GOLDEN SUN SECURITIES·2025-10-19 13:54Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [5]. Core Insights - The media sector experienced a decline of 6.28% during the week of October 13-17, influenced by overall market adjustments. The report remains optimistic about gaming and the potential recovery of the film and television sector due to new policy drivers. AI applications and IP monetization are highlighted as key areas of focus [1][10]. - The report emphasizes the importance of companies that can effectively monetize data through AI applications, particularly in areas like AI companionship, education, and toys. Additionally, it points out the value of traditional cultural IPs [1][10]. Summary by Sections 1.1 Market Overview - The media sector's performance was notably poor, with a 6.28% drop, while other sectors like banking and coal saw gains [10]. - The top gainers in the media sector included companies like Yue Media (9.5%) and Tianwei Vision (9.1%), while significant losers included companies like Liou Shares (-16.6%) and Jibite (-15.0%) [11]. 1.2 Sub-sector Insights - Gaming: Key companies to watch include ST Huatuo, Giant Network, Jibite, and Perfect World [1][16]. - Film and Television: Focus on Mango Super Media, Huace Film, and Huanrui Century [1][16]. - IP Monetization: Companies like Chuangyuan Co., Shanghai Film, and Huali Technology are highlighted [1][16]. - AI Applications: Notable companies include Doushen Education, Shengtian Network, and Visual China [1][16]. - Education: Companies such as Xueda Education and Fenbi are mentioned [1][16]. - Hong Kong Stocks: Attention is drawn to Alibaba, Tencent, and Pop Mart, with an emphasis on the imminent industry explosion for Fubo Group [1][16]. 2. Key Events Review - Google released the video generation model Veo 3.1, enhancing narrative and audio control capabilities, and integrating with Gemini API and Vertex AI [20]. - Alibaba's Tongyi Qianwen launched its strongest visual language model series, Qwen3-VL, outperforming competitors in various benchmarks [20]. 3. Sub-sector Data Tracking - Box Office: The total box office from October 13 to 17 was 118 million yuan, with top films including "Volunteer Army: Blood and Peace" and "Wandering Life" [21][23]. - TV Series Performance: "Let Me Shine" topped the ratings with a score of 83.8, followed by "A Smile Follows the Song" [21][24]. - Variety Shows: "Goodbye Lover Season 5" led the ratings with a score of 77.6 [21][25].