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]

春节前大幅离场后，A股节后的资金回流态势已成为市场关注焦点。 杠杆资金单日回流346亿元。 其中，前期累计涨幅较多的电子、电力设备、计算机、有色金属、通信等行业遭受资金明显减仓，融资 资金净卖出金额在33亿元～74亿元之间。 节后首个交易日，杠杆资金的持仓偏好截然相反。节前受到偏爱的行业出现大幅卖出，并流向节前遭到 减仓的行业。 根据Wind数据，2月24日，有26个行业获得杠杆资金回补仓位。电子、计算机、有色金属、电力设备、 通信、国防军工等板块获得融资资金大笔买入，净流入金额均超20亿元。而公用事业、石油石化、建筑 装饰、综合、煤炭5个行业遭到杠杆资金减仓。 这与当日的市场表现并不完全一致。24日，石油石化、煤炭行业领涨，建筑材料和公用事业也表现不 俗；有色金属行业涨幅居前，但计算机行业则处于跌势。25日，有色金属、建筑材料涨幅依旧居前，国 防军工、电子、电力设备行业涨幅超过1%，计算机和通信行业涨幅靠后，均微涨0.2%。 两融资金在春节前大幅净流出后，节后首个交易日大幅回流了346亿元，其中融资资金回流了338.89亿 元。杠杆资金的持仓偏好，春节前后也截然相反，此前大笔净卖出的行业在节后被大笔净买入。 ...

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 ...

Group 1 - The main stocks with significant capital outflows include Kunlun Wanwei (-1.858 billion), Zhaoyi Innovation (-1.262 billion), and Xiexin Integration (-1.227 billion) [1][2] - The sectors affected by the capital outflows include Media, Electronics, Power Equipment, and Communication [2][3] - Notable declines in stock prices were observed, with Kunlun Wanwei down by 6.98%, Zhaoyi Innovation down by 3.63%, and BlueFocus down by 2.86% [2][3] Group 2 - Other companies with substantial capital outflows include China Zhongmian (-0.736 billion), Wangsu Technology (-0.719 billion), and China Nuclear Power (-0.707 billion) [1][2] - The data indicates a trend of capital leaving the Media and Electronics sectors, with companies like Guanghua Media and Chip Original also experiencing significant outflows [3] - The overall market sentiment appears to be negative, as reflected in the stock price declines across multiple sectors [2][3]

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 ...

Group 1 - The main stocks with significant capital outflow include Kunlun Wanwei (-1.83 billion), Zhaoyi Innovation (-1.175 billion), and Tianfu Communication (-1.077 billion) [1] - The sectors affected by the capital outflow include Media, Electronics, and Communication, with notable declines in stock prices for companies like Kunlun Wanwei (-7.83%), Zhaoyi Innovation (-3.77%), and Tianfu Communication (-3.57%) [2][3] - Other companies experiencing substantial capital outflow include GCL-Poly Energy (-0.907 billion), BlueFocus (-0.786 billion), and Hengtong Optic-Electric (-0.761 billion) [1] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investor withdrawal from these sectors, particularly in Media and Electronics [1][2] - Companies like China Duty Free (-0.563 billion) and Guangku Technology (-0.510 billion) also show significant capital outflow, reflecting broader market concerns [3] - The overall market sentiment appears negative, with many stocks experiencing declines in both capital flow and stock price [2][3]

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]

采写 | 李欣媛 编辑 | 姜妍 57.52亿票房成绩，将今年的春节档定格在了一个尴尬的位置——近十年春节档票房倒数第二。不如预 期的票房成绩，使得今日影视院线板块大跌，光线传媒、幸福蓝海、博纳影业等公司出现了跌停情况。 同去年"史上最强春节档"的95.1亿票房相比，今年跌落了39.5%，可谓"大跳水"。即便纵向来看，今年 的春节档成绩也处于历史低点。虽然跟2018年的57.7亿有着微弱的差距，但是2018年平均票价仅为39.7 元，场次234.7万，而今年平均票价为47.8元，场次更创历史新高，涨到了435.1万。 2026春节档总票房（图源：灯塔专业版） 更高的票价和更多的场次反而让票房退步到十年前水平，一个根本性的问题，在春节档里再次浮现了出 来——观影人次逐年下跌。今年总观影人次为1.2亿，同比下降35.8%，日均人次1697万，同比跌落 36.4%。人次的断崖式下滑也导致日均票房跌至8.14亿，近六年来首次不足10亿。而往年处于峰值最高 点的大年初一，场均人次和上座率也双双跌落，仅为43.2和34.8%。 对于一线工作的影院经理来说，这种落差感更为强烈。"今年相对于往年来说最大的感受是没有那么忙 了 ...