传媒：短剧热度再起，多家AI公司推出多模态模型应用

Investment Rating - The report suggests a positive investment outlook for the media sector, indicating that the sector index is expected to outperform the CSI 300 index by over 10% in the next six months [37]. Core Insights - The media sector index increased by 14.62% this week, significantly outperforming the CSI 300 index, which rose by 4.58%, resulting in a relative return of 10.04% [4][12]. - The gaming sector saw a rise of 12.19%, while the advertising and marketing sector surged by 20.28%, indicating strong performance across various sub-sectors [4][12]. - The report highlights the resurgence of short dramas, with significant viewer engagement and revenue generation, particularly during the Spring Festival period, where one short drama alone generated over 20 million in a single day [4][31]. Market Review - The report notes that the gaming sector's revenue from Tencent's "Honor of Kings" reached 233 million USD in January 2024, marking a return to the top of the global mobile game sales rankings [14]. - The report also mentions that the total box office for the week of February 19-25, 2024, was 1.946 billion CNY, reflecting a 68.15% decrease from the previous week [30]. Investment Recommendations - The report recommends focusing on three investment themes: 1. Leading gaming companies benefiting from AI and MR technologies, such as 37 Interactive Entertainment, Kaiying Network, Shenzhou Taiyue, and Perfect World [4][33]. 2. Companies with strong performance and reasonable valuations, including Mango Excellent Media and Focus Media [4][33]. 3. Companies involved in the short drama market and AI-generated video technologies, such as Light Media, Hengdian Film, Huace Film, and Aofei Entertainment, especially following the strong box office performance during the Spring Festival [4][33].