传媒互联网行业：中央经济工作会议解读-全面扩大内需，推动消费高质量发展

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry, indicating an expected performance exceeding the benchmark index by more than 10% [5]. Core Insights - The Central Economic Work Conference emphasized the importance of boosting consumption and expanding domestic demand as a key strategy for economic stability and growth. This is particularly relevant for the media industry, where sectors like film and gaming are expected to see significant growth due to policy support [2][3]. - The introduction of the "first-release economy" aims to stimulate high-quality consumption by encouraging businesses to launch new products and services. This initiative is expected to drive growth in related sectors, particularly in trendy and quality-focused markets [3][4]. - The report suggests that the media industry, particularly the film sector, will benefit from a recovery in supply and demand dynamics, with companies like Bona Film Group, Wanda Film, and Maoyan Entertainment positioned to gain from this trend [4]. Summary by Sections Economic Policy Insights - The conference outlined nine key tasks for 2025, with a focus on enhancing consumption and investment efficiency. The media sector, especially cinema and gaming, is poised for growth due to these initiatives [2]. - A significant investment of at least 600 million yuan in consumer subsidies for film viewing during key holiday periods is expected to boost audience engagement and market performance [2]. Emerging Economic Trends - The "first-release economy" is highlighted as a new growth area, with government support anticipated to foster innovation and new business models across various industries [3]. - The report indicates that sectors like trendy toys and the "first-release economy" are likely to maintain high market interest and performance into 2025 [3][4]. Investment Recommendations - The report recommends focusing on sectors within the media industry that are likely to experience sustainable growth, particularly in film and trendy consumer products [4].