传媒：国务院印发《关于促进服务消费高质量发展的意见》，内需驱动传媒基本面改善

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating a positive outlook compared to the market [2]. Core Insights - The media industry is expected to benefit from policy-driven consumption demand, particularly in entertainment sectors such as film, gaming, publishing, cultural tourism, and sports [4][5][6]. Summary by Sections Entertainment Sector - The supply side in film and gaming is anticipated to improve in both quantity and quality, stimulating demand and uplifting the industry as a whole. Key measures include supporting differentiated film distribution and enhancing the quality of online literature and games. The film industry is projected to benefit from an increase in the number and types of films, with recommendations to focus on companies like Wanda Film, Shanghai Film, and Light Media [5]. - In gaming, high-quality development is expected to optimize the competitive landscape, with major players likely to dominate further. Suggested companies include Tencent Holdings and NetEase [5]. - The broadcasting sector is also expected to improve, with a focus on companies with comprehensive licenses and state-owned backgrounds, such as Mango Super Media and Oriental Pearl [5]. Publishing Sector - The report highlights the potential for growth in personalized education needs, particularly in social training and after-school services. Measures include promoting high-quality educational resources and enhancing service quality in vocational education. Companies like Anhui Xinhua Media and Southern Media are recommended for investment [6]. Cultural Tourism Sector - The report outlines multiple initiatives to support the cultural tourism industry, including the development of national cultural and tourism consumption demonstration cities and enhancing project experience and interactivity. Companies such as Electric Broadcasting Media and Wind Language are suggested for attention [6][7]. Sports Sector - The importance of event IP is increasing, with expectations for sustained growth in sports-related consumption. The report notes that China's sports consumption scale is projected to grow from approximately 1.5 trillion yuan in 2023 to 2.8 trillion yuan by 2025. Companies like Lisheng Sports are recommended for investment [7].