China Galaxy Securities: The performance of major game developers' key new game launches has been quite impressive

China Galaxy Securities released a research report stating that investment recommendations have evolved as the underlying large model capabilities continue to iterate, and the current AI applications have initially established a technological foundation for development. The continuous exploration of AI across various industries will have a transformative impact on most sectors. Among them, the acceleration of B-end commercialization is particularly evident in the media sector, with observations noting that overseas AI technology started earlier and its application commercialization is relatively mature. Recommended stocks include: Tencent Holdings, Alibaba, Kuaishou-W, Zhidema, Kunlun Wanwei, etc. Additionally, the gaming market has maintained a high level of prosperity since the summer of 2024, with major gaming companies' key new game launches performing impressively. Considering the deferred revenue effect of game flow in the later stages and the expected continuation of excellent performance from newly launched games, it is believed that these companies' performance will likely achieve sustained growth in 2025. Recommended stocks include: Tencent Holdings, Bilibili, Perfect World, Kaiying Network, 37 Interactive Entertainment, Gigabyte, Giant Network, Shenzhou Taiyue, etc