Galaxy Securities pointed out that with the gradual improvement of the epidemic, the resumption of production and work in the film and television industry is progressing in an orderly manner, and relevant departments have issued tax support policies for the film industry. It is expected that more support policies will be introduced in the future. The industry is expected to continue to pick up and break out of a trough. At the same time, a large number of film and television companies were closed and cancelled during the pandemic, and industry concentration is expected to continue to increase. It is recommended to focus on leading companies with rich content reserves and high content quality. Recommended targets: Light Media, Beijing culture and Chinese films with the overall industry chain layout, Wanda Film, Hengdian Film, etc.