互联网传媒周报：AI入口争夺更明显，游戏关注华通点点和哔哩哔哩-20251026

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating a positive outlook compared to the overall market performance [10]. Core Insights - The AI value reassessment is ongoing, with significant emphasis on self-reliance in core technologies such as models and chips in China, and the upcoming earnings reports from major US tech companies are crucial for global AI investment narratives [2][10]. - The competition for entry points in the AI application market is intensifying, which is seen as key for monetizing AI applications at scale [2]. - The gaming sector has adjusted to previously high expectations, with notable valuation opportunities emerging, particularly for companies like Huatuo and Bilibili [2]. Summary by Sections AI Applications - The report highlights the strategic moves by companies like OpenAI and ByteDance in expanding their AI capabilities into e-commerce and video platforms, indicating a trend towards monetization through quality data accumulation [2]. - Key recommendations include Tencent (AI advertising, WeChat agent, AI gaming), Alibaba (cloud computing, e-commerce), Baidu (cloud services, autonomous driving), Kuaishou (AI advertising), Bilibili (AI advertising, video podcasting), and Meitu (AI design) [2]. Gaming Sector - The gaming sector is noted for its resilience, with Huatuo's games showing strong performance in the mobile gaming rankings, and the company is well-positioned for future growth with ample cash flow [2]. - Bilibili is highlighted for its potential in AI video and gaming, with recent game releases performing well [2]. Other Key Companies - The report discusses the fluctuating stock price of Pop Mart, indicating differing views on the lifecycle of its IP, while also noting the potential for sales growth in North America [2]. - Mango TV is in a bottoming phase but is expected to see operational improvements driven by content supply and advertising revenue [2]. - Other recommended companies include NetEase Cloud Music, Damai Entertainment, and Shanghai Film, with a focus on high-dividend stocks like Focus Media and Yangtze Media [2]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies, with Tencent Holdings valued at 53.258 billion RMB and projected revenues increasing from 6.603 billion RMB in 2024 to 8.280 billion RMB in 2026 [4].