传媒互联网行业周报（2025.11.10-2025.11.14）：关注苹果与微信小程序协议达成和执行情况-20251117

Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [3] Core Viewpoints - Apple's introduction of a partnership program for mini-programs allows developers to enjoy a 15% revenue share reduction on eligible in-app purchases, breaking the long-standing payment barrier [4] - The Tencent mini-program ecosystem is expected to accelerate development, leading to increased traffic growth on WeChat, which will gradually reflect in Tencent's advertising and gaming business [4] - The report emphasizes the importance of AI technology in enhancing advertising effectiveness and the need to focus on the strategic value of leading companies in the industry [4][11] Summary by Sections Internet Sector - Tencent's Q3 2025 revenue reached 192.9 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [4] - The overseas gaming market revenue was 20.8 billion RMB, up 43% year-on-year, while domestic gaming revenue was 42.8 billion RMB, up 15% [4] - Social network revenue grew by 5% to 32.3 billion RMB, driven by video live streaming and music subscription services [4] Film and Television Sector - The box office for the week reached 239 million RMB, with "Demon Slayer: Infinity Castle Chapter" leading with a single-day box office of 147 million RMB [5] - The report suggests that the film market remains supply-driven, with quality imported films expected to boost box office growth [5] - The television drama industry is anticipated to enter a new phase of content creation and development due to new government policies [5] Gaming Sector - The report highlights the strong performance of major games like "Honor of Kings" and "Delta Action," which are expected to maintain their competitive edge through frequent content updates [6] - There are potential investment opportunities as new product cycles begin, particularly in AI-enhanced gaming experiences [6] AI Application Sector - AI comic production is seen as a transformative approach to content creation, significantly improving efficiency and reducing costs [7] - The report encourages attention to companies involved in IP rights and industrialized content production, as well as those providing production technology and platforms [7][8] New Business Models - The "group broadcast" model is viewed as a significant industry innovation, shifting from reliance on individual charisma to systematic growth [9] - Companies directly involved in group broadcasting and those benefiting from its rapid development are recommended for investment consideration [9] Market Performance - From November 10 to November 14, the media sector saw a decline of 1.36%, ranking 25th among all industries [14] - The report notes that advertising, digital media, and television broadcasting sectors performed better than film, publishing, and gaming sectors during this period [15]