【名称及出版时间】:东北证券-传媒行业2010年投资策略报告-091207
【来源】:东北证券
【文件格式】:PDF
【页数】:18
【内容提要】:
综述..................................................................................................................................................4
投资逻辑..........................................................................................................................................6
传统媒体:整合是主题..................................................................................................................6
出版:内生增长不足,政策驱动整合.....................................................................................................6
关键驱动因素........................................................................................................................................6
政策回顾................................................................................................................................................7
行业现状................................................................................................................................................8
重点公司分析及投资建议....................................................................................................................9
有线电视:省网整合带来规模效应,增值业务提高ARPU值...............................................................9
关键驱动因素........................................................................................................................................9
政策回顾..............................................................................................................................................10
行业现状..............................................................................................................................................10
重点公司分析及投资建议...................................................................................................................11
冉冉上升的新兴媒体行业:以网络游戏、影视制作、动漫为代表的新兴媒体
生机勃勃。....................................................................................................................................11
网络游戏:未来三年仍将维持50%的年复合增长率............................................................................11
关键驱动因素.......................................................................................................................................11
行业现状及预期...................................................................................................................................11
政策回顾..............................................................................................................................................12
重点公司分析及投资建议..................................................................................................................12
影视制作:有待挖掘的巨大市场空间...................................................................................................13
关键驱动因素......................................................................................................................................13
行业现状..............................................................................................................................................14
重点公司分析及投资建议..................................................................................................................15
动漫:积极的政策扶植+庞大的市场规模............................................................................................15
关键驱动因素......................................................................................................................................15
政策回顾..............................................................................................................................................16
行业现状:关键在于可靠的盈利模式..............................................................................................16
重点公司分析及投资建议..................................................................................................................16
推荐投资组合................................................................................................................................17