传媒互联网11月行业月报：“谷子经济”高景气，IP布局进行时

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [5]. Core Insights - The industry is experiencing a high level of activity, particularly in the IP sector, with a focus on high-quality IP products driving consumer interest and extending product lifecycles [3]. - The gaming market continues to grow, with a stable trend in sales revenue, while the advertising market is undergoing adjustments [2][3]. - The report highlights the importance of quality content in the film and gaming sectors, suggesting that companies with strong content reserves are well-positioned for growth [3]. Market Overview - In November 2024, the media industry index rose by 6.65%, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.66% [15]. - The media sector's performance was strong across various sub-industries, with digital media up 16.15%, advertising marketing up 13.95%, and the gaming sector up 10.02% [15][20]. Key Sub-Industry Data Tracking Film Industry - November 2024 saw a total box office of 1.877 billion yuan, a year-on-year increase of 11.4%, despite a month-on-month decline of 48.1% [2][30]. - The number of films released in November was 59, marking a year-on-year increase of 20.4% and a month-on-month increase of 68.6% [33]. - Upcoming films in December are expected to further boost box office performance, with 34 key films already scheduled for release [36]. Gaming Industry - The domestic gaming market's actual sales revenue in October 2024 was 29.083 billion yuan, showing a month-on-month decline of 4.1% but a year-on-year increase of 14.4% [2]. - The number of game licenses issued in the first eleven months of 2024 was 1,184, a significant increase of over 36% compared to the same period last year [2]. Advertising Industry - The advertising market saw a year-on-year decline of 3.5% in September 2024, with certain sectors like cosmetics and entertainment showing growth of over 10% [2]. Investment Recommendations - The report suggests focusing on sectors with stable performance or clear recovery potential, such as: 1. Hong Kong internet stocks, particularly Tencent and Bilibili [3]. 2. The publishing industry, emphasizing digital transformation and AI integration [3]. 3. Film and gaming sectors, highlighting companies with strong content reserves [3]. 4. IP derivative products, recommending leading retail brands like Pop Mart [3].