传媒互联网产业行业周报：DeepSeek-V3上线，12月国产及新一批进口游戏版号发放

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Views - Focus on the main theme of AI applications, the continuation of tax incentives, the defensive attributes of the publishing sector, and the performance improvement of the content sector [1][2] - The AI industry is expected to accelerate product and application deployment in 2025, with particular attention to "Chat" products and algorithm-based applications/tools [1][2] - The publishing sector is projected to see an upward revision in net profit due to extended tax incentives, with a PE ratio of approximately 10-16X for 2025 [1][2] - The gaming sector is witnessing a product cycle initiation in Q4, with several major titles set to launch, indicating a positive outlook for leading companies [1][2] - The film sector is expected to experience a box office turning point with several high-quality films scheduled for release during the 2025 Spring Festival [1][2] Summary by Sections 1. Weekly Insights - AI: Continuous iteration of AI models and tools, with significant advancements such as the release of DeepSeek-V3 and QVQ models [1][10] - Publishing: Tax incentives are likely to enhance net profits for related companies, with some having low valuations and dividend yields of 4-5% [1][10] - Gaming: Focus on leading companies with improving performance; several new game launches are anticipated [1][10] - Film: A total of six films have been scheduled for the 2025 Spring Festival, indicating a positive trend in box office performance [1][10] 2. Investment Logic - Emphasis on AI application changes and deployment [2] - Positive outlook for gaming and film sectors with improving performance indicators [2] - Low valuations in the publishing sector with active AI and education investments [2] 3. Industry News - Significant advancements in AI models and the approval of numerous domestic games, indicating a favorable regulatory environment [2][25] - Recent funding activities in the media sector, including investments in entertainment and gaming companies [26] 4. Weekly Data Tracking - Movie box office data shows a 10.7% increase compared to the previous week, with total box office earnings of 420 million yuan [28] - TV drama viewership rankings indicate strong performance for top shows, with significant market share held by major streaming platforms [34] - Variety show rankings reflect a competitive landscape, with major platforms dominating viewership [38] 5. Key Company Valuation Updates - Recent stock performance indicates a mixed trend across the media sector, with notable fluctuations in AI-related companies and stable performance in the gaming sector [43]