传媒：春节档表现持续走强，有望带动行业发展

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][6] Core Insights - The performance of the Spring Festival box office is strong, which is expected to drive industry growth [1] - The pre-sale box office for the Spring Festival reached over 100 million yuan, setting a record for the fastest pre-sale in Chinese film history [5] - The audience's consumption behavior is becoming more rational, with a notable increase in online short video consumption and a decrease in offline entertainment spending [5] Summary by Sections Industry Performance - The relative return over the past month is -9.55%, while the absolute return is -12.48% [4] - Over the past three months, the relative return is 9.81%, and the absolute return is 7.38% [4] - The 12-month relative return is -6.18%, with an absolute return of 10.95% [4] Key Events - The Spring Festival box office is expected to benefit from sequels and adaptations with a strong fan base [5] - Major films in the Spring Festival lineup include "The Legend of the Condor Heroes: The Hero of the Great" and "Nezha: The Devil's Child" [5] - The total box office for 2024 reached 42.502 billion yuan, with over 1 billion viewers [5] Investment Recommendations - Suggested stocks to focus on include Light Media, Beijing Culture, China Film, Wanda Film, Bona Film, Jiecheng Co., and Huace Film [5]