传媒行业2025年度投资策略：AI、谷子、并购的三重奏，传媒有望迎来黄金时代

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting a potential golden era driven by AI, the millet economy, and mergers and acquisitions [1]. Core Insights - The media industry has experienced three rounds of bottoming since 2018, currently in the early stages of the third round of recovery. The report suggests that AI applications, the millet economy, and M&A activities are expected to drive the media sector back to a golden age reminiscent of the 2013-2015 period [2][3]. - AI applications are witnessing significant breakthroughs, with advancements in large models and multi-modal technologies. The report emphasizes the potential for explosive growth in AI applications across gaming, film, and advertising sectors [2][3]. - The millet economy, particularly driven by the rise of the two-dimensional culture, is expected to continue growing, with domestic IP card games showing robust growth potential [2][3]. - The film sector is projected to see a significant recovery in 2025, especially during the Spring Festival period, with several high-profile films scheduled for release [2][3]. - The publishing sector is highlighted as a quality dividend asset, with state-owned publishing companies offering attractive dividend yields [2][3]. Summary by Sections Industry Review - The media sector is currently in the early stages of the third round of recovery, with the media index at 668.7 and a PE-TTM of 39.2, indicating a historically low valuation [3][34]. - Fund holdings in the media sector have slightly increased but remain at a historical low, suggesting potential for future growth [3][36]. AI Applications - The report identifies gaming, film, and advertising as key areas for AI application growth, with recommendations for companies like Kaiying Network and Mango TV [2][3]. - The AI industry is rapidly evolving, with significant updates in large models enhancing capabilities and cost-effectiveness [2][3]. Gaming Sector - The gaming market, particularly overseas, presents vast opportunities, with AI expected to drive new growth avenues [2][3]. Film Industry - The film market is anticipated to recover significantly in 2025, with expectations for record-breaking box office performance during the Spring Festival [2][3]. Publishing Sector - State-owned publishing companies are noted for their stable dividend yields, making them attractive investments [2][3]. Millet Economy - The millet economy, particularly in the context of two-dimensional culture, is expected to continue its rapid growth, with domestic IP card games leading the way [2][3].