证券研究报告 | 行业点评 | 传媒 2.2 周重点关注春节档，《飞驰人生 3》、《镖人》、《惊蛰无声》等春节档阵容初定 截至 26 年 2 月 1 日，目前春节档定档电影有 6 部，分别为《飞驰人生 3》、《镖 人：风起大漠》、《惊蛰无声》、《星河入梦》、《熊出没：年年有熊》、《熊猫计划之 部落奇遇记》，我们测算 26 年春节档票房有望对标 24 年春节档档期 80 亿的票房 目标，电影相关上市公司出品方及预测档期票房如下： 1 st .《飞驰人生 3》博纳影业、大麦娱乐、幸福蓝海等（档期票房 25~30 亿） 2 nd .《镖人：风起大漠》大麦娱乐等（档期票房 20 亿+) 3 rd .《惊蛰无声》大麦娱乐等（档期票房 15 亿+) 4 th .《星河入梦》横店影视、上海电影等（档期票房~5 亿） 5 th .《熊出没》横店影视、幸福蓝海等（档期票房~5 亿） 6 th .《熊猫计划之部落奇遇记》猫眼娱乐、光线等（档期票房<5 亿） 行业评级: 看好(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 相关报告 1《重仓股配置比例下降，前期 ...

Market Overview - The Hong Kong stock market indices experienced slight declines on the last trading day of 2025, with the Hang Seng Index closing at 25,630.54 points, down 0.87% [2] - For the entire year, the Hang Seng Index rose by 27.77%, the Hang Seng Tech Index increased by 23.45%, and the Hang Seng China Enterprises Index gained 22.27%, marking the second consecutive year of upward trends for these indices [2] Sector Performance - Major technology stocks mostly declined, with JD.com and Alibaba both falling over 1% [4] - Internet healthcare stocks also saw declines, with JD Health, Ping An Good Doctor, and Alibaba Health each dropping more than 1% [4] - Automotive stocks weakened, with Li Auto down nearly 3% and BYD falling over 2% [4] - Conversely, airline stocks showed strong performance, with China Eastern Airlines rising nearly 5%, China Southern Airlines up over 4%, and Air China increasing more than 3% [5] New Stocks Performance - Newly listed stocks surged nearly 24% overall [6] - Specific stock performance included a notable increase of 23.88% for a stock that reached a high of 38.68 and a low of 30.48, with a total transaction volume of 345 million [7] Entertainment Sector - The entertainment sector saw gains, with DaMai Entertainment rising nearly 6%, China Star Group up nearly 5%, and Maoyan Entertainment increasing over 3% [12] - The total box office for the 2025 New Year season surpassed 5.245 billion yuan, marking the highest figure for the same period in nearly eight years, with a year-on-year increase of 76.35% in box office revenue [12]

Core Viewpoint - Bona Film Group has experienced significant stock price volatility, with a cumulative decline of over 20% in three consecutive trading days, marking the fourth announcement of abnormal trading fluctuations in December [1][4]. Group 1: Stock Performance - The stock price surged over 87% from December 1 to December 12, followed by two consecutive trading halts, with a closing price of 9.83 yuan on December 17, down 9.15%, resulting in a total market capitalization of 13.512 billion yuan [1][4]. - The stock has seen a cumulative increase of 38.06% in December despite the recent volatility [1][4]. - From December 15 to December 17, the total trading volume on the stock exchange was 934 million yuan, with a net sell of 200 million yuan, primarily driven by major sell-offs from specific brokerage firms [1][4]. Group 2: Company Operations - The company has confirmed that it does not violate information disclosure regulations and that its operational environment remains stable, with no significant changes reported [2][5]. - Bona Film Group's business encompasses a full content matrix including films, series, and short dramas, with a focus on socially relevant themes and historical events [2][5]. - The company has multiple film and series projects in development, including major productions like "Four Crossings" and "Kashmir Princess," as well as various genre films [2][5]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenues of 972 million yuan, a year-on-year increase of 1.29%, but a net loss of 1.109 billion yuan, representing a 213.11% increase in losses compared to the previous year [3][6]. - The company remains in a loss-making position, with future profitability uncertain [3][6].