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]

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]

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]

Group 1 - The core point of the news is that Beijing Shenzhou Taiyue Software Co., Ltd. has applied for a patent related to a method and device for identifying network interruptions in home networks based on temporal associations [1] - The patent application, published as CN120151241A, was filed on May 2025 and focuses on network management technology [1] - The method involves obtaining periodic logs within the current time slice to reconstruct the network topology and identify potential interruptions in the home network, specifically regarding PPPoE interruptions and gateway events [1] Group 2 - Beijing Shenzhou Taiyue Software Co., Ltd. was established in 2001 and is located in Beijing, primarily engaged in technology promotion and application services [2] - The company has a registered capital of 1,962.564954 million RMB and has made investments in 43 enterprises [2] - The company has participated in 2,837 bidding projects and holds 578 patents along with 132 trademark registrations [2]

Company Overview - Shenzhou Taiyue (300002) closed at 11.04 yuan on June 13, 2025, down 1.34% from the previous week’s 11.19 yuan [1] - The stock reached a high of 11.49 yuan and a low of 10.7 yuan during the week [1] - The current total market capitalization is 21.667 billion yuan, ranking 7th in the gaming sector and 712th among all A-shares [1] Company Announcements - The company completed the election of the ninth board of directors and the appointment of senior management on June 10, 2025 [2] - The first meeting of the ninth board of directors established special committees and elected David Mao as chairman and Li Li as vice chairman, with Mao also appointed as president [2] - The 2024 annual general meeting approved several important resolutions, including the 2024 annual report and the proposal for director remuneration for 2025 [2] - A legal opinion from Beijing Dacheng Law Firm confirmed that the procedures for the annual general meeting complied with relevant laws and regulations [2] - The eighth board member and COO, Zhai Yibing, is no longer serving as a director or senior management [2]

Core Viewpoint - Beijing Shenzhou Taiyue Software Co., Ltd. held its 2024 annual shareholders' meeting on June 10, 2025, where the ninth board of directors was elected and various resolutions were passed regarding the establishment of specialized committees and the appointment of senior management [1][2]. Group 1: Board of Directors and Committees - The ninth board of directors established specialized committees including the Strategy Committee, Nomination Committee, Audit Committee, and Compensation and Assessment Committee, with a term of three years [1]. - The board unanimously elected Mr. Mao David as the chairman and Mr. Li Li as the vice chairman, both serving a term of three years [2]. - The board approved the appointment of Mr. Mao David as the president, along with several vice presidents, including Mr. Gao Feng, Mr. Dong Yue, and Ms. Ge Aijing, with a term of three years [2]. Group 2: Senior Management Appointments - Mr. Yang Zhongbao was appointed as the securities affairs representative for a term of three years [2]. - The management team includes individuals with significant experience and educational backgrounds, such as Mr. Mao David, who holds a PhD from Peking University and has served in various academic and managerial roles [3]. - Mr. Li Li, the vice chairman, has a background in technology management and holds 6.78% of the company's shares [4].

Core Viewpoint - The legal opinion letter from Beijing Dacheng Law Firm confirms the legality of the procedures and results of the 2024 annual shareholders' meeting of Beijing Shenzhou Taiyue Software Co., Ltd, ensuring compliance with relevant laws and regulations [1][6]. Group 1: Meeting Procedures - The shareholders' meeting was proposed and convened by the board of directors, with the notice published on May 20, 2025, detailing the time, location, and agenda [1][2]. - The meeting utilized a combination of on-site voting and online voting, with specific time slots for each method [1][3]. - The procedures for convening and holding the meeting were found to be in accordance with the Company Law and the Shareholders' Meeting Rules [1][6]. Group 2: Attendance and Qualifications - A total of 798 participants attended the meeting, representing 347,889,072 shares, which is 17.7262% of the total voting shares [1][3]. - The meeting was attended by shareholders and their proxies, with verification confirming their eligibility to participate [1][2]. Group 3: Voting Procedures and Results - The meeting reviewed 15 proposals, including the 2024 annual report and the election of board members [1][5]. - Voting was conducted through both on-site and online methods, with results compiled from both sources [1][6]. - All proposals were approved, with specific voting results indicating the level of support from minority investors [5][6].

Meeting Overview - The annual general meeting of Beijing Shenzhou Taiyue Software Co., Ltd. was held on June 10, 2025, combining on-site and online voting methods [1] - A total of 798 shareholders attended the meeting, representing 347,889,072 shares, which is 17.7262% of the total voting shares [2] Voting Results - The following resolutions were passed during the meeting: - **2024 Board of Directors Work Report**: Approved with 294,977,512 votes (84.7907% of total votes) [2] - **2024 Supervisory Board Work Report**: Approved with 294,993,212 votes (84.7952% of total votes) [3] - **2024 Annual Report**: Approved with 294,810,712 votes (84.7427% of total votes) [4] - **2025 Directors' Remuneration Proposal**: Approved with 150,607,417 votes (73.6572% of total votes) [5] - **2025 Supervisors' Remuneration Proposal**: Approved with 294,327,112 votes (84.6037% of total votes) [6] - **2024 Financial Settlement Report**: Approved with 294,891,212 votes (84.7659% of total votes) [7] - **2024 Profit Distribution Plan**: Approved with 294,327,581 votes (84.6039% of total votes) [8] - **Appointment of 2025 Audit Firm**: Approved with 292,531,398 votes (84.0875% of total votes) [9] - **2025 Entrusted Financial Management Plan**: Approved with 262,652,691 votes (75.4990% of total votes) [10] - **Termination of Subsidiary Equity Incentive Plan**: Approved with 284,717,418 votes (84.3577% of total votes) [11] - **Amendments to Company Articles**: Approved with 294,946,912 votes (84.7819% of total votes) [12] - **Amendments to Shareholders' Meeting Rules**: Approved with 253,071,408 votes (72.7449% of total votes) [13] - **Amendments to Board Meeting Rules**: Approved with 253,078,708 votes (72.7470% of total votes) [14] - **Election of Non-Independent Directors**: Approved with 285,052,480 votes (81.9378% of total votes) [15] - **Election of Independent Directors**: Approved with 286,869,990 votes (82.4602% of total votes) [16] Legal Compliance - The meeting was witnessed by lawyers from Beijing Dacheng Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [12]