中泰证券：电影行业进入到高质量供给推动行业增长的阶段

Core Viewpoint - The performance of "Zootopia 2" has exceeded expectations, with box office revenue expected to surpass 4 billion yuan, indicating a strong potential for the film industry in China [1] Group 1: Film Industry Insights - The expansion of film IP's profitability is highlighted, with the collaboration and branding efforts enhancing movie promotion and amplifying the value of super IPs [1] - The commercial value development of classic film IPs is expected to continue, while new IPs will focus on post-release development, initiating commercial expansion during the film promotion period [1] - The Chinese film market is anticipated to remain vibrant during the 2025 New Year and 2026 Spring Festival periods [1] Group 2: Industry Growth Factors - The film industry is entering a phase where high-quality supply drives growth, with a rapid recovery in the number of imported films since 2025 [1] - Animation films are experiencing unprecedented prosperity, and the development of film IPs' post-release channels is continuously expanding [1] - Both box office and non-box office revenues are expected to increase, supported by positive regulatory signals and a widening path to address cyclical and structural challenges in industry revenue [1] Group 3: Investment Recommendations - Continuous attention is recommended for quality content supply and importers, cinema chains, and film ticketing and services [1]