Investment Rating - The report maintains an "Accumulate" rating for the media industry [4][15]. Core Insights - Outdoor advertising in China has shown steady growth in the first ten months of 2024, with elevator LCD and poster advertising increasing by 21.9% and 16.5% year-on-year, respectively [12]. - ByteDance and Peking University have established a joint laboratory for the Doubao large model, which is expected to benefit the related industry chain as domestic large models continue to develop [12]. - The Chinese gaming market is projected to reach a record revenue of 325.783 billion yuan in 2024, with a year-on-year growth of 7.53%. The overseas revenue from self-developed games is expected to be 18.557 billion USD, marking a 13.39% increase [14]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the robust growth in outdoor advertising and the establishment of a joint laboratory by ByteDance and Peking University, indicating potential benefits for the industry chain [12][14]. - Investment recommendations include focusing on IP cultural economy, film and television, advertising, and gaming sectors, with specific companies suggested for each area [15]. 2. Market Review 2.1. Sector Performance - The A-share media index rose by 4.11% from December 9 to December 13, outperforming the CSI 300 index by 5.11 percentage points [19]. - Among the sub-sectors, digital media saw the highest increase at 9.78%, while the education sector declined by 1.77% [19][21]. 2.2. Stock Performance - The top-performing stocks included Yue Media (+46.49%) and Tianyu Digital Science (+37.54%), while the worst performers included Liujin Technology (-14.89%) and Yidian Tianxia (-11.39%) [28]. 3. Industry News - Recent tax policies have been announced for cultural enterprises transitioning to businesses, providing tax exemptions until December 31, 2027 [31]. - Tencent's mobile games "Honor of Kings" and "Teamfight Tactics" ranked first and third in the November download charts, respectively [31]. 4. Company Dynamics - Chuangyuan Co. stated it currently has no collaboration with Douyin [34]. - Light Media announced that the animated film "Nezha: The Devil Child Is Coming" will be released on the first day of the Lunar New Year in 2025 [34]. 5. Company Announcements - Key announcements include the election of a vice chairman at CITIC Publishing and the issuance of short-term financing bonds by Huashu Media [37].
传媒行业周报：2024年前10个月中国户外广告呈现出稳健增长，字节跳动与北京大学成立豆包大模型联合实验室
甬兴证券·2024-12-16 08:03