Hua Yuan Zheng Quan·2025-06-03 01:11Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Viewpoints - Hong Kong's introduction of the "Stablecoin Regulation Draft" on May 30 marks a significant step in the digital asset sector, potentially positioning Hong Kong as an international Web3 and digital finance hub, which may also aid in the internationalization of the Renminbi and the development of offshore financial services [4] - The upcoming summer blockbuster season is highlighted, with a focus on the performance of quality content products, including new game launches and film releases [4] Summary by Sections Industry Performance - From May 26 to May 30, 2025, the Shanghai Composite Index decreased by 0.03%, while the Shenzhen Component Index fell by 0.91%. The media sector, however, saw a positive change of 1.74%, ranking 6th among all industries [13][14] Game Sector - The launch of quality products continues to significantly contribute to company performance, as seen with the game "Chaotic Chef" from Friendship Time, which boosted its market value after its release on May 28 [6] - Recommendations include focusing on leading gaming companies exploring AI+ gaming paradigms, as well as monitoring the performance of new game product cycles [6] Film Sector - The summer film season is approaching, with key films like "Liao Zhai: Lan Ruo Si" and "Chang'an's Lychee" being scheduled for release, which is expected to drive steady growth in box office revenues [6] Card and Trendy Toys - The sector shows high growth potential, with companies increasingly focusing on the "Guzi Economy" and expanding into trendy toy markets [7] Internet Sector - Major companies like Tencent and Alibaba have reported stable business development, emphasizing the optimization of business efficiency through AI [8] AI Applications - Companies embracing new technologies with data, user, and application advantages are recommended for continued observation, as AI applications are expected to undergo a paradigm shift [9] State-Owned Publishing - State-owned media companies are actively pursuing mergers and acquisitions, with some exploring new business models in education [9] Market Overview - The report notes that the media industry continues to experience an upward trend, suggesting ongoing investment in new channels and content directions [10]