Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Group 1 - The China Securities Media Index (399971) has seen a strong increase of 2.34%, with notable gains from stocks such as Kyeing Network (002517) up 10.03%, Giant Network (002558) up 9.39%, and G-bits (603444) up 6.19% [1] - The Media ETF (159805) rose by 2.48%, with the latest price reported at 1.2 yuan [1] - In May, the total revenue of the Chinese gaming market reached 28.051 billion yuan, indicating a clear positive trend in the industry fundamentals [1] Group 2 - The China Securities Media Index tracks 50 large-cap listed companies from sectors including marketing and advertising, cultural entertainment, and digital media [2] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 48.11% of the total index, with companies like Focus Media (002027) and Giant Network (002558) among the leaders [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

金融界6月23日消息，上证指数低开高走，中证动漫游戏指数 (动漫游戏，930901)上涨0.37%，报 1741.71点，成交额127.52亿元。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪动漫游戏的公募基金包括：国泰中证动漫游戏ETF联接A、国泰中证动漫游戏ETF联接C、华夏中证 动漫游戏ETF联接A、华夏中证动漫游戏ETF联接C、华夏中证动漫游戏ETF、国泰中证动漫游戏ETF、 华泰柏瑞中证动漫游戏ETF。 从指数持仓来看，中证动漫游戏指数十大权重分别为：巨人网络（10.64%）、恺英网络（10.51%）、 光线传媒（10.3%）、三七互娱（9.45%）、神州泰岳（7.73%）、完美世界（7.39%）、掌趣科技 （5.59%）、吉比特（4.42%）、游族网络（4.03%）、浙数文化（3.55% ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Core Insights - In May, ByteDance maintained a significant lead in overseas revenue among non-gaming Chinese companies, while Ruqi Software saw a revenue surge of over 32.4% due to its AI-enhanced app features [3][4] - Meitu's overseas revenue increased by over 12.4% driven by its AI features in the app "Wink," contributing to its stable ranking [3] - Xiaohongshu, rebranded as "rednote," experienced a 75% increase in overseas revenue, helping its parent company rise in rankings [4] Non-Gaming Companies - ByteDance ranked first with 78 apps, maintaining its leading position in overseas revenue [1] - Ruqi Software's app "PictureThis" achieved an estimated monthly revenue of nearly 100 million yuan, marking a continuous growth trend [3] - Meitu's "BeautyCam" and other apps are part of its strategy to embrace AI, contributing to revenue growth [3] - Xiaohongshu's global strategy has led to a stable monthly active user base exceeding 10 million [4] - Youku's overseas version saw an 18.9% revenue increase due to popular content, allowing it to return to the rankings [4] Gaming Companies - Diandian Interactive's new game "Kingshot" saw a revenue increase of over 81.7%, reaching an estimated 190 million yuan [7] - Lilith's game "AFK Journey" experienced a revenue growth of over 54.9%, particularly in the U.S. market [7] - NetEase's new game "Dunk City Dynasty" generated over 1 million USD in less than ten days, indicating potential for future growth [8] - Jiangyu Interactive's "Top Heroes" achieved an estimated revenue of nearly 230 million yuan, contributing to its ranking improvement [8] - Yishijie’s new game "Lands of Jail" generated over 8.21 million USD, with a growth rate of over 75.4% [9]

Group 1 - The core viewpoint of the news is the performance of the CSI 500 Communication Services Index, which shows a recent increase of 6.57% over the past month, a decrease of 6.16% over the past three months, and an increase of 9.73% year-to-date [2] - The CSI 500 Communication Services Index is composed of various industry companies classified into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Communication Services Index include Light Media (6.7%), Kaiying Network (6.3%), Yanshan Technology (6.27%), Hengtong Optic-Electric (6.18%), Giant Network (5.86%), Haige Communication (5.42%), Wangsu Technology (5.2%), BlueFocus Communication Group (4.9%), Shenzhou Taiyue (4.64%), and Guangxun Technology (4.47%) [2] Group 2 - The market share of the CSI 500 Communication Services Index is dominated by the Shenzhen Stock Exchange at 65.69%, while the Shanghai Stock Exchange accounts for 34.31% [2] - The industry composition of the CSI 500 Communication Services Index shows that cultural entertainment accounts for 45.44%, communication equipment for 31.52%, data centers for 9.58%, digital media for 8.56%, and marketing and advertising for 4.90% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December [3]

智通财经APP获悉，开源证券发布研报称，根据伽马数据，2025Q1，中国游戏市场规模为857.04亿元， 同比增长17.99%；2025年4月，中国游戏市场规模为273.51亿元，同比增长21.93%，环比增长2.47%。政 策上，浙江省等17部门发布《关于支持游戏出海的若干措施》，全面覆盖游戏出海产业、平台、生态等 领域，全方位对游戏行业提供政策支持，有望进一步提升国内游戏产品全球竞争力，带动整体游戏行业 发展。基于行业产品周期向上、业绩有望迎来拐点，AI持续赋能及政策支持，建议继续加大游戏板块 配置力度。 开源证券主要观点如下： 标的方面 重点推荐心动公司(02400)、恺英网络(002517.SZ)、吉比特(603444.SH)、网易-S(09999)、完美世界 (002624.SZ)、神州泰岳(300002.SZ)、腾讯控股(00700)、姚记科技(002605.SZ)、哔哩哔哩-W(09626)、盛 天网络(300494.SZ)，受益标的包括友谊时光(06820)、巨人网络(002558.SZ)、ST华通(002759.SZ)、星辉 娱乐(300043.SZ)、掌趣科技(300315.SZ)、游族网 ...

Group 1 - The popularity of stablecoins is rising, with a resonance between the digital currency and AI industry chains [1] - The AI ETF (515070) has seen significant gains, with stocks like NewEase rising over 5%, and other tech stocks such as Zhongji Xuchuang, Guangxun Technology, and Shenzhou Taiyue also experiencing increases [1] - Meta AI has launched its first generative video editing feature, allowing users to make intelligent changes to clothing, scenes, and lighting with over 50 preset AI prompts, currently available in more than ten countries [1] Group 2 - China International Capital Corporation (CICC) believes that domestic large models are approaching international standards in key areas such as multimodal capabilities and inference efficiency, with a focus on companies that can commercialize these technological advantages [1] - The industry is entering an "application verification period," with high-value sectors like healthcare and finance becoming the main battlegrounds for competition, where technical barriers and industry know-how are crucial for long-term advantages [1] - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting component stocks that provide technology, basic resources, and applications for AI, focusing on the midstream and upstream of the AI industry chain [1] Group 3 - The top ten weighted stocks in the AI ETF include leading domestic tech companies such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, Zhongke Shuguang, iFlytek, Weir Shares, NewEase, Lanke Technology, Kingsoft, and Unisplendour [1]

Investment Rating - The report maintains a "Buy" rating for the media industry [5] Core Insights - The media industry (Shenwan) saw a weekly increase of 1.55%, ranking 4th among industries, while the Shanghai Composite Index and Shenzhen Component Index both fell by 0.25% and 0.60% respectively [12][18] - Key companies such as Yuanlong Yatu, Chuanwang Media, and Giant Network showed strong performance, with notable weekly gains [18] - The gaming sector continues to thrive, with 33 Chinese companies making it to the global mobile game publisher revenue list, collectively earning $20.2 billion, accounting for 36.6% of the total revenue [29] Summary by Sections Market Performance - The media industry experienced a weekly increase of 1.55%, outperforming the Shanghai Composite Index and Shenzhen Component Index, which fell by 0.25% and 0.60% respectively [12] - The gaming sector saw a 2.57% increase, while advertising and film sectors also reported gains [12][18] Key Industry Data AI Application Data - Gemini's web access increased by 28.9% in May, ranking third among AI products, while Sora's access surged by 121.25% [22] - The top five AI products in China include DeepSeek, Nano AI Search, Doubao, Qwen.ai, and Baidu Wenku [24] Gaming Data - The top three mobile games as of June 12, 2025, are "Honor of Kings," "Mingchao," and "Peace Elite" [27] - The newly launched game "Zhang Jian Chuan Shuo" ranked 15th on the iOS bestseller list [27] - Tencent remains the top mobile game publisher, with "Delta Action" showing a 29% increase in revenue [29] Film Data - The total box office for the week of June 7-13, 2025, was 244 million yuan, with "Mission: Impossible 8" leading the box office [34] - Upcoming films for the summer season are generating significant attention, particularly "Breakup List" [35] Key Industry Events and Announcements - The Zhejiang Provincial Government issued measures to support the overseas expansion of the gaming industry, effective July 10, 2025 [38] - Tencent Music announced plans to acquire Ximalaya for $12.6 billion in cash and stock [38] - Chinese Online launched the "XIAOYAO" platform for international creators, focusing on AI-assisted writing [38]