新版DeepSeek-R1正式开源，4月国内游戏市场规模同增21.93%

Investment Rating - The industry investment rating is maintained as "Increase" [6][31]. Core Insights - The media sector has shown a positive trend, with a 1.73% increase in the CITIC primary media sector index during the week of May 26-30, 2025, driven by AI applications and market activities [1][10]. - The domestic game market in April 2025 experienced a year-on-year growth of 21.93%, reaching a total market size of 27.351 billion yuan, supported by various promotional activities and the performance of long-term products [3][19]. - The report highlights the potential for resource integration, AI applications, gaming, state-owned enterprises, and education sectors as key areas for investment focus [2][16]. Summary by Sections 1. Market Overview - The media sector's performance is buoyed by AI advancements, with expectations for growth in AI applications, IP monetization, and mergers and acquisitions by 2025 [1][2]. - The game market's revenue growth is attributed to both long-term products and new releases, with mobile games seeing over 28% year-on-year growth [3][19]. 2. Key Events Review - The launch of the DeepSeek-R1 model and its capabilities in deep reasoning and text generation are noted as significant advancements in AI [19]. - The report also mentions the performance of key games in overseas markets, with titles like "Honkai: Star Rail" and "Kingshot" leading in revenue [3][19]. 3. Subsector Data Tracking - The report tracks the performance of various subsectors, including gaming, where specific companies like Shenzhou Taiyue and Giant Network are highlighted for their strong market positions [20][21]. - In the film sector, the top-grossing films during the week of May 24-30, 2025, included "Lilo & Stitch" and "Mission: Impossible 8," with a total box office of approximately 216 million yuan [22][23]. 4. Focused Companies and Stocks - The report identifies several companies for potential investment, including resource integration firms like Zhongshi Media and AI-focused companies like Rongxin Culture and Aofei Entertainment [2][16]. - It also lists key stocks in the media sector that have shown significant price movements, such as Yuanlong Yatu and Times Publishing [12][15].