中国国际金融股份有限公司（以下简称"中金公司"或"财务顾问"）作为 万达电影股份有限公司（以下简称"万达电影"、"公司"或"上市公司"）发行 股份购买万达影视传媒有限公司（以下简称"万达影视"）持续督导期间的财务 顾问。根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重 大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《深圳证券 交易所股票上市规则》等有关法律法规和规范性文件的要求，对万达电影本次 限售股份上市流通事项进行了审慎核查，并发表如下核查意见： 一、本次解除限售股份的基本情况 经中国证券监督管理委员会《关于核准万达电影股份有限公司向北京万达投 资有限公司等发行股份购买资产的批复》（证监许可[2019]817 号）核准，公司向 北京万达投资有限公司（以下简称"万达投资"）、莘县融智兴业管理咨询中心（有 限合伙）（以下简称"莘县融智"）、林宁女士等 20 名交易对方发行 316,985,827 股股份购买万达影视传媒有限公司 95.77%股权，其中向林宁女士发行 14,457,831 股股份。本次发行股份于 2019 年 5 月 27 日在深圳证券交易所上市，具体内容详 见公司 ...

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2026-001 万达电影股份有限公司 关于发行股份购买资产暨关联交易部分限售股份 二、本次申请解除限售的股东承诺履行情况 上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次解除限售股份的数量为 14,457,831 股，占万达电影股份有限公司（以 下简称"公司"）股份总数的 0.6846%。 2、本次限售股份可上市流通的日期为：2026 年 1 月 22 日（星期四）。 1 一、本次解除限售股份的基本情况 经中国证券监督管理委员会《关于核准万达电影股份有限公司向北京万达投 资有限公司等发行股份购买资产的批复》（证监许可[2019]817 号）核准，公司向 北京万达投资有限公司（以下简称"万达投资"）、莘县融智兴业管理咨询中心（有 限合伙）（以下简称"莘县融智"）、林宁女士等 20 名交易对方发行 316,985,827 股股份购买万达影视传媒有限公司（以下简称"万达影视"）95.77%股权，其中 向林宁女士发行 14,457,831 股股份。本 ...

Group 1 - The film and theater sector saw a rise of 0.72% on January 19, with Baina Qiancheng leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Baina Qiancheng's stock price increased by 12.81% to 10.13, with a trading volume of 1.32 million shares [1] Group 2 - The film and theater sector experienced a net inflow of 186 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - The trading data indicates that Baina Qiancheng had a net inflow of 107 million yuan from institutional investors, with a net outflow of 87.95 million yuan from retail investors [3] - Other notable stocks included China Film, which had a net inflow of 37.48 million yuan from institutional investors, and Light Media, which saw a net inflow of 28.19 million yuan [3]

Industry Trends - The movie industry has identified three major trends over the past 25 years: 1) Animated films have performed exceptionally well, with 4 out of the top 10 box office films being animated, including two record-breaking titles [1] - 2) The trend of derivative layouts is emerging, maximizing the commercial value of IP through a combination of short-term box office and long-term derivatives [1] - 3) The supply of imported films is abundant, becoming a significant contributor during summer and New Year periods [1] Upcoming Releases - For the 2026 Spring Festival, two high-grossing IP sequels, "Fast Life 3" and "Boonie Bears 12," have been scheduled, with major players like Damai, Maoyan, Wanda Film, and China Film expected to announce more significant releases [1] - The strong cast and past box office success of similar films contribute to a positive outlook for the 2026 Spring Festival [1] Box Office Outlook - The company remains optimistic about the performance of imported films in 2026, with anticipated releases of major IP sequels such as "Avengers," "Spider-Man," "Toy Story," and "Minions" expected to be introduced to the domestic market [1] - The smooth introduction of imported films in 2025 and a rich reserve of Hollywood films for 2026 support a positive forecast for domestic box office performance [1] Company Recommendations - The company recommends investing in Damai Entertainment (01060), which is expected to benefit from strong IP business performance and favorable policy changes in the domestic performance sector, as well as from overseas projects [1] - China Film (600977.SH) is also highlighted as a potential beneficiary of the recovery in box office from imported films [1] - Other companies to watch include ticketing leader Maoyan Entertainment (01896), cinema chain leader Wanda Film (002739.SZ), and Shanghai Film (601595.SH), which is expected to benefit from the combination of IP and AI [1]

Core Insights - The report highlights the ongoing adjustments in the commercial real estate loan policies by the People's Bank of China, setting the minimum down payment ratio at 30% for commercial properties, including mixed-use properties [4][8] - The domestic battery and energy storage sectors are experiencing significant growth, with a reported cumulative production of 1,755.6 GWh and sales of 1,700.5 GWh in 2025, marking year-on-year increases of 60.1% and 63.6% respectively [5][8] - The semiconductor industry is witnessing a robust performance, with a 5.11% increase in the semiconductor sector index in December 2025, outperforming the broader market indices [16][17] - The food and beverage sector is under pressure, with a 4.05% decline in the sector index in December 2025, driven by poor performance in traditional categories like liquor and meat products [19][20] Market Performance - The A-share market has shown signs of volatility, with the Shanghai Composite Index closing at 4,101.91, down 0.26%, while the Shenzhen Component Index closed at 14,281.08, down 0.18% [3] - The semiconductor sector is highlighted as a leading performer, with significant increases in both production and sales, indicating strong demand and growth potential [16][17] - The food and beverage sector is facing challenges, with a notable decline in traditional product categories, while emerging categories like snacks and health products continue to show growth [19][20] Industry Analysis - The chemical industry is experiencing a slowdown in price declines, particularly in sectors like pesticides and polyester filament, suggesting a stabilization in pricing dynamics [14][15] - The gaming industry is reported to be growing steadily, with animation films leading box office growth, indicating a positive trend in entertainment consumption [23][26] - The new materials sector is projected to continue its growth trajectory, driven by increasing demand from manufacturing and technological advancements [30][31] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as semiconductor equipment, storage modules, and battery technologies, as they are expected to benefit from ongoing technological advancements and market demand [17][18] - In the food and beverage sector, investment opportunities are recommended in soft drinks, health products, and baked goods, which are showing resilience despite overall sector challenges [20][21] - The report emphasizes the importance of monitoring macroeconomic indicators and policy changes that could impact market dynamics and investment strategies [12][13]

Core Insights - The "Rtime Time Awards" event held on January 17, 2026, aimed to bridge the gap between movie audiences and industry professionals, focusing on the evolving landscape of entertainment consumption among Generation Z [1][16] - The event featured over 200 Rtime members who expressed their views on various topics, including content quality, star power, marketing, and cinema experience, highlighting the need for the industry to adapt to audience expectations [1][2] Audience Engagement - Attendees raised pointed questions about the authenticity of movie promotions and the relevance of celebrity trends, emphasizing that the value of a movie ticket is tied to the fulfillment of audience expectations [2][3] - The "Audience Open Mic" segment allowed audience members to voice their opinions directly, creating a unique dialogue between viewers and industry professionals [3][4] Industry Reflection - Industry professionals acknowledged the growing dissatisfaction with domestic films, indicating a need for creators to catch up with audience expectations and preferences [5][7] - The event highlighted the importance of marketing and the impact of social media on audience perceptions, with concerns about the effectiveness of current promotional strategies [3][9] Awards and Recognition - The "Rtime Time Awards 2025" featured a list of 53 films, with categories that included "Market Attention," "Artistic Exploration," and "New Time New Power," reflecting a shift towards recognizing diverse cinematic contributions [12][13] - The awards aimed to break traditional frameworks by separating artistic and commercial films, indicating a changing landscape in audience preferences, particularly the declining interest in romance films [12][13] Addressing Generation Z - The event included a segment focused on Generation Z's entertainment consumption, where industry representatives responded to audience feedback and concerns, particularly regarding the accessibility of merchandise and events [15][16] - The data indicated that the film industry's revenue reached 51.832 billion yuan in 2025, signaling a transition from a "box office economy" to a more diversified entertainment consumption model [16]

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The integration of Qianwen APP into Alibaba's ecosystem marks a significant shift in AI applications from "chat dialogue" to "service execution," enhancing user experience by allowing seamless transactions across various services without switching applications [1][7][10] - The report emphasizes the importance of companies with technological reserves and customer resources in the marketing sector, as well as traditional media companies with editorial rights, in the evolving AI landscape [1][13] Summary by Sections Qianwen APP Integration - On January 15, Qianwen APP announced its integration with Alibaba's ecosystem, enabling AI-driven functionalities for ordering food, shopping, and travel planning, which significantly lowers user entry barriers [7][8] - The integration allows users to complete transactions through natural language commands, enhancing the overall user experience and operational efficiency [8][10] Industry Performance - The media index increased by 2.04%, ranking 4th among 31 industries, outperforming the Shanghai Composite Index, which decreased by 0.45% [6] - Recommendations for investment include companies like Wanda Film, Perfect World, and Mango Super Media, which are expected to maintain high growth in their respective niches [6][15] Marketing and Media Insights - The report highlights the shift from traditional SEO to GEO marketing strategies, where the focus is on real-time understanding and response to user queries, indicating a transformation in advertising dynamics [13][14] - The credibility and authority of training data for large models will become a core competitive advantage, emphasizing the unique value of mainstream media in the AI era [14]

Market Overview - The film and cinema sector experienced a decline of 3.56% on January 16, with Bona Film Group leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - ST Tianze (603721) saw an increase of 4.98% to close at 22.56, with a trading volume of 60,400 shares and a turnover of 136 million yuan [1] - Happiness Blue Ocean (300528) decreased by 1.95% to 21.59, with a trading volume of 160,900 shares and a turnover of 349 million yuan [1] - Bona Film Group (001330) fell by 7.94% to 8.23, with a trading volume of 1,608,800 shares and a turnover of 1.351 billion yuan [2] Capital Flow Analysis - The film and cinema sector experienced a net outflow of 813 million yuan from institutional investors, while retail investors saw a net inflow of 522 million yuan [2] - The capital flow for individual stocks indicates that Wanda Film (002739) had a net outflow of 31.74 million yuan from institutional investors, while it attracted a net inflow of 45.27 million yuan from retail investors [3] Summary of Trading Data - The trading data for various stocks shows significant declines, with many companies experiencing losses in both share price and trading volume [1][2] - The overall sentiment in the film and cinema sector appears negative, as indicated by the substantial net outflows from institutional investors [2][3]

广发证券指出，传媒及影视院线行业呈现积极态势。广电总局印发《进一步丰富电视大屏内容促进广电 视听内容供给的若干举措》，强调多措并举扶持优质内容，长视频行业有望迎来景气复苏的拐点。11月 电视剧备案数环比持续复苏，近期多个平台集中释放优质剧集，审核提效。建议关注26年春节档定档情 况，院线端建议关注万达电影、横店影视等。当前处于国产AI密集催化期，IP+AI视频产业链受到关 注。游戏方面，行业景气度有望在26年延续。广告营销领域，GEO新业态受到关注，AI重塑商业化的 趋势不变。 （文章来源：每日经济新闻） 影视ETF（516620）跟踪的是中证影视指数（930781），该指数从A股市场中选取涉及影视制作、发行 及放映等业务的上市公司证券作为指数样本，以反映影视产业链相关上市公司证券的整体表现。指数成 分覆盖内容创作、电视广播、视频媒体、院线等全产业链环节，体现文化娱乐产业的综合特点。 ...

Core Insights - The Chinese gaming market achieved a record sales revenue of 350.79 billion yuan in 2025, marking a year-on-year growth of 7.68% with a user base of 683 million, up 1.35% [1] - The market for digital entertainment IP derivatives in China reached 75.3 billion yuan, reflecting a significant year-on-year increase of 62.8% [1] - Game IPs have found new growth engines through collaborations and partnerships, indicating a shift towards brand integration and cross-industry cooperation [3] Industry Trends - In the first half of 2025, the top 10 game IPs completed 47 licensing collaborations, a 56% increase year-on-year, while non-game apps engaged in 132 collaborations with game IPs, a staggering 149% increase [3] - A total of 29 mainstream game IPs executed nearly 400 collaboration events throughout 2025, averaging over one new collaboration per day, showcasing the intense enthusiasm for brand partnerships [3] Collaboration Highlights - Various collaborations included notable brands and IPs such as QQ, Coca-Cola, and popular cultural events, with activities ranging from in-game content to offline events [4][5][6] - Specific collaborations featured products like themed beverages, exclusive merchandise, and promotional events, indicating a diverse approach to engaging audiences [4][5][6]