The Zhongyuan Securities Research Report pointed out that in the short term, we will focus on the performance of the 2025 Spring Festival program. Considering that the Spring Festival program is one of the most important dates of the year, it can release a lot of box office energy in a short period of time, so it has also attracted more high-quality domestic films to be scheduled for the Spring Festival, and the overall quality of films during the festival is also at a high level throughout the year. Film viewing subsidies in multiple locations can cover the Spring Festival festival, helping to further stimulate the flow of viewers into cinemas and unleash the potential for movie consumption. If the Spring Festival box office performs beyond expectations, it is expected to boost the film and television sector's performance recovery and valuation recovery.