Revolutionary technology has brought about digital globalization, enabling businesses and brands to go beyond cultural, language, and geographic boundaries to communicate with customers and market their products and services. Until globalization, being locally relevant was not a requirement, thereby hedging communication. However, cross-border flows in this complex, digitally connected economy have led to the need for more participation in communication, information, searches, and commerce. SMEs are becoming micro-multinationals using platforms such as Facebook, Amazon, Alibaba, and eBay. Individuals have also become ingrained in the process of globalization by using digital platforms, developing international connections, and participating in e-commerce.

Several components are needed for stage lighting, which includes illuminating stagecraft. A coordinated system of different lighting equipment is deployed in concerts, plays, operas, dance performances, theaters, and other performance art presentations to produce lighting displays. The procedure includes the adjustment of the brightness, color, distribution, direction, and light motion. These characteristics may be deployed in various combinations to change outcomes. They are also known as stage lighting factors since they are controlled and adjustable.

本周（2023.5.15-2023.5.19），传媒（申万）指数下跌5.60%， 恒生科技指数下跌1.35%。本周OpenAI 发布ChatGPT 的iOS 移动端App；国内关于大模型、AI 算法以及AIGC 应用等行业 保持月度性更新迭代。我们认为，传媒板块近期处于调整阶段， 后续AIGC 产品落地有望持续催化板块，建议关注AI+游戏、AI+ 版权IP、AI+教育、AI+电商等板块。

行情回顾：4 月传媒板块上涨13.70%，同期上证指数上涨1.54%，沪深300 指数以及创业板指分别下跌0.54%和3.12%，传媒板块排在中信一级行业单月涨跌幅第1 名。细分子板块中出版子板块单月上涨31.82%，游戏子板块单月上涨23.83%，动漫子版块单月上涨19.15%，营私子板块单月上涨11.55%。

2022 年板块业绩下滑明显，2023Q1 有所好转。149 家传媒板块上市公司在2022 年合计实现营业收入5221.24 亿元，相比2021 年减少了6.28%；归母净利润64.74 亿元，同比大幅减少82.30%2023Q1 随着政策的调整，行业基本面和公司业绩有所好转，传媒板块整体营业收入同比增加0.35%至1242.57 亿元，归母净利润同比增加22.65%至109.81 亿元，扣非后归母净利润83.97 亿元，同比减少0.33%。

2023 年Q1 SW 传媒行业指数持续回升，同期成交量大幅增加，资金活跃度显著上升。2023 年Q1 末传媒行业的估值（PE-TTM）虽仍处于低位，但已经超过历史6 年均值水平。从2023 年Q1 的基金重仓配置情况看，SW 传媒行业低配比例有所缩减，游戏板块成为市场关注热点，基金重仓配置逐渐分散，抱团现象显著性减弱。