传媒互联网行业周报：8月版号数量创年内新高；OpenAI或将发布“草莓”大模型

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights that the overall industry is showing signs of recovery, with significant growth opportunities in AR/VR and AIGC sectors. It emphasizes the importance of policy support for the digital economy and cultural industries [6][9]. - The issuance of game licenses reached a record high in August, with 117 games approved, suggesting a favorable supply-side environment for the gaming industry [7][10]. - OpenAI is reportedly set to launch a new AI product codenamed "Strawberry," which aims to surpass existing technologies and address complex challenges [9][10]. Summary by Sections 1. Core Views, Investment Strategy, and Stock Portfolio - The investment portfolio includes Tencent Holdings, NetEase, and other key players in the gaming and media sectors. The focus is on themes such as gaming, AI, VR, education, and advertising [6][9]. - The report suggests that the current market conditions present a good opportunity for increased allocation in the industry due to expected fundamental recovery and growth in emerging technologies [6][9]. 2. Market Performance Analysis and Data Tracking - The media industry index (SW) increased by 4.41% over the past week, outperforming the broader market indices [10][11]. - The latest PE ratio for the media industry index is 24.57, significantly lower than the five-year average of 35.21, indicating potential undervaluation [14]. 3. Key Event Commentary - The approval of 117 domestic online games in August marks the highest number in 2024, with a total of 926 game licenses issued this year, including 76 for imported games [7][10]. - OpenAI's upcoming AI product "Strawberry" is expected to enhance the capabilities of AI models, potentially reducing error rates and improving performance in various applications [9][10].