国海证券发布研报称，根据猫眼，2026年春节档(初一到初七，后同)票房56.9亿元，yoy-39.9%。Top3影 片为《飞驰人生3》《惊蛰无声》《镖人》，票房29.27/8.68/8.06亿元，票房占比50.8%/15.0%/14.0%。 2026年春节档工业化大片以及合家欢喜剧片较少，且2025年《哪吒2》导致基数较高。展望2026年，电 影行业内容储备丰富，维持电影行业"推荐"评级。 国海证券主要观点如下： 2026年春节档核心影片6部，与2025年持平;Top3影片为《飞驰人生3》《惊蛰无声》《镖人》，票房 29.27/8.68/8.06亿元，票房占比50.8%/15.0%/14.0%，排片占比31.6%/17.7%/15.2%，截至初七(2月23 日)，猫眼预测票房43.59/12.43/13.00亿元。核心影片质量表现尚可，截至初七(2月23日)，5部(除《熊猫 计划之部落奇遇记》外)已开分影片豆瓣均分7分，2023-2025年均分为6.9/7.4/6.5分。《飞驰人生3》豆瓣 评分7.4;《镖人》豆瓣评分7.5，票房占比/单日票房逆跌，口碑持续释放(猫眼预测9亿元提升至13亿 元)。2026年春 ...

2月25日，万达电影跌0.98%，成交额11.92亿元。两融数据显示，当日万达电影获融资买入额1.83亿 元，融资偿还1.52亿元，融资净买入3095.18万元。截至2月25日，万达电影融资融券余额合计16.21亿 元。 分红方面，万达电影A股上市后累计派现11.53亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，万达电影十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股5549.28万股，相比上期增加454.75万股。南方中证500ETF（510500）位居第七大流通股 东，持股1841.08万股，相比上期减少40.79万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 融资方面，万达电影当日融资买入1.83亿元。当前融资余额16.12亿元，占流通市值的6.90%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，万达电影2月25日融券偿还1.82万股，融券卖出 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

盘面上,热点板块轮动特征明显,油气、贵金属等资源类板块扛起领涨大旗,成为推动指数上行的核心力 量。而前期活跃的影视院线、AI应用等题材股则遭遇资金大幅抛售,板块内现罕见跌停潮。总体来看,市 场赚钱效应极佳,两市上涨个股数量超过4000只,涨停个股数量更是突破百只,展现出强劲的做多情绪。 截至收盘,上证综指报4117.41点,上涨0.87%；深证成指报14291.57点,上涨1.36%；创业板指报3308.26点, 上涨0.99%。在市场交投方面,全天成交额显著放大,沪深两市合计成交额达2.22万亿元,较前一交易日增 量2192亿元,显示增量资金入场迹象明显。 记者 尹睿 报道 油气、贵金属板块 携手大涨 24日盘面上最亮眼的板块非石油与贵金属莫属。受地缘政治紧张局势升级及国际大宗商品价格走强双重 因素影响,油气股全天保持强势。截至收盘,科力股份大涨超20%,通源石油、潜能恒信均录得20cm涨停, 蓝焰控股、淮油股份、中曼石油等多只个股也多股涨停。 2月24日,农历马年首个交易日,A股市场整体呈现震荡上行的红盘格局,三大指数全线走高,为全年行情开 启良好开端。 遇"倒春寒" 与资源股的火热行情形成鲜明对比的是, ...

文｜山上_ShanShang 薛星星 编辑｜蒋浇 46 岁的沈腾如今已是中国最吸金的演员。 不需要加喜剧的定语，也不需要男女、年龄之类的划分，因为他主演的电影票房累计已超过 400 亿元，位列中国电影演员第一。排在他后面的吴京，迄今 为止的累计票房约为 356 亿元。 多年前，就有人称沈腾是"长在笑点上的人"，说他只是站在那儿就惹人发笑。现在人们更常用"含腾量"来形容他，指他在一部电影中的出场时间。只 要"含腾量"高，票房就有保障。沈腾自己则一直对外自嘲"胸无大志"，也从不指望和名字一样飞黄腾达——虽然他现在已经完全可以用这个词语来形容自 身。 最大公约数 中国市场从来都不缺少喜剧明星，那些曾经家喻户晓的名字，往往都带着点笑意。从陈佩斯、赵本山、宋丹丹、小沈阳到周星驰、王宝强、黄渤乃至沈 腾、贾玲等等不一而足。 客观来说，沈腾并不是最讨喜的那个。他出名甚晚，大学一毕业就去了开心麻花。又导又演地在小剧场打磨八年，他才终于登上央视春晚舞台，凭借"郝 建"一角为观众熟知。等到开心麻花第一部电影《夏洛特烦恼》大获成功时，他已经 36 岁了。 《夏洛特烦恼》 外形上他也算不上讨喜，没有什么鲜明的特质，也没有突出的语言风 ...

Market Overview - The A-share market experienced a significant rebound after the Lunar New Year, with major indices showing strong performance, while the film sector faced a sharp decline [1][2][3] - On February 24, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 0.99%, with total trading volume reaching 2.22 trillion yuan [2] - The following day, the indices continued to rise, with the Shanghai Composite Index up 0.72%, the Shenzhen Component Index up 1.29%, and the ChiNext Index up 1.41%, and total trading volume increasing to 2.46 trillion yuan [2] Film Sector Performance - The film sector, represented by the CSI Film Theme Index, saw a significant decline, dropping by 6.73% on February 24, with multiple stocks hitting the daily limit down [3][4] - Major film companies such as Light Media, China Film, and Shanghai Film experienced substantial losses, with the ETFs linked to the film sector also falling over 7% [3][4] Box Office Analysis - The 2026 Spring Festival box office was disappointing, with total revenue of 5.752 billion yuan, a 39.5% decrease year-on-year, marking the lowest total since 2021 [5] - The total number of moviegoers was 120 million, down 35.8% year-on-year, and the average ticket price was 47.8 yuan, also the lowest since 2021 [5] Comparison with Previous Year - In contrast, the 2025 Spring Festival box office exceeded 51.8 billion yuan, showing a nearly 22% increase year-on-year, driven by the success of the film "Nezha" [6] - The strong performance in 2025 led to significant stock price increases for companies like Light Media, which saw a 260% surge in stock price due to the film's success [6] Market Sentiment and Future Outlook - The optimistic expectations for the 2026 Spring Festival were not met, leading to a rapid sell-off in the film sector as investors adjusted their valuations based on the disappointing box office results [8][9] - Analysts noted that the lack of blockbuster films contributed to the underperformance, with the absence of a major hit like "Nezha" leading to lower market enthusiasm [9] - Despite the short-term challenges, some analysts believe there are long-term opportunities for industry restructuring and growth, particularly with the potential for quality films in upcoming seasons [10]

Core Insights - The A-share market for the film industry experienced a significant downturn following the Spring Festival, contrasting sharply with the previous year's performance [2][10] - The 2026 Spring Festival box office reached 57.52 billion yuan, but lacked a standout hit film, leading to a more competitive landscape without a single dominant player [4][10] - Despite the disappointing box office results, the film industry is supported by favorable policies and initiatives aimed at boosting consumer spending [5][11] Box Office Performance - The top film, "Flying Life 3," grossed 29.3 billion yuan, accounting for nearly half of the total box office, while other films like "Silent Invasion" and "The Wandering Earth" followed with 8.7 billion and 8.1 billion yuan respectively [4][10] - The absence of a blockbuster film similar to "Nezha" from the previous year has led to a more fragmented box office performance [10][12] Market Reaction - Following the Spring Festival, the A-share film sector saw a collective decline, with major companies like Light Media and China Film experiencing significant drops in stock prices [8][9] - Light Media's stock fell by 25.32%, while China Film and Wanda Film also saw declines of 18.23% and 10.99% respectively, reflecting a broader market sentiment shift [9][10] Industry Outlook - The film industry is benefiting from ongoing policy support, including the launch of 16 pilot cities for film consumption and a projected 1.2 billion yuan in subsidies for viewers [5][11] - Companies like Light Media and Wanda Film are expected to report substantial profit increases, with Light Media projecting a net profit of 1.5 to 1.9 billion yuan for 2025, a significant rise from the previous year's 292 million yuan [11][12] Challenges and Opportunities - The film industry faces challenges such as a lack of original blockbuster content and competition from micro-short dramas that capture audience attention [12][13] - However, there is potential for growth as the industry adapts to changing consumer preferences and seeks to diversify its offerings [12][13]

传媒 qiaoqi@ccnew.com 021-50586985 春节档表现低迷，票房低于预期 ——传媒行业分析报告 证券研究报告-行业分析报告 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 发布日期：2026 年 02 月 25 日 -18% -9% 0% 8% 17% 26% 35% 44% 2025.02 2025.06 2025.10 2026.02 传媒 沪深300 资料来源：中原证券研究所，聚源 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 《传媒行业月报：游戏行业稳步增长，动漫电 影引领票房增长》 2025-12-30 联系人：李智 投资要点： 风险提示：影片内容质量不及预期；内容消费需求下滑 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共10页 分析师：乔琪 登记编码：S0730520090001 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 ...

国家电影局发布的数据显示，截至2月24日9时，2026年春节档总票房为57.52亿元，观影人次达1.20亿。 档期内共有5部影片票房突破亿元，其中《飞驰人生3》《惊蛰无声》《镖人：风起大漠》分列票房前三 位，分别为29.27亿元、8.68亿元以及8.06亿元。 随着春节档收官，多家影视板块上市公司陆续披露相关收入情况。 A股方面，光线传媒（300251.SZ）发布的公告显示，截至2026年2月23日，公司来源于《飞驰人生3》 的营业收入区间约为人民币4300万元至人民币5300万元（最终结算数据可能存在误差），来源于《惊蛰 无声》的营业收入区间约为人民币520万元至人民币660万元（最终结算数据可能存在误差）。 港股方面，阿里巴巴（09988.HK）旗下的大麦娱乐（01060.HK）作为主出品方参与了《飞驰人生3》 《惊蛰无声》《镖人：风起大漠》3部影片。猫眼娱乐（01896.HK）主控发行了《飞驰人生3》，同时 参与出品《熊猫计划之部落奇遇记》《熊出没·年年有熊》。 从地域分布来看，下沉市场成为今年春节档票房的主力军。猫眼研究院发布的《2026春节档数据洞察》 显示，今年春节档三四线城市票房占比近六成，为近 ...

Core Viewpoint - The film industry is experiencing significant declines in stock prices and box office revenues, indicating a challenging market environment for film companies [1][14]. Group 1: Stock Market Performance - The film sector has seen a "limit down" trend, with stocks like Hengdian Film and Television dropping by 10%, Bona Film down by 9.75%, and China Film down by 7.9% [1][2]. - Other companies such as Light Media and Huace Film also experienced declines, with drops of over 4% and smaller declines for others [1][2]. Group 2: Box Office Performance - The total box office for the 2026 Spring Festival was only 5.752 billion yuan, a staggering 39.7% drop compared to 2025's 9.510 billion yuan [2][3]. - The number of moviegoers decreased by 36.2% to 120 million, with an average ticket price of 48.37 yuan, down 5.3% year-on-year [2]. Group 3: Film Releases and Performance - "Flying Life 3" led the box office with 2.927 billion yuan, accounting for 50.9% of the total Spring Festival box office [8]. - Other notable films included "Silent Awakening" with 868 million yuan and "Biao Ren: Wind Rises in the Desert" with 806 million yuan [6][8]. - The lack of blockbuster films this year, unlike previous years, has been cited as a reason for the poor box office performance [11]. Group 4: Industry Challenges - Analysts attribute the disappointing Spring Festival performance to the absence of hit films and the increasing competition from short video platforms [11][12]. - The film industry is facing a growing trend of fragmented entertainment options, which is impacting traditional cinema attendance [12]. Group 5: Company Earnings Forecasts - Light Media expects a net profit of 1.5 to 1.9 billion yuan for the year, a significant increase of 414% to 551% year-on-year [17]. - Other companies like Wanda Film and Hengdian Film are also projecting profits, while Huayi Brothers and Beijing Culture are expected to continue incurring losses [17].