Zhitong Finance App learned that Huaxi Securities released a research report saying that the big model industry chain takes into account the significant benefits of the AI application layer and maintains key recommendations for the game industry. In August, new products were intensively scheduled and turnover picked up year-on-year. It is expected that performance restoration will generally begin in Q3. The overall sector configuration is cost-effective after a pullback. Currently, valuations are relatively low, focusing on high-quality companies with performance, catalysis, and AI empowerment. Beneficial targets include: 37 Entertainment (002555.SZ), Bilibili-W (09626), Tencent Holdings (00700), NetEase - S ( 09999), Kaiying Network (002517.SZ). It is recommended to focus on data transactions and targets related to scarce data. Beneficial targets include People's Online (603000.SH), China Publishing (601949.SH), and China Science and Technology (). 601858.SH
Market review:In the 35th week of 2023 (actual trading days 2023.8.28-2023.9.1), the Shanghai Composite Index rose 2.26%, the Shanghai and Shenzhen 300 Index rose 2.22%, and the GEM Index rose 2.93%. The Hang Seng Index rose 2.37%, the Hang Seng Internet Index rose 1.30%, and the industry lagged behind the Hang Seng Index by 1.07 pct. The SW Media Index rose 4.75%, leading the GEM Index by 1.82 pct, and ranked ninth among the 31 industries at the Shenwan level. Sports, gaming, and internet services ranked in the top three sub-industries, with increases of 7.43%, 6.34%, and 6.01%, respectively.
The main views of Huaxi Securities are as follows:
Eleven big models have been launched one after another, and the big model ToC will be unhindered.
According to Sina Technology, 11 major domestic models will pass the “Interim Measures on the Administration of Generative Artificial Intelligence Services” one after another, and the first batch will open services to the public one after another starting August 31. Among them, 5 in Beijing and 3 in Shanghai will be the first to go online, and 2 in Guangdong Province and 1 in other provinces and cities will also open one after another. Among them, Baidu Wenxin took the lead in opening up fully to the whole society. The bank believes that as big models are opened to the public one after another, various C-end applications using domestic big models as the technical foundation will also be rapidly launched, and the industry is expected to usher in a new round of catalysis.
OpenAI's annual revenue is expected to exceed 1 billion US dollars, and the big model business model has been verified.
On August 30, according to theinformation, OpenAI is expected to exceed 1 billion US dollars in annual revenue by selling software and computing power services such as ChatGPT within the next 12 months. The bank believes that revenue is rising rapidly, verifies the revenue growth potential of the big model in the ToB and ToC subscription fields, is optimistic that the large domestic model will replicate similar paths, and achieve stable revenue generation in related fields that highly require technological autonomy and control.
Media industry data
As of September 1, 2023, the top three theatrical movies were “Desperate,” “Oppenheimer,” and “School Dad”; the top three webcast movies were “The Lost Girl,” “The Boss Lady 3,” and “Robbo's Tomb”; the top three movies and TV series were “Lotus House,” “The First Season of Sauvignon Blessing,” and “The Sun Accompany Me”; the top three variety shows were “The Fifth Season of Escape from the Chamber,” “Hello Saturday 2023,” and “Let's Plant the Land”; the top three anime series are “Breaking the Sky,” respectively. “Doulo Continent” and “Perfect World”; the top three iOS game bestsellers are “King's Rongyao” and “Collapse: Stardome” “Railroad” and “Against the Cold”; the top three Android game hits are “Wang Zhe Rongyao,” “Collapse: Star Dome Railroad,” and “Genshin,” respectively.
Risk warning:Risk of uncertainty in regulatory policies; risk of macroeconomic downturn.