广告行业跟踪（10）：10月同比微跌，梯媒增长强劲

Investment Rating - The report maintains a "Positive" investment rating for the advertising industry [8] Core Insights - The advertising market in China shows a mild growth trend, with a year-on-year increase of 1.9% from January to October 2024, despite a slight decline of 1.3% in October compared to the previous year [5][6] - Elevator media channels, such as LCD screens and posters, have demonstrated strong growth, with advertising expenditures increasing by 21.9% and 16.5% respectively from January to October 2024 [5][6] - Other advertising channels, including train/high-speed rail stations and cinema video ads, also saw growth, with increases of 2.7% and 5.3% year-on-year [5][6] - The report highlights a significant increase in advertising spending in the cosmetics and personal care sector, which rose by 41.9% year-on-year, driven by various product categories [6] - The report emphasizes the resilience of elevator media as an effective advertising channel, particularly as the domestic economy shows signs of recovery [7] Summary by Sections Market Performance - The advertising market's overall performance reflects a mild growth trend, with fluctuations in monthly expenditures [5][6] - October's advertising expenditures showed a month-on-month increase of 1.9%, indicating a recovery from previous declines [5][6] Channel Analysis - Elevator media channels are highlighted for their robust growth, while other channels experienced varying degrees of decline [5][6] - The report notes that street facilities, airports, subways, and internet advertising expenditures have decreased by 2.4%, 9.4%, 8.9%, and 17.2% respectively [5][6] Sector Insights - The food and beverage sector remains a major advertiser but is showing signs of reduced spending [6] - The entertainment and leisure sector saw a year-on-year increase of 14.6% in advertising expenditures, driven by significant investments across various media [6]