Industrial Securities: Optimize the logic of the gaming industry and catalyze acceleration with the application of AI.

Guosen Securities' research report stated that catalysts in various dimensions of the media industry have emerged frequently recently. At the macro level, the "15th Five-Year Plan" has strengthened the development of the cultural industry, emphasizing the "digitalization" of AI+culture development, new formats such as micro-short dramas, and the three major sectors of content going global, pointing out the direction. Internally within the industry, Google and Apple have successively lowered service fees, traditional channels are giving way to the product itself, benefiting game companies that can provide high-quality game products. From the perspective of AI catalysis, the development of large models for AI video generation is accelerating, and game and video companies are actively deploying, with the application of comics, games, and other areas expected to accelerate.