国君传媒|AI加速、IP崛起,科技、消费并驾齐驱

Investment Rating - The report indicates a neutral investment rating for the media sector, with a total increase of 1.58% in 2024, ranking 12th among 31 industries [1]. Core Insights - The media sector is expected to experience alternating defensive and thematic market trends throughout 2024, driven by the emergence of AI video models like Sora and PixVerse [1]. - The rise of domestic IP and the entry of Generation Z consumers are anticipated to sustain the trend of IP consumption, particularly in light of the "Cultural Power" strategy and "Cultural Confidence" values [1]. - AI technology is rapidly advancing, with significant developments in AI companionship, AI e-commerce, and AI marketing, which are expected to lead to more mature business models [2]. - Investment opportunities are projected to arise from the growth of IP consumption, AI applications, and the TikTok industry chain, particularly if TikTok successfully expands into the U.S. market [3]. Summary by Sections Media Sector Performance - In 2024, the media sector's performance was characterized by a 1.58% increase, with strong performance in publishing due to high dividend rates and stable earnings [1]. - The sector is expected to benefit from events like TikTok and Applovin, which could catalyze thematic market trends in Q4 2024 [1]. IP Consumption - The report highlights the ongoing rise of domestic IP, particularly among younger consumers, with a focus on products derived from anime and gaming [1]. - The term "谷子" refers to lightweight peripheral products derived from IP, which are expected to gain popularity among the youth demographic [1]. AI Applications - The report notes that AI technologies are evolving rapidly, with significant updates in large models and applications in companionship, e-commerce, and marketing [2]. - AI companionship is driven by social and educational needs, while AI e-commerce is transforming purchasing and sales processes [2]. TikTok Industry Chain - The report emphasizes the potential growth of TikTok's global revenue, which could reach $333 billion by 2029 if it successfully penetrates the U.S. market [3]. - Various sectors, including e-commerce, marketing, and content creation, are expected to benefit from TikTok's expansion [3].