Group 1 - The film industry stocks experienced significant declines in early trading, with Hengdian Film and Television and Jinyi Film hitting the daily limit down [1] - Haikan Co., Happiness Blue Sea, and Huayi Brothers saw drops exceeding 10% [1] - Other companies such as Baina Qiancheng, Zhejiang Wenyi, and Shanghai Film also followed the downward trend [1]

Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of a relative increase of over 10% in the industry index compared to the market over the next six months [27]. Core Insights - The 2025 Spring Festival box office reached a record high of 9.514 billion yuan, a year-on-year increase of 18.36%, driven by strong performances from leading films [2][10]. - The 2026 Spring Festival will feature six highly anticipated films, including sequels and new titles, indicating a diverse supply of film types that could stimulate market demand [3][16]. - The box office forecast for the 2026 Spring Festival is expected to reach approximately 9.298 billion yuan, with the top three films projected to be "Flying Life 3," "Silent Awakening," and "Bounty Hunter: Wind Rises in the Desert," with expected revenues of 3.450 billion, 1.845 billion, and 1.470 billion yuan respectively [21][24]. Summary by Sections Overall Box Office Review - The 2025 Spring Festival box office set a new historical record, with leading films contributing significantly to the total revenue, showcasing a high concentration of box office performance among top films [2][10]. - The audience's enthusiasm for viewing has surged, with attendance rising to 187 million, contributing to the box office growth alongside a slight increase in average ticket prices [11]. Internal Structure - The 2026 Spring Festival will showcase a mix of IP sequels and new films, with the quality and audience reception of the films being crucial for box office success [3][21]. - Pre-sale data indicates that "Flying Life 3" leads with a pre-sale box office of 13.672 million yuan, followed by "Silent Awakening" and "Bounty Hunter: Wind Rises in the Desert" [19][20]. Investment Recommendations - The diverse supply of films for the 2026 Spring Festival provides a solid foundation for the market, with overall box office performance expected to be stable, contingent on film quality and audience reception [4][25]. - It is recommended to focus on high-quality film production companies, distributors, and leading cinema chains [4][25].

Market Overview - On February 10, 2026, A-shares showed mixed performance with the three major indices fluctuating. The AI application and film sectors experienced a surge, while the photovoltaic, real estate, and consumer sectors weakened [1] - A total of 847 ETFs rose in the market, with the film and gaming ETFs seeing significant increases of 9.98% and 5.56%, respectively [1] ETF Performance - The top-performing ETFs included: - Film ETF (159855.SZ) with a rise of 9.98%, estimated scale of 270 million, and a turnover rate of 260.42% [2] - Gaming ETF (159869.SZ) increased by 5.56%, with an estimated scale of 139.25 billion [2] - Conversely, 468 ETFs declined, with the satellite, real estate, and photovoltaic ETFs leading the losses [2][3] Film Sector Insights - The film sector saw a remarkable rally, with the CSI Film Index (930781) soaring by 9.25%. Major stocks like Jiechuan Co. and Huayi Brothers hit the daily limit [5] - The Silver华 Film ETF (159855) reached its daily limit with a 9.98% increase, while the Guotai Film ETF (516620) rose by 9.48%. Both ETFs experienced significant capital inflows [5][6] Gaming Sector Insights - The gaming sector also performed well, with the Animation and Gaming Index (930901) rising by 5.26%. Key stocks such as Light Media and Aofei Entertainment reached their daily limits [12][13] - The top gaming ETFs included: - 华夏 Gaming ETF (159869) with a 5.56% increase and an estimated scale of 2.93 billion [15] - 华泰柏瑞 Gaming ETF (516770) with a 5.22% increase [14] Fund Flow Analysis - On February 9, the A-share market saw a strong rally, with a net outflow of over 28 billion across all stock ETFs. The top inflow sectors included the CSI 500 Index, which saw a net inflow of 27.3 billion [16] - The CSI 500 ETF was highlighted as a core broad-based index reflecting mid to small-cap stocks in the A-share market [19]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index closing at 4128.37 points, up 0.13% [1] - The Shenzhen Component Index closed at 14210.63 points, up 0.02% [1] - The ChiNext Index closed at 3320.54 points, down 0.37% [1] - Overall, more stocks declined than rose, with over 3100 stocks falling [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, a decrease of 140 billion yuan from the previous trading day [1] Sector Performance - The film sector experienced a strong rally, with companies such as China Film, Shanghai Film, Bona Film, Wanda Film, and others hitting the daily limit [1] - The AI short drama concept saw significant gains, with over 10 stocks including Huanrui Century and Rongxin Culture reaching the daily limit [1] - The computing power sector continued to rise, with stocks like Liande Co., Meili Cloud, and others also hitting the daily limit [1] - The chemical sector showed localized activity, with companies like Baichuan Co. and Jihua Group reaching the daily limit [1] - Conversely, the consumer goods and aerospace sectors experienced fluctuations and declines [1]

Group 1 - A total of 71 stocks in the A-share market hit the daily limit up, while 10 stocks hit the limit down on February 10 [1] - The film and theater sector was particularly active, with Hengdian Film and Television achieving 7 limit ups in 9 days, and other companies like Golden Eagle and Light Media also reaching limit up [1] - The short drama concept gained strength, with Zhejiang Literature and Media achieving 2 limit ups in 4 days, and other companies like Zhaochi and Chinese Online also performing well [1] Group 2 - AI-related stocks saw an increase, with companies like People’s Daily and Vision China hitting limit up [1] - Notable continuous limit up stocks included Baichuan Co. with 7 limit ups in 10 days, and ST Zhongdi with 4 consecutive limit ups [1] - Conversely, several stocks faced continuous limit down, such as ST Jinglun with 11 consecutive limit downs and ST Guohua with 7 consecutive limit downs [1]

6 证券研究报告 点评报告 2026 年 2 月 10 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 台湾的成熟制程代工厂世界先进，日前在法说会上表示下游出现需求转强、供 需转紧的情况。因此，有新闻报道该公司规划今年 4 月起调涨部分产品代工报 价，涨幅达 15%。除此外，台湾的力积电日前表示，AI 服务器带动电源管理 IC 与相关功率元件需求增温，加上部分 8 英寸无尘室改装供先进封装设备使用， 产能已难以满足客户需求，规划 3 月调升 8 英寸晶圆代工价格；台湾联电也开 始强调定价策略维持纪律，公司估计 2026 年成熟制程市场仍有 1%至 3%的温和 成长。因此从台湾厂商集体释放的信息趋势看，半导体代工涨价的概率较高， 有利于相关行业盈利的持续改善。 2 月 10 日谷歌母公司 Alphabet Inc 计划发行美元债券筹 200 亿美元，融资规模 超过了此前预期的 150 亿美元，此次发行吸引了超过 1000 亿美元的认购，成为 企业债发行史上需求最强劲的案例之一。据知情人士透露，此次发行中期限最 长的部分--2066 年到期的债券--定价已从早前的较美 ...

Group 1: AI Application Sector - The AI application sector has seen a collective surge, with significant gains in cultural media, short drama games, and internet sectors, leading to multiple stocks hitting the daily limit up [1][2] - Notable stocks that reached the limit up include Reader Culture (20% increase), Chinese Online (20% increase), Light Media (20% increase), and others [2][3] - ByteDance's recent launch of Seedance 2.0, a video generation model, has been a key catalyst for this surge, showcasing impressive capabilities in video creation from various media inputs [3][4] Group 2: Innovative Drug Sector - The innovative drug sector experienced a rebound, with stocks like Haixiang Pharmaceutical and Wanbangde hitting the daily limit up, while several others rose over 5% [5][6] - The total transaction scale for China's innovative drug license-out is projected to reach a record $135.7 billion by 2025, indicating strong global value for domestic innovative drug pipelines [6][7] - Recent collaborations in January, including major deals like the one between Shiyao and AstraZeneca worth $18.5 billion, further validate the potential of Chinese innovative drugs [6][7]

Group 1 - A-shares saw a total of 62 stocks hitting the daily limit up and 5 stocks hitting the limit down during the first half of the trading day on February 10 [1] - The short drama concept was active, with Zhejiang Wenying Industry achieving 2 limit ups in 4 days, and Zhongwen Online also experiencing 2 consecutive limit ups [1] - The AI corpus concept strengthened, with stocks like People's Daily and Vision China reaching the limit up [1] Group 2 - The film and theater sector experienced an increase, with Hengdian Film achieving 7 limit ups in 9 days, and Jinyi Film achieving 2 limit ups in 4 days [1] - Other notable stocks in the film sector included Jiecheng Co. and Bona Film, both achieving 2 consecutive limit ups, while Light Media and China Film also reached the limit up [1] - Among the stocks with consecutive limit ups, Baichuan Co. achieved 7 limit ups in 10 days, while ST Zhongdi (rights protection) had 4 consecutive limit ups [1] Group 3 - ST Xuefa experienced 3 limit ups in 5 days, while Jihua Group and Huangting International both had 3 limit ups in 4 days [1] - Other stocks with consecutive limit ups included Haixiang Pharmaceutical and *ST Chuntian (rights protection) with 3 consecutive limit ups, and ST Erya (rights protection) with 2 limit ups in 4 days [1] - Stocks such as Zhendemedical and Dwei Technology also achieved 2 limit ups, while *ST Songfa and Xinhua Net reached the limit up [1] Group 4 - *ST Jinglun faced a continuous decline with 11 consecutive limit downs, while *ST Guohua had 7 consecutive limit downs [1] - ST Huapeng (rights protection) and ST Cuihua (rights protection) also hit the limit down [1]

Core Viewpoint - The A-share market for film and television stocks has shown significant strength, with multiple companies experiencing substantial gains, indicating a positive sentiment in the industry ahead of the 2026 Spring Festival film release [1] Group 1: Stock Performance - Jiecheng Co. saw a 20.03% increase, reaching a market capitalization of 22.5 billion [2] - Light Media experienced a 14.88% rise, with a total market value of 71.8 billion [2] - Other notable performers include WenTou Holdings (+10.13%, 10.6 billion), Huanrui Century (+10.06%, 8.799 billion), and Shanghai Film (+9.99%, 16 billion) [2] - Hengdian Film achieved a historical high with a 9.99% increase, bringing its market cap to 25.6 billion [2] - The overall trend shows that several companies, including Bona Film and Happiness Blue Sea, also recorded gains exceeding 9% [1][2] Group 2: Box Office Projections - As of February 9, the pre-sale box office for new films during the 2026 Spring Festival has surpassed 70 million yuan [1] - CICC's report estimates that the total box office for this year's Spring Festival could range between 6.5 billion and 8.5 billion yuan, emphasizing the importance of leading films in determining the final box office outcome [1]

Group 1 - The A-share market saw a collective surge in film stocks, with notable performances including a 20% increase in Jiecheng Co., a nearly 15% rise in Light Media, and several other companies reaching their daily limit of 10% increase [1] - The pre-sale box office for new films during the 2026 Spring Festival has exceeded 70 million yuan as of February 9, indicating strong market interest [1] - According to a report by China International Capital Corporation (CICC), the total box office for this year's Spring Festival is expected to range between 6.5 billion yuan and 8.5 billion yuan, with the performance of leading films playing a crucial role in determining the final box office outcome [1] Group 2 - Jiecheng Co. has a market capitalization of 22.5 billion yuan and has seen a year-to-date increase of 53.08% [2] - Light Media has a market capitalization of 71.8 billion yuan and a year-to-date increase of 49.39% [2] - Hengdian Film has achieved a remarkable year-to-date increase of 143.73%, with a market capitalization of 25.6 billion yuan [2]