Great Wall Securities·2025-02-20 08:12Investment Rating - The report maintains a low allocation rating for the media industry, with a slight increase in the low allocation ratio [1][9]. Core Insights - The media industry is expected to benefit from improvements in domestic large model performance and a decrease in API service pricing, which may accelerate the implementation of AI applications and gradually realize performance [1][9]. - The performance of different segments within the media industry shows divergence, with the gaming sector seeing an increase in preference, while the film and television sector continues to decline [1][9]. Summary by Sections Media Industry Overview - The media industry maintains a low allocation with a heavy market value ratio of 0.81%, a decrease of 0.1 percentage points; the total market value of the media industry to the total A-share market value is 1.54%, down 0.02 percentage points [1][9]. - The overall low allocation ratio for the media industry is 0.73%, which has increased by 0.08 percentage points [1][9]. Segment Performance - The gaming sector's preference has decreased from overweight to neutral, with a heavy market value of 10.285 billion yuan, down 27% [1][9]. - The film and television sector's low allocation ratio is 0.14%, which has expanded by 0.01 percentage points, with a heavy market value of 1.768 billion yuan, down 10% [1][9]. - The advertising and marketing sector's low allocation ratio is 0.09%, slightly increasing by 0.06 percentage points, with a heavy market value of 5.767 billion yuan, down 18% [1][17]. Tax Policy Impact - The publishing sector's preference has increased due to changes in tax policy, with a low allocation ratio of 0.24%, narrowing by 0.02 percentage points; the heavy market value is 2.222 billion yuan, up 7.34% [2][18]. Individual Company Performance - The top fifteen stocks in the media sector by public fund accumulation include Mango TV, Kaiying Network, and Zhongnan Media, with Mango TV expected to achieve revenue exceeding 5 billion yuan in 2024, a year-on-year increase of 18% [3][23]. - Kaiying Network has shown steady growth, with a revenue of 1.372 billion yuan in Q3 2024, a year-on-year increase of 30% [3][27]. Market Trends - The domestic gaming market's actual sales revenue reached 325.783 billion yuan in 2024, a year-on-year increase of 7.53%, with the user base growing to 674 million, up 0.94% [14][14]. - The film box office for 2024 was below expectations, but the 2025 Spring Festival box office is expected to break records, driven by major films [14][15].