（文章来源：每日经济新闻） 影视ETF（516620）跟踪的是中证影视指数（930781），该指数从A股市场中选取主营业务涉及影视制 作、发行及放映等相关业务的上市公司证券作为样本，覆盖影视产业链的多个环节，以反映文娱传媒领 域特别是影视行业的整体表现。指数成分涵盖内容创作、版权运营等业务，行业配置上以通信服务为 主，同时包含可选消费、工业和信息技术等领域。 银河证券指出，2025年全年电影市场大盘总票房为518亿元，同比增长22%，春节档内现象级影片《哪 吒之魔童闹海》强势开局并贡献显著票房，但其长尾效应过后，市场出现阶段性增长乏力。年末在进口 大片带动下实现同比增长。分析师认为，春节档作为年度第一个大档期，其票房表现将确立电影大盘的 全年基调。近年来，电影市场档期效应和马太效应愈发明显，2026年春节假期长达9天，有望为档期票 房释放提供更充裕时间窗口。此外，近期AI视频工具能力提升明显，看好其对影视院线行业的长期赋 能。 ...

Core Viewpoint - The film and television sector is experiencing a significant resurgence driven by the upcoming 2026 Spring Festival holiday, which features an extensive lineup of films and advancements in AI technology that enhance production efficiency [3][4][5]. Short-term Dynamics - The 2026 Spring Festival will have a record-long holiday of 9 days, leading to a high number of effective screening days and a strong consensus in the market regarding exceeding box office expectations [4][5]. - The AI video generation technology has reached a critical point where it can produce near-movie quality content, significantly transforming the content production process [4][6]. - The recent performance of the film ETF (516620) indicates a shift in institutional investor perception, moving from a speculative rebound to a focus on recovery in the film sector [6][5]. Medium to Long-term Dynamics - The film industry is witnessing a recovery driven by a combination of policy relaxation and technological advancements, marking a departure from previous cycles [7][9]. - The AI technology revolution is fundamentally reshaping the industry's cost structure and growth potential, moving beyond mere efficiency improvements to becoming a core production capability [10][11]. - The demand for quality content remains strong, as evidenced by the recovery in box office revenues and the increasing popularity of live performances and other entertainment forms [9]. Investment Implications - The film ETF (516620) serves as a comprehensive tool for investors, covering the entire industry chain from production to distribution, thus allowing for efficient capital allocation in the recovering sector [12][13]. - The ETF mitigates individual stock risks and smooths out performance volatility by holding a diversified portfolio, making it a more stable investment option in a sector characterized by high dependency on single blockbuster films [13][14]. - The current valuation of the ETF is at historical lows, presenting a favorable risk-reward scenario for investors looking to capitalize on the industry's recovery and long-term growth potential [14].

Group 1 - The Chinese government is implementing a "Film+" consumption pilot program to boost consumer spending and transform the film industry into a multi-faceted consumption ecosystem [1] - Sixteen cities have been selected as pilot cities for the "Film+" initiative, including Beijing, Shanghai, and Shenzhen, focusing on enhancing film viewing consumption and innovating cinema experiences [1] - The program aims to extend the film industry's value chain and cultivate a healthy film consumption culture, ultimately promoting the prosperity of the film market [1] Group 2 - The pre-sale for the 2026 Spring Festival film season has officially started, with films like "Silent Awakening" and "Bounty Hunter: Winds Rise in the Desert" leading the box office [2] - As of the latest data, the pre-sale box office for the 2026 Spring Festival has exceeded 1.6 billion yuan, indicating a strong start for the film season [2] Group 3 - Key companies in the Hong Kong film and entertainment industry chain include Damai Entertainment, Maoyan Entertainment, IMAX China, and China Ruyi [3]

自AI技术进入影视领域以来，圈内可谓每天都迎来一次"震动"，而Seedance 2.0大模型的问世，再度掀起轩然大波。 新模型上线后，海量用户第一时间上手体验，有人称它为"视频界的Nano Banana Pro"，也有人认为它已超越Sora 2。网友纷纷将自己的创意"投喂"给AI， 惊喜地发现生成效果远超预期。威尔·史密斯诡异吃面条的时代已成为过去，随之而来的，是人人可独立制作精品的极致生产力。 然而，技术革新带来的震动远不止"喜悦"。过去，许多人认为AI将最先冲击工业人工劳动力，没想到率先步入"蒸汽时代"的，反而是影视行业。 有人将Seedance 2.0的迭代视为机遇，也有不少人深陷恐慌与焦虑。技术更新催生出多元化声音，为此，骨朵分别与由传统影视美术转型为AI内容创作者 的吴磊、从长剧编剧转型为AI动画导演的哈尼，以及一位传统影视行业的导演兼编剧小花（化名），聊了聊他们的看法。 史诗级更新来了？ 几天前，吴磊正在制作一部国潮风格的春节祝福短片。Seedance 2.0上线后，他抱着试试看的心态，将已经完成的图片输入新模型，没有附加任何提示 词。结果令他惊讶：模型仅通过图片中人物的服饰与姿势，便完美演绎出正 ...

Group 1: Industrial Production Trends - Industrial production has slightly declined, with a small recovery in blast furnace operation rates, which increased by 0.5% week-on-week and 0.5 percentage points year-on-year to 2.4% [2] - Steel apparent consumption decreased by 5.1% week-on-week and fell by 6.8 percentage points year-on-year to -5.5% [2] - Steel social inventory saw a significant increase, rising by 5.6% week-on-week [2] Group 2: Construction Industry Insights - Cement production showed a slight recovery, but the shipment rate declined, with a week-on-week decrease of 7.7% and a year-on-year drop of 1.7 percentage points to -7.7% [19] - The cement inventory ratio increased, rising by 2.3% week-on-week and 3.2 percentage points year-on-year to 4.2% [19] - The average price of cement decreased by 0.8% week-on-week [19] Group 3: Demand and Consumption Patterns - The average daily transaction area of commercial housing in 30 major cities decreased by 1.6% week-on-week but increased by 2.9 percentage points year-on-year to -19% [37] - The transaction performance varied by city tier, with first-tier and third-tier cities showing resilience, while second-tier cities experienced weakness [37] - Port cargo throughput and railway freight volume both increased year-on-year, with port container throughput rising by 12.0 percentage points to 14.5% [45] Group 4: Price Trends - Agricultural product prices showed divergence, with pork prices stable, egg prices rising by 0.1%, and vegetable and fruit prices declining by 3.1% and 0.3% respectively [76] - The industrial product price index decreased by 1.8% week-on-week, with energy and chemical prices down by 0.9% and metal prices down by 3.6% [85]

两年前的春节，美国AI公司OpenAI旗下AI视频生成模型Sora横空出世。如今，中国科技巨头在这一领域吸引了全球范围内的关注。 2月12日，预热多日后，字节跳动Seed团队对外正式发布新一代视频创作模型Seedance 2.0，并已上线即梦AI、豆包等平台。目前，用户打开豆包，便可 在"AI创作Seedance 2.0"入口，发送相关指令来生成视频。官网显示，用户每天享有10个视频生成额度，在点击同意《AI分身使用须知》后，可以创建AI 分身来生成专属视频。 据介绍，Seedance 2.0采用统一的多模态音视频联合生成架构，支持文字、图片、音频、视频四种模态输入，集成了目前业界最全面的多模态内容参考和 编辑能力。具体来看，允许用户同时输入多达9张图片、3段视频、3段音频以及自然语言指令，模型可参考输入素材中的构图、动作、运镜、特效、声音 等元素，打破传统视频生成的素材边界。 从Seedance 2.0官方展示的视频来看，Seedance 2.0能高保真地合成时序精密的复杂交互场景，比如在双人花滑场景中，模型较好地演绎了同步起跳、空中 旋转、精准落冰等一系列高难度动作；在细腻的特写镜头中，模型生成的画面能够 ...

Group 1 - The core viewpoint of the article highlights the launch of the "Film+" consumption pilot program in 16 cities, aiming to integrate film consumption with market activities, alongside the initiation of the "2026 Film Economy Promotion Year" with a budget of at least 1.2 billion yuan for subsidies to encourage movie attendance [1] - The domestic film market is expected to recover in 2025, with projected box office revenue reaching 51.832 billion yuan, representing a year-on-year growth of 21.95%, and total audience attendance of 1.238 billion, an increase of 22.57% [1] - The extended 9-day Spring Festival holiday in 2026 is anticipated to boost viewing demand, with improved content supply likely to elevate box office performance during this peak period [1] Group 2 - The media industry is experiencing a favorable policy environment, with increased regulatory certainty and supportive measures aimed at promoting healthy industry development, which is expected to enhance content supply and meet the growing demand for quality content [1] - The performance of the Spring Festival period is crucial for the film and television sector's financial results and market valuations, as the industry faces demand growth limitations [3] - Film companies are diversifying their business models beyond core operations by exploring new commercial avenues such as IP collaborations, trendy merchandise, offline entertainment, and AI-generated content to enhance competitiveness and stabilize performance [3]

（责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 上证指数收涨0.05%，创业板指涨1.32%。沪深京三市成交额21608亿元，较上日放量1597亿元，三 市超2100只个股上涨。算力硬件产业链反弹，CPO、存储器方向领涨；云计算、特高压、稀土永磁、半 导体、小金属概念股活跃。影视、短剧游戏题材继续调整，零售、食品、白酒等消费股表现不佳。 ETF方面，部分跨境ETF表现亮眼，华夏基金巴西ETF、华安基金法国CAC40ETF分别涨6.24%和 4.57%。科创芯片设计板块午后拉升，国联安基金科创芯片设计ETF、科创芯片设计ETF广发分别涨 4.43%和4.28%。CPO表现活跃，科创人工智能ETF华夏、科创人工智能ETF南方均涨4%。 AI应用板块继续回调，两只影视ETF跌3%。游戏板块走低，游戏ETF华泰柏瑞、游戏ETF跌2%。 港股创新药板块走低，港股通创新药ETF工银跌2.5%。 ...

在我国文化产业领域，数字化与智能化技术正加速融入内容生产和创作。人工智能、虚拟制片、扩 展现实等前沿技术的应用，使影视作品制作流程和表现力不断优化升级。例如，全球首部由AI参与制 作的短剧《新世界加载中》提供了多种叙事风格并借助AI生成场景，大幅提升了内容创作的效率并缩 短了制作周期。AI技术更催生大量跨界融合的文艺新形态，模糊了传统艺术门类边界，带来了前所未 有的创新空间。 我国文化产业具有独特的禀赋优势与中国特色。一方面，拥有超大规模的市场优势和全球最完整的 产业链体系，为数智技术在文化领域的工程化应用提供了丰富场景，有利于新技术成果在文化领域的迅 速落地和全链条推进。例如，国产游戏《黑神话：悟空》全球销售额达90亿元，其成功不仅在于技术运 用，更在于将中华优秀传统文化与现代顶尖数字技术完美结合，实现中国符号的全球化表达。我国还更 加注重用科技弘扬中华优秀传统文化，在增强文化自信的前提下实现产业高质量发展。例如，在"文化 +旅游"方面的深度实践，不同于西方单纯的娱乐产业化，而是通过数智技术赋能，让中华历史文化资 源在旅游场景中活起来。这种依托深厚文化底蕴、叠加数智科技、面向广阔市场的中国式发展路径，正 是 ...

2月11日，影视板块调整，影视ETF（516620）下跌5.80%。2026年史上最长春节档票房预期向好， 但影视ETF本周以来涨幅过快，预期已有过度透支倾向。昨日我们提醒投资者短期需关注预期修正和交 易过度拥挤带来的回调风险。 当前时点，综合估值性价比与催化节奏，投资者或可重点关注游戏ETF（516010），一键布局行业 春节旺季的催化。游戏板块当前估值性价比高+产品大年+春节旺季，三重共振。 当前游戏板块核心公 司PE估值未突破2025年和2026年两个前高，在所有成长板块中性价比较高。前期涨幅相对滞后，主因 今年春节时间较晚、年轻人放假节奏靠后，游戏流水旺季启动相应延迟，安全边际反而更足。 基本面上，2025年国内游戏市场销售收入首次突破3500亿元（同比+7.68%），全年发放版号1771 款创近七年新高，充足的版号储备为2026年产品大年奠定基础，据统计仅明确计划上线的新游就超25 款，且多集中在一季度。2026年春节档为历史最长春节档，众多厂商备货充足，游戏行业有望正式开启 旺季。产品端催化密集，《异环》三测留存和付费率数据好于预期；游戏科学今日发布《黑神话：钟 馗》6分钟实机短片，再次拉升市场对 ...