the week from December 8 to December 12, ranking 8th among all industries [15] - The report notes significant movements in stock prices of various media companies, with notable gainers and losers identified [16][20]

Summary of the Movie Industry Conference Call Industry Overview - The movie industry is experiencing a significant boost in the fourth quarter of 2025 due to the release of several major overseas films, including "Demon Slayer," "Zootopia 2," and "Avatar 3," which are expected to enhance box office performance significantly [1][2] - The upcoming holiday seasons, including the New Year and Spring Festival, are anticipated to feature multiple films, similar to the crowded summer release schedule of 2023, which is likely to positively impact the cinema industry [1][4] Key Insights and Arguments - "Demon Slayer" is projected to generate a box office of nearly 600 million yuan, providing stable revenue for Chinese film companies [1][2] - "Zootopia 2" is expected to significantly boost November's total box office, potentially exceeding October's figures, while "Avatar 3" is highly anticipated [2] - AI technology is increasingly being applied in the film industry, enhancing content creation efficiency and opening new commercial pathways, such as AI-generated animations and popular AI web dramas [1][5] Company-Specific Developments - **Wanda Film**: As a leading cinema chain, Wanda's performance is closely tied to national box office trends. The company is focusing on a "super entertainment space" strategy and leveraging AI technology in film content creation and special effects to enhance revenue streams [3][8] - **Shanghai Film Company**: Currently undergoing an IP and AI strategic transformation, Shanghai Film is set to release "Chinese Folktales 2" in January 2026, aiming to maintain the popularity of its IPs and generate continuous viewership and advertising revenue [7] - **Damai Entertainment**: As a leader in live entertainment, Damai is transitioning to a comprehensive entertainment platform, commercializing hundreds of quality IPs through the Aliyu platform and utilizing AI technology to drive its new app [3][9] - **Maoyan Entertainment**: This online ticketing platform is deeply involved in film projects, providing marketing and distribution services, and has a significant share of the online movie market alongside Damai [3][10] Future Outlook - Chinese film companies hold a monopoly on the national distribution rights for imported films, which positions them favorably for stable revenue from upcoming major releases [6] - The establishment of a new subsidiary focused on the full industry chain development of imported films indicates a strategic move to enhance business operations from copyright investment to derivative product promotion [6] Additional Important Points - The integration of AI technology in the film industry is not only improving efficiency but also creating new growth opportunities, particularly in animation and content creation [5] - The upcoming film releases during the holiday seasons are expected to mirror the successful release patterns seen in previous years, suggesting a positive trend for the cinema industry [4]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the media and entertainment industry, particularly the film sector in China, which is experiencing fluctuations in consumer spending and market dynamics [2][3][4]. Core Insights and Arguments - **Consumer Spending Trends**: Domestic consumption rates are low, with a current rate of 40%, aiming for an international standard of approximately 56% [3]. Recent financial data shows a significant drop in social financing, with a year-on-year decrease of nearly 600 billion [2][15]. - **Impact of Upcoming Films**: Major films such as "Demon Slayer," "Zootopia 2," and "Avatar 3" are expected to drive market activity and boost stock prices of related companies. "Demon Slayer" has already grossed nearly 600 million yuan [2][5][7]. - **Record Summer Box Office**: The summer of 2023 set a historical record for box office earnings, significantly benefiting several film companies and leading to a rise in stock prices for companies like Shanghai Film and Maoyan Entertainment [6][12]. - **Upcoming Film Releases**: Anticipated films for the upcoming holiday seasons include "The Unnamed Series 3" and "Reverse Kill," which are expected to maintain the momentum in the film market [8][11]. Additional Important Content - **Financial Data Analysis**: October financial data showed a poor performance, with a notable decrease in household deposits by 1.34 trillion yuan, leading to a decline in M1 [4][16]. The overall credit environment remains weak, with a reduction in both household and corporate loans [15][16]. - **Geopolitical Factors**: Ongoing geopolitical tensions, particularly between the U.S. and Venezuela, are influencing oil prices and may have indirect effects on the entertainment industry through economic conditions [19][20]. - **Policy Implications**: Future policies are expected to focus on balancing supply and demand to foster market growth, with an emphasis on enhancing consumer spending through artificial intelligence and other innovations [3][17]. Companies to Watch - **Key Companies**: Attention is drawn to several companies in the film sector, including China Film, Shanghai Film, and Maoyan Entertainment, which are positioned to benefit from the upcoming film releases and overall market recovery [12][13].