Guoxin Securities·2025-12-03 08:34Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5][6]. Core Views - The media industry has shown a significant upward trend, with a 3.64% increase, outperforming both the CSI 300 (-0.84%) and the ChiNext Index (0.34%) during the week of November 24-30 [1][12]. - The release of 178 domestic games and 6 imported games in November marks a new high for the year, indicating a robust regulatory environment for the gaming sector [2][4]. - The success of "Zootopia 2," which grossed 1.824 billion yuan within five days of release, highlights the potential for box office revenue in the film sector [2][19]. Summary by Sections Industry Performance - The media sector's performance ranked second among all sectors, with notable gains from companies like Xinhua Du (29%), Easy Point (26%), and Blue Light (18%) [1][12][13]. - Conversely, companies such as China South Media and Perfect World experienced declines [1][12]. Key Developments - The release of AI models and products, such as DeepSeek-Math-V2 and Alibaba's Z-Image, showcases rapid advancements in AI technology, which could impact various sectors including gaming and media [2][16][17]. - The gaming sector is expected to benefit from a strong product cycle, with recommendations for companies like Giant Network and Kying Network [4][40]. Investment Recommendations - The report suggests focusing on the gaming sector due to recent adjustments providing good buying opportunities, and highlights the potential for growth in AI applications and film industry recovery [4][40]. - Specific companies recommended include Mango Super Media, Bilibili, and Light Media, alongside AI-driven content creators [4][40].