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The general office of the CPC Central Committee and the general office of the State Council recently issued the outline of the cultural reform and development plan during the 12th Five Year Plan period, and issued a notice requiring all regions and departments to seriously implement it in combination with the actual situation. Many securities companies have followed up and interpreted this. Institutions generally believe that the policy dividend will be reflected to the greatest extent in 2012, and it is expected that the market of the media sector this year will be quite sustainable

the overall impact of the outline is expected to be heard by 2020. Minsheng Securities believes that the content of the outline of the cultural reform and development plan is in line with expectations and will promote the leapfrog development of the cultural industry. The content of the outline conforms to the spirit of the Sixth Plenary Session of the Seventeenth Central Committee and is the continuation and deepening of the decision of the CPC Central Committee on several major issues concerning deepening the reform of the cultural system and promoting the great development and prosperity of socialist culture. The agency believes that the introduction of the planning outline will benefit the development of the cultural industry in the medium and long term and will have a positive impact on the industry

Bohai Securities is also optimistic about the media industry under favorable policies. The agency pointed out that from the nine measures issued by the State Administration for Industry and commerce to support the acceleration of the development of the cultural industry, it can be seen that the policy level support for the industry is still the fundamental driving force for the growth of the industry, while the hot film ticket houses and the expansion of the network market also reflect the growing demand of the cultural and entertainment consumer market

from the historical trend of the media industry, according to the statistics of Guosen Securities, since the Sixth Plenary Session of the 17th CPC Central Committee until the customers' operation is correct, the media industry has outperformed the CSI 300 index by 6.6%. After a forward decline, the excess return was once negative. However, the agency still raised the investment rating of the media industry to cautious recommendation. The report predicts that the valuation of the media industry in 2012 is about 30 times, and the industry's endogenous growth rate is 15.5%. Historically, the valuation level is not high; In addition, a series of policies may still be issued in the future. The working conference on cultural system reform held on February 17, the two sessions held in March, and the 14 follow-up policies mentioned by the leaders of the publicity department are all more beneficial to the media industry

fund positions more directly reflect the attitude of institutions. According to the statistics of Tianxiang investment consulting, the market value of media stocks held by the fund increased month on month in the fourth quarter of 2011. According to statistics, in the fourth quarter of last year, the media stock market value held by fund companies with heavy positions totaled 4.698 billion yuan, up 76.47% month on month compared with 2.662 billion yuan at the end of the third quarter of 2011 when China's construction machinery industry was promoting method change and upgrading the situation, accounting for 0.78% of the market value of all heavy positions held by the fund from 0.42%. On the whole, the allocation of the fund to the media industry is in an over allocation state

with regard to industry investment suggestions, Bohai Securities reported that in the film, television and animation sector, except for the downward correction of aofei animation performance, the rest have achieved stable growth in net profit. Bohai Securities believes that although the valuation of this sector is still high, there is a corresponding performance growth match, and after a period of adjustment, the risk has been reduced to a certain extent, so this sector has a certain investment value. In the network service segment, it is recommended to select high-quality targets such as Shun Technology and LETV; In other sectors, it is suggested to pay attention to blockbuster, which has cooperated with CNTV to build an I enterprise to obtain a business license, which has been more convenient for PTV broadcast control platform, Guangdong Broadcasting Co., Ltd. which has actively invested in regional advertising agency projects, and Zhongnan media whose performance has exceeded expectations

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