在大盘回调的背景下，GICS分类的媒体及娱乐板块的估值在2月份出现显著的回落，跌幅为13.2% (2023年2月10日- 2023年3月9日)。媒体及娱乐板块的市值加权平均股价表现在24个二级分类中排名第23位，差于恒生指数(-7.9%)但略微好于恒生科技指数(-14.0%)。从细分赛道来看，有线和卫星电视以及出版再次表现出强劲的防守性，而广播则呈现出逆市增长的趋势。广告、电影和娱乐以及互动媒体和服务等赛道出现了不同程度的估值回调，其中互动媒体和服务子赛道的回调最为严重(-14.0%)。
　　在版号发放恢复常态化下，游戏行业收入有望在2023年恢复增长，从提升盈利性层面支撑行业估值的修复。过去，传播文化行业呈现低迷的投资氛围，部分原因归咎于技术创新放缓。目前，行业盈利性改善的确定性持续提升以及ChatGPT的诞生，显现出行业估值复苏的强信号。一方面，政策优化和新游戏的发布从根本上提高了行业内公司的盈利能力。另一方面，ChatGPT的诞生是行业拥抱新技术创新的一个征兆。游戏相关推荐标的：腾讯(00700 HK)、网易-S(09999 HK)和百度-SW(09888 HK)。受益标的：创梦天地(01119 HK)。
　　近期，哔哩哔哩、百度和爱奇艺分别公布了其2022年第四季度的财务业绩，都共同反映了目前对于降本增效的发展重心。随着各互联网平台提升降本增效的战略定位，长视频平台的竞争格局稳定向好，优质的内容输出成为视频平台的发展核心。疫情放开有利于加快长视频内容拍摄进度、恢复广告招商。我们认为长视频行业将迎来复苏，优质内容输出能力强大的平台均有望录得优异表现。长视频推荐标的：哔哩哔哩-W(09626 HK)。受益标的：爱奇艺(IQUS)。
　　

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportMediaCultureSectorTeddyLin林荣叶行业报告传播文化行业8675523976692rongyelingtjascomhk10March2023SignTableMainInfosofRecoveryMaintainOutperform行复苏的征兆维持跑赢大市评级业InthecontextoftheoverallmarketpullbacktheGICS-classifiedmediaentertainmentsectorfacedasignificantdropinvaluationinFebruaryRatingTableInvestInfo报Outperformdown13210Feb2023-9Mar2023Themarketcap-weightedaverageMaintained告shareperformanceofmediaentertainmentsectorranked23rdamongthe24SectorReportsecondarysectorsunderperformingtheHangSengIndex-79butslightly评级跑赢大市维持outperformingtheHangSengTechnologyIndex-140Bysubsectorcable2satelliteandpublishingonceagainshowedastrongdefensivewhilebroadcastingshowedcountertrendgrowthThesubsectorsofadvertisingmovieMediaculturesectorperformanceentertainmentandinteractivemediaservicesexperiencedvaryingdegreesvsHangSengIndexofvaluationretracementwiththeinteractivemediaservicessubsector传媒行业表现vs恒生指数experiencingthemostseverepullback-14002ofreturnUnderthenormalizationofgamecopyrightissuancetotalrevenueofthegames01industryisexpectedtoresumegrowthin2023whichsupportstherepairof00industryvaluationthroughimprovingearningsThesluggishinvestmentclimate01inthemediaculturesectorinthepasthasbeenpartlyblamedonthe证slowdownintechnologicalinnovationCurrentlytheincreasingcertaintyin02告improvementinindustryearningsandthebirthofChatGPTreflectstrong03券signsofindustryvaluationrepairOntheonehandpolicyoptimizationand04研报thereleaseofnewgamecopyrightshavefundamentallyimprovedtheprofitabilityofcompaniesintheindustryOntheotherhandthebirthof05究究Mar-22Apr-22May-22Jul-22Aug-22Sep-22Nov-22Dec-22Jan-23Mar-23ChatGPTisagoodsignthattheindustryisembracingnewtechnologicalHISMediaculturesectorResearchReport报研innovationsRecommendedgame-relatedcompaniesTencent00700HKSourceiFind告NetEase-S09999HKandBaidu-SW09888HKIndustrybeneficiaries券iDreamSky01119HKSubsectorsofthemediacultureEquitysectorvsHangSengTECHIndex证RecentlyBilibiliBaiduandiQiyirespectivelyannouncedtheir4Q22financial传媒板块子行业表现vs恒生科技指数resultswhichallreflectthecurrentdevelopmentfocusofcostreductionandefficiencyWithInternetplatformspositioningthemselvestoreducecostsand08ofreturnincreaseefficiencythecompetitivepatternoflong-formvideoplatformsis06becomingstableandimprovingandtheoutputofhigh-qualitycontenthas04becomecoretothedevelopmentofvideoplatformsThefullliberalizationofpandemiccontrolmeasureswillspeedupproductionoflongformvideo02TcontentandattractingnewinvestmentforadvertisingbusinesswillresumeWe00abelievethelong-formvideoindustryispoisedforrecoverywithstrong02bcontentgenerationplatformsexpectedtooutperformRecommended传long-formvideo-relatedcompaniesBilibili-W09626HKBeneficiariesiQiyiIQ04播lUS06Mar-22Apr-22May-22Jul-22Aug-22Sep-22Nov-22Dec-22Jan-23Mar-23文e在大盘回调的背景下GICS分类的媒体及娱乐板块的估值在2月份出现显著的回落跌幅为HSTECHMediaEntertainmentInteractiveMediaServices化年月日年月日媒体及娱乐板块的市值加权平均股价表现在SourceiFInd1322023210-202339行24个二级分类中排名第23位差于恒生指数-79但略微好于恒生科技指数-140从业L细分赛道来看有线和卫星电视以及出版再次表现出强劲的防守性而广播则呈现出逆市增e长的趋势广告电影和娱乐以及互动媒体和服务等赛道出现了不同程度的估值回调其中MediaCultureSector互动媒体和服务子赛道的回调最为严重-140f在版号发放恢复常态化下游戏行业收入有望在2023年恢复增长从提升盈利性层面支撑行t业估值的修复过去传播文化行业呈现低迷的投资氛围部分原因归咎于技术创新放缓M目前行业盈利性改善的确定性持续提升以及ChatGPT的诞生显现出行业估值复苏的强信号一方面政策优化和新游戏的发布从根本上提高了行业内公司的盈利能力另一方面aChatGPT的诞生是行业拥抱新技术创新的一个征兆游戏相关推荐标的腾讯00700HKr网易-S09999HK和百度-SW09888HK受益标的创梦天地01119HK近期哔哩哔哩百度和爱奇艺分别公布了其年第四季度的财务业绩都共同反映了目g2022前对于降本增效的发展重心随着各互联网平台提升降本增效的战略定位长视频平台的竞i争格局稳定向好优质的内容输出成为视频平台的发展核心疫情放开有利于加快长视频内n容拍摄进度恢复广告招商我们认为长视频行业将迎来复苏优质内容输出能力强大的平台均有望录得优异表现长视频推荐标的哔哩哔哩-W09626HK受益标的爱奇艺IQUSSeethelastpagefordisclaimerPage1of7Seofofdecline287268183175and140WBsubsectorTVBTaobaobroadcasterleadingKongsHongandsubtheseofnaturedefensivestrongthedemonstratingagainmarketbroadertheofdeclinetheofspiterespectivelyin2023growthcountertrendandsatellitecablesubsectorBysectorssignificantlymediaclassifiedStandardsGICSClassificationIndustryGlobaltheofperformanceshareaverageexceptdegreesvaluationinthepullbackmarketoveralltheofcontexttheInTheMediaandCultureFigureNoteNoteTheSourceepullbackfromearlierpullbackfromearliergainsandtheconcernstheresilienceinaboutlackeconomicgrowthof--thsectorssectorsSW09898HKZhihuHK09898SWelas-1iFinDiFinDunderperformingunderperformingtsmarketcapmarketpagPTheerformanceoftheoferformancedownThebroadcastingsubsectorbuckedthetrendwithTVB00511HKup1931up00511HKTVBwithtrendthebuckedsubsectorbroadcastingTheinFebruaryinGuotaiJunanInternationalGuotaiJunanefo-15-10rtelesubstantial1015-5disclaimer05-132weightedaverageshareperformanceshareaverageweightedcommunicationCableableandsatellitepublishingsubtheSengIndextheHangTelecommunicationServicesKongHongofsectorsallofvaluationthe2023FebruaryinwholetheOn10-W02390HKKuaishouHK02390WSectorelniinteracindeclineEnergyFebCapitalGoodsmediaentertainmentsectorranked202FoodStaplesRetailingservices-3APullbackinTransportation-9publishingonceagainshowedshowedagainoncepublishingBanksMarieeisriesbetranyaermsocifromcamemainlysubsectorservicesmediative2023ThemediamediaThe2023FoodBeverageTobaccogoodscapitalenergy-respectivelydata79PHealthCareEquipmentServicesTherewasalsoamodestpu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