传媒行业快评报告：国庆档影片表现分化，看好后续电影市场发力回暖

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Viewpoints - The performance of major films during the National Day holiday was outstanding, but the quality of highly anticipated films dragged down box office performance. The National Day holiday is the third-largest box office period of the year, and the main focus has been on patriotic films, which have consistently performed well. According to data from Maoyan, the box office was driven by "The Volunteer Army 2," which exceeded expectations with a box office of 805 million yuan. However, the quality of films during this period was polarized, leading to disappointing performances from expected hits like "Peace and Security" and "749 Bureau," resulting in a total box office of 2.104 billion yuan, a year-on-year decline of 23.07% [2][3]. - The total number of screenings and average ticket prices saw a decline. Specifically, the total number of screenings was 3.229 million, down 8.73% year-on-year; total audience attendance was 52.089 million, a significant drop of 20.04% year-on-year; and the average ticket price decreased by 3.82% to 40.3 yuan. The decline in box office revenue was primarily due to the dual decrease in audience attendance and ticket prices, with the uneven quality of released films leading to a decrease in audience enthusiasm [2][3]. - The re-release and sequels of imported IP films are set to launch, indicating a positive outlook for the subsequent recovery of the film market. Upcoming releases include the re-release of the classic Harry Potter series by Warner Bros. on October 11, along with other well-known overseas IP films such as "Joker 2: Folie à Deux," "Venom: The Last Dance," and "The SpongeBob Movie: Sponge on the Run." On the domestic front, anticipated films like "Flames on the Plain," "Sauce Garden Alley," and "Nezha: The Devil's Child" are awaiting release dates. Overall, the subsequent film market still holds potential for recovery [2][3]. Summary by Sections - The National Day holiday box office was primarily driven by "The Volunteer Army 2," with a total box office of 2.104 billion yuan, reflecting a year-on-year decline of 23.07% [2][3]. - The total number of screenings was 3.229 million, down 8.73% year-on-year, and total audience attendance was 52.089 million, down 20.04% year-on-year [2][3]. - The film market is expected to recover with a strong lineup of upcoming films, both imported and domestic, indicating a positive trend [2][3].