对此，文旅部门和相关经营主体不妨在优化合作机制、协调各方利益，完善票根设计、赋予更丰富文化 审美价值，突出地域特色、创造更具吸引力的消费体验等方面下更大力气。变"头回客"为"回头客"，将 单次消费延展为多次消费，把一时热闹转化成长久红利，既考验"绣花功"，也少不了"十个指头弹钢 琴"的统筹兼顾、通盘设计。 【现象】看完电影，票根先别着急扔，它还可能是美食折扣券、出行优惠卡、景点入场券……第二十七 届上海国际电影节期间，影迷手中的电影票根，串起分散的餐饮、交通、商业场景，成为一把开启城市 消费的"新钥匙"。在不少地方，"票根经济"新模式正以润物无声之势，激发城市消费活力，塑造文旅新 格局。 "票根经济"的发展实践，也为落实好《提振消费专项行动方案》中"深化线上线下、商旅文体健多业态 消费融合，创新多元化消费场景"等要求提供了具有参考意义的解题思路。 【点评】 什么是"票根经济"？简单来说，即以各类实体或电子活动票据为凭证，在后续消费场景中获得优惠，从 而延伸和激发文化、社交、消费等更多价值的一种经济模式。这一模式创新的作用不可小视。去年上海 博物馆的"金字塔之巅：古埃及文明大展"，带动周边消费超百亿元，就是充分 ...

浙江省商务厅等12部门印发《"激情浙夏 快乐消费"2025年暑期促消费行动方案》提出，充分利用浙江 特色资源禀赋，聚焦文化旅游、体育赛事、夜间经济、餐饮服务、农业休闲等重点领域，统筹实施七大 重点行动，打造具有浙江辨识度的暑期消费品牌。力争暑期（7-8月）全省举办各类促消费活动超2000 场。 推动各地发放文旅消费券，鼓励各类文化、购物、娱乐等场所延长暑期开放时间……《实施方案》提出 一系列重点行动： 畅游浙夏·文旅融合惠民行动 启动"缤纷夏日 浙里好玩"2025浙江文化和旅游消费季，结合各地文旅产业资源，推出演艺狂欢、海边 度假、暑期研学等十大主题产品，发布百条暑期亲子研学旅游路线。 开展"跟着交通去旅行"活动，推出水上精品航线、低空旅游、最美农村路自驾游等交旅融合体验项目。 全省联动举办超1000场文旅促消费活动。 启动"跟着电影游浙江品美食"暑期消费季，发放2025年省级电影消费券，推出凭电影票根享优惠活动。 迭代"诗画浙江"文旅惠民卡权益，推动各地发放文旅消费券，联动商家、平台等推出景区门票、餐饮住 宿等优惠活动。 推动文博场所延长开放时间，力争全省图书馆夜间开放率达到90％以上。 按规定落实带薪休假 ...

Core Insights - The Chinese entertainment industry is experiencing a divergence, with Damai Entertainment's stock price rising by 91% year-to-date, while Maoyan Entertainment's stock price has fallen by 10% [1][5]. Company Performance - Damai Entertainment has successfully diversified its business by shifting focus from movie ticketing to IP derivatives and offline entertainment activities, projecting a revenue growth of 33% to 6.7 billion RMB for FY2025 [4][13]. - In contrast, Maoyan Entertainment is heavily reliant on the domestic film market, expecting a revenue decline of 14% to 4.1 billion RMB for 2024 due to a 23% drop in movie box office revenue [4][15]. Strategic Differences - The divergence in stock performance is attributed to the fundamental differences in strategic direction between the two companies. Damai's transformation has allowed it to capture the benefits of consumer upgrades and post-pandemic entertainment demand, while Maoyan's reliance on the film market has left it vulnerable [6][15]. - Damai's revenue from movie-related activities is expected to constitute only 37% of its total revenue by FY2026, whereas Maoyan's movie-related revenue will account for over 80% [6][15]. Market Growth and Projections - The offline performance market in China is projected to grow at a compound annual growth rate (CAGR) of 81% from 2022 to 2024, with market revenue expected to reach 80 billion RMB in 2024 [7][8]. - Damai is estimated to achieve 2.1 billion RMB in event ticketing revenue in 2024, with expectations of further growth to 2.5 billion RMB and 3 billion RMB in FY2026 and FY2027, respectively [8][10]. Financial Outlook - Damai's adjusted EBITA is projected to grow by 61% to 809 million RMB for FY2025, with revenues expected to reach 8 billion RMB in FY2026 and 9.3 billion RMB in FY2027, exceeding market consensus by 4% and 7% [13][14]. - Conversely, Maoyan's adjusted EBITA is forecasted to plummet by 70% to 328 million RMB for 2024, with revenues expected to grow only 8% and 4% in FY2025 and FY2026, respectively, falling short of market consensus by 9% and 13% [15][18]. Valuation and Market Sentiment - Morgan Stanley maintains an "overweight" rating for Damai with a target price of 1.2 HKD, while downgrading Maoyan to "neutral" with a target price of 6.8 HKD, reflecting cautious expectations for Maoyan's future performance [6][19].

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人 | 屠强、耿佩璇 摘要 高频跟踪：工业生产相对平稳，沥青开工边际改善，出行强度保持高位。 【工业生产】工业生产相对平稳。 本周，高炉开工率同比基本持平前周，录得0.7%。化工链生产有所回 暖，纯碱、PTA、涤纶长丝开工同比分别+1.9pct至-3.5%、+0.4pct至2.2%、+0.5pct至4.2%。相比之下，汽 车半钢胎开工率大幅下滑，同比-7.7pct至-9.0%。 【建筑业开工】沥青开工边际改善。 本周，全国粉磨开工率同比+0.6pct至-1.3%；水泥出货率仍在低位， 同比-1.8pct至-4.2%。沥青开工率有所回升，同比+2.2pct至6.8%。 【下游需求】地产成交大幅回落，出行强度保持高位。 本周，全国新房日均成交面积回落，同比-37.8pct 至-32.7%；其中，三线成交降幅较大。货运方面，与出口相关的港口货物吞吐量有所回落，同比-3pct至 0.6%；集运价格有所回落、环比-1.9%，美西航线运价大幅回落。作为对比，人流出行强度持续上行，全 国迁徙规模指数同比+0.3pct至14.5%。国内执行航班架次同比+1.9pct至3 ...

Group 1: Commodity Price Forecast - The article predicts that gold prices will experience fluctuations, while copper and oil prices are expected to trend upwards [1][12]. Group 2: Consumption Trends - New home sales have seen a narrowing decline, with a significant drop in second-hand home sales, while retail sales of passenger vehicles have shown improvement [3][4]. - The service sector continues to show seasonal improvement, with increased movie ticket sales and hotel revenues compared to last year [4]. Group 3: Foreign Trade Developments - The expiration of tariff exemptions is approaching, with preliminary agreements reached between the U.S. and Vietnam, while other major economies have not yet reached consensus [5][6]. - Concerns over the expiration of tariff exemptions have led to low container bookings in the U.S., although there has been a rebound in port calls in traditional transshipment trade areas [7]. Group 4: Production Insights - The steel demand remains weak, but recent government meetings have aimed at curbing low-price competition, which has positively influenced market sentiment and led to a slight increase in rebar prices [9]. - Glass prices, which have been low for an extended period, have started to recover due to supply-side production cuts [10]. Group 5: Price Movements - There has been a general recovery in commodity prices, with domestic cement prices continuing to decline, while rebar, thermal coal, and glass prices have rebounded [11][12].

从商家的角度来看，票根经济同样包含着无限商机。不少商家积极创新，精准对接观众的后续需求，比如电商平台为影迷提供了美食消费券，并推出了"看 电影·恰上海"美食地图，某些餐厅还专门推出了"赶场套餐"，满足影迷在影展期间的需求。 中央电视台网报道：在第27届上海国际电影节期间，来自全球的出色影片琳琅满目，影迷们不仅能够欣赏电影带来的视觉享受，还能随着影片的节奏游走于 城市之间，品味多样美食。这一切让电影的魅力超越了屏幕，融入到城市的热闹氛围中，手里的每张电影票根逐渐演变为城市消费的"通行证"。 在国际电影节的浪潮中，上海市的40多家放映影院与200多家公映影院齐心协力，联动全市的核心商圈，形成了一种全新的"看电影、吃喝玩乐"的消费生态 圈。凭借电影票根，观众们不仅能享受到部分品牌商家的折扣，还能获得停车优惠，营造出更加欢乐的观影体验。 此外，各大影院还纷纷推出了票根兑换、抽奖、联动集章等丰富活动，并提供上影节的文创产品、自制印章、徽章、透卡等特色周边，这些都吸引了大量影 迷前来打卡留念。 来源：中央电视台网 电影票根在促进文化、商业与旅游的联动方面，创造了新的体验玩法。这个小小的票根不仅为影迷们带来意想不到的消费惊 ...

| | 观点行业发展指数 | | --- | --- | | | 6月商业地产零售业态运营商表现 | | 序号 | ग्रहना | | 1 | 华润万象生活 | | 2 | 龙湖集团 | | | 恒隆地产 | | 4 | 九龙仓 | | 5 | 太古地产 | | | 凯德投资 | | 7 | 印力集团 | | 8 | 新世界中国 | | | 新鸿基地产 | | S 10 | 中粮大悦城 | | 11 | 新城商业 | | 12 | 领展 | | 13 | 百联股份 | | 14 | 招商商管 | | । ਟ | 首创矩大 | 观点指数 消费促进政策密集落地，免税经济全国化提速 一二线城市密集出台消费促进政策，与此同时，免税市场加速全国化落地，如武汉、广州、北京有 新店开出。在政策的驱动下，消费回流与入境旅游明显提升。大宗交易方面，受累于现金流压力，专业资本接盘存量商业成为了主流趋势。 港资内地项目表现不一，新项目以差异化抢占市场港资代表领展的内地业务表现亮眼，但项目表现两极分化，上海七宝领展广场、深圳领展中心城等实现高 增长，而北京中关村续租租金表现不如预期，老旧项目仍需进行持续的资本投入以维持竞争力。 体 ...

新华社上海6月20日电 6月18日下午三时，上海市普陀区的曹杨影城内好不热闹。尽管这天是工作日，依然有许多前来观看上海国际电影节展映影 片的市民。方女士就是其中之一，在观看完《甜蜜蜜》后，她凭借电影节票根免费领取了一张复古感满满的纪念票，"拿到纪念票根的那一刻，我 好像回到了小时候。" 6月15日，来自杭州的影迷在大光明影院对面打卡拍照。新华社记者陈浩明摄 电影节期间举办的首届上海影迷节，首创"Movie Walk"城市打卡体系和电影节票根收集奖励机制，从重温经典影展，到探索城市取景地，到主会 场热闹市集、商圈狂欢，为广大影迷带来沉浸式文化体验。"对于影迷而言，来到上影节不只是看电影，我们希望给影迷提供更多的选择和服 务。"大光明电影院副经理胡谌说。 今年是中国电影诞生120周年，不少影院还推出了相关主题展览。曹杨影城二楼大厅，"仰望"手绘电影海报展挖掘了大量有文化底蕴和时代记忆的 档案资料，吸引大批观众驻足流连；在大光明电影院，观众看过电影后还可以参观"中国电影120周年暨邬达克密码特展"，追溯电影与城市的百年 渊源。 光影世界引人入胜，市井烟火真实可亲。上海市各区40余家展映影院、200余家公映影院，联动 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The weekly economic index rebounded. The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The production sub - index of WEI decreased, while the demand sub - index and the supply - demand gap increased [1]. - Production declined. The 4 - week moving average year - on - year of rebar production and the daily coal consumption of major coastal power plants decreased, and the blast furnace operating rate dropped slightly, while the operating rate of automobile semi - steel tires increased [1]. - High - frequency infrastructure indicators declined. The cement shipping rate and cement mill operating rate decreased, while the asphalt plant operating rate increased [1]. - The decline in commercial housing sales narrowed. The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities improved, but the 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities decreased [2]. - Consumption rebounded. The year - on - year daily retail sales of passenger cars increased significantly, and the 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen also increased, while the 4 - week moving average year - on - year of movie box office and domestic flight execution numbers decreased [2]. - Exports rebounded. South Korea's export year - on - year in early June increased, and the 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) and the Baltic Dry Index (BDI) also improved [2]. - Pork prices declined. The 4 - week moving average year - on - year of the average wholesale price of pork decreased, while the 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices and the average wholesale price of 28 key monitored vegetables increased [3]. - Industrial product prices declined. The 4 - week moving average year - on - year of the Nanhua Composite Index and Brent crude oil spot price increased slightly, while the 4 - week moving average year - on - year of rebar price, Qinhuangdao Port thermal coal closing price, and cement price index decreased [3]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The WEI production sub - index was 4.3%, down 0.1 percentage points from the previous value; the WEI demand sub - index was 5.9%, up 0.1 percentage points from the previous value; the supply - demand gap was 1.6%, up 0.1 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 6.1%, down 1.9 percentage points from the previous value. The blast furnace operating rate was 83.4%, down 0.1 percentage points from the previous value. The operating rate of automobile semi - steel tires was 78.0%, up 4.1 percentage points from the previous value. The 4 - week moving average year - on - year of the daily coal consumption of major coastal power plants was - 2.1%, down 1.8 percentage points from the previous value [1]. 3.3 Infrastructure - The cement shipping rate was 41.3%, down 0.1 percentage points from the previous value. The cement mill operating rate was 39.8%, down 0.2 percentage points from the previous value. The asphalt plant operating rate was 31.5%, up 0.2 percentage points from the previous value [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities was - 4.7%, up 3.3 percentage points from the previous value. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 10.2%, down 11.5 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year daily retail sales of passenger cars was 19.0%, up 13.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 21.2%, down 3.8 percentage points from the previous value. The 4 - week moving average year - on - year of domestic flight execution numbers was 2.2%, down 0.6 percentage points from the previous value. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.4%, up 1.3 percentage points from the previous value [2]. 3.6 Exports - South Korea's export year - on - year in early June was 5.4%, up 5.3 percentage points from late May. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 35.1%, up 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 18.3%, up 7.0 percentage points from the previous value [2]. 3.7 CPI - The 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices was - 1.6%, up 0.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was - 9.6%, down 4.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 3.6%, up 2.5 percentage points from the previous value [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 11.6%, up 0.2 percentage points from the previous value. The 4 - week moving average year - on - year of Brent crude oil spot price was - 16.4%, up 1.9 percentage points from the previous value. The 4 - week moving average year - on - year of rebar price was - 14.7%, down 0.1 percentage points from the previous value. The 4 - week moving average year - on - year of Qinhuangdao Port thermal coal closing price was - 30.3%, down 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the cement price index was 1.5%, down 3.2 percentage points from the previous value [3].

于女士在社交平台看到优惠信息后，特意带着朋友来打卡："因为有这个活动，想着不要浪费电影票， 就过来吃吃看，正好可以在周边拍照。" "虽然优惠活动才开始两三天，但最近店里每天都有10%的食客是拿着电影票来的，来观光打卡的游客 也挺多。"椿方圆是乍浦路沿街的一家上海本帮面馆，店主虞健告诉记者，对比几十年前父母从事的餐 饮行业，他觉得现在做餐饮生意最大的不同是必须要线上营销，"流量是吸引客流的王道"。地处热播影 片的取景地，叠加票根兑换的优惠活动，面馆毫不意外迎来了可观的客流。 上海社会科学院文旅研究中心副主任于秋阳接受中新社专访时表示，目前，票根不再只是入场的门槛凭 证，而已转型为文旅新消费的流量入口、体验载体和融合媒介。门票经济向票根经济转型的背后，实际 是文旅市场需求和消费结构的变化，"当前，文旅消费已经从传统的单一化、观光型向复合化、场景化 和综合体验跃升；从基础的商品购买和单次交易上升为多元价值和情感共鸣，票根经济不仅增加了文旅 消费的'留量'，也丰富了文旅消费的体验层次和附加值"。 记者发现，近期参与票根兑换福利的主体除了影院附近商户、相关文创产品店外，大多仍是上海热门景 点。于秋阳表示，票根经济的长期 ...