BABA(US:BABA) KAIYUAN SECURITIES·2025-09-07 14:47Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the continuous enhancement of domestic AI models, with significant advancements in capabilities and performance, particularly in the gaming and entertainment sectors [3][34][36] - The report suggests a focus on new content and IP developments in gaming and film, highlighting upcoming releases and their potential market impact [4][30] Industry Data Overview - The game "无畏契约" ranks first in the iOS free game chart, while "王者荣耀" maintains its position as the top-grossing game in the iOS market as of September 6, 2025 [11][15] - The film "捕风追影" achieved a weekly box office of 1.70 billion, with a cumulative box office of 10.01 billion, indicating strong audience interest [27] AI Model Developments - Alibaba's latest model, Qwen3-Max-Preview, has quadrupled its parameters compared to its predecessor, significantly improving its performance in understanding and executing complex instructions [3][34] - Kuaishou has released its multi-modal model, Keye-VL1.5, which excels in video understanding and reasoning capabilities, outperforming previous models in benchmark tests [3][36] Upcoming Game Releases - The interactive game "盛世天下" is set to launch on September 9, 2025, with a substantial narrative and production upgrade, while the RPG game "伊瑟" is anticipated to be released on September 25, 2025 [4][26] - A total of 11 new games are expected to be launched in September, with notable titles from Tencent and Xindong [34] Film and IP Content Focus - The report recommends focusing on the performance of new IP content in gaming and film, with specific companies highlighted for their potential benefits from upcoming releases [4][30] - The film "731" is scheduled for release on September 18, 2025, with high pre-release interest indicated by over 438.8 million viewers expressing interest [4][30]