中泰证券：【中泰研究丨晨会聚焦】传媒康雅雯：游戏专题——低估值、低基数，政策边际向好-20240903

Group 1: Banking Sector Overview - The banking sector's revenue growth is under pressure, with a year-on-year decline of 2.2% in 1H24, while profit growth has turned positive at 0.4% [2][3] - The net interest income has decreased by 3.4% year-on-year, with a marginal decline in net interest margin by 21 basis points [2][3] - The overall asset quality remains stable, with a non-performing loan (NPL) ratio of 1.25% in 1H24, maintaining historical lows [2][3] Group 2: Game Industry Insights - The gaming sector is currently at a favorable configuration point, with monthly year-on-year growth rates showing signs of recovery and valuations at low levels [3] - The performance of the gaming sector in Q4 2023 was weak, providing a low base for year-on-year comparisons in Q4 2024, which is expected to improve significantly [3] - The successful launch of "Black Myth: Wukong" has positively influenced the perception of gaming culture and has contributed to policy improvements, with a record number of game licenses issued [3] Group 3: Local Government Debt Observations - In August, local government debt issuance totaled 11,996 billion, with a net financing amount of 8,193 billion, marking an increase compared to the previous year [4] - The average issuance term for local government bonds increased to 14.3 years in August, indicating a longer-term financing strategy [4] - The overall secondary market yield spread for local government bonds narrowed to 5.53 basis points, reflecting improved market conditions [4]