9 月板块热度延续，关注三季度业绩兑现 20251022 摘要 游戏板块在 6 月版号释放和暑期档优异表现后曾大幅上涨，但三季度业 绩预期分化导致节后出现调整。目前板块估值处于明年 15 倍水平，年 底或有估值切换行情，头部公司估值或达 25 倍。市场偏好长青产品和 清晰产品线的公司。 AI 视频生成领域取得进展，Sovit 发布带来更新，提升影视生产效率， 重构影视工业流程。ToC 端改变用户生成和消费视频内容的方式，ToB 端拓展影视制作能力。关注快手可灵、OneRTC 生态融合，以及阅文集 团在 AI 漫剧方面的应用。 三季度游戏行业业绩表现最佳，影视行业平淡。9 月电影票房同比提升， 但国庆档下滑。演唱会票房和观影人次增长，但增速受艺人供给和场馆 利用率限制。关注中影、光线传媒和上海电影等公司受益于主投影片票 房弹性及衍生品收入增长。 三季度国产剧上新数量增加，但前 20 长剧有效播放量同比缩减，综艺 同比增长。爱奇艺三季度剧集市占率环比提升至 35.3%，受益于独播剧。 芒果 TV 在综艺方面保持领先地位，并在生活、游戏和喜剧题材上占据 优势。 Q&A 三季度表观业绩最好的是游戏行业，但影视新微下长 ...

Core Viewpoint - The article emphasizes the importance of practical career development strategies and insights from industry experts to help professionals navigate their career paths effectively [2][4]. Group 1: Event Details - The event titled "Career Classroom" will take place on June 5, 2025, in Shenzhen, focusing on real case studies rather than motivational speeches [6][8]. - The event features experienced professionals from major tech companies sharing their career advancement secrets and strategies to overcome job optimization anxiety [5][8]. Group 2: Expert Insights - Qin Bin, a senior game producer at Tencent, will discuss the transition from a liberal arts background to a programming role, highlighting his experience in developing popular games like "Naruto Online" [9]. - Zhu Hongting, an expert in operating billion-level consumer products, will share insights on managing large-scale operations and the core logic behind successful product launches, including the "乘车码" service that has reached over 100 cities [10]. Group 3: Skills for the AI Era - The discussion will cover essential skills that cannot be replaced by AI, focusing on survival strategies for professionals in large tech companies [9].