传媒互联网行业2月行业月报：DeepSeek引领开源大趋势，AI渗透加速中

Investment Rating - The report suggests a positive outlook for the media and internet industry, particularly with the recovery of the film market and advancements in AI technology [4][5]. Core Insights - The film market showed significant growth during the Spring Festival, with a total box office of 160.93 billion yuan in February, marking a year-on-year increase of 46.5% and a month-on-month increase of 152.6% [15][17]. - The gaming market continues to grow, with actual sales revenue reaching 310.77 billion yuan in January 2025, reflecting a year-on-year increase of 27.65% [51][53]. - The advertising market saw a slight increase of 1.6% year-on-year in 2024, with notable growth in specific sectors such as entertainment and cosmetics [4][5]. - DeepSeek is leading the open-source trend, significantly reducing the performance gap between open-source and closed-source models, which is expected to enhance AI technology accessibility [4][5]. Market Dynamics - In February 2025, the media industry index rose by 6.10%, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.91% [7][9]. - The film industry saw a remarkable performance with the top film, "Nezha: The Devil's Child," grossing 48.40 billion yuan during the Spring Festival, contributing over 50% of the total box office for the period [15][21]. - The gaming sector's mobile game market reached 229.7 billion yuan in January, with a year-on-year growth of 29.87% [51][52]. Sub-industry Data Tracking Film Industry - The film market is recovering, with a record-breaking Spring Festival box office and significant contributions from major films [15][20]. - The number of films released in February increased by 111% year-on-year, indicating a positive trend in content supply [20]. Gaming Industry - The gaming market's growth is driven by high user engagement during the Spring Festival and the successful launch of new titles [51][52]. - The client game market also showed growth, with a revenue of 66.71 billion yuan in January, up 19.11% year-on-year [52][53]. Advertising Industry - The advertising market experienced a 1.6% increase in 2024, with significant investments in entertainment and personal care sectors [4][5]. AI Industry - DeepSeek's open-source initiative is expected to democratize AI technology, making it more accessible to a broader audience [4][5].