传媒行业跟踪报告：政策利好叠加供给充足，2025年春节档有望延续增长

Investment Rating - The industry investment rating is "Outperform the Market," indicating a potential increase of over 10% relative to the market index in the next six months [5][36]. Core Insights - The 2024 Spring Festival box office reached a record high of 8.016 billion yuan, a year-on-year increase of 18.86%, driven by an extended holiday and the overlap with Valentine's Day [1][11]. - The 2025 Spring Festival is expected to feature six major films, with a total box office forecast of 13.695 billion yuan, led by "Nezha: The Devil Child Comes to the World," "Detective Chinatown 1900," and "Fengshen Part 2: The War of the West" [2][23]. - Various provinces are issuing viewing subsidies to stimulate audience enthusiasm, which will significantly boost box office performance during the Spring Festival [3][28]. Summary by Sections 1. Industry Overview - The 2024 Spring Festival box office was the highest in history, with significant contributions from major films like "Hot and Spicy" and "Fast and Furious 2," which accounted for nearly 70% of the total box office [1][11]. - The audience's enthusiasm for viewing has surged, with attendance rising to 160 million, despite a slight decrease in average ticket prices [12]. 2. 2025 Spring Festival Outlook - The 2025 Spring Festival will be dominated by IP sequels, with a diverse range of films catering to various audience preferences [2][17]. - Pre-sale data shows "The Legend of the Condor Heroes: The Hero of the Great" leading with a pre-sale box office of 154 million yuan, followed by "Nezha: The Devil Child Comes to the World" and "Detective Chinatown 1900" [21][22]. 3. Policy Support - Various provinces, including Beijing and Guangdong, are implementing viewing subsidies to enhance audience engagement and support box office performance during the Spring Festival [3][28]. - The national policy aims to stimulate consumption and boost economic recovery, with significant financial support for the film industry [28][29]. 4. Investment Recommendations - The 2025 Spring Festival is anticipated to release a substantial amount of box office revenue in a short period, supported by a rich supply of films and government subsidies [32].