从整体表现来看，2025年中国电影市场在多重因素影响下实现大幅回暖。全年总票房达到518.32亿， 总观影人次12.38亿，对比去年均有超20%的涨幅。全年各项市场数据及用户画像均较大程度上受到 《哪吒之魔童闹海》单片的影响。 从票房分布来看，2025年电影市场在规模修复的同时，结构也在逐步调整。全年票房TOP10新片中， 4部超30亿，8部超10亿。全年国产片票房占比略高于去年，10亿+国产新片数量与去年持平，但1-5 亿及5-10亿区间的国产片累计数量同比去年大幅下降，"头部集中度高、腰部塌陷"的问题依旧存在。 2026年1月1日，猫眼研究院发布《2025中国电影市场数据洞察》(以下简称《洞察》)。《洞察》显 示，2025年中国电影市场在结构调整中，呈现出积极态势，头部影片带动，强IP影片助推，为市场注 入增长动力。与此同时，中国电影市场仍有发展空间。猫眼研究院认为，面对市场和观众喜好的不断变 化，需要在类型成熟度、情绪共鸣能力和市场可持续性之间，建立新的平衡。 从观众结构来看，动画电影的受众基础不断拓宽。一方面，18至30岁的年轻用户在内容平台上保持高 度活跃，为影片宣发和口碑传播提供了重要助力；另一方 ...

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Viewpoint - The animated film "Demon Slayer: Mugen Train Chapter 1" has experienced a significant decline in box office performance due to negative public sentiment in China following controversial remarks made by Japanese Prime Minister Suga Yoshihide [5]. Group 1: Box Office Performance - On November 20, the film's attendance rate dropped to 1.3%, with a box office revenue of only 9.353 million yuan [2]. - Initially, the film achieved a 14.1% attendance rate and a peak single-day box office of 140 million yuan shortly after its release on November 14 [2]. - Following the initial success, the film's attendance rate fell sharply from 8.6% to 3.1% on November 17, with daily box office revenue decreasing from approximately 90 million yuan to around 25 million yuan [5]. Group 2: Impact of Political Remarks - The decline in box office performance is attributed to strong dissatisfaction among Chinese audiences regarding remarks made by Japanese Prime Minister Suga Yoshihide, which led to a rapid decrease in market interest [5]. - Other Japanese films, such as "Crayon Shin-chan: The Dance of the Burning Spring" and "Cells at Work," have also had their release dates postponed in response to the negative sentiment [5]. - The decision to delay the release of these films reflects a cautious assessment of the overall market performance of Japanese imports and the emotional response of Chinese audiences [5].

Group 1: Film Industry Impact - The animated film "Demon Slayer: Mugen Train" has experienced a significant drop in box office performance, with a daily attendance rate falling to 1% and a box office of only 8.89 million yuan as of November 20 [1] - Following the release on November 14, the film initially had a 14.1% attendance rate and a peak single-day box office of 140 million yuan, but attendance plummeted after controversial remarks by Japanese Prime Minister Sanna Marin [1] - By November 17, the film's attendance rate dropped from 8.6% to 3.1%, with daily box office revenue decreasing from approximately 90 million yuan to around 25 million yuan [1] Group 2: Market Predictions and Reactions - Predictions indicate that by November 24, the film's attendance rate may fall below 0.1%, leading to a projected daily box office of around 50,000 yuan [3] - The film has grossed a total of 795 million USD globally, with 242 million USD from Japan, 133 million USD from North America, and 64.28 million USD from mainland China [3] - The Vice President of the China Film Critics Association stated that if Japan does not retract its controversial statements, the profitability of Japanese films in China may come to an end, potentially resulting in billions in lost revenue for the Japanese film industry [3] Group 3: Broader Economic Impact - The fallout from the Prime Minister's remarks has also affected other Japanese imports, with films like "Crayon Shin-chan: Hot Spring Dance" and "Cells at Work" being postponed in their release [3] - The Chinese film market has reached a total box office of 45.543 billion yuan this year, with domestic films accounting for 88.48% of the total, marking the third time domestic films have surpassed 40 billion yuan in a single year [3] Group 4: Tourism and Trade Effects - The tourism and seafood industries in Japan are also feeling the impact of the Prime Minister's comments, with a significant increase in ticket cancellations for flights to Japan, particularly affecting leisure travelers [4][5] - As of November 18, over 500,000 flight bookings to Japan were canceled, indicating a strong negative reaction from Chinese tourists [5] - The Chinese government has also indicated a suspension of imports of Japanese seafood, citing Japan's failure to meet safety and regulatory commitments as a key factor [5]

Group 1 - Several Japanese films, including "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work," have announced delays in their release, raising concerns about the impact on cultural exchange projects between China and Japan [3] - The film "Demon Slayer: Infinity Castle Chapter" had a strong initial box office performance, earning 87.5 million RMB in its opening weekend, but is now facing potential delays in its release [3] - The Shanghai International Comedy Festival's "Yoshimoto Comedy Special" has been canceled due to force majeure, highlighting the broader impact on Japanese entertainment events [3] Group 2 - The Japanese IP market is experiencing significant volatility, with companies relying heavily on Japanese IP for revenue facing potential risks, as seen in the case of brands like Blokus, where over 53.1% of revenue comes from Japanese IP [7] - Experts suggest that companies should reduce short-term reliance on Japanese IP and shift towards domestic or original IP to mitigate risks, with examples of companies like Shifeng Culture pivoting to local IPs [7] - Some derivative product companies report limited immediate impact, as their main IPs are not primarily Japanese, indicating a potential buffer against the current disruptions [8] Group 3 - The gaming industry and concert economy may also be affected, as some games rely on Japanese IP licenses, and events featuring Japanese virtual idols could face challenges [8]

Core Viewpoint - Recent delays in the release of Japanese films and cancellations of performances have raised concerns about the impact on cultural exchange projects between China and Japan, affecting various sectors of the entertainment industry [3][4]. Film and Performance Impact - Several Japanese films, including "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work," have announced delays in their release. Some cinemas have confirmed these reports [6]. - The anticipated film "Demon Slayer: Infinity Castle Chapter" may also face a delay in its release, although some cinemas have not received official confirmation [6]. - The Shanghai International Comedy Festival's "Yoshimoto Comedy Special" has been canceled due to force majeure, highlighting the impact on live performances [7]. Broader Industry Effects - The entertainment industry, including Japanese films, performances, and related IP products, is experiencing noticeable fluctuations [4]. - Companies relying heavily on Japanese IPs, such as Budding Blocks, report that over 53.1% of their revenue comes from Japanese IP products. The withdrawal of Japanese films may significantly impact these companies [11]. - Experts suggest that companies should reduce short-term reliance on Japanese IPs and pivot towards domestic or original IPs to mitigate risks. For instance, companies like Shifeng Culture are shifting focus to domestic IPs [11]. IP Cooperation and Risk Management - The article emphasizes the need for companies to expand their IP cooperation to mitigate risks associated with reliance on Japanese IPs. This includes exploring collaborations with IPs from other regions such as Europe and the US [12]. - The gaming industry and concert economy may also face challenges due to the reliance on Japanese IPs, with potential impacts on revenue streams from games featuring Japanese characters and virtual idol concerts [12].

Core Viewpoint - Companies need to reduce short-term reliance on Japanese IP and accelerate the transition to domestic or original IP due to recent disruptions in the Japanese entertainment industry [1][6]. Group 1: Impact on Japanese Movies and Performances - Several Japanese films, including "Crayon Shin-chan: Hot Spring Dance," have announced delays in release, raising concerns about the ripple effects on cultural exchange projects between China and Japan [2]. - The film "Demon Slayer: Infinity Castle Chapter" is rumored to pause its release after the 20th, despite initial strong box office performance, earning 875 million RMB in its opening weekend [2]. - The Shanghai International Comedy Festival's "Yoshimoto Comedy Special" has been canceled due to force majeure, highlighting the impact on live performances as well [2]. Group 2: Broader Industry Implications - The entertainment industry, including IP licensing and derivative products, is experiencing significant volatility due to the reliance on Japanese IP [5]. - Companies like Blokku, which derive over 53% of their revenue from Japanese IP, are expected to face substantial challenges as the popularity of these IPs declines [6]. - Experts suggest that companies should pivot towards domestic or original IPs to mitigate risks, with examples of companies like Shifeng Culture shifting focus to local IPs [6]. Group 3: Current Industry Sentiment - Some derivative product companies report limited immediate impact, as their main IPs are not primarily Japanese, allowing for continued sales and activities [7]. - Industry analysts warn that reliance on Japanese IP poses significant risks, especially if licensing agreements expire without renewal, potentially crippling product lines [7]. - The gaming and concert sectors may also face repercussions, as many games and events incorporate Japanese IP, indicating a broader risk across the entertainment landscape [7].

Investment Rating - The report maintains a positive investment rating for leading companies in the media and internet sector, particularly recommending companies such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The report emphasizes that leading companies in the gaming sector are undervalued, and an upcoming wave of AI applications is expected to drive growth [1]. - The media sector has shown resilience, with a year-to-date increase of 28.21%, ranking 9th among all sectors [6]. - The gaming industry is projected to maintain high growth, with key companies expected to have valuations below 15 times earnings, indicating a strong safety margin [6]. - The film industry is anticipated to experience a significant box office recovery due to the release of major films in November and December [6]. - AI applications in the film industry, particularly in AI animation, are seen as a rapidly monetizable direction [6]. Industry Overview Market Performance - The media industry index decreased by 1.44% in the past week, ranking 23rd among all industries [12]. - The report highlights the performance of individual stocks, with notable increases in companies like Xiangyuan Cultural Tourism and Lianchuang Shares [15]. Gaming Sector - The gaming sector is highlighted for its potential, with companies like Century Huatong and Giant Network expected to perform well in the upcoming year [6]. - The report notes that the gaming industry is likely to see breakthroughs in AI applications, enhancing growth prospects [6]. Film Sector - The report identifies a strong lineup of films for the end of the year, which is expected to boost box office revenues significantly [19]. - Major films such as "Demon Slayer" and "Avatar 3" are anticipated to drive ticket sales [6]. Key Data Points - The report provides detailed statistics on the performance of various segments within the media industry, including box office rankings and viewership ratings for television dramas and variety shows [19][25][32]. - The top-grossing mobile games in China are dominated by Tencent, with "Delta Force" leading the iOS sales chart [36]. Book Publishing Sector - The report includes data on the best-selling books in various categories, indicating trends in consumer preferences [38][39]. This summary encapsulates the key insights and data points from the industry report, focusing on the investment landscape and performance metrics across different sectors within the media and internet industry.

Investment Rating - The report maintains a "Buy" rating for the media industry, particularly focusing on AI applications and cultural exports [6]. Core Insights - The media industry experienced a weekly decline of 1.36%, ranking 25th among industries. Notable performers included Zhidaimai and Mingchen Health, while Tencent Holdings showed a weekly increase of 1.10% [1][12][19]. - AI applications are gaining traction, with Deepseek leading domestic web traffic among AI products, achieving 356.44 million monthly visits in October, a 7.36% increase [2][23][25]. - In the gaming sector, Tencent's "Honor of Kings" saw a 32% month-over-month revenue increase due to the launch of its S41 season [3][28]. - The film industry reported a total box office of 381 million yuan for the week of November 8-14, with "Demon Slayer: Infinity Castle Chapter" leading at 136 million yuan [4][39]. Summary by Sections Market Performance - The media industry saw a decline of 1.36% from November 8 to November 14, with the gaming sector down 2.71% and the advertising sector up 0.73% [12][19]. Key Industry Data AI Applications - The top five AI products globally in October were ChatGPT, New Bing, Gemini, Deepseek, and GitHub Copilot. Deepseek led domestic traffic with 356.44 million visits [2][24][25]. Gaming Data - In the iOS gaming sales chart as of November 15, "Delta Force," "Honor of Kings," and "Three Kingdoms: Strategize" were the top three games. Tencent's "Honor of Kings" revenue increased significantly due to seasonal events [3][26][28]. Film Data - The total box office for the week was 381 million yuan, with "Demon Slayer" accounting for 35.6% of the total. Upcoming films include "Wild Times" and "Zootopia 2" [4][38][39]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on sectors such as gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kying Network, and Bilibili [5][9].

Core Insights - The film "Demon Slayer: Infinity Castle Chapter 1" has achieved remarkable box office success, breaking records for imported animated films in China, with a pre-sale box office of 1.8 billion and a first-day box office exceeding 100 million, revitalizing the market after a 36-day slump [1][5][11] - The film's success is attributed to its strong IP foundation, which has been systematically developed over more than a decade, creating a loyal fan base and extensive merchandise [5][17] - Despite its popularity, the film has sparked debates regarding its narrative structure and accessibility for non-fans, indicating a potential barrier for broader audience engagement [8][11] Box Office Performance - The film set a record for the highest pre-sale box office for an imported animated film in China at 1.8 billion [1] - It achieved a midnight screening box office of 18.84 million, marking the second highest for imported animated films [1] - The first-day box office exceeded 100 million, contributing to a significant market rebound [1] Audience Engagement - The film has generated a strong emotional response from audiences, with many expressing feelings of inspiration and connection to its themes [1][7] - A significant portion of the midnight screening revenue (over 70%) came from repeat viewers, indicating a dedicated fan base [5] - The film's viewing experience has been described as a collective emotional event, enhancing audience participation [5][20] Narrative and Content Analysis - The film focuses on the climactic "Infinity Castle Battle," appealing to long-time fans and creating a sense of ritualistic consumption [7] - It features a complex narrative structure that may confuse non-fans, as it lacks sufficient exposition for key concepts [8][11] - Emotional depth is present, with character backstories and relationships resonating with viewers, even those unfamiliar with the source material [9][11] Industry Implications - The success of "Infinity Castle" highlights the importance of systematic IP development and cross-media integration for sustained success in the film industry [17][19] - The film's marketing strategy effectively avoided controversies, focusing on emotional connections and technical achievements, which could serve as a model for domestic films [19] - The high ticket refund rate post-release suggests that while initial interest was strong, some viewers found the content did not meet their expectations, indicating a need for better alignment with audience preferences [11][15]