传媒行业周报：Q3游戏市场收入创历史记录，微软Azure OpenAI将停止国内个人服务

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2] Core Insights - The media sector has experienced three rounds of bottoming since 2018, currently in the early stage of the third round of recovery. Recent breakout events and the ongoing AI revolution are expected to drive a sustained rebound in the media sector [8][14] - The report highlights three main investment themes: 1) Gaming sector, driven by the success of "Black Myth: Wukong," which has set a new record for domestic 3A game revenue; 2) IP development, which is expected to stimulate the creation of high-quality games and cultural products; 3) AI applications across various sectors [15][16] Summary by Sections 1. Industry Performance Review - From October 14 to October 18, 2024, the Shenwan Media sector rose by 7.25%, outperforming the CSI 300 by 6.27 percentage points and the ChiNext by 2.77 percentage points [6][7] 2. Investment Views 2.1 Core Insights - The media sector's valuation and fund holdings have returned to historical lows, with recent events increasing market attention on gaming, IP development, and cultural exports [8][11] - The report notes that the gaming market is expected to recover rapidly, benefiting from the "he economy" trend, with recommendations for companies like Kayi Network and Yaoji Technology [17] 2.2 Key Sub-sectors and Companies - Gaming Sector: In September, 109 new games received approval, with significant titles like Tencent's "Hunting" and 37 Interactive's "Douluo Dalu" leading the way. The gaming market is projected to accelerate recovery [17][20] - Publishing Sector: Traditional cultural IP development is highlighted as a strong growth area, with recommendations for companies like Guomai Culture and Shanghai Film [18] - Film and Long Video Sector: AI is enhancing production efficiency, and the film market is expected to rebound with a rich supply of films in the upcoming seasons [19] 3. Important Data Tracking 3.1 Gaming Approval and Performance - In September, 109 games were approved, with a total of 1,034 approvals for the year [20] - The gaming market revenue reached 91.77 billion yuan in Q3 2024, marking a historical high for the quarter [17] 3.2 Variety Show Data - As of October 18, Mango TV led with 7 exclusive shows in the Top 20, followed by Tencent Video with 6 [30] 3.3 Series Data - Tencent Video had 8 exclusive series in the Top 20, leading the market, while Mango TV's co-broadcast "Jinxiu Anning" ranked first in overall popularity [32]