传媒行业周报：首届IAGF开展，前三季度我国广告业保持较快增长

Investment Rating - The report maintains an "Accumulate" rating for the media industry [4][12]. Core Insights - The first IAGF exhibition is taking place from November 29 to December 1, showcasing over 50 exhibitors and various popular IP products, indicating potential benefits for the related industry chain as the "Guzi Economy" continues to develop [12][14]. - The advertising industry in China has shown robust growth, with total advertising revenue reaching 1.3 trillion yuan in 2023, a 17.5% increase from the previous year, solidifying its position as the second-largest advertising market globally [12][14]. - The film industry is projected to surpass 40 billion yuan in total box office revenue for 2024, with expectations of further growth as major films are scheduled for release during the 2025 Spring Festival [12][14]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the ongoing development of the "Guzi Economy" and its potential benefits for related industries, particularly through events like the IAGF exhibition [12]. - The advertising sector is experiencing steady growth, with significant revenue increases reported for major advertising firms [12]. - The film industry is also on track for a strong performance, with box office revenues expected to rise significantly [12]. 2. Market Review 2.1. Sector Performance - The A-share media index rose by 4.48% during the week of November 25-29, outperforming the CSI 300 index by 3.16 percentage points [17]. - Among the sub-sectors, the film and television sector saw the highest increase at 6.59%, while advertising marketing had the lowest at 2.44% [17][20]. 2.2. Stock Performance - The top-performing stocks included Shining Star (+36.21%) and Tian Di Online (+32.23%), while the worst performers included Tianyu Digital (-10.91%) and Shanghai Film (-10.33%) [26]. 3. Industry News - The report mentions the success of the game "Black Myth: Wukong," which has received over one million reviews on Steam, indicating strong interest in domestic gaming products [30]. - Perfect World launched its RPG game "Yihuan," which has garnered attention and led to a stock price surge [30]. - The overseas market for Chinese online literature has exceeded 4 billion yuan, with nearly 200 million active users, highlighting the global interest in Chinese cultural products [30]. 4. Company Dynamics - Wanda Film is closely monitoring AI technology developments, recognizing its potential to enhance various aspects of the film industry [33]. - Chuangyuan Co. emphasizes the importance of IP value and is actively seeking collaborations with renowned IPs [33].