传媒行业周报系列2024年第41周：国庆文旅消费稳步修复，看好政策助推行业回暖

Investment Rating - The industry rating is recommended [6] Core Views & Investment Recommendations - During the National Day holiday, domestic tourism saw a total of 765 million trips, a year-on-year increase of 5.9%, and a 10.2% increase compared to 2019. Total spending reached 700.82 billion yuan, up 6.3% year-on-year and 7.9% compared to 2019. The average spending per person was 916.10 yuan, showing slight growth [4][20] - The gaming and internet sectors effectively stimulated domestic demand and employment, with a positive outlook for industry valuation recovery under policy support. Since September 24, the central bank has implemented measures such as reserve requirement ratio cuts and interest rate reductions to boost market confidence and liquidity. The Politburo meeting on September 26 emphasized the importance of domestic demand and consumption [4][20] - The report suggests focusing on three categories of consumer-related stocks: 1) Film industry; 2) Gaming industry; 3) Hong Kong internet stocks, with beneficiaries including Tencent, 37 Interactive Entertainment, and others [4][20] Market Overview - In the 41st week of 2024, the Shanghai Composite Index rose by 4.22%, the CSI 300 Index increased by 4.95%, and the ChiNext Index surged by 11.42%. The Hang Seng Index rose by 10.2%, with the Hang Seng Internet Index increasing by 19.25%. The SW Media Index rose by 1.66%, ranking 22nd among 31 industries [3][12] - The top three sub-industries were internet services, advertising, and gaming, with increases of 18.25%, 4.7%, and 2.56%, respectively [3][12] Industry Data - The top three films at the box office were "The Volunteer Army: Battle of Life and Death," "The Road of Flames," and "749 Bureau." The top three online films were "Grab the Doll," "Reverse Life," and "Rebirth." The top three TV series were "Mountain Flowers in Full Bloom," "Ordinary People," and "Flowing Water." The top three variety shows were "The Fourth Season of Breaking Through the Thorns," "The Seventh Season of Heartbeat Signal," and "The Sixth Season of Flowers and Boys" [5]