传媒行业点评报告：新品周期驱动增长加AI赋能，继续布局游戏板块

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The gaming industry is expected to continue its growth trajectory, driven by an increase in new game releases and the introduction of blockbuster titles. The actual sales revenue of the domestic gaming market in 2024 is projected to reach 325.783 billion yuan, representing a year-on-year growth of 7.53% [4] - The number of game licenses issued by the National Press and Publication Administration in 2024 reached 1,416, a year-on-year increase of 32%, indicating a sustained growth trend in license issuance [4] - The gaming sector is anticipated to see a performance turnaround in H1 2025, supported by strong consumer demand during the Spring Festival and the release of new games [5] - The introduction of AI technologies, such as DeepSeek, is expected to enhance game development efficiency and reduce costs, further promoting the integration of AI in the gaming industry [6] Summary by Sections Industry Growth - The gaming market's revenue and user base are both at historical highs, with 674 million users in 2024, a 0.94% increase year-on-year [4] - The increase in game licenses and the development cycle are expected to enrich the new game pipeline for 2025, with notable titles from major companies like Tencent and NetEase [4] Performance Expectations - The gaming sector's net profit growth rates for Q1-Q3 2024 were -36%, -30%, and -22%, respectively, but a rebound is expected in H1 2025 due to a low base and new game launches [5] - Apple's adjustment of its revenue-sharing model in the EU may lead to further reductions in its commission rates in China, potentially boosting gaming companies' profits [5] AI Integration - DeepSeek's capabilities can significantly streamline game development processes, allowing for rapid generation of game content and reducing development costs [6] - The multi-modal capabilities of DeepSeek are expected to expand the creative possibilities in game design, enhancing gameplay and storytelling [6] Recommended Companies - The report suggests increasing allocation in the gaming sector, with key recommendations including companies like Xindong, NetEase, Tencent, and others [6]