According to a research report by GF Securities, judging from the fund holdings in the media and internet sectors in the first quarter of 2025, the allocation ratio of public funds to the A-share media industry has increased month-on-month, and the under-allocation ratio of the media sector has narrowed slightly. Structurally, the fund allocation ratios of the game, internet, cinema, and animation sectors have increased, mainly due to the positive trend of the AI industry, the high year-on-year growth of the box office in the first quarter boosted confidence, and the stabilization of the policy environment. In addition, the market value concentration of the top five heavily-held stocks increased month-on-month. It is recommended to continue to pay attention to the business restructuring opportunities brought by AI to the media and internet industries, as well as companies with high-quality content and IP.