Huaxi Securities(SZ:002926) 智通财经网·2025-09-01 07:30Core Insights - Alibaba Cloud's revenue exceeded expectations, confirming the view that AI is a key investment direction amid global macroeconomic volatility [2] - The report suggests several investment opportunities, including Hong Kong internet leaders, the gaming industry, film and cultural tourism, and data rights [1] Market Overview - In the week of August 25-29, 2025, the Shanghai Composite Index rose by 0.84%, the CSI 300 Index increased by 2.71%, and the ChiNext Index surged by 7.74% [1] - The Hang Seng Index fell by 0.37%, and the Hang Seng Internet Index declined by 1.03%, lagging behind the Hang Seng Index by 0.66 percentage points [1] - The SW Media Index increased by 1.05%, trailing the ChiNext Index by 6.69 percentage points, ranking 12th among 31 industries [1] Alibaba's Financial Performance - In Q1 2025, Alibaba Cloud's revenue grew by 26% year-on-year to 33.398 billion yuan, marking a three-year high [2] - AI-related product revenue has seen triple-digit year-on-year growth for eight consecutive quarters, accounting for over 20% of external commercialization revenue [2] - Capital expenditure in the AI and cloud sector reached a record high of 38.6 billion yuan during the reporting period, with over 100 billion yuan invested in AI infrastructure and product development over the past four quarters [2] Gaming Industry Developments - In August 2025, the National Press and Publication Administration approved 166 domestic and 7 imported game licenses, with a total of 1,050 domestic game licenses issued this year [3] - The increase in approved licenses indicates a strengthening trend in the supply side of the industry, supported by policies that provide certainty for product matrix expansion [3] Media Industry Data - Top three films in theaters: "浪浪山小妖怪," "南京照相馆," "东极岛" [4] - Top three TV series: "凡人修仙传," "生万物," "利剑玫瑰" [4] - Top three variety shows: "地球超新鲜," "心动的信号第八季," "脱口秀和Ta的朋友们第二季" [4] - Top three animated series: "沧元图," "凡人修仙传," "开心锤锤" [4] - Top three iOS games: "王者荣耀," "和平精英," "穿越火线-枪战王者" [4] - Top three Android games: "心动小镇," "我的休闲时光," "崩坏：星穹铁道" [4]