传媒互联网9月行业月报：政策推动行情回暖，重点子版块上行动力足

Investment Rating - The report maintains a "Hold" rating for the media and internet industry [3]. Core Insights - The supply of quality films is insufficient, leading to a significant decline in box office revenue, with September box office at 13.33 billion yuan, down 52.78% year-on-year and 65.94% month-on-month. The number of screenings and attendance also saw declines, but there are expectations for recovery with 29 key films scheduled for release in October [1][24][27]. - The gaming market shows steady growth, with actual sales revenue reaching 33.64 billion yuan in August 2024, a month-on-month increase of 21.10% and a year-on-year increase of 15.10%. The issuance of game licenses has also increased significantly, indicating a positive supply-side outlook [1][24]. - The advertising market is stable, with a 3.3% year-on-year increase in July 2024. Key sectors such as cosmetics, entertainment, and pharmaceuticals have seen substantial growth in advertising spending [1][24]. - Three major sub-sectors (gaming, film, and advertising) show strong growth potential, which may lead to continued valuation recovery in the industry [1][2]. Summary by Sections Film Industry - The film industry is experiencing a notable decline in box office performance due to a lack of quality films, with September box office at 14.56 billion yuan, down 48.42% year-on-year and 62.80% month-on-month. The top films include "Wild Child" and "Rebirth" [24][30]. - The number of films released in September was 65, showing an increase of 10.17% year-on-year and 12.07% month-on-month, indicating a potential for market revitalization with upcoming releases [27][29]. Gaming Industry - The gaming market continues to grow, with a reported revenue of 33.64 billion yuan in August 2024, marking a 21.10% increase from the previous month and a 15.10% increase from the same month last year. The issuance of game licenses has also increased significantly, suggesting a positive trend in supply [1][24]. Advertising Market - The advertising market remains stable, with a 3.3% year-on-year increase in July 2024. Key sectors such as cosmetics, entertainment, and pharmaceuticals have seen advertising expenditures rise by over 13% [1][24]. Valuation Insights - The media sector's absolute valuation is currently low, with a rolling P/E ratio of 26.34 times, which is 23.39% lower than the historical average since 2013. The valuation premium for media stocks is also significantly below historical averages [19].