传媒行业周报：市场风险偏好提升，持续看好文化出海、AI应用等投资方向

Investment Rating - The report maintains an "Outperform" rating for the media sector [3]. Core Viewpoints - The report highlights that with the recent increase in market risk appetite, the media sector, which has experienced significant corrections, exhibits high elasticity. It continues to favor several investment directions: 1) Cultural export, with the domestic gaming and entertainment market reaching maturity and overseas markets showing higher growth potential; 2) Technology advancements, particularly in AI applications, with ongoing developments in AI models and hardware/software; 3) Mergers and acquisitions, encouraged by current regulations, particularly for state-owned enterprises and small to mid-cap companies; 4) Focus on the upcoming quarterly earnings reports, especially in the Hong Kong internet sector and high-dividend A-share blue-chip companies [3][4]. Summary by Sections Market Performance - The Haidong Media portfolio saw a weekly increase of 1.15%, while the Shenwan Media Index rose by 6.04%, and the CSI 300 Index increased by 0.79% [5][6]. Recommended Stocks - The report suggests focusing on: 1) Hong Kong internet stocks such as Tencent Holdings, Bilibili-W, and Kuaishou-W; 2) Gaming stocks including Kaiying Network, Shenzhou Taiyue, and 37 Interactive Entertainment; 3) Marketing firms like Focus Media and Easy Point; 4) IP entertainment companies such as Shanghai Film, Chinese Online, and Yaoji Technology; 5) AI application firms including Kunlun Wanwei, Meitu, and Huace Film; 6) Undervalued state-owned enterprises in broadcasting and publishing; 7) High-growth lottery sector stocks like Songyang Resources [4][5].