传媒行业跟踪报告：基金重仓配置比例微幅下降，游戏板块仍为市场关注重点

Investment Rating - The industry is rated as "Outperforming the Market" with an expectation of a relative increase of over 10% in the industry index compared to the broader market within the next six months [4][47]. Core Insights - The SW Media Industry Index experienced adjustments in Q4 2024, with daily trading volume increasing year-on-year and quarter-on-quarter, indicating enhanced market activity. The valuation (PE-TTM) is on an upward trend, outperforming the average level of the past seven years [1][13][15]. - The fund's heavy allocation in the media sector remains low, with the gaming and advertising sectors being the focal points of market attention, maintaining an overweight position [2][3][35]. - The top ten heavy stocks in the SW Media sector are dominated by gaming, with five out of ten being gaming companies, reflecting high market interest [2][23]. Summary by Sections 1. Market Activity and Valuation - The SW Media Industry Index closed at 644.57 points at the end of Q4 2024, down 2.88% from the beginning of the quarter. The average daily trading volume was 746.58 billion yuan, a significant increase of 550.82 billion yuan quarter-on-quarter and 260.50 billion yuan year-on-year [13][15]. - The PE-TTM for the SW Media Industry as of February 14, 2025, was 30.11 times, representing a 15.82% increase compared to the average of the past seven years [15]. 2. Fund Allocation and Concentration - The allocation ratio for the SW Media Industry in Q4 2024 was 1.66%, with a fund heavy allocation ratio of 0.81%, indicating a low allocation level historically [17][18]. - The concentration of fund heavy stocks is significant, with the top five, ten, and twenty stocks accounting for 60.12%, 78.68%, and 93.80% of the total fund heavy market value, respectively [40]. 3. Sector Performance - The top ten heavy stocks in Q4 2024 included major players such as 分众传媒 (Fenzhong Media), 恺英网络 (Kaiying Network), and 昆仑万维 (Kunlun Wanwei), with gaming companies holding five positions [23][24]. - The gaming sector's allocation has shifted from overweight to underweight, while advertising and other sectors remain underweight [35][37]. 4. Investment Recommendations - The report suggests focusing on leading companies in the gaming and advertising sectors, particularly those with rich game license reserves and AI application layouts, as well as leaders in digital marketing and梯媒 (tiered media) [3][42].