文档介绍：China'sFilmIndustry|AsiaPacificABreakInTheActionRecentsharepriceweaknesshasfactoredinthisyear',wedonotexpectameaningfulMORGANSTANLEYASIALIMITED+QianleiFan,CFAEQUITYANALYSTQianlei.******@GaryYuEQUITYANALYSTGary.******@@+8522239-1875+8522848-6918+8522239-1230turnaroundsoon,andarecautiousonChina'sfilmindustryoverthenext6-12months.GreaterChinaMedia AsiaPacificIndustryView CautiousWeexpectChina'%CAGRin2019-21,%in2016-%YoYintheyearthroughMay,andtheoutlookremainsuncertainduetomacroheadwinds,anunfavorableregulatoryenvironment,andUS-,though,,China'sdomesticboxofficewasUS$,72%)furtherconsolidationintheexhibitionsegment;2)continuedverticalintegrationalongthevaluechain,ledbyexhibitors,producers,anddistributors;and3))videostreaming,althoughourbasecaseisforlimitedboxofficedilutionfromstreamingplayers,and2)players,whichweexpecttoincreasinglyparticipateindistribution&promotion,production,-,,,:WeprefertheatreoperatorstodistributorsandstudiosTheatreoperators::Wepreferdistributorsofforeignfilms(ChinaFilm;initiateatEW)toofflinedomesticfilmdistributors(Enlight;UW)Studios:WeareUWHuayiduetoearningsuncertaintyandhighvaluations