传媒 2026 年 03 月 02 日 投资评级：看好（维持） 行业走势图 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 政策加码、AI 赋能，内容出海步伐加快 全球数字内容市场空间广阔，国产内容积极出海，其中游戏出海规模领先，短剧 出海收入高增。复盘网文、游戏、短剧出海历程，我们认为内容出海整体趋势为 内容精品化发展，分发逐步由委外代理转为自主控制，国内企业在做大出海市场 的同时，亦在提升产业链价值占比。我们以相关指数成分公司为主要样本，计算 得传媒板块 2019-2024 年境外收入占比由 5.7%提升至 10.4%，游戏板块由 26.6% 提升至 38.5%，影视制作板块由 10.7%提升至 24.6%。展望未来，我们认为博大 精深的中华文化为出海内容企业提供丰富"原料"，随文化交流加深，国内企业 或掌握更易于海外理解的内容呈现形式；叠加激励政策持续出台，以及 AI 技术 发展扩大优质内容供给，看好内容出海市场规模加速扩大。 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2025-03 2025-07 2025-11 传媒 沪深 ...

Core Viewpoint - The perception of China among European youth is shifting towards a more positive, rational, and pragmatic understanding, particularly in areas such as trade, technology, and international cooperation [2][3]. Group 1: Survey Insights - A survey conducted by CSA revealed that 82% of European youth hold a positive view of China, indicating a shift from traditional geopolitical narratives to a focus on economic and experiential factors [2]. - The younger generation increasingly associates China with infrastructure development, technological advancement, and trade influence [2][3]. Group 2: Changing Perceptions - European youth are moving beyond simplistic stereotypes of China, recognizing it as a complex entity with significant contributions to technology and innovation [3][6]. - The narrative around China is evolving to focus on specific topics such as renewable energy, digital lifestyles, and artificial intelligence, rather than just political comparisons [3]. Group 3: Media Influence - Short video platforms and social media are becoming primary sources of information for European youth, shaping their perceptions of China through relatable content [4][6]. - The popularity of Chinese applications and cultural products is contributing to a more favorable image of China among young Europeans [6]. Group 4: Cultural Exchange and Language Learning - There is a growing interest among European youth in learning Chinese, seen as a key to understanding China's societal dynamics and fostering personal connections [9][10]. - Programs aimed at enhancing cultural and language exchanges are viewed as essential for building long-term relationships between Europe and China [11][12]. Group 5: Future Engagement Strategies - Recommendations for enhancing youth exchanges include developing longer-term programs that integrate academic and practical experiences, expanding outreach beyond elite circles, and utilizing tourism to create authentic connections [11][12]. - The EU and China are expected to prioritize educational and cultural exchanges as a means to strengthen mutual understanding and cooperation [12].

Core Insights - The report by Epyllion's Matthew Ball provides a comprehensive overview of the global gaming market, with a specific focus on China's performance, offering valuable insights into the industry's development trajectory and market dynamics [1] Global and Chinese Market Performance - In 2025, global game content sales are projected to reach $195.6 billion (approximately 1.35 trillion RMB), reflecting a steady growth of 5.3% year-on-year, with Chinese players contributing 20% of global gaming expenditure [2] - Chinese players exhibit a strong preference for local games, with 84% of gaming expenditure directed towards domestic products, highlighting the rise of local game development capabilities and the influence of domestic IP [4] Domestic Game Revenue - The actual sales revenue of China's gaming market in 2025 is expected to be 350.79 billion RMB, with self-developed games generating 291.09 billion RMB, accounting for about 83% of the total [7] - Popular domestic games include Tencent's "Honor of Kings" with global revenue of $1.68 billion (approximately 11.59 billion RMB) and "PUBG Mobile" with $1.12 billion (approximately 7.73 billion RMB) [9] PC Gaming Market Recovery - The PC gaming market has shown significant resilience, with a 30% increase since 2020, becoming a key driver of growth in China's gaming sector [10] - In 2025, the actual sales revenue of the domestic client game market is projected to reach 78.16 billion RMB, marking a substantial year-on-year growth of 14.97% [14] Investment Trends and Challenges - Global private investment in the gaming industry has plummeted by 55% in 2025, impacting the Chinese gaming ecosystem and leading to financial difficulties for many mid-sized studios [15] - Major players like Tencent and NetEase are adapting their investment strategies, with Tencent making over eight public investments in 2025, while NetEase focuses on internal development [15][19] Emerging Opportunities - The report indicates a dual landscape of opportunities and challenges in the Chinese gaming market, characterized by strong consumer activity, dominance of local games, and a robust recovery in the PC market [19]

01 抵达长治的第一天，除了干净的街道与惊喜的绿化，最先撞进视线的，是存在感特别高的文旅标语：中国神话之乡。 现象级游戏《黑神话：悟空》曾在长治取景，让这个不够喧闹的小城进入旅人的视野。而更早的叙事起点可以追溯到上古时期。从女娲补天到精卫填海， 从神农尝草到羿射九日，华夏最古老的想象都在此落地生根。 太岳山绵延四百余里，在时空版图上为长治辟出一方独立的地理单元。它既接续着中原文明的脉搏，又保持着恰到好处的抽离与静谧。正是在这"高处"， 现实与传说、历史与想象失去了边界，滋长出一片丰饶的精神原乡。 随着过去一年燃起的全民对山西古建的朝圣热，长治也悄然成为了一场沉浸式的东方美学现场。天然屏障守护着沟壑与村落间散落的寺观彩塑，让这里成 为中国彩塑史上一座不可复制的"山野博物馆"。 在长治，古建不只是建筑，更是一种被凝固的生命状态。观音堂悬塑将儒释道五百神佛压缩进一方殿宇，视觉密度逼近极限，让人无处可逃；崇庆寺的宋 塑十八罗汉筋骨分明，神采飞扬，仿佛千年前宋人的精气神被直接封存进了泥与彩之中；而法兴寺的十二元觉菩萨，眉眼之间流露的恬静慈悲与清秀，如 现实中的女子，恰好立在神性庄严与人性市井之间。那些远离庙堂的无名匠人 ...

行业环境 1.车企进入"体系出海"新阶段 汽车数据出境安全指引筑牢合规底座、降低跨境风险 关键词： 汽车数据出境,安全指引,数据跨境流动,数据安全保护,重要数据判定 跨境出海丨市场观察 本周看点： -车企进入"体系出海"新阶段； -锂电产业"触底向上" 技术及"出海"驱动增长； -全球 Z 世代潮，中国品牌出海的新逻辑。 概要： 工业和信息化部等八部门联合发布《汽车数据出境安全指引（2026版）》，旨在建立高 效便利的汽车数据跨境流动机制。《安全指引》细化汽车研发、生产、自动驾驶等场景的重要 数据判定规则，明确数据出境安全评估和个人信息出境标准合同，指导企业规范数据出境活 动。随着汽车产业智能化、网联化发展，汽车数据成为关键生产要素，数据流动需求急剧增 长。《安全指引》适用于三类汽车数据出境行为，包括数据传输至境外、境外机构访问国内数 据及境外处理境内个人信息。该政策兼顾安全与发展，助力车企合规出海，降低跨境风险，同 时为全球汽车品牌在华发展提供数据流动合规基础。 2.中国游戏出海收入攀升 武侠叙事助中国文化走向世界 关键词： 游戏出海,文化赋能,数字诗学,传统文化IP,文化软实力 概要： 中国游戏出海成绩显 ...

2年增长4万家，网吧又成一门好生意了？ 文｜张经纬 编辑｜邢昀 来源｜豹变（ID：baobiannews） 封面来源｜视觉中国 谈到这两年来网吧再度火热，他的看法很直白："现在经济环境下，人们减少高端消费，所以上网吧的需求一定会上涨，因为它几乎是最廉价的娱乐方 式，可以穿越周期。" 生活在东部省份的徐明，是网吧的常客，在他看来，"如今买八九千的电脑又贵又不保值，但在网吧能爽玩同等配置的电脑，很有性价比。" 春节假期到来，如果你问回到老家的中青年男性假期玩什么，网吧可能是一个答案。 好久没见的同学、朋友，聚在网吧里，一起打游戏，是一种重回学生时代的仪式感。 网吧正重新变得越来越多。根据中国互联网上网服务行业协会数据，2025年中国网吧经营主体达12.26万家，同比增长12.68%；营收规模突破1016.8亿 元。网吧行业一改疫情期间的颓势，门店在两年内增长了至少4万家，从业人员一年内增长了10万余人。 与数量变化同步发生的还有业态的变化，网吧+洗浴中心、网吧+酒店的娱乐复合体如雨后春笋般出现在街面上，开门迎客。 这种供给上的繁荣，除了疫情后消费人群的增长，也是资金涌入的结果。 这能说明开网吧好赚钱吗？要回答这个 ...

春节假期到来，如果你问回到老家的中青年男性假期玩什么，网吧可能是一个答案。 好久没见的同学、朋友，聚在网吧里，一起打游戏，是一种重回学生时代的仪式感。 以下文章来源于豹变 ，作者张经纬 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 本文来自微信公众号： 豹变 ，作者：张经纬，编辑：邢昀 网吧正重新变得越来越多。根据中国互联网上网服务行业协会数据，2025年中国网吧经营主体达 12.26万家，同比增长12.68%；营收规模突破1016.8亿元。网吧行业一改疫情期间的颓势，门店在两 年内增长了至少4万家，从业人员一年内增长了10万余人。 与数量变化同步发生的还有业态的变化，网吧+洗浴中心、网吧+酒店的娱乐复合体如雨后春笋般出 现在街面上，开门迎客。 这种供给上的繁荣，除了疫情后消费人群的增长，也是资金涌入的结果。 这能说明开网吧好赚钱吗？要回答这个问题，还是要先从需求讲起。 去网吧，穿越周期的廉价娱乐 白掌柜是长沙一家连锁网吧品牌的老板，从业超10年，目前在长沙市区和附近县城开了13家网吧。 谈到这两年来网吧再度火热，他的看法很直白："现在经济环境下，人们减少高端消费，所以上网吧 的需求一定 ...

2025年，中国历经动荡。年初，中国面临地缘政治逆风与内需疲软的双重压力；去年4月，新关税政策 与贸易摩擦引发了数十年来最重大的贸易冲突。 然而，局势在去年11月迎来转折。中国年度贸易顺差突破1万亿美元，创下历史新高；国内生产总值 （GDP）增速稳定在5%左右，似乎已经摆脱"去全球化"的阴霾。 2026年，中国将面临怎样的挑战？尽管媒体焦点仍集中在美国总统特朗普的关税政策或中国的房地产困 境，但更深层的趋势正在重塑中国未来的经济走向。跨国企业在中国市场正面临新挑战，本土企业竞争 力日益增强是其中之一，但机遇依然存在。在这个全球第二大经济体应对风云变幻的国际经济环境之 际，以下五个核心问题至关重要。 关税不确定性将如何重塑跨国企业的在华战略？ 凭借成本优势与一体化供应链，中国在全球制造业中长期占据主导地位。即便2025年美国加征关税后， 关税税率最终稳定在50%左右，这一优势仍未动摇。 关税并未对中国贸易造成显著冲击：中国出口占国际市场份额稳定在14%左右，是印度与越南两国总和 的四倍。 图片来源：Wand Zhao—AFP via Getty Images 原因在于中国已实现贸易伙伴多元化。目前，对美商品出口 ...

Core Insights - The introduction of ByteDance's Seedance 2.0 video generation model is causing a significant disruption across the entire film industry, with notable figures in the industry expressing both excitement and concern about its implications [2][6][19] - The model drastically reduces the cost and time required for video production, with the cost of a 5-second special effects shot dropping from 30,000 yuan to just 3 yuan, fundamentally altering the traditional production logic of the film industry [6][8] - The emergence of Seedance 2.0 is seen as a double-edged sword, offering opportunities for innovation while also raising concerns about job displacement and copyright issues [9][12][14] Industry Impact - The film and media sector experienced a significant influx of capital, with over 3 billion yuan entering the market in a single day following the announcement of Seedance 2.0 [2] - Traditional roles such as animators and visual effects artists may face challenges as the technology automates many aspects of video production, while roles that focus on creative direction and storytelling may become more valuable [8][9][12] - The model's ability to generate high-quality content with minimal input is expected to lead to a "content inflation" in the industry, where the sheer volume of available content may dilute the value of individual works [8][12] Technological Advancements - Seedance 2.0 allows for the generation of usable video content with significantly fewer attempts, reducing the average number of tries from 10-20 to just 1-5 [8] - The model's capability to produce multi-angle narratives challenges traditional editing processes, suggesting a shift in how stories are constructed in film [10][11] - The technology's ability to generate realistic visuals raises questions about the authenticity of content and the potential for misuse, leading to regulatory scrutiny [14][15] Creative Dynamics - The introduction of Seedance 2.0 shifts the focus of creative professionals from technical execution to conceptual development, emphasizing the importance of unique storytelling [9][19] - As AI tools become more accessible, the competitive edge in content creation will increasingly depend on the originality of ideas rather than technical skills [19][20] - The film industry is at a crossroads, where the balance between technological advancement and creative integrity will define its future [19][20]

这次，59岁的老武生、义乌市婺剧保护传承中心演员张国标在《义乌兵》中扮演戚继光。"导演说这个 节目要把阳刚、勇猛的气势表现出来，我根据'勤耕好学，刚正勇为，诚信包容'的城市精神内核，自己 设计了一些动作。"他边比划边说，转一圈是检阅三军是否齐整，"挑髯口"是长髯甩起，人定住时要正 对"戚"字帅旗，每个时间点都要跟音乐精准匹配。 "刚在电视里看到你了。"当节目进入第二篇章，义乌商贸城的人与景出现时，义乌博众文化用品有限公 司总经理何犁红收到了来自亲朋好友的短信。看着自家店铺满墙的红色喜庆包装盒和自己用Yiwu Pay （义支付）扫码收款的场景出现在春晚舞台上，何犁红激动万分："上春晚是头一遭，我们很早就张罗 准备起来，店里添了中国结、福字等元素，我身上的红色中式套装挑了三天，希望能把义乌的精气神展 现给全国人民看。" 同样激动的还有来自浙江音乐学院舞蹈学院的大一学生张笔溪，这是他第一次参加央视春晚演出："这 次共有19名舞蹈学院的学生参演第二篇章，通过街舞来展现义乌小商品市场琳琅满目等特色。大家很珍 惜这次机会，每次排练结束后都会继续打磨动作细节。" 2月16日晚，在2026年中央广播电视总台春节联欢晚会上，充 ...