Group 1 - The film sector is experiencing a correction, with the film ETF (516620) down by 5.80%. Despite positive expectations for the longest Spring Festival box office in 2026, the rapid increase in the ETF's price has led to concerns about overextension [1] - Investors are advised to focus on the game ETF (516010), which is positioned well for the Spring Festival peak season due to high valuation, a product-rich year, and favorable seasonal trends [1] - The core companies in the gaming sector have not surpassed their PE valuations from 2025 and 2026, indicating a relatively high value compared to other growth sectors. The delayed peak gaming season due to the late Spring Festival provides a safety margin [1] Group 2 - The domestic gaming market is projected to exceed 350 billion yuan in sales revenue for the first time in 2025, with a year-on-year increase of 7.68%. The issuance of 1,771 game licenses in 2025 marks a seven-year high, laying a solid foundation for a product-rich year in 2026 [2] - The 2026 Spring Festival is expected to be the longest on record, with many manufacturers well-prepared for the peak season. The gaming industry is anticipated to officially enter its peak period [2] - The gaming ETF (516010) tracks the Zhongzheng Animation and Gaming Index (930901), covering the entire gaming and animation industry chain. The current low valuation in the gaming sector, combined with the upcoming Spring Festival catalyst and a clear "product-rich year" logic for 2026, suggests potential investment value [2]