According to Zhitong Finance APP, Guosen Securities Co.,Ltd. released a research report stating that domestic 3D models and AI lightweight models continue to advance rapidly. Tencent launched the Hunyuan 3D 3.0 model, Alibaba Cloud open-sourced Tongyi DeepResearch, Baidu's new Wenxin model ERNIE-4.5-21B-A3B-Thinking topped the HuggingFace leaderboard, and the film "731" achieved strong box office performance upon release. Guosen Securities Co.,Ltd. maintains optimism about the gaming sector's new product cycle and the film industry's bottom reversal, while focusing on AI application bottom opportunities.
With fundamental improvement at the bottom, attention should be paid to gaming, advertising media, and film sectors to capture individual stock alpha. For the gaming sector, a bottom-up approach should be taken to grasp product cycles and performance, with recommendations including Kaiyinwanglin (002517.SZ), Gigabit (603444.SH), and XD INC (02400). In media, focus on advertising investment growth driven by economic recovery, such as Focus Media (002027.SZ) and BILIBILI-W (09626). For film content, attention should be paid to potential supply-side bottom improvement, including Wanda Film (002739.SZ) and Huace Film & TV (300133.SZ). From high dividend, low valuation, and market value management improvement perspectives, focus on state-owned publishing sector.
Industry beta continues to favor high-growth IP collectibles and AI applications in the 0-to-1 stage. For IP collectibles, recommendations include POP MART (09992), Zhejiang Digital Culture (600633.SH), and Yao Ji Technology (002605.SZ). AI applications should focus on application scenario opportunities in gaming, toys, advertising, education, e-commerce, and social sectors. For B2B/B2G, focus on potential implementations in marketing and education fields. For B2C, focus on AI gaming and AI toys sectors.
Main viewpoints from Guosen Securities Co.,Ltd.:
Media sector performance this week: The industry rose 0.38%, outperforming the CSI 300 but underperforming the ChiNext Index. This week (September 15-19), the media industry rose 0.38%, outperforming the CSI 300 (-1.01%) but underperforming the ChiNext Index (1.22%). Top gainers included Jilin TV & Radio Media, Fruitday Culture, Leo Group, and ST Huicheng, while top decliners included Happy Blue Ocean, ST Huayang, Shanghai Film, and Jinyi Films. In horizontal comparison, the media sector ranked 12th among all sectors in terms of gains and losses this week.
Key focus: Domestic 3D models and AI lightweight models continue rapid advancement, "731" film achieves strong box office performance. 1) Tencent released the Hunyuan 3D 3.0 model, whose 3D-DiT hierarchical sculpting technology significantly improves modeling accuracy, while launching the Hunyuan 3D Studio platform and open-source program, substantially enhancing 3D production efficiency; 2) Alibaba Cloud open-sourced Tongyi DeepResearch, a model with only 30B parameters (3B activated) achieving SOTA results on multiple authoritative evaluation sets; 3) Recently, Baidu's new Wenxin model ERNIE-4.5-21B-A3B-Thinking topped the HuggingFace leaderboard; 4) On September 18, "731" was released, generating nearly 1 billion yuan in box office revenue within three days.
Key data tracking this week: Diandian Interactive continues strong performance, "731" release drives box office performance. 1) This week's (September 15-21) film box office reached 1.212 billion yuan. Top three films by box office were "731" (1.065 billion yuan, 87.9% share), "Catch the Wind and Chase Shadows" (45 million yuan, 3.7% share), and "Lang Lang Mountain Little Monster" (23 million yuan, 1.9% share); 2) For variety shows, "Ace vs Ace Season 9," "Super Fresh Earth," "Heart Signal Season 8," "Flowers and Teenagers Unity Season," and "One Meal Makes Gods" ranked at the top; 3) For gaming, the top three Chinese mobile games by revenue in August 2025 were Diandian Interactive's "Whiteout Survival," Diandian Interactive's "Kingshot," and Lemon Micro Entertainment's "Gossip Harbor: Merge & Story."
Investment recommendations: Continue to be optimistic about gaming sector's new product cycle and film industry bottom reversal, focus on AI application bottom opportunities. 1) With fundamental bottom improvement, focus on gaming, advertising media, and film sectors to capture individual stock alpha. For gaming, take a bottom-up approach to grasp product cycles and performance, recommending Kaiyinwanglin, Gigabit, and XD INC; in media, focus on advertising investment growth from economic recovery (Focus Media, BILIBILI-W, etc.); for film content, focus on potential supply-side bottom improvement in both channels (Wanda Film, etc.) and content (Huace Film & TV, etc.); from high dividend, low valuation, and market value management improvement perspectives, focus on state-owned publishing sector; 2) Industry beta continues to favor high-growth IP collectibles and AI applications in the 0-to-1 stage. For IP collectibles, recommend POP MART, Zhejiang Digital Culture, Yao Ji Technology, etc.; AI applications should focus on application scenario opportunities in gaming, toys, advertising, education, e-commerce, and social sectors; for B2B/B2G, focus on potential implementations in marketing and education; for B2C, focus on AI gaming and AI toys sectors.
Risk warnings: Regulatory policy risks; performance risks; goodwill and asset impairment risks, etc.