传媒互联网行业数据月报：12月板块回调关注细分行业趋势性机会_老虎社区_美港股上老虎

传媒互联网行业数据月报：12月板块回调关注细分行业趋势性机会

中金公司01-18

行业动态行业近况2025 年12 月上证综指上涨2.06%；申万传媒指数下跌1.91%，其中，数字媒体（-6.02%）/广告营销（-2.78%）/ 网络游戏（-0.03%）/影视院线（-2.43%）/图书出版（-5.17%）/电视广播（-0.87%）；恒生指数下跌0.88%，恒生科技指数下跌1.48%，纳斯达克综合指数下跌0.53%。评论12 月传媒板块整体回调，子板块中，网络游戏因年末文娱需求与...

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年核心逻辑：政策友好环境下坚韧发展。关注：1）AI：应用深化助力效率提升；2）出海：华流内容出海扬帆，关注网文短剧等与游戏形成合力，推动华流从流量出海走向文化扎根；3）IP：需求升级催化IP价值重估。估值与建议维持覆盖公司盈利预测、目标价及评级不变。A股推荐游戏（世纪华通/三七互娱/巨人网络/吉比特/恺英网络）/分众传媒/上海电影/芒果超媒；港美股推荐快手/游戏（心动公司/网易）/IP（大麦娱乐/阅文集团）/猫眼娱乐/爱奇艺。风险宏观经济景气度低于预期，监管政策变化，行业竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}