A research report by China Galaxy Securities indicates that with the continuous iteration of underlying large-scale model capabilities, AI applications now have a preliminary technical foundation for development. With the continued rollout of AI trials across various industries, the implementation of AI applications will have a transformative impact on most sectors. The accelerated commercialization of B-side businesses is particularly evident in the media sector, where overseas AI technologies have developed earlier and their commercialization is relatively mature. Furthermore, the gaming market has maintained a high level of prosperity since the summer of 2024, with the launch of key new games from major gaming companies performing exceptionally well. Considering the deferred revenue effect from later-stage game revenue and the expected continued strong performance of newly launched games, these companies are expected to achieve sustained growth in their performance in 2025.