Guoxin Securities·2025-08-15 09:17Group 1 - The report maintains an "outperform" rating for the media sector, highlighting the importance of performance and the potential opportunities in AI applications and IP trends [3][6]. - In July 2025, the media sector (Shenwan Media Index) rose by 3.18%, underperforming the CSI 300 Index by 0.37 percentage points, ranking 18th among 31 industries [4][17]. - The current TTM-PE for the Shenwan Media Index is 44.9x, placing it in the 93rd percentile over the past five years, indicating a relatively high valuation [17][22]. Group 2 - The gaming market showed sustained growth in the first half of 2025, with a total revenue of 168 billion yuan, representing a year-on-year increase of 14.08% [33]. - From January to July 2025, 946 game licenses were issued, a 19.1% increase year-on-year, with July alone seeing over 100 domestic game licenses approved [4][24]. - The overseas revenue for self-developed Chinese games reached 9.5 billion USD in the first half of 2025, marking an 11.1% year-on-year growth, with the US, Japan, and South Korea being the primary markets [34][42]. Group 3 - The film market in July 2025 saw a total box office of 4.067 billion yuan, a decline of 24.4% year-on-year, although it experienced a month-on-month increase of 113.7% [52][57]. - The film "Nanjing Photo Studio" performed well, contributing positively to the box office in August, despite its late July release [57][60]. - The number of film registrations has shown a significant increase of 60% year-on-year since 2023, indicating a potential recovery in quality content supply starting in 2025 [60][64]. Group 4 - The WAIC conference showcased rapid advancements in embodied intelligence, with over 150 humanoid robots presented, highlighting significant breakthroughs in the field [75][82]. - The AIGC application DeepSeek topped the user growth chart with 163 million monthly active users, indicating strong market appeal [83][84]. - The Kimi K2 high-speed model was released, significantly increasing output speed from 10 tokens per second to 40 tokens per second, enhancing its application in real-time scenarios [87][92].