行业点评报告：资本化或助力AI应用商业化加速，继续关注新游

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the acceleration of AI applications and the commercialization of large models, particularly through the IPOs of companies like Zhipu and MiniMax, which are expected to enhance their business investments and technological advancements [11][21] - The gaming sector is experiencing a significant increase in the issuance of game licenses, with 1,771 licenses granted in 2025, marking a more than 20% increase from 2024, indicating ongoing policy support for the gaming industry [11][44] Summary by Sections Section 1: Zhipu and MiniMax IPOs - Zhipu and MiniMax are set to go public in Hong Kong, which is anticipated to boost their business investments and accelerate the development and application of large model technologies [11] - Zhipu focuses on B-end markets with strong capabilities in model reasoning and programming, while MiniMax targets C-end markets with a diverse product line [11][21] Section 2: Industry Data Overview - The report notes that "NBA Champion Dynasty" topped the iOS free game chart in mainland China, while "Yanyun Sixteen Sounds" led the iOS sales chart [44] - The film "Avatar 3" achieved the highest box office in the week [44] Section 3: Industry News Summary - MiniMax's daily active users surpassed 100 million, and Douyin's mini-games saw significant user and revenue growth [11] - The issuance of 147 game licenses in December 2025 reflects a robust pipeline for new game releases [11][44] Section 4: Announcement Summary - Oriental Pearl is participating in the establishment of an AI fund, and Electric Sound Co. is adjusting its fundraising projects [11] Section 5: Sector Performance Overview - The media sector performed at the lower end of the market in the 52nd week of 2025, while the internet sector showed better performance [11]