Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The overall performance of the industry is below expectations, primarily due to the diversion of viewing time caused by travel and an imbalance in content structure. The total box office for the 2026 Spring Festival was 5.752 billion yuan, a year-on-year decrease of 39.5%, with total audience attendance dropping by 35.8% to 120 million [4][5] - The 2026 Spring Festival box office and audience numbers decreased by 28.24% and 26.38% respectively compared to 2024, indicating a significant weakness in performance. Contributing factors include an extended holiday leading to increased travel demand and a content structure that did not effectively cover family and female audiences [5] - There is a strong reserve of quality content both domestically and internationally, with expectations for box office recovery throughout the year. High-profile international films and domestic productions with strong visual appeal and broad audience potential are set to be released in 2026, which may stimulate viewing demand [6] Summary by Relevant Sections Industry Overview - The closing index for the industry is 926.46, with a 52-week high of 1021.75 and a low of 591.71 [2] Investment Highlights - Companies to focus on include Light Media, China Film, Shanghai Film, Beijing Culture, and Huace Film, as well as cinema leaders like Happy Blue Ocean, Wanda Film, and ticketing service companies such as Maoyan Entertainment and Damai Entertainment [7]

本次春节假期9天，有效票房期7天(大年初一开始上映)，2026年春节档前6天票房50.77亿元，同比下降 38.7%，观影人次1.05亿次同比下降35.1%; 平均票价48.2元，同比下降5.5%。该行认为，去年《哪吒2》 基数较高，今年春节档票房同比回落明显，但因为龙头影片欠缺，今年票房落点亦可能低于2023年和 2024年水平。 智通财经APP获悉，中金发表报告指，根据艺恩，截至2月23日10时统计，2026年春节档有效票房期前6 天(大年初一至初六、2/17至2/22)票房为50.77亿元人民币(下同)，较2025年春节档前6天下降38.7%，预 计档期票房或低于此前预期的65至85亿元区间，主要因高基数下龙头影片欠缺。《飞驰人生3》票房领 跑，《惊蛰无声》位居第二名。 关注后续影片定档节奏和表现。展望后续，《天才游戏》《千金不换》等国产影片，《呼啸山庄》《挽 救计划》等进口影片已定档，其他储备国产影片《蛮荒禁地》《转念花开》《抓特务》《澎湖海战》 等; 进口影片《奥德赛》《复仇者联盟5》。 ...