Core Insights - The article highlights the significant development of cultural industries in Zhejiang, particularly under the leadership of Xi Jinping, emphasizing the integration of culture and economy as a driving force for growth [3][4][5]. Group 1: Cultural and Economic Integration - Xi Jinping identified a prominent characteristic of Zhejiang culture as being deeply intertwined with economic activities, showcasing examples like the clothing industry in Ningbo and the diverse industrial clusters in Wenzhou [3][4]. - The establishment of the animation industry in Zhejiang is presented as a successful case of cultural and economic integration, with the region evolving from having almost no animation industry in 2003 to hosting the first national-level international animation event by 2005 [4][5]. Group 2: Policy and Development Initiatives - In 2005, Xi Jinping initiated the "Eight Major Projects" for cultural construction in Zhejiang, which included a focus on promoting the cultural industry [4][5]. - The establishment of the Hengdian Film and Television Industry Experimental Zone in 2004 marked a significant step in developing a comprehensive cultural industry ecosystem, attracting over 2,000 film and television companies [5][6]. Group 3: Current Cultural Industry Landscape - The article notes that Zhejiang has become a major center for the animation industry in China, with the China International Animation Festival permanently located in Hangzhou [5][6]. - The cultural industry in Zhejiang has diversified, with successful cultural IPs emerging, such as the globally popular game "Black Myth: Wukong," and a rise in large-scale cultural events like concerts and music festivals [6][12]. Group 4: Future Outlook - The article emphasizes the ongoing importance of cultural and economic integration, with Xi Jinping's continued focus on the relationship between culture and economic development, suggesting that cultural soft power can translate into economic strength [10][12]. - The cultural and related industries in China are projected to exceed 19 trillion yuan in revenue by 2024, indicating robust growth and a thriving cultural economy [12].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The current market as a whole shows signs of breaking through the previous range and starting to move upwards. For futures trading, a long - biased strategy is recommended for stock index futures, and buying options is suggested for stock index options. In the long - term, A - shares are considered to have high investment value, with CSI 500 and CSI 1000 having more growth potential due to science and innovation policies, while SSE 50 and CSI 300 are more defensive in the current macro - environment [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Futures**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 3906.40, 3893.20, 3885.80, and 3855.60 respectively, with price increases of 10.80, 8.80, 7.60, and 6.60 and increases of 0.28%, 0.23%, 0.20%, and 0.17%. The trading volumes were 30836.00, 2035.00, 40077.00, and 6044.00, and the open interests were 65471.00, 3682.00, 135428.00, and 40026.00, with decreases of 4640.00, 344.00, 3939.00, and 618.00 respectively [1] - **IH Futures**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2693.00, 2689.00, 2689.00, and 2690.00 respectively, with price increases of 8.80, 7.60, 7.20, and 7.00 and increases of 0.33%, 0.28%, 0.27%, and 0.26%. The trading volumes were 14261.00, 855.00, 22994.00, and 2568.00, and the open interests were 26401.00, 1756.00, 49133.00, and 8551.00, with decreases of 4124.00, 235.00, 3937.00, and 298.00 respectively [1] - **IC Futures**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 5863.00, 5818.80, 5768.80, and 5650.00 respectively, with price increases of 33.20, 25.80, 20.40, and 15.00 and increases of 0.57%, 0.45%, 0.35%, and 0.27%. The trading volumes were 32984.00, 3036.00, 27514.00, and 7769.00, and the open interests were 73467.00, 4820.00, 91475.00, and 51599.00, with changes of - 4070.00, 17.00, - 3076.00, and - 649.00 respectively [1] - **IM Futures**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 6283.00, 6220.60, 6148.60, and 5973.20 respectively, with price increases of 48.40, 42.40, 29.80, and 20.60 and increases of 0.78%, 0.69%, 0.49%, and 0.35%. The trading volumes were 53137.00, 4220.00, 94541.00, and 20114.00, and the open interests were 82875.00, 7270.00, 158728.00, and 68772.00, with changes of - 9504.00, 449.00, - 9029.00, and - 1081.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 13.20, - 4.00, - 44.20, and - 62.40 respectively, compared to previous values of - 9.60, - 4.40, - 37.20, and - 56.20 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the index was 3936.08, with a trading volume of 145.17 billion lots and a total trading value of 2888.21 billion yuan. The value two days ago was 3921.76, with a trading volume of 194.56 billion lots and a total trading value of 3434.68 billion yuan. The increase was 0.37% [1] - **SSE 50 Index**: The previous value of the index was 2711.99, with a trading volume of 38.31 billion lots and a total trading value of 764.64 billion yuan. The value two days ago was 2707.57, with a trading volume of 57.08 billion lots and a total trading value of 957.14 billion yuan. The increase was 0.16% [1] - **CSI 500 Index**: The previous value of the index was 5915.39, with a trading volume of 166.28 billion lots and a total trading value of 2265.17 billion yuan. The value two days ago was 5863.73, with a trading volume of 199.39 billion lots and a total trading value of 2433.03 billion yuan. The increase was 0.88% [1] - **CSI 1000 Index**: The previous value of the index was 6356.18, with a trading volume of 237.32 billion lots and a total trading value of 3362.21 billion yuan. The value two days ago was 6276.94, with a trading volume of 248.56 billion lots and a total trading value of 3304.55 billion yuan. The increase was 1.26% [1] - **CSI 300 Industry Index**: Different industries had different performance. For example, the energy, raw materials, industry, and optional consumption sectors had increases of 0.11%, 0.02%, 0.99%, and - 0.01% respectively; the main consumption, medical and health, real - estate finance, and information technology sectors had increases of 0.29%, 0.87%, - 0.44%, and 1.06% respectively; the telecommunications and public utilities sectors had increases of 1.95% and 0.01% respectively [1] 3.3 Basis between Futures and Spot - **IF Basis**: The previous values of the basis between IF contracts (current month, next month, next quarter, and far - quarter) and the CSI 300 index were - 29.68, - 42.88, - 50.28, and - 80.48 respectively, compared to values of - 29.76, - 39.36, - 45.16, and - 75.36 two days ago [1] - **IH Basis**: The previous values of the basis between IH contracts (current month, next month, next quarter, and far - quarter) and the SSE 50 index were - 18.99, - 22.99, - 22.99, and - 21.99 respectively, compared to values of - 23.17, - 27.57, - 27.57, and - 25.77 two days ago [1] - **IC Basis**: The previous values of the basis between IC contracts (current month, next month, next quarter, and far - quarter) and the CSI 500 index were - 52.39, - 96.59, - 146.59, and - 265.39 respectively, compared to values of - 36.73, - 73.93, - 118.73, and - 232.13 two days ago [1] - **IM Basis**: The previous values of the basis between IM contracts (current month, next month, next quarter, and far - quarter) and the CSI 1000 index were - 73.18, - 135.58, - 207.58, and - 382.98 respectively, compared to values of - 46.74, - 102.94, - 166.14, and - 333.94 two days ago [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - cap Board Index, and ChiNext Index had increases of 0.59%, 0.83%, 0.87%, and 1.35% respectively [1] - **Overseas Indexes**: The Hang Seng Index, Nikkei 225, S&P Index, and DAX Index had changes of - 0.87%, 0.84%, 0.52%, and - 0.51% respectively [1] 3.5 Macro Information - In June, China's manufacturing, non - manufacturing, and composite PMIs were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month. The PMIs of the equipment manufacturing, high - tech manufacturing, and consumer goods industries were in the expansion range for two consecutive months [2] - From January 1, 2025, to December 31, 2028, overseas investors who use the profits distributed by Chinese domestic resident enterprises for domestic direct investment can, if meeting the conditions, offset 10% of the investment amount against the current year's taxable amount [2] - The Shenzhen Stock Exchange issued the identification criteria for "light - asset, high - R & D investment" on the ChiNext. About 200 listed companies meeting the criteria, mainly in strategic emerging industries such as information technology and biomedicine, are no longer subject to the 30% limit of supplementary working capital for raised funds [2] - The State Administration of Foreign Exchange issued investment quotas of $3.08 billion to some qualified domestic institutional investors (QDII) [2] 3.6 Industry Information - Starting from July 1, 2025, anti - dumping duties of 20.2% - 103.1% will continue to be imposed on imported stainless - steel billets and hot - rolled stainless - steel sheets/coils from the EU, the UK, South Korea, and Indonesia for a period of 5 years [2] - The movie "Ne Zha: Rebirth of the Demon Child" ended with a domestic box office of 154.45 billion yuan and 324 million viewers, and the global box office exceeded 159 billion yuan [2] - From January to June, the total sales of the top 100 real - estate enterprises were 1836.41 billion yuan, a year - on - year decrease of 11.8%, and the decline in June was 18.5% year - on - year, with the decline rate widening [2] - Domestic leading photovoltaic glass enterprises plan to cut production by 30% starting from July, and it is expected that the domestic supply of photovoltaic glass will decline rapidly [2]

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair serves as a significant platform for showcasing cultural achievements and promoting industry cooperation, with a focus on innovation and integration, attracting over 3,000 cultural institutions from more than 50 countries and regions [1] Group 1: Park Ecosystem - Chengdu's cultural industry achieved a value-added output of 287.6 billion yuan, with a year-on-year growth of 11.69%, maintaining over 10% of GDP for five consecutive years, supported by a robust network of cultural parks [3] - The fair highlighted Chengdu's cultural parks, such as the Dongjiao Memory International Fashion Industry Park and the Chengdu International Intangible Cultural Heritage Expo Park, which attracted numerous exhibitors across various industry segments [3][4] - Chengdu's parks represent a new exploration in creating a diverse and integrated industrial ecosystem, showcasing the city's commitment to cultural innovation [3] Group 2: Market Forces - Chengdu's digital cultural sector has seen the emergence of numerous successful products, with over 680 large-scale digital cultural enterprises, placing it in the top tier nationally [6] - The fair showcased Chengdu's market strength through innovative technologies and products, including the electronic poster for the film "Ne Zha" and an 8K live broadcast of giant pandas, demonstrating the city's advanced digital cultural industry [6] - The event illustrated Chengdu's ambition to elevate Chinese animation technology on a global scale, with cutting-edge special effects technology being a focal point [6] Group 3: IP Effect - Chengdu is recognized as a hub for cultural IP, with significant representations such as the giant panda, Sanxingdui, and Kuanzhai Alley at the fair, showcasing their cultural influence [11] - The fair featured innovative presentations of ancient Shu civilization artifacts, blending traditional culture with modern technology, enhancing consumer engagement [11][14] - The first Panda Home Cultural Creative Competition attracted over 13,854 original entries from more than 20 countries, highlighting Chengdu's role as a vital resource for cultural creativity [15]

Group 1 - The 21st China (Shenzhen) International Cultural Industries Fair will be held from May 22 to 26 at the Shenzhen International Convention and Exhibition Center, showcasing Sichuan's unique IPs such as "Nezha," "Giant Panda," and "Sanxingdui" [3] - Sichuan will adopt a "1+2" exhibition format, featuring a 990 square meter Sichuan pavilion themed "Cultural and Tourism Integration, Diverse Images of Sichuan," highlighting the province's cultural and tourism development [3] - The Sichuan pavilion will include four display areas: key scene display area, cultural and technological integration display area, cultural and tourism integration display area, and Tianfu cultural market display area, featuring 73 key cultural enterprises from the province [3] Group 2 - The key scene display area will showcase the box office and cultural impact of the movie "Nezha: Birth of the Demon Child," archaeological discoveries from the Mengxi River site, and new progress in Shu Road archaeological investigations [3] - The cultural and technological integration display area will present the latest achievements in cultivating new cultural enterprises and developing new cultural formats and consumption models [3] - The cultural and tourism integration display area will highlight Sichuan's international brands, including "Land of Abundance," "Leisurely Sichuan," "Panda Home," and "Ancient Shu Civilization," along with new tourism products [3] - The Tianfu cultural market display area will feature marketable cultural products with Sichuan characteristics [3] Group 3 - Two supporting activities will be conducted: an investigation of outstanding cultural enterprises in Shenzhen and a major cultural industry project investment promotion conference [4] - At the investment promotion conference, Sichuan will announce 157 major cultural industry investment projects with a total investment exceeding 130 billion yuan [4]

Group 1: Retail and Consumer Market - During the "May Day" holiday, key retail and catering enterprises in China saw sales increase by 6.3% year-on-year, with home appliances, automobiles, and communication equipment experiencing double-digit growth [1] - The sales of home appliances, automobiles, and communication equipment grew by 15.5%, 13.7%, and 10.5% respectively during the holiday period [1] - E-commerce platforms reported a more than 20% year-on-year increase in sales of smart home products [1] Group 2: Transportation and Mobility - From May 1 to May 5, the total cross-regional movement of people in China reached 1.467 billion, averaging 293 million per day, a year-on-year increase of 8.0% [1] - Railway passenger volume during this period was 101.69 million, with a daily average of 20.34 million, reflecting a year-on-year increase of 10.8% [1] - Road transportation, including both non-commercial and commercial passenger traffic, accounted for 1.345 billion movements, averaging 269 million per day, up by 7.6% year-on-year [1] Group 3: Financial and Economic Developments - The People's Bank of China announced the establishment of a rapid financing tool funded by freely usable currencies like the RMB, marking a significant step in the diversification of the international monetary system [1] - The 137th China Import and Export Fair (Canton Fair) concluded with a record number of overseas buyers, totaling 288,900 from 219 countries and regions, a 17.3% increase from the previous year [1] - The fair reported an on-site intended export transaction volume of $25.44 billion, up 3% year-on-year [1] Group 4: Automotive Industry - BYD announced that its sales of new energy vehicles reached 380,100 units in April 2025, representing a year-on-year growth of 21.33% [1] - Cumulatively, from January to April 2025, BYD sold 1.3809 million new energy vehicles, marking a 46.98% increase year-on-year [1] Group 5: Real Estate Market - In Shanghai, 11 new residential projects were approved before the "May Day" holiday, with a total of 1,577 units entering the market, primarily high-end improvement products [1] - Despite many residents traveling during the holiday, the new housing market in Shanghai remained active, with several projects triggering sales limits and point systems due to high demand [1] Group 6: Corporate Developments - Xiaomi's subsidiary, Xiaomi Home, underwent a business change, with Lei Jun transitioning from executive director to director, and the business scope expanded to include smart home consumer device sales [1]

Group 1: Company Performance - Yili Group reported a total revenue of 115.78 billion yuan and a net profit of 8.464 billion yuan for 2024, with a first-quarter revenue of 33.018 billion yuan in 2025, reflecting a year-on-year growth of 1.35% [1] - The company's net profit attributable to shareholders, excluding non-recurring items, reached 4.629 billion yuan in Q1 2025, marking a significant year-on-year increase of 24.19% [1] - Yili Group aims to achieve a total revenue of 119 billion yuan and a total profit of 12.6 billion yuan in 2025, representing a year-on-year increase of 2.8% and 24.4% respectively, focusing on functional nutrition and deep processing of dairy products [1] Group 2: Industry Trends - The tourism market is evolving, with an increasing number of tourists opting for less popular destinations, leading to a rise in demand for unique cultural experiences during the May Day holiday [3] - The hotel occupancy rate for Wanda Hotels and Resorts in lesser-known destinations reached over 90%, showing a year-on-year increase of more than 15 percentage points [3] - The film industry experienced a total box office of 738 million yuan during the May Day holiday period, despite a year-on-year decline compared to 2024, indicating a recovery in social activities such as family outings and couple dates [4]