传媒行业2025年度策略报告：AI应用、悦己消费、全球化有望引领板块底部反转

Investment Rating - The investment rating for the media industry is "Positive" [2] Core Viewpoints - The report is optimistic about the A-share media sector in 2025, driven by AI applications, self-indulgent consumption, and globalization, which are expected to lead to a bottom reversal of the sector [2][3] - AI remains the strongest narrative in the tech field, with a shift from infrastructure to application investment, indicating significant opportunities in AI-driven marketing, e-commerce, education, and entertainment [2][3] - The self-indulgent consumption sector, represented by card games and IP derivatives, is experiencing rapid growth despite macroeconomic headwinds, with the market expected to expand from 15 billion to 70-90 billion [2][3] - Globalization is anticipated to be a key business direction for the media industry in 2025, with significant growth in overseas markets for games, short dramas, and cultural exports [3] Summary by Sections AI Application Theme 2025 Outlook - AI applications are accelerating, with hardware companies expected to enhance this trend, and the emergence of various AI applications is becoming feasible due to reduced inference costs and validated business models [8][9] - The performance of AppLovin, a leading AI-driven marketing company, has validated the effectiveness of AI in advertising, with significant revenue growth and high EBITDA margins [9][10][31] Self-Indulgent Consumption Theme 2025 Outlook - The card and IP derivative markets are growing rapidly, driven by social and collectible values, with a strong outlook for long-term growth in consumer numbers and spending [2][3] Gaming Industry 2025 Outlook - The domestic gaming market is expected to grow, with a record sales revenue of 325.78 billion yuan in 2024, a 7.53% increase year-on-year, driven by high-quality content and new game releases [3][4] - Key upcoming game releases are anticipated to stimulate demand and growth in the sector [5] Film Industry 2025 Outlook - The film market is expected to recover in 2025, particularly during the Spring Festival, as high-quality films are set to be released, following a significant decline in 2024 ticket sales [3][4] Publishing Industry 2025 Outlook - The publishing sector is expected to benefit from confirmed tax incentives, leading to a recovery from a low base in 2025 [3][4] Investment Recommendations - For AI applications, companies such as AppLovin, 易点天下, and 蓝色光标 are recommended for investment [4][5] - In the self-indulgent consumption sector, companies like 泡泡玛特 and 奥飞娱乐 are highlighted [5] - The gaming sector includes recommendations for companies like 恺英网络 and 三七互娱, with several key game launches planned [5] - In the film industry, companies such as 博纳影业 and 光线传媒 are suggested for investment [5] - The publishing sector includes recommendations for companies like 南方传媒 and 山东出版, focusing on those with favorable dividend rates [5]