互联网传媒行业投资策略周报：《诛仙世界》预计12/19上线，ChatGPT新增搜索功能

Investment Rating - The industry rating is "Buy" [4] Core Insights - The media sector experienced a decline of 2.57% during the week of October 28 to November 1, underperforming the Shanghai Composite Index by 1.73 percentage points [10][11] - The report highlights the upcoming launch of "Zhu Xian World" on December 19 and the addition of a search function to ChatGPT, which is expected to enhance user engagement [10][15] - The report indicates that the A-share media sector has seen a pullback, with some companies' earnings falling short of expectations following the release of Q3 reports [10][11] Summary by Sections Media Weekly Perspective - The media sector's performance was negatively impacted by regulatory changes in mergers and acquisitions, leading to stock price volatility [10][11] - The report anticipates a content explosion in the film sector during the upcoming Spring Festival, with several high-profile films scheduled for release [14] Internet Media - Recommendations include focusing on leading companies like Tencent and Meituan for valuation restructuring, as well as e-commerce platforms like Kuaishou, which are expected to benefit from economic recovery [16][12] - The report emphasizes the importance of strong earnings in entertainment media and gaming companies such as Cloud Music, Bilibili, and IGG [16][12] Gaming - The gaming sector showed signs of recovery, with a 9.83% year-on-year increase in revenue for Q3, totaling 23.181 billion yuan [13] - Key products include the upcoming launch of "Zhu Xian World" by Perfect World, which is expected to drive performance recovery [13][16] Publishing - The investment logic remains focused on high dividends, with expectations for the continuation of tax exemption policies [16] - Recommended stocks include Wanxin Media, Central South Media, Changjiang Media, and Phoenix Media [16] Film and Television - The report notes a significant drop in domestic box office performance in Q2 and Q3, with expectations for recovery during the Spring Festival [14] - Companies with strong film reserves such as Maoyan Entertainment, Alibaba Pictures, and Wanda Film are recommended for investment [16][14] Marketing - The report suggests that advertising spending is expected to rebound due to ongoing economic stimulus policies, with a focus on companies like Focus Media and Insai Group [16] - The integration of AI in marketing is highlighted as a key area for efficiency and precision in content production [16]