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AI模型、端侧齐发力,关注中报及内容新品带来的弹性
KAIYUAN SECURITIES· 2025-06-22 14:42
Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]
行业点评报告:供需共振下游戏或步入景气上行周期,继续布局游戏
KAIYUAN SECURITIES· 2025-06-16 12:43
《豆包引领大模型/Agent 再升级,积 极 关 注 电 影 暑 期 档 — 行 业 周 报 》 -2025.6.15 行 业 研 究 2025 年 06 月 16 日 《关注火山引擎原动力大会,聚焦 AI 应用及 IP 商业化 — 行 业 周 报 》 -2025.6.8 投资评级:看好(维持) 行业走势图 -29% -14% 0% 14% 29% 43% 58% 2024-06 2024-10 2025-02 传媒 沪深300 数据来源:聚源 相关研究报告 《模型与应用再升级,新游表现亮眼, 继续布局 AI 、 IP — 行业周报》 -2025.6.2 供需共振下游戏或步入景气上行周期,继续布局游戏 ——行业点评报告 | 方光照(分析师) | 田鹏(分析师) | | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | | 证书编号:S0790520030004 | 证书编号:S0790523090001 | tianpeng@kysec.cn 证书编号:S0790523090001 游戏行业保持高景气,用户情绪消费需求与游戏供给释放共振 根据 ...
腾讯控股(00700):公司评论:腾讯控股
First Shanghai Securities· 2025-06-10 05:53
Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2]. Core Insights - Tencent is enhancing its e-commerce capabilities through the introduction of a group buying feature in WeChat Mini Stores, shifting from a transaction-oriented model to a social-oriented one, which could lower consumer decision costs and differentiate it from competitors like Pinduoduo [4]. - The launch of the "VISVISE" AI solution for game development indicates Tencent's commitment to integrating AI across the gaming industry, aiming to improve efficiency and creativity in game production [5]. - Tencent's AI app, Yuanbao, has seen a decline in downloads, attributed to a cooling market and a strategic shift towards better integration with core Tencent apps, focusing on user growth efficiency [6]. - The upcoming mobile game "Valorant: Source Action" is expected to generate significant revenue, with projections estimating annual income of at least 6 billion to 7 billion yuan, indicating strong market interest [7]. Summary by Sections E-commerce - WeChat Mini Stores are testing a new group buying feature that allows users to share links and accumulate order amounts for discounts, enhancing the social aspect of e-commerce [4]. AI Development - Tencent has launched the "VISVISE" AI solution for game creation, which includes tools for model generation and character animation, marking a shift towards a comprehensive AI system in gaming [5]. - The performance of Tencent's AI app, Yuanbao, has declined, with a focus now on integrating it with other Tencent applications to improve user engagement and growth [6]. Gaming - The mobile adaptation of "Valorant" has begun testing, with high anticipation reflected in over 20 million pre-registrations, and is expected to significantly contribute to Tencent's revenue [7].
行业周报:关注火山引擎原动力大会,聚焦AI应用及IP商业化-20250608
KAIYUAN SECURITIES· 2025-06-08 15:21
2025 年 06 月 08 日 投资评级:看好(维持) 行业走势图 58% 传媒 沪深300 数据来源:聚源 -29% -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 相关研究报告 | 方光照(分析师) | 田鹏(分析师) | | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | | 证书编号:S0790520030004 | 证书编号:S0790523090001 | tianpeng@kysec.cn 证书编号:S0790523090001 火山引擎原动力大会及苹果 WWDC25 将举行,快手可灵 AI 商业化加快 6 月 11-12 日,字节跳动火山引擎 2025 年春季 Force 原动力大会将在北京举行, 将带来豆包 AI 大模型家族全线升级,主论坛包括火山引擎新品发布及 AI 编程、 Agent 等主题分享,另有包括开发者论坛、AI+金融/汽车/生态/医药大健康等行 业论坛在内的 10+专题论坛分享,还有 2800m2 互动展区演绎 AI 多元互动。此前 豆包系列已发布视觉理解模型、情感语 ...
DeepSeekR2发布预期升温,英伟达有望研发全新中国特供芯片
HUAXI Securities· 2025-06-08 13:05
证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 8 日 [Table_Title] [Table_Title] DeepSeekR2 发布预期升温,英伟达有望研发全新中 国特供芯片 传媒行业周报系列 [Table_Title2]2025 年第 22 周 ► 市场行情回顾 [Table_Summary] 2025 年第 22 周(实际交易日为 2025.6.3-2025.6.6)上证指 数上涨 1.13%,沪深 300 指数上涨 0.88%,创业板指数上涨 2.32%。恒生指数上涨 2.16%,恒生互联网指数上涨 3.46%,行 业领先恒生指数 1.3pct。SW 传媒指数上涨 2.59%,领先创业板 指数 0.27pct,在申万一级 31 个行业涨跌幅排名中位列第 6 位。子行业中影视、互联网服务和广电位列前三位,分别为上 涨 12.91%、上涨 3.94%和上涨 3.29%。 ► 核心观点&投资建议 DeepSeek 发布 R1 更新,R2 模型发布预期升温。据腾讯新闻, 近期 DeepSeek 更新 R1 模型,此次更新基于半年前的 DeepSeek V3 Base 模型,通过 ...
游戏板块逆势走强 八大概念股盘点(名单)
Zheng Quan Zhi Xing· 2025-05-22 07:30
5月22日,游戏板块逆势走强,截至收盘,板块涨幅超过1%,个股方面。昆仑万维(300418)20cm涨 停,游族网络(002174)、冰川网络(300533)等多股涨幅居前。 近日,以宠物经济、谷子经济等为代表的新消费板块表现强势,然而事实上,游戏同样属于Z世代青睐 的"新消费"景顺长城基金旗下基金经理张欢表示,以潮玩、宠物经济、国潮品牌等为代表的新消费赛道 的快速崛起,存在两大核心驱动力。一是消费主体的代际更替。主力消费群体从70后、80后转向Z世 代,他们的消费行为呈现出显著的"悦己"特征,更愿为情绪价值、个性化体验买单。 针对游戏板块,万联证券研报指出,游戏行业2025Q1营业收入大幅增长,归母净利润止跌回升。 2025Q1游戏板块实现营收267.19亿元,同比上涨21.93%。归母净利润止跌回升,同比大涨47.08%至 34.82亿元,逐步修复至近五年均值水平,ST华通(002602)旗下游戏表现突出,为游戏板块2025年Q1 业绩回升贡献主要力量。 华龙证券则表示,泡泡玛特在2025年第一季度凭借Labubu三代搪胶毛绒系列产品的推出,其官方应用 在美国App Store购物榜的成功登顶,推动了品牌 ...
【光大研究每日速递】20250508
光大证券研究· 2025-05-07 08:48
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【房地产】1-4月百强全口径销售额同比降8%,楼市稳定态势需巩固——百强房企销售跟踪(2025年4月) 4月百强房企的全口径销售金额、销售面积分别为3,089亿元、1,473万平,同比为-9.2%、-21.8%;1-4月百 强房企全口径销售额、销售面积累计值为10,935亿元、5,404万平,累计同比-7.8%、-19.9%,较1-3月变 化-0.5pct、-0.7pct,部分高能级城市逐步实现止跌回稳,楼市总体稳定态势需进一步巩固。 (何缅南/韦勇强) 2025-05-07 您可点击今日推送内容的第1条查看 【汽车】新势力改款+新车相继发布,关注节后终端优惠变化——特斯拉与新势力4月销量跟踪报告 公司发布2024年及2 ...