BIDU(US:BIDU) Guoxin Securities·2025-09-24 08:37Investment Rating - The report maintains an "Outperform the Market" rating for the media industry [5][41]. Core Viewpoints - The media sector has shown a slight increase of 0.38% this week, outperforming the CSI 300 index which decreased by 1.01%, but underperforming the ChiNext index which increased by 1.22% [12][19]. - Key highlights include the rapid advancement of domestic 3D models and AI lightweight models, with significant box office success for the film "731," which grossed nearly 1 billion yuan in its first three days [2][18]. - The report emphasizes the potential for investment in the gaming sector, media advertising, and film industries, particularly focusing on AI applications and the recovery of the film industry [41]. Summary by Sections Industry Performance - The media industry rose by 0.38% from September 15 to September 19, outperforming the CSI 300 index but underperforming the ChiNext index [12][19]. - Notable gainers included companies like Jishi Media and Guomai Culture, while companies like Happiness Blue Sea and ST Huayang saw significant declines [12][19]. Key Developments - Tencent launched the Hongyuan 3D 3.0 model, enhancing modeling precision and efficiency [2][16]. - Alibaba Cloud released the Tongyi DeepResearch model, achieving state-of-the-art results with only 30 billion parameters [2][17]. - Baidu's new model ERNIE-4.5-21B-A3B-Thinking topped the Hugging Face leaderboard, showcasing its advanced reasoning capabilities [2][17]. Box Office and Media Content - The total box office for the week was 1.212 billion yuan, with "731" accounting for 87.9% of the total at 1.065 billion yuan [19][21]. - Popular TV shows included "King of Comedy Season 9" and "Earth Super Fresh," while the gaming sector continues to thrive with new product cycles [24][29]. Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and the potential recovery in the film industry, with specific recommendations for companies like Kayi Network and Jibite [41][43]. - It highlights the importance of AI applications across various sectors, including marketing, education, and entertainment, indicating a favorable outlook for companies involved in these areas [41].