传媒行业周报：三季度中国游戏市场收入创新高，央视积极推动中国微短剧发展

Investment Rating - The report maintains an "Overweight" rating for the media industry [1]. Core Insights - The third quarter of 2024 saw a record high in China's gaming market revenue, with significant benefits expected for related sectors. The revenue reached 91.766 billion yuan, marking an 8.92% year-on-year increase and a 22.96% quarter-on-quarter increase [1][5][17]. - The launch of the "China Boutique Micro-Short Drama Investment and Media Action" is expected to benefit the micro-short drama sector, promoting high-quality development in the industry [1][5][18]. - The global mobile advertising market is recovering, with non-gaming ad spending driving growth. New user acquisition ad spending increased by 18% year-on-year, indicating positive trends in the advertising sector [1][5][19]. Summary by Sections 1. Core Insights and Investment Recommendations - The gaming sector is expected to benefit from the record high revenue in Q3 2024, with recommendations to focus on companies like 37 Interactive Entertainment, Kaineng Network, and G-bits [6]. - The micro-short drama sector is advised to focus on companies such as Mango Super Media and Zhejiang Cultural Industry [6]. - The advertising sector is recommended to consider companies like HuiLiang Technology and Tianlong Group [6]. 2. Market Review 2.1. Sector Performance - The A-share Shenwan Media Index rose by 7.25% from October 14 to October 18, outperforming the CSI 300 Index by 6.27 percentage points [7][9]. - The gaming sector led the performance with a 10.83% increase, followed by education (9.41%) and film and television (6.57%) [9][10]. 2.2. Individual Stock Performance - The top-performing stocks included Zhongqingbao (+48.7%), Tianlong Group (+41.7%), and Qitian Technology (+23.34%) [15][16]. 3. Industry News - The gaming market's record revenue was highlighted in a report released on October 17, 2024, indicating strong growth driven by new mobile games and major titles like "Black Myth: Wukong" [17]. - The launch of the micro-short drama initiative on October 13, 2024, aims to support high-quality content creation [18]. - The global mobile advertising market's recovery was reported, with significant growth in non-gaming ad spending [19]. 4. Company Dynamics - Kaineng Network plans to launch a mobile game based on the "Rainbow Island" IP, aiming to attract nostalgic players [20]. - Jishi Media is currently producing two short dramas, with one set to premiere at the end of October [21]. 5. Company Announcements - Key announcements included a shareholder agreement by Xunyou Technology and the completion of an asset acquisition by Zhongwen Media [22].