传媒行业月报：AI流量入口竞争白热，春节档电影供给丰富-20260128

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating a positive outlook compared to the market [1]. Core Insights - The media index rose by 16.19% as of January 26, 2026, outperforming major indices such as the Shanghai Composite Index (+4.13%) and the CSI 300 Index (+1.66%) [3][13]. - The report highlights the strong performance of sub-sectors, particularly the internet marketing sector, which surged by 43.70%, followed by publishing (+11.68%), gaming (+10.79%), and film (+8.73%) [3][14]. - The current price-to-earnings (PE) ratio for the media sector stands at 31.71, significantly above the average of 25.90 for 2023, indicating a high valuation relative to historical levels [4][19]. Summary by Sections Investment Recommendations - The report suggests focusing on two main themes: improving policy environment and accelerated AI application, which are expected to enhance both valuation and performance in high-growth sub-sectors [5][11]. - Specific recommendations include: 1. Gaming Sector: Anticipated steady growth in the domestic gaming industry, with a focus on companies like Gigabit, Kaixin Network, and Perfect World [12]. 2. Film Sector: Attention on the upcoming Spring Festival film releases, which are expected to significantly impact the performance and valuation of the film sector, with companies like Light Media and Wanda Film highlighted [12]. 3. Defensive Positioning: State-owned publishing companies are recommended for their low valuations and high dividend yields, with a focus on Zhongyuan Media [12]. Market Review - As of January 26, 2026, the media index's performance ranked second among 30 industry groups, with 134 out of 139 stocks rising [3][16]. - The report notes a significant increase in the number of stocks outperforming the market, with top gainers including BlueFocus and Liwen Technology [16][18]. Industry News - The report discusses regulatory developments, including a nationwide initiative to address "AI-modified" video content, which may impact content creation and distribution practices [20]. - It also highlights the ongoing competition among major internet companies to capture AI traffic, which is expected to drive user growth and expand commercial opportunities in various content areas [11][22]. Monthly Data - The domestic film market saw a box office of 37.13 billion yuan in December 2025, marking a year-on-year increase of 58.00% [24]. - The gaming market achieved a sales revenue of 350.79 billion yuan in 2025, reflecting a growth of 7.68% year-on-year, with user numbers reaching 683 million [42][43].