传媒互联网产业行业研究周报：火山引擎FORCE原动力大会将召开，税收优惠政策延续

Investment Rating - The report maintains a "Buy" rating for the industry [1] Core Viewpoints - The report emphasizes the focus on AI applications, the product cycle initiation in the gaming sector, and the impact of tax incentives on publishing and related companies [1][2] Summary by Sections 1. Industry Insights - The media sector is highlighted for its focus on AI applications, the gaming sector's product cycle, and the effects of tax policy changes on publishing companies [11] - AI models and tools are continuously evolving, with significant updates and events such as the upcoming Volcano Engine FORCE conference [12] - The domestic gaming market achieved a record sales revenue of 325.783 billion, growing by 7.53% year-on-year, with a user base of 674 million, marking a historical high [12] - The publishing sector is expected to benefit from tax exemptions for cultural enterprises transitioning to corporate status, potentially leading to upward revisions in net profits [12] - The film industry is seeing an increase in the supply of films for the holiday season, with expectations for improved box office performance [12] 2. Key Companies and Events - Notable companies include Visual China, KAEI Network, Wanda Film, and Perfect World, which are recommended for investment due to their strong fundamentals and growth potential [2][12] - The report tracks significant events for key companies, such as the capital increase for Shanghai Fenjun Hongyi Information Technology Co., Ltd. [13] - The announcement of tax incentives for cultural enterprises is expected to positively impact companies like Mango Super Media and South Media [16][27] 3. Industry Policies and News - The report discusses the tax policy announced on December 6, which provides tax exemptions for cultural enterprises transitioning to corporate status until December 31, 2027 [27] - Industry news highlights the launch of AI video generation models by OpenAI and ByteDance, indicating a growing trend in AI applications within the media sector [28] 4. Weekly Data Tracking - The report includes weekly tracking of box office data, with total box office revenue of 410 million, showing a slight decline compared to the previous week [33] - The report also tracks the popularity of television series, with "I Am a Police Officer" leading in viewership [39] 5. Valuation Updates - The report notes that the A-share media sector has seen significant stock price movements, with Visual China experiencing a 36.5% increase, while Yidian Tianxia saw a decline of 11.39% [48]