推荐电影、游戏、互联网行业：聚焦新质消费业态，关注核心优质资产

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report emphasizes the recovery of the consumption service industry, particularly in the film, gaming, and internet sectors, driven by government policies aimed at boosting market confidence and liquidity [2][4] - The film industry is experiencing a revival, supported by government initiatives such as the issuance of movie consumption vouchers, which have stimulated both cinema attendance and surrounding commercial activities [3][21] - The gaming industry is entering a new phase of cultural export, with successful titles like "Black Myth: Wukong" marking significant achievements in both domestic and international markets [30][31] - The internet sector is playing a crucial role in enhancing consumer spending and employment, leveraging diverse platforms to stimulate economic recovery [33] Summary by Sections Film Industry - The film market has shown continuous recovery in 2024, with significant box office performances, including over 20 billion yuan during the National Day holiday [3][21] - Government policies, such as the issuance of consumption vouchers, are expected to further enhance cinema-related spending and drive growth in surrounding commercial areas [3][18] - The report highlights the importance of non-ticket revenue streams, with non-box office business margins exceeding 60%, indicating potential for profit growth [9] Gaming Industry - The gaming sector is a key driver of consumer spending, with August 2024 revenues reaching 33.64 billion yuan, reflecting a 21.01% month-on-month increase [26] - The industry is also fostering technological advancements, particularly in hardware performance and AI applications, which are essential for enhancing gaming experiences [28][29] - The report identifies key beneficiaries in the gaming sector, including 37 Interactive Entertainment and Perfect World, which are expected to capitalize on the growing market [31] Internet Industry - Internet companies are effectively stimulating consumer activity through diverse platforms, enhancing decision-making efficiency, and responding to government consumption policies [33] - The sector has created approximately 240 million jobs, significantly contributing to employment stability and the rise of new professions [33] - Major players like Tencent and Meituan are positioned to benefit from improved market conditions and policy support, with expectations of valuation recovery and performance enhancement [34]