Core Insights - iQIYI reported a return to revenue growth in Q4 2025, driven by a stronger content slate and successful long-running franchises [7][8] - The company expanded its free content to over 70% of its library and increased its original micro drama portfolio to more than 150 titles [1] - Membership services revenue grew by over 30% year-over-year, with a 40% increase in the second half of 2025 [9] Micro Dramas - iQIYI expanded free content to more than 70% of its 20,000-title library and scaled its original micro drama portfolio to over 150 titles [1] - Q4 saw record-high membership and distribution revenues from micro dramas, with over 70% of viewers of "Strange Tales of Tang Dynasty" also watching related long-form dramas [1] Variety Shows - Multi-season franchises and new formats performed well in 2025, with three titles in the top 10 most-watched multi-season variety shows [2] - "The Rap of China" reached its ninth season, and "Hi, Young Farmers Three" achieved an all-time high popularity score [2] Revenue-Sharing Model for Films - An innovative revenue-sharing model for films with limited theatrical box office gained traction, with "The Return of The Name Herald" generating RMB 36 million in shared revenue [3] Movies - iQIYI maintained a broad lineup, with "The Shadow's Edge" topping Q4 film releases and becoming the highest-rated domestic action crime film of the past decade on Douban [4] - The original online film "The Sixth Robber" set a category record for popularity score [4] Dramas - "Strange Tales of Tang Dynasty 3: To Changan" was iQIYI's first title with two seasons exceeding a 10,000 popularity score, ranking No. 1 in ad revenue among 2025 new releases [5] - "The Punishment 2" became the first title of 2026 to surpass 10,000 popularity score [5] Long-Form Dramas - iQIYI's long-form dramas ranked No. 1 in viewership market share, with five titles exceeding 10,000 on the iQIYI Heat Index [6] - The company is shifting focus from standalone hits to building "evergreen IP" that can extend across formats [6] Financial Performance - Q4 total revenue was RMB 6.8 billion, up 2% sequentially, with membership services revenue at RMB 4.1 billion [17] - Online advertising revenue increased to RMB 1.4 billion, up 9% sequentially, driven by streaming content and e-commerce campaigns [17] - Content costs were RMB 3.8 billion, down 5% sequentially, as iQIYI adopted a more curated acquisition strategy [18] Overseas Growth - iQIYI's overseas membership revenue increased by 14% year-over-year, with markets like Brazil, Mexico, and Indonesia seeing over 80% growth [14] - The company aims to sustain high revenue growth in overseas markets while ramping up local licensing and production [15] AI Initiatives - AI is a major strategic focus, with advances expected to reduce production costs and timelines [12] - iQIYI introduced Nado Pro, an AI agent platform designed to streamline content creation workflows [13] Experience Business Expansion - iQIYI opened its first "iQIYI Land" in Yangzhou, offering immersive experiences and planning additional locations [16] - The company projects at least 100% revenue growth in self-operated consumer products this year [16]

光影魅力渗透生活肌理，化作消费活力与文化自信。在安徽庐江，电影院开到了乡野间，让当地村民在 家门口就能参与国际电影周。在湖南长沙，跟着电影逛市集，"票根"成为年味通行证。观影的价值，已 然超越票房贡献，成为撬动消费的流量入口，更成为美好生活的一部分。 春节假期，和亲朋好友聚会聊天，常会讨论去看哪部电影。各地电影院人气高涨，折射节日经济的强劲 活力。看电影，何以沉淀为新年俗？ 今天的中国，高质量发展和高品质生活双向奔赴。期待涌现更多好电影，让团圆更有滋味，给精神文化 生活增色添彩。 一张张电影票，串起亲情陪伴。从"偶尔看一场"到"春节必打卡"，反映人们愿意为优质内容买单的精神 刚需，是文化供给提质升级的生动注脚。如今，得益于电影产业高质量发展，种类多样、题材多元、制 作精良的影片满足了不同年龄段观众的观影需求，为观众呈现银幕盛宴。 ...

据灯塔专业版数据，截至2月21日，2026年2月总票房（含预售）破50亿。 | 来源：灯 | | --- | 塔专业版 ...

据网络平台数据，2026年年度总票房（含预售）突破70亿元！目前，2026中国电影市场累计票房已超过 北美票房成绩，暂列全球单一市场票房冠军！（央视新闻） ...

Group 1: Trade Deals and Market Reactions - A $550 billion trade deal with Japan has been announced, featuring a $33 billion power plant project in Portsmouth, Ohio, which positively impacted shares of GE Vernova by 3.4% [2] - The DOW rose by 145 points following the announcement, but analysts are questioning the allocation of the remaining $517 billion, with a focus on energy and critical minerals driving speculative interest in companies like Cheniere Energy, which saw a 2.1% increase [3] - The S&P 500 experienced a slight decline of 0.2%, reflecting broader market concerns amidst the trade deal announcements [3] Group 2: Tariffs and Their Impact - An additional 10% tariff on Canadian goods has been implemented, causing the iShares MSCI Canada ETF to drop by 2.3% in pre-market trading [4] - A controversial 100% tariff on foreign-made movies aims to bolster the American industrial base, leading to a 4.2% increase in AMC Entertainment shares, while Netflix and Disney are assessing the implications for their international operations [5] Group 3: Tax Refunds and Consumer Behavior - The IRS is reporting an 11% increase in tax refunds, contrasting with claims of a 20% increase made by the administration, which may influence consumer spending behavior in the discretionary sector, represented by XLY, which rose by 1.1% [6][7] - The perception of increased wealth among consumers could lead to higher spending, benefiting companies like Amazon, which saw a 1.4% increase [7] Group 4: Geopolitical Developments - A complete withdrawal of U.S. troops from Syria has been ordered, causing a decline in defense contractors like Lockheed Martin and RTX Corporation, which fell by 1.8% and 1.2% respectively [9] - Proposed nuclear negotiations with Iran and discussions regarding Taiwan arms deals have created uncertainty in oil markets, with the United States Oil Fund dropping by 0.9% [10]

宝子们，最近春节档的热闹劲儿，相信大家都感受到了——总票房早早突破15亿，单日排映场次直接刷了影史纪录，更有意思的是三四线城市居然贡献了超 一半的票房，连AI购票的订单都暴涨了七八百倍。其实这不只是电影市场的变化，放到投资里也是一模一样的道理：大家往往只盯着表面的"数字结果"，比 如票房排行榜、股票的价格波动，却忽略了背后真正起作用的"动力源"，就像没人会只看体检报告的最终结论，却不看各项体检项的真实情况。今天就用最 接地气的生活类比，把投资里的核心体检项讲明白，帮你避开只看表面的误区。 很多人做投资，就像凭脸色判断一个人健康不健康——看到脸色红润就觉得没问题，看到脸色蜡黄就觉得生病，但其实有时候脸色差只是没睡好，有时候脸 色红润却是发烧。而我们今天讲的「机构库存」，就是投资里的「血常规」体检项，它反映的不是有没有人"买了"这只股票，而是有没有专业的"医生"（机 构资金）在持续关注、参与这只股票的交易互动。就像医生每天来查房、记录数据，不管是量血压还是换药，都说明医生在积极参与照顾，这个体检项就 是"活跃"的。 看图1： 比如这只股票，表面看价格回落后形成了两次类似"见底"的走势，就像一个人连续两次脸色好转， ...

Movies and TV have long tried to make Superman more than a Boy Scout. But he has always been difficult to figure out. https://t.co/3bKGVNuuID ...

Core Insights - Loomis Sayles Global Growth Fund focuses on high-quality companies with competitive advantages and long-term growth potential, aiming for attractive cash flow and sustained value for investors [1] - The Fund reported a return of -3.05% in Q4 2025, underperforming the MSCI ACWI Index Net, which returned 3.29% [1] Company Overview: Netflix, Inc. - Netflix, Inc. is a leading internet entertainment platform and a pioneer in subscription video on demand (SVOD), with over 300 million paid subscribers globally [3] - The company operates in a total addressable market of one billion households outside of China, generating nearly 60% of its revenue from international markets [3] - As of February 12, 2026, Netflix's stock closed at $75.86 per share, reflecting a one-month return of -13.80% and a 12-month decline of 28.34% [2] - Netflix has a market capitalization of $321.79 billion [2]

Group 1: Financial Performance - Sony Group Corporation reported Q3 FY2025 revenue of ¥3.71 trillion ($23.68 billion), reflecting a 1% year-over-year growth and surpassing the expected ¥3.69 trillion [1] - Operating profit increased by 22% year-over-year to ¥515 billion ($3.28 billion), exceeding analyst consensus estimates of approximately ¥469 billion [2] - The company raised its FY2025 operating profit forecast by 8% to ¥1.54 trillion, supported by sustained profitability in entertainment and semiconductor businesses [3] Group 2: Strategic Initiatives - Sony Music Group and Singapore's sovereign wealth fund GIC Pte Ltd established a joint venture to acquire and manage high-quality music catalog assets, with an expected investment of $2 billion to $3 billion [4] - Under the agreement, GIC will provide long-term capital and investment expertise, while Sony Music will contribute operational capabilities and global distribution infrastructure [5] Group 3: Business Segments - Sony Group Corporation operates across various segments including Electronics Products & Solutions, Game & Network Services, Music, Pictures, and Imaging & Sensing Solutions [6]

Movies and TV have long tried to make Superman more than a Boy Scout. But he has always been difficult to figure out. https://t.co/1QiqwVo0wn ...