传媒：供给侧显卡迭代+国补扩围，多线共振赋能生态应用端

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [3][9]. Core Insights - The report highlights a significant supply-side upgrade in graphics cards with the launch of NVIDIA's RTX 50 series, which offers three times the performance of the previous generation, thus potentially transforming the gaming and graphics processing sectors [6]. - The Chinese government has announced a subsidy policy for consumer electronics, providing a 15% subsidy on the purchase of mobile devices, which is expected to stimulate demand in the smart entertainment sector [6]. - The mobile gaming market in China is projected to reach a sales revenue of 238.2 billion yuan in 2024, reflecting a year-on-year growth of 5.01%, driven by stable performance from leading games and the release of popular new mobile titles [6]. Summary by Sections Supply-Side Developments - The RTX 50 series includes four models priced at $549, $749, $999, and $1999, with performance enhancements that could lead to a new era in gaming and graphics processing [6]. - The new graphics cards are expected to significantly reduce costs while improving quality and efficiency, thereby accelerating the development of AI applications and gaming content [6]. Government Policies - The subsidy program allows consumers to receive up to 500 yuan for purchasing eligible digital products, which is anticipated to boost the sales of mobile devices and enhance the overall market for smart entertainment [6]. Market Performance - The report notes that the mobile gaming market's actual sales revenue is expected to reach 238.2 billion yuan in 2024, with a growth rate of 5.01%, while the client game market is projected to generate 67.98 billion yuan, growing by 2.56% year-on-year [6].