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]

| 影片 | 档期票房 票房占 平均票 场均人 | | | | --- | --- | --- | --- | | | - 上一篇： (万) | 价 | 次 | | 水饺皇后 2025-04-30上映 | 9677.30 24.2% | 39.4 | 5.9 | | 猎金·游戏 2025-05-01 上映 | 6835.88 17.1% | 39.8 | 5.6 | 2025年五一档电影票房破4亿 据网络平台，截至5月3日8时58分，2025年五一档（5月1日—5月5日）档期内总票房（含预售）突破4亿 元，影片《水饺皇后》《猎金·游戏》《幽灵公主》暂列前三名。 | 幽灵公主 | 3901.36 | 9.8% | 39.5 | 6.0 | | --- | --- | --- | --- | --- | | 2025-05-01上映 | | | | | | 雷霆特攻队* | 3768.87 | 9.4% | 44.7 | 5.3 | | 2025-04-30上映 | | | | | | 人生开门红 | 3652.88 | 9.1% | 39.6 | 3.9 | | 2025-05-01上映 | | | | | | ...

Core Insights - The film market in China experienced a consumption boom during the "May Day" holiday, with the first day box office reaching 183 million and total attendance hitting 4.577 million [2] - The "May Day" holiday saw the launch of the "Taste of Time" market by Wanda Film, integrating food, traditional crafts, and film experiences across multiple cities [4][6] - The "Film + Cultural Tourism" integration model is becoming a key direction for exploring new consumption scenarios, supported by government initiatives [4][6] Box Office Performance - As of May 1, the first-day box office for the 2025 "May Day" period reached 183 million, with total screenings at 482,000 and total viewers at 4.577 million [2] - By May 2, the total box office for new films surpassed 300 million, with films like "The Dumpling Queen" and "Life Opens the Door" leading the charts [2] Market Activities - The "Taste of Time" market attracted large crowds, featuring local delicacies and interactive cultural activities, enhancing the overall consumer experience [4][6] - The event is part of Wanda's "Film + Tourism" project, which aims to create immersive consumption experiences by combining cinema with local culture and cuisine [6] Strategic Initiatives - Wanda Film is actively exploring new paths to convert viewing traffic into cultural tourism consumption, launching the "Film + Tourism" project to enhance audience engagement [6] - The project aims to create a multi-dimensional entertainment experience by linking cinema with local tourism and cultural features, promoting high-quality development in the film and tourism industries [6]