Group 1 - The A-share market opened with mixed performance on September 19, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index down 0.01%, and the ChiNext Index up 0.08% [1] - Huawei HiSilicon concept stocks, AI PCs, and communication equipment sectors showed active performance, while the film and television, PEEK materials, and robotics sectors weakened [1] - The gaming sector experienced fluctuations after a low opening, with the gaming ETF (159869) down nearly 1%, but it has seen a net inflow of funds for three consecutive days, accumulating 6.82 billion yuan [1] Group 2 - In the first half of 2025, China's self-developed games achieved actual sales revenue of 9.501 billion USD, marking a year-on-year growth of over 11%, indicating a rapid growth trend in the overseas gaming market [1] - The shift from "product export" to "cultural export" in China's gaming industry is highlighted, with deep cultural integration in games like "Black Myth: Wukong" contributing to global popularity [1] - The Chinese gaming industry is receiving more policy support, with the Ministry of Commerce's April announcement emphasizing the development of gaming export businesses and the entire industry chain from IP creation to overseas operations [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Core Insights - The "New Hangzhou Line" cultural and creative exhibition successfully showcased Hangzhou's craftsmanship and Eastern aesthetics at the 2025 M&O Paris Design Exhibition, attracting significant international attention and generating over 100 intention orders [5][6][7] - JNBYHOME, a lifestyle brand under Jiangnan Buyi, made its debut at the exhibition, receiving high recognition from international buyers for its blend of Chinese and international design elements [5][6] - The exhibition not only highlighted the innovative craftsmanship and business models of Hangzhou's cultural enterprises but also aimed to deepen cultural exchanges and resource integration between China and France [7] Company Highlights - JNBYHOME presented a comprehensive range of products, including home textiles and kitchenware, emphasizing a philosophy of authenticity and freedom in urban living [5][6] - The toy brand Wentonzi, known for its collaboration with "Wang Wang Mountain Little Monster," introduced a series of works reflecting Chinese spatial aesthetics, appealing to the French market [6] - The Hangzhou (France) Cultural and Creative Industry Exchange Center, established in July last year, plays a crucial role in promoting Hangzhou's cultural products and facilitating Sino-French cultural cooperation [6][7] Industry Trends - The M&O Paris Design Exhibition serves as a significant platform for global brand designers and artisans, marking trends in home living, interior design, and lifestyle arts [5] - The participation of Hangzhou's cultural enterprises at such prestigious international exhibitions indicates a growing trend of cultural export and international collaboration in the creative industry [7]

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Kaiying Network, and others [4][9][6]. Core Insights - The media industry has shown strong performance with a weekly increase of 4.27%, ranking 4th among industries, while the Shanghai Composite Index rose by 1.52% [12][20]. - The gaming market remains robust, with significant revenue growth from major players like Tencent and Point Interactive, and the upcoming National Day film releases are anticipated to boost box office performance [3][4][41]. Market Performance - The media industry (Shenwan) increased by 4.27% from September 6 to September 12, 2025, outperforming the Shanghai Composite Index, which rose by 1.52% [12]. - The gaming II sector saw a rise of 6.61%, while the film industry also experienced a notable increase of 6.58% during the same period [15][12]. Key Data and Dynamics AI Applications - In August, the top five AI products by web traffic included ChatGPT and New Bing, with Deepseek leading domestic traffic at 316 million visits, despite a month-over-month decline of 8.52% [24][25]. - The domestic AI search engine Nano AI ranked second with 307 million visits, also showing a decline of 7.52% [24][25]. Gaming Data - In August, Tencent, Point Interactive, and NetEase were the top three mobile game publishers globally, with total revenues of $2.04 billion, accounting for 35.1% of the top 100 publishers' income [29][30]. - Giant Network's revenue surged by 72% due to the success of "Supernatural Action Group," which entered the top ten for global mobile game revenue [29][30]. Film Data - The total box office for the week of September 6-12 was 358 million yuan, with "Chasing the Wind" leading at 120 million yuan [41]. - Nine films have been scheduled for release during the National Day holiday, indicating a strong upcoming box office potential [41][42]. Investment Recommendations - The report highlights a positive outlook on themes such as AI applications and cultural exports, with a focus on sub-sectors like gaming, IP, short dramas, and publishing [4]. - Specific companies recommended for investment include Giant Network, Kaiying Network, and Perfect World, among others [4][9].

Core Viewpoint - The 2025 China International Service Trade Fair will be held from September 10 to 14, showcasing the innovation and vitality of Guangxi in service and digital trade [1] Group 1: Event Overview - The "Intelligent Gathering of Eight桂·Digital Chain ASEAN - 2025 Guangxi Service Trade and Digital Trade Promotion Conference" took place at Beijing Shougang Park during the fair [1] - Nearly 100 well-known domestic and international companies participated, covering various sectors such as cross-border e-commerce, financial services, digital technology, cultural creativity, and logistics [1] Group 2: Conference Activities - The conference included policy interpretation, achievement sharing, alliance formation, and project signing sessions [1] - Industry experts discussed topics such as service trade and digital trade policy interpretation, AI empowerment in cross-border e-commerce, and cultural export through online micro-dramas [1] Group 3: Project Signings and Alliances - The Guangxi Service Trade Going Global Alliance was established by nine units to integrate resources and promote international market expansion [1] - Six projects were signed during the event, with a total amount exceeding 55 million USD, covering areas like cultural export, cross-border e-commerce, and logistics [1]

Core Points - The "Standard Navigation for Foreign Cultural Trade Promotion Activity" was officially launched during the 9th China Service Trade Standardization Forum, aimed at supporting cultural enterprises in expanding into international markets [1] - This initiative is part of the "Thousand Sails Set Out" action plan, which is a key project promoted by six departments including the Ministry of Commerce [1] Group 1 - The activity aims to provide institutional support and guarantees for cultural products and services to go abroad through standardization [1] - It focuses on key areas such as cultural and creative products, trendy toys, intangible cultural heritage, cultural tourism integration, and design services, encouraging enterprises to participate in international standard formulation [1] - A collaborative mechanism for promoting foreign cultural trade will be established, including the formation of an expert think tank to assess industry needs and identify key projects [1] Group 2 - The "China Good Gifts Industry Promotion Plan" is a key project under the "Thousand Sails Set Out" action plan, approved by the Office of the Foreign Cultural Trade Work Contact Mechanism in 2021 [2] - This project will work in conjunction with the "Standard Navigation for Foreign Cultural Trade Promotion Activity" to empower standardization for Chinese gifts [2]

Group 1 - The core viewpoint highlights the significant growth of the cultural industry during the "14th Five-Year Plan" period, with a revenue of 191,423 billion yuan in 2024, marking a 7.1% increase from the previous year [1] - The cultural service sector achieved a revenue of 109,134 billion yuan in 2024, growing by 7.4%, and accounted for 57.0% of the total cultural industry revenue, contributing 59.1% to the growth of the cultural industry [1] - The "cultural going out" initiative has seen remarkable success, particularly in online literature, films, and games, with the film "Ne Zha" achieving a global box office of 15.9 billion yuan, ranking fifth in global box office history and first in Chinese cinema [1] Group 2 - In 2025, the service trade in China is expected to grow steadily, with travel service exports experiencing the fastest growth, reaching 12,594.6 billion yuan from January to July, a 10.4% increase [3] - Travel service exports refer to the foreign residents' consumption of services and goods within China, generating foreign exchange income, and encompass a comprehensive consumption experience [3] - The increase in travel service exports is supported by the expansion of the 240-hour visa-free transit policy, which now applies to 55 countries, leading to an increase in foreign visitors to China [3]

Group 1 - The cultural industry has become a vital and dynamic sector in the national economy, with growth rates surpassing many traditional industries during the "14th Five-Year Plan" period [1] - In 2024, the cultural industry achieved a record revenue of 19,142.3 billion yuan, marking a 7.1% increase from the previous year [3] - The cultural service industry generated 10,913.4 billion yuan in revenue in 2024, growing by 7.4% and accounting for 57.0% of the total cultural industry revenue, contributing 59.1% to the growth of the cultural industry [3] Group 2 - The "cultural going out" initiative has shown remarkable success, with Chinese online literature, films, and games achieving significant results in overseas markets [6] - The animated film "Ne Zha" has become a major success, with a global box office of 15.9 billion yuan, ranking fifth in global box office history and first among Chinese films [6] - From January to July 2025, service trade is expected to grow steadily, with travel service exports experiencing the fastest growth at 10.4%, including a 62.9% increase in exports [8] Group 3 - The "15th Five-Year Plan" period is seen as a critical stage for the development of the cultural industry, with promising prospects for the integration of culture and tourism [8] - The cultural and tourism industry is anticipated to become a pillar industry, a livelihood industry, and a happiness industry, driven by a series of supportive policies [8]

Group 1: Brand Going Global - The transformation of brand export from OEM to independent brands is highlighted, with a focus on building a global brand value system [2] - Anta Sports has successfully transitioned from "Made in China" to "Created in China," achieving a revenue of 62.36 billion yuan in 2023, with over 40% contributed by the FILA brand [2] - Perfect Diary's localized marketing strategy in Southeast Asia, including tailored product lines and collaborations with local KOLs, has led to significant market presence [2] Group 2: Digital Marketing Localization - The importance of localized digital marketing strategies is emphasized, with different preferred platforms in various regions, such as Amazon in North America and Shopee in Southeast Asia [3] - Companies face challenges like IP address restrictions in cross-border digital marketing, and services like IPFLY provide stable overseas IP resources to enhance marketing effectiveness [3] Group 3: Cultural Going Global - Cultural export is crucial for emotional connections with global consumers, exemplified by Pop Mart's success in creating universally appealing IP characters, achieving overseas revenue of 1.066 billion yuan in 2023, a 134.9% increase [5] - The integration of traditional Chinese culture with modern trends, as seen in Li Ning's "Wudao" series at Paris Fashion Week, showcases a confident cultural expression [5] Group 4: Storytelling in Content Marketing - High-quality consumer brands need to use storytelling to convey brand values, with Xiaomi's success in India attributed to its relatable brand narrative [6] - Huaxizi's marketing strategy, showcasing traditional Chinese craftsmanship through engaging video content, has garnered over 20 million views [6] Group 5: Service Going Global - The establishment of a global service system is a significant challenge, with Haier's localized operations in various markets serving as a model [7] - SHEIN's success is linked to its robust supply chain and customer service, including local warehouses for quick delivery and multilingual support [7] Group 6: Digital Service Innovation - The need for digital technology to enhance service efficiency and quality in cross-border e-commerce is highlighted, with intelligent order management systems being essential for handling diverse international requirements [9] - IPFLY's dynamic residential proxy services facilitate market research and service optimization across over 190 countries [9] Group 7: Three-Dimensional Integration - The interdependence of brand, culture, and service in global strategies is illustrated by Miniso's model of "Japanese design, Chinese manufacturing, global sales," with over 5,400 stores worldwide by the end of 2023 [10] - Maintaining strategic consistency while adapting to local market characteristics is crucial for success in global markets [10] Group 8: Conclusion - The journey of high-quality consumer brands going global is a systematic process, with brand, culture, and service working together to enhance global competitiveness [12] - The future looks promising for Chinese high-quality consumer brands as they leverage digital technology and evolving global markets to create comprehensive export strategies [12]

Group 1: Event Overview - The 2025 China International Service Trade Fair was held from September 10 to 14 at Shougang Park in Beijing, featuring over 30 enterprises from nine cities in Guangdong, showcasing innovations in artificial intelligence, digital entertainment, and digital technology [1][3] - The Guangdong delegation's theme was "Smart Guangdong, Innovative Future," highlighting the province's achievements and opportunities in high-quality service and digital trade [1] Group 2: Robotics Innovations - The "Robot Team" from Guangdong attracted significant attention, featuring the industrial-grade quadruped robot X7 developed by Guangzhou Shiyuan, capable of operating in extreme temperatures from -20°C to 40°C and carrying out inspections in various terrains [4][6] - The X7 robot has been deployed in practical applications such as urban patrols and factory security inspections, significantly reducing risks for personnel and improving operational efficiency [6] - Another showcased product was the integrated joint module robot from Yundeh Power, which can lift up to 20 kg and replace human labor in heavy lifting tasks within industrial settings [6][8] Group 3: Digital Trade and AI Empowerment - The Guangdong Service Trade Promotion Conference highlighted opportunities in digital trade, cross-border e-commerce, AI empowerment, and cultural export, emphasizing the potential of the Greater Bay Area as a new growth engine for service trade [9] - The conference promoted the fourth Guangdong-Hong Kong-Macao Greater Bay Area Service Trade Conference, which aims to facilitate cross-border cooperation in various professional fields [9] - The "Cross-Border E-commerce Global Warehouse Resource Information Platform" was introduced, providing streamlined services for e-commerce businesses and enhancing their global operations [10] Group 4: Digital Workforce - The "AI Agent Digital Employee" showcased at the event can complete tasks that traditionally take two hours in just ten minutes, demonstrating the efficiency of digital employees in various sectors [10] - Digital employees, based on RPA and AI technologies, can operate continuously and handle repetitive tasks, allowing human workers to focus on higher-value activities [11] - The promotion of the animated film "Pig Pig Hero: The Reversal of an Old Pig" was also highlighted, with plans for international distribution in ten languages, showcasing the potential for Chinese animation in global markets [11][13]

Core Insights - Letsvan's brand, 奇梦岛, showcased its original IPs such as WAKUKU and SIINONO at the 2025 China International Service Trade Fair, emphasizing cultural and technological integration [1][3] - The brand's innovative approach includes a focus on global expansion through localized operations and collaborations with various sectors [3][4] Group 1: Brand and Product Highlights - 奇梦岛 created an immersive experience area themed around "奇梦岛," featuring core IPs and their integration with culture, sports, tourism, and technology [3] - The WAKUKU brand collaborated with the China Open Tennis Tournament, generating significant interest among attendees [3] - The "又梨" series was selected for the "Beijing Gifts" recommendation list due to its blend of traditional aesthetics and modern trends [3] Group 2: Global Expansion Strategies - The company employs four strategies for globalizing its潮玩 IP: entering overseas markets with IP products and pop-up events, leveraging data for user demand capture, minimizing trial and error costs through small-scale testing, and innovating the "潮玩+" model through cross-industry collaborations [3] - The new IP "SIINONO" achieved remarkable sales, with over 1.5 million yuan in revenue within three days and over 10,000 units sold in the first 10 minutes [4] - Letsvan has expanded into Southeast Asia and North America, with its first overseas pop-up event held in Bangkok, Thailand [4]