Guoxin Securities·2025-05-20 08:05Investment Rating - The report maintains an "Outperform" rating for the media industry [6][40]. Core Views - The media sector experienced a decline of 0.67% this week, underperforming both the CSI 300 index (1.12%) and the ChiNext index (1.38%) [2][13]. - OpenAI and Manus have launched new AI tools, indicating a strong growth potential in AI applications and IP trends [3][5][40]. - The report highlights the ongoing recovery in the film and gaming sectors, with specific recommendations for companies like Kayi Network and Wanda Film [5][40]. Summary by Sections Industry Performance - The media industry fell by 0.67% this week, ranking 26th among all sectors [2][15]. - Top gainers included ST Fanli and ST Huicheng, while major losers were Rongxin Culture and Perfect World [2][14]. Key Developments - OpenAI's Codex AI programming agent can complete tasks in 30 minutes that previously took days, showcasing significant advancements in AI capabilities [3][19]. - MiniMax's Speech-02 model has topped global TTS rankings, outperforming competitors like ElevenLabs and OpenAI [3][19]. - Manus introduced a new image generation agent that can create high-quality images while understanding user intent [3][20]. Financial Data - The box office for the week (May 12-18) reached 185 million yuan, with "Dumpling Queen" leading at 45 million yuan [4][22]. - The report provides earnings forecasts for key companies, with Kayi Network and Mango Super Media receiving "Outperform" ratings [6][42]. Investment Recommendations - The report suggests a positive outlook for AI applications and IP trends, recommending stocks like Pop Mart and Kayi Network [5][40]. - It emphasizes the importance of the gaming sector's recovery and the potential for growth in the film industry, particularly with upcoming releases [5][40].