20231022-浙商证券-传媒行业周报（2023年10月第3周）_米哈游游戏制霸出海收入榜_温州率先实现_数据资产入表__15页_1mb

Media Industry Weekly Report Summary

Market Performance

• The media industry index declined by 58.7% last week, underperforming the沪深300 index (-4.71%) and other major indices. Overall, it outperformed the沪深300 index since inception, with a 1,883 percentage point gain year-to-date.
• Individual stocks showed significant volatility: 5 stocks rose by 10% or more (e.g., Longban Media +24.83%), while 27 stocks fell by 10% or more (e.g., Huaxia Brothers -17.22%).

Game Dynamics

• Mihoyo's games dominated overseas revenue: Honkai: StarRail and Genshin Impact ranked top two, generating ~$14 billion in revenue. The Honkai series credited to character updates boosted revenue by 34% month-over-month.
• In domestic apps, Honor of Kings and Genshin Impact led paid and free game rankings, while games like Terraria maintained top positions.

Cinema and Entertainment Updates

• Film box office performance remained strong: Movies like "Jian Ru Pan Shi" exceeded ¥1.2 billion in 20 days, and "Eternal Enmity" broke records. "Moscow Action" and "Heroic Army" surpassed ¥600 million and ¥700 million respectively.
• New releases included "The River Error," and digital trends tracked growth in streaming platforms like Douyin and Tencent Video.

Key Events

• Mihoyo secured top rankings in international game revenue, with data indicating a 15% month-over-month increase in overseas earnings.
• IMAX expanded its partnership with横店影视 to build 20 new laser cinemas, supporting cinema recovery.
• Zhejiang Wenzhou pioneered data asset registration, with the first official data asset recorded in China, focusing on financial data.

Risk Factors

• AI advancements and applications may not meet expectations, potentially impacting media innovation.
• Film and game performance could underperform due to market changes.
• Data policies and competition may slow regulatory implementation.
• Overall, risks include policy uncertainties and industry competition, affecting media investments.