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華泰證券:傳媒行業25年有望改善 關注AI應用及併購重組
華泰證券研報表示,24年以來傳媒板塊估值波動較大。春節後因Sora、Kimi等大模型快速出圈,板塊估值抬升,但後因國內大模型與海外仍存在客觀差距等多種因素持續回調。9月後總體隨大盤及TMT而抬升。11月板塊市盈率對應24X PE TTM,位於13年以來29%的歷史估值分位,20年以來56%的歷史估值分位。展望25年投資關注三條主線:1)AI應用持續迭代,25年有望加速落地。投資邏輯由“主題性趨勢投資”向“產業兑現投資”轉變,行業發展仍具備較大空間;2)電影板塊有望底部反轉;促經濟政策有望推動遊戲、營銷等順週期行業回暖,精選龍頭;3)併購重組方向。
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