HUAXI Securities·2025-04-06 05:58Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - The report highlights a strong demand for travel and tourism during the Qingming holiday, with domestic car rental bookings increasing by 33% year-on-year and outbound train ticket bookings surging over 200%. This trend suggests a continued recovery in the travel industry leading up to the May Day holiday [2][24] - Meta has released its latest Llama 4 AI model series, which reportedly outperforms OpenAI's GPT-4o in various applications, indicating advancements in AI technology that could impact multiple sectors [2][24] - Despite a complex macroeconomic environment and potential external shocks from trade conflicts, there remains negotiation space. The report emphasizes the importance of expanding domestic demand and technological innovation as key pillars for medium to long-term development [3][25] - Investment opportunities are identified in the gaming industry, Hong Kong internet leaders, and the film and tourism sectors, with specific companies recommended for attention, including Tencent and 37 Interactive Entertainment [3][25] Market Performance Overview - During the 12th and 13th weeks of 2025 (March 24 - April 3), the Shanghai Composite Index fell by 0.68%, the CSI 300 Index decreased by 1.36%, and the ChiNext Index dropped by 4.04%. The SW Media Index declined by 2.65%, ranking 19th among 31 industries [1][13] - Among sub-industries, publishing, broadcasting, and film ranked highest with respective changes of +3.93%, -1.06%, and -1.46% [1][13] Industry News - The report includes rankings for films, web movies, TV series, variety shows, and games, indicating the current trends and popular titles in the media sector [8][19] - The gaming industry is seeing a shift towards multiplayer and online games, with 90% of developers focusing on these formats, reflecting changing consumer preferences [27][28]