互联网传媒行业周报：游戏，文化出海排头兵，新品周期来临

Investment Rating - The report maintains a positive outlook on the gaming industry, indicating a "Buy" rating due to the upcoming product cycles and improving regulatory environment [2][4]. Core Insights - The gaming sector is highlighted as a leading force in cultural export, with over 4,200 companies engaged in overseas operations, representing 38% of the total internet export enterprises in China [6]. - The supply of game licenses has improved, with 113 domestic and 15 imported games receiving licenses in October 2024, signaling a recovery from previous regulatory constraints [4][6]. - A-share gaming companies are currently valued at relatively low price-to-earnings (PE) ratios, with 2024 PE estimates ranging from 13-17x and 2025 estimates from 11-15x, suggesting potential for upward movement as new products are launched [7][8]. Summary by Sections Industry Performance - The A-share media index rose by 6.0%, outperforming the ChiNext index, with notable gains in the gaming sector [2]. - The mobile gaming market reached a historical high of 657 billion yuan in Q3 2024, reflecting a strong recovery and growth trajectory [10]. Regulatory Environment - The report notes a clear regulatory direction focused on protecting minors while encouraging cultural exports and technological innovation [4][6]. - The number of game licenses issued has been steadily increasing, with an average of 107 domestic licenses per month in 2024, approaching levels seen in 2020 [4]. Company Highlights - Key companies such as Tencent, Giant Network, and Kaineng Network are identified as having strong fundamentals and upcoming product launches that could drive growth [11][13][14]. - The report emphasizes the importance of AI in enhancing game development and gameplay, although current valuations do not reflect this potential [7][17]. Upcoming Product Cycles - Several companies are set to launch new titles in Q4 2024 and into 2025, including Kaineng Network's "Douluo Dalu" and Giant Network's "Zhengtu" series, which are expected to boost visibility and market performance [10][11].