传媒行业周报：国内AI大模型持续升级，豆包、文心一言MAU超千万

Investment Rating - The report maintains an "Accumulate" rating for the media industry [2] Core Viewpoints - The media sector has returned to historical valuation lows and fund holdings have also reached historical bottoms, indicating significant investment value [9][11] - Recent breakout events, such as the success of "Black Myth: Wukong," have rekindled investor interest in the media sector, leading to a rebound trend [9][13] - The AI industry is experiencing continuous upgrades, with domestic AI applications gaining traction and user numbers increasing significantly [13][14] Summary by Sections Industry Performance Review - From September 2 to September 6, 2024, the Shenwan Media sector experienced a decline of 0.74%, outperforming the CSI 300 by 1.97 percentage points and the ChiNext Index by 1.94 percentage points [7][8] Key Data Tracking - In the variety show segment, Mango TV had 5 exclusive shows in the Top 20, while Tencent Video had 7, and iQIYI had 3 [32] - In the drama segment, Tencent Video led with 9 exclusive dramas in the Top 20, followed by iQIYI with 4 and Youku with 3 [34] Investment Insights - The report highlights three main investment themes: 1. Gaming Sector: The success of "Black Myth: Wukong" is expected to drive single-player games as a new growth point, benefiting companies like Kayi Network and Yaoji Technology [16][18] 2. Traditional Culture: The success of "Black Myth: Wukong" is anticipated to inspire more high-quality games and cultural products based on traditional IPs [16][19] 3. AI Applications: Continuous breakthroughs in AI applications are expected to drive growth in the media sector, with recommendations for companies involved in multi-modal AI applications [17][19] Important Sub-Sector and Key Company Insights - The gaming sector saw a record number of game approvals in August 2024, with 117 games receiving licenses, indicating a robust pipeline for new releases [18] - The report recommends companies such as Shanghai Film and Light Media for their potential in the film and long-video sectors, as well as companies like Mango Super Media and Huace Film for their strong positions in the long-video market [20][21]