中信建投指出，传媒行业在AI应用领域持续发力，阿里计划加强C端AI应用布局，对标ChatGPT，通义 App已更名为千问App，核心功能包括对话问答、智能写作等，近期排名快速上升。腾讯通过微信Agent 与元宝共同推进AI功能，元宝App月活7329万，全球排名第六。字节旗下豆包与抖音打通，涵盖短视频 搜索、电商和本地生活功能，连续300天稳居iOS免费榜Top3。美图公司凭借AI换装、AI雪景等功能在 海外市场出圈，连续两月登顶多国应用商店榜单。影视院线方面，年末《疯狂动物城2》等引进片有望 推动电影市场回暖，春节档储备丰富，包括《惊蛰无声》《飞驰人生3》等重磅影片。IP衍生业务保持 高景气，阅文集团、上海电影等公司积极布局漫剧和游戏授权，推动收入增长。 影视ETF（516620）跟踪的是中证影视指数（930781），该指数从A股市场中选取涉及内容制作、发行 放映及相关服务等业务的上市公司证券作为指数样本，以反映影视娱乐行业相关上市公司证券的整体表 现。该指数成分股主要分布在深圳证券交易所，具有较高的通信服务板块占比。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that the State Administration of Radio and Television has issued measures to enhance the supply of television content, which is expected to lead to a recovery in the long video industry [1] - The measures aim to support high-quality content and are anticipated to shorten the production and review cycles, thereby releasing creative potential and improving scheduling stability and capital efficiency [1] - The changes in policy are expected to gradually show results in the next 1-2 quarters, positively impacting the business models of long video platforms [1] Group 2 - The Film and Television ETF (516620) tracks the CSI Film and Television Index (930781), which selects listed companies involved in film and television production and distribution from the A-share market [1] - The CSI Film and Television Index covers the entire industry chain from content creation to distribution channels, reflecting the overall performance of listed companies in the film and television entertainment sector [1] - The index is characterized by its distinct industry features and is capable of representing the market trends of the film and television sector effectively [1]

Core Insights - The film industry is projected to reach a total box office of 26.61 billion RMB by September 2025, reflecting a year-on-year growth of 82.8% [1] - The National Day box office has decreased by 12.8% to 1.84 billion RMB, primarily due to a lack of compelling new releases [1] - There is a noticeable upward trend in the number of domestic films registered since 2023, indicating a potential recovery in quality content supply starting in 2025 [1] Industry Overview - The overall film content sector is expected to benefit from policy shifts and improvements in supply, leading to a demand recovery opportunity [1] - Mango TV's show "披荆斩棘" has performed exceptionally well, achieving a market share of 9.72% for online content [1] Investment Insights - The Film ETF (516620) tracks the CSI Film Index (930781), which includes listed companies involved in content production, distribution, and channels, reflecting the overall performance of the Chinese film industry [1]

Group 1 - The core viewpoint is that the media industry is experiencing a surge in AI applications, with a cultural confidence boost from content output, making this year pivotal for the explosion and reshaping of China's open-source large model applications [1] - The box office for the summer of 2025 is projected to reach 110.02 billion yuan, with an annual total box office of 383.28 billion yuan and 8.87 billion moviegoers, indicating a recovery of approximately 85% in box office and 76% in audience numbers [1] - AI technologies, such as Google's nano banana model, are showing impressive results in image editing and are expected to accelerate applications in film and gaming sectors [1] Group 2 - The gaming sector is anticipated to show strong performance in Q3, with a record high in the number of licenses issued and an upward trend in multi-platform products [1] - The long-term outlook for the IP sector is positive, particularly for 2B licensing and 2C channel-driven growth [1] - The Film ETF (516620) tracks the CSI Film Index (930781), which includes listed companies involved in film content provision, distribution, and channels, reflecting the overall performance of China's film industry [1]