华泰证券：下半年传媒行业景气度有望持续向上

Core Viewpoint - The media industry is expected to see a recovery in performance in the first half of 2025, driven by an increase in the supply and quality of gaming and film products [1] Group 1: Industry Performance - In the first half of the year, the media industry achieved operating revenue of 268.37 billion yuan, representing a year-on-year increase of 3.3% [1] - The net profit attributable to shareholders reached 22.17 billion yuan, marking a significant year-on-year growth of 39.3% [1] - After excluding asset impairment losses, the net profit attributable to shareholders was 25.06 billion yuan, reflecting a year-on-year increase of 37.7% [1] Group 2: Future Outlook - The improvement in the quality and quantity of content supply, along with a favorable policy environment and accelerated commercialization of AI applications, is expected to sustain the upward trend in the media industry's performance in the second half of the year [1] - Companies with rich product reserves and accelerated AI commercialization are recommended for attention [1]