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]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

Core Viewpoint - The company has approved the use of idle funds for entrusted financial management in 2026, with a maximum amount of RMB 2.5 billion, to enhance fund utilization efficiency without affecting normal operations [1][4]. Group 1: Meeting Details - The seventh board meeting was held on January 23, 2026, with all six directors present, and the meeting was conducted in accordance with relevant laws and regulations [1]. - The resolutions passed included the proposal for using idle funds for entrusted financial management and the revision of the "Entrusted Financial Management System" [2]. Group 2: Financial Management Proposal - The company plans to use up to RMB 2.5 billion of idle funds for entrusted financial management, which can be rolled over within the approved limit for 12 months [4][8]. - The investment will focus on financial products issued by reputable financial institutions that are liquid and have controllable overall risks [5][9]. Group 3: Investment Strategy - The company will adhere to prudent investment principles, selecting financial products such as bank wealth management products, structured deposits, trust products, and others from credible issuers [9]. - The board has authorized the chairman or designated individuals to make investment decisions within the approved limit [9]. Group 4: Risk Management - The company acknowledges potential risks from macroeconomic factors and market volatility that could affect expected returns [6][13]. - Measures to control risks include strict evaluation of investment products, ongoing monitoring, and timely communication with issuers [14]. Group 5: Impact on Operations - The use of idle funds for entrusted financial management is expected to enhance fund efficiency without disrupting the company's normal operations or core business activities [12][14].

Group 1 - Wanda Film announced that its seventh board meeting will be held on January 23, 2026, in Beijing, combining on-site and remote voting methods [1] - The meeting will review the proposal to amend the "Entrusted Financial Management System" [1] Group 2 - Local state-owned assets have begun to "bottom-fish" in the auction housing market, purchasing over 60 properties in the Nansha District of Guangzhou at prices around 6,000 to 7,000 yuan per unit [1] - The average listing price for second-hand houses in the same community exceeds 20,000 yuan [1]

万达电影股份有限公司 委托理财管理制度 二零二六年一月 第一章 总则 第一条 为加强万达电影股份有限公司（以下简称"公司"） 委托理财业 务的管理，有效防范投资风险，维护公司及股东利益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司治理准则》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 等有关法律、法规和《万达电影股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，并结合公司实际情况，制定本制度。 第二条 本制度所称委托理财是指公司委托银行、信托、证券、基金、期货、 保险资产管理机构、金融资产投资公司、私募基金管理人等专业理财机构对其财 产进行投资和管理或者购买相关理财产品的行为。 第三条 公司开展委托理财业务应当遵循审慎开展、依法合规、科学决策、 防范风险原则。公司进行委托理财应根据公司生产经营对资金的需求及公司现金 流和货币资金持有的实际情况进行。 第六条 本制度适用于公司及各级子公司的委托理财行为。控股子公司进行 委托理财须报经公司审批，未经公司审批不得进行任何委托理财活动。 1 第二章 审批权限与决策程序 第七条 公司进行 ...

万达电影股份有限公司 股票代码：002739 股票简称：万达电影 公告编号：2026-003 万达电影股份有限公司 关于 2026 年度使用闲置自有资金进行委托理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、投资种类：金融机构发行的流动性较好、总体风险可控的理财产品。 2、投资金额：不超过人民币 25 亿元，该额度范围内可滚动使用。 3、特别风险提示：金融市场可能受宏观经济、市场波动的影响，因此委托 理财可能因市场风险、政策风险、流动性风险、不可抗力风险等风险而影响预期 收益。公司董事会将积极关注事项的进展情况，及时履行信息披露义务，敬请投 资者注意投资风险。 一、委托理财情况概述 1、投资目的 为进一步提高资金使用效率，合理利用闲置自有资金，在不影响公司正常经 营的前提下，万达电影股份有限公司（以下简称"公司"）拟根据实际经营情况 和资金使用计划适时进行委托理财，增加公司现金资产收益。 2、投资额度 根据公司目前资金状况，公司拟使用不超过人民币 25 亿元进行委托理财（含 经前次审议截至本次授权期限起始日因尚未到期而未赎回的部 ...

万达电影股份有限公司 表决结果：6 票同意，0 票反对，0 票弃权。 二、审议通过了《关于修订<委托理财管理制度>的议案》 股票代码：002739 股票简称：万达电影 公告编号：2026-002 万达电影股份有限公司 第七届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 万达电影股份有限公司（以下简称"公司"）第七届董事会第九次会议于 2026 年 1 月 23 日在北京市朝阳区八里庄东里 1 号莱锦文化创意产业园 CN02 楼会议 室以现场与通讯相结合的表决方式召开，会议通知于 2026 年 1 月 18 日以电话、 电子邮件及书面形式发出。会议由公司董事长陈曦女士主持，应出席董事 6 人， 实际出席董事 6 人，会议的召集、召开符合《公司法》《公司章程》的相关规定， 会议合法有效。本次会议采用记名投票方式进行表决，与会董事经认真审议，形 成以下决议： 一、审议通过了《关于 2026 年度使用闲置自有资金进行委托理财的议案》 为进一步提高资金使用效率，合理利用闲置自有资金，在不影响公司正常经 营的前提下，公司 2026 年度使用不超 ...

Core Viewpoint - Wanda Film announced plans to use up to RMB 2.5 billion of idle self-owned funds for entrusted wealth management, focusing on liquid and low-risk financial products [1] Group 1: Investment Details - The investment types include bank wealth management products, structured deposits, trust products, brokerage wealth management products, and fund company wealth management products [1] - The source of funds will be from the company's and its consolidated subsidiaries' idle self-owned funds [1] Group 2: Approval and Validity - The decision has been approved by the company's seventh board of directors at its ninth meeting and does not require submission to the shareholders' meeting for approval [1] - The validity period for the investment limit is 12 months from the date of board approval, and the funds can be used on a rolling basis within this limit [1]