传媒行业月报：国内游戏产业多项数据创新高，文化企业最新免税政策发布

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [2]. Core Insights - The domestic gaming industry is expected to reach historical highs in market size, user numbers, and overseas revenue in 2024, with stable demand and minimal external economic interference [6][18]. - Recent tax policies will extend tax exemptions for state-owned cultural enterprises until December 31, 2027, which is anticipated to significantly improve profit margins for these companies [7][18]. - The report highlights the potential for high dividend yields in state-owned publishing companies due to expected profit improvements [9][18]. - The rise of AI applications is noted, with recommendations to focus on sectors benefiting from AI, including film, advertising, and gaming [9][19]. Summary by Sections 1. Investment Recommendations - The report suggests continuous attention to the gaming sector due to its robust growth and policy support [6][18]. - It emphasizes the importance of high-dividend state-owned publishing companies as they are likely to maintain substantial shareholder returns [9][18]. 2. November Market Review 2.1 Market Performance - The media sector rose by 8.64% in November, outperforming major indices such as the ChiNext Index and the Shanghai Composite Index [22][26]. - The media sector ranked second in overall industry performance for November, following the retail sector [26]. 2.2 Valuation Levels - As of November 29, the media sector's PE ratio was 24.15, slightly above the historical average of 24.48 since 2019, indicating a 52.7% historical percentile [30][31]. 3. Industry News - The report covers various industry developments, including the launch of new games and the impact of government policies on the media sector [32][34]. 4. Monthly Industry Data 4.1 Film Market - In November 2024, the domestic film market generated a box office of 1.877 billion yuan, a year-on-year increase of 11.39% [39][40]. - The total box office for January to November 2024 was 40.272 billion yuan, reflecting a year-on-year decrease of 21.02% [39]. 4.2 Television and Streaming Market - The top five TV dramas in November included "Little Alley Family" and "Northwest Years," with significant viewership [53]. 4.3 Variety Show Market - The report lists the top variety shows, highlighting "You Sing 2024" and "Time Music Conference Season 4" as leading programs in terms of viewership [55].