6亿观影消费补贴至，助力电影回暖

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Viewpoints - The National Film Administration has launched a "Consumption Season" with a total investment of no less than 600 million yuan in viewing subsidies, which is expected to boost the film market [1] - The supply side is expected to improve with several major films scheduled for release during the 2025 Spring Festival, including "Boonie Bears," "Feng Shen 2," and "The Legend of the Condor Heroes," indicating a strong box office performance [1][2] - The film industry is anticipated to stabilize and recover as both supply and demand sides improve, driven by government policies promoting consumption and an increase in statutory holidays starting in 2025 [2] Summary by Sections Investment Opportunities - Recommended stocks include Wanda Film, Light Media, and China Film, with additional related companies such as Bona Film, Happy Blue Ocean, and Hengdian Film [1] - The report highlights that the 2025 Spring Festival box office is expected to perform strongly due to a rich lineup of major films [1] Financial Performance - Light Media reported Q3 revenue of 1.08 billion yuan, down 67.85% year-on-year, but is expected to recover with the release of "Nezha 2" [8] - Wanda Film's Q3 revenue was 36.28 billion yuan, down 18.98% year-on-year, with expectations for recovery as quality content supply improves [9] - China Film's Q3 revenue was 1.13 billion yuan, down 33.99% year-on-year, but is expected to benefit from the release of "The Legend of the Condor Heroes" [10]