EB Securities 2025 Internet Media Investment Strategy: Emotional Consumption, Content Renaissance

EB Securities released a research report stating that with the national economy gradually emerging from the trough and entering into a period of structural recovery, residents are focusing more on emotional consumption in their spending habits. The virtual economy is expected to grow faster than the physical economy, providing broad market space and development opportunities for the internet media sector. In the competitive landscape of domestic demand, platform companies are in a relatively favorable position, maintaining a "buy" rating for the internet media industry. EB Securities' main points are as follows: Internet: with slowing traffic, strong potential in local life under weak overall consumption recovery, internet platforms are competitive and will seek to exceed expectations in profit optimization. Game: although user growth is gradually reaching its peak, there are still various player demands that have not been fully met. IP Derivatives: with a positive outlook, the industry chain's leading position remains stable. Film and Television: current expectations are pessimistic, with a focus on future improvements in supply. Music: with a stable competitive landscape, the industry is expected to have continuous volume and price increases. Risk Warning: risks include declining popularity in e-commerce live streaming, underperformance in new international game business, underperformance in IP derivative monetization, and lower-than-expected box office performance in the film and television industry.