传媒互联网产业行业周报：豆包视觉理解模型发布，关注税收优惠政策延续的影响

Investment Rating - The report maintains a "Buy" rating for the industry [8]. Core Insights - The report emphasizes the focus on AI applications, the impact of tax incentives on publishing-related stocks, and the initiation of product cycles in the gaming sector [2][25]. - Key areas of interest include the ongoing evolution of AI models and tools, the upward trend in performance for gaming and film sectors, and the low valuations in the publishing sector, which present opportunities for investment [8][26]. Summary by Sections Industry Viewpoints - AI: Continuous iteration of AI models and tools, with significant developments such as the launch of the Doubao visual understanding model and Google's new AI video generation model, Veo 2. The report anticipates accelerated deployment of AI products and applications in 2025, particularly in "Chat" products and algorithm-based applications [8][26]. - Gaming: The report highlights the performance of leading companies and the upward trend in earnings. In November 2024, 35 Chinese mobile game publishers ranked in the global top 100, generating a total revenue of $1.87 billion, accounting for 34.8% of the total revenue of the top 100 [8][26]. - Publishing: A recent tax policy allows cultural enterprises that transitioned to companies by December 31, 2022, to be exempt from corporate income tax until December 31, 2027. This is expected to positively impact net profits for related companies, with current PE ratios in the publishing sector estimated at 10-16X [8][26]. - Film: The report notes a promising lineup for the 2025 Spring Festival box office, with several films already scheduled for release, indicating a potential turning point in box office performance [8][26]. Industry Policies and News - On December 18, the Shenzhen Municipal Bureau of Industry and Information Technology issued measures to support AI applications, including financial incentives for demonstration projects and the issuance of various vouchers to reduce AI model development costs [19]. - Recent developments in AI technology include the launch of Google's Veo 2 model, which can generate high-resolution videos, and the introduction of the Gemini 2.0 Flash Thinking model, enhancing reasoning capabilities [32][33]. Weekly Data Tracking - The total box office for the week of December 14-20 was 340 million yuan, showing a slight decline compared to the previous week. The top three films accounted for 55.3% of the total box office [41]. - The report tracks the popularity of TV dramas and variety shows, noting that "Hunting Crime 2" and "I Am a Police Officer" are leading in viewership [51][55]. Key Company Valuation Updates - The report includes updated valuations for key companies in the industry, highlighting their performance metrics and market positions [57].