传媒行业周报：智谱发布Realtime、4V、Air新模型，商业化应用场景持续拓宽

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][4]. Core Insights - The report highlights the continuous expansion of commercial application scenarios for new models such as Realtime, 4V, and Air released by Zhipu [4][24]. - The media industry is expected to benefit from advancements in AI models, particularly in multi-modal capabilities, logical reasoning, and tool utilization, leading to broader deployment opportunities for AI-native devices [4][33]. - The report suggests three main investment lines within the media sector: 1. Game and film sectors benefiting from valuation recovery and supply release, with a focus on companies like Sanqi Interactive Entertainment, Kaiying Network, Shenzhou Taiyue, and Perfect World. 2. High dividend, low valuation publishing sector, recommending companies such as Zhongnan Media, Changjiang Media, and BlueFocus. 3. Companies involved in AI large models or products [4][33]. Summary by Sections Recent Market Performance - From January 13 to January 17, 2025, the Shenwan Media Index increased by 6.02% [8]. - The top five gaining stocks in the media sector included Guoliu United, Tianxiexiu, Yaowang Technology, Fuchun Co., and Jiayun Technology [8]. Industry News - The report discusses the collaboration between Hongguo Short Drama and various media companies to create high-quality short dramas, emphasizing content innovation and business model discussions [10][11]. - The launch of the "HarmonyOS NEXT" version of the game "Honor of Kings" is noted, which enhances user experience with high refresh rates and cross-platform compatibility [12]. Key Company Announcements - Kaiying Network announced the completion of the sale of shares held under its third employee stock ownership plan, affecting 1.47% of the total share capital [19]. - Read Culture plans to reduce its shareholding by up to 2.80% due to funding needs [20]. Investment Recommendations - The report emphasizes the potential of AI models in transforming traditional industries, suggesting that the integration of AI will drive a new wave of technological revolution and industrial transformation [32][33].