1)7月电影复苏热潮未退，影视指数整体回温。全国7月票房达68.05亿元(不含服务费)，同比上升112.63%，环比上升82.26%，前三影片贡献超66.7%，《八角笼中》以16.65亿票房夺魁。需求端，7月场次、上座率、人次同比均上涨，居近六年高位。供应端，7月供应充足、口碑丰收，共上映45部影片，同增9.76%，Top10影片淘票票评分均达9分；8月待映影片关注度高，有望持续驱动暑期档增长。放映端，万达、中影数字、上海联合为院线票房Top3，合计贡献32.62%票房；万达、横店、CGV位居影投票房Top3，合计贡献19.87%票房。影视指数整体回升，网络剧、电视剧及综艺同比涨幅可观，《潜行者》新作表现亮眼。The Zhitong Finance App learned that Galaxy Securities released a research report saying that the movie recovery boom did not recede in July, and that the overall film and television index picked up. The national box office in July reached 6.805 billion yuan (excluding service fees), up 112.63% year on year and up 82.26% month on month. The top three films contributed more than 66.7%, and “In the Octagonal Cage” won the top spot with a box office of 1,665 million yuan. Demand and supply in the game industry are increasing at a double loop, and there is sufficient momentum in terms of performance. 2023H1, the actual sales revenue of the Chinese game market was 144.263 billion yuan, up 22.16% month on year, down 2.39% year on year; Chinese game users reached 668 million, up 0.35% year on year, reaching a record high; actual sales revenue in the mobile game market was 106.705 billion yuan, up 29.21% month on month.
In the second half of the year, the agency believes that AI's empowering effect on the media sector will continue. Currently, the momentum on the industry's performance side has not been fully unleashed, and it is firmly optimistic about the long-term growth potential of high-quality companies under the big industry trend. The gaming, marketing, film and television industries will take the lead in verifying the logic of AI to reduce costs and increase efficiency and raise the upper limit of willingness to pay.It is recommended to focus on the following directions: Gaming: It is recommended to focus on having excellent R&D capabilities and sufficient reserves for new gamesTencent Holdings (00700), NetEase (09999), Perfect World (002624.SZ), Gibit (603444.SH), Kaiying Network (002517.SZ), 37 Entertainment (002555.SZ), Perfect World (002624.SZ), etc.;Advertising and marketing: It is recommended for marketing companies that focus on business improvement and have a presence in AI: Zhejiang Internet (600986.SH), blue cursor (300058.SZ), threesome (605168.SH), mass media (002027.SZ), etc.;Cinema Line: It is recommended to pay attention to movie theater companies with sufficient film reserves: Light Media (300251.SZ), Wanda Film (002739.SZ), Huace Film (300133.SZ), Bona Pictures (001330.SZ), etc.
The main views of Galaxy Securities are as follows:
1) The movie recovery boom did not recede in July, and the film and television index picked up overall.The national box office in July reached 6.805 billion yuan (excluding service fees), up 112.63% year on year and up 82.26% month on month. The top three films contributed more than 66.7%, and “In the Octagonal Cage” won the top spot with a box office of 1,665 million yuan. On the demand side, the number of games in July, attendance, and attendance all rose year-on-year, ranking at the highest level in the past six years. On the supply side, the supply was sufficient and word of mouth was good in July. A total of 45 films were screened, an increase of 9.76%. The top 10 films all received 9 points in the lottery; the high level of attention for the films awaiting screening in August is expected to continue to drive the growth of the summer program. On the screening side, Wanda, China Film Digital, and Shanghai joined the top 3 cinematic box office, contributing a total of 32.62% of the box office; Wanda, Hengdian, and CGV ranked in the top 3 movie voting booths, contributing 19.87% in total. The overall film and television index rebounded. Internet dramas, TV series, and variety shows increased quite a bit over the same period last year, and the new “Stalker” work performed brilliantly.
2) Demand and supply in the game industry are increasing at a double loop, and there is sufficient momentum in terms of performance.2023H1, the actual sales revenue of the Chinese game market was 144.263 billion yuan, up 22.16% month on year, down 2.39% year on year; Chinese game users reached 668 million, up 0.35% year on year, reaching a record high; actual sales revenue in the mobile game market was 106.705 billion yuan, up 29.21% month on month. The July edition continues to be distributed, and 88 games have been reviewed. The number of edition approvals has stabilized at 86+ in the past seven months, and the distribution of version numbers has returned to normal. There are plenty of new games in reserve. Major new games such as Nishiyamaju's “Sword Man: Origin” and the emotional game “The Sword of Suzuran: For This Peaceful World” have received version numbers, and various manufacturers are expected to open up room for growth in performance. On the policy side, Shanghai launched the “Eight Major Initiatives” on 7.29 to provide all-round support for the game industry to settle in Pudong and innovate and develop; the NDRC issued “Measures on Restoring and Expanding Consumption” on 7.31 to promote the deep integration of the Internet with other industries.
Risk warning:Risks of increased competition in the market, risks in the policy and regulatory environment, risks in reviewing or reviewing the content of works, AIGC commercialization falling short of expectations, etc.
