传媒互联网行业周报：1月游戏收入同增28%，阶跃星辰开源两款多模态大模型

Investment Rating - The report maintains a "Positive" rating for the Media Internet industry, specifically for the gaming sub-sector [2]. Core Insights - The gaming market in China achieved a revenue of 31.077 billion yuan in January 2025, reflecting a month-on-month increase of 7.54% and a year-on-year increase of 27.65%. The mobile gaming segment contributed 22.97 billion yuan, with a month-on-month growth of 7.75% and a year-on-year growth of 29.87% [2][7]. - The report highlights the stable issuance of game licenses, with 113 licenses approved in February, including 110 domestic and 3 imported games, indicating a healthy regulatory environment [2][7]. - The introduction of AI models like Microsoft's Muse and the Step series by Jieyue Xingchen is expected to lower development barriers and enhance efficiency in game development [3][4][7]. Summary by Sections Gaming Sector - January 2025 saw a total revenue of 31.077 billion yuan in the Chinese gaming market, with mobile games leading the revenue at 22.97 billion yuan [2][19]. - The report emphasizes the importance of new game releases and suggests monitoring companies like Dianhun Network, Kaiying Network, and Giant Network for potential growth [7]. AI Developments - Microsoft's Muse model, which generates game environments based on player actions, represents a significant advancement in AI applications within gaming [3][7]. - The Step series models from Jieyue Xingchen are noted for their capabilities in video generation and voice interaction, which could benefit companies with scene advantages [4][7]. Market Trends - The report indicates a positive trend in the gaming market, with both year-on-year and month-on-month revenue growth, driven by the early timing of the Spring Festival and the continued success of new game launches [2][7]. - The focus on multi-modal models and the development of an open-source ecosystem is expected to support localized deployment and application in various verticals [4][7].