传媒互联网10月行业月报：内容板块增长可期，共绘文化强国蓝图

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [4]. Core Insights - Cultural construction is gaining momentum with positive policy guidance, aiming for a cultural power by 2035, focusing on high-quality content and new productive forces as the main development model for cultural export [1]. - The National Day box office met expectations, with October box office at 3.619 billion yuan, a year-on-year decrease of 0.82% but a month-on-month increase of 148.56%. Attention is drawn to the upcoming supply inflection point with 51 key films expected to be released in November [1][25]. - The gaming market remains vibrant, with 1,072 game licenses issued in the first ten months of 2024, a growth of over 36% year-on-year. The advertising market also showed a 5.2% increase in August 2024 [2]. Summary by Sections Market Overview - In October 2024, the media industry index rose by 5.16%, outperforming the Shanghai and Shenzhen 300 index, which fell by 3.16% [13]. - The media sector's absolute valuation is currently low, with a rolling P/E ratio of 25.43, which is 25.87% lower than the historical average since 2013 [21]. Key Sub-Industry Data Tracking - Film Industry: October box office figures showed a slight year-on-year decline, with the top three films contributing 54.5% of the total box office [25]. - Gaming Industry: The supply side is expected to improve, with strong performance from mobile games and new releases driving revenue growth [2]. - Advertising Market: The advertising expenditure in various sectors, including cosmetics and entertainment, increased by over 11% year-on-year [2]. Investment Recommendations - The report suggests focusing on sectors with stable performance or clear recovery potential, such as leading internet companies like Tencent and emerging opportunities in the publishing industry [2].