GOLDEN SUN SECURITIES·2025-04-13 10:23Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [7][30]. Core Insights - The media sector experienced a decline of 6.88% during the week of April 7-11, 2025, influenced by market conditions. The report highlights a favorable outlook for AI applications, IP monetization, and mergers and acquisitions in the media sector [11][1]. - Key areas of focus include new applications of AI, tracking data for mature applications, and companies with IP advantages and full industry chain potential, particularly in trendy toys and film content [1][2]. - The report emphasizes the importance of state-owned enterprises in the media sector, especially in light of the State-owned Assets Supervision and Administration Commission's focus on market capitalization assessments for state-owned enterprises [1][2]. Summary by Sections Market Overview - The media sector's performance was notably poor, ranking among the lowest in terms of weekly changes, with the top three sectors being agriculture, retail, and defense, while media, telecommunications, and new energy equipment saw significant declines [11][12]. Sub-sector Insights - The report identifies several companies to watch: 1. Resource integration expectations: Zhongshi Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2]. 2. AI-focused companies: Aofei Entertainment, Tom Cat, Shengtian Network, Zhongwen Online, Yidian Tianxia, Visual China, Shengtong Co., Jiao Dian Technology, Dou Shen Education, Shiji Tianhong, Jiafa Education [2]. 3. Gaming sector: Strongly recommend focusing on Shenzhou Taiyue, Kaiying Network, Giant Network, and Jibite, while also monitoring Perfect World, ST Huatu, and Ice Glacier Network [2]. 4. State-owned enterprises: Ciweng Media, Wanxin Media, Zhongwen Media, Southern Media, Kevin Education, and Dasheng Culture [2]. 5. Education sector: Xueda Education, Action Education [2]. 6. Hong Kong stocks: Focus on Alibaba, Tencent Holdings, and Pop Mart, with an emphasis on the imminent industry explosion at Fubo Group and the K12 education leader New Oriental [2]. Key Events Review - Nvidia launched the Llama Nemotron Ultra 253B model, which topped the GPQA scientific reasoning benchmark with a score of 76, surpassing Meta's Llama 4. This model features 253 billion parameters and is designed to enhance performance through dynamic resource allocation [3][18]. - Meta released its most advanced open-source AI model, Llama 4, which utilizes a mixture of experts (MoE) architecture, significantly improving efficiency in training and responding to user queries [4][18]. - Kimi team introduced a lightweight visual language model, Kimi-VL, which outperformed larger models in benchmark tests, showcasing strong multi-modal reasoning capabilities [5][18]. Sub-sector Data Tracking - The gaming sector is seeing a rise in popular titles, with several new games available for pre-order on platforms like AppStore [19]. - The domestic film market reported a total box office of approximately 301 million yuan for the week of April 5-11, 2025, with the top three films being "Towards the Sun," "My World Movie," and "Nezha: The Devil Child Rises" [21][20].