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Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [44]. Core Insights - The gaming sector is expected to maintain a strong performance due to the summer peak season and potential catalysts from the AI industry in Q3, with a projected valuation uplift to 25x [3]. - The report highlights the significant impact of AI applications and the cultural confidence brought by popular IPs, suggesting a robust growth trajectory for the media sector [8][10]. - The report emphasizes the importance of the ongoing competition in the instant retail market, particularly with Alibaba's 500 billion RMB subsidy plan, which is expected to stimulate market activity [9][34]. Summary by Sections Market Performance - The media sector index rose by 2.70% last week, outperforming the CSI 300 index by 1.16%, ranking 6th among all sectors [12][10]. - The gaming market continues to show strong performance, with Tencent's products dominating the iOS sales charts [19][20]. Industry Data - As of July 4, 2025, the total market capitalization of the media sector is approximately 1,665.79 billion RMB, with 140 listed companies [4]. - The media sector's absolute performance over the past 12 months is 51.9%, indicating a strong recovery trend [5]. Gaming Market Insights - Key gaming companies such as Giant Network and Kyeing Network are expected to benefit from new product launches and AI integration, with significant revenue growth anticipated during the summer season [3][19]. - The iOS gaming sales rankings show a consistent presence of Tencent and NetEase products, indicating strong consumer engagement [20]. Film Market Overview - The film market has shown a recovery, with ticket sales reaching approximately 26.70 billion RMB as of July 4, 2025, recovering about 91% of the pre-pandemic levels [22][25]. - The top films during the reporting period include "Jurassic World: Rebirth" and "Detective Conan: The One-Eyed Phantom," contributing significantly to the overall box office [28]. Important News and Company Announcements - The report notes the launch of the AI-native UGC game engine Mirage by major tech firms, which could revolutionize game development [31]. - Alibaba's substantial subsidy plan for instant retail is expected to enhance market dynamics and consumer spending [34].