Investment Rating - The investment rating for the media and internet industry is "Positive" (maintained) [4] Core Views - The report emphasizes that the upcoming mid-year earnings announcements are expected to provide trading opportunities, with a positive outlook for the summer season driven by quality products. If high-frequency data does not show a turning point, the trend of high prosperity is likely to continue upward. It is also recommended to pay attention to major domestic companies like Tencent, Alibaba, and ByteDance in the iteration of AI underlying technologies and AI application products [4][6][10]. Summary by Sections Game Sector - As of July 13, 2025, the game "Douluo Dalu: Hunting Soul World" by Sanqi Interactive ranks first in the iOS free game chart, while Tencent's "Delta Action" ranks second in the free game chart and third in the revenue chart. The summer season is expected to see new game launches and major updates for existing products, with high-frequency data not showing a turning point, indicating continued trading catalysts. Attention is recommended for leading gaming companies exploring AI+companionship+gamification paradigms [5][6]. Internet Sector - On July 12, Meituan announced that its daily order volume for instant retail exceeded 150 million, with over 35 million orders for "Pin Hao Fan" and over 50 million for "Shen Qiang Shou." On July 7, Taobao Flash Sale and Ele.me jointly announced that their daily order count exceeded 80 million, with over 13 million non-food orders. The report suggests that the platform advantages of leading companies like Tencent, Alibaba, and Meituan are reflected in their resilient fundamentals, and attention should be paid to their strategic adjustments [6][10]. AI Application Sector - The report highlights significant progress in AI applications, with digital human Luo Yonghao's live-streaming debut achieving a GMV of over 55 million yuan. The integration of AI in e-commerce live streaming is expected to lower operational costs and enhance efficiency. Companies involved in digital human production, IP, and live-streaming e-commerce operations are recommended for attention [7][8]. Film Sector - The summer film season is expected to drive steady growth in box office revenue, with a focus on key film producers and cinema/ticketing companies. The report suggests monitoring companies like Wanda Film, Maoyan Entertainment, and Alibaba Pictures [9][10]. Card and Trendy Toys Sector - The report notes a high prosperity level in the card and trendy toys sector, with companies increasingly focusing on the "Guzi Economy" and expanding their product lines. Continuous attention is recommended for companies involved in card and trendy toy development [9][10]. State-owned Publishing Sector - The report indicates that state-owned publishing companies have disclosed their 2024 financial reports, with some exploring new business models in education and enhancing dividend sustainability. Attention is recommended for state media companies actively pursuing mergers and acquisitions [10]. Market Review - From July 7 to July 11, 2025, the A-share market saw the Shanghai Composite Index increase by 1.09%, the Shenzhen Component Index by 1.78%, and the media sector (Shenwan) rose by 3.11%, ranking 8th among all industries [11][15].

7月12日下午消息，周杰伦快手账号的签名目前已作更改，仅保留"周杰伦首个中文社交媒体"，删除 了"全网唯一，只在快手"。7月9日，周杰伦正式入驻抖音平台，名称"周同學"，认证身份为歌手。（证 券时报） ...

Core Viewpoint - Recent reports indicate a rise in online shopping scams where fraudsters exploit after-sales service as a means to lure victims into financial traps [1][2][3] Group 1: Scam Techniques - Fraudsters intentionally send incorrect or low-quality products to customers, prompting them to contact customer service, which leads to a scam under the guise of after-sales compensation [1][2] - Victims are often directed to scan QR codes or add customer service representatives on private messaging platforms, allowing scammers to evade platform oversight [2][3] - Scammers use various tactics, including promising refunds, additional compensation for positive reviews, and investment opportunities, to manipulate victims into transferring money [2][3] Group 2: Victim Experiences - One victim, Mr. Li, was lured into a scam after receiving the wrong product and was promised compensation through a series of tasks, ultimately losing tens of thousands of yuan [1] - Another victim, Ms. Wang, was convinced to invest in a fraudulent scheme after being promised high returns, resulting in a loss of 50,000 yuan [2] - A third victim, Ms. Zhang, faced threats of legal action and family repercussions, which pressured her into transferring a significant amount of money to the scammers [3] Group 3: Law Enforcement Response - Beijing police have identified a surge in fraudulent online shops across various platforms, with a wide range of products being sold [3] - Authorities emphasize that legitimate businesses will never require customers to transfer money or perform tasks for after-sales service [3][4] - Police urge social media and e-commerce platforms to enhance monitoring and provide clear warnings to consumers about potential scams [4]

Core Insights - The third Beijing Network Audio-Visual Art Conference was successfully held from July 2 to 3, focusing on high-quality development in network audio-visual arts [1] - Kuaishou Technology's co-founder Yin Xin emphasized the company's commitment to empowering creativity through technology and cultural innovation [1] Group 1: Event Overview - The conference was guided by the Chinese Federation of Literary and Art Circles, the Chinese Writers Association, and the Beijing Municipal Government, with the theme "Audio-Visual Tide, Literary and Artistic Brilliance" [1] - Kuaishou hosted a themed seminar on "New Mass Culture," attracting participation from various stakeholders including provincial broadcasting authorities, audio-visual platforms, experts, and creators [3] Group 2: Kuaishou's Initiatives - Kuaishou leveraged its short video and live streaming capabilities to promote the "Tong Tong Kan Zhe Li" online theme activities, showcasing cultural landmarks in Beijing's sub-center [3][4] - Over 30 million viewers engaged with Kuaishou's live broadcasts and short videos related to the theme activities within 48 hours [3] Group 3: User Engagement and Impact - The "Tong Tong Kan Zhe Li" theme activities included a pre-event phase from June 25 to July 1, which involved creating a central event page and initiating topic collection activities [4] - The live streaming activities featured seven prominent Kuaishou influencers, achieving an average of over 2 million viewers per session, with one session reaching nearly 3 million views [7] Group 4: Economic Impact - Kuaishou's local life business significantly boosted ticket sales for the Beijing Universal Resort, with overall GMV increasing by over 60% year-on-year [8] - Short video content directly contributed to a staggering 440% year-on-year increase in ticket sales, demonstrating the effectiveness of short videos in driving consumer interest and decision-making [8] Group 5: Broader Implications - The success of the conference and related activities illustrates the deep integration of digital economy platforms with local economies, particularly in enhancing the cultural tourism sector in Beijing's sub-center [9] - Kuaishou's role as a key audio-visual platform has opened new sales channels and increased brand visibility for cultural tourism projects in the area [9]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect TMT Index, which has shown significant growth over various time frames, including a 3.32% increase in the past month, 17.53% in the past three months, and 27.89% year-to-date [1] - The index comprises 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry companies [1] - The top ten weighted companies in the index include Xiaomi Group-W (15.3%), China Mobile (14.32%), Tencent Holdings (13.96%), and others, indicating a concentration in major players within the TMT sector [1] Group 2 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new TMT companies that rank in the top ten by market capitalization in the Hong Kong market [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a sector breakdown showing 55.48% in communication services and 44.52% in information technology [1]

Core Insights - International kung fu superstar Jet Li has officially joined Kuaishou, engaging with fans through short videos discussing martial arts, movies, charity, and life experiences, achieving nearly 80 million views in just two days [1][3][5] - Jet Li aims to present a more authentic version of himself beyond public perception, utilizing Kuaishou to share his life philosophy and cultural insights through various content formats [3][10] Group 1 - Jet Li's entry into Kuaishou has sparked significant interest, with interactions from fans and celebrities, indicating his sustained public appeal [5][9] - The hashtag challenge 老铁花式打call李连杰 has garnered 43.5 million views, showcasing the synergy between celebrity influence and Kuaishou's content ecosystem [5][9] - The platform features over 2,000 celebrities, creating a diverse and mature star ecosystem that aligns with Kuaishou's mission to provide entertainment for the masses [9] Group 2 - Jet Li's approach on Kuaishou is characterized by genuine interactions with fans, including comments and collaborative content creation, enhancing the relatability of his persona [7][10] - Kuaishou is committed to expanding its unique star ecosystem and exploring more down-to-earth engagement strategies to bring entertainment closer to everyday people [10]

Core Viewpoint - The article discusses the concept of "information cocoons" and the emergence of "information beehives" as a solution to enhance information diversity and break free from algorithm-driven content filtering [11][56]. Group 1: Information Cocoon Concept - The term "information cocoon" was introduced by Cass Sunstein in 2006, highlighting how individuals tend to consume information that aligns with their existing beliefs, leading to a narrow perspective [16][18]. - The phenomenon of information cocoons existed before the rise of algorithms, but the advent of social media and algorithmic recommendations has exacerbated the issue, creating "filter bubbles" [19][24]. - The article outlines the differences between "echo chambers," "information cocoons," and "filter bubbles," emphasizing how each concept relates to user behavior and algorithmic influence [22][23]. Group 2: Algorithmic Influence - Algorithms play a crucial role in shaping user experiences by personalizing content based on user preferences, which can lead to a lack of exposure to diverse viewpoints [30][31]. - The design of algorithms aims to maximize user engagement, often resulting in a feedback loop that reinforces existing interests and limits the discovery of new information [30][31]. - Various types of algorithms, such as collaborative filtering and content-based filtering, are identified as significantly contributing to the formation of information cocoons [27][28]. Group 3: Information Beehive Concept - The "information beehive" concept is proposed as a countermeasure to information cocoons, promoting a more open and diverse information ecosystem [59][60]. - The beehive metaphor encourages users to actively seek out varied information sources and engage with different perspectives, contrasting with the closed nature of cocoons [12][61]. - The article suggests that fostering an information beehive requires collaboration among content producers, platforms, and consumers to ensure high-quality content is accessible to a broader audience [12][13].

Group 1 - Major internet companies such as Tencent, Baidu, Xiaohongshu, Kuaishou, and YY Live are entering the short drama market, indicating a significant shift in the industry landscape [1][2] - The involvement of these giants will empower short drama creators with advanced technology and abundant resources, significantly reducing production costs and time through the use of AIGC [1] - For instance, a company in Guangzhou has utilized AI tools to generate 4,380 images and over 450 videos for a short drama project, drastically cutting down the production timeline from months to about ten days [1] Group 2 - The content of short dramas is evolving beyond simplistic narratives, with a focus on higher-quality themes such as intangible cultural heritage, law, history, and science fiction, targeting young consumers in first and second-tier cities [2] - Previously, leading short drama production companies operated on a model of industrialized production, but with the entry of internet giants, larger budgets are being allocated, such as over 1 million yuan for the production of "The World of Aunties" in 2024, which achieved a viewership of 3.6 billion [2] - This substantial viewership is expected to generate significant advertising revenue, as large production companies leverage scale effects to secure traffic and benefits from internet platforms [2]

Core Insights - Kuaishou's Keling AI has launched the Ketu 2.1 model, significantly enhancing image generation capabilities across various dimensions including instruction adherence, portrait aesthetics, cinematic quality, and text generation effects [1][7] Image Quality and Features - The Ketu 2.1 model has achieved notable breakthroughs in image quality, with improvements in clarity, richness of elements, and realism of details, particularly in portrait aesthetics [2] - The model can accurately capture complex instructions and details, producing clear images that reflect intricate scenes, such as a volcanic eruption or cinematic settings [3] Text Generation and Creative Flexibility - The text generation feature has been enhanced to produce clear and aesthetically pleasing Chinese and English text, facilitating the creation of marketing materials like posters and album covers [5] - The model supports over 180 styles, covering various artistic techniques and materials, thus broadening creative expression and catering to diverse artistic needs [7] User Engagement and Performance Metrics - Keling AI has iterated the Ketu model over 20 times in just over a year, evolving into a multimodal creative production platform that integrates AI capabilities in images, videos, and audio [7] - The platform has generated a total of 344 million images and 168 million videos, showcasing its strong technical capabilities in the image generation field [7] - To promote user engagement, Keling AI is offering a free trial of the Ketu 2.1 model's image generation features to all members from July 10 to July 17 [1][7]

文 | 《BUG》栏目 徐苑蕾 7月9日，华语乐坛天王周杰伦正式入驻抖音，账号名为"周同学"，认证信息为"歌手"。尽管尚未发布任 何作品，但截至当晚十点半，账号粉丝数已接近850万。这一现象级涨粉速度再次印证了周杰伦作为"国 民级IP"的号召力。 有知情人告诉《BUG》栏目，双方的合作其实并未涉及任何签约费。另有娱乐营销行业人士表示，双 方未来或涉及流量资源置换，此外平台有能力促成明星品牌代言、综艺冠名等商业合作。但该说法未得 到抖音方面证实。 在此前，快手是周杰伦开通的首个中文社交媒体账号，该账户签名至今还写着"全网唯一，只在快手"。 一位接近周杰伦团队的消息人士透露，"与快手的合作早已到期"，这意味着，快手这个拥有4848万粉丝 的账户或将不再运营。而随着周杰伦官宣入驻抖音，快手很可能将面临大量粉丝流失的风险。 实际上，快手正面临着用户增长疲软与利润下滑压力，2025年一季度，快手净利润同比减少3.4%，月 活用户环比下降2400万。这场顶流争夺战背后，短视频平台的流量焦虑与生态博弈已浮出水面。 2020年，抖音也曾与杰威尔音乐达成合作，获得周杰伦歌曲片段和MV片段的授权。另外，有媒体报道 援引相关人士消 ...