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Industry Rating - The industry rating is Buy [1] Core Views - The CITIC Media sector fell by 1.54% this week (Nov 18-22), outperforming the Shanghai Composite Index by 0.36 percentage points [5] - The A-share media sector experienced volatility, with significant gains mid-week due to strong performance of US-listed AI+marketing stocks, boosting expectations for domestic counterparts [5] - Internet: Focus on valuation re-rating of sector leaders like Tencent and Meituan, which have stable competitive landscapes and robust fundamentals [6] - Gaming: The sector is recommended due to potential earnings elasticity from product pipelines in 2025, with key companies like Perfect World, Century Huatong, and 37 Interactive Entertainment highlighted [6] - Publishing: Despite Q3 earnings declines due to tax policy changes and retail book consumption downturns, education publishing is expected to maintain steady growth with high dividend potential [6] - Film: A supply inflection point is expected in 2025, with several major films scheduled for release during the New Year and Spring Festival periods [6] - Marketing: Macroeconomic recovery is expected to boost advertiser confidence, with companies like Focus Media and BlueFocus recommended [6] - State-owned enterprise reform: Companies like New Media Group and Huashi Media are highlighted for their potential in state-owned enterprise reform and market value management [6] Sector Performance - The media sector underperformed the CSI 300 by 34% year-to-date [7] Key Company Updates - Meituan-W: Strong performance in local commerce, with food delivery and new businesses showing resilience and efficiency improvements [36] - Tencent Holdings: Steady growth in gaming and advertising, with strong performance in domestic and overseas games [37] - Baidu: Short-term ad performance impacted by product restructuring, but AI-driven cloud services are accelerating growth [38] - Kuaishou-W: Q3 revenue of RMB 31.1 billion, with robust growth in advertising and e-commerce GMV [41] - Bilibili: Q3 revenue of RMB 7.3 billion, driven by strong gaming performance, with a focus on high-margin businesses like advertising and gaming [42] - 37 Interactive Entertainment: Stable game operations with a rich pipeline of new games, and a strong commitment to shareholder returns through dividends and buybacks [43] - Focus Media: Q3 growth driven by FMCG and internet advertisers, with overseas expansion expected to contribute to future growth [46] Market Data - Film Market: Weekly box office (Nov 17-23) reached RMB 288 million, up 6.76% week-on-week, with Shengquan Zaiwo leading at RMB 67.81 million [50] - TV Drama Market: Yongye Xinghe topped the broadcast index with an average score of 86.5 [59] - Variety Show Market: Zai Jian Airen Season 4 led with an average broadcast index of 83.0 [64] - Gaming: Honor of Kings remained the top-grossing game on the App Store [67] VC/PE Investments - Magma Math: Raised $40 million in Series A funding for K12 education [71] - Zhonglianhezhong: Secured RMB 50 million in Series A funding for education informatization [71] - Paite Fresh: Raised tens of millions in angel funding for pet services [71] - Roboflow: Secured $40 million in Series B funding for video/live streaming [71]