瑞银1月24日长篇，33页。
　　Film market grew ~4% YoY in 2016；20-30% revenue CAGR still achievable China＇s film box office revenue grew ~4% YoY in 2016，a historical low.However，we believe the market can still deliver a 20-30% revenue CAGR in the next five years，due to：1）the construction of new cinemas；2）growing audiences in the lower-tier cities；3）more flexible regulations on imported films；and 4）the improving quality of domestic films.We expect a film market rebound in March-April 2017.