瑞银UBS：2025年中国互联网行业专家系列报告：长视频与微短剧（英文版）

See page 2 for new regulation interpretations. The expert noted that based on two previous rounds of regulatory adjustments over the past decade, there is a typical 12-18- month lag between policy rollout and visible project releases, which aligns with the usual timeframe from project initiation to final release. This time, however, the recovery may occur at a faster pace; he noted some early signs of recovery. Close monitoring of new project filings and release schedules on the supply si