游戏，AIGC & ChatGPT，平台经济互联网恒生科技，长视频，广告等。受益标的：港股海外公司阿里巴巴-SW、京东集团-SW、拼多多、爱奇艺、移卡、阅文集团、美图公司、哔哩哔哩-W、猫眼娱乐、泡泡玛特、云音乐、祖龙娱乐、中手游、心动公司等；A 股主要有思美传媒、名臣健康、电魂网络、芒果超媒、汤姆猫、冰川网络、中文在线、昆仑万维、万兴科技、吉比特、游族网络、力盛体育、遥望科技、东方时尚、浙数文化、浙文互联、零点有数、兆讯传媒、风语筑、视觉中国等。

本周（2023.4.17-2023.4.21），传媒（申万）指数下跌2.96%，恒生科技指数下跌4.66%。本周ChatGPT 引领的TMT 行情有所降温。ChatGPT 属于生成式AI（AIGC），开启了大语言模型产业和生成式AI 产业蓬勃发展的序幕。从产业链全景角度，AIGC 产业分为算力基础设施、数据基础设施、算法层，算法层又分为通用基础大模型、垂直基础大模型、应用产品三层。我们认为，当下国内AIGC 仍处于算力和数据基础设施搭建阶段；预计经过2-3 年发展，国内AIGC 产业有望进入算法成熟阶段。其中基础大模型会逐步走向统一，形成寡头格局；对于垂直基础大模型、应用产品，目前相关公司大多处于初创阶段。当前建议关注阿里巴巴（9988.HK）和腾讯控股（0700.HK）。

“小串+小饼+小葱”的奇妙组合，是淄博烧烤的灵魂吃法，始于烧烤，忠于内涵，淄博烧烤出圈验证社服高景气度，是行业景气度高的一个缩影，“酒店+景区+餐饮”有望持续受益。淄博烧烤出圈并非个例，是国内高景气度出行产业链中的缩影，五一酒店预订、景区客流量及本地生活平台有望持续超预期。火了的核心原因：一、线下高景气度吃喝玩乐仍将持续，51 假期临近，出境游、国内游爆发可期；二、政府支持，各地在抖音短视频，各地文旅部在引流方面使出浑身解数，打造文旅事业部；三、淄博本身是文化名城，地处好客山东中心，文化底蕴深厚，烧烤美食有特色。投资机会在哪里？酒店行业预订量持续向好，五一出行链看好酒店景气度投资机会，推荐首旅酒店、锦江酒店及华住集团-S，关注君亭酒店等。景区上重点推荐宋城演艺、天目湖等，餐饮标的上推荐：海伦司、海底捞等。另外在景区的零售业态有望持续受益，看好重庆百货和家家悦的同店客流超预期。

Over the last 15 years, the gaming industry has evolved completely from its traditional pattern to technologically developed graphical mobile entertainment featuring live video streaming assisted by cloud-based infrastructure. The introduction of new gaming methods, especially online platform gaming, has gathered a large customer base. The gaming industry is expected to be a larger market than the music and film industries combined. There has been a rapid rise in the gaming industry on account of the boost from the COVID-19 lockdown. The rise in data consumption and use of smartphones is witnessing growth opportunities across the world, driving new methods of playing, engaging, and paying. Online easy wallet payments have enabled gamers to play various games on a global platform and compete globally. Online gaming is majorly divided into three segments: real money games, mobile-centric or casual gaming, and e-sports. Wherein fantasy sports are included under real money games that offer the game that is played on the online platform where real staked on the outcome of the game.