证券研究报告：传媒|点评报告 发布时间：2026-03-30 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 784.68 | | 52 周最高 | 1021.75 | | 52 周最低 | 591.71 | 行业相对指数表现（相对值） 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 近期研究报告 《AI 重塑游戏：供给革新与需求跃迁， 开启游戏产业新周期》 - 2026.03.25 分账新政重塑长剧商业生态，关注内容供给侧表现 ⚫ 事件回顾 2026 年 3 月 13 日，2026 中国电视剧制作产业大会在深圳召开， 国家广电总局明确长剧、中剧、微短剧协同发展导向，呼吁各平台完 善"保底+分成"模式，即平台承担保底制作成本，与片方按一定比例分 成净收益部分。 ⚫ 投资要点 我们建议关注：1）优质影视内容制作方：华策影视、欢瑞世纪、 光线传媒；2）平台及配套服务方：芒果超媒、横店影视；3）具备优 质 IP 向影视内容转化能力的标的：中文在线、掌阅科技、阅文集团。 ⚫ 风险提 ...

证券代码：300251 证券简称：光线传媒 公告编号：2026-010 北京光线传媒股份有限公司 北京光线传媒股份有限公司 第六届董事会第十四次会议决议公告 公司董事长王长田先生、董事李晓萍女士同时担任猫眼娱乐的董事，本次交 易构成关联交易。 本议案已经公司独立董事专门会议审议通过。 本议案具体内容详见披露在符合条件的创业板信息披露网站的《关于签署合 作框架协议暨关联交易的公告》（公告编号：2026-011）。 关联董事王长田先生、李晓萍女士对本议案回避表决。 表决结果：同意 6 票，反对 0 票，弃权 0 票，回避 2 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京光线传媒股份有限公司（以下简称"公司"）第六届董事会第十四次会 议通知于 2026 年 3 月 20 日以电话和电子文件方式发出，会议于 2026 年 3 月 26 日在公司会议室以现场加通讯表决方式召开。会议应出席董事 8 名，实际出席董 事 8 名。会议由公司董事长王长田先生主持，公司高级管理人员列席了会议。本 次会议的召开符合《公司法》和《公司章程》的有关 ...

北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2026-011 北京光线传媒股份有限公司 关于签署合作框架协议暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1. 北京光线传媒股份有限公司（以下简称"公司"）与 Maoyan Entertainment（以 下简称"猫眼娱乐"）签署的《IP 衍生业务合作框架协议》（以下简称"《合作框架 协议》"）仅为双方合作事项的框架性安排，具体实施尚需双方进一步协商确定，有 关项目合作事项须以双方另行签署的合作协议约定为准。具体合作协议的签订与否、 签订时间、合同金额、实际执行金额存在不确定性，敬请广大投资者注意投资风险。 2. 《合作框架协议》经双方签署之日起成立，自双方董事会、股东（大）会（如 需）审议通过之日起生效。本协议的有效期为自本协议生效之日起至 2027 年 12 月 31 日。 3. 本次签署的《合作框架协议》的履行对公司本年度及未来年度经营成果的影 响需根据具体项目的实际开展与实施情况确定。 一、关联交易概述 1. 公司与猫眼娱乐于 2026 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The media sector is positioned to benefit from the dual attributes of technology application and domestic demand, particularly in the context of the government's economic development goals for 2026, which aim for a growth rate of 4.5% to 5% [3][14]. - The transition to Web4.0 is expected to enhance the media landscape through AI empowerment, leading to new applications and content production paradigms [3][15]. - The report highlights the emergence of new consumption patterns, such as the "reward economy" and "accompaniment economy," which are anticipated to drive demand for media products and services [19][20]. Summary by Sections 1. Industry Review - The media industry has shown varied performance, with the internet marketing index experiencing significant declines while other sectors like vocational education have fared better [13]. - The report notes a substantial increase in the popularity of female-oriented AI dramas, which have become a key growth area within the industry [31][32]. 2. Industry Dynamics - The gaming sector continues to thrive, with major players like Tencent and NetEase leading in revenue generation, particularly during festive periods [27]. - E-commerce platforms are innovating with AI technologies, enhancing user engagement and operational efficiency [29][30]. - The report emphasizes the growing importance of AI in content creation, particularly in the realm of female-centric narratives, which are gaining traction in the market [31][32]. 3. Recommended Stocks - The report identifies several stocks to watch, including: - Shunwang Technology (300113) benefiting from Web4.0 applications - Mango Super Media (300413) focusing on AI-driven content - Wanda Film (002739) expected to recover post-holiday adjustments [4][8]. 4. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally optimistic outlook for the media sector [8].

北京光线传媒股份有限公司 证券代码：300251 证券简称：光线传媒 公告编号：2026-009 北京光线传媒股份有限公司 关于变更办公地址及投资者联系方式的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京光线传媒股份有限公司（以下简称"公司"）自有的新办公大楼已顺利装 修完成，将进一步满足公司业务发展需求，为公司持续稳健发展提供有力保障。 公司已于近日搬迁至新址，办公地址及相关联系方式发生变更。为保证公司与投 资者的交流渠道畅通，现将具体变更事项公告如下： | 变更事项 | 变更前 | 变更后 | | | --- | --- | --- | --- | | 办公地址 | 北京市东城区和平里东街 | 北京市朝阳区北苑路 11 | 号楼 158 | | | 号院 3 号楼 3 层 | 光线中心 | | | 投资者联系电话 | 010-64516451 | 010-87989618 | | | 传真号码 | 010-84222188 | 010-87989699 | | | 邮政编码 | 100013 | 100012 | | 除上述变更外，公司官网、电 ...

Core Viewpoint - The article discusses the significant decline in the Chinese film box office during the 2026 Spring Festival, highlighting a shift in entertainment consumption from traditional cinema to mobile short dramas, indicating a major change in audience behavior and preferences [6][8][20]. Box Office Performance - The total box office for the 2026 Spring Festival reached 57.52 billion yuan, with 1.20 billion admissions, marking a drop of 37.58 billion yuan compared to the previous year, representing a nearly 40% decline [10][18]. - On the first day of the festival, the box office was only 12.69 billion yuan, a 29.9% decrease from the previous year, reverting to levels seen in 2017 [11]. - The average ticket price fell to a near-low of 47.8 yuan, yet this did not encourage more viewers to attend cinemas, with an average of only 21 attendees per screening and a 15% occupancy rate, nearly halving from the previous year [13]. Shift in Audience Behavior - Viewers are increasingly opting for mobile short dramas, with an average daily viewing time of 120 minutes, indicating a migration of attention from cinemas to mobile screens [7][20]. - The market for micro-short dramas and animated dramas is projected to exceed 120 billion yuan in 2026, significantly surpassing the total box office of films in 2025 [22]. - The production quality of short dramas has improved, with costs reaching millions and production teams expanding, leading to a more competitive landscape [22][23]. Changing Entertainment Landscape - The traditional concept of the Spring Festival as a time for family cinema outings is evolving, with diverse entertainment options leading to a more fragmented viewing experience [25]. - Short dramas are becoming mainstream, with major platforms capturing over 70% of quality content, and their themes are diversifying beyond previous stereotypes [22][23]. - The rise of short dramas is reshaping the industry structure, with new directors and capital influencing the market dynamics, aligning with the fast-paced, high-satisfaction narratives that appeal to modern audiences [24]. Implications for the Film Industry - The film industry must adapt to the changing landscape where mobile content is prevalent, and find ways to attract audiences back to theaters [26].

Investment Rating - The report indicates a positive outlook for the internet media industry, with a focus on AI cloud and gaming sectors, suggesting an "Overweight" rating for the industry [1]. Core Insights - The report forecasts that several key companies will experience significant growth in 2025, with expected revenue growth rates exceeding 50% for companies like G-bits, DMG Entertainment, Meitu, and others [1]. - The gaming sector is expected to see a slowdown in mobile game growth due to a higher domestic base, while PC games and overseas markets show promising growth [1]. - The cloud computing and AI model sectors are highlighted as having strong growth potential, driven by increasing demand for AI applications and improvements in domestic models [1]. Summary by Sections Company Performance Forecasts - Companies expected to achieve over 50% revenue growth in 2025 include G-bits, DMG Entertainment, Meitu, Maoyan Entertainment, Xindong Company, Pop Mart, Light Media, and Century Huatong [1]. - Companies with a growth forecast between 20-50% include Kaiying Network, 37 Interactive Entertainment, and Giant Network [1]. - Tencent Holdings and Kuaishou are projected to have growth rates between 0-20%, while companies like Focus Media and Shenzhou Taiyue are expected to see declines [1][2]. Gaming Sector Insights - The domestic mobile game market is projected to grow at a rate of 7.92% in 2025, while PC games are expected to grow by 14.97% [1]. - Self-developed games in overseas markets are forecasted to grow by 10.23% [1]. - The report emphasizes the importance of evergreen games and casual game breakthroughs in overseas markets for 2026 [1]. Cloud Computing and AI Models - The cloud infrastructure service market in mainland China is expected to reach $13.4 billion by Q3 2025, with a year-on-year growth of 24% [1]. - The report notes a 16-fold increase in the usage of public cloud AI models in China, exceeding 20 trillion calls [1]. - The demand for AI applications is expected to drive further growth in the AI cloud and computing sectors, with significant increases in token usage for domestic models [1]. Investment Targets - Recommended investment targets include Tencent Holdings, Kingsoft Cloud, Alibaba, Baidu for AI cloud and models; Xindong Company, Giant Network, Century Huatong for gaming; Pop Mart for trendy toys; Bilibili and Kuaishou for UGC video; and Wenwen Group, Fubo Group, Mango Super Media for IP and copyright services [1].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the internet media sector [2]. Core Insights - The report forecasts significant growth for key companies in 2025, with expected year-on-year growth rates exceeding 50% for companies such as Gigabit, DMG Entertainment, Meitu, Maoyan Entertainment, Xindong Company, Pop Mart, Light Media, and Century Huatong [2]. - The gaming sector is expected to see a slowdown in mobile game growth due to a higher domestic base, while PC games and overseas markets show promising growth. The report anticipates a 7.92% year-on-year growth for mobile games in 2025, and a 14.97% growth for PC games [2]. - In cloud computing and large models, the report highlights a significant increase in demand driven by AI, with the Chinese cloud infrastructure service market projected to reach $13.4 billion by Q3 2025, reflecting a 24% year-on-year growth [2]. - The report identifies key companies to watch, including Tencent, Kingsoft Cloud, Alibaba, Baidu, Minimax in AI cloud and large models; Xindong Company, Giant Network, Century Huatong, and others in gaming; and Bilibili and Kuaishou in UGC video [2]. Summary by Sections Company Performance Forecasts - Companies expected to achieve over 50% growth in 2025 include: Gigabit (89%), DMG Entertainment (257%), Meitu (61%), Maoyan Entertainment (110%), Xindong Company (67%), Pop Mart (324%), Light Media (494%) [3]. - Companies with 20-50% growth include: Kaiying Network (29%), 37 Interactive Entertainment (20%), Giant Network (49%) [3]. - Tencent is projected to have a profit of 260.25 billion with a 17% growth, while Kuaishou is expected to grow by 14% [3]. Gaming Sector Insights - The domestic mobile game market is projected to grow by 7.92% in 2025, while PC games are expected to grow by 14.97% [2]. - The report emphasizes the importance of evergreen games and overseas casual game breakthroughs in 2026 [2]. Cloud Computing and AI Models - The report notes a significant increase in the usage of public cloud large models, with a projected 16-fold increase in usage by 2025 [2]. - The report highlights the competitive advantage of domestic models in terms of cost-performance ratio, which is expected to drive further growth in the AI cloud sector [2].

Investment Rating - The report assigns a neutral investment rating to the media and internet industry, indicating a relative performance range of -10% to +10% compared to the benchmark index [35]. Core Insights - The media index experienced a decline of 5.1% from February 24 to February 27, underperforming the Shanghai Composite Index by 7.1%. The total transaction volume was 336.7 billion yuan, which represents a decrease compared to the previous period [6][7]. - All sub-sectors within the media industry saw declines, with notable performances from individual stocks such as CITIC Publishing, which rose by 38%, and Bona Film Group, which fell by 29% [16]. - The report attributes the market movements to profit-taking ahead of the Spring Festival, AI applications, and high-frequency gaming data [16]. Summary by Sections Market Review - The media index's performance ranked last among 28 primary industry indices, with a transaction volume of 336.7 billion yuan, accounting for 3.4% of the total A-share market [7][16]. - Sub-sectors such as film and television, digital media, and advertising all experienced significant declines, while broadcasting and publishing showed some resilience [16]. AI Sector - The upcoming launch of Deepseek V4 is anticipated to enhance productivity in AI applications, particularly in the entertainment sector. The report highlights the potential for accelerated token consumption and international narratives [19]. - Key companies to watch in the AI space include Alibaba, Zhiyuan, Minimax, and Kunlun Wanwei, with application-focused firms like Zhejiang Shuju, Shanghai Film, and Aofei Entertainment also recommended [19]. Gaming Sector - The report expresses optimism regarding major gaming titles and a high level of activity in Q1. Recommended stocks include Perfect World, Kaiying Network, and Century Huatong for A-shares, and Tencent Holdings and Xindong Company for H-shares [19]. IP and Internet - The report forecasts a favorable commercial landscape for IP in the AI era, suggesting a focus on companies like Shanghai Film and Aofei Entertainment [19]. - The internet sector is influenced by geopolitical factors and a shift towards more stable hardware investments, with a focus on AI and consumer sectors. Companies like Tencent, Alibaba, and Meituan are highlighted as potential investment opportunities [19].

Core Insights - The 2026 Spring Festival holiday, the longest in history, saw a significant decline in the film industry, with box office revenue dropping by 39.5% year-on-year to 5.752 billion yuan, and total audience numbers decreasing by 35.8% to 120 million [1][6][10] - In contrast, the tourism and short drama sectors thrived during the same period, with domestic travel reaching a record high of 596 million trips and total spending hitting 803.48 billion yuan, a year-on-year increase of approximately 18% [10][14] - The film industry is experiencing a "head hollowing" phenomenon, with only a few well-known IPs performing well, leading to a lack of blockbuster films that resonate with audiences [6][15] Film Industry Analysis - The average ticket price for films fell to 47.8 yuan, a decrease of 5.9% year-on-year, marking the lowest price in six years [1][6] - The total number of screenings reached 3.873 million, with an average daily screening count exceeding 550,000, an increase of over 10%, although the average occupancy rate dropped to 43%, the lowest in six years [7][10] - Major film companies like Huace Film & TV are becoming more cautious in their film investments, with reports indicating a significant decline in revenue from film operations [15][16] Tourism Sector Insights - The tourism market saw a remarkable recovery, with popular destinations including Shantou, Fuzhou, and Beijing, and traditional scenic spots experiencing a surge in visitors [10][14] - The outbound tourism market also flourished, with 4.8 million travelers going abroad, a 24% increase year-on-year [10][14] Short Drama Sector Growth - The short drama sector emerged as a significant player during the Spring Festival, with over 300 new short dramas launched, showcasing a variety of innovative content [11][13] - The success of short dramas is attributed to their rapid development cycle and diverse themes, filling the gap left by traditional films [11][13] - Major companies are shifting their focus and resources towards short dramas, indicating a strategic pivot in the entertainment landscape [15][16]