Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [49]. Core Insights - The media sector is experiencing a resurgence in the film and gaming markets, driven by advancements in AI applications and cultural confidence stemming from popular IPs like "Nezha" [3][6]. - The report highlights the importance of AI applications in reshaping the industry landscape, with a focus on public cloud value reconstruction and the return to growth for related companies [6][9]. - The gaming market shows strong performance, with Tencent and NetEase leading in iOS sales rankings, indicating a healthy competitive environment [16][19]. - The film market is recovering, with total box office revenue reaching 239 billion yuan as of May 9, 2025, which is approximately 102% of the 2019 level [20][23]. Market Performance Review - The media (Shenwan) index rose by 1.40% last week, underperforming the CSI 300 index, which increased by 2.00%, resulting in a relative underperformance of 0.61% [9][10]. - The report notes that the media sector ranks 24th among all sectors in terms of performance [9]. Industry Highlights - The report emphasizes the potential of AI applications in various sectors, including gaming and education, suggesting a focus on companies like Huya, Giant Network, and Perfect World for gaming, and New Oriental and TAL Education for education [6][30]. - The film industry is expected to benefit from a strong pipeline of upcoming releases, with several key films set to debut in mid-May [29][30]. Company Announcements - Perfect World announced a 2025 employee stock ownership plan, indicating a commitment to employee engagement and retention [36]. - Wanda Film disclosed plans for a share reduction by a major shareholder, which may impact market sentiment [38].
夸克升级“深度搜索”功能，AI应用方向催化丰富，关注影视、游戏景气度回暖
Huachuang Securities·2025-05-12 00:15