Leading stocks hit the 5th limit-up in 6 days! The upcoming Spring Festival release has triggered unusual movements in entertainment stocks, with investors pre-positioning in multiple stocks(list).

On the morning of February 5th, the three major A-share stock indices all declined collectively, while the entertainment concept sector defied the trend and strengthened. Zhejiang Literature & Art Film opened with a straight limit-up three minutes after trading began, Hengdian Film recorded five limit-ups in six days, and multiple stocks such as Happy Blue Ocean, Bona Film, Jinyi Film & Television, and Enlight Media followed suit.

Seven Films Scheduled for the “Longest Spring Festival Holiday” in History

Due to this year’s 9-day Spring Festival holiday, the film market has ushered in the “longest Spring Festival holiday in history.” Currently, seven films are scheduled for release during the holiday. “Flying Past Life 3,” “Boonie Bears: Year of the Bears,” “Biao Ren: Wind Rising in the Desert,” “Silent Alarm,” “Galaxy Dreams,” and “Panda Plan: Tribal Adventure” will all premiere on the first day of the Lunar New Year, with the documentary “Return to the Wolf Pack” re-releasing on the third day.

Although pre-sales have not yet begun, Maoyan Professional data shows that as of 10:00 AM on February 5th, the number of people interested in watching “Flying Past Life 3” reached 729,000, ranking first among Spring Festival films; “Panda Plan: Tribal Adventure” and “Silent Alarm” have 290,000 and 234,000 interested viewers respectively; “Boonie Bears: Year of the Bears” and “Biao Ren: Wind Rising in the Desert” each have 173,000 people marked as “interested”; “Return to the Wolf Pack” has 100,000 interested viewers, and “Galaxy Dreams” has 80,000.

In addition to the scheduled films, Jackie Chan-starring comedy-action film “Panda Plan 2,” as well as “New Year’s ‘Offense’” and “Penghu Sea Battle,” are also expected to be scheduled for release during the Spring Festival.

It is worth noting that many listed companies participated in the production and distribution of this year’s Spring Festival films.

The producers behind “Flying Past Life 3” include Bona Film, China Film, Hengdian Film, Wanda Film, with Enlight Media and Jinyi Film & Television appearing on the joint production list.

“Wind Rising in the Desert” is co-invested by Damai Entertainment, Huaxia Film, China Film, and others; “Galaxy Dreams” is produced by China Film, Hengdian Film, Shanghai Film, and Lianrui Pictures; the main producers and distributors behind “Return to the Wolf Pack” include Enlight Media and Huaxia Film.

Total Box Office for This Year’s Spring Festival Is Expected to Exceed 8 Billion Yuan

In 2025, driven by the phenomenon-level film “Nezha: The Devil’s Birth,” the total box office for the Spring Festival reached 9.51 billion yuan. Industry forecasts suggest that this year’s Spring Festival total box office could reach between 8 and 8.5 billion yuan.

According to the survey results from the Box Office Spotlight, estimating based on the traditional box office from days 1 to 7, 34.3% of respondents believe the total box office for the 2026 Spring Festival will fall within the 7 to 8 billion yuan range, while about 33.5% believe it could surpass 8 billion yuan.

“Films this year show a clear differentiation in themes and genres, offering a richer selection. As the most important period of the year, the performance of the Spring Festival films significantly impacts the performance and market valuation of the film sector,” Zhongyuan Securities pointed out. Due to demand growth bottlenecks in the film market, film companies are actively exploring new business models outside their main operations, such as IP collaborations, trendy toys, offline entertainment, and AI content, to enhance their competitiveness and stabilize performance.

CICC’s research report noted that the release schedule for domestic films during the 2026 Spring Festival is relatively late (about a month earlier than 2025), and the box office is also affected by the high base set by “Nezha 2” in 2025. Import films like “Zootopia 2” and “Avatar 3” have been delayed into the 2026 Spring Festival schedule, leading domestic film producers to be cautious about market share competition, resulting in more conservative scheduling and promotion. Overall, current audience demand shows a trend of concentration among top films, but there remains the possibility of breakout hits in the market with low expectations.

Looking ahead to the film industry this year, Southwest Securities stated that in 2025, driven by the simultaneous improvement in supply of top-tier and mid-tier films, the market will experience a full recovery. Not only did a phenomenon-level top film like “Nezha: The Devil’s Birth” emerge, but the number of mid-tier films with box office between 1 billion and 4 billion yuan also significantly increased, solidifying the market foundation. Meanwhile, the TV drama industry, under the new “Radio and Television 21 Rules” policy, is experiencing a supply rebound, and the drama market is expected to see a turning point of recovery. It is recommended to focus on the development of short-form dramas overseas and AI animation industries.

Recent Capital Inflows into Multiple Film & TV Concept Stocks

According to Eastmoney Concept Sector data, currently, there are 65 stocks in the A-share market related to the film and TV concept, with a total market capitalization exceeding 700 billion yuan. Enlight Media, Mango Excellent Media, and Oriental Pearl are the top three by size.

Since 2026, most film and TV concept stocks have performed well, with Beijing Stock Exchange-listed Lingjin Technology nearly doubling in value, Hengdian Film rising over 70%, and Chuanwang Media, Bona Film, and Jiangsu Cable each gaining over 20% in the period.

In terms of capital, over the past month, 22 film and TV concept stocks received net capital inflows. Enlight Media saw leveraged funds increase holdings by 284 million yuan; Mango Excellent Media and Oriental Pearl attracted 185 million and 142 million yuan respectively; Wanda Film, Jiangsu Cable, China Film, Jishi Media, Chinese Online, and Hengdian Film each had net financing inflows between 50 million and 90 million yuan.

Recently, Enlight Media disclosed a performance forecast indicating that in 2025, the company expects a net profit attributable to shareholders of 1.5 to 1.9 billion yuan, a year-on-year increase of 413.67% to 550.65%. During the reporting period, the company’s revenue and profit from film and derivative businesses saw significant growth compared to the previous year.

Mango Excellent Media is a leading integrated media company. Huaxin Securities’ latest research report states that the company is in a phase of new and old kinetic energy conversion, with high-quality content driving steady growth in memberships. The debut of “Xiao Mang E-commerce” marks an inflection point in performance, and future developments include the “Cluebie” Gulu Bi IP’s impact on emotional economy and how AI can empower new cultural content development.

(Source: Eastmoney Research Center)