广东地区的赈灾银两被八王爷所劫，并嫁祸给江洋大盗黑蝙蝠。朝廷派第一神捕杨长风查案，黄飞鸿决定助其破案。黑蝙蝠李淮南也暗中调查，要为自己洗脱冤屈。最终李淮南洗清了冤屈，黄飞鸿也因此受到了朝廷表彰。
Released in France as La Kermesse Heroique, Carnival in Flanders is set during the long-ago war between the Dutch and Spanish. A tiny village in Flanders is invaded by Spanish troops. The townsfolk have heard of Spanish cruelties in other towns, and decide to deflect the vanquishers by playing dead. This isn't terribly effective (you have to take a breath once in a while), so the wife of the burgomaster tries to soften up the invaders with a lavish carnival. So successful is this venture that the Spaniards allow the village to escape being decimated, or even taxed. An award-winner many times over, Carnival in Flanders was banned in Germany; evidently, Goebbels caught on that director Jacques Feyder and scenarists Bernard Zimmer and Charles Spaak were drawing deliberate parallels between the Spanish and the then-burgeoning Nazis.