传媒行业周报：政策助力下风险偏好提升，持续看好传媒互联网板块估值反弹行情

Investment Rating - The report maintains a positive outlook on the media sector, particularly focusing on high-quality, high-dividend stocks and the Hong Kong internet sector, while actively monitoring developments in AI and IP-related industries [3]. Core Viewpoints - The report highlights that policy support is enhancing risk appetite, leading to a favorable environment for valuation rebounds in the media sector. Key areas of interest include low valuations in the internet and gaming sectors, which have significant room for recovery. Additionally, the report notes ongoing interest in AI applications, lottery, and new offline MR consumption, which are expected to gain traction amid improving liquidity and risk sentiment. The current regulatory environment encourages mergers and acquisitions, providing opportunities for small and medium-sized companies to achieve strategic transformations [4][5]. Summary by Relevant Sections Media Sector Performance - The Hai Tong Media portfolio saw a monthly increase of 27.09% in September, outperforming the Shenwan Media Index, which rose by 26.85%, and the CSI 300 Index, which increased by 20.97%. The October portfolio includes Tencent Holdings (20%), Kuaishou-W (20%), Ciweng Media (20%), Shenzhou Taiyue (20%), Yidian Tianxia (10%), and Kaiying Network (10%) [5][6]. Investment Recommendations - The report suggests focusing on the following stocks: 1. Hong Kong Internet: Tencent Holdings, Bilibili-W, Kuaishou-W 2. Gaming: Kaiying Network, Shenzhou Taiyue, Gibit, 37 Interactive Entertainment, Century Huatu 3. Marketing: Focus Media, Yidian Tianxia 4. IP Entertainment: Shanghai Film, Zhongwen Online, Aofei Entertainment 5. AI Applications: Kunlun Wanwei, Meitu, Huace Film & TV 6. High-growth lottery sector: Songyang Resources 7. Publishing sector: Active transformation in Southern Media, Anhui New Media, Times Publishing; high dividends from Zhongwen Media, Phoenix Media, Zhongnan Media, Changjiang Media [4].