证券研究报告 | 2026年02月27日 电影专题系列——2026 年春节档回顾与展望 中性 2026 年春节档票房 51.66 亿，看好 AI 应用推动的内容供给转型 内容供给不足，2026 年春节档票房 51.66 亿。2026 年中国春节档票房 51.66 亿（不含服务费），在高基数下同比下滑 39.6%，主要是由于内容供给的不 足。拆分量价来看，2026 年春节档平均票价 42.9 元，同比下滑 5.9%，主要 是由于特效片的缺乏；观影人次 1.2 亿，同比下滑 35.8%。 内容端：缺乏头部 IP 和特效大片，《飞驰人生 3》相对领先。1）今年春节 档共有 6 部影片上映，其中《飞驰人生 3》贡献总票房 50.8%、《惊蛰无声》 《镖人：风起大漠》分别贡献档期票房的 15.1%/14.0%，头部效应显著；2） 春节档票房贡献绝对值、集中度均较高，反映出观众对优质影片需求较高。 但整体而言，本次春节档的影片供给略显不足，导致春节档票房表现平淡。 渠道端：万达系维持市占率第一，中小影院持续出清，竞争结构持续改善。 从渠道来看，1）Top1 和 Top2 的万达、中影院线市占率呈提升趋势，万达的 市占率从 ...

人民网上海2月25日电 2026年春节假期，上影集团精心烹制的电影"年味宴"，提供了高质量文化体验，收获广大观众的喜爱与好评，深化"电影+文旅商体 展"融合发展，促进节日文化消费。银幕上，上影出品及联合出品影片的票房成绩喜人，上影旗下影院表现亮眼，持续奉上独特观影体验。银幕外，多元业 态精彩纷呈：上海影视乐园项目精彩连连，接待游客超6.2万人次，营收突破435万元；"浪浪山小妖怪"活力满满，"浪浪妙会，妖你好运"活动客流突破31 万，虚拟现实影片《浪浪山小妖怪：幻境奇旅》落地全国超100个场馆；上美影泡泡米益智乐园、影元社、上海电影博物馆、安福路322永乐汇暖意融融，以 丰富的"电影+"活动，成为游客假日休闲的好去处。 备受观众喜爱的沉浸式戏剧《新世界：破笼之宴》在假日连演四场，场场爆满。早在2月初，所有场次门票即已提前售罄，累计19个月上座率达100%。项目 吸引力持续"破圈"：14至30岁年轻群体依然占据主力，同时家庭组合观众数量明显增多，显示出沉浸式戏剧正逐渐成为春节合家欢新选择；外地来沪游客占 比达60%，来自北京、天津等地的观众显著增加，彰显出品牌辐射力与号召力进一步扩大。 红红火火过大年，热门打卡 ...

2026年农历新年后的前两个交易日，A股市场迎来期待已久的放量普涨，三大指数气势如虹，但节前被 寄予厚望的影视板块却连续两日深度回调。 资本市场的冷暖分化，折射的或许并非简单的情绪波动，而是一次围绕春节档票房预期的修正。 反差强烈 2月24日至25日，A股整体情绪显著回暖。24日，上证指数上涨0.87%，深证成指上涨1.36%，创业板指 上涨0.99%，A股全天成交2.22万亿元。25日，三大指数继续全线飘红。截至收盘，沪指涨0.72%，深成 指涨1.29%，创业板指涨1.41%。全市场近3800股上涨，成交额2.46万亿元，较上一个交易日放量2605亿 元。磷化工、稀土永磁、油气航运等板块强势拉升，科技主线亦有资金回流迹象，场内呈现典型的结构 性繁荣。连续两个交易日全市场有超百股涨停。 然而，影视板块却走出了相反的轨迹。 2月24日，影视板块开盘即承压下行。以中证影视主题指数为代表的相关指数单日大幅回落，多只影视 股跌停。截至当天收盘，中证影视主题指数（930781）下跌6.73%，光线传媒（300251） （300251.SZ）、中国电影（600977）（600977.SH）、上海电影（601595）（6 ...

展望2026年电影市场，中环影投董事长王征向《华夏时报》记者表示，行业将进入高质量常态化增长阶段，预计全年票房应在550亿元—600亿元。 档期票房定格57.52亿元 如果说在2025年高基数的情况下，今年春节档的总票房下滑近四成还算是个体面的说法，那么将时间线拉长，今年的春节档的表现则更加不容乐观，该数 据创下了自2018年以来的新低。 今年的春节档呈现"一超多弱"的格局。《飞驰人生3》贡献春节档超一半票房，"一骑绝尘"支撑春节档市场。猫眼研究院分析指出，《飞驰人生3》与《飞 驰人生2》上映时间间隔较《飞驰人生2》与《飞驰人生1》大幅缩短，首日得到更高比例的IP粉丝购票转化。 华夏时报记者于玉金北京报道 "我大年初三就发现《镖人》口碑跑出来了，当时在老家本来也能看，但一直忍着，想着等回北京参加观影团，大家一起看更有感觉，还能和现场的Coser 集邮。"2月22日，北京丰台区的上仙请.天宫影院迎来了一批特别的观众，刚刚返京的小鱼也特意赶来，与观影团一同观看了这部2026年春节档口碑最佳 的电影。 国家电影局数据显示，2026年春节档(2月15日—2月23日)总票房达57.52亿元，观影人次1.2亿。《飞驰人生 ...

本报（chinatimes.net.cn）记者于玉金 北京报道 "我大年初三就发现《镖人》口碑跑出来了，当时在老家本来也能看，但一直忍着，想着等回北京参加 观影团，大家一起看更有感觉，还能和现场的Coser集邮。"2月22日，北京丰台区的上仙请·天宫影院迎 来了一批特别的观众，刚刚返京的小鱼也特意赶来，与观影团一同观看了这部2026年春节档口碑最佳的 电影。 国家电影局数据显示，2026年春节档（2月15日—2月23日）总票房达57.52亿元，观影人次1.2亿。《飞 驰人生3》《惊蛰无声》《镖人：风起大漠》（下称"《镖人》"）分列前三位，票房分别为29.27亿元、 8.68亿元以及8.06亿元。不过，今年的春节档总票房与总观影人次均出现了大幅下滑，下滑比例分别为 39.5%与35.8%。此外，春节档日均票房近六年首次不足10亿元。 展望2026年电影市场，中环影投董事长王征向《华夏时报》记者表示，行业将进入高质量常态化增长阶 段，预计全年票房应在550亿元—600亿元。 档期票房定格57.52亿元 如果说在2025年高基数的情况下，今年春节档的总票房下滑近四成还算是个体面的说法，那么将时间线 拉长，今年的春节 ...

Core Viewpoint - The A-share film sector experienced a collective decline, with several companies hitting the daily limit down, reflecting investor concerns about the performance of the Spring Festival box office and the lack of blockbuster films in 2026 [1][2][3] Box Office Performance - The Spring Festival box office saw over 4.35 million screenings, a historical high, but the first-day box office was 1.278 billion yuan, a 30% year-on-year decline, returning to 2018 levels [2][3] - The average ticket price on the first day was 49.7 yuan, down from 51.3 yuan the previous year [2] - The 2026 Spring Festival box office was characterized by an increase in screenings but a lack of significant hits, with only "Flying Life 3" achieving over 2.9 billion yuan in box office, making it the only standout film [3][4] Industry Trends and Challenges - The film industry is facing a dual challenge of increased quantity but decreased quality and audience engagement, with a need for reassessment of the film ecosystem and content supply [4][5] - Analysts suggest that the industry should optimize content supply, explore diverse genres, and tap into consumer potential to adapt to changing market dynamics [4][5] Impact of AI on the Industry - The 2026 Spring Festival Gala was noted for its high integration of AI, with significant audience interaction and content generation, indicating a shift in content production methods [5] - The rise of AI is expected to provide new valuation logic for media stocks, as it transitions from merely distributing traffic to generating content [5] Non-Ticket Revenue Strategies - Cinema operators are actively expanding non-ticket revenue streams to mitigate box office fluctuations, with significant participation in online and offline activities during the Spring Festival [7] - The trend of combining viewing experiences with social interaction and IP consumption is emerging, indicating a shift towards diversified entertainment models [7]

影视院线板块盘初走弱，中国电影、横店影视、博纳影业触及跌停，光线传媒、幸福蓝海跌超15%，金 逸影视、万达电影、上海电影、欢瑞世纪、华策影视跟跌。 ...

Market Overview - On the first trading day of the Year of the Rabbit, all three major A-share indices rose, with the Shanghai Composite Index up by 0.87%, the Shenzhen Component Index up by 1.36%, and the ChiNext Index up by 0.99% [1] - Over 4,000 stocks increased in value, with more than 100 stocks hitting the daily limit [1] Sector Performance - The oil and gas extraction, precious metals, and cultivated diamond sectors saw significant gains, while the film and cinema, AI applications, tourism and hotels, liquor, and duty-free shop sectors experienced declines [1] Individual Stock Highlights - Notable stocks included: - Han Jian He Shan, which achieved five consecutive daily limits in nine days [3] - Yu Neng Holdings, which recorded four consecutive daily limits [3] - GCL-Poly Energy, part of the photovoltaic sector, also achieved five daily limits in nine days [3] - Other stocks with notable performance included: - New Jin Power (+20.07%), Tongyuan White Ancestor (+20.04%), and Qian Neng Zhi Xin (+20.01%) [4] Trading Volume and Turnover - The trading volume and turnover for several stocks were highlighted, with significant figures such as: - New Jin Power with a turnover of 7.96 million and a trading volume of 123.3 thousand [4] - Tongyuan White Ancestor with a turnover of 11.84 million and a trading volume of 94.09 thousand [4] Top Net Buy and Sell Stocks - The top net buy stocks included: - Huagong Technology with a net buy of 5.23 billion, Shenzhen South Circuit with 4.21 billion, and Hunan Silver with 3.44 billion [5] - The top net sell stocks included: - Light Media with a net sell of 6.33 billion, Dazhi Technology with 5.83 billion, and Tax Friend Shares with 2.54 billion [6] Institutional Activity - Institutional net buying was significant in stocks like Huagong Technology and Shanghai Film, with net buys of 1.89 billion and 1.85 billion respectively [8] - Conversely, Tax Friend Shares and Daily Interaction saw substantial net selling by institutions, with net sells of 3.20 billion and 1.65 billion respectively [9] Company-Specific Developments - Huagong Technology reported that its optical module business is operating at full capacity, with orders extending to Q4 2026 [13] - Shenzhen South Circuit is involved in PCB and AI computing, with expected growth in orders for high-end DRAM products [18] - Hunan Silver anticipates a significant increase in net profit due to rising silver and gold prices, projecting a growth of 67.88% to 126.78% [23]

共45只个股出现了机构的身影。 | 戊京诺 | 1 2.24 机构资金参与个股- | | | --- | --- | --- | | 证券简称 | ■涨跌幅 | 机构净买入(万元) | | 华工科技 | 10.00% | 18875.01 | | 铜冠铜箔 | 14.49% | 18832.26 | | 上海电影 | -10.00% | 18469.05 | | 天润工业 | 10.05% | 16222.64 | | 三变科技 | 7.30% | 15498.23 | | 阿拉丁 | 18.85% | 14142.92 | | 首都在线 | 0.40% | 12266.50 | | 四川黄金 | 9.99% | 10177.15 | | 华之杰 | 10.00% | 8780.60 | | 三友化工 | 10.07% | 7962.23 | | 天奇股份 | 0.65% | 7862.78 | | 协鑫集成 | 9.98% | 7402.27 | | 沃尔德 | 19.19% | 6493.37 | | 欢瑞世纪 | -8.44% | 6304.67 | | 大位科技 | -9.86% | 6164.20 ...

| 序号 | 代码 | 名称 | | | 涨幅% T | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300251 | 光线传媒 | 1 | 21.78 | -19.99 | -5.44 | | 2 | 300528 | 幸福悠海 | 1 | 19.92 | -18.99 | -4.67 | | 3 | 001330 | 博纳影业 | 1 | 11.49 | -10.02 | -1.28 | | র্ব | 002739 | 万达电影 | I | 11.24 | -10.01 | -1.25 | | 5 | 603103 | 横店影视 | 1 | 31.41 | -10.00 | -3.49 | | 6 | 601595 | 一海电影 | 1 | 29.26 | -10.00 | -3.25 | | 7 | 600977 | 中国申影 | 1 | 16.70 | -9.97 | -1.85 | | 8 | 002905 | 金逸影视 | 1 | 11.18 | -9.25 | -1.14 | | ਰੇ | 000892 | 欢瑞世纪 | 1 | ...