传媒行业月报：6月游戏版号数量新高，关注暑期档文化消费需求-20250625

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [1] Core Insights - The media sector has shown a significant performance increase, with a 6.54% rise from May 26 to June 24, 2025, outperforming major indices like the Shanghai Composite and ChiNext [3][13] - The gaming industry is experiencing a favorable policy environment and robust market demand, with AI technology expected to enhance valuations and drive growth [10][11] - The IP derivatives market is emerging as a new consumer trend, driven by younger generations with different consumption philosophies [11] - The publishing sector remains stable with solid demand for educational materials, suggesting long-term investment opportunities in high-dividend state-owned companies [11] Summary by Sections Investment Recommendations - Despite an overall decline in the media sector's performance in 2024, Q1 2025 shows notable improvement, with strong product launches positively impacting earnings [10] - The gaming sector is expected to benefit from a combination of solid fundamentals and a more relaxed regulatory environment, alongside the integration of AI technologies [10] Market Review - From May 26 to June 24, 2025, the media sector ranked 5th among 30 industries, with 111 out of 141 stocks rising [3][13] - The gaming and film sub-sectors saw the highest increases, with gaming up 17.04% and film up 9.23% [14] Industry News - The Ministry of Commerce and other departments have recognized 404 enterprises as key cultural export companies for 2025-2026, indicating a focus on enhancing cultural exports [20] - The gaming industry is supported by new policies aimed at promoting overseas expansion and technological integration [22] Monthly Data Film Market - In May 2025, the domestic film market generated a box office of 1.739 billion yuan, a year-on-year decrease of 41.03% but a month-on-month increase of 45.28% [24] - The average ticket price was 39.52 yuan, reflecting a slight decrease compared to the previous year [24] Game Market - The domestic gaming market reached a size of 28.051 billion yuan in May 2025, marking a year-on-year growth of 9.86% [41] - The mobile gaming segment grew by 11.96% year-on-year, indicating strong consumer engagement [41][42]