HUAXI Securities·2025-05-25 09:27Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][25] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][25] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][26] Industry Data - The top three films at the box office are "Dumpling Queen" with 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40% market share), and "Life Opens the Door" with 25.13 million yuan (16.70% market share) [4][63]