传媒行业月报：重磅利好政策推动行情回升，关注广告营销、游戏等板块

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the broader market performance [2]. Core Insights - The media sector experienced a significant rebound in September, with a 25.73% increase, outperforming the Shanghai Composite Index and the CSI 300 Index by 8.34 percentage points and 4.77 percentage points, respectively [5][15]. - The report highlights the positive impact of recent government policies aimed at stimulating domestic consumption, which are expected to benefit sectors such as film, offline entertainment, gaming, and advertising [5][13]. - The launch of the game "Black Myth: Wukong" has set a benchmark in the gaming industry, achieving over 20 million sales and significantly boosting related tourism [6][14]. - The report emphasizes the shift in regulatory attitude towards the gaming industry, moving from strict regulation to promoting healthy development, as evidenced by the increase in game license approvals [7][14]. Summary by Sections 1. Investment Recommendations - The report suggests focusing on sectors that will benefit from the recovery in domestic consumption, particularly gaming and advertising [13][14]. 2. Market Review 2.1 Market Performance - In September, the media sector rose by 25.73%, with sub-sectors like internet video and social media seeing increases over 30% [15][17]. 2.2 Valuation Levels - As of September 30, the media sector's PE ratio was 22.92, with historical averages indicating a current valuation at the 44.4 percentile [20]. 3. Industry News - The Shanghai government has launched a three-year action plan to develop the live-streaming economy, aiming for a retail value of 600 billion yuan by 2026 [22][23]. 4. Monthly Industry Data 4.1 Film Market - In September, the domestic film market generated 1.456 billion yuan in box office revenue, a year-on-year decrease of 48.46% [25][31]. 4.2 TV and Streaming Market - The top five TV shows in September included "The Song of Ordinary People" and "Snow Maze," indicating strong viewer engagement [38].