春节档创历史新高，激励影视行业发展

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][6] Core Insights - The Spring Festival box office reached a historic high of 9.51 billion yuan, with 187 million viewers, surpassing the total viewership of the 2024 Spring Festival [5] - The film "Nezha: Birth of the Demon Child" led the box office with 4.839 billion yuan [5] - The average ticket price increased by 3.4% to 50.8 yuan, marking a slight recovery after two years of decline [5] - The audience's viewing frequency and social viewing have both increased, indicating a shift from a traffic-oriented approach to a content-oriented one [5] - The report emphasizes the importance of content quality and the development of IP series in driving box office success [5] Summary by Sections Industry Performance - The relative return over 12 months is 24.94%, and the absolute return is 43.52% [4] - The average daily box office during the Spring Festival was 1.355 billion yuan, a year-on-year increase of 35.3% [5] - The number of viewers per screening reached a six-year high, with an average of 69.5 attendees and a 54.8% occupancy rate [5] Investment Recommendations - The report suggests focusing on companies such as Light Media, Wanda Film, Baiana Qiancheng, Bona Film Group, Jiecheng Co., and Huace Film & TV [5]