Guoyuan Securities·2025-06-23 09:28Investment Rating - The report maintains a "Buy" rating for the industry [5][8] Core Insights - The Chinese gaming market reached a scale of 28.051 billion yuan in May 2025, showing a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [3][26] - The report highlights the performance of new and mature products contributing to market growth, with "Genshin Impact" returning to the top three in sales rankings due to a new version release [3][32] - The AI application sector shows mixed performance, with "Doubao" leading in downloads while "Deepseek" experienced a decline [2][22] Market Performance - The media industry (Shenwan) saw a decline of 1.81% from June 14 to June 20, 2025, ranking 15th among industries, while the Shanghai Composite Index fell by 0.51% [11][18] - Within the media sector, the gaming II segment increased by 0.68%, while advertising and digital media segments saw declines of 4.30% and 3.13%, respectively [11][18] Key Data and Updates AI Application Data - The estimated download volume for "Deepseek" on iPhone was 948,200, down 13.20% week-on-week, while "Doubao" saw an increase of 3.99% to 2.0733 million downloads [2][22] Gaming Data - The mobile gaming market in China reached 21.177 billion yuan in May 2025, with a year-on-year growth of 11.96% and a month-on-month increase of 3.69% [26][29] - The overseas sales revenue of domestically developed games was 1.577 billion USD, reflecting a year-on-year increase of 6.93% [26][29] Film Data - The total box office for the week of June 13-19, 2025, was 326 million yuan, with "How to Train Your Dragon" leading the box office [43][44] - Upcoming films are expected to perform well during the summer season, with several high-profile releases scheduled [43][45]