传媒互联网周报 优于大市 DeepSeek V4 将发布，持续看好 AI 应用 行业下跌 4.44%，跑输沪深 300，跑输创业板指。本周（2.24-2.27）传媒行 业下跌 4.44%，跑输沪深 300（1.08%），跑输创业板指（1.05%）。其中涨 幅靠前的分别为中信出版、友车科技、ST 华闻、中体产业等，跌幅靠前的分 别为博纳影业、光线传媒、横店影视、幸福蓝海等。横向比较来看，本周传 媒板块在所有板块中涨跌幅排名第 29 位。 谷歌 Nano Banana2 上线，DeepSeek V4 将在下周发布。1）Nano Banana 2 图像生成模型正式上线，带来 2K 默认分辨率和文字渲染能力的大幅提升；2） 2 月 28 日报道，深度求索（DeepSeek）将于下周发布全新多模态大语言模型 V4，是继 2025 年 1 月 R1 推理模型发布后的首次重大更新；3）OpenAI 与亚 马逊达成多年期深度合作，根据协议，亚马逊将向 OpenAI 投资 500 亿美元， 首期投入 150 亿美元，未来还将根据特定条件追加 350 亿美元。亚马逊将在 云计算、数据存储方面为 OpenAI 提供坚实的技术支持， ...

证券研究报告：传媒|点评报告 发布时间：2026-03-02 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 926.46 | | 52 周最高 | 1021.75 | | 52 周最低 | 591.71 | 行业相对指数表现（相对值） -17% -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 2025-02 2025-05 2025-07 2025-10 2025-12 2026-02 传媒 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 传媒行业点评 春节档表现整体承压，持续关注优质内容供给 ⚫ 事件回顾 2026 年 2 月 24 日，猫眼专业版公众号发布《2026 春节档数据洞 察》，春节档电影总票房为 57.52 亿元，同比下降 39.5%；总观影人次 为 1.20 亿，同比下降 35.8%。 ⚫ 投资要点 ⚫ 投资建议 我们建议关注光线传媒、中国电影、上海电影、光线传媒、北京 文化、华策影 ...

2026年 中国电影市场研究报告 拓普数据出品 TISP ist T榜P 篮 | 2026年1月中国电影市场研究报告 核心摘要 2026年1月内地电影总票房19.64亿，同比2025年下降69.16%；观影人次 0.51亿，同比下降62.64%；放映场次1235.78万，同比上升0.14%。一方面, 寒假档热门影片缺阵，大盘长期低迷。另一方面，去年春节档较早，带动去年 1月大盘票房涨幅明显。 影片表现方面，1月国产片票房9.44亿，同比下降84.2%。分账片票房表现强 劲，1月票房8.88亿，同比上升929.3%，贡献月度大盘的45.3%，其中《阿凡 达3》《疯狂动物城2》为主要票房输出对象。类型表现方面，以《疯狂动物城 2》为主的动画片贡献本月票房的24%，以《阿凡达3》为主的科幻片贡献本月 票房21%，以《匿杀》为主的悬疑片贡献本月票房的18%。 影院建设方面，2026年1月新建影院68家，较去年同期减少325家；新建银幕 332块，较去年同期减少2129块。 院线影投方面,头部院线中,金逸珠江本月票房较上月上升1位;运营效率方 面，万达院线运营效率遥遥领先，运营效率为1.80，其次是金逸珠江、上海联 和 ...

本报记者 李豪悦 灯塔专业版数据显示，截至2月27日（20时45分），2026年电影市场票房已达95.2亿元，总出票量突破 2.14亿张，放映场次为2527.2万次。其中，1月份电影票房为19.64亿元，2月份票房为75.56亿元。 目前，春节档余温仍在。2月24日至27日的票房收入均保持在1亿元以上，分别为4亿元、3.3亿元、2.6亿 元及2.3亿元。业内人士认为，2月份总票房或有机会突破77亿元。 记者注意到，已有多家上市公司披露了春节档收益情况。例如，2月24日，北京光线传媒股份有限公司 （以下简称"光线传媒"）发布公告，披露了公司参与的《飞驰人生3》《惊蛰无声》两部电影的收入。 公告显示，截至2月23日，公司来源于《飞驰人生3》的营业收入区间约为4300万元至5300万元（最终结 算数据可能存在误差）；来源于《惊蛰无声》的营业收入区间约为520万元至660万元（最终结算数据可 能存在误差）。 此外，幸福蓝海影视文化集团股份有限公司（以下简称"幸福蓝海"）披露的公告显示，截至2月23日， 公司参与出品的《飞驰人生3》《熊出没：年年有熊》两部影片合计营业收入约为79万元至102万元（最 终结算数据可能存在 ...

灯塔专业版数据显示，截至2月27日（20时45分），2026年电影市场票房已达95.2亿元，总出票量突破 2.14亿张，放映场次为2527.2万次。其中，1月份电影票房为19.64亿元，2月份票房为75.56亿元。 一是电影依然表现出强社交属性。大麦娱乐旗下灯塔研究院发布的《2026年春节档电影市场洞察报告》 显示，2026年春节档双人观影占比48.5%、多人观影占比22.2%，双人和多人观影合计占比再次突破 70%，社交需求仍是春节档观影的稳定基石。 一位影院负责人向《证券日报》记者表示："社交需求能为影院在非票收入上带来更多商机，许多影院 已经展开了更多元化的尝试。有的影院采用'影厅分级+场景定制'策略，把单一的观影行为延长为2小时 到3小时的综合社交体验。" 目前，春节档余温仍在。2月24日至27日的票房收入均保持在1亿元以上，分别为4亿元、3.3亿元、2.6亿 元及2.3亿元。业内人士认为，2月份总票房或有机会突破77亿元。 记者注意到，已有多家上市公司披露了春节档收益情况。例如，2月24日，北京光线传媒（300251）股 份有限公司（以下简称"光线传媒"）发布公告，披露了公司参与的《飞驰人生3》《惊 ...

影视院线板块持续调整，博纳影业跌停，横店影视、幸福蓝海、光线传媒、欢瑞世纪、上海电影、中国 电影等跟跌。 ...

Core Insights - The outdoor sports market is experiencing increasing polarization, with companies like Amer Sports showing significant growth while others like Li Ning and Anta are struggling [1][3][5]. Financial Performance - Amer Sports reported a 27% year-on-year revenue increase to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1][2]. - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million, up from $90 million in the same quarter of 2024 [2]. - The Greater China region was a key growth driver for Amer Sports, with annual revenue increasing by 43.4% to $1.86 billion, and Q4 growth reaching 41.8% [2]. Market Comparison - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline retail and wholesale channels experiencing mid-single-digit declines [3]. - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [4]. Market Dynamics - The disparity in performance between Amer Sports and its competitors may be attributed to the resilience of the high-end consumer market, represented by brands like Arc'teryx, compared to the mid-range market [5]. - The outdoor sports market is perceived to have substantial growth potential, prompting increased investments from competitors like Nike and Li Ning in this segment [6][7].

Group 1: Performance of Amer Sports - Amer Sports reported a revenue increase of 27% to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1] - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million compared to $90 million in the same period of 2024 [1] - The Greater China region was a significant growth driver, with annual revenue increasing by 43.4% to $1.86 billion and Q4 growth reaching 41.8% [1] Group 2: Comparison with Competitors - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline channels experiencing a mid-single-digit decline [2] - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [2] - The performance disparity may indicate that the high-end market, represented by brands like Arc'teryx, is more resilient compared to the mid-range market [3] Group 3: Market Trends and Competition - The outdoor sports market is perceived to have significant growth potential, prompting brands like Nike and Li Ning to increase their investments in this sector [4] - The competitive landscape in the domestic outdoor market is expected to intensify as major brands expand their presence [5]

国海证券发布研报称，根据猫眼，2026年春节档(初一到初七，后同)票房56.9亿元，yoy-39.9%。Top3影 片为《飞驰人生3》《惊蛰无声》《镖人》，票房29.27/8.68/8.06亿元，票房占比50.8%/15.0%/14.0%。 2026年春节档工业化大片以及合家欢喜剧片较少，且2025年《哪吒2》导致基数较高。展望2026年，电 影行业内容储备丰富，维持电影行业"推荐"评级。 国海证券主要观点如下： 2026年春节档核心影片6部，与2025年持平;Top3影片为《飞驰人生3》《惊蛰无声》《镖人》，票房 29.27/8.68/8.06亿元，票房占比50.8%/15.0%/14.0%，排片占比31.6%/17.7%/15.2%，截至初七(2月23 日)，猫眼预测票房43.59/12.43/13.00亿元。核心影片质量表现尚可，截至初七(2月23日)，5部(除《熊猫 计划之部落奇遇记》外)已开分影片豆瓣均分7分，2023-2025年均分为6.9/7.4/6.5分。《飞驰人生3》豆瓣 评分7.4;《镖人》豆瓣评分7.5，票房占比/单日票房逆跌，口碑持续释放(猫眼预测9亿元提升至13亿 元)。2026年春 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]