CITIC Securities: Focus on opportunities in the media industry in AI and IP direction.

CITIC Securities pointed out that reviewing the media sector market; a friendly policy environment is the foundation; new technological changes and new consumer trends are driving valuation increases; good performance expectations are key to maintaining high valuations. At the current point in time, we believe that all three elements are in place. The focus of new technological changes is on the development of the AI industry, while the focus of new consumer trends is on the commercialization of IP.