传媒：自播直播促进线上消费，内容达人为电商业务注入强动能

Investment Rating - The industry investment rating is "Leading the Market" (maintained) [2][5] Core Viewpoints - The report highlights that over 2 million small and medium-sized businesses are expected to achieve business growth through live streaming in 2024, with a year-on-year increase of 165% in the number of businesses engaging in self-broadcasting, and total self-broadcast sales exceeding 659.1 billion yuan [2] - The report emphasizes that live streaming e-commerce is a significant driver of growth, contributing over 80% of the incremental growth in the e-commerce sector, with continuous user growth [2] - The report suggests that the head platforms are actively reducing operational costs for merchants, with measures such as waiving service fees and lowering commissions, which have saved small and medium-sized businesses over 7 billion yuan in service fees in 2024 alone [2] Summary by Sections Industry Performance - The report notes that the number of small and medium-sized businesses collaborating with influencers for live streaming has increased by 334% year-on-year, and the number of small and medium-sized businesses achieving sales exceeding one million yuan through influencer collaborations has grown by 120% [2] - It is projected that new influencers will have development opportunities, with a 40% year-on-year increase in sales for newly registered influencers on the Douyin e-commerce platform [2] Investment Recommendations - The report recommends focusing on companies such as Tencent Holdings, BlueFocus Communication Group, InnoCare Pharma, Tianxia Show, and others, as live streaming e-commerce is expected to generate significant incremental benefits throughout the year [2]