互联网传媒行业投资策略周报：AppLovin业绩超预期，字节旗下即梦AI视频生成模型更新

Investment Rating - The report rates the internet media industry as "Buy" [2]. Core Insights - The report highlights that the CITIC media sector rose by 1.27% from November 11 to November 15, outperforming the Shanghai Composite Index by 4.79 percentage points. The overall A-share media sector showed an upward trend, driven by catalysts in the AI industry, with AppLovin's performance exceeding expectations and ByteDance's AI video generation model updates increasing market interest in AI multimodal applications [16][22]. - The gaming market showed robust growth, with total revenue in October reaching 29.083 billion yuan, a year-on-year increase of 14.4%. Mobile gaming revenue was 22.11 billion yuan, up 17.07% year-on-year, while client games saw a slight decline [18]. Summary by Sections Internet Media - The report suggests focusing on leading companies like Tencent and Meituan for valuation restructuring, as they have stable competitive landscapes and solid long-term fundamentals. It also recommends monitoring Tencent Music and NetEase Cloud Music for their stable growth models [17][22]. Gaming - The report emphasizes the importance of the gaming sector, recommending continued attention to investment opportunities, particularly in Perfect World and its upcoming product launches. The report notes that the gaming market's performance remains resilient, with significant growth in overseas markets [18][22]. Publishing - Publishing companies are expected to maintain steady growth despite recent earnings declines due to tax policy changes and quarterly fluctuations. The report suggests focusing on companies with high dividend yields and strong cash positions, such as Zhongnan Media and Changjiang Media [22]. Film and Television - The report anticipates a recovery in film demand due to favorable policies and a rich lineup of films for the upcoming Spring Festival. Companies like Maoyan Entertainment and Wanda Film are highlighted for their potential [22]. Marketing - With expectations of economic recovery, the report suggests that advertisers' confidence is likely to improve, recommending companies like Focus Media and Innocean Group for investment [22]. AI Developments - The report notes advancements in AI applications, including updates from Google and ByteDance, which are expected to enhance user experience and drive growth in the sector [19][21].