传媒：档期票房持续活跃，微短剧推动视频市场

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][5] Core Insights - The box office during the 2024 holiday season has been active, with the total box office (including pre-sales) surpassing 1 billion as of December 6, 2024 [2] - The holiday season box office accounts for nearly 70% of the annual box office, with 2024's holiday box office at 243.2 billion, compared to 68% in 2023 and 2022 [2] - The performance of holiday box office is expected to determine the total annual box office volume [2] - The New Year's Day box office reached 1.53 billion, setting a historical record for the period, while the Spring Festival box office was 8.04 billion, breaking previous records [2] - The audience demographic is shifting, with women born after 1995 becoming the main moviegoers, and the distribution in lower-tier cities stabilizing [2] - The frequency of watching short videos is increasing, while the frequency of going to cinemas is declining by 9% [2] Summary by Sections Box Office Performance - The 2024 holiday box office has shown strong performance, with significant contributions from various holiday periods [2] - The box office for the Spring Festival reached 8.04 billion, with "Hot and Spicy" earning 2.72 billion during the period [2] Audience Trends - The audience profile indicates a growing interest among younger women, particularly those born after 1995 [2] - The viewing habits are evolving, with a notable increase in short video consumption and a decrease in cinema attendance [2] Content Supply and Market Dynamics - The supply of new content is crucial for maintaining audience engagement, with a noted decline in the number of films released in subsequent periods [2] - The rise of micro-short dramas is enriching the video market, with user engagement in this format increasing significantly [2]