Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - The recent US-China trade negotiations in London have reached a principled framework, indicating substantial progress in managing differences and stabilizing economic relations, which may support global supply chain recovery [2][21] - OpenAI has launched the new o3-pro model, reducing its price by 80% and input/output costs by 87%, reflecting a shift towards efficiency optimization in large model technology and accelerating AI technology penetration into small and medium enterprises [2][21] - The report maintains a cautious optimism regarding trade negotiations and highlights AI as a key investment direction amid global macroeconomic volatility, emphasizing the importance of technological innovation and self-sufficiency for long-term development [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "How to Train Your Dragon: The Hidden World" with 58.175 million yuan (25.6% market share), "Mission: Impossible 8" with 54.90 million yuan (24.2%), and "Time Son" with 28.366 million yuan (12.5%) [24][25] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Endless Winter," while the top three Android games by popularity are "Heart Town," "Sword Legend," and "My Leisure Time" [27][28] TV Series Industry - The top three TV series by broadcast index are "The Cang Hai Chuan," "Lin Jiang Xian," and "The Lychee of Chang'an," with indices of 85.3, 84.2, and 82.2 respectively [30][31] Variety Shows & Animation - The top variety show is "Ha Ha Ha Ha Season 5" with a broadcast index of 80.6, followed by "Run, Brother Season 9" and "Unlimited Exceeding Class Season 3" [32] - The top three animated shows by viewership index are "Cang Yuan Tu," "Xian Ni," and "Perfect World," with indices of 340.2, 225, and 222.5 respectively [34]

2025 年第 19 周（实际交易日为 2025.5.12-2025.5.16）上证指 数上涨 0.76%，沪深 300 指数上涨 1.12%，创业板指数上涨 1.38%。恒生指数上涨 2.09%，恒生互联网指数上涨 2.1%，行业 领先恒生指数 0.01pct。SW 传媒指数下跌 0.77%，落后创业板指 数 2.14pct，在申万一级 31 个行业涨跌幅排名中位列第 29 位。 子行业中互联网服务、广电和体育位列前三位，分别为上涨 1.86%、上涨 0.37%和上涨 0.1%。 ► 核心观点&投资建议 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Table_Title] [Table_Title] 中美关税谈判取得重大进展，三大外卖平台被约 谈 传媒行业周报系列 [Table_Title2]2025 年第 19 周 ► 市场行情回顾 [Table_Summary] 中美关税谈判取得重大进展，后续保持谨慎乐观。本周，据新华 社，中美经贸高层会谈于瑞士日内瓦达成实质性共识，双方宣布 将分阶段调整加征关税：美国暂停24%中国商品关税90天，保留 剩余 10%，并取消此 ...

► 核心观点&投资建议 中美关税谈判取得重大进展，后续保持谨慎乐观。本周，据新华 社，中美经贸高层会谈于瑞士日内瓦达成实质性共识，双方宣布 将分阶段调整加征关税：美国暂停24%中国商品关税90天，保留 剩余 10%，并取消此前两项行政令对华关税；中国同步暂停 24% 美国商品关税，保留 10%，取消非关税反制措施。两国同意建立 常态化经贸磋商机制，并于5月12日发布联合声明。我们认为， 此次协议释放中美阶段性缓和信号，关税"政策底牌"初步明 晰，短期或缓解出口链压力并推动部分产业链修复，后续协商不 确定性仍存，我们判断可以谨慎乐观。 三大外卖平台被约谈，看好行业规范发展。本周，据央视新闻， 市场监管总局联合四部门约谈京东、美团、饿了么等外卖平台， 要求严格落实主体责任，禁止"二选一"、大数据杀熟等不正当 竞争行为，强化骑手权益保障与食品安全管理，推动行业公平有 序竞争。我们认为，竞争加剧和政策约束将倒逼平台聚焦服务体 验优化（如配送时效、商户质量）与生态协同能力（如本地生活 全链路整合），推动行业健康度与规范度双升。 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Ta ...