Changjiang Securities·2026-01-30 05:07Investment Rating - The report indicates a positive outlook for the media industry, highlighting potential growth driven by policy improvements and AI advancements [4][7][17]. Core Insights - The media industry is characterized by a "supply determines demand" dynamic, with recent policy changes since 2022, particularly in the gaming sector, leading to a gradual recovery in supply and overall industry fundamentals [4][7][17]. - The introduction of the "Broadcasting 21 Measures" in August 2025 is expected to further enhance the supply side of the film and television industry, potentially marking a turning point in industry prosperity [7][25]. - AI technology is increasingly empowering production across various media sectors, significantly reducing costs and improving efficiency, which may lead to a new phase of growth in the industry [8][34][44]. Summary by Sections Policy Environment - The policy environment has shown marginal improvements, effectively addressing supply shortages in the media industry. Since 2022, the number of gaming licenses has been steadily increasing, and the "Broadcasting 21 Measures" aims to optimize the supply side of the film and television industry [7][25][27]. AI Empowerment - AI technology is being integrated into various media sectors, enhancing production efficiency and reducing costs. In gaming, AI is transitioning from a cost-cutting tool to a core element of gameplay innovation, while in advertising, AI has been validated by companies like Meta for improving return on investment [8][34][44]. Industry Performance - The media industry is expected to see significant performance improvements, with revenue and net profit showing positive growth starting in 2025. The gaming sector, in particular, has experienced accelerated growth, with Q3 2025 revenue reaching approximately 27.06 billion yuan, reflecting a year-on-year increase of about 35.23% [48][49]. Index Analysis - The CSI Media Index focuses on marketing, advertising, cultural entertainment, and digital media, with a significant portion of its constituents in the gaming and advertising sectors. The index is expected to benefit from the ongoing integration of AI technology and favorable policy changes [9][58][61]. ETF Overview - The CSI Media ETF (512980), managed by GF Fund Management, is the largest in its category, providing a liquid investment vehicle for exposure to the media sector. As of January 16, 2026, the ETF's scale is approximately 9.96 billion yuan [10][94].