证券研究报告 | 2025年11月04日 传媒互联网周报 优于大市 《逃离鸭科夫》销量突破 200 万，看好板块向上机会 投资建议：持续看好游戏板块新品周期与 IP 潮玩、把握 AI 应用机会。1） 持续看好游戏、IP 潮玩景气周期；游戏板块近期调整赋予良好机会，结合 产品周期及业绩表现，推荐巨人网络、恺英网络、吉比特等标的；IP 潮 玩重点推荐泡泡玛特；媒体端关注经济底部向上可能（分众传媒等）； 2）关注内容政策转向与 AI 应用机会；影视内容关注政策转向、供给端 底部改善带动需求改善可能，推荐平台（芒果超媒、哔哩哔哩）、内容 （光线传媒、华策影视等）以及播放渠道（万达电影等）；AI 应用重点 把握应用场景机会，关注 AI 动漫短剧、玩具、广告、教育、电商、社 交等方向。 风险提示：监管政策风险；业绩风险；商誉及资产减值风险等。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） ...

Group 1 - The total box office for the first seven days of the 2025 National Day holiday is 1.73 billion yuan, a decrease of 17.8% compared to the same period last year, and the total box office for the entire holiday period is expected to be below 2.8 billion yuan under neutral conditions [1][2] - The film "The Volunteers: Blood and Peace" has a cumulative box office of over 400 million yuan, ranking first, while no single film has exceeded 500 million yuan this year, indicating a lack of blockbuster films [1][2] - The average ticket price is 36.7 yuan, down 9.1% year-on-year, and the number of moviegoers is 47.12 million, down 9.6% compared to last year [1] Group 2 - The box office performance of films during the holiday period is relatively balanced, with "The Volunteers: Blood and Peace" accounting for 24.8% of the total box office, followed by "731" and "Assassination Novelist 2" with 19.2% and 16.2% respectively [2] - The market share of the top ten film investment companies is 33.1%, showing a slight year-on-year decline, indicating a relatively stable competitive landscape in cinemas [2] Group 3 - The supply of quality content is crucial for boosting audience demand, with upcoming domestic films such as "Impromptu Murder" and "The Unnamed: Meaningful" and imported films like "Avatar: The Way of Water" expected to be released [3] - Continuous monitoring of the box office performance of upcoming films, especially key imported films at the end of the year, is recommended [3] Group 4 - Companies to watch include offline entertainment platform Damai Entertainment (01060), Maoyan Entertainment (01896), and content IP company Shanghai Film (601595.SH) [4]