五一文旅市场供需两旺，4月127款版号落地

Investment Rating - Industry Rating: Recommended [5] Core Views & Investment Suggestions - The demand in the domestic cultural tourism market is robust, with inbound travel orders increasing by 173% year-on-year for the upcoming May Day holiday. This indicates a peak travel interest since 2023, driven by long domestic trips and new tax refund policies for outbound travelers [2][24] - The gaming industry is seeing a normalization in supply regulation, with 127 games approved in April, reflecting a steady recovery in domestic demand and the cultural consumption industry chain [2][24] - AI is positioned as a crucial intersection of technological innovation and domestic demand expansion, with increasing importance on self-sufficiency and technological innovation for long-term development [3][25] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability 2) The gaming industry, which is expected to see policy incentives boost domestic demand and enhance product competitiveness 3) The film and cultural tourism sectors, which are likely to benefit from consumption policies that stimulate cinema recovery and improve consumer demand [3][25] Market Overview - In the 16th week of 2025 (April 21-25), the Shanghai Composite Index rose by 0.56%, the CSI 300 Index increased by 0.38%, and the ChiNext Index climbed by 1.74%. The Hang Seng Index saw a rise of 2.74%, while the SW Media Index fell by 0.11%, ranking 25th among 31 industries [1][12][18] - Among sub-industries, gaming and internet services saw increases of 1.56% and 1.39%, respectively, while the film industry experienced a slight decline of 0.14% [1][12][16] Industry News - The top three films at the box office were "Nezha: Birth of the Demon Child," "Sunshine Flowers," and "Detective Chinatown 1900." The most popular online films included "The Legend of the Condor Heroes: The Great Hero" and "Murder 3" [4][7] - The gaming market is experiencing significant growth, with the TCG (trading card game) market projected to exceed 20 billion, driven by major IPs entering the space [27]