传媒互联网行业4月报：海外大模型接连发布更新，建议关注端到端多模态大模型趋势

Investment Rating - The report maintains an "Outperform" rating for the media industry [1] Core Insights - The media industry index (SW) declined by 5.23% in April 2024, while the Shanghai Composite Index rose by 2.09% [21] - The report highlights the growth potential in AI, VR, and the digital economy, emphasizing the importance of policy support for the cultural and platform economy [2][36] - The gaming market in China saw a year-on-year growth of 7.60% in Q1 2024, with a market size of 726.38 billion yuan [28] - The film industry experienced a decline in box office revenue, with April 2024 box office totaling 2.238 billion yuan, down 22% year-on-year [30] Summary by Sections Market Overview - In April 2024, the media sector underperformed compared to major indices, with sub-sectors like media and advertising marketing seeing declines of 6.62% and 7.54% respectively [21][25] - The Hong Kong internet sector outperformed, with an 8.36% increase [25] Monthly Data Tracking - The gaming market's mobile segment generated 528.95 billion yuan, growing 8.63% year-on-year, while the client game market reached 167.71 billion yuan, with a 1.48% year-on-year increase [28] - The film industry saw a total of 22.38 billion yuan in box office revenue in April, with a significant drop compared to previous periods [30] Investment Portfolio - Recommended stocks include Tencent, NetEase, and Shanghai Film, among others [2] - Investment themes focus on gaming, AI, VR, education, short dramas, and advertising [2] Investment Recommendations - The report suggests that the current market conditions present a good opportunity for investment, particularly in sectors benefiting from AI and digital transformation [2][36] - It emphasizes the importance of monitoring the performance of companies in the gaming and film sectors as they adapt to changing market dynamics [41]