自2013年定档春节的《西游降魔篇》七天斩获5.3亿、最终收获12.46亿票房以来，春节档的市场潜力便不断被激活与开拓。此后十余年，随着《美人鱼》 （2016）《流浪地球》（2019）《你好，李焕英》（2021）《满江红》（2023）等影片不断提升春节档的票房规模与社会效应，春节早已成为每年最受中 国电影（600977）行业和观众瞩目的黄金档期。 相较于去年，在《哪吒之魔童闹海》150亿票房神话的对照下，缺少头部IP电影坐镇的2026春节档在市场表现与影响力上有所倒退；而当众多观众将目光 投向预计于明年春节登陆院线的科幻大片《流浪地球3》时，今年二月在爆竹声中悉数亮相的影片更像在完成一场承前启后的过渡。 在这一背景下，拥有稳定粉丝基础的系列电影《飞驰人生3》自定档起便普遍被视为扛起春节档票房成绩的种子选手，耗资不菲、制作精良的武侠片《镖 人：风起大漠》也期望能分得一杯羹。从电影文化与创作的维度出发，由张艺谋执导的犯罪电影《惊蛰无声》则是这个档期最为独特的作品。作为首部当 代国安题材电影，无论其在多大程度上承载了导演的个人表达，我们都能清晰地看到，年逾七十五、已四度参与春节档竞争的张艺谋，依然渴望用不断更 迭的 ...

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]

（文章来源：央视新闻） 人民财讯2月25日电，据网络平台数据，2026年年度电影总票房（含预售）突破90亿元，暂列全球单一 市场票房第一。 ...

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]

经济观察网 据央视新闻客户端消息，据网络平台数据，2026年年度电影总票房（含预售）突破90亿，暂列全球单一市场票房第一！ 场次创纪录、票价更惠民 春节档精彩收官 2026年春节档已正式收官，据国家电影局统计，2026年春节档票房为57.52亿元，平均票价同比降低6%，观影人次为1.2亿，观影总场次达435万场，刷新中 国影史春节档总场次纪录。 果视 新闻 2026年春节档电影票房 · 2026年春节档票房前三名· 《飞驰人生3》29.27亿元 《惊蛰无声》8.68亿元 《镖人》8.06亿元 今年春节档上映影片类型全，涵盖喜剧、动作、动画、科幻等多元题材，满足不同地域、全年龄层观众的差异化需求，为观众呈现丰富多彩的观影选择。 中国电影观众满意度调查･2026年春节档调查结果显示，春节档满意度稳中小幅提升至86.0分，近三年呈持续增长趋势。调查涵盖的六部影片中，《飞驰人 生3》《镖人：风起大漠》以超86分的满意度领衔，其余四部均超83分。观众对2026年春节档在故事创作、视听呈现和思想表达上的创新突破给予了较高的 认可。 虽然春节档收官，但"后春节档"效应仍将持续，《飞驰人生3》《镖人：风起大漠》《熊出没･年年 ...

【没了爆款影视股就崩盘？#春节档电影是谁在拖后腿#】#春节档给影视股上了一课#今年春节档总场次 创下历史新高，观影人次却比去年少了6700万。马年A股开门红的热闹，半点没轮到影视股。如果说今 年缺个《哪吒2》那样的超级爆款，可能只对了一半。今年整个档期里，只有《飞驰人生3》凭着29亿票 房撑住场面，其余几部片子要么不及预期，要么直接沦为票房黑洞。节后首个交易日，影视ETF大跌超 7%，博纳影业、横店影视等多只影视股同步跌停，光线传媒更是直接20cm跌停。昨天盘后，光线传媒 连忙发公告说《惊蛰无声》分了500多万营收，言下之意就是在说这片子跟我关系不大；接着又晒出春 节档冠军《飞驰人生3》分了5000万左右票房的成绩单，试图证明"我也押中了宝。"博纳那边也急着澄 清，说春节档只投了《飞驰人生3》这一部爆款，可跌停板照样没躲过去。今天截至午间收盘，横店影 视、博纳影业再度触及跌停，中影续跌超8%，光线传媒跌幅也仍旧超过5%。当观众不再为阵容买单， 口碑才是唯一的通行证。@搜狐财经#春节消费节节高# 转自：贝壳财经 ...

据网络平台数据，2026年年度电影总票房（含预售）突破90亿，暂列全球单一市场票房第一。 ...

A股马年首个交易日，迎来开门红行情。 截至2月24日收盘，上证指数上涨0.87%，收于4117.41点；深证成指上涨1.36%，收于14291.57点；创业 板指上涨0.99%，收于3308.26点。A股全天成交2.22万亿元，上个交易日成交2万亿元。 马年春晚，人形机器人组团登上舞台，再次引起广泛关注。2月20日港股率先开盘，尽管恒生指数和恒 生科技指数当日双双收跌，但受春晚机器人震撼表演的催化影响，人形机器人概念股收红，受到资金追 捧。 然而，2026年春晚后首个交易日，最值得期待的机器人板块并未如期大涨，上演高开低走行情。A股开 盘后，机器人指数（884126）上涨近1.5%，然而截至收盘，该指数仅上涨0.65%。 有股民表示："太神奇了，春晚那么多机器人表演，以为要大涨呢，还想着把压岁钱都买相关股票，看 不懂这个逻辑了，现在不敢买了。" 展望后市，方正证券认为，国内方面，2026年开年以来，A股市场表现总体强势，春季行情拉开帷幕。 往后看，随着新质生产力领域的财政支持与产业扶持持续加码，叠加春节消费需求旺盛、"十五五"开局 之年基建项目开工提速，为市场提供基本面支撑，2026年A股上市公司盈利增速有望 ...

Market Performance - The A-share market opened positively on the first trading day of the Year of the Horse, with all three major indices closing higher. The Shanghai Composite Index closed at 4117.41 points, up 0.87%, the Shenzhen Component Index at 14291.57, up 1.36%, and the ChiNext Index at 3308.26, up 0.99% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 22,182 billion yuan, an increase of 2,192 billion yuan compared to the previous trading day, with over 4,000 stocks rising [1] Sector Performance - The oil and gas extraction and services, precious metals, cultivated diamonds, and coal mining sectors saw significant gains, while the film and television, AI applications, and computing power leasing sectors experienced declines [3] - In the oil and gas sector, Keli Co. led with a 26.03% increase, while Tongyuan Petroleum and Qianeng Hengxin hit the daily limit. Other stocks like Zhongman Petroleum and CNOOC also saw substantial gains [3] - The precious metals sector was led by Xiaocheng Technology with a 15.19% increase, and several stocks in this sector reached the daily limit [3] Geopolitical Influence - The rise in the oil and precious metals sectors is attributed to geopolitical risks, particularly the U.S. military buildup in the Middle East and President Trump's consideration of limited military action against Iran [3] Market Outlook - According to Industrial Securities, the A-share market is expected to enter a high-probability window post-holiday, supported by macroeconomic catalysts and the resolution of U.S. tariff issues [4] - Citic Securities noted that the rise of AI coding capabilities is leading to exponential growth in global code volume, with A-shares likely to be less affected by AI disruptions compared to U.S. and Hong Kong stocks, suggesting a continuation of the spring market rally [4] Investment Trends - Qianhai Kaiyuan Fund's chief economist Yang Delong indicated that as household savings shift towards capital markets, both A-shares and Hong Kong stocks are expected to maintain a slow bull market trend. An estimated 50 trillion yuan in fixed deposits will mature by 2026, potentially driving investors towards equity assets [5] - The issuance of new funds has shown a significant recovery this year, supporting the capital market's strength in 2026 [5]