传媒行业周报：8月中国游戏市场增长显著，上海广告行业持续增长

Investment Rating - The report maintains an "Accumulate" rating for the media industry [1]. Core Insights - The Chinese gaming market showed significant revenue growth in August, with a total income of 33.64 billion yuan, reflecting a month-on-month increase of 21.01% and a year-on-year increase of 15.10% [5][17]. - The film and short drama sector is expected to benefit from multiple micro-short dramas starting production in Quanzhou, promoting the integration of film and tourism [5][18]. - The advertising sector in Shanghai reported revenues of 185.716 billion yuan from January to July, marking a year-on-year growth of 13.4% [5][19]. Summary by Sections 1. Core Insights and Investment Recommendations - The gaming sector is expected to benefit from the notable growth in the Chinese gaming market, with recommendations to focus on companies like 37 Interactive Entertainment, Kaixin Network, and Gigabit [6]. - The film and short drama sector is advised to focus on Mango Excellent Media and Zhejiang Cultural Industry [6]. - The advertising marketing sector is recommended to consider companies like Focus Media and ZhiDeMai due to the continuous growth in Shanghai's advertising industry [6]. 2. Market Review 2.1. Sector Performance - The A-share Shenwan Media Index rose by 1.37% from September 16 to September 20, outperforming the CSI 300 Index by 0.04 percentage points and the ChiNext Index by 0.97 percentage points [7]. - Within the Shenwan secondary industry, the education sector saw a rise of 4.75%, while the publishing sector fell by 1.44% [9]. 2.2. Individual Stock Performance - The top-performing stocks included Zhidu Co. (+12.95%), ZhiDeMai (+10.43%), and Yaowang Technology (+8.81%) [15]. - The worst-performing stocks included Kaiser Culture (-9.81%) and Guolv United (-6.65%) [15]. 3. Industry News - The Chinese gaming market's revenue reached 33.64 billion yuan in August, with mobile games generating 22.497 billion yuan, reflecting a month-on-month increase of 6.30% [17]. - Multiple micro-short dramas were launched in Quanzhou, supporting the integration of film and tourism [18]. - Shanghai's advertising market continues to grow, with over 98,800 advertising companies generating significant revenue [19]. 4. Company Dynamics - Huace Film and Television's micro-short drama "21 and 31" has surpassed 200 million views, indicating strong audience engagement [20]. - ShengTian Network is developing several educational games, integrating gaming with education [21]. 5. Company Announcements - Ice Glacier Network announced the establishment of two subsidiaries to enhance its online game distribution and operation [22]. - Xinhua Wenxuan signed a significant contract for the procurement of free textbooks for the 2024-2025 academic year, valued at approximately 1.256 billion yuan [22].