传媒互联网行业2025春节档前瞻：供需双拐点将至，国产电影IP效应初显

Investment Rating - The report suggests a positive outlook for the media and internet industry, particularly regarding the upcoming Spring Festival box office performance, indicating a potential turning point for the market [4]. Core Insights - The 2025 Spring Festival box office pre-sale has already surpassed 350 million yuan, showing a year-on-year increase of over 70% compared to approximately 200 million yuan during the same period in 2024 [4]. - The government has announced a significant increase in viewing subsidies, totaling at least 600 million yuan, aimed at boosting audience attendance during key film periods [4]. - The rise of domestic IP films is evident, with several high-profile titles set to release during the Spring Festival, reflecting a growing brand effect in the industry [4]. - The report emphasizes the importance of quality films and suggests that the Spring Festival could mark a reversal in the overall film market's performance [4]. Summary by Sections Box Office Performance - The pre-sale box office for the 2025 Spring Festival has reached 353 million yuan, with six out of seven films exceeding 10 million yuan in pre-sales, and one film surpassing 100 million yuan [4][5]. - The top three films in pre-sale box office are "The Legend of the Condor Heroes: The Hero of the Great" (161 million yuan), "Nezha: The Devil's Child" (55 million yuan), and "Detective Chinatown 1900" (54 million yuan) [5]. Viewing Subsidies - The National Film Administration has initiated a consumption subsidy program for the New Year, with a total investment of at least 600 million yuan, significantly higher than previous years [4]. Domestic IP Development - All films scheduled for the 2025 Spring Festival are domestic productions, with several based on popular IPs, indicating a strong recognition and demand for these brands [4].