Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - Beijing has introduced 12 measures to promote high-quality development in the advertising industry, which is expected to benefit the entire industry chain. The annual revenue of large-scale advertising companies in Beijing reached 343.4 billion yuan, maintaining the top position in the country with a steady growth trend [10][26] - The success of "Nezha 2" has not only boosted the domestic film market but also reignited interest in the "Guzi economy," with related merchandise sales exceeding 300 million yuan within a month of its release, breaking previous records [2][10] - Multiple regions, including Zhejiang and Guangzhou, have expressed support for the gaming industry to grow stronger, with specific policies and funding being developed to enhance the sector [11][27] Summary by Sections 1. Market Review - The A-share Shenwan Media Index fell by 8% from February 24 to February 28, underperforming the CSI 300 Index by 5.78 percentage points and the ChiNext Index by 3.55 percentage points. The performance of the seven sub-sectors of the Shenwan Media Index ranked as follows: Television Broadcasting (-5.28%), Publishing (-5.79%), Advertising Marketing (-7.09%), Digital Media (-8.38%), Gaming (-9.1%), Education (-9.16%), and Film and Television (-9.89%) [3][14][17] 2. Investment Recommendations - The report recommends focusing on the following sectors: - Advertising Marketing: Suggested companies include Focus Media and Easy Point [12] - Guzi Economy: Suggested companies include Aofei Entertainment, Guangbo Shares, Huali Technology, and Chuangyuan Shares [12] - Gaming: Suggested companies include Kaiying Network, 37 Interactive Entertainment, and G-bits [12] 3. Industry News - Beijing's 12 measures aim to enhance the digital advertising industry's quality and support the construction of digital advertising industrial parks, optimizing medical advertising management and providing guidelines for financial and real estate advertising [26] - The merchandise sales related to "Nezha 2" have surpassed 300 million yuan, with over 2 billion yuan coming from trendy items like blind boxes and figurines, leading to the emergence of nearly 10 million-level stores [2][10] - Zhejiang and Guangzhou are implementing measures to support the gaming industry, including policies for promoting local games abroad and enhancing cultural trade innovation [11][27]
传媒行业周报：北京出台政策推动广告行业发展，浙江、广州多地支持游戏产业“做大做强”
甬兴证券·2025-03-04 07:40