传播文化行业：电影和互娱赛道双重提振传播文化行业，“跑赢大市”

See the last page for disclaimer Page 1 of 7 Equity Research Report 证 券 研 究 报 告 Equity Research Sector Report 股票研究 行业报告 证券研究报告 [Table_LeftMargin] 传播文化行业 Media & Culture Sector [Table_BasicInfo] Sector Report: Media & Culture Sector 中文版 Teddy Lin 林荣叶 行业报告： 传播文化行业 Chinese version (86755) 2397 6692 rongye.lin@gtjas.com.hk 1 February 2023 [Table_MainInfo] Movie and Interactive Entertainment Subsector Supporting the Media & Culture Sector, "Outperform" 电影和互娱赛道双重提振传播文化行业,“跑赢大市”  The market cap-weighted average share performance of the GICS classified media and entertainment sector rose 18.3% YTD, ranked third among the 24 secondary sectors, outperforming the Hang Seng Index (10.6%) and the Hang Seng Technology Index (10.6%). By subsector, performance of movie & entertainment was the most prominent, up 19.0% YTD; the second best performing sector was interactive media & services, up 18.5% YTD.  The 2023 Chinese New Year box office grew 7.3% YoY, with average people per showing and the average ticket price during Chinese New Year reflecting the imminent recovery of the movie industry in 2023. From the perspective of demand, the average number of people per showing during the 2023 Chinese New Year reflects the rapid recovery of enthusiasm for watching movies. On the supply side, the introduction of imported movies and the approval of domestic movies has currently shown signs of relative relaxation of supervision. Considering the number of new movies that were not released 2022 and the planned release of domestic and imported movies in 2023, the movie and entertainment industry has a strong supply of content. Taken together, we expect the revenue of the Chinese movie industry to exceed the market's expectations. Industry beneficiaries: Ali Pictures (01060 HK), Maoyan Entertainment (01896 HK), China Ruyi (00136 HK), Huanxi Media (01003 HK).  Driven by the solid market performance of products such as PUBG MOBILE, Tencent ranked second in terms of overseas game revenue in 2022, up one position from 2021. In the January 2023 game copyright approval announcement, key games of many famous game companies have been approved, which further confirms that game copyright approval continues to return to normal, and the industry is gradually recovering growth. The number of games recently approved is a sign that the industry's tight regulatory environment is easing. We believe that the market has not fully reflected the room for improvement in the tight regulatory environment, and valuations still have high upside potential. We recommend Tencent (00700 HK) and NetEase (09999 HK).  GICS 分类的媒体及娱乐板块的市值加权平均股价年迄今涨幅为 18.3%，在 24 个二级分类中排名第三，强于恒生指数(10.6%)和恒生科技指数(10.6%)。从细分赛道来看，电影娱乐子行业表现最为突出，年迄今涨幅 19.0%；表现第二好的子行业是互动媒体及服务，年迄今涨幅为 18.5%。  2023 年春节档票房同比增长 7.3%，场均人次和平均票价反映出 2023 年电影市场复苏在即。从需求端来看，2023 年春节档的场均人次反映了