Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair (Cultural Fair) will be held from May 22 to 26 in Shenzhen, showcasing the integration of culture, technology, and tourism in the Guangming District [1][3]. Group 1: Event Overview - The Cultural Fair is recognized as China's only national-level, international, and comprehensive cultural industry expo, known as "China's First Cultural Industry Exhibition" [3]. - This year's fair continues the "comprehensive exhibition + professional exhibition" model, with the main venue at Shenzhen International Convention and Exhibition Center (Baoan), featuring eight exhibition halls, including three comprehensive halls and five professional halls [3]. Group 2: Guangming District's Participation - The Guangming District's exhibition area, located in the cultural industry comprehensive exhibition (Hall 11), focuses on local cultural showcases, gathering leading cultural enterprises and unique creations from various provinces and cities [3]. - The theme of the Guangming exhibition area is "Science is so Fun, Let's Head Towards Guangming," integrating the technological innovation of Guangming Science City with urban pastoral aesthetics, aiming to create an immersive exhibition space that combines technology and culture [3][5]. Group 3: Innovation and Technology - Participating enterprises will showcase a dual-core drive of "technology + culture," presenting an innovative ecosystem that spans various fields, from brain-machine interfaces to light and shadow art, and from intangible cultural heritage IPs to smart displays [5]. - In the technology sector, innovations include "human-machine integrated" control of kung fu robots, holographic invisible screens, and brain-machine intelligent products, demonstrating new achievements in technological innovation [5]. Group 4: Sub-venues and Activities - The Huaqiang Technology Ecological Park has been selected as a sub-venue for the Cultural Fair, featuring the theme "Micro Light as a Torch, Moving Towards Light" [6]. - This sub-venue will host a variety of activities, including film screenings, forums, light and shadow markets, and poster exhibitions, allowing audiences to explore the development of the film industry through classic films and interactive installations [8].

2)国内Tokens的价格也持续下探，2025年2月Deepseek V3百万Tokens输入(缓存命中)价格为0.5元，错峰 优惠时段为0.25元。 3)政策也开始提倡以AI应用为导向，中共中央政治局第二十次集体学习中强调"坚持自立自强、突出应 用导向"。同时该行也看到，A2A&MCP等协议架构开始广泛应用，全球Agent数量快速增长。该行认为 AI应用孵化的土壤已经完备，AI应用正迎来井喷时刻，AI应用的发展趋势将持续驱动传媒行情上涨。 建议关注本身正处于上升周期的应用场景，包括游戏、动画电影、出版等方向。 游戏 行业景气度回升+AI玩法持续应用，游戏公司有望迎来业绩和估值提振。产品周期叠加买量竞争缓和， 游戏公司业绩开始释放，且AI对制作和发行环节的降本增效作用显著，Tokens成本持续下降推动AINPC 等原生AI游戏玩法逐渐普及。推荐恺英网络、姚记科技、吉比特、昆仑万维等，建议关注完美世界、 盛天网络、巨人网络等。 智通财经APP获悉，兴业证券发布研报称，长期来看，AI所引领的技术变革将带来应用侧的广阔机会， 传媒行业作为AI技术的重要应用阵地和试验田将长期受益。国产大模型的持续进步正逐渐拉近和世界 ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Viewpoints - The report emphasizes the robust performance of major Hong Kong internet companies like Tencent, Alibaba, and JD, highlighting the integration of AI into their business models and the strategic adjustments within their organizational structures [4][5] - There is a growing focus on the "Guzi Economy" and the expansion of companies into the collectible toy sector, suggesting a high growth potential in card games and collectible toys [4][6] - The report suggests continuous attention to the development of AI applications in gaming, particularly in enhancing user experience and commercial viability [7][8] Summary by Sections Industry Performance - The media industry saw a decline of 0.77% from May 12 to May 16, 2025, ranking 29th among all industries [13] - In the same period, the digital media, advertising, and television broadcasting sectors performed better, while gaming, film, and publishing sectors lagged [14] Company Financials - Tencent reported Q1 2025 revenue of RMB 1800.2 billion, a 13% year-on-year increase, with a gross profit of RMB 1004.9 billion, up 20% [26] - JD's Q1 2025 revenue reached RMB 3011 billion, reflecting a 15.8% year-on-year growth [25] - Alibaba's Q1 2025 revenue was RMB 2364.54 billion, a 7% increase, with a net profit of RMB 119.73 billion, up 1203% [28] AI and Gaming - The report highlights the potential of AI in gaming, with companies like Giant Network exploring AI-driven gameplay enhancements [21][29] - The integration of AI in gaming is expected to create new opportunities for user engagement and revenue growth [7][8] Film and Television - The report notes the upcoming release of significant films and suggests monitoring the performance of production companies and cinema chains [7][8] - The total box office for the week of May 12-17 was RMB 142.68 million, with "Water Dumpling Queen" leading the box office [38] Trends in Collectible Toys - Companies are increasingly focusing on the collectible toy market, with notable expansions in IP development and product offerings [6][8] - The report recommends monitoring companies involved in card games and collectible toys for potential investment opportunities [6][8]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [55] Core Insights - Recent advancements in AI text-to-image, text-to-audio, and 3D generation models have shown continuous iteration, improving both generation quality and speed, which is expected to enhance user experience and accelerate industry applications in advertising, gaming, and film [6][45] - Key companies to watch include Tianyu Shuke in AI marketing, Kaiying Network, Giant Network, and Dihun Network in AI gaming, and Bona Film Group in AI film [6] Summary by Sections Sub-industry Ratings - The report includes various research reports on AI models and their applications, highlighting significant developments in the field [3] Industry Performance Data - The domestic game market achieved actual sales revenue of 857.04 billion yuan in Q1 2025, marking a year-on-year growth of 17.99% [11] - The top three mobile games in the iOS revenue rankings as of May 17, 2025, are "Peace Elite," "Honor of Kings," and "Endless Winter" [11][28] AI Developments - Global AI product web traffic in April 2025 shows ChatGPT leading with 5.31 billion visits, followed by New Bing and DeepSeek [25][26] - Domestic AI products also show significant traffic, with DeepSeek leading at 469 million visits [26] Film and Television - The total box office for domestic films in 2025 reached 26.8 billion yuan, with a single-day box office of 60.4 million yuan on May 17 [28][30] - The top-rated TV dramas as of May 15, 2025, include "My Doctor" and "My Second Half of Life" [31] Advertising and Marketing - National outdoor advertising spending in Q1 2025 was 57.4 billion yuan, reflecting a year-on-year increase of 6% [40][42]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, suggesting that the industry index is expected to rise more than 5% over the next 3-6 months compared to the benchmark index [48]. Core Viewpoints - The media sector is currently experiencing a downturn, with the media index down 0.77% last week, underperforming the CSI 300 index, which rose by 1.12% [10][4]. - The report emphasizes the importance of AI applications and cultural confidence as key drivers for the media sector, with a focus on core assets in the internet, gaming, and publishing sectors [7][8]. - The gaming market is expected to benefit from product cycles and AI integration, with specific companies highlighted for their strong product pipelines [19][20]. - The film market shows signs of recovery, with ticket sales reaching 24.116 billion yuan and total viewership at 576 million, indicating a recovery rate of approximately 100% for box office revenue compared to 2019 [23][24][25]. Summary by Sections Market Performance Review - The media index fell by 0.77% last week, while the CSI 300 index increased by 1.12%, resulting in a relative underperformance of 1.88% [10]. - The report notes that the gaming market remains strong, with several Tencent and NetEase products leading the iOS sales charts [19][20]. Industry News and Company Announcements - Significant advancements in AI technology are noted, including the launch of new models by major companies like Baidu and Tencent, which are expected to enhance user experience and application capabilities [32][33]. - The report highlights the ongoing recovery in the film industry, with a notable increase in ticket sales and audience numbers compared to previous years [23][24]. - Upcoming films and their expected release dates are listed, indicating a robust pipeline for the cinema sector [29][30].

Investment Rating - The industry rating is "Recommended" [5] Core Views & Investment Suggestions - Significant progress has been made in China-US tariff negotiations, leading to cautious optimism. The US will suspend 24% tariffs on Chinese goods for 90 days while retaining 10%, and China will reciprocate. This agreement signals a phase of easing tensions and may alleviate export chain pressures [2][22] - Three major food delivery platforms, including JD, Meituan, and Ele.me, have been summoned for discussions regarding fair competition practices. This regulatory action is expected to enhance service quality and industry standards [2][27] Market Overview - In the week of May 12-16, 2025, the Shanghai Composite Index rose by 0.76%, while the SW Media Index fell by 0.77%, ranking 29th among 31 industries [1][11] - The top-performing sub-industries included Internet services, broadcasting, and sports, with respective increases of 1.86%, 0.37%, and 0.1% [1][11] Investment Opportunities - The report suggests focusing on the following investment opportunities: 1. Hong Kong Internet leaders, which are expected to benefit from consumption promotion and employment stabilization 2. The gaming industry, which is likely to see growth due to policy incentives and technological advancements 3. The film and cultural tourism sectors, which may recover due to consumer policies stimulating demand [3][23] Industry Data - The top three films by box office revenue for the week were "Dumpling Queen" (31.914 million yuan), "Hunting Gold: Game" (27.856 million yuan), and "Life Opens the Door" (12.039 million yuan) [50][51] - The iOS game sales rankings were led by "Honor of Kings," "Peacekeeper Elite," and "Golden Shovel," while the Android rankings were topped by "Heartfelt Town," "My Leisure Time," and "Honkai: Star Rail" [52][53] - The top three TV dramas based on viewership index were "Bending the Waist," "Huai Shui Bamboo Pavilion," and "A Good Life" [56]

Investment Rating - Industry Rating: Recommended [5] Core Views & Investment Suggestions - Significant progress in China-US tariff negotiations, maintaining cautious optimism. The US will suspend 24% tariffs on Chinese goods for 90 days while retaining 10%, and China will reciprocate. This agreement signals a phase of easing tensions and may alleviate export chain pressures [2][24] - Three major food delivery platforms, including JD, Meituan, and Ele.me, were summoned for discussions to enforce fair competition and protect rider rights. This regulatory push is expected to enhance service quality and industry standards [2][30] Market Overview - In the week of May 12-16, 2025, the Shanghai Composite Index rose by 0.76%, the CSI 300 Index increased by 1.12%, and the ChiNext Index grew by 1.38%. The Hang Seng Index saw a 2.09% rise, while the SW Media Index fell by 0.77%, ranking 29th among 31 industries [1][12] Investment Opportunities - Focus on leading technology companies in China, particularly in the context of increasing domestic demand and technological innovation. Suggested sectors include: 1. Hong Kong internet leaders benefiting from consumption and employment stabilization 2. Gaming industry, with policy incentives boosting domestic demand and overseas expansion potential 3. Film and cultural tourism sectors, with consumption policies aiding cinema recovery [3][25] Industry Data - Top three films by box office for the week include "Dumpling Queen" with 31.914 million yuan, "Hunting Gold: Game" with 27.856 million yuan, and "Life Opens the Door" with 12.039 million yuan [4][57] - iOS game sales rankings are led by "Honor of Kings," "Peace Elite," and "Golden Shovel," while Android rankings feature "Heart Town," "My Leisure Time," and "Honkai: Star Rail" [4][61] - The top three TV dramas by broadcast index are "Bending the Waist," "Huai Shui Bamboo Pavilion," and "A Good Life" [4][64]

文 | 雷报 十九 编辑 | 努尔哈哈赤 电影市场面临总体票房下滑、缺乏头部影片拉动、以及营收结构单一的发展困局之际，影视公司也将目 光投向了备受年轻人热捧的"谷子经济"。 近期，万达电影发布公告称，公司全资子公司北京影时光电子商务有限公司拟与关联方上海儒意星辰企 业管理有限公司共同投资北京乐自天成文化发展股份有限公司，即52TOYS。52TOYS是国内潮玩公 司，是"IP玩具"领域的知名品牌方。透过此次投资，以新增注册资本金额和股权转让的估值进行计算， 52TOYS的估值约为42.89亿元或18.69亿元，总的投资金额为1.44亿元。此次股权转让和增资完成后，影 时光和儒意星辰合计持有乐自天成7%的股权。 图自万达电影相关投资公告 之所以投资52TOYS，是因为当前国内消费市场中，"谷子经济" 正蓬勃发展。 去年泡泡玛特狂揽130亿元营收，同比增长106.9%，经调整净利润也达到34亿元，创造了上市以来最好 业绩；而玩转IP卡牌业务的卡游2024年同样营收超百亿，同比增幅达278%，体现了行业发展的韧性。 但就电影市场而言，近年来，无论年度还是季度，国内电影市场都处于偶有爆款、整体低迷、极不稳定 的状态之中 ...

今年 "五一"档电影票房惨极了。 总票房 7.47亿元，同比暴跌51.1%，观影人次仅1889.5万，同比下降50.03%（猫眼研究院）。这一结果让业 内人士感到焦虑，也说明了一件事实：传统电影院正在失去吸引力。 过去，电影院是约会、聚会、打发时间的 "社交刚需"，如今却成了观众眼中的"可选项"。数据显示，五一档 观众人均观影1.14次，92%的人只看一部电影，结伴观影比例跌至66%（去年为69%）。 当传统影院陷入困境时，另一种线下娱乐却在逆势增长。上海影视乐园的沉浸式戏剧《新世界 ·破笼之宴》 连演5天场场爆满，观众拖着行李箱从外地赶来，只为成为剧情的一部分。 几天前，混沌君围观了 Zebra Labs创始人李岱老师在混沌录课的整个过程，听完之后我的脑洞大开：她们正 在电影院做韩国男团TXT的VR演唱会，可以通过头显设备，让数千人同时在影院"近距离追星"，甚至无需艺 人到场，这个票在北京的影院就有售。 无独有偶：上海某酒店将客房打造成 "电影主题空间"，结合剧本杀、VR互动，五一入住率飙升25%；部分 影院推出"观影+餐饮+周边"套餐，用差异化服务留住观众。 事实证明，观众并非排斥线下体验，而是越来越排斥 ...

Core Viewpoint - The Chinese film industry is experiencing a significant downturn, with total box office revenue dropping from 64.1 billion in 2019 to 42.5 billion last year, leading to widespread losses among film companies while executives continue to receive high salaries [1] Salary Discrepancies - Wanda's Chen Zhixi has a salary of 10.17 million, attributed to her successful project management despite the company's overall losses of 940 million last year [3][6] - In contrast, Huayi Brothers' Wang Zhonglei earns 2.2 million, a significant reduction of 45.92% from the previous year, reflecting the company's ongoing financial struggles [9][10] - Light Media's Wang Changtian receives 1.02 million, which is considered low given his role and the company's successful projects [12][14] - China Film's Fu Ruoqing earns 833,300, which is surprisingly low for a top producer, despite overseeing numerous successful projects [16] - Bona's Yu Dong has a salary of 806,400, which has decreased by 24.05% due to the company's declining performance [18][19] - Jin Yi's Li Xiaowen earns 374,300, which is low compared to industry standards, reflecting the company's focus on film distribution rather than production [21] Industry Challenges - The overall film industry is facing a "cold winter," with many films failing to turn a profit and executives' high salaries raising questions about fairness [1][6] - The disparity in salaries among executives within the same company highlights the challenges and inconsistencies in the industry [8]