The 2026 Spring Festival box office met expectations, Media ETF increased by 1.04%

As of 10:50 AM on February 27, the Shanghai Composite Index increased by 0.06%, the Shenzhen Component Index decreased by 0.32%, and the ChiNext Index fell by 1.05%. Sectors such as small metals, lead, and Huawei Euler led the gains.

In terms of ETFs, Media ETF (512980) rose by 1.04%. The constituent stocks including Zhejiang Digital Culture (600633.SH), Perfect World (002624.SZ), Lio Holdings (002131.SZ), Zhejiang Wenhu Internet (600986.SH), BlueFocus (300058.SZ), Southern Media (601900.SH), Yidian Tianxia (301171.SZ), Kunlun Wanwei (300418.SZ), People’s Daily Online, and Guangxi Radio and TV Network (600996.SH) also increased.

According to CCTV News on February 27, this year’s Spring Festival movie season has evolved beyond just a place for viewing, becoming an important cultural platform for social interaction and emotional connection. Data shows that 70.7% of viewers watched movies in pairs or groups, setting a new record for the Spring Festival season. Movie tickets have become a “universal pass” linking multiple consumption scenarios. The synergy of “movies + cultural tourism” has transformed screen popularity into offline consumption momentum, strengthening the social hub role of cinemas. A new cinema culture is emerging.

Wanlian Securities stated that although the overall performance of the 2026 Spring Festival season was weak and market segmentation was evident, the performance of top films and well-received movies proved that high-quality content still has strong box office resilience. As more quality new films are released, movie-going demand is expected to continue recovering. It is recommended to focus on leading companies involved in high-quality film production, distribution, and cinema chains.

CITIC Securities pointed out that due to long holiday travel, a high base in 2025, and the scheduling of film releases, the 2026 Spring Festival box office was modest but in line with expectations. As of February 23, 2026, the total box office reached 5.749 billion yuan, with 120 million viewers, down 39.6% and 35.9% year-on-year respectively. Both total box office and attendance declined significantly, with an average ticket price of 47.8 yuan, down 5.9% year-on-year. Top-performing films like Flying Past Life 3 and The Dagger: The Wind Rises in the Desert, supported by high production quality and popular IP, took the top spots in the Spring Festival box office, reflecting strong market incentives for quality content. It is advised to pay attention to companies with strong content creation capabilities and a solid portfolio of high-quality IP.

Hua Hua Yongtai Law Firm noted that in 2025, China’s micro-short dramas (including animated dramas) industry generated over 100 billion yuan in annual output value, while the total box office of nationwide films was 51.832 billion yuan. This comparison highlights an important reality: the market size of micro-short dramas, an emerging sector, is nearly twice that of traditional films and continues to show robust growth momentum. Industry estimates suggest that China’s micro-short drama market will surpass 120 billion yuan in 2026. With its unique pacing and monetization efficiency, micro-short dramas are rapidly becoming a key force in the domestic content industry.