互联网传媒行业：9月国产游戏版号发布，关注国庆档电影供给拐点

Investment Rating - The report maintains a "Buy" rating for the internet media industry, reaffirming the previous rating [3]. Core Insights - Multiple policy benefits, a significant rebound in Hong Kong and A-shares, and a broad rise in the media internet sector have led to a positive outlook. The focus is on undervalued sectors with improving operations, particularly in internet, gaming, and marketing segments, as well as state-owned enterprises in publishing, broadcasting, and film [3][12]. - The report highlights the recovery potential in e-commerce, advertising, and local life sectors, which are more closely linked to macroeconomic conditions. It suggests that smaller market cap stocks may benefit more from liquidity release [12]. Summary by Sections Internet Sector - The internet sector is expected to show higher recovery elasticity due to previously weak expectations. Key stocks to watch include Kuaishou, Meituan, Tencent Holdings, and Cloud Music, which are anticipated to benefit from macroeconomic recovery and improved liquidity [3][12]. Gaming Sector - The report notes the issuance of 109 domestic game licenses in September 2024, with a focus on companies like Tencent and NetEase for their upcoming products. It suggests monitoring companies like Shenzhou Taiyue and Kaiying Network for potential profit growth and new product cycles [10][11][12]. Publishing Sector - The investment logic remains centered on high dividends, with expectations for tax exemption policies to continue. Key companies include Wuxin Media, Zhongnan Media, and Phoenix Media, which are noted for their stable performance and high dividends [12]. Film and Television Sector - The report anticipates a turning point in content supply during the National Day holiday, with several films expected to perform well. Companies like Maoyan Entertainment and Light Media are highlighted for their upcoming releases [11][12]. Marketing Sector - With expectations of macroeconomic recovery, advertising confidence is expected to strengthen. Companies such as Focus Media and BlueFocus Communication are recommended for investment [12]. AI Integration - The report emphasizes the ongoing integration of AI in marketing, enhancing content production efficiency and targeting accuracy. The launch of new AI models is expected to drive thematic market trends [12]. State-Owned Enterprises - The report suggests monitoring state-owned enterprises in the media sector, including New Media Co., Huashu Media, and Oriental Pearl, for potential investment opportunities [12].