传媒：各短视频平台推广暑期游戏活动

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The report highlights the competitive landscape of the summer gaming market in China, with major platforms like Douyin and Kuaishou launching promotional activities to boost game conversion and user engagement [1]. - IAA mini-games are identified as a new growth hotspot in the industry, with Douyin's mini-game user base growing over 150% in 2023, and IAA mini-games accounting for 80% of the mini-game market [1]. - The overall market size for mini-games is projected to reach between 600-650 billion yuan, with significant growth in user engagement metrics such as monthly active users and advertising revenue [1]. Summary by Sections Industry Performance - The report notes that the summer gaming market is highly competitive, with several major titles launching, including domestic AAA console games and new mobile games [1]. - IAA mini-games differ from IAP model games by primarily generating revenue through advertising, reflecting a shift in monetization strategies within the industry [1]. User Growth and Engagement - Douyin's mini-games are expected to drive user growth, with projections indicating that the overall commercial volume of IAA mini-games will exceed 10 billion yuan in 2024 [1]. - The user demographics for mini-games show a balanced gender ratio among young users, with male users having a wider variety of game choices compared to female users [1]. Investment Recommendations - The report suggests that increased gaming-related activities across platforms are likely to enhance the development of a diverse gaming ecosystem, recommending attention to companies such as NetEase, Tencent, and Kuaishou [1].