《提振消费专项行动方案》发布，重点提及文体消费、游戏电竞

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The report highlights the release of the "Consumption Boost Special Action Plan," which emphasizes the importance of cultural and sports consumption, particularly in gaming and esports. The plan supports the development of original IP in animation, games, and esports, aiming to enhance derivative product consumption and expand the domestic market for national brands [1][2] - The policy encourages the integration of traditional cultural elements into gaming IP, enhancing user engagement and commercialization opportunities through esports events. It also promotes the development of derivative products, facilitating monetization pathways for gaming IP through physical merchandise and theme parks [1] - The report suggests that the policy will inject vitality into the entertainment industry by addressing both supply-side (approval streamlining, scene innovation) and demand-side (IP consumption, national brand promotion) factors. Companies that can integrate culture, technology, and consumption are expected to benefit significantly from these policy incentives [2] Summary by Sections Industry Dynamics - The report notes a significant decline in the industry, with a drop of 29% from March 2024 to March 2025, compared to the CSI 300 index [4] Investment Recommendations - The report recommends focusing on companies with strong capabilities in cross-industry resource integration and rapid overseas expansion, including Tencent Holdings, NetEase, Perfect World, and others [2]