传媒互联网行业周报：2024网络视听大会在成都召开；24年3月下发107个国产游戏版号

Investment Rating - The report maintains an "Outperform" rating for the media industry [2]. Core Insights - The report highlights three main reasons for optimism in the media industry: 1) Expected gradual recovery of fundamentals this year; 2) Clear growth expectations in AR/VR and AIGC sectors, making it an opportune time for investment; 3) Policy support for the development of the digital economy, cultural industry, and platform economy [7][9]. Summary by Sections 1. Key Insights, Investment Strategy, and Stock Portfolio - Recommended investment portfolio includes Tencent Holdings, NetEase, Kaiying Network, 37 Interactive Entertainment, Shenzhou Taiyue, G-bits, Yaoji Technology, Tom Cat, Kuaishou, Mango Super Media, Wuxin Media, Baidu Group, Meituan, and Focus Media [7]. - Investment themes focus on gaming, AI and VR, education, short dramas, film and animation, advertising, and data elements [7]. - Beneficiary stocks include Alibaba-SW, JD Group-SW, Pinduoduo, iQIYI, Yika, and others in both Hong Kong and A-share markets [7]. 2. Market Performance Analysis and Data Tracking - The media industry index (SW) experienced a decline of 9.52% in the week from March 25 to March 29, compared to a 0.21% decline in the CSI 300 index [10]. - The latest PE ratio for the media industry index is 37.21, with a five-year average of 35.36; the latest PB ratio is 2.31, with a five-year average of 2.35 [15]. 3. Key Events Commentary - The 2024 China Network Audio-Visual Conference was held in Chengdu, where the "China Network Audio-Visual Development Research Report (2024)" was released, indicating that the number of users in the network audio-visual sector reached 1.074 billion, with a usage rate of 98.3% [8]. - In March 2024, 107 domestic game licenses were issued, with expectations for continued issuance of over 100 licenses monthly [9].