智通财经APP获悉，高盛发布研报称，春节线下娱乐呈现分化趋势，优质的现场内容供应才是娱乐消费的核心驱动力。今年春节，旅游消费同比增长19%，而电影票房表现平淡，仅达57亿元人民币，同比下滑40%，回归疫情前水平。此现象由于今年缺乏优质作品，相较于2025年春节档期票房48亿元人民币的《哪咤2》。
在个股层面，随着近期股价因人工智能颠覆性影响及竞争忧虑而修正，该行观察到部分企业当前股价已逼近其五年市盈率区间的低端，例如腾讯控股(00700)15倍、网易-S(09999)13倍、快手-W(01024)10倍，但预期2026年每股盈利将实现高单位数至低双位数的同比增长。
展望未来，该行认为游戏领域中，腾讯、网易核心经典游戏凭借持久的IP优势将维持强劲表现，新游戏供应日益增加且海外扩张成为关键增长引擎。娱乐产业竞争格局方面，快手/哔哩哔哩-W(09626)业务基础稳固且具AI潜力，而音乐/直播业务面临更激烈竞争。
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