传媒行业跟踪报告：2023年广告市场行稳致远，梯媒拉动整体市场回暖

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [23]. Core Insights - The advertising market showed signs of recovery in 2023, with a year-on-year increase in spending of 6.0%. Monthly spending began to rise from March, with significant growth in April and May, and a year-on-year increase of 8.9% in December [9][20]. - Key sectors driving advertising growth include pharmaceuticals, beverages, entertainment and leisure, and cosmetics/personal care, with notable increases in advertising spending of 34.0%, 29.9%, 15.7%, and 12.3% respectively [14][20]. - The elevator media segment remains a strong performer, with advertising spending for elevator LCDs and posters increasing by 20.4% and 16.5% year-on-year, respectively [16][20]. Summary by Sections Market Performance - The advertising market in 2023 experienced a recovery, with December showing a year-on-year growth trend. The overall market is expected to continue this upward trajectory into 2024 [9][20]. - Monthly advertising spending saw a consistent positive growth trend starting from March, with December reflecting an 8.3% month-on-month increase [9][20]. Sector Analysis - The advertising expenditure in the beverage sector grew by 15.7%, while the pharmaceutical sector saw a 12.3% increase. The entertainment and leisure sector experienced a significant rise of 29.9% due to increased consumer travel enthusiasm [14][20]. - The cosmetics/personal care sector had a remarkable growth of 34.0%, driven by sustained consumer demand for quality of life products [14][20]. Channel Insights - Elevator media continues to be a dominant force, with significant year-on-year growth in advertising spending. The cinema video channel also showed a notable rebound, with a month-on-month increase of 41.3% in December despite a year-on-year decline [16][20]. - Other channels such as airports, train stations, and subways have transitioned from negative to positive growth in advertising spending [16][20].