GF SECURITIES·2026-01-26 01:28Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a decrease in the heavy allocation ratio of A-share media stocks by public funds, with a concentration decline [4] - The report highlights a shift in fund allocation towards the news publishing sector, while gaming and advertising sectors saw reductions [4] - The report suggests continued focus on segments with favorable market conditions and AI industry logic, particularly in gaming and IP derivatives [4] Summary by Sections A-share Media Fund Heavy Allocation Ratio Decline - In Q4 2025, the heavy allocation ratio for A-share media stocks was 1.32%, down from 2.56% in Q3 2025, a decrease of 1.24 percentage points [13] - For A+H shares, the allocation ratio was 4.41%, down from 5.99%, a decrease of 1.58 percentage points [13] Changes in Fund Allocation by Sector - The gaming sector's allocation decreased from 67.34% in Q3 2025 to 65.20% in Q4 2025, a drop of 2.14 percentage points [27] - The advertising sector's allocation fell from 24.35% to 22.41%, a decrease of 1.94 percentage points [27] - The news publishing sector saw an increase in allocation from 1.93% to 6.29%, an increase of 4.35 percentage points [27] Concentration of A-share Media Heavy Holdings - The top five heavy holdings in the A-share media sector accounted for 78.48% of the total heavy holdings value, down 6.57 percentage points [42] - The top ten heavy holdings accounted for 88.04%, down 4.93 percentage points [42] Hong Kong Internet Sector Fund Holdings - In Q4 2025, companies like DaMai Entertainment and Meituan-W saw increased holdings, while Kuaishou-W and Pop Mart experienced reductions [4] Investment Recommendations - The report recommends focusing on segments with favorable market conditions and AI applications, particularly in gaming and long video sectors [4]