传媒行业周报：10万亿化债落地，内需向好关注电影、游戏等板块

Investment Rating - The report maintains a "Buy" rating for the media industry [1] Core Viewpoints - The media sector has experienced three rounds of bottoming since 2018, and is currently in the early stages of the third round. The recent easing of pessimistic expectations and market pressures, along with the release of third-quarter reports, suggests a potential rebound in the industry. The announcement of an additional 10 trillion yuan in local debt resources is expected to benefit sectors related to domestic demand, such as film, gaming, and advertising [7][15] - The report highlights three main investment themes: the cinema line sector, IP development, and AI applications. The cinema sector is expected to benefit from a strong performance in the 2025 film market, particularly during the Spring Festival period. The anticipated release of major films is expected to drive ticket sales to record highs [15][20] - The report emphasizes the ongoing AI wave, with significant contributions from North American tech giants. The growth of AI applications is expected to drive innovation and the emergence of new cultural products, similar to the mobile internet wave [14][16] Summary by Sections Industry Performance Review - From November 4 to November 8, 2024, the Shenwan Media sector rose by 7.25%, outperforming the CSI 300 by 1.75 percentage points and underperforming the ChiNext by 2.07 percentage points. The top three performing sub-sectors were film and television, digital media, and gaming [5][6] Key Data Tracking - In October 2024, 113 new domestic games received approval, marking a slight increase from the previous month. Additionally, 15 imported games were approved, all of which are mobile games [22] - As of November 8, Tencent Video and Mango TV performed well, with Tencent having 8 exclusive variety shows in the top 20 and Mango TV having 7 [28][30] Important Sub-sector Insights - The gaming sector is expected to see growth driven by the success of "Black Myth: Wukong," which is anticipated to boost the single-player and console markets. The third quarter of 2024 saw the Chinese gaming market reach a record revenue of 91.766 billion yuan, a quarter-on-quarter increase of 22.96% and a year-on-year increase of 8.95% [18][19] - The report recommends focusing on cinema line companies such as Wanda Film and Shanghai Film, as well as companies with strong content reserves like Light Media [15][20]