Investment Rating - The report maintains a positive outlook on the media industry, particularly emphasizing the potential of AI applications and quality content supply during the summer season [1][2]. Core Insights - The media sector is experiencing a resurgence, with a notable increase in market performance, as evidenced by a 2.15% rise in the media index compared to a 1.69% increase in the CSI 300 index [9][19]. - The report highlights the importance of AI in reshaping the industry landscape, with expectations for significant growth in public cloud services and the emergence of new business models [6][28]. - The gaming market remains a focal point, with several companies expected to benefit from upcoming AI-driven developments and a rebound in user engagement [16][30]. - The film industry is showing signs of recovery, with ticket sales reaching 287.81 billion yuan and a notable increase in audience numbers compared to previous years [19][20]. Market Performance Review - The media index saw a 2.15% increase last week, underperforming the CSI 300 index by 0.46%, ranking 18th among all sectors [9][12]. - The gaming sector continues to dominate the iOS sales charts, with Tencent's titles consistently leading the rankings [16][17]. - The film market is recovering, with ticket sales for the summer season surpassing 49 billion yuan, driven by popular releases [28][30]. Industry Developments - AI technology is rapidly transforming the media landscape, with significant advancements in applications and user engagement [28][29]. - Major companies like Alibaba and Tencent are making strides in AI development, with Alibaba's AI glasses and Tencent's gaming innovations being highlighted [28][29]. - The report suggests a focus on quality content and strategic positioning within the AI space as key drivers for future growth in the media sector [6][28].

Group 1 - The China Capital Market Society was established on July 26, 2025, in Shanghai, with Wu Qing elected as the first president [1] - The society has set up seven professional committees focusing on various aspects such as macro and industrial development, market stability, innovation, and investor protection [1] Group 2 - The 2025 World Artificial Intelligence Conference (WAIC) opened in Shanghai on July 26, attracting over 800 domestic and international companies and showcasing more than 3,000 smart technology exhibits [4] - Notably, over 150 humanoid robots were presented, marking the largest display of humanoid robots in China to date [4] - Major tech companies like Tencent, NetEase, and JD.com unveiled significant AI advancements, including Tencent's global launch of the open-source "Hunyuan 3D World Model" [4] Group 3 - The Henan Provincial Department of Industry and Information Technology announced a notification for recommending enterprises to enter the "Specialized, Refined, Characteristic, and Innovative" board, which will provide various support services [6] Group 4 - The U.S. and EU reached a new trade agreement, with the EU committing to increase investments in the U.S. by $600 billion and purchasing $750 billion worth of U.S. energy products [8] - The agreement maintains existing tariffs on steel and aluminum, with a focus on energy and automotive sectors [8] Group 5 - The U.S. Secretary of Commerce announced that the deadline for imposing additional tariffs on August 1 will not be extended, emphasizing the need for a favorable agreement with the EU [10] Group 6 - The State Council of China announced plans to gradually implement free preschool education, highlighting its importance for long-term development and the need for local governments to detail funding and support measures [12] Group 7 - The National Bureau of Statistics reported a 1.8% decline in profits for large-scale industrial enterprises in the first half of 2025, with state-owned enterprises seeing a 7.6% drop [16] - In contrast, foreign and Hong Kong-Macau investment enterprises experienced a 2.5% profit increase [16] Group 8 - The National Development and Reform Commission allocated 69 billion yuan for the third batch of special bonds to support the consumption of old goods [17] Group 9 - The Chinese government proposed the establishment of a World Artificial Intelligence Cooperation Organization to promote global governance and bridge the digital divide [19] Group 10 - The Ministry of Agriculture and Rural Affairs and nine other departments issued a plan to promote agricultural product consumption, encouraging collaboration between food companies and research institutions [20][21] Group 11 - The China Pesticide Industry Association launched a three-year action plan to improve market order and combat low-price competition in the pesticide industry [23] Group 12 - Shouchuang Securities announced plans to list on the Hong Kong Stock Exchange to enhance capital strength and international influence [25] - Linglong Tire submitted its H-share issuance application to the Hong Kong Stock Exchange [27] Group 13 - Shanghai Jinqiao Information Co., Ltd. plans to raise 633 million yuan through a private placement to fund AI research and upgrade core solutions [29] Group 14 - *ST Suwu faces potential delisting due to alleged information disclosure violations, with the company under investigation by the China Securities Regulatory Commission [31] - *ST Wanfang and Taiyuan Heavy Industry also received notices of investigation for similar violations [32][33] Group 15 - Zijin Mining's vice president plans to reduce holdings by up to 250,300 shares to fund the company's employee stock ownership plan [37] - ST Luton and Ruixin Technology announced plans for share reductions by specific shareholders [37] Group 16 - Rebekah reported a 15.31% increase in net profit for the first half of 2025, with total revenue reaching 598 million yuan [38] - Laopu Gold expects a net profit increase of 279% to 288% for the same period, with sales projected between 138 billion yuan and 143 billion yuan [39] - Tongzhou Electronics turned a profit with a 662% increase in net profit, achieving revenue of 540 million yuan [40]

Investment Rating - Industry rating: Recommended [4] Core Views & Investment Suggestions - The third round of China-US trade negotiations will be held in Sweden, and the market should closely monitor the progress of these talks. The negotiations aim to postpone the scheduled tariff increase deadline of August 12, reflecting a pragmatic willingness from both sides to manage differences. The advancement of core tariff issues is a key support for current market sentiment, and a cautiously optimistic outlook is maintained for the prospects of a phased agreement [2][24]. - In July, 134 game licenses were issued, including 127 domestic games and 7 imported games, such as NetEase's "Diablo IV." The normalization of license issuance continues to support the healthy development of the industry, with major companies introducing significant IPs alongside original high-quality products, optimizing the supply structure and further releasing market vitality [2][24]. Summary by Sections Market Overview - In the week of July 21-25, 2025, the Shanghai Composite Index rose by 1.67%, the CSI 300 Index increased by 1.69%, and the ChiNext Index surged by 2.76%. The Hang Seng Index rose by 1.86%, and the Hang Seng Internet Index increased by 2.27%, outperforming the Hang Seng Index by 0.41 percentage points. The SW Media Index rose by 2.15%, lagging behind the ChiNext Index by 0.61 percentage points, ranking 18th among 31 industries [1][11]. Sub-industry Data Film Industry - The top three films by box office for the week were "The Lychee of Chang'an" with a box office of 170.914 million yuan (25.6% market share), "Nanjing Photo Studio" with 152.25 million yuan (22.8%), and "The Legend of Lu Xiaobei 2" with 94.343 million yuan (14.2%) [27][28]. Gaming Industry - The top three iOS games by sales were "Honor of Kings," "Peacekeeper Elite," and "Love and Deep Space." The top three Android games by popularity were "Heart Town," "My Leisure Time," and "Staff Sword Legend" [30][31]. TV Series Industry - The top three TV series by broadcast index were "Drug Storm," "Morning Snow," and "Cherry Amber," with indices of 83.5, 82.9, and 80.8 respectively [33][34]. Variety Shows and Animation - The top variety show was "Running Man Season 9," followed by "Comedy King Stand-up Season 2" and "Talk Show and His Friends Season 2." The top three animated shows by viewership index were "Cang Yuan Tu," "Happy Hammer," and "Cloud Deep Not Knowing Dream" [34][36].

Group 1 - The core viewpoint of the article is the launch of NetEase's embodied intelligence model "Lingjue" at the World Artificial Intelligence Conference (WAIC), which represents a significant advancement in the field of engineering machinery intelligence [1]. Group 2 - "Lingjue" is described as an "end-to-end" engineering machinery embodied model, indicating its comprehensive capabilities in the sector [1]. - The model relies on multi-modal data-driven autonomous learning technology, showcasing the integration of advanced AI techniques in engineering applications [1].

Core Insights - The World Artificial Intelligence Conference (WAIC) witnessed the launch of "Lingjue," the world's first embodied intelligence model specifically designed for open-pit mining excavators, aligning with China's strategic goal for intelligent continuous operations and unmanned transportation by 2025 [1][2] - "Lingjue" represents a significant innovation in engineering machinery, utilizing a unique end-to-end model that leverages multi-modal data-driven autonomous learning technology, marking a departure from traditional modular development [1] - The model has achieved an 80% efficiency rate compared to human operators and requires minimal human intervention, adapting successfully to harsh environments [1] Company Initiatives - NetEase Lingdong announced the open-sourcing of the "Lingjue" dataset and initiated the "2027 Industry Collaboration Plan," aiming to achieve unmanned operations in over 30 mines by 2027 through collaboration with major manufacturers and mining companies [2] - The foundational training framework for "Lingjue," named "Mechanical Wisdom," integrates video learning, expert demonstration, and reinforcement learning, enabling dynamic evolution of machines [2] - The release of "Lingjue" and "Mechanical Wisdom" signifies a shift in engineering machinery from remote control to fully autonomous operations, addressing challenges related to labor shortages and safety risks [2]

Core Insights - NetEase showcased multiple AI products in the engineering and education sectors at the World Artificial Intelligence Conference on July 26 [1] - The company launched "Lingjue," the world's first embodied intelligent model specifically designed for open-pit mining excavator loading scenarios [1] - "Lingjue" has been deployed in real-world operations at an open-pit mine in Inner Mongolia, allowing attendees to experience the automatic loading function of an unmanned excavator from over 1,000 kilometers away [1] - The data set and model solutions of "Lingjue" will be made available for the first time, promoting technology sharing within the industry [1]

Group 1 - The Chinese government emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, integrating digital technology with manufacturing and market advantages to support the widespread application of large models [1] - High-quality datasets are identified as a crucial driving force for AI development, with the National Data Bureau categorizing them into three types: general, industry general, and industry specialized [1] - The National Data Bureau is accelerating the construction and application of high-quality datasets to promote the marketization and valuation of data elements, providing solid data support for cultivating new productive forces [1] Group 2 - The National Data Bureau is conducting a special action for ecological cultivation, which includes collecting and promoting typical cases of high-quality datasets in key sectors such as healthcare, industry, and transportation [2] - Regular technical exchange activities are being held to discuss data annotation, synthesis, and methodologies for building high-quality datasets [2] - Seven cities, including Hefei and Chengdu, are being guided to establish data annotation bases, with 524 datasets constructed and a total scale exceeding 29PB, serving 163 large models as of mid-2023 [2] Group 3 - Guizhou Province has 48 key data centers under construction or in operation, with 28 being large data centers and a storage capacity of 25EB, equivalent to storing 5 billion HD movies [3] - The province's intelligent computing scale has reached 85EFLOPS, with over 98% of the computing power dedicated to intelligent computing, and an outbound bandwidth exceeding 60,000 Gbps [3] - Guizhou is accelerating the construction of data centers and intelligent computing centers, with a focus on optimizing policies to meet the computing power needs of large model training, animation rendering, and esports [3]

Core Viewpoint - The controversy surrounding NetEase Games centers on the clause in their service agreement that allows for account deletion if a user does not log in for 365 days, raising concerns about user rights and data protection [2][4][5]. Group 1: User Agreement and Account Deletion - NetEase's service agreement states that if a user does not log in for 365 consecutive days, the company has no obligation to retain the user's account or data after notifying the user [4]. - Users have expressed dissatisfaction, questioning the fairness of losing access to their accounts, especially in cases where they may have been unable to log in due to personal circumstances like studying for exams [3][4]. - Legal experts suggest that the legality of this deletion clause is questionable, as it may infringe on users' property rights under the Civil Code [5][6]. Group 2: Price Increase Controversy - NetEase's game "World Beyond" faced backlash for a sudden 33% price increase without prior notification, which may violate consumer protection laws [8]. - Legal professionals argue that such unannounced price hikes could be considered price fraud, as they undermine the principle of fair trading and consumer rights [8]. Group 3: Jurisdiction and Legal Rights - The user agreement includes a clause that designates Guangzhou Tianhe District as the jurisdiction for disputes, which some users view as a disadvantage [9][10]. - Legal experts note that while such jurisdiction clauses are not inherently illegal, they may limit users' rights if not clearly communicated [10]. - Consumers are advised to be cautious of the legal implications of agreeing to such terms and to retain evidence of any disputes for potential legal action [10]. Group 4: Corporate Responsibility - Legal professionals emphasize that companies must balance data management, operational autonomy, and user property rights, especially in the rapidly evolving virtual economy [10].

Core Viewpoint - The article discusses the new update of the game "World Beyond," which introduces a new sub-gameplay combining pet-catching and auto-chess elements, but faces backlash due to increased monetization costs, specifically the price hike of in-game currency for card draws [1][19]. Gameplay Exploration - "World Beyond" has introduced a new gameplay style that combines pet-catching with auto-chess, providing a fresh experience for players who may not have encountered auto-chess in otome games before [4][6]. - The auto-chess gameplay is simplified compared to other games in the genre, with fewer levels and a focus on PVE, making it accessible for new players [6][14]. - The game features a unique mechanic where players can capture creatures during battles, which adds a layer of strategy to the gameplay [6][9]. Commercialization and Player Reception - Despite a slight improvement in sales rankings, the game has received significant negative feedback primarily due to the increase in card draw prices from 300 to 400 in-game currency, overshadowing the positive reception of the new gameplay [3][19]. - The price increase was justified by the developers as a result of enhanced card quality and additional effects, but this explanation did not alleviate player dissatisfaction [17][19]. Industry Trends - The article notes a trend among female-oriented games to explore new gameplay mechanics, indicating a shift in player expectations towards more engaging and varied gameplay experiences [20][26]. - The success of "World Beyond" in integrating different gameplay styles reflects a broader industry movement towards enhancing playability in female-targeted games, moving beyond traditional narrative-driven formats [22][26].

Group 1 - The core index, the Chinese Hong Kong Mainland Index (CESHKM), increased by 0.04% to 7017.14 points with a trading volume of 84.761 billion [1] - Over the past month, the CESHKM has risen by 7.67%, by 13.13% over the last three months, and by 25.31% year-to-date [1] - The CESHKM is part of a series of cross-border indices that reflect the overall performance of large and mid-cap securities listed in Shanghai, Shenzhen, and Hong Kong [1] Group 2 - The top ten holdings of the CESHKM include Tencent Holdings (10.21%), Alibaba-W (9.73%), Xiaomi Group-W (8.46%), and others [1] - The market sectors represented in the CESHKM include Consumer Discretionary (31.46%), Communication Services (22.20%), Financials (22.02%), and Information Technology (11.09%) [2] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange [2]