周二盘中，大麦娱乐（01060）股价出现显著上涨，涨幅高达5.56%，引发市场广泛关注。截至发稿时，该股报0.950港元/股，成交量达2.43888亿股，换手率0.82%，振幅6.67%。
大麦娱乐股价的强劲表现，主要得益于公司成功的业务多元化战略。据摩根大通最新研报显示，大麦娱乐通过转向IP衍生品和线下娱乐活动，成功实现业务多元化，2025财年收入增长33%至67亿元人民币。相比之下，同行业的猫眼娱乐因高度依赖国内电影市场，2024年收入下滑14%至41亿元人民币。
市场分析人士认为，大麦娱乐的业务多元化降低了其对单一市场的依赖，提升了公司的抗风险能力和增长潜力。预计到2026财年，电影相关收入仅占大麦娱乐总收入的37%，而猫眼娱乐相关收入占比高达80%以上。这种结构性差异直接导致了市场对两家公司的不同估值预期。值得注意的是，摩根大通维持对大麦的"超配"级，目标价为1.2港元，反映出机构投资者对公司未来发展前景的信心。
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