传媒板块复盘：估值仍处阶段性低位，修复弹性凸显

Investment Rating - The report maintains an "Outperform" rating for the media sector [6][32]. Core Insights - Since late September, government policies are expected to accelerate economic recovery and improve market sentiment. The media sector's index, valuation, and holding ratios are at near 10-year lows, indicating significant upside potential. Key areas of focus include: 1) Dual recovery in performance and valuation for the gaming sector; 2) Anticipated rebound in the film and cinema sector by 2025; 3) Investment opportunities arising from emerging technologies and industry trends [3][32]. Summary by Sections Media Sector Overview - As of October 11, the media (Shenwan) index closed at 558 points, which is 25% below the past 10-year index price of 612 points, indicating a phase of low valuation. The media sector's TTM price-to-earnings (P/E) ratio is approximately 23.3X, slightly below the 25% percentile of the past 10 years (about 23.7X) [7][11]. Gaming Sector - The gaming sector's index closed at 1921 points as of October 11, remaining below the 25% percentile of the past 10 years (2037 points). The TTM P/E ratio for the gaming sector is around 26.0X, slightly below the 50% percentile (26.8X). Expected average P/E ratios for 2024E and 2025E are 16.8X and 13.8X, respectively, both below historical averages [11][32]. Film and Cinema Sector - The film and cinema index closed at 977 points as of October 11, below the 25% percentile of the past 10 years (1160 points). The TTM P/E ratio is approximately 52.2X, higher than the 50% percentile (41.9X) but slightly below the 75% percentile (54.5X). The holding ratio for the film sector is about 0.126%, also at a near 10-year low [17][19]. Advertising and Marketing Sector - The advertising and marketing index closed at 2058 points as of October 11, below the 25% percentile (2306 points). The TTM P/E ratio is approximately 27.9X, slightly above the 25% percentile (23.3X) but below the 50% percentile (29.9X). The holding ratio is about 0.278%, at a near 10-year low [20][22]. Digital Media Sector - The digital media index closed at 1582 points as of October 11, below the 25% percentile (1677 points). The TTM P/E ratio is around 25.5X, below the 25% percentile (42.8X). The holding ratio is approximately 0.006%, also at a near 10-year low [23][24]. Publishing Sector - The publishing index closed at 1542 points as of October 11, slightly above the 25% percentile (1330 points) but below the 50% percentile (1567 points). The TTM P/E ratio is about 13.6X, slightly above the 25% percentile (13.0X) but below the 50% percentile (15.2X). The holding ratio is approximately 0.054%, at a near 10-year low [27][28]. Investment Opportunities - The report suggests focusing on the gaming sector for dual recovery in performance and valuation, with new product cycles expected to begin in late 2024. The film sector is anticipated to rebound in 2025, driven by several high-profile releases. Additionally, emerging technologies, particularly in AI and IP derivatives, present new investment opportunities [32][32].