传媒：短剧春节档稳定发展，行业生态建立逐步完善

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return that will exceed the CSI 300 Index by more than 10% over the next six months [1]. Core Viewpoints - The short drama genre has shown stable development during the Spring Festival period, contributing to the gradual establishment of a robust industry ecosystem. The highest daily consumption of short dramas during this period has exceeded 100 million, with an estimated total box office of 800 million [1]. - The report highlights two categories of short dramas during the Spring Festival: one represented by platforms like Douyin focusing on "premium micro-short films," and the other being self-released short dramas on mini-programs [1]. - The supply and demand sides of the micro-short drama market are mutually reinforcing, with significant increases in production and user engagement. The number of registered micro-short dramas rose from 398 in 2021 to an estimated 3,000 in 2023, reflecting a nearly 700% year-on-year growth [1]. - The report emphasizes the growing user base for micro-short dramas, with over 50% of short video users having watched content under three minutes, indicating a strong market demand [1]. Summary by Sections Industry Performance - The report notes that the micro-short drama market has seen a significant increase in production, with the number of online short dramas rising from over 600 in 2021 to more than 1,400 in 2023, maintaining a growth rate of over 50% year-on-year [1]. - The report also mentions that the user traffic for micro-short drama apps has shown a growth trend, with a month-on-month increase of 33.8% in December 2023 [1]. Investment Recommendations - The report suggests focusing on companies that can leverage quality content and IP, such as Zhongwen Online (300364.SZ), Yuedu Group (0772.HK), and Zhangyue Technology (603533.SH). It also recommends companies involved in film production like Huayi Brothers (300027.SZ) and Mango Super Media (300413.SZ) [1].