债 券 研 春节期间不可错过的事情 [Table_Authors] 唐元懋(分析师) 国内篇 本报告导读： 经济复苏节奏延续温和，呵护债市偏多环境，但需关注海外风险偏好回升带来的扰 动。 投资要点： 风险提示：流动性超预期收紧；经济修复大幅加速；债券供给放量。 | | | | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 孙越(分析师) | | | 021-38031033 | | | sunyue6@gtht.com | | 登记编号 | S0880525080004 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | | | 杜润琛(分析师) | | | 021-38031034 | | | durunchen@gtht.com | | 登记编号 | S0880525110004 | [Table_Report] 相关报告 央行视角下的货币财政协同与存款搬 ...

Group 1 - The core viewpoint of the articles highlights that the Chinese film market has achieved a cumulative box office of over $1.1 billion by 2026, making it the leading single market globally [1] - The Spring Festival box office is led by "Fast Life 3," which has surpassed 2.7 billion in ticket sales, followed by "Silent Awakening," "Biao Ren: Wind Rises in the Desert," and "Boonie Bears: Year of the Bear" [1] - The Spring Festival this year featured a diverse range of six new films across genres such as comedy, espionage, martial arts, animation, and science fiction, enhancing the viewing experience for audiences [3] Group 2 - Various promotional activities, such as "Explore the Market with Movies" and "Taste Food with Movies," have been launched, with the National Film Administration initiating the "2026 Film Economy Promotion Year," which will allocate no less than 1.2 billion in subsidies for audience engagement [5] - The initiative "Travel China with Movies" has successfully promoted Chinese films overseas in countries like the USA, Canada, Italy, New Zealand, UAE, Kenya, and Brazil, fostering the integration of film IP with cultural tourism resources [5] - The external spillover effect of Chinese cinema is increasingly significant, impacting social development and enhancing international communication, thereby effectively telling Chinese stories globally [7]

2026 年 02 月 22 日 春晚节点重燃 AI 传媒有望承接 AI 应用新场景 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 2.4 | 20.8 | 31.0 | | 沪深 300 | -1.3 | 4.6 | 17.1 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 相关研究 1 、 《 传 媒 行 业 点 评 报 告 ： Seedance2.0 推动 AIGC 进入卡尔达 肖夫指数》2026-02-10 2、《传媒行业周报：从春节档到 AI 春晚迎 2026 年新篇章关注 AIGC》 2026-02-08 3、《传媒行业周报：迎2026春节档 看 AI 春晚》2026-01-25 ▌本周观点更新 2026 年春晚是 AI 含量高浓度的一年，也是 AI 应用的重要分 水岭与节点，春晚后，AI 的竞争也将更加热烈，各家持续推 出 ...

春节长假临近尾声，今年春节档拥有9天"史上最长假期"的加持，给消费注入十足动力。来自部分沪市 公司的数据显示，今年春节期间出行、票房数据都释放了积极信号，同时，文旅、白酒、食品等公司也 借助"年味"加速文旅融合或强化互动，助力消费"开足马力"。 出行、票房数据积极，消费劲头足 豫园灯会年年处出"新意"。今年新春，上海豫园灯会实现数字化全面跃迁，以"新质生产力"赋能传统节 庆打造，将前沿科技化作温暖的媒介，创造有温度、有情绪、有参与感的文化沉浸式体验，打造出全国 首个全链路数字化新春文旅场景。 冰雪热助力"开门红"。来自长白山的数据显示，2026年春节假期截至正月初六，长白山景区累计接待游 客8.10万人次，同比增长1.28%，在冰天雪地中成功实现了新春旅游的"开门红"，展现了长白山冰雪经 济的强劲活力。 知名景区数据喜人。黄山旅游紧扣"马不停蹄・玩转黄山"主题，统筹旗下景区与酒店资源，打造多维度 新春场景，策划推出非遗体验、互动演绎、新春祈福、趣味科普等系列特色活动。数据显示，2026年春 节初一至初六（2月17日-22日）期间，黄山风景区接待进山游客17.44万人，在去年高位基础上实现增 长2.38%，景区 ...

Group 1 - The U.S. government is considering a military strike against Iran if diplomatic efforts fail, with a potential first strike planned in the coming days [1][3] - Trump has indicated that if initial precision strikes do not compel Iran to abandon its nuclear program, a larger military action may be considered later this year [1][3] - U.S. and Iranian representatives are set to meet in Geneva for what appears to be the final round of negotiations to avoid military conflict [1][3] Group 2 - Iran's Foreign Minister has stated that diplomatic solutions to the nuclear issue are still viable and emphasized the importance of negotiations over military actions [4][12] - Iran is preparing a proposal to submit to the U.S. and believes that an agreement could be reached soon, potentially better than the 2015 nuclear deal [4][12] Group 3 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act was unlawful, prompting a response from the Chinese government [2][10] - China opposes unilateral tariff measures and emphasizes that trade wars have no winners, urging the U.S. to eliminate such tariffs [2][10] Group 4 - The Hong Kong stock market saw significant movements, with the Hang Seng Index rising by 2.531% and the Hang Seng Tech Index increasing by 3.336% [5][14] - Notable stock performances included Zijin Mining up by 5.347% and NIO-SW up by 5.290% [6][14] Group 5 - The AI model company Kimi has achieved rapid growth, becoming the fastest domestic company to reach a valuation of over $10 billion, with significant revenue growth driven by international users [7][15] - Kimi's recent funding rounds have exceeded $1.2 billion, and its revenue in the last 20 days surpassed its total revenue for the previous year [7][15] Group 6 - The AI sector experienced volatility, with significant declines in stock prices for companies like Zhiyu and Haizhi Technology, attributed to a recent apology letter addressing user concerns [8][16] - Zhiyu's market value dropped by over 700 billion HKD following the announcement, despite previous strong performance [8][16]

Core Insights - The total box office revenue for China's film industry is projected to exceed 8 billion by 2026, making it the largest single market globally [1] - The Spring Festival box office has already surpassed 5.4 billion, with films like "Fast Life 3," "Silent Awakening," "Bounty Hunter: Wind Rises in the Desert," and "Bears: Year of the Bear" leading the charts [1][2] Group 1 - The Spring Festival film season spans from the 28th day of the twelfth lunar month to the seventh day of the first lunar month, featuring a diverse range of genres including comedy, action, animation, and science fiction [1][2] - "Fast Life 3" tells the story of a racer returning to reality after the last Ba Yin Bu Lu Ke rally, facing new challenges and embarking on a new journey [1][2] - "Silent Awakening" follows a national security team as they investigate a critical intelligence leak, leading to a silent confrontation [2] Group 2 - "Bears: Year of the Bear" depicts the story of Bear Big, Bear Two, and Baldy working together to overcome a crisis caused by unexpected guests [2] - "Bounty Hunter: Wind Rises in the Desert" narrates the journey of a desert bounty hunter tasked with escorting a mysterious person back to Chang'an, facing ambushes along the way [2] - "Panda Project: Tribal Adventures" features a panda named "Hu Hu" and an international superstar who unexpectedly find themselves in a magical tribe, helping to solve various challenges [2] - "Dreams of the Galaxy" is set in a near-future virtual dream system called "Good Dream," where the administrator and captain embark on a mind-bending adventure through dreams [2]

Group 1 - A-shares experienced a rise before the holiday, with the Shanghai Composite Index up 0.41%, the Shenzhen Component Index up 1.39%, and the ChiNext Index up 1.22% [1] - After the Spring Festival, the A-share market is expected to trend upwards due to policy expectations, liquidity support, and industry trends, with a focus on policy-driven opportunities [1] - Key sectors to watch include non-competitive concepts benefiting from improved supply-demand dynamics, such as precious metals, oil and petrochemicals, and basic chemicals [1] - The AI and robotics sectors are anticipated to show structural highlights post-holiday, driven by increased attention during the Spring Festival [1] Group 2 - The Spring market is expected to continue, with price increases being a core focus for the first quarter, as AI technology leads to a significant expansion in code generation [2] - Industries are categorized based on physical dependency and regulatory barriers, indicating a widening gap in returns between beneficiaries of physical scarcity and those affected by code expansion [2] - The A-share market is less impacted by AI disruptions compared to US and Hong Kong markets, maintaining a positive sentiment for continued investment [2] Group 3 - The media sector is poised to benefit from new AI applications, with 2026 being a pivotal year for AI integration in media, enhancing digital marketing and content generation [3] - The Spring Festival showcased AI's potential, leading to increased public awareness and interest in technology applications within the media sector [3] Group 4 - A "red envelope market" is anticipated post-holiday, driven by external uncertainties and a favorable exchange rate for the Chinese yuan, which may enhance long-term investment in Chinese assets [4] - The technology sector is expected to see a boost from various catalysts released during the Spring Festival, raising expectations for a tech-driven market [4] Group 5 - The market is currently in a strong oscillation phase, with mixed signals from overseas markets, indicating a cautious approach to trading [5] - The A-share market is expected to experience a trendless opening post-holiday, with a focus on sectors like AI applications and robotics that have shown potential [6] - A "systematic slow bull" opportunity is still favored, with recommendations to hold positions in relatively undervalued sectors such as securities, building materials, and banks [6]

电影市场方面，截至2月22日21时，灯塔专业版数据显示，2026年春节档总票房（含预售）突破51.62亿 元，观影总人次达1.07亿。地域分布上，江苏、广东、山东、浙江、河南为票房前五省份。上海、北 京、广州、成都、深圳为票房前五城市。此外，三四线城市票房占比高达53.4%，创历年春节档新高。 新浪科技讯 2月23日下午消息，虎鲸文娱集团发布《春节文娱消费报告》。旗下大麦娱乐和优酷的数据 显示，2月10日（农历小年）至2月21日（正月初五）期间，线下演出项目数同比增长27%，Livehouse观 演人次同比增长65%，沉浸式新空间等新兴形态观演人次同比增长超40%。 电影市场方面，截至2月22日21时，灯塔专业版数据显示，2026年春节档总票房（含预售）突破51.62亿 元，观影总人次达1.07亿。地域分布上，江苏、广东、山东、浙江、河南为票房前五省份。上海、北 京、广州、成都、深圳为票房前五城市。此外，三四线城市票房占比高达53.4%，创历年春节档新高。 责任编辑：尉旖涵 责任编辑：尉旖涵 新浪科技讯 2月23日下午消息，虎鲸文娱集团发布《春节文娱消费报告》。旗下大麦娱乐和优酷的数据 显示，2月10日（农历 ...

马年新春，年味与新意交融，消费市场暖意涌动。从滑雪胜地到文旅景区，从影院银幕到商超市集，一系列新潮消费场景蓬勃兴起，既延续 了传统年俗的温情，又彰显了消费升级的活力，勾勒出马年新春消费市场的全新图景。 2月22日，游客在杨柳青古镇游玩。新华社记者 赵子硕 摄 冰雪"点燃"新活力 当春节遇上冬奥，冰雪运动热潮席卷神州，全民参与热情持续高涨。冰雪经济乘势而上、蓬勃兴起，"上冰雪、迎新春"正成为新时代最具活 力的过年新风尚，为新春佳节注入强劲动能与别样精彩。 2月21日，游客在湖北省宜昌市夷陵区的百里荒滑雪场体验滑雪。新华社发（张国荣 摄） 春节期间，河南省洛阳市伊龙国际滑雪场，凭借交通便利的区位优势与完善的雪道设施，成为不少游客体验滑雪的热门选择之一。 为满足游客滑雪需求，雪场还特别开放夜场、延长消费时段，丰富人们游玩体验。 河南省洛阳市伊龙国际滑雪场负责人林响前在采访中表示，假期来滑雪的游客明显提升，比平时增加了百分之七八十。 为进一步激活假日消费，多地推出多元联动优惠与特色旅游套餐，不断延伸"冰雪运动+"产业链，将冰雪"冷资源"转化为假日经济"热引擎"， 持续释放春节消费新活力。 马年春节，文旅市场火热，科技 ...

央视网消息：2026年开年，我国电影市场红红火火。据网络平台数据，截至2月22日22时19分，2026电影春节档总票房（含预售）已超52亿 元。 2026春节档观影人次破亿 截至目前，2026年春节档观影人次已经突破1亿，春节档已连续8年观影人次破亿。 "看电影过大年" 影片与衍生品共拓市场 和网络平台统计数据相呼应的是2026年春节期间各地电影院里的热闹场景。"看电影过大年"成了市民和游客欢度新春的热门方式之一。 在北京市延庆区的一家影院，自助取票机前、售票窗口旁，全家组团的、朋友结伴而来的观众络绎不绝。 2026年春节档影片类型丰富，喜剧、动画、动作、科幻等一应俱全，兼顾老人、孩子、年轻人的不同喜好。 春节档的热映也给电影衍生品带来了更多销路。在北京市朝阳区一家商场里，《熊猫计划之部落奇遇记》快闪活动吸引了大量市民，憨态可掬 的大熊猫和机器熊猫与大小朋友们一起互动。 "影院+"跨界联动 探索融合消费新模式 2026年春节假期，在甘肃省兰州市，多家影院充分发挥了"电影+"的跨界联动。不仅延伸了"电影+"业态内涵，也为春节档消费市场注入新活 力。 春节期间，兰州市某影城将非遗技艺展示引入影院空间。观众可在观影 ...