2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 58% 传媒 沪深300 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 相关研究报告 | 方光照（分析师） | 田鹏（分析师） | | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | | 证书编号：S0790520030004 | 证书编号：S0790523090001 | tianpeng@kysec.cn 证书编号：S0790523090001 火山引擎原动力大会及苹果 WWDC25 将举行，快手可灵 AI 商业化加快 6 月 11-12 日，字节跳动火山引擎 2025 年春季 Force 原动力大会将在北京举行， 将带来豆包 AI 大模型家族全线升级，主论坛包括火山引擎新品发布及 AI 编程、 Agent 等主题分享，另有包括开发者论坛、AI+金融/汽车/生态/医药大健康等行 业论坛在内的 10+专题论坛分享，还有 2800m2 互动展区演绎 AI 多元互动。此前 豆包系列已发布视觉理解模型、情感语 ...

hyzqdatemark 2025 年 06 月 08 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 证券研究报告 传媒 行业定期报告 游戏、电影、潮玩等新产品周期催化仍具弹性 投资评级： 看好（维持） ——传媒互联网行业周报（2025.6.2-2025.6.8） 投资要点： 本周观点：暑期大档期临近，重视优质内容产品周期的开启，新品强势表现在目前 市场仍具备较强弹性交易机会。关注新品游戏测试和上线表现，关注暑期档影片定 档、宣发和票房表现，关注卡牌、潮玩等新品上架、运营和售卖表现。 联系人 板块表现： 游戏方面：优质产品上线表现对公司弹性贡献仍较为突出，例如友谊时光的派对游 戏产品《暴吵萌厨》5 月 28 日上线后，带动友谊时光市值表现强势拉升，由【心动 公司】研发的策略回合制 ...

Group 1 - AMC Theatres plans to reduce movie ticket prices by 50% starting July 9, aiming to attract more viewers during the week [1] - The discount applies to regular adult evening movie tickets, including those in premium formats like IMAX, with a small additional fee [1] - AMC reported an 11% year-over-year decline in ticket revenue for Q1, marking the worst performance for the industry since 1996, excluding pandemic factors [1] Group 2 - The U.S. movie market has seen a continuous decline in attendance over the past two decades, with box office revenue halved since 2002 due to the rise of streaming services [1] - AMC's CEO Adam Aron stated that the Q1 box office slump is an anomaly that has self-corrected, driven by the release of popular films in Q2 [1] - Upcoming major releases, such as Paramount's "Mission: Impossible 8" and Disney's "Lilo & Stitch," are expected to boost ticket sales [1] Group 3 - Discounts will also be available for films released at the end of June and early July, but only for AMC loyalty members [2] - AMC has previously offered discounted ticket prices on Tuesdays, with regular prices often exceeding $20 in major markets [2] - The 50% discount strategy is a temporary adjustment to test price-sensitive audience willingness to return and to promote summer blockbusters [2] Group 4 - The effectiveness of this price reduction strategy in reversing the industry's decline remains uncertain, as North American cinemas have historically relied on premium formats for revenue growth rather than increasing foot traffic [2] - The ongoing price promotion, lasting until the end of August, will be a critical test of the resilience of the cinema economic model amid the competition from streaming platforms [2]