Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5][40]. Core Viewpoints - The media sector has shown an upward trend with a 1.39% increase, although it underperformed compared to the CSI 300 (2.00%) and the ChiNext Index (3.27%) [12][14]. - Key companies such as ByteDance, Meta, and Tencent are making significant advancements in AI applications, which are expected to drive future growth in the sector [2][4][37]. - The report highlights the potential for recovery in the film industry, driven by the upcoming holiday seasons and improved supply [38]. Summary by Sections Industry Performance - The media sector's performance for the week (May 3 - May 9) was an increase of 1.39%, ranking 22nd among all sectors [12][14]. - Notable gainers included Baotong Technology (+25%), ST Zhongqingbao (+10%), and ST Huawen (+9%), while ST Tianze (-9%) and Wanda Film (-5%) were among the biggest losers [12][13]. Key Company Developments - ByteDance has open-sourced its deep research framework, DeerFlow, integrating language models with various tools for automated research and content creation [2][17]. - Meta's AI research team has released five significant breakthroughs in AI perception, marking a major advancement in the field [2][18]. - Tencent has optimized its DeepSeek communication framework, achieving performance improvements of 100% in RoCE network environments and 30% in IB network environments [2][19]. Box Office and Content Performance - The box office for the week (May 5 - May 11) reached 332 million yuan, with "Nezha: The Devil's Child" leading at 90 million yuan (27.2% market share) [3][21]. - Upcoming holiday seasons are expected to boost box office performance, with a focus on the Dragon Boat Festival and summer releases [4][38]. Investment Recommendations - The report suggests a positive outlook for AI applications and IP trends, recommending companies like Pop Mart and others in the IP and gaming sectors [4][38]. - It emphasizes the importance of the film industry recovery, recommending channels like Wanda Film and content producers like Light Media [4][38]. - The report also highlights the potential for advertising growth as the economy improves, suggesting investments in companies like Focus Media and Mango TV [4][38].

5 月 9 日晚间，阿里巴巴创始人马云现身杭州阿里总部，身着白色 T 恤并佩戴"风清扬"工牌，专门前 往了代表阿里创业精神的复刻版"湖畔小屋"，并鼓励员工坚持创业精神，持续创新。从 2024 年底至 今，马云已多次在杭州露面。据悉，去年 12 月 8 日，马云亮相蚂蚁园区，并在支付宝和蚂蚁集团二 十周年活动现场致辞，着重提及了对于 AI 的思考。 整理 | 傅宇琪、褚杏娟 消息人士称马云回归是绝不可能；雷军：过去 1 个月是创办小米以来最艰难时间；零一万物联创戴宗 宏离职创业；阿里通义应用视觉团队负责人薄列峰离职；国行版苹果 AI 合作细节：百度技术占比仅 35%；苹果 App Store 佣金去年破百亿，四年翻倍引争议；饿了么租宇树人形机器人在街头宣传"闪 购"；特朗普政府拟取消拜登时代的 AI 芯片限制；OpenAI 任命新 CEO，重组计划被迫改变；淘宝闪 购上线，节后第一天就崩了 行业热点 消息人士称马云回归是绝不可能的，并且马云是创始人也从来没离开过 据贝壳财经，5 月 10 日消息，从多位阿里巴巴内部人士处获悉，阿里巴巴已全面打通了内网（内部 论坛）权限，并调整员工跨业务流动机制、启动工牌焕新。 ...

Core Insights - ByteDance's technology team has announced the open-source project DeerFlow, based on LangStack, officially available on ByteDance's GitHub organization [1] Group 1 - The new project DeerFlow is part of ByteDance's efforts to enhance its technological capabilities [1] - The open-sourcing of DeerFlow indicates ByteDance's commitment to fostering innovation and collaboration within the tech community [1]