[Citic Construction Investment: the valuation of the media sector enters the allocation range again] May 30, the CITIC Construction Investment Research News pointed out that at present, the valuation of the media sector is in the 57% quartile of the past decade, games and publishing are in the 55% quartile, and the valuation of major companies is basically in the 20-30x range, entering the allocation range again. Media sector once again return to low valuation, an overview of AI subdivision application, we believe that we should be combined with landing progress, valuation performance-to-price ratio, recommend to pay attention to the following sector investment opportunities. 1) Game: fast landing speed and sound fundamentals. AI industry logic, business model is good, short-term intelligent NPC, AI+UGC editor landing, medium-term look at the head company's old game pipeline tends to be stable, long-term look at the native AI game research and development progress. 2) Publishing: high bonus in defense and AI+ education in attack. The apparent valuation is low, and the valuation is even lower after deducting a large amount of cash. in addition, the commercialization of AI+ data and AI+ education have gradually landed. In addition, we also pay attention to the literature and travel performing arts section catalyzed by Apple MR.