国泰海通发布研报称，传媒行业正处于AI应用加速发展和文娱产业周期向上的关键节点，2025年指数 表现较好，2026年在产品和政策的共振下有望延续强势。从AI应用方面看，2025年8月《国务院关于深 入实施"人工智能+"行动的意见》颁布，标志着AI已上升至国家战略层面，"人工智能+"有望延续"互联 网+"的热潮，造就新生态、新场景、新商业。再从文娱产业来看，以"哪吒"、"黑神话：悟空"等为代表 的本土IP不仅在国内深受消费者喜爱，更是在全球范围内掀起热潮。 国泰海通主要观点如下： 风险提示：市场竞争风险，行业及监管政策风险，技术发展不及预期，产品表现不及预期。 AI应用高速发展与文娱产业周期向上的黄金时期。 从AI应用方面看，2025年8月《国务院关于深入实施"人工智能+"行动的意见》颁布，标志着AI已上升 至国家战略层面，"人工智能+"有望延续"互联网+"的热潮，造就新生态、新场景、新商业。再从文娱产 业来看，以"哪吒"、"黑神话：悟空"等为代表的本土IP不仅在国内深受消费者喜爱，更是在全球范围内 掀起热潮。而例如游戏、影视等互联网时期诞生的娱乐内容形式亦展现出极强的生命力，《超自然行动 组》、《无尽冬日》、 ...

这一年，企业创新主体地位持续巩固。在关键元器件、基础软件、高端装备等环节实现一系列实质性突 破，自主可控的产业体系稳步构建。数字技术与实体经济深度融合，"产业数字化"与"数字产业化"双轮 驱动，数字经济规模持续壮大。 在复杂多变的全球环境中，中国经济向高质量发展迈出坚实步伐。一批领军企业正以清晰的战略、持续 的创新与深度的产业融合，奔赴更具无限可能的未来。他们于"新科技"中穿越周期，在"新消费"中洞察 人心，借"新价值"重塑商业逻辑。 为此，《财经》新媒体携手易观、中国虚拟现实技术与创新平台、中关村数智人工智能产业联盟、清博 智能等智慧支持机构，共同发起第八届"新奖"榜单活动。经过专业评比和深入调研，百余家企业脱颖而 出。他们的探索与实践，共同勾勒出市场主体在风浪中稳健前行的商业新图景，也为理解当下中国经济 提供了生动注脚。 "十四五"收官在即，"十五五"蓄势待发。回望2025年中国经济画卷，最鲜明的底色是在深刻转型中淬炼 出的韧性、创新与结构性跃升。 这一年，有效投资精准聚焦科技、先进制造、现代化基础设施与民生等关键领域；消费"压舱石"作用愈 发稳固，服务业消费热度攀升，绿色智能产品消费活力不减。 当全球人 ...

本次活动以"文创天府 蓉耀未来"为主题，聚焦数字技术在文化领域的创新应用，旨在搭建成都与长三角地区文创产业的顶级对话与合作平台，吸引来自上 海风语筑、苏州金螳螂、同程网络科技、苏州太湖雪等重点文化企业，华映资本等投资机构，以及苏州工业园、苏州元和塘文化产业园等文创园区共百余人 参会，并发起成立了跨区域的"成都-长三角地区文创产业创新发展联盟"。 每经记者｜唐元 每经编辑｜余洋 文化之美，浸润人心；科技之光，照亮未来。当巴蜀天府遇见江南水乡，一场关于数字文创的深度对话在苏州拉开帷幕。 2025年12月9日，由中共成都市委宣传部指导，成都市文化产业发展促进中心主办，成都市投资促进局、成都市文化广电旅游局、成都市数字文化创意产业 协会协办的"数智链未来·2025成都市文创产业（长三角）合作对接会"在苏州举行。 此次对接会是成都加快建设世界文创名城、推动产业园区"立园满园"的重要举措，通过实地考察、机遇推介、前沿分享与精准对接，全面展现了成都文创产 业的巨大潜力与开放姿态，成功推动了区域间产业要素的流通与项目的实质落地。 诚挚的"成都邀请"：超百条投资机会清单及供需清单发布 12月9日上午，成都企业代表团先后走进苏州 ...

来源：人民日报客户端上海频道 作者：马晓 12月2日，人民日报文化传媒有限公司、上海市静安区委宣传部共同组织的文化创意产业高质量发展调 研交流活动在静安区举行。活动以"打造优质文创品牌 推动文化产业高质量发展"为主题，通过实地调 研与互动交流相结合的形式，深入探讨新时代文化创意产业的守正创新与融合发展路径。 活动上午，与会嘉宾实地调研了苏河湾中心、万象天地、慎余里、四行仓库抗战纪念馆、浙江卡游动漫 有限公司上海总部等静安区代表性文商旅地标与文创企业，亲身感受静安区深厚的历史文化底蕴与蓬勃 的文创产业活力。 下午，互动交流会在海派文化地标张园举行。静安区委常委、宣传部部长萧烨璎在致辞中表示，静安在 文化创意领域，聚焦"全球影视创制中心""全球电竞之都""亚洲演艺之都""创意设计产业高地"四大目 标，优化产业生态，强化政策供给，提升服务能级，全力推动文化创意产业高质量发展。本次调研交流 活动对于静安文创产业而言，是一次"集中展示"，更是一场"聚智赋能"，期待各方的真知灼见助力静安 探索文创品牌打造、价值转化、产业升级的新路径。静安也将为创新创业的企业和个人提供专项政策支 持与综合服务保障。 在专家解读环节，围绕" ...

Report Information - Report Title: Financial Futures Weekly Report [1] - Date: November 7, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Viewpoints - For the stock index, in the long - term, the upward trend remains unchanged due to the easing external environment and new policy expectations from the 15th Five - Year Plan. In the short - term, the index may oscillate around the key pressure level of 4000 points on the Shanghai Composite Index. A dumbbell strategy with balanced allocation of CSI 300 and CSI 500 is recommended [13]. - For treasury bonds, the negative factors in the bond market have basically been released, and November is a stage of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. It is recommended to seize allocation opportunities when there is market over - adjustment [87]. - For shipping indexes, although the actual demand may not support large price increases, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108]. Summary by Section Stock Index Market Review - The A - share market has shown a pattern of "short - term correction followed by strong performance, and rebound after a sharp decline due to external shocks" since the beginning of the year. From November 3 - 7, the A - share market rose with reduced volume. The Wind All - A index rose 0.62%, and large - cap blue - chip stocks performed better. Futures were weaker than the spot index [7][8]. - Looking ahead, concerns about liquidity in the US market and high expectations for Sino - US tariff negotiations have led to a weakening market after the positive news was released. Domestically, the economic fundamentals in September faced more pressure, and the export data in October showed a downward trend. Although the margin trading balance provided support, the participation of retail investors was not high. The overall A - share trading volume returned to 2 trillion yuan, and its sustainable growth needs attention [12][13]. 成交持仓分析 - Stock index trading volume decreased. The average daily trading volumes of IF, IH, IC, and IM decreased by 1.13, 0.71, 0.79, and 0.46 million lots respectively compared with last week. The positions showed a differentiated trend. IF and IM positions increased, while IH and IC positions decreased [14]. 基差、跨期价差及跨品种价差分析 - The basis showed a differentiated trend. The basis of CSI 300 and CSI 500 widened, while that of SSE 50 changed from premium to discount, and the basis of CSI 1000 narrowed. The annualized basis rate of each index decreased. The spread between the next - month and current - month contracts of IF, IC, and IM widened, while that of IH narrowed. The spread between the current - quarter and current - month contracts of all varieties widened. Large - cap blue - chip stocks performed relatively better [16][26][32]. Industry Sector Overview - In the CSI 300, the energy, industrial, and financial sectors led the gains, while the pharmaceutical, optional consumer, and information sectors led the losses. In the CSI 500, the energy, public utilities, and industrial sectors led the gains, while the real estate, pharmaceutical, and information sectors led the losses. Among the first - level industries, the power equipment, coal, and petroleum and petrochemical sectors led the gains, while the beauty care, computer, and pharmaceutical biology sectors led the losses [33][35]. Valuation Comparison - As of November 7, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.3295, 11.9766, 33.464, and 47.8124 times respectively, and they were at the 88.07%, 91.32%, 79.72%, and 77.08% percentile levels in the past decade [38]. Treasury Bonds This Week's Market Review - **Treasury Bond Futures Market**: The central bank's bond - buying was slightly lower than expected, and the warming of the A - share market suppressed the bond market. The performance of long - term futures was slightly stronger than that of spot bonds, while the opposite was true for short - term bonds. There is a certain positive arbitrage space for each variety's main contract, and there is a large reverse arbitrage space for non - CTD bonds of 30 - year, 10 - year, and 2 - year main contracts. The basis of the 10 - year main contract is slightly high and has the motivation to converge. The spread between the current - quarter and next - quarter contracts is expected to continue to narrow during the position - shifting process. A flattening strategy is recommended [42][44][51]. - **Bond Spot Market**: Most of the spot yields of treasury bonds increased this week, with a larger increase at the short end. The yield of US Treasury bonds first decreased and then increased [65]. - **Funding Situation**: At the beginning of the month, there was a net withdrawal of funds. The central bank conducted an equal - amount renewal of the 3 - month outright reverse repurchase due this month. The overall funding situation was stable, and there was no liquidity stratification between banks and non - banks [70]. - **Interest Rate Derivatives**: The yields of interest rate swap varieties increased slightly this week, and the liquidity expectation was stable [85]. Market Analysis - The bond market stabilized and strengthened in October. Currently, the economic fundamentals still face pressure, and the market's expectation of monetary easing may rise again. The restart of treasury bond trading has brought direct buying demand to the bond market, and the impact of wide - credit expectations on the bond market should be limited. Although there are some uncertain disturbances, the bond market environment has improved [87]. Next Week's Open - Market Maturities and Important Economic Calendar - There are a total of 783 billion yuan of reverse repurchases due next week, and important economic data such as China's October social financing data and national economic activity data will be released [95]. Shipping Index Market Review - The reduction of quotes hit the sentiment of long - positions. This week, the SCFIS index turned down again. On the spot side, shipping companies reduced the price increase, which hit the sentiment of long - positions and led to a sharp decline in EC futures [96]. Container Shipping Market Situation - **Spot Market**: The freight rates of ocean routes continued to rebound, with the rates of European and American routes rising. Shipping companies continued to raise the quotes for November and December, but the increase was lower than before. Considering the general demand and the decline of the SCFIS index, it is uncertain whether the price increase can be fully implemented [102][103]. - **Supply - Demand Fundamentals**: On the supply side, the container shipping capacity in Europe in November remained at a relatively high level in the off - season, and the potential and actual shipping capacities are expected to continue to grow. The geopolitical conflict in the Middle East continues to deteriorate, and the probability of the Red Sea resuming navigation within the year is low. On the demand side, the macro - demand in the eurozone continues to recover weakly, and the demand at the end - of - year peak season may be lower than expected, so the support for container shipping prices is limited [106][107]. Market Outlook - Although the actual demand may not support a large price increase, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108].

Summary of Conference Call Notes Industry Overview - The focus is on the media sector, particularly state-owned enterprises (SOEs) in China, and the investment opportunities arising from macroeconomic reforms and industry dynamics [1][2][3] Key Points and Arguments 1. **Macroeconomic Reforms**: The acceleration of factor market reforms aims to optimize asset-liability structures and revitalize inefficient assets through mergers and acquisitions [1][3] 2. **State-Owned Assets**: The initiative to revitalize existing state-owned assets is intended to enhance resource allocation efficiency and improve the effectiveness of state assets [1][3] 3. **Media SOEs Attention**: Since September 2025, media SOEs have gained increased attention due to investment opportunities in the gaming sector following a valuation recovery [1][5] 4. **Gaming Industry Valuation**: The gaming sector has experienced significant valuation fluctuations, recovering to pre-2018 levels, indicating a renewed market assessment of the industry's prospects [1][6] 5. **Potential for Valuation Growth**: The gaming sector could exceed a 30x PE valuation due to innovations in user interaction, new audience engagement, and emotionally resonant content [1][7] 6. **Media Sector Growth**: The media industry is expected to enter a new growth phase in 2025, driven by regulatory changes, blockbuster content, AI technology, and improved market risk appetite [1][8] Additional Important Insights 1. **Institutional Holdings**: Institutional ownership in the media sector is currently low, with expectations of recovery to standard levels, which could drive valuation recovery [2][8] 2. **Position of SOEs**: SOEs hold a significant position in the media sector, accounting for 46% of the market, benefiting from relaxed regulations and strong content performance [9][10] 3. **Investment Logic**: The investment rationale for SOEs includes the transition from strict to routine regulation, the emergence of successful media products, and the positive impact of AI technology [9][11] 4. **Selected Investment Targets**: Key investment targets include Xinhua Net, China Vision Media, and others, which are backed by strong controlling shareholders and have the capability to mobilize external resources [10] Conclusion - The media sector, particularly state-owned enterprises, presents a compelling investment landscape influenced by macroeconomic reforms, industry dynamics, and technological advancements, with a focus on strategic asset management and innovative content creation [1][2][3][9][11]

Core Insights - Chengdu's digital cultural and creative industry is experiencing significant growth, with projected revenue reaching 381.9 billion yuan in 2024 and a 7.3% year-on-year increase in the first half of 2025 [1] - The 2025 Chengdu Digital Cultural and Creative Ecosystem Partner Conference focused on six core sectors, including film and animation, gaming, and esports, while discussing cutting-edge topics like AIGC and global IP [1] - Chengdu has been recognized for its strong cultural heritage and supportive policies from local government, which have fostered the development of the digital cultural and creative industry [1] Industry Developments - The conference released the inaugural "2025 China Digital Cultural and Creative City Index" report, analyzing various indicators to assess the maturity and growth potential of cities in the digital creative sector [5] - Chengdu ranked among the top cities in China for talent reserve, industry stability, and urban vitality, alongside Beijing, Shanghai, and Shenzhen [5] - The "Chengdu Digital Cultural Creative 10 Billion Cooperation Opportunity List" was unveiled, highlighting 52 specific projects across six sectors, offering nearly 30 billion yuan in investment opportunities [6] Events and Collaborations - Five major global esports events are set to take place in Chengdu from October to December, including the League of Legends World Championship, which has a viewership of nearly 100 million per match [6] - The conference featured investment roadshows for key IP projects, including animated films and AIGC technology initiatives, showcasing Chengdu's commitment to innovation in the digital creative space [6] - An international alliance for the digital cultural and creative industry was established, involving representatives from six countries and regions, aimed at enhancing research, resource collaboration, and international cooperation [6]

Core Insights - Chengdu is positioning itself as a leading hub for the digital cultural and creative industry, aiming to create a high-level innovation platform and ecosystem to foster new IPs and projects [2][3][10] Group 1: Industry Development - Chengdu ranked fourth in the 2025 China Digital Cultural and Creative City Index and released a list of 100 billion yuan cooperation opportunities in the digital cultural sector [2] - The city achieved a cultural and creative industry added value of 287.6 billion yuan in 2024, with a year-on-year growth of 11.7%, and the core digital cultural industry revenue reached 381.9 billion yuan [3] - In the first half of this year, the added value of the cultural and creative industry was 187.2 billion yuan, growing by 7.4%, while the core digital cultural industry revenue was 212.1 billion yuan, with nearly 900 registered digital cultural enterprises [3] Group 2: Events and Engagement - The 2025 Chengdu International Digital Cultural and Creative Ecosystem Partner Conference attracted over 340 global leaders and showcased the city's commitment to advancing the digital cultural industry [1][2] - The recent "Super Golden Week" saw significant attendance at events like the 21st World Line Animation Exhibition, which attracted 40,000 visitors on its opening day [8] - The conference announced that five world-class esports events will be held in Chengdu from October to December, highlighting the city's growing importance in the global esports landscape [10] Group 3: Policy and Support - Chengdu has implemented supportive policies for nurturing digital cultural startups, including financial services and entrepreneurial support, making it the first city to focus on this sector [14] - The city has established itself as a favorable environment for innovation, with strong government support and a welcoming business climate, which is crucial for the growth of the digital cultural industry [12][14] Group 4: Global Outreach - Chengdu is actively engaging in international investment promotion, having facilitated nearly 10 billion yuan in cooperation agreements with European partners [19] - The city is becoming a key entry point for European companies into the Chinese market, with significant projects like the establishment of the German machine tool headquarters in Chengdu [19] - The international digital cultural ecosystem conference reflects Chengdu's unique industrial appeal and its readiness to embrace global opportunities [22]

Core Insights - The event "潮玩总动员•2025成都文创产业（粤港澳大湾区）合作对接会" held in Dongguan aimed to foster collaboration between Chengdu's cultural creativity and the manufacturing capabilities of the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - Over 20 projects were signed at the event, with a total value exceeding 10 billion yuan, highlighting the strong partnership potential between the two regions [1][6] Group 1: Event Overview - The event featured a vibrant atmosphere with numerous interactions among representatives from Chengdu and the Greater Bay Area, emphasizing the search for ideal partners [1] - The dialogue at the event reflected a mutual interest in high-end craftsmanship and market expansion into Southeast Asia [1][2] Group 2: Industry Strengths - Chengdu is recognized as a hub for content creation, with a cultural industry value-added of 187.2 billion yuan in the first half of 2025, marking a 7.4% year-on-year growth [2] - Dongguan is a manufacturing powerhouse, producing approximately 85% of China's潮玩 (trendy toys) and housing over 4,000 toy companies, creating a robust industrial cluster [2][3] Group 3: Collaboration and Projects - The signed projects cover a wide range of collaborations, including high-end smart manufacturing, IP licensing, and theme park construction [6] - Notable partnerships include the collaboration between Chenghua District and Jinshi 3D Super Printing Factory, as well as the agreement with Guangdong Jianmei New Materials for customized design and smart manufacturing [6] Group 4: Alliance Formation - A new alliance, the Chengdu-Greater Bay Area潮玩协同创新发展联盟, was established to strengthen ties and facilitate market responsiveness between the two regions [6][7] - This alliance represents a new model of collaboration, aiming to drive the潮玩 industry towards a broader global market [7] Group 5: Future Vision - Chengdu is implementing a "full park" strategy with 42 industrial parks to support IP incubation and industrialization [11] - Dongguan's established logistics and trade networks will provide a pathway for Chengdu's IP to reach international markets, creating a seamless connection from IP incubation to smart manufacturing and international marketing [11]

Core Insights - The event "潮玩总动员•2025成都文创产业（粤港澳大湾区）合作对接会" highlights the collaboration between Chengdu's cultural IP and creative design resources with the manufacturing capabilities of the Guangdong-Hong Kong-Macao Greater Bay Area [2][20] - Chengdu's consumer market is thriving, with significant growth in tourism and retail, making it a key player in the潮玩 (trendy toys) industry [3][5] Group 1: Event Overview - The high-level meeting gathered top minds from China's潮玩 industry, showcasing Chengdu's cultural depth and digital creative vitality [2] - Over 20 projects were signed at the event, with a total investment exceeding 10 billion yuan, and the establishment of the "Chengdu-Greater Bay Area潮玩 Collaborative Innovation Development Alliance" [2] Group 2: Market Dynamics - Chengdu serves as a major consumption hub, attracting tourists and leading in various consumer rankings, with 28.6 million visitors and a tourism expenditure of 29.35 billion yuan during the "Golden Week" [3][5] - The city surpassed 1 trillion yuan in total consumption in 2023, becoming the second provincial capital to achieve this milestone [5] Group 3: Youth Engagement - Chengdu is a magnet for young people, fostering a vibrant market for潮玩 and creative design industries, with significant contributions from local gaming and animation companies [7][8] - The city has hosted nearly 80 large concerts in the first eight months of the year, generating around 4 billion yuan in consumption, indicating a strong cultural engagement among youth [8] Group 4: Industry Ecosystem - Chengdu's潮玩 industry benefits from a rich cultural heritage, including major cultural IPs like "Pandas" and "Three Kingdoms," and successful digital content like "Honor of Kings" [13] - The city has established 42 industrial parks, attracting over 900 digital creative enterprises, which enhances the ecosystem for潮玩 development [16] Group 5: Economic Performance - In the first half of 2025, Chengdu's cultural industry achieved an added value of 187.2 billion yuan, reflecting a year-on-year growth of 7.4% [20] - The event signifies a significant step in Chengdu's efforts to develop its潮玩 industry, showcasing its commitment to enhancing its digital creative sector [20]