东方财富证券：AI产业加速迭代 科技赋能传媒价值提升

Group 1: Core Insights - The report from Dongfang Caifu Securities is optimistic about the rapid development of leading internet technology companies and the media sector, driven by favorable policy changes for film companies and well-resourced gaming companies [1] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai and Shenzhen 300 Index's increase of 18.07% [1] - The Hang Seng Technology Index has increased by 32.8% year-to-date, attributed to significant inflows of southbound capital and the rapid development of the domestic AI internet industry [1] Group 2: Sector Analysis - The gaming industry maintains high prosperity, with long-standing IP games seeing continuous revenue and user growth, and multi-platform connectivity becoming a new trend [2] - The film industry is experiencing a recovery driven by top films boosting box office revenues, with a rich reserve of domestic and foreign films expected by 2026 [2] - The advertising sector is witnessing moderate growth in spending, with programmatic advertising creating new growth momentum and innovative advertising formats like elevator ads exploring new consumer scenarios [2] Group 3: Cloud Computing and AI Development - The cloud computing market is rapidly growing, with projections indicating that China's cloud computing market will maintain over 20% annual growth for the next five years, potentially reaching over 3 trillion by 2030 [3] - The gap between domestic and international AI capabilities is narrowing, with leading domestic model platforms like Deepseek, Alibaba Qwen, and Tencent Hunyuan achieving significant technological advancements [3]