Galaxy Securities of China: the performance of the key new games launched by major game factories is quite impressive.

Galaxy Securities of China issued a research report indicating that with the continuous iteration of underlying large model capabilities, the current AI applications have initially possessed the technological foundation for development. The continuous exploration of AI in various industries will have a transformative impact on most industries. Among them, the acceleration of B-end commercialization progress in the media sector is more evident. It is observed that overseas AI technology started earlier, and commercial applications have matured relatively. Companies worth paying attention to include Tencent Holdings, Alibaba, Kuaishou-W, Pinduoduo, Kunlun Wanwei, etc. In addition, the game market has maintained a relatively high level of prosperity since the summer of 2024, and the performance of major game companies' new games launched has been impressive. Considering the deferred effect of later-game revenue and the continued excellent performance of new games online, it is believed that these companies' performance will continue to grow in 2025. Companies worth paying attention to include Tencent Holdings, Bilibili, Perfect World, Kingnet Network, 37 Interactive Entertainment, Cheetah Mobile, Giant Network, Shenzhou Taiyue, etc.