传媒行业月报：CES展端侧AI引关注，春节假期将至关注电影市场表现

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the broader market performance [1]. Core Insights - The media sector experienced a decline of 6.44% in December 2024, underperforming compared to the Shanghai Composite Index and the CSI 300 Index, which rose by 0.76% and 0.47% respectively [4][13]. - The report highlights the upcoming Chinese New Year holiday as a critical period for the film market, with several high-quality domestic films scheduled for release, which could boost box office performance [4][10]. - The report emphasizes the growth potential in the AI sector, particularly in AI-enabled consumer products, forecasting a 26% increase in global AI glasses shipments in 2025 [4][10]. Summary by Sections 1. Investment Recommendations - Continuous attention is recommended for AI model advancements and their integration with consumer-grade devices such as toys and glasses [4][10]. - The report suggests monitoring the gaming sector due to its dual attributes of technology and consumption, with a positive policy outlook [4][10][11]. 2. December Market Review - The media sector's valuation slightly decreased, with a PE ratio of 23.31 as of December 31, 2024, compared to an average of 24.48 since 2019 [4][19]. - The media sector ranked 26th in terms of performance among all industries in December 2024 [4][13]. 3. Industry News - Tencent's latest advancements in video generation AI were highlighted, showcasing significant technological progress in the media sector [20]. - The report notes the government's measures to stimulate cultural and tourism consumption, which may positively impact the media industry [4][10][20]. 4. Monthly Industry Data - December 2024 saw a 40.43% year-on-year decline in box office revenue, totaling 2.35 billion yuan, with a total annual box office of 42.62 billion yuan, down 22.13% from the previous year [24][28]. - The gaming market achieved a record revenue of 325.78 billion yuan in 2024, marking a 7.53% increase year-on-year [37][39]. 5. Advertising Market - The advertising market showed a 1.7% year-on-year increase from January to November 2024, with notable growth in specific channels like elevator advertising [50].