汇丰：中国电视剧行业研究：政策松绑改善增长前景 关注内容供给与审核优化-250821（英文版）（16页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.21 August 2025 Issuer of report:HSBC Qianhai Securities Limited View HSBC Qianhai Securities Research at:https:/ Equity Resea

2、rch Report Regulators released measures to facilitate TV series content Measures of enriching content supply and optimising review may lure users back to long video platforms Prefer Mango Excellent Media,maintain Buy;upgrade Huace Film to Hold(from Reduce);adjust target prices NRTA introduces measur

3、es to facilitate the development of the TV series industry.On 18 August,the National Radio and Television Administration(NRTA)announced the implementation of Certain Measures to Further Enrich Television Screen Content and Promote the Supply of Broadcast Audiovisual Content(according to the NRTA web

4、site),putting forward various measures,such as enriching the content supply of TV series programmes and optimising the review process.We believe such measures will guide the industry to provide better TV content for users,which will help improve the growth prospects of the TV series and long video i

5、ndustry.Potential share price catalysts:Official launch of policy details on TV series review and earnings growth of related companies stepping up production capacity thanks to the policy.Impacts of the policy on the industry.Key points of the policy include:(1)improving the episode numbers of TV se

6、ries programmes and the broadcast interval of seasonal series programmes;(2)improving the content review and enhancing efficiency;and(3)promoting the importing and broadcasting of overseas programmes.In our view,the impacts include:(1)the previous restrictions on themes and episode numbers of TV ser