Guoxin Securities·2025-06-30 09:26Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5][4][40]. Core Insights - The media sector has shown a positive performance with a 3.21% increase, outperforming the CSI 300 index but underperforming the ChiNext index [12][4]. - The issuance of gaming licenses reached a new high in June, with 147 domestic and 11 imported licenses granted [16][2]. - Key developments include ByteDance's launch of the ProtoReasoning framework to enhance reasoning capabilities in large language models, and Xiaomi's introduction of AI glasses priced from 1999 yuan [2][18]. Summary by Sections Market Performance - The media sector increased by 3.21% from June 23 to June 27, outperforming the CSI 300 index (1.95%) but underperforming the ChiNext index (5.69%) [12][4]. - Notable gainers included Huayi Brothers and Iceberg Network, while significant losers included Lianjian Optoelectronics and Perfect World [12][4]. Key Developments - The number of gaming licenses issued in June reached a record high, with 147 domestic and 11 imported licenses [16][2]. - ByteDance and Shanghai Jiao Tong University launched the ProtoReasoning framework to improve cross-domain reasoning in AI [2][17]. - Xiaomi announced its AI glasses, featuring first-person shooting and voice assistant capabilities, weighing only 40g and starting at 1999 yuan [2][18]. - OpenAI's upcoming developer conference is scheduled for October 6, 2025, in San Francisco, expected to attract over 1500 developers [18]. Investment Recommendations - The report suggests a positive short-term performance outlook, with a focus on AI applications and IP trends in the medium to long term [4][40]. - It highlights potential investment opportunities in gaming, advertising media, and film sectors, recommending specific companies such as Kaiying Network and Mango Super Media [4][41]. - The report emphasizes the importance of capitalizing on the improving fundamentals in the media sector, particularly in advertising and content production [4][41].