传媒行业周报：三季报落地压力解除，春节档影片定档开启

Investment Rating - The report maintains a "Recommend" rating for the media industry [1] Core Viewpoints - The media sector has experienced three rounds of bottoming since 2018, currently in the early stage of the third round. The release of Q3 reports and expectations of relaxed merger policies are likely to drive a rebound in the media sector [1][7] - The valuation and fund holdings in the media sector have returned to historical lows, indicating significant investment value [7][8] - The upcoming 2025 film market, particularly during the Spring Festival, is expected to achieve record box office performance, with several major films scheduled for release [13][17] Summary by Sections Industry Performance Review - From October 28 to November 1, 2024, the Shenwan Media sector declined by 2.77%, underperforming the CSI 300 by 1.09 percentage points but outperforming the ChiNext by 2.38 percentage points [5][6] Key Data Tracking - In the variety show segment, Tencent Video had 7 exclusive shows in the TOP20, while Mango TV had 6. In the drama segment, Tencent Video led with 8 exclusive dramas in the TOP20 [24][26] Investment Insights - The report highlights three main investment lines: 1. Cinema line, with a focus on the 2025 Spring Festival box office and recommended companies like Wanda Film and Shanghai Film [13] 2. IP development, particularly with the success of "Black Myth: Wukong" driving high-quality game and cultural product creation [13][16] 3. AI applications, with ongoing advancements expected to drive growth in the media sector [12][14] Important Subsector Insights - The gaming sector saw 113 new domestic games approved in October, indicating a slight increase in approvals compared to the previous month [15][20] - The publishing sector is characterized by stable revenue and profit growth, with several companies offering attractive dividend yields [17] Major Events in Media - The report notes significant advancements in AI applications within the media sector, including the launch of new AI tools and models that enhance content creation capabilities [29]