游戏 业绩超预期，看好新游周期开启。2024年及2025Q1 A股游戏公司合计实现营收873.7、248.2亿元， yoy+8%、+21%，世纪华通爆款手游《无尽冬日》表现亮眼提振板块增速。截至2025Q1末，A股游戏公 司合同负债合计71.9亿元，同比增长7.5亿元，环比增长0.7亿元，反应A股游戏公司流水稳健增长态势。 2024年及2025Q1 A股游戏公司合计实现归母净利润68.4、42.4亿元，yoy-14%、+61%。该行看好2025年 买量市场竞争趋缓，新游周期开启驱动业绩增长，同时期待AI催化提振板块估值。 智通财经APP获悉，东吴证券发布研报称，传媒业25Q1整体表现优于预期，爆款驱动影视及游戏板块 增长。24Q4、25Q1传媒板块合计实现收入1,393亿元、1,240亿元，同比下滑2%、增长5%;板块增速实现 企稳回升，整体表现略好于市场预期。其中受爆款催化的影视院线及游戏板块表现出色，其他板块整体 表现相对平稳。 东吴证券主要观点如下： 营销 2025年迎来"开门红"，期待后续内容表现。24Q4影视院线行业实现收入98.4亿元，同比下滑6%，主要 受优质电影数量有限影响;25Q1影视院线行 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games [5][11] - The publishing and periodicals sector is facing revenue declines due to regulatory impacts and tax policy changes, with expected revenue drops of 2% in 2024 and 4% in Q1 2025 [2] - The gaming sector showed strong performance with a revenue increase of 21% in Q1 2025, supported by successful new game launches [20][29] - The marketing sector is experiencing revenue declines due to cautious ad spending amid economic recovery challenges, but top companies are showing resilience [5][20] - The film industry is expected to have a strong start in 2025, with Q1 revenue growth of 41% driven by popular films [5][20] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of 1,393 billion, a 2% year-on-year decline; however, in Q1 2025, revenue rose to 1,240 billion, marking a 5% year-on-year increase [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached 3,257.83 billion in 2024, with a year-on-year growth of 7.53%, and 857.04 billion in Q1 2025, growing by 17.99% [20][29] - A-share gaming companies reported total revenues of 873.7 billion and 248.2 billion for 2024 and Q1 2025, respectively, with year-on-year increases of 8% and 21% [29][37] Marketing Sector - The marketing industry faced revenue declines in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers; however, the sector showed signs of recovery with a 9% year-on-year increase in net profit in Q1 2025 [5][20] Film Industry - The film industry saw a revenue of 141.2 billion in Q1 2025, a 41% increase year-on-year, largely due to successful films like "Nezha: Birth of the Demon Child" [5][20] Digital Media - The digital media sector experienced slight revenue declines in both 2024 and Q1 2025, with major player Mango TV reporting a revenue of 140.8 billion in 2024, down 3.8% year-on-year [5][20] Publishing and Periodicals - The publishing sector is projected to see a revenue decline of 2% in 2024 and 4% in Q1 2025, influenced by regulatory changes in educational publishing [2][5]

增持（维持） 证券研究报告·行业深度报告·传媒 传媒行业深度报告 24Q4&25Q1 业绩综述：25Q1 板块整体优于 市场预期，影视及游戏行业表现亮眼 [Table_Tag] [Table_Summary] 投资要点 ◼ 出版报刊：教育出版监管影响收入，所得税政策变动产生一次性影响。 2024 年、2025Q1 出版报刊行业收入同比下降 2%及 4%，教育出版领域 的监管政策对相关企业产生了影响，一般图书出版领域整体平稳。2024 年、2025Q1 归母净利润分别同比下降 34%及同比增长 34%，行业归母 净利润的波动主要与递延所得税资产/负债的变动有关,而毛利和费用变 化幅度不大。考虑到财务稳健性及股息率，推荐：南方传媒、山东出版， 建议关注中原传媒、中南传媒、凤凰传媒、长江传媒、皖新传媒等；其 他出版方面，推荐中文在线，建议关注果麦文化等。 ◼ 风险提示：宏观经济恢复不及预期；政策风险；产品上线不及预期等。 2025 年 05 月 05 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 执业证书：S06 ...