传媒互联网产业行业研究：逐步回归平静

Investment Rating - The report maintains a positive outlook on the AI technology sector, emphasizing strong performance from leading tech companies like Google, META, Microsoft, Alibaba, and Tencent [3] Core Insights - The report highlights a gradual return to stability in the market, with reduced concerns over the Federal Reserve's interest rate cuts in December, leading to improved liquidity and risk appetite [3] - The AI industry is expected to continue its growth trajectory, with a focus on operational cash flow from leading tech firms and the application of AI in various sectors [3] - The cryptocurrency market faces short-term pressures but remains optimistic in the medium to long term, particularly regarding blockchain and decentralized payment technologies [3] - The Macau tourism sector is seen as a valuable investment opportunity, benefiting from a favorable supply-demand dynamic and expected growth during holiday periods [3] - The report expresses a bullish stance on trading platforms, viewing any short-term pullbacks as opportunities to increase positions [3] Summary by Sections 1.1 Consumer & Internet - Education: The education index rose by 1.41%, outperforming several major indices. The number of college graduates is projected to increase by 480,000 to 12.7 million by 2026 [11][18] - Luxury Goods & Gambling: The luxury goods index increased by 3.90%, with notable gains from Sands China and MGM China. Macau's tourism is recovering well [20][28] - Coffee & Tea: The coffee sector remains robust, while the tea sector faces challenges due to reduced subsidies from delivery platforms [5][29] - E-commerce: The e-commerce sector is under pressure, affected by the consumption environment and tax impacts on advertising [5][33] 1.2 Platforms & Technology - Streaming Platforms: The media index rose by 4.54%, with key players like Netflix and Tencent Music showing positive performance [43] - Virtual Assets & Internet Brokers: The global cryptocurrency market capitalization reached $319.68 billion, with Bitcoin and Ethereum prices increasing by 6.9% and 9.7%, respectively [49][52] - Automotive Services: Japan plans to achieve a fleet of 10,000 autonomous vehicles by 2030, indicating a significant push in the automotive sector [61] 1.3 Media - The report notes a record high of 184 game approvals in November, with the domestic gaming market expected to generate revenues of 31.36 billion yuan by October 2025, reflecting a year-on-year growth of 7.83% [5][12]