传媒行业周观点：A股传媒重点关注三季报绩优标的、新游测试及AI迭代，港股及美股中概股仍具备相对配置价值

Investment Rating - The report maintains a "Positive" investment rating for the media sector [1] Core Viewpoints - The report emphasizes the focus on high-performing stocks in the A-share media sector based on Q3 reports and the iteration of AI applications. It suggests that the selection logic revolves around these aspects [2][1] - The report highlights the relative value of Hong Kong and US-listed Chinese stocks, supported by ongoing policy measures aimed at economic recovery and market stabilization [1] - The report identifies key sectors to watch, including gaming, AI applications, and companies involved in national reforms or mergers [2] Summary by Relevant Sections A-share Media Sector - The A-share media sector is still in its early stages of recovery, with a focus on solid performance in the gaming sector. New game tests are expected to drive product cycles and improve sector performance [2] - Specific companies to watch include Shenzhou Taiyue, Kaiying Network, and Gigabit, with anticipated product launches and performance improvements [2] AI Applications - The report notes the rapid development of AI hardware products, such as AI headphones, and their integration with existing applications. The sales performance of these products is crucial for assessing the impact of AI on the sector [2] Market Conditions - The report discusses the recent downturn in the A-share media index, which fell by 8.39%, while the broader market indices also experienced declines. However, it notes the resilience of US markets, with the Nasdaq and S&P 500 showing slight gains [1] - The report anticipates a stable performance for Hong Kong stocks in Q3, with earnings disclosures expected to boost valuations in the internet sector [1] Key Recommendations - The report recommends focusing on leading internet stocks in Hong Kong, such as Tencent, Alibaba, and Meituan, as well as smaller, high-potential companies like Bilibili and Kuaishou [1][2]