传媒：网文、影视、游戏构筑文化出海三驾马车

Investment Rating - The report maintains an "Outperform" rating, indicating expected investment returns to exceed the Shanghai and Shenzhen 300 Index by more than 10% over the next six months [1]. Core Viewpoints - The gaming market has a solid foundation for development, with domestic AAA games leading market enthusiasm. In 2023, China's gaming market achieved actual sales revenue of CNY 270.31 billion, with mobile games accounting for 76.54% of the total, and self-developed games making up 90.5% of the market. Notably, two of the top five best-selling games globally in 2023 were developed by Chinese teams: "Honor of Kings" with revenue of USD 2.48 billion and "Genshin Impact" with USD 1.3 billion [1]. - As of the first half of 2024, China's gaming market had a total user base of 674 million, generating actual sales revenue of CNY 147.27 billion. Chinese companies are not only strong in the domestic market but are also expanding globally, with 17 companies listed among the top 50 global gaming revenue earners [1]. - The overseas market for online literature is gradually establishing itself, with the scale exceeding CNY 4 billion and nearly 200 million active users across over 200 countries as of 2023. North America, Japan, and Southeast Asia are key regions for content export [1]. - The report highlights the significant growth in short drama apps, with downloads increasing from 2.4 million in Q2 2023 to over 40 million in Q1 2024, driven by platforms like Reelshort, ShortMax, and DramaBox [1]. Summary by Sections Gaming Market - The gaming market is characterized by a strong domestic presence and increasing global influence, with significant revenue figures and user engagement [1]. Online Literature - The overseas online literature market is expanding rapidly, with a notable user base and revenue growth, supported by improved translation efficiency through AI technologies [1]. Film and Television - The report outlines three primary modes for the overseas distribution of Chinese films and TV shows, including rights sales, self-built platforms, and IP exports, indicating a comprehensive international distribution ecosystem [1]. Investment Recommendations - The report suggests focusing on companies such as Zhongwen Online, Jiechengtong, Zhangyue Technology, and others, as they are well-positioned to leverage the cultural export opportunities in gaming, online literature, and film [1].