传媒行业10月观点：把握游戏资产估值修复机会

Investment Rating - The report gives a "Buy" rating for the gaming sector, indicating that individual stocks are expected to outperform the relevant market indices by over 20% in the next six months [19]. Core Insights - The report emphasizes the recovery of game asset valuations, driven by favorable policy support and technological advancements [1][3]. - The gaming industry is positioned as a key component in promoting domestic consumption, reflecting a shift in government policy from strict regulation to active encouragement [4][5]. - Two core driving factors for the gaming sector's growth are identified: the expansion of content delivery platforms and advancements in technology, particularly in artificial intelligence and autonomous driving [7][8]. Summary by Sections Policy Support - The Chinese government has shown a clear shift in policy towards supporting the gaming industry, recognizing it as vital for economic growth and consumer engagement [3][4]. - Recent initiatives include collaborative events between popular games and public safety campaigns, enhancing the visibility and acceptance of gaming in society [5][6]. Core Driving Factors - The gaming industry has historically evolved through various platforms, and the emergence of autonomous vehicles is expected to create new opportunities for in-car entertainment, enhancing user engagement [7]. - Technological advancements, especially in artificial intelligence, are set to revolutionize game development and user experience, allowing for personalized gaming experiences [8][9]. Performance Outlook - The report notes that the performance of leading gaming companies is expected to rebound in the third and fourth quarters of 2024 due to a low base effect from 2023, which experienced unusual market conditions [10].