Market overview: This week (5.20-5.24), CITIC's primary media sector fell 3.75%. The media sector has been adjusted this week. In the long run, the logic of accelerating the development of the AI industry continues to strengthen, and the ability of the domestic large model also further enhances the market's confidence in the domestic AI application, thus continuously improving the market's confidence in the AI application industry. AI is a relatively clear growth investment opportunity, and the media sector will also fully benefit. In addition, we are firmly optimistic about the investment opportunities of state-owned enterprises this year. In the context of the SASAC's clear assessment of the market value of state-owned enterprises, the appeal of state-owned media enterprises has significantly improved, and some state-owned enterprises have obvious capital advantages. We believe that we should pay attention to the investment opportunities of state-owned enterprises this year. At present, institutional positions in the sector are still in a low allocation state. The development trend of AI industry is clear and good. We continue to be optimistic about investment opportunities in the media sector this year.
Plate views and recommended targets: 1) AI: Kunlun Wanwei, Tom Cat, Wanxing Technology, Shengtian Network, Chinese Online, Yidiantianxia, Focus Technology, Shanghai Film, Supersent Communication, etc; 2) Game: It is suggested to pay attention to China Taiyue, Kaiying Network, Giant Network, etc. with strong certainty; 3) State owned enterprises: Ciwen Media, Wanxin Media, Chinese Media, Southern Media, Kevin Education, DASUN Culture, etc; 4) Film and television theaters: Wanda Film, Bona Film, Light Media, Huace Film, etc; 5) Education: university education, action education, Huatu Shanding, etc; 6) Hong Kong shares: platform enterprises that focus on cost reduction and efficiency improvement to promote loss narrowing [Fast Hands], the leader of the Chaoplay blind box [Bubble Mart] related to the progress of consumer recovery, the upcoming industry explosion [Fubo Group], the K12 teaching and training leader with fast performance recovery [New Oriental], and the self-developed mathematical model is expected to open the teaching and training leader of AI+space [Good Future].
[Microsoft launched a series of AI products and tools at the Build Developer Conference, including the Phi-3 small model family, etc.] On May 22, Microsoft launched the Phi-3 small model family, Copilot+PC, Team Copilot and intelligent agent agents at the Build Developer Conference. Among them, the Phi-3 small model family includes Phi-3-medium, Phi-3-small and Phi-3-vision models; Copilot+PC is equipped with a dedicated end side model and native PyTorch framework support, which is expected to significantly improve the running capacity of AI workload; Team Copilot can improve team collaboration and business efficiency; Intelligent agent agents can automate long running business processes and optimize performance through continuous learning.
At the meeting, the CEO of OpenAI also announced the research and development plan of the next generation super AI model, and a series of announcements showed Microsoft's ambition in the AI field and its commitment to future technology development.
[In May, a total of 96 domestic games were approved] On May 20, the official website of the State Press and Publication Administration announced a new batch of domestic online game version numbers, and a total of 96 games were approved, including 96 mobile games and 6 client games (6 games were also approved for multiple versions). Games such as Kaiying Network's Baigong Spirit, Jibit's Fight against Two Cities: Reconstruction, Sanqi Mutual Entertainment's Four Seasons City and Duomi Nuo, Zulong Entertainment's Walking on the Wind, Lingxi Interactive's Mystery, Zhongqingbao's Milagar War Records, Duel! Sword River, etc. are listed. The number and rhythm of release of version numbers are stable, and the supervision releases positive signals.
[Meta releases the hybrid modal base model Chameleon] Meta recently released a breakthrough AI technology Chameleon, which is a hybrid modal base model that can seamlessly process text and images in a single neural network, realizing efficient integration and interaction between modes. The model seamlessly processes text and images in a single neural network, has 3.4 billion parameters, and its performance is close to the industry leading GPT-4V model. In the performance evaluation, Chameleon performed well in many benchmark tests such as plain text tasks, visual question and answer, and image annotation, comprehensively surpassing the Llama 2 model, and approaching top models such as Mistral 7B/8x7B in some tasks. The release of Chameleon is an important step for Meta in the development of multimodal AI technology. Currently, it mainly supports image and text generation, but it is expected to expand to more comprehensive multimodal interactive experience including voice mode in the future.
Risk tip: policy supervision risk, competition intensifies risk, and macro environment uncertainty risk.
