传媒行业周报：9月版号数量维持100+，OpenAI发布Canvas

Investment Rating - The report maintains an "Overweight" rating for the media industry, with specific recommendations for companies within the gaming, traditional culture, and AI application sectors [2][3]. Core Insights - The media sector has experienced a significant rebound, with the valuation and fund holdings returning to historical lows. Recent events, such as the success of "Black Myth: Wukong," have catalyzed renewed interest in the sector, indicating potential for sustained growth [11][18]. - The report identifies three main investment themes: gaming, traditional culture, and AI applications, each with specific company recommendations [18]. Summary by Sections Industry Performance Review - From September 23 to September 27, 2024, the Shenwan Media sector rose by 15.94%, outperforming the CSI 300 by 0.24 percentage points but underperforming the ChiNext by 6.76 percentage points. The sector's performance was driven by significant gains in the film and television, digital media, and advertising segments [8][10]. - As of September 30, 2024, the Shenwan Media sector's performance was 11.18%, again outperforming the CSI 300 by 2.70 percentage points [10]. Key Data Tracking - In September 2024, 109 domestic games received approval, contributing to a total of 1,034 approvals for the year. This reflects a significant increase in the pace of game approvals [19][23]. - In terms of variety shows, Mango TV had 6 exclusive shows in the Top 20, while Tencent Video also had 6, indicating strong competition among platforms [33][34]. - For dramas, Tencent Video led with 9 exclusive shows in the Top 20, followed by iQIYI with 4, showcasing its dominance in the market [35][36]. Investment Themes 1. Gaming Sector: The success of "Black Myth: Wukong" has opened up substantial market opportunities, with recommendations for companies like Kayi Network and Yaoji Technology, which are expected to benefit from the "he economy" trend [18][20]. 2. Traditional Culture: The report emphasizes the potential for high-quality cultural products and IP development, recommending companies with strong IP reserves like Guomai Culture and Light Media [18][20]. 3. AI Applications: The ongoing advancements in AI technology are expected to drive growth in the media sector, with recommendations for companies involved in AI applications, including Kayi Network and Shanghai Film [18][20].