Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to see a significant increase in revenue due to the upcoming holiday season and the launch of new games, with notable titles like "Nine Muses of the Wild" and "Goose Duck Kill" generating high anticipation [3] - The film industry is highlighted by the upcoming release of "Avatar 3," which has already garnered significant pre-sale interest, indicating strong potential for box office performance [3] - The emotional economy in China is projected to grow substantially, with the market expected to reach 8.1 trillion yuan by 2030, driven by online platforms and AI technology [11][12] Summary by Sections 1. Soul: Leading Immersive Social Platform - Soul is positioned as a leading platform in the immersive social space, leveraging AI to enhance user engagement and emotional value [11][17] - The emotional economy in China is projected to grow from 2.4 trillion yuan in 2024 to 8.1 trillion yuan by 2030, with a CAGR of 22.2% [12] - The platform reported a revenue of 16.83 billion yuan in the first eight months of 2025, reflecting a year-on-year growth of 17.82% [21][26] 2. Industry Data Overview - "Delta Action" topped the iOS free game chart, while "Honor of Kings" led the iOS revenue chart as of December 13, 2025 [27][31] - The film "Zootopia 2" achieved the highest weekly box office, indicating strong audience interest [41] 3. Industry News Summary - The release of GPT-5.2 is expected to enhance AI capabilities in the industry, while Disney's investment in OpenAI emphasizes the growing value of content IP [3] - The gaming sector is experiencing a surge, with "Delta Action" achieving record daily revenue following a new season launch [3] 4. Announcement Summary - Recent changes in leadership at various media companies and the successful "hat removal" of Caesar Culture highlight ongoing developments in the industry [3] 5. Sector Performance Overview - The A-share media sector performed moderately in the market, with the gaming sector showing strong performance [3]