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 ...

在资本的逻辑里，只要预期崩了，就逃不掉毒打。这波寒意今天还在延续，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%。回过头看，影视行业的泡沫，在 这个春节档被票房戳破了。大导演加顶流可以高枕无忧，这个用了十年的公式，彻底失灵了，当观众不 再为阵容买单，口碑才是唯一的通行证。 (文案 | 王晓潇、出镜 | 刘相君、剪辑 | 刘相君) 还有两部实打实的业绩杀手，科幻片《星河入梦》票房仅8000万，粉丝刷不动路人盘，彻底沦为陪跑。 而集结成龙、马丽加上熊猫IP的《熊猫计划》，4亿成本换来1.93亿票房，什么国民度、合家欢、春节 档万能公式，全都不好使了。 市场的反应直白又残酷，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。而去年春节靠着《哪吒2》连吃涨停的光线传媒，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 ...

编辑|段炼 杜恒峰 校对|何小桃 | | 影视传媒 | | | | | --- | --- | --- | --- | --- | | | 901.75,-0.65% | | | | | 新闻 大V | 成分 资金 | | | | | 博纳影业 | | 10.34 | -10.01% | 0.00% | | SZ001330 | | | | | | 横店影视 | | | | | | SH603103 | | 28.27 | -10.00% | 0.00% | | 市值龙头10 | | | | | | 中国电影 | | | | | | SH600977 | | 15.32 | -8.26% | +0.39% | | 市值龙头5 | | | | | | 果麦文化 | | 43.05 | -6.62% | -0.02% | | 创 SZ301052 | | | | | | 光线传媒 | | | | | | 创 SZ300251 | | 20.62 | -5.33% | +0.29% | | 业绩龙头1 市值龙头 1 | | | | | 2月25日，A股三大指数全线飘红。截至收盘沪指涨0.72%，深成指涨1.29%， ...

消息面上，上海发布楼市"沪七条"，符合条件非沪籍居民可在外环内增购1套住房；持《上海市居住证》满5年及以上群体可在本市购买住房。 影视股再跌，博纳影业、横店影视2连跌停，中国电影跌超8%，光线传媒跌超5%。 | | 影视传媒 | | | | | --- | --- | --- | --- | --- | | | 901.75,-0.65% | | | | | 新闻 大V | 成分 资金 | | | | | 博纳影业 | | 10.34 | -10.01% | 0.00% | | SZ001330 | | | | | | 横店影视 | | | | | | SH603103 | | 28.27 | -10.00% | 0.00% | | 市值龙头10 | | | | | | 中国电影 | | | | | | SH600977 | | 15.32 | -8.26% | +0.39% | | 市值龙头5 | | | | | | 果麦文化 | | 43.05 | -6.62% | -0.02% | | 创 SZ301052 | | | | | | 光线传媒 | | | | | | 创 SZ300251 | | 20.6 ...

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 ...

Market Overview - The market experienced a strong upward trend with all three major indices rising over 1%: Shanghai Composite Index increased by 1.2%, Shenzhen Component Index by 1.47%, and ChiNext Index by 1.43% [1] - Nearly 4,000 stocks in the market saw gains [1] Sector Performance - The sectors that performed strongly included rare earths, phosphorus chemicals, shipping, and oil and gas, driven by price increases [1] - Conversely, the film and cinema sector saw a significant decline [1] Lithium and Phosphorus Chemicals - The lithium mining sector surged, with major companies like Dazhong Mining hitting the daily limit [3] - The price of lithium carbonate futures reached 170,000 yuan/ton [3] - The phosphorus chemical sector continued its strong performance, with companies like Chengxing Co., Liuguo Chemical, and Hebang Bio achieving consecutive gains [3] - The U.S. has classified elemental phosphorus and glyphosate as critical defense materials, leading to a global restructuring of the phosphorus supply chain and pushing international phosphorus fertilizer prices above 700 USD/ton [3] Rare Earths - The rare earth permanent magnet sector was active, with companies like Northern Rare Earth and Baogang Co. hitting the daily limit [3] - Prices for heavy rare earths have significantly increased, with yttrium reaching 850 USD/kg and dysprosium at 1,100 USD/kg, marking the highest levels since 2015 [3] Film and Cinema Sector - The film and cinema sector faced a downturn, with companies like Hengdian Film and Television experiencing consecutive declines [3][6]

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].

哀鸿一片 从2月24日，A股与港股市场的表现看，涉及春节档的影视传媒公司，几乎都在下跌，从上游制作、出品，到中游的 发行，再到下游的放映，鲜有幸免者。 2026年春节档票房冠军《飞驰人生3》共有9家出品公司，其中已上市的包括猫眼娱乐、大麦娱乐、万达电影、博纳 影业、中国电影、横店影视、中国儒意（00136.HK），这7家公司在2月24日均出现了股价下跌。其中在港股上市的 猫眼娱乐、大麦娱乐、中国儒意于2月20日就开始了交易，仅有中国儒意在2月23日出现了2.82%的反弹上涨，其余时 间也都在下跌。 据记者统计，在今年春节档全国范围内上映的新片中，中国电影是参与出品最多的公司，其次是大麦娱乐、猫眼娱 乐。中国电影出品了《飞驰人生3》、《惊蛰无声》（8.67亿元）、《镖人：风起大漠》（8.06亿元）、《熊出没·年 年有熊》（7.13亿元）、《星河入梦》（8057.87万元）。 2月24日，春节假期结束后的第一天，与A股大盘整体飘红形成鲜明对比的是影视板块的大幅下跌。例如中国电影 （600977.SH）下跌9.97%，万达电影（002739.SZ）下跌10.01%，横店影视（603103.SH）下跌10%，光线传媒 ...

影视院线概念持续下挫，博纳影业、横店影视二连跌停，中国电影、光线传媒、幸福蓝海跟跌。 港股今日小幅高开，恒生指数高开0.58%，恒生科技指数涨0.86%。 2月25日，三大指数小幅高开，沪指高开0.15%，深成指高开0.21%，创业板指高开0.15%；科创综指高开0.2%。 全市超2900只个股高开上涨，磷化工、小金属等板块指数涨幅居前。 | 小金属 | 玻璃玻纤 | 农化制品 | | --- | --- | --- | | 1.29% | 1.27% | 1.09% | | 云南铭业 9.87% | 山东玻纤 9.73% | 澄星股份 9.97% | | 稀土 | 能源金属 | 有色金属 | | 1.06% | 0.82% | 0.67% | | 中稀有色 1.70% | 赣锋锂业 1.43% | 云南铭业 9.87% | 磷化工板块延续昨日强势，澄星股份2连板，和邦生物、金正大、六国化工、川金诺、云天化跟涨。消息面上，美国宣布将元素磷及草甘膦等关键除草剂 纳入国防关键物资。此前2025年11月，美国内政部及USGS已新将磷酸盐纳入关键矿产清单。此举导致全球磷供应链重构，国际磷肥价格突破700美元/ 吨。 ...