Guoyuan Securities·2026-03-03 08:46Investment Rating - The report maintains a "Buy" rating for several companies in the media and internet industry, including Giant Network, Perfect World, and Kuaishou, among others [4][32]. Core Insights - The media industry experienced a decline of 5.10% from February 23 to March 1, 2026, while the Shanghai Composite Index rose by 1.98% during the same period [1][11]. - The report highlights the strong performance of AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, marketing, and publishing [4][32]. - The upcoming release of the game "Yihuan" on April 23, 2026, has garnered over 25 million pre-registrations, indicating strong market interest [24][32]. Market Performance - The media industry (Shenwan) saw a decline of 5.10% from February 23 to March 1, 2026, while the Shanghai Composite Index increased by 1.98% [1][11]. - Sub-sectors such as gaming, television broadcasting, and film exhibited declines of -3.41%, -0.77%, and -16.82%, respectively [1][11]. Industry Key Data AI Applications - The OpenRouter platform recorded a weekly token call volume of 13.6 trillion, with a 2.86% decrease from the previous week [2][16]. - Major AI models such as MiniMax M2.5 and Gemini 3 Flash Preview ranked among the top five in token calls, with three Chinese models making the list [2][16]. Gaming Data - The top five mobile games on iOS in China as of February 28, 2026, included "Honor of Kings" and "Peacekeeper Elite" [3][19]. - A total of 146 domestic games and 6 imported games received approval in the latest batch of game licenses [21]. Film Data - The total box office for domestic films reached 2.386 billion yuan during the week of February 23 to March 1, 2026 [26][29]. - The top film for the week was "Fast and Furious 3," which earned 1.138 billion yuan, accounting for 47.6% of the total box office [26][29]. Industry Events and Announcements - Google released its flagship model Gemini 3.1 Pro, which outperformed other models in benchmark tests [30]. - Kunlun Wanwei launched the SkyReels V4 model, a multimodal video generation model that supports various input types and tasks [30]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to companies like Giant Network, Perfect World, and Kuaishou [4][32].