2026.01. 15 此外，《镖人：风起大漠》《惊蛰无声》《熊猫计划2》《澎湖海战》等影片也有望锁定2026年春节档。 本文字数：1086，阅读时长大约2分钟 作者 | 第一财经 揭书宜 封图 | 摄影：任玉明 2026年的9天春节假期被称为"史上最长春节假期"，因此，"最长春节档"也即将来临。 一直以来，春节档都是全年流量最大的黄金档期，一直是头部影视公司推出年度重磅影片的必争档期。 截至目前，已有多部影片定档春节期间。《飞驰人生3》已经宣布于春节档上映，该影片背后的出品发行 方涉及多家上市公司，包括猫眼娱乐(01896.HK)、博纳影业(001330.SZ)、中国电影(600977.SH)、万达电 影(002739.SZ)、横店影视(603103.SH)。作为《飞驰人生》系列的续作，《飞驰人生3》已经积累了一定IP 知名度。此前《飞驰人生》《飞驰人生2》分别斩获17.28亿元、33.61亿元票房，虽然算不上最头部的影 片，但也有着不小的粉丝基础。 1月15日，春节档合家欢动画电影《熊出没·年年有熊》发布定档预告和海报。与《飞驰人生3》相似的是， 《熊出没·年年有熊》出自华强方特（深圳）动漫有限公司制作的 ...

证券之星消息，1月14日影视院线板块较上一交易日上涨1.01%，博纳影业领涨。当日上证指数报收于 4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。影视院线板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 001330 | 博纳影业 | 9.62 | 5.60% | | 291.23万 | | 27.19亿 | | 000892 | 欢瑞世纪 | 9.01 | 4.65% | | 174.12万 | | 15.84亿 | | 600088 | 中视传媒 | 18.52 | 3.18% | | 21.90万 | | 4.07亿 | | 601595 | 上海电影 | 32.85 | 3.07% | 1 | 21.15万 | | 2668.9 | | 002343 | 蒸文传媒 | 8.16 | 2.90% | | 40.04万 | | 3.26亿 | | 300182 | 捷成股份 | 6.83 | 2.86% | | ...

Group 1 - The 2026 Spring Festival film market is highly competitive, with major film companies vying for dominance, marking a critical period for the Chinese film industry following the record set by "Ne Zha" in 2025 [1][3] - "Flying Life 3," set to release on February 17, 2026, is a key title among several anticipated films, with its predecessors grossing 1.728 billion and 3.361 billion yuan, establishing a strong audience base [1][2] - The trend of IP sequels is becoming a primary focus for listed companies, as successful IPs can reduce investment risks and leverage emotional connections to drive revenue [1][3] Group 2 - Other notable films for the Spring Festival include "Boonie Bears: Year of the Bear," "Biao Ren: Wind Rises in the Desert," and "Panda Plan 2," with "Boonie Bears" having grossed 8.102 billion yuan across 11 films, highlighting the value of animated IPs [2][3] - Analysts suggest that the extended duration of the Spring Festival, being the longest in history, presents both opportunities and challenges, as it allows for better audience engagement but intensifies competition for screen time [2][3] - The competition is shifting from a focus on sheer viewership to a dual emphasis on quality and IP strength, with only films that achieve strong early reviews likely to succeed in capturing box office revenue [3]

Core Insights - The collectibles card market is experiencing significant growth, with companies like Suplay and Sunnysondi filing for IPOs, indicating a rising interest in high-end collectible cards [1][2] - The integration of IP and collectibles is becoming a standard in the entertainment industry, with a notable increase in the number of projects and collaborations between major platforms and brands [9][12] - The global market for entertainment merchandise is projected to reach $137.4 billion by 2029, highlighting the lucrative potential of this sector [8] Group 1: Market Developments - Suplay has submitted its IPO application to the Hong Kong Stock Exchange, focusing on high-end collectible cards priced above 10 yuan [1] - Sunnysondi's IPO application follows the success of its merchandise from popular animated films, indicating a trend of rising revenues in the collectibles sector [2] - The collectibles card has become a standard offering for popular media, with nearly 100 projects planned for 2025, a significant increase from the previous year [9] Group 2: Financial Performance - HYBE's merchandise and licensing revenue reached 168.3 billion KRW (over 800 million RMB) in Q3 2025, becoming its third-largest revenue source [5] - Major companies like Light Media and Mango TV are ramping up their investments in IP derivative products, with Light Media's market value at 48 billion RMB and Mango TV at 45.7 billion RMB [13] Group 3: Industry Trends - The collectibles card market is evolving, with brands like Hitcard leading the way by collaborating with major IP holders and expanding their product offerings [14][35] - The trend of integrating high-quality products that carry emotional value is becoming crucial for brands to differentiate themselves in a competitive market [19][30] - Companies are increasingly focusing on building comprehensive IP ecosystems, with brands like Hitcard and Uncommon Play aiming to enhance their operational capabilities and market reach [36][38] Group 4: Consumer Engagement - Major platforms are enhancing their consumer engagement strategies by launching themed stores and interactive experiences, such as iQIYI's "Qixiaobei" stores and Youku's themed areas [21][25] - The rise of online sales channels, including live streaming and e-commerce, is reshaping how collectibles are marketed and sold, with significant sales coming from these platforms [30] Group 5: Future Outlook - The industry is expected to see more brands emerge that can successfully navigate the complexities of IP management and product development, potentially leading to the creation of iconic brands similar to LEGO or Hasbro in the future [38]

融资方面，万达电影当日融资买入7987.75万元。当前融资余额14.78亿元，占流通市值的6.19%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，万达电影1月9日融券偿还800.00股，融券卖出7.28万股，按当日收盘价计算，卖出金额83.36 万元；融券余量27.22万股，融券余额311.67万元，低于近一年20%分位水平，处于低位。 1月9日，万达电影涨0.53%，成交额6.33亿元。两融数据显示，当日万达电影获融资买入额7987.75万 元，融资偿还7214.88万元，融资净买入772.87万元。截至1月9日，万达电影融资融券余额合计14.82亿 元。 机构持仓方面，截止2025年9月30日，万达电影十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股5549.28万股，相比上期增加454.75万股。南方中证500ETF（510500）位居第七大流通股 东，持股1841.08万股，相比上期减少40.79万股。 责任编辑：小浪快报 截至9月30日，万达电影股东户数10.62万，较上期增加14.51%；人均流通股19640股，较上期减少 12.67%。2025年1月-9月，万达电影实 ...

具体来看，作为IP续作，《飞驰人生3》自带前作积累的高人气加持。此前，《飞驰人生》《飞驰人生 2》分别斩获17.28亿元、33.61亿元票房，不仅票房成绩亮眼，口碑也保持稳定，为续作奠定了坚实的市 场基础。 一位业内分析师表示："2025年电影市场已经多次证明了一个成功的IP在票房上的吸金力。未来，系列 化IP电影只会越来越多。其不仅拥有前作积累的观众情感和信任，还能够降低投资风险。从《飞驰人生 3》背后扎堆的头部影视公司来看，IP电影已经是上市公司'抢夺'的重要方向。" 截至1月11日，已经有新片宣布定档2026年春节档。由猫眼娱乐、大麦娱乐、博纳影业、中国电影、万 达电影、横店影视6家上市公司联合出品的电影《飞驰人生3》已经宣布于春节档上映。除此之外，仍有 多部市场高度关注的作品有望参与春节档竞争。 春节档作为全年流量最大、竞争最激烈的黄金档期，一直是头部影视公司推出年度重磅影片的必争之 地。值得关注的是，2026年春节档长达9天，创下史上最长春节档纪录。 "2026年春节档，是中国电影市场在2025年因《哪吒之魔童闹海》（以下简称《哪吒2》）创下票房纪录 后，寻求持续稳定发展的关键节点。这个最长假期，将 ...

文｜雷报 田野 编辑｜努尔哈哈赤 2025年的中国电影市场，创造了数不清的全新纪录，但也伴随着复杂的行业阵痛。 国家电影局的数据显示，2025全年电影票房为518.32亿元，同比增长21.95%；城市院线观影人次为12.38亿，同比增长为22.57%。市场整体较去年有所回 暖，但票房规模与2019年的历史峰值仍有超120亿元的差距。 这其中，雷报长期关注的动画电影品类的表现最为亮眼，全年累计票房达到252.43亿元，同比大增268%，市场占比从往年的5%-20%飙升至近50%，成为 拉动市场增长的核心动力。 这一年是毫无疑问的"动画大年"。春节档《哪吒之魔童闹海》破天荒地拿下154.46亿元票房，占全年票房三成，更直接登顶全球影史动画票房冠军；暑期 档《浪浪山小妖怪》斩获17.19亿元票房，打破《大鱼海棠》尘封十年的国产二维动画票房纪录；年末《疯狂动物城2》不仅上映5天就打破自己创造的进 口动画票房纪录，近日更凭借长尾效应突破42.6亿元，挤掉《复仇者联盟4》，成为中国市场进口片的票房冠军。 但单品类的光鲜数据无法掩盖行业的深层裂痕，观众流失、档期依赖、类型失衡、腰部断层等问题从未消失。 这一年，《哪吒2》单 ...

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

证券之星消息，1月8日影视院线板块较上一交易日上涨1.52%，华智数媒领涨。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。影视院线板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000892 欢瑞世纪 | | 6086.29万 | 9.37% | -1599.62万 | -2.46% | -4486.68万 | -6.90% | | 001330 | 博纳影业 | 4329.20万 | 5.27% | -4173.13万 | -5.08% | -156.07万 | -0.19% | | 603103 | 横店影视 | 750.66万 | 3.72% | -242.46万 | -1.20% | -508.20万 | -2.52% | | 002739 万达电影 | | 664.27万 | 1.26% | -4160.95万 | -7.90% | ...

文娱行业上市公司2025年的资本运作可以用一个词来概括：断臂求生。 资本的选择往往会放大天平的倾斜。在这个一个资本的冷静与焦虑并存的时代，"走一步看一步"的求稳心态将成为2026年文娱资本运转的中心思想。 扩张 2025年，上市公司通过资本手段实现的版图扩张主要分为三类。 第一类是向新热点转型。值得注意的是，本轮"AI浪潮"并不是文娱行业向AI等新技术概念靠拢的首轮尝试。在元宇宙概念的1.0版本中，游戏公司中青宝 成为概念核心股，众多影视公司紧随其后宣布接入VR、数字人等技术，但随着元宇宙概念的破产，中青宝等公司也陷入低迷。 如今，当世界正式进入AI元年，AI叙事也扛起了文娱行业赢回投资者目光的"大旗"。 2025年文娱行业的资本运作，是"战略性扩张、战术性收缩、整体性防御"。小娱发现，1）上市公司资本扩张主要分为三类：向新热点转型、向其他行业 延伸和集团内部资源整合，但三种类型的本质都是在寻找新叙事； 2）产业和金融资产都对文娱行业持观望乃至负面态度的同时，文娱行业内部同样面临收缩压力，出售资产求生存或将成为未来的常见现象； 3）不管是影视还是游戏行业，现金流都是当前文娱行业资本运作围绕的核心，上市公司开始 ...