GOLDEN SUN SECURITIES·2025-11-17 02:05Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The media sector experienced a decline of 1.44% during the week of November 10-14, influenced by a pullback in the technology sector. The report remains optimistic about the gaming sector and the potential recovery of the film and television sector driven by new policies. There is also a focus on AI applications and IP monetization, particularly in areas like AI companionship, education, and toys [1][2][3][4] Summary by Sections 1. Market Overview - The media sector's performance was down by 1.44% in the week of November 10-14. The top-performing sectors were consumer services (up 4.81%), textiles and apparel (up 4.43%), and pharmaceuticals (up 3.29%). The worst-performing sectors included computers (down 3.72%), electronics (down 4.44%), and communications (down 4.90%) [9][11] 2. Sub-sector Insights - Gaming: Key companies to watch include ST Huatuo, Giant Network, Jibite, and others. - Film and Television: Focus on Mango Super Media, Huace Film & TV, and Huanrui Century. - IP: Companies like Chuangyuan Co., Shanghai Film, and Huali Technology are highlighted. - AI: Notable companies include Doushen Education, Shengtian Network, and others. - Education: Key players are Xueda Education, Fenbi, and Tianli International Holdings. - Hong Kong Stocks: Attention on Alibaba, Tencent, Pop Mart, Kuaishou, and others [2][14] 3. Key Events Review - OpenAI released GPT-5.1, which includes two sub-models aimed at enhancing user interaction and emotional value. This model is expected to improve user experience significantly [16] - Apple announced a partnership with Tencent for the App Store mini-programs, reducing its commission to 15%, which is expected to boost the mini-program ecosystem significantly [3][16] - Baidu launched the Wenxin 5.0 model, supporting multimodal inputs and outputs, showcasing significant advancements in AI capabilities [4][16] 4. Sub-sector Data Tracking - Gaming: Popular upcoming games include "Kung Fu Panda: Dragon Knight" and "Tom Cat Adventures 2" [17] - Box Office: The total box office for the week was 238 million yuan, with "Demon Slayer: Infinity Castle Chapter" leading at 120.88 million yuan [18][21] - TV Series: The top series during this period was "Tang Dynasty Ghost Stories" with a viewership index of 84.9 [22] 5. Company Valuation - The report includes a valuation table for media companies, highlighting their market performance and projected earnings [15]