传媒行业周报：117款游戏版号过审，上海广告业回暖

Investment Rating - The report maintains an "Overweight" rating for the media industry [1]. Core Insights - The gaming sector is expected to benefit from the approval of 117 new game licenses, marking the highest number of approvals this year, with a total of 926 licenses issued so far in 2024, including 76 for imported games [1][6]. - The short video drama sector is poised for growth following Shenzhen's announcement of significant policy support, including a financial allocation of 80 million yuan and the establishment of an investment fund exceeding 200 million yuan [1][6]. - The advertising sector in Shanghai shows signs of recovery, with advertising revenue for 2023 reaching 294.59 billion yuan, a year-on-year increase of 23.7%, and accounting for about one-quarter of the national total [1][6]. Summary by Sections 1. Core Insights and Investment Recommendations - The gaming sector is highlighted due to the recent approval of 117 game licenses, suggesting a focus on companies like 37 Interactive Entertainment, Kaixin Network, and Gigabit [7]. - The short video drama sector is recommended for investment, particularly in companies such as Mango Excellent Media and Zhejiang Cultural Industry [7]. - The advertising sector is also recommended, with a focus on companies like Focus Media and Zhi Zhi Mai [7]. 2. Market Review 2.1. Sector Performance - The media index rose by 4.41% from August 26 to August 30, outperforming the CSI 300 index by 4.58 percentage points [8][10]. - The gaming sector led the performance with a 7.27% increase, followed by digital media (4.61%) and television broadcasting (3.95%) [10][12]. 2.2. Individual Stock Performance - Top-performing stocks included Guangxi Radio and Television (+32.32%) and 365 Network (+23.64%), while the worst performers included CITIC Publishing (-10.47%) and Zhejiang Publishing (-9.07%) [16][17]. 3. Industry News - The approval of 117 game licenses was announced by the National Press and Publication Administration, marking a significant milestone for the gaming industry [18]. - Shenzhen's new policies to support the micro-drama industry were detailed, emphasizing financial backing and the establishment of industry bases [19]. - Shanghai's advertising revenue statistics were released, showcasing a robust growth trend in the advertising sector [20]. 4. Company Dynamics - China Publishing Group signed a strategic cooperation agreement with the Guizhou provincial government to enhance digital economy initiatives [21]. - Douyin launched a new independent search app, indicating a shift in content search dynamics [22]. 5. Company Announcements - 37 Interactive Entertainment reported a total revenue of approximately 9.232 billion yuan for the first half of 2024, reflecting an 18.96% year-on-year increase [23]. - Other companies like Oriental Pearl and Southern Media reported declines in revenue and net profit for the same period [23].