传媒行业12月投资策略：景气周期将至，AI+/IP+带动向上弹性

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Viewpoints - The media sector is expected to experience a cyclical recovery driven by AI and IP themes, with significant upward potential [8] - The report highlights a notable performance in November, with the media sector outperforming the market [4] - The gaming market shows signs of improvement with normalized issuance of game licenses and significant year-on-year growth [5][27] - The film industry is anticipated to benefit from the upcoming Spring Festival, with a focus on content quality and supply recovery [6][48] Summary by Sections 1. Media Sector Market Review - In November, the media sector (Shenwan Media Index) rose by 6.65%, outperforming the CSI 300 Index by 5.99 percentage points, ranking 4th among 31 industries [4][13] - The current TTM-PE for the Shenwan Media Index is 42x, indicating a significant recovery in valuation [17] 2. Gaming - In November, 112 domestic and 7 imported game licenses were approved, indicating a stable and normalized issuance [24] - The Chinese gaming market reached a scale of 29.083 billion yuan in October, showing a year-on-year growth of 14.4% [27] - The actual sales revenue from mobile games was 22.110 billion yuan, with a year-on-year increase of 17.07% [27] 3. Film - November's total box office reached 1.877 billion yuan, marking a year-on-year growth of 11.4% [37] - The Spring Festival is expected to boost box office performance, with several high-quality films scheduled for release [48] - The lack of high-quality content has been identified as a primary reason for the current low box office performance [6][40] 4. AI Applications - Significant advancements in AI video, search, and gaming sectors are noted, with various companies launching new AI products [52][53] - The report emphasizes the potential of AI-driven technologies to catalyze sector performance [8][75] 5. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the cyclical recovery and AI/IP themes, including specific recommendations for gaming and film sectors [8][9]