传媒行业24Q2总结：行业营收增速稳健，关注下半年优质内容供给和新技术创新

Industry Investment Rating - The report maintains an "Outperform" rating for the media industry [1] Core Views - The media industry showed steady revenue growth in 24Q2, but net profit declined year-on-year [2] - Key areas to watch in the second half of the year include high-quality content supply and technological innovation [1] - The media industry's fund holdings in 24Q2 accounted for 0.81% of total AUM, underweight by 1.15 percentage points [23] Sub-Sector Analysis Gaming - 24Q2 gaming sector revenue grew 4.1% YoY to RMB 26.57 billion, while net profit declined 6.2% YoY [5] - Gross margin remained stable at 60.96%, but sales expense ratio increased by 1.99 percentage points [5] - Leading companies like Shenzhou Taiyue and 37 Interactive Entertainment maintained strong growth [7] - Key upcoming game releases include "Code DL" and "About Reincarnated as a Slime: New World" [8] Publishing - 24Q2 publishing sector revenue grew 0.3% YoY to RMB 36.15 billion, but net profit declined 19.6% YoY due to tax policy changes [9] - The sector offers high dividend yields, with an average of 3.40% and some companies exceeding 5% [11] - Key companies include China Publishing, Phoenix Publishing, and Southern Publishing [12] Film and Television - 24Q2 film sector revenue declined 11.5% YoY to RMB 7.43 billion, with a net loss of RMB 50 million [13] - National box office revenue in 24Q2 declined 28.1% YoY to RMB 6.7 billion [15] - Key areas to watch include IP development, short dramas, and AI-generated video models [15] Marketing - 24Q2 marketing sector revenue grew 5% YoY to RMB 42.81 billion, but net profit declined 56.2% YoY [18] - Gross margin declined 5 percentage points to 11.96% [18] - Key areas to watch include overseas marketing services and high-dividend stocks [20] Fund Holdings Analysis - Media sector fund holdings totaled RMB 19.475 billion in 24Q2, a 24.7% decline QoQ [23] - Top holdings include Focus Media, Kaiying Network, and Kunlun Tech [24] Investment Recommendations - Key recommended sectors include gaming, publishing, film, and AI-related companies [25] - Specific stock recommendations include Tencent, Focus Media, Kaiying Network, and Southern Publishing [25]