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Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to continue its high growth trajectory, driven by new game launches and seasonal demand during holidays [3] - The AI video model Seedance 2.0 by ByteDance is anticipated to accelerate the commercialization of AI-generated content in short dramas and films, benefiting companies with strong IP reserves and platform advantages [4] - The report highlights the competitive landscape among major AI model providers, which is enhancing foundational model capabilities and expanding applications in various sectors [30] Industry Overview - The media sector's performance is currently lagging behind the broader market, with the film sector showing stronger results compared to gaming [7] - Recent data indicates that "Goose Duck" topped the iOS free game chart, while "Peace Elite" led the iOS revenue chart in mainland China as of February 7, 2026 [10][14] - The film "Zootopia 2" achieved the highest box office revenue for the week, totaling 0.39 billion RMB, with a cumulative box office of 44.93 billion RMB [23] Game Sector Highlights - The game "Yuanmeng" has received over 20 million pre-registrations, indicating strong market interest and potential for high daily active users (DAU) [3] - The report recommends continued investment in gaming companies such as Perfect World, Xindong Company, and others, which are expected to benefit from the ongoing demand and new product cycles [3] AI Applications in Media - The advancements in AI models are expected to significantly reduce production costs and improve efficiency in the creation of short dramas and films, with companies like Reading Group and Shanghai Film poised to benefit [4] - The report emphasizes the importance of multi-modal AI applications in enhancing content richness and user engagement in the media sector [4]

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The AI application competition is intensifying, with major players like Yuanbao, Qianwen, and Doubao launching various promotional activities to capture AI traffic [2][8] - Internet penetration in China has surpassed 80%, with a user base of 1.125 billion, indicating a significant market for digital advertising [14][15] - The advertising market shows signs of recovery, with a notable increase in ad spending starting from July 2025, particularly during the November shopping festival [15] Summary by Sections AI Application Competition - During the 2026 Spring Festival, Yuanbao launched a 1 billion RMB cash red envelope campaign, while Qianwen initiated a 3 billion RMB promotional event focused on food delivery [8][10] - On February 6, 2026, these three AI applications dominated the iPhone app download charts, with Yuanbao and Qianwen reaching the top positions [10][12] Internet Penetration and Advertising Market - According to CNNIC, the internet penetration rate in China reached 80.1% in 2025, with 602 million users engaging with generative AI applications [14] - The advertising market has shown a recovery trend, with ad spending growth rates exceeding double digits from September to November 2025, peaking at 16.6% during the shopping festival [15][16] Recommended Stocks - The report recommends several companies across different sectors that are expected to benefit from the AI ecosystem, including: - **Gaming**: Century Huatong, Giant Network, Perfect World, and others [13] - **Film and Television**: Mango Super Media, Wanda Film, and Shanghai Film [13] - **Marketing**: Easy Point and Worth Buying [13] Industry Performance - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, underperforming compared to major indices [5]

Group 1 - The A-share film industry stocks experienced a collective surge, with Hengdian Film reaching the daily limit, and other companies like Happiness Blue Sea, Light Media, Bona Film, and others also showing significant gains [1] - Seven films have been scheduled for release during the Spring Festival, with six of them set to premiere on the first day of the new year [1] Group 2 - Hengdian Film saw a price increase of 10.01%, with a total market capitalization of 20.1 billion and a year-to-date increase of 90.95% [2] - Happiness Blue Sea increased by 7.87%, with a market cap of 8.943 billion and a year-to-date increase of 15.44% [2] - Light Media rose by 6.43%, with a market cap of 59.7 billion and a year-to-date increase of 24.24% [2] - Bona Film increased by 4.34%, with a market cap of 13.6 billion and a year-to-date increase of 29.74% [2] - Other companies like Jinyi Film, Huazhi Digital Media, and Huayi Brothers also reported gains of over 3% [1][2]

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

Group 1 - The AI social platform Moltbook has gained significant popularity overseas, featuring 1.5 million AI agents engaging in discussions across thousands of forums, mimicking human social patterns [1][3] - Tencent's AI platform Yuanbao launched a cash red envelope activity on February 1, leading to a surge in downloads, topping the iPhone app rankings on the same day [2][3] - The advancements in large model reasoning and multi-modal capabilities indicate a strong foundation for human-like interactions in AI social platforms, suggesting a pathway from niche applications to broader social engagement [1][3] Group 2 - Google announced the public testing of its world model Genie3, allowing users to create real-time interactive virtual worlds through natural language dialogue, enhancing game development accessibility [4] - The launch of Taptap Maker by Xindong Company enables game creators to develop games directly within a chat interface, significantly lowering the barriers to game development [4] - The gaming sector is expected to benefit from AI advancements, with recommendations to focus on companies with strong platform attributes, including Xindong Company and others [4]

Core Viewpoint - The A-share market for film and television stocks is experiencing a counter-trend rise, indicating a recovery in the market, with significant increases in stock prices for various companies [1] Group 1: Market Performance - The national annual box office has surpassed 2 billion yuan as of February 1, 2026, reflecting a strong start to the Spring Festival season [1] - Six new domestic films, including "Flying Life 3" and "Silent Awakening," are scheduled for release during the Spring Festival, covering multiple genres [1] - In 2025, the national box office reached 51.832 billion yuan, a year-on-year increase of 21.95%, with domestic films accounting for 79.67% of the total [1] Group 2: Stock Performance - Hengdian Film's stock rose by 10%, with a total market value of 17.8 billion yuan and a year-to-date increase of 69.18% [2] - Happiness Blue Sea's stock increased by 7.63%, with a market value of 8.939 billion yuan and a year-to-date increase of 15.39% [2] - Bona Film's stock rose by 6.88%, with a market value of 14.1 billion yuan and a year-to-date increase of 35% [2] - Other notable increases include Light Media (5.27%, 60.4 billion yuan), Jinyi Film (5.19%, 4.809 billion yuan), and Huayi Brothers (3.4%, 7.75 billion yuan) [2]

Core Viewpoint - The A-share market for the film industry is experiencing a counter-trend rise, with several key stocks showing significant gains, indicating a recovery in the market driven by strong box office performance and upcoming film releases [1][2]. Group 1: Stock Performance - Hengdian Film surged to its daily limit, increasing by 10% with a total market value of 17.8 billion [2] - Happiness Blue Sea rose by over 7%, with a market capitalization of 26.67 billion [2] - Bona Film increased by over 6%, with a market value of 14.1 billion [2] - Light Media and Jinyi Film both saw gains of over 5%, with market values of 60.4 billion and 4.809 billion respectively [2] - Other notable increases include Huanrui Century (3.4%), China Film (3.09%), and Shanghai Film (2.11%) [2] Group 2: Box Office Data - As of February 1, 2026, the national annual box office has surpassed 2 billion, reflecting a strong start to the year [1] - In 2025, the total box office reached 51.832 billion, marking a year-on-year growth of 21.95%, with domestic films accounting for 79.67% of the total [1] - There were 51 films that surpassed 100 million in box office revenue, and the total number of screens reached 93,187 [1] - The upcoming Spring Festival releases include six domestic films, indicating a diverse offering for the holiday season [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid development of AI applications in social media, gaming, and marketing, with significant growth potential in user engagement and monetization opportunities [3][4] - The emergence of AI social platforms like Moltbook and Tencent's Yuanbao indicates a shift towards more interactive AI-driven social experiences, which could lead to increased user traffic and revenue generation through various channels [3] - The gaming sector is expected to benefit from advancements in AI tools, such as Genie3 and Taptap Maker, which lower the barriers for game development and enhance content diversity [4] Industry Data Overview - The report notes that "Fashion Department City" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [10] - The film "Zootopia 2" achieved the highest box office revenue for the week, with a total of 4.453 billion yuan [20] - The gaming sector saw a high volume of game approvals in January, with "Supernatural Action Group" achieving over 10 million daily active users [23] Industry News Summary - Major AI models are entering a phase of intensive updates, with significant advancements in AI social, gaming, and film sectors [23] - Alibaba's Qwen3-Max-Thinking model has been released, boasting over a trillion parameters and achieving performance comparable to leading international models [24] - OpenAI launched Prism, a workspace designed for researchers, integrating various tools for collaborative scientific writing [25] - Kimi's K2.5 model supports visual understanding and code capabilities, enhancing user interaction with AI [26]

Investment Rating - The report assigns an "Overweight" rating for the industry [4] Core Insights - The media index (Shenwan) increased by 0.21%, ranking 10th among 31 industries, outperforming the CSI 300 index which rose by 0.08% [8] - The report suggests investing in vertical segments with high growth potential, recommending companies such as Wanda Film, Perfect World, and Mango Super Media [8] Summary by Sections DeepSeek Model Release and Spring Festival Film Schedule - DeepSeek launched a new document recognition model, DeepSeek-OCR2, which significantly enhances image recognition capabilities through a novel "Causal Flow" visual reasoning logic [9] - As of now, six films have been scheduled for the 2026 Spring Festival, showcasing a diverse range of genres including drama, comedy, crime, action, martial arts, and animation [15] Industry and Company News - The report highlights key developments in AI and the internet, including Alibaba's AI chip launch and Tencent's AI-powered input method [20] - In the cinema sector, the film "Star River Dream" has been officially scheduled for the 2026 Spring Festival [22] - The gaming industry is also active, with Nintendo announcing a classic game library for its Switch Online service [22] Company Performance and Recommendations - The report provides a valuation table for recommended companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with all recommended companies rated as "Overweight" [16][17] - Notable companies include: - Wanda Film: Market cap of 250.03 billion, PE of 19.41 for 2024 [16] - Perfect World: Market cap of 365.49 billion, PE of 44.86 for 2024 [16] - Mango Super Media: Market cap of 532.40 billion, PE of 32.36 for 2024 [16]