传媒行业10月投资策略：业绩与估值有望逐步修复，基本面与主题弹性可期

Investment Rating - The investment rating for the media industry is Neutral (maintained) [1] Core Viewpoints - The performance and valuation of the media industry are expected to gradually recover, with potential for fundamental and thematic elasticity [1][2] - The media sector outperformed the market in September, with the Shenwan Media Index rising by 26.85%, surpassing the CSI 300 Index by 5.88 percentage points [2][6] - The current TTM-PE for the Shenwan Media Index is 35x, which is at the 46th percentile over the past five years, indicating that overall valuations remain at historically low levels [2][10] Summary by Sections 1. Media Sector Market Review - In September, the media sector ranked 7th among 31 industries in terms of performance [6][10] - Notable stock performers included Qitian Technology, 365 Network, and Zhidema, while stocks like Guangxi Radio and Xinhuawenxuan lagged behind [13] 2. Gaming - The issuance of game licenses has normalized, with 109 domestic games approved in September, maintaining stability [15][16] - The Chinese gaming market reached a size of 33.64 billion yuan in August, with a month-on-month growth of 21.01% and a year-on-year growth of 15.1% [20] - Mobile gaming revenue was 22.497 billion yuan, showing a month-on-month increase of 6.3% [20] 3. Film - The total box office in September was 1.456 billion yuan, down 48% year-on-year, with the average ticket price at 40.7 yuan [33][38] - The National Day box office totaled 2.105 billion yuan, a decrease of 23.1% compared to 2023 [41][50] - The lack of high-quality content is a major reason for the box office decline, with expectations for recovery as the supply of domestic films improves [55] 4. AIGC (Artificial Intelligence Generated Content) - Significant advancements in AI video generation have been noted, with companies like ByteDance and Alibaba launching new models [62][66] - OpenAI completed a new funding round, achieving a valuation of 157 billion USD, marking it as a leading player in AI [73] 5. Investment Recommendations - The report suggests focusing on potential recovery in the gaming, advertising media, and film sectors, with specific stock recommendations including Kying Network, Bilibili, and Mango Super Media [87] - The investment portfolio for September included Kying Network, Jibite, and Bilibili, while the October portfolio features Kying Network, Fen Zhong Media, and Bilibili [88]