HUAXI Securities·2025-07-27 12:27Investment Rating - Industry rating: Recommended [4] Core Views & Investment Suggestions - The third round of China-US trade negotiations will be held in Sweden, and the market should closely monitor the progress of these talks. The negotiations aim to postpone the scheduled tariff increase deadline of August 12, reflecting a pragmatic willingness from both sides to manage differences. The advancement of core tariff issues is a key support for current market sentiment, and a cautiously optimistic outlook is maintained for the prospects of a phased agreement [2][24]. - In July, 134 game licenses were issued, including 127 domestic games and 7 imported games, such as NetEase's "Diablo IV." The normalization of license issuance continues to support the healthy development of the industry, with major companies introducing significant IPs alongside original high-quality products, optimizing the supply structure and further releasing market vitality [2][24]. Summary by Sections Market Overview - In the week of July 21-25, 2025, the Shanghai Composite Index rose by 1.67%, the CSI 300 Index increased by 1.69%, and the ChiNext Index surged by 2.76%. The Hang Seng Index rose by 1.86%, and the Hang Seng Internet Index increased by 2.27%, outperforming the Hang Seng Index by 0.41 percentage points. The SW Media Index rose by 2.15%, lagging behind the ChiNext Index by 0.61 percentage points, ranking 18th among 31 industries [1][11]. Sub-industry Data Film Industry - The top three films by box office for the week were "The Lychee of Chang'an" with a box office of 170.914 million yuan (25.6% market share), "Nanjing Photo Studio" with 152.25 million yuan (22.8%), and "The Legend of Lu Xiaobei 2" with 94.343 million yuan (14.2%) [27][28]. Gaming Industry - The top three iOS games by sales were "Honor of Kings," "Peacekeeper Elite," and "Love and Deep Space." The top three Android games by popularity were "Heart Town," "My Leisure Time," and "Staff Sword Legend" [30][31]. TV Series Industry - The top three TV series by broadcast index were "Drug Storm," "Morning Snow," and "Cherry Amber," with indices of 83.5, 82.9, and 80.8 respectively [33][34]. Variety Shows and Animation - The top variety show was "Running Man Season 9," followed by "Comedy King Stand-up Season 2" and "Talk Show and His Friends Season 2." The top three animated shows by viewership index were "Cang Yuan Tu," "Happy Hammer," and "Cloud Deep Not Knowing Dream" [34][36].