Group 1: Precious Metals Market - Spot gold first broke the $5500/oz mark, reaching nearly $5600/oz before dropping below $5200/oz [1] - The non-ferrous metals sector saw significant declines, with major companies like Zijin Mining and Luoyang Molybdenum falling over 8% and 9% respectively [1] - The performance of the non-ferrous metals sector pressured the Shanghai Composite Index and Shenzhen Component Index, while the ChiNext Index rose due to gains in key stocks like CATL and Sungrow [1] Group 2: Agricultural and Consumer Sectors - Some cyclical sectors showed strong performance, with agriculture and aquaculture sectors rising significantly, indicating a typical rotation pattern in commodity markets [1] - The rise in agricultural products is expected to transmit to the aquaculture sector and further into the consumer market [1] - By the close of the morning session, the Shanghai Composite Index fell by 1.19%, the Shenzhen Component Index by 0.96%, while the ChiNext Index increased by 0.8% [1] Group 3: Film and Entertainment Sector - The film and cinema sector saw active performance, with stocks like Hengdian Film and Happiness Blue Sea experiencing significant gains [4][6] - A favorable policy environment, including the State Council's plan to enhance service consumption, is expected to support the film industry [6][7] - The upcoming 2026 Spring Festival film lineup is anticipated to drive market recovery, with multiple new films scheduled for release [7] Group 4: AI and Optical Communication Sector - The North American computing power chain showed strong performance, with stocks like "Yizhongtian" and Tianfu Communication reaching historical highs [7] - The demand for AI computing power is driving upgrades in the optical communication industry, with strong demand for high-speed optical modules [10] - Despite short-term supply gaps in high-speed optical chips, upstream manufacturers are actively expanding production, which is expected to alleviate supply chain bottlenecks [10]

Core Viewpoint - The A-share film industry stocks have shown strong performance against the market trend, with several key stocks experiencing significant gains ahead of the upcoming Chinese New Year film releases [1][2]. Group 1: Stock Performance - Happiness Blue Sea (幸福蓝海) increased by over 11%, while Hengdian Film (横店影视) achieved a two-day consecutive limit-up [1]. - Light Media (光线传媒) rose by over 9%, and Golden Screen Media (金逸影视) saw an increase of over 7% [1]. - Bona Film (博纳影业) and Huace Film (华策影视) grew by over 4% and 3% respectively, while China Film (中国电影) and Shanghai Film (上海电影) both increased by over 2% [1]. Group 2: Upcoming Film Releases - As of January 28, 2026, six domestic films have been officially scheduled for release on February 17, the first day of the Lunar New Year [1]. - According to a report by China International Capital Corporation (中金公司), the effective screening days for the 2026 Spring Festival are expected to remain at 7 days, consistent with 2025 [1]. Group 3: Box Office Projections - The projected box office revenue for the 2026 Spring Festival, including service fees, is estimated to be approximately 6.5 billion, 7.5 billion, and 8.5 billion yuan under conservative, neutral, and optimistic scenarios respectively [1].

Group 1 - A-share film stocks are performing strongly, with notable increases in share prices for several companies, including Happiness Blue Sea up over 11% and Hengdian Film up 10% [1][2] - Six domestic films have been officially scheduled for release on February 17, 2026, coinciding with the Lunar New Year [1] - CICC's report indicates that the effective screening days for the 2026 Spring Festival period will remain at 7 days, consistent with 2025 [1] Group 2 - CICC forecasts the box office revenue for the 2026 Spring Festival under three scenarios: conservative at 6.5 billion, neutral at 7.5 billion, and optimistic at 8.5 billion [1] - The stock performance of various film companies shows significant year-to-date increases, with Hengdian Film at 53.80% and Light Media at 21.86% [2] - The market capitalization of Happiness Blue Sea is reported at 8.514 billion, while Light Media stands at 58.6 billion [2]

业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 报告摘要 公司披露 2025 年年度业绩预告。公司预计 2025 年归属于上市公司股东的净利润为负 值，经营业绩将出现亏损。公司 2025Q1~Q3 实现营收 9.72 亿元，同比增长 1.29%， 归母净利润-11.1 亿元，同比下滑 213.11%。 请务必阅读正文之后的重要声明部分 股价与行业-市场走势对比 公司持续深化电影主业，推进院线布局与剧集市场稳步发展。根据拓普数据，2025 年全年全国电影市场总票房 518.32 亿元（yoy+21.95%），观 ...

业绩承压中海外稳健，AI 与 IP 布局持续深化 ——博纳影业点评报告 影视院线 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,374.52 | | 流通股本(百万股) | 1,374.52 | | 市价(元) | 9.49 | | 市值(百万元) | 13,044.19 | | 流通市值(百万元) | 13,044.19 | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 博纳影业（001330.SZ） 证券研究报告/公司点评报告 2026 年 01 月 28 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：冯胜 | | 营业收入（百万元） | 1,608 | 1,461 | 1,590 ...

Market Overview - The film and cinema sector experienced a decline of 0.24% on January 26, with Baida Qiancheng leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Bona Film Group (001330) saw a closing price of 9.76, with an increase of 4.72% and a trading volume of 1.5779 million shares, amounting to a transaction value of 1.524 billion [1] - Hengdian Film (603103) closed at 19.97, up 3.26%, with a trading volume of 121,900 shares and a transaction value of 242 million [1] - Wanda Film (002739) closed at 11.75, up 1.12%, with a trading volume of 686,100 shares and a transaction value of 806 million [1] - Baida Qiancheng (300291) led the decline with a closing price of 9.06, down 6.98%, and a trading volume of 658,000 shares, resulting in a transaction value of 604 million [2] - Shanghai Film (601595) closed at 29.19, down 3.70%, with a trading volume of 137,100 shares and a transaction value of 403 million [2] Capital Flow Analysis - The film and cinema sector experienced a net outflow of 294 million from institutional investors, while retail investors saw a net inflow of 10.7 million [2] - Major stocks like Light Media (300251) had a net inflow of 68.36 million from institutional investors, while Bona Film Group (001330) had a net inflow of 49.62 million [3] - Conversely, stocks like Huayi Brothers (300027) and China Film (600088) experienced net outflows of 8.87 million and 7.27 million from institutional investors, respectively [3]

Core Viewpoint - Bona Film Group has established a wholly-owned subsidiary in Shenyang for film production, indicating a strategic expansion in the film industry [1] Group 1: Company Overview - The newly established company is named Shenyang Bona Film Production Co., Ltd. [1] - The legal representative of the company is Shi Chaolong [1] - The registered capital of the company is 10 million yuan [1] Group 2: Business Scope - The company's business scope includes film production services, artistic creation, and photography and printing services among other film-related activities [1]

Group 1 - The core point of the article is the establishment of Shenyang Bona Film Production Co., Ltd., which is fully owned by Bona Film Group (001330) [1] - The registered capital of the new company is 10 million yuan [1] - The business scope of the company includes film production services, artistic creation, photography and printing services, video production services, film making, and professional design services [1]

Investment Rating - The industry rating for the media and internet sector is "Positive" [2][47] Core Insights - Kuaishou's AI product, Keling, achieved a significant milestone with over 12 million monthly active users (MAU) in January 2026, and daily revenue increased by approximately 30% month-on-month [3][4] - The animation drama market is projected to reach 22 billion yuan in 2026, contributing 50% to the short drama industry's growth, with a compound annual growth rate (CAGR) of 12% for user scale and 24% for viewership from June to December 2025 [3][4] - AI technology is being increasingly applied in various stages of animation production, leading to over 70% cost reduction and over 80% efficiency improvement [4] Summary by Sections Sub-industry Ratings - The film industry is rated as "Positive" [2] User and Revenue Growth - Kuaishou's Keling AI user base and revenue have shown breakthrough performance, with a monthly revenue exceeding 20 million USD in December 2025 and a 350% increase in monthly paid users [3][4] Market Size and Growth Projections - The animation drama market is expected to exceed 22 billion yuan in 2026, with AI-generated content gaining significant viewer acceptance [3][4] AI Application in Content Creation - AI is utilized in creative processes, content production, and editing operations, with application ratios ranging from 10%-30% in creativity to 50%-80% in content production [4] Recommendations - The report suggests paying attention to companies like Bona Film Group due to their potential in the evolving landscape of AI-driven content production [4]

Core Viewpoint - The announcement details a reduction in shareholding by Zhejiang Dongyang Dama Entertainment Co., Ltd. in Bona Film Group Co., Ltd., which does not trigger a mandatory tender offer and will not affect the company's control or governance structure [2][3]. Group 1: Shareholding Changes - Zhejiang Dongyang Dama has reduced its shareholding by selling 60,531 shares, bringing its total holdings to 68,665,350 shares, which represents 4.9956% of the total share capital [2][3]. - Prior to the reduction, Dongyang Dama held 68,725,881 shares, accounting for 5.0000% of the total share capital [3]. - The total share capital of the company is reported to be 1,374,518,984 shares, with 1,212,000 shares already repurchased [2]. Group 2: Regulatory Compliance - The shareholding change complies with relevant laws and regulations, including the Securities Law and the Shenzhen Stock Exchange's rules [3][4]. - The reduction does not trigger a mandatory tender offer and will not lead to changes in the controlling shareholder or actual controller [2][4]. - Dongyang Dama is still within the period of its share reduction plan and will continue to adhere to disclosure obligations [4].