传媒行业周报：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][32]. 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, and mergers and acquisitions in the media sector, particularly focusing on state-owned enterprises [2][19]. Summary by Sections 1. Market Overview - The CITIC primary media sector index increased by 1.73% during the week of May 26-30, 2025, with the top-performing sectors being comprehensive finance and defense [10][12]. - The game market's revenue growth is attributed to long-term products and new releases, with mobile game revenue increasing by over 28% year-on-year [3][19]. 2. Subsector Insights and Focused Stocks - Key stocks to watch include: - Resource integration: Zhongshi Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2]. - AI applications: Rongxin Culture, Aofei Entertainment, Tom Cat, Shengtian Network, and others [2]. - Gaming: Focus on companies with strong certainty such as Shenzhou Taiyue, Kaiying Network, and others [2]. - State-owned enterprises: Ciweng Media, Wanxin Media, and others [2]. - Education: Xueda Education [2]. - Hong Kong stocks: Alibaba, Tencent, and others [2]. 3. Key Events Review - The launch of the new DeepSeek-R1 model on May 29, 2025, showcases significant advancements in programming capabilities and deep reasoning [19]. - The release of the long-text deep thinking model QwenLong-L1 by Alibaba demonstrates breakthroughs in long-text processing [19]. 4. Subsector Data Tracking - The top-grossing films in the domestic market for the week of May 24-30, 2025, include "Lilo & Stitch," "Mission: Impossible 8," and "Dumpling Queen," with a total box office of approximately 216 million yuan [22][23]. - The most popular series during the same period were "The Cang Hai Chronicles," "Zhe Yao," and "In the Human World," indicating strong viewer engagement [23][24].