It's prudent to focus on the incremental growth in sectors like AI applications and IP commercialization. We strongly recommend areas such as AI marketing, gaming, film and television, as well as AI+IP. From January 26 to 30, 2026, the CITIC Media Index climbed by 0.32%, outpacing the Shanghai Composite Index. From a weekly perspective, the Tencent Yuanbao Spring Festival red envelope campaign has kicked off, and it is anticipated to spur an increase in downloads and user engagement. The enduring potential of the AI application market is something to look forward to. In January, the National Press and Publication Administration granted the first batch of 182 game licenses, continuing a steady and regular issuance pattern. The gaming industry's prosperity is expected to persist. Key risk factors to keep an eye on include tighter content regulations, heightened industry competition, and volatility in the external environment. Regarding investment strategy, we are bullish on the AI industry's and IP commercialization's driving impact on the media sector. We advise evaluating investment targets from three angles: high-yielding stocks with generous dividends, emerging technology and consumption trends, and a lenient regulatory climate. We uphold a "Stronger than the Market" rating for the media industry.