传媒：跨年观影热度迭起，重磅IP云集春节档

Investment Rating - The industry investment rating is "Outperform the market (maintained)" [2][15]. Core Viewpoints - The 2024 New Year box office reached nearly 230 million yuan on December 28, 2024, with a total box office of 2.376 billion yuan as of December 29, 2024 [15]. - Several major films are scheduled for the 2025 Spring Festival, including "Nezha," "Fengshen," and "Detective Chinatown," indicating a strong lineup of IPs [15]. - The industry is expected to benefit from high-quality content that meets diverse audience needs, potentially igniting a viewing boom [15]. - The 2023 Chinese film market saw a strong recovery with a box office of 54.915 billion yuan and 1.299 billion viewers, marking significant growth [15]. - The 2025 Spring Festival period is anticipated to continue the trend of high box office performance with major IPs [15]. Summary by Sections - Investment Rating: The report maintains an "Outperform the market" rating for the industry, indicating expected growth exceeding 15% relative to market indices over the next 6-12 months [2][15]. - Key Events: The report highlights the impressive box office performance of the 2024 New Year films, with significant contributions from popular titles [15]. - Market Trends: The report notes that the Spring Festival and summer seasons are critical for the film market, with these periods accounting for 50% of annual box office revenue in recent years [15]. - Investment Recommendations: The report suggests focusing on companies such as Light Media, China Film, and Wanda Film, which are expected to benefit from the upcoming film releases [15].