传媒行业 证券研究报告·行业点评报告 2025 年 10 月 29 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -10.28 -5.23 9.17 绝对收益 -7.16 8.46 27.76 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 1. 江海证券-行业点评报告-传媒行业：《政 务领域人工智能大模型部署应用指引》发 布，加速 AI 应用落地 – 2025.10.14 2. 江海证券-行业点评报告-传媒行业：游 戏板块调整到位，建议买入 – 2025.10.14 戏行业关注度高，持续推荐 – 2025.09.08 3. 江海证券-行业点评报告-传媒行业：游 10 月 24 日 ， 火 山 引 擎 正 式 推 出 豆 包 视 频 生 成 模 型 1.0 pro fast （Doubao-Seedance-1.0-pro-fast）。该模型在继承 Seedance 1.0 pro 核心能 力的基础上，实现生成效率显著提升： ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][10]. Core Insights - The media industry has shown a weekly increase of 4.30%, ranking 6th among various sectors, with notable performances from companies like Rongxin Culture and Fantou Digital [13][20]. - AI applications and cultural exports are highlighted as key themes for investment, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [5][39]. - The short drama segment, particularly AI-enabled comic dramas, is experiencing explosive growth, with a projected market size exceeding 20 billion [38]. Summary by Sections Market Performance - The media industry (Shenwan) increased by 4.30% from October 18 to October 24, 2025, outperforming the Shanghai Composite Index, which rose by 2.88% [13][14]. - Notable stocks include Bilibili-W and Reading Group, which saw weekly increases of 11.24% and 9.88%, respectively [20]. Key Industry Data AI Application Data - Estimated iOS downloads for AI applications from October 17 to October 23 were 47.29K for Deepseek, 209.80K for Doubao, 69.49K for Quark, and 104.38K for Tencent Yuanbao, with respective week-over-week changes of -4.11%, -0.04%, -7.29%, and -10.96% [24]. Gaming Data - The National Press and Publication Administration issued 159 domestic and 7 imported game licenses in October. The top three iOS games as of October 23 were "Honor of Kings," "Genshin Impact: Sky Moon Song," and "Dungeon and Fighter: Origin" [25][28]. Film Data - The total box office for the week of October 18-24 was 230 million yuan, with "The Wandering Earth" leading at 47 million yuan, accounting for 20.4% of the weekly total [36]. Investment Recommendations - The report recommends focusing on AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors. Key companies to watch include Giant Network, Kyeing Network, and Perfect World [5][39].