传媒行业8月行业动态报告：大厂重磅手游即将上线，看好优质影片市场，维持“推荐”评级
机构：银河证券
评级：推荐
最新观点
1.《八佰》点映票房破纪录，看好优质影片市场。根据猫眼数据，截止 8 月 30 日，全国已有 9453 家影院复工，复工率达到 83.31%。《八佰》点映票房创造中国电影市场点映票房最高纪录，上映十天取得高达 17.94 亿票房的好成绩，为市场提振信心。后续重量级新片《姜子牙》《一点就到家》《我和我的家乡》《夺冠》接连定档十一，预计“国庆档”将迎来复工以后的小爆发。由于疫情原因同档期竞品数量大幅下降，新片上映数量低于往年同期，具有优质作品储备的影视内容公司业绩有望率先企稳。疫情期间多数小型连锁影院倒闭，行业加速出清，企业集中度的稳步提升将提高市场内现有公司的收益表现。
2.第二批进口游戏版号下发，多款大厂重磅手游即将上线。8 月 6 日，国家新闻出版广电总局官网继今年 3 月份之后发布了第二批进口游戏版号信息，共计新发 28 款进口游戏版号，多家大厂均有重磅手游上线，如腾讯控股的《使命召唤手游》、网易的《全面战争：竞技场》《哈利波特：魔法觉醒》，字节跳动独代中手游《航海王热血航线》等。《2020 年 1 至 6 月中国游戏产业报告》显示，今年上半年游戏市场实际销售收入 1394.93 亿元，其中移动游戏实际销售收入占 75.04%。我们认为下半年游戏市场收入的增长动力依然来自移动游戏端，看好游戏大厂及运营商内容平台的业绩表现。
投资建议
看好复工复产后的文娱消费增长以及 5G 产业升级带来的整体性行业机会。建议关注 5G 业务发展领先，具有先发优势的华数传媒（000156.SZ）、东方明珠（600637.SH）、贵广网络（600996.SH）；自主研发能力较强且对游戏内容把握经验丰富的游戏大厂完美世界（002624.SZ）、三七互娱（002555.SZ）、中文传媒(600373.SH)、渠道龙头顺网科技（300113.SZ）；内容储备丰富和内容质量较高的影视龙头公司光线传媒（300251.SZ）、慈文传媒（002343.SZ）、华策影视（300133.SZ）及全产业链布局的中国电影（600977.SH）、万达电影（002739.SZ）；在线视频行业爱奇艺（IQ.O）、芒果超媒（300413.SZ）、哔哩哔哩（BILI.O）；在线阅读 IP 储备丰富，市占率较高的阅文集团（0772.HK）、掌阅科技（603533.SH）等。
风险提示
行业政策趋严的风险，作品收入不及预期的风险，行业竞争加剧的风险等。
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