Hua Yuan Zheng Quan·2025-07-14 01:45Investment Rating - The investment rating for the media and internet industry is "Positive" (maintained) [4] Core Views - The report emphasizes that the upcoming mid-year earnings announcements are expected to provide trading opportunities, with a positive outlook for the summer season driven by quality products. If high-frequency data does not show a turning point, the trend of high prosperity is likely to continue upward. It is also recommended to pay attention to major domestic companies like Tencent, Alibaba, and ByteDance in the iteration of AI underlying technologies and AI application products [4][6][10]. Summary by Sections Game Sector - As of July 13, 2025, the game "Douluo Dalu: Hunting Soul World" by Sanqi Interactive ranks first in the iOS free game chart, while Tencent's "Delta Action" ranks second in the free game chart and third in the revenue chart. The summer season is expected to see new game launches and major updates for existing products, with high-frequency data not showing a turning point, indicating continued trading catalysts. Attention is recommended for leading gaming companies exploring AI+companionship+gamification paradigms [5][6]. Internet Sector - On July 12, Meituan announced that its daily order volume for instant retail exceeded 150 million, with over 35 million orders for "Pin Hao Fan" and over 50 million for "Shen Qiang Shou." On July 7, Taobao Flash Sale and Ele.me jointly announced that their daily order count exceeded 80 million, with over 13 million non-food orders. The report suggests that the platform advantages of leading companies like Tencent, Alibaba, and Meituan are reflected in their resilient fundamentals, and attention should be paid to their strategic adjustments [6][10]. AI Application Sector - The report highlights significant progress in AI applications, with digital human Luo Yonghao's live-streaming debut achieving a GMV of over 55 million yuan. The integration of AI in e-commerce live streaming is expected to lower operational costs and enhance efficiency. Companies involved in digital human production, IP, and live-streaming e-commerce operations are recommended for attention [7][8]. Film Sector - The summer film season is expected to drive steady growth in box office revenue, with a focus on key film producers and cinema/ticketing companies. The report suggests monitoring companies like Wanda Film, Maoyan Entertainment, and Alibaba Pictures [9][10]. Card and Trendy Toys Sector - The report notes a high prosperity level in the card and trendy toys sector, with companies increasingly focusing on the "Guzi Economy" and expanding their product lines. Continuous attention is recommended for companies involved in card and trendy toy development [9][10]. State-owned Publishing Sector - The report indicates that state-owned publishing companies have disclosed their 2024 financial reports, with some exploring new business models in education and enhancing dividend sustainability. Attention is recommended for state media companies actively pursuing mergers and acquisitions [10]. Market Review - From July 7 to July 11, 2025, the A-share market saw the Shanghai Composite Index increase by 1.09%, the Shenzhen Component Index by 1.78%, and the media sector (Shenwan) rose by 3.11%, ranking 8th among all industries [11][15].