传媒行业周报：12月会议或将刺激内需，院线有望成为轮动主线

Investment Rating - The report maintains a "Recommended" rating for the media industry [1] Core Viewpoints - The media sector has experienced four rounds of rotation since October 14, with funds shifting towards previously underperforming segments, particularly cinema lines, state-owned publishing, and state-owned broadcasting. The cinema sector is expected to have stronger short-term catalysts and may become the next main rotation line [15][24] - The report highlights three main investment themes: cinema lines, IP card games, and AI applications, with a positive outlook on the 2025 film market, especially during the Spring Festival [24][26] Summary by Sections 1. Industry Performance Review - From November 25 to November 29, the Shenwan Media sector rose by 4.48%, outperforming the CSI 300 by 3.16 percentage points and the ChiNext by 2.25 percentage points. The top three performing sub-sectors were film and television, digital media, and gaming [13][14] 2. Key Data Tracking - In the variety show segment, Tencent Video had 7 exclusive shows in the TOP 20, while Mango TV had 8. In the drama segment, Tencent Video led with 8 exclusive dramas in the TOP 20 [3][45][48] 3. Investment Themes - Cinema Lines: Anticipated strong performance in the 2025 film market, with several major films scheduled for release. Recommended companies include Wanda Film, Hengdian Film, and Shanghai Film [24][35] - IP Card Games: The domestic IP card game sector is expected to maintain rapid growth, with recommendations for Yaoji Technology and AoFei Entertainment [26] - AI Applications: Continuous advancements in AI technology are expected to drive growth in the media sector, with recommendations for companies like Kylin Network and Shanghai Film [26][23] 4. Important Sub-sector Insights - Gaming Sector: In November, 112 new games received licenses, maintaining the previous month's level. The gaming market is expected to recover, with recommendations for companies like Kylin Network and Yaoji Technology [27][28][29] - Publishing Sector: Traditional cultural IP development shows strong potential, and educational publishing is viewed as a stable revenue source. Recommended companies include Shandong Publishing and Zhonghua Publishing [32] - Film and Long Video Sector: AI is enhancing production efficiency, and the film market is expected to rebound with several major films set for release. Recommended companies include Mango Super Media and Huace Film [33][35] 5. Advertising Media - The advertising market is showing signs of recovery, with a 2.3% year-on-year increase in the first nine months of 2024. Recommended companies include Focus Media and Yidian Tianxia [37][38]