德意志银行-xx电影业-战狼2火爆，boxoffiece 同比增长5%，-20170801-deutschebank-chinamoviesboxofficeincreasedby5％yoyinjulythankstowolfwarriors2.pdfVIP

China Movies Deutsche Bank Markets Research Asia Industry Date China China Movies 1 August 2017 Hong Kong Consumer Industry Update Hotels / Leisure / Gaming Box office increased by 5% yoy in July thanks to Wolf Warriors Tallan Zhou Driven by Chinese movies, like-for-like box office increased 5% yoy in July Box office collection in July 2017 was RMB5.05bn, a yoy growth of 12% (vs. Research Analyst RMB4.51bn in July 2016). If we exclude ticket handling fee, box office in July +852- 03 6464 increased by 5% yoy to RMB4.75bn. As shown in the table below, Chinese movies contribute c. 70% of total box office in July because the domestic film protection Top picks starts in July. Enlight Media (300251.SZ),CNY9.0 Buy IMAX China (1970.HK),HKD20.35 Sell Source: Deutsche Bank ■ Note that Enlighten Media (300251.SZ, Buy) participated in production and distribution of the black horse Wolf Warriors 2 , which generate box Companies featured office of RMB1.3bn for its initial 5 days exhibition. Enlight Media (300251.SZ),CNY9.0 Buy 2016A 2017E 2018E ■ However, two Chinese