With model capabilities improving, inference costs falling, and multimodal tools maturing, AI applications are expected to accelerate their penetration into scenarios such as content creation, marketing, e-commerce, and gaming, creating incremental opportunities across the related industrial chain. It is advisable to monitor major model and cloud service providers. Additionally, attention should be paid to marginal changes in the direction of AI video and vertical applications, as well as platform-type companies with established data and user bases in AI-powered e-commerce and content seeding. The primary views are outlined as follows.
Cinema: June Box Office Declines Year-on-Year and Month-on-Month, Market Awaits Summer Season Momentum
According to Dengta Pro, the national box office (including service fees) for June 2026 was 1.645 billion yuan, representing a year-on-year decrease of 13.78% and a month-on-month drop of 41.10%. In terms of specific film performance, "A Letter to Grandma" achieved a monthly box office of 510 million yuan, accounting for 31.00% of the monthly total and securing the top spot for the month. As of July 1, 2026, 31 new films are expected to be released in July.
Gaming: Market Sees Double Growth in May, License Issuance Remains High
In May 2026, the actual sales revenue of the domestic gaming market was 30.875 billion yuan, up 1.67% month-on-month and 10.07% year-on-year. Breaking it down by segment: the domestic mobile game market's actual sales revenue in May 2026 was 22.663 billion yuan, increasing 1.04% month-on-month and 7.02% year-on-year; the domestic client game market's actual sales revenue was 7.08 billion yuan, rising 21.67% year-on-year and 3.12% month-on-month. The number of domestic game licenses issued in June 2026 was 163, up 10.9% year-on-year.
Marketing: Total Spend Grows Steadily, Structural Divergence Intensifies
Data from CTR Media Intelligence shows that overall advertising market spending from January to May 2026 remained in positive growth territory, with a year-on-year increase of 8.7%. Spending in May alone grew 5.10% year-on-year and 13.1% month-on-month. Looking at spending changes by major industry category from January to May 2026, IT products & office automation services, postal & telecommunications, personal items, food, commercial & service industries, and the pharmaceutical industry increased their investments, with published rate spending rising 96.7%, 94.4%, 72.5%, 16.1%, 10.2%, and 3.9% year-on-year, respectively. Conversely, alcoholic beverages, drinks, cosmetics/toiletries, and entertainment & leisure sectors showed varying degrees of decline, at -5.1%, -11.3%, -28.8%, and -36.5%, respectively.
AI: Model Capabilities Accelerate Iteration, Focus on Multimodal Applications and Commercial Scenarios
Regarding models, Zhipu AI open-sourced the GLM-5.2 large model and the Slime reinforcement learning framework. OpenAI released the GPT-5.6 series (Sol flagship / Terra balanced / Luna economical), with the models being rolled out in a limited, gradual manner, enhancing agent and coding capabilities. Anthropic released Claude Fable 5 and Claude Mythos 5. Fable 5 is capable of working autonomously for extended periods with high output quality. In terms of token consumption, as of June 29, the weekly global large model token call volume reached 43.1T.
Risk warnings include: the risk that AI technology iteration and commercialization progress may fall short of expectations; the risk that the effectiveness of multimodal and AI video applications may not meet expectations; risks related to content regulation and data compliance; and the risk of intensifying industry competition.
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