传媒行业周报：持续看好传媒板块多点投资方向

Investment Rating - The report maintains an "Outperform" rating for the media sector [2]. Core Viewpoints - The report emphasizes that the media sector has high elasticity characteristics due to improved market risk appetite, making it an attractive investment opportunity [3]. - Key investment directions include: 1. Technology: Continuous focus on domestic and international AI models and the development of AI hardware and software, as well as AR and VR product progress. 2. Mergers and Acquisitions: Current regulatory encouragement for mergers and acquisitions, particularly for state-owned enterprises and small to mid-cap companies, which may enhance asset value and facilitate strategic transformation. 3. Upcoming quarterly reports: Attention should be paid to the Hong Kong internet sector and high-dividend A-share blue-chip companies [3]. Summary by Sections Market Performance - The Hai Tong Media portfolio saw a weekly increase of 6.16%, while the Shenwan Media Index rose by 7.25%, and the CSI 300 Index increased by 0.98% [4]. - The top-performing stocks in the Hai Tong Media portfolio included: - Tencent Holdings: -1.82% - Kuaishou: -6.00% - Ciweng Media: +9.63% - Shenzhou Taiyue: +16.67% - Yidian Tianxia: +11.52% - Kaiying Network: +13.07% [5]. Recommendations - Suggested stocks to focus on include: 1. Hong Kong Internet: Tencent Holdings, Bilibili-W, Kuaishou-W. 2. Gaming: Kaiying Network, Shenzhou Taiyue, Jibite, 37 Interactive Entertainment, Century Huatong. 3. Marketing: Fenzhong Media, Yidian Tianxia. 4. IP Entertainment: Shanghai Film, Zhongwen Online, Yaoji Technology, Aofei Entertainment. 5. AI Applications: Kunlun Wanwei, Meitu, Huace Film & TV. 6. Undervalued State-owned Enterprises: Broadcasting (Jishi Media, Zhongguo Tianze), Publishing (Southern Media, Wanxin Media, Times Publishing). 7. High-growth lottery sector: Songyang Resources [3].