金吾财讯 | 中信证券发研报指，3Q25传媒行业整体收入延续温和增长态势，利润在龙头带动下高增。影视行业内容驱动需求的趋势延续，建议关注后续重点IP续作表现以及政策对优质内容的激励效果。游戏板块景气度保持高位，精品化内容拉长及丰富产品管线储备支撑高景气延续。营销板块温和增长，龙头盈利向好，互联网广告主投放增加，AI与程序化投放驱动提效。出版板块在主业承压大背景下推进业务结构优化、降本增效带动利润改善，新业务布局持续推进。
金吾财讯 | 中信证券发研报指，3Q25传媒行业整体收入延续温和增长态势，利润在龙头带动下高增。影视行业内容驱动需求的趋势延续，建议关注后续重点IP续作表现以及政策对优质内容的激励效果。游戏板块景气度保持高位，精品化内容拉长及丰富产品管线储备支撑高景气延续。营销板块温和增长，龙头盈利向好，互联网广告主投放增加，AI与程序化投放驱动提效。出版板块在主业承压大背景下推进业务结构优化、降本增效带动利润改善，新业务布局持续推进。
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