金吾财讯 | 影视概念随市调整，的猫眼娱乐(01896)跌3.97%，该股昨日大涨近6%；橙天嘉禾(01132)跌1.39%，IMAX CHINA(01970)跌近1%。中泰证券研报表示，《疯狂动物城2》表现超预期，票房有望突破40亿元。《疯狂动物城2》不仅拓展了影视IP的盈利空间，同时借助联名热度反哺电影传播，让超级IP的价值持续放大。未来，经典影视IP商业价值开发将继续延伸；新IP的后链路开发将前置，电影宣发期即进行商业拓展，形成声量的互动叠加。2025年贺岁档与2026年春节档，中国电影市场有望实现持续火热。中泰证券认为，电影行业进入到高质量供给推动行业增长的阶段。2025年以来，引进片数量快速恢复，动画电影呈现空前繁盛，电影IP后链路开发不断拓展，票房与非票双向增加，监管政策释放积极信号，行业收入周期性、结构性难题的应对路径正逐渐拓宽。建议持续关注：优质内容供给及引进方；电影院线；电影票务及服务。
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