中金：2026年传媒行业有望在政策赋能下迎新周期

Core Insights - The media industry is expected to enter a new cycle by 2026, driven by policy support and advancements in AI, international expansion, and IP development [1] Industry Summary - Leading companies in the media sector are positioned to benefit from industry trends due to their advantages in business scale, technological reserves, and capital operations [1] - The digital media and gaming sectors have superior business models, with top companies likely to enhance profitability and international competitiveness through quality content output [1] - AI technologies are anticipated to be applied first in these sectors, optimizing profitability [1] Subsector Analysis - Social community AI and international expansion are expected to provide incremental growth, leading to continuous improvement in profitability [1] - Marketing and advertising will leverage AI across the entire process, focusing on advertising efficiency and new formats in the new stable state [1] - The film and cinema industry is currently facing confidence issues, with a long-term focus on industry upgrade trends [1] - The publishing sector is emphasizing the resilience of educational book demand while maintaining high dividend yields [1] - The cable and broadcasting sector is expected to develop steadily, with attention on the potential of large-screen scenarios [1]