Internet Media Industry: August Game Licenses Issued; OpenAI Launches GPT-6 Astra
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GF Securities maintains its Buy rating on the media industry. For the week of August 31–September 4, the CITIC Media Index rose 5.91%, outperforming the Shanghai Composite by 6.47 percentage points; the report advises focusing on AI progress and earnings value. On August 31, the National Press and Publication Administration issued 209 domestic and 6 import game licenses, matching July's one-year high and releasing further supply elasticity; GF keeps its high-prosperity industry view and treats games as a must-own in the media recovery. On AI, OpenAI released GPT-6 Astra, scoring 59.3% on Agents' Last Exam and 41.4% on AutomationBench versus GPT-5.6 Sol's 53.6% and 18.1%. Zhipu's 1H26 revenue reached RMB 954 million (+399.7% YoY) with August ARR of US$1.6 billion, validating domestic model demand and monetization. Preferred gaming names include Century Huatong, Giant Network, NetEase, Kingnet and Tencent Holdings, plus pipeline-rich Perfect World and 37 Interactive Entertainment; internet picks favor Tencent, Bilibili's ad leadership, Alibaba Cloud, Kuaishou's Kling (US$18 billion post-money) and Pop Mart. Weekly box office (August 30–September 5) totaled RMB 500 million, down 43.99% WoW, led by 'Welcome to Long Restaurant' at RMB 161 million; Delta Force topped App Store grossing. Risks: systematic sector risk, regulatory tightening and game companies' technical risks.
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