Macquarie新年超长篇，212页！
　　Structural forces for a rebound in PRC box office in 2017 Cinemas are increasing global integration through cross-border M&A and productions.Among the top box office countries，China stands at number two with 18% global market share in 2016 and growing.With the foreign movie quota to be raised（we expect clarity in 1H17）and the negative impact of the online subsidy removed，we forecast China’s box office revenue growth to accelerate to 13% YoY in 2017（vs 1% in the US），and to surpass the US in 2021.In the sector，we like market leaders and those with high IP.In conjunction with this report，we initiate coverage of five Chinese names；Macquarie’s US team has also updated its forecasts to reflect recent trends in both the US and China.