麦格理-中国-媒体与娱乐业-中国媒体与娱乐业：欢迎进入新纪元-20180222-118页

Pleaserefertopage116forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GREATERCHINAInsideStickingtotheblockbusterstrategy9Regulatorychangestobenefitqualitystudios/IPs14Movie–focusonpremiumformat16Troughvaluation;goodtimingtorevisit22Appendices26ZhejiangHuaceFilm&TV(A-Share)31AlphaGroup(A-Share)52ChinaFilm(A-Share)74IMAXChinaHoldings94WandaFilm(A-Share)102SMIHoldingsGroup108Chinamedia&entertainmentvaluationsRa-Up-PERPER3-yrEPSCompanyTickertingside18E19ECAGRHuace300133CHOP47%26.220.528%AlphaGroup002292CHOP25%31.222.0185%ChinaFilm600977CHOP23%26.422.515%IMAXChina1970HKOP14%26.522.514%WandaFilm002739CHN3%32.227.415%SMIHolding198HKUP-25%14.113.513%Pricesatclose20February2018;Source:MacquarieResearch,February2018Chinamedia&en