According to the Zhitong Finance APP, Pacific Securities has released a research report stating that domestic AI inference models are continuously iterating, focusing on the combination of underlying models with specific application scenarios and the progress of AI applications. In April, game revenue increased both month-on-month and year-on-year, indicating a stable and improving industry. Additionally, attention is drawn to the policies, technologies, and project progress related to stablecoins and RWA. Recommended stocks include: KINGNET, Giant Network, and E-Soul.
<h2>Key points from Pacific Securities are as follows:</h2>
DeepSeek-R1 completes version update, significantly enhancing deep thinking capabilities
DeepSeek-R1 has completed a minor version upgrade, with the latest version number DeepSeek-R1-0528. This version uses the V3Base model as a base, improving training methods and investing more computing power to achieve multiple capability enhancements: 1) Strengthened deep thinking ability: The model conducts more detailed and in-depth thinking during problem-solving, significantly improving thinking depth and reasoning ability. In multiple benchmark evaluations, scores are close to leading overseas models; 2) Improved hallucination: In scenarios such as rewriting and reading comprehension, the hallucination rate has decreased by approximately 45%-50%; 3) Creative writing: In writing scenarios, it can produce longer and more structurally complete long-form works; 4) Updates and improvements in tool invocation, front-end code generation, role-playing, etc.
April revenue of China's gaming market reaches 27.4 billion yuan, a year-on-year increase of 21.93%
In April 2025, China's gaming market revenue reached 27.351 billion yuan, a month-on-month increase of 2.47% and a year-on-year increase of 21.93%, mainly benefiting from events such as collaborations and new seasons, with significant revenue increases for some long-term products with an operational cycle of one year or more. Among them, the mobile game market revenue was 20.424 billion yuan, a month-on-month increase of 3.07% and a year-on-year increase of 28.41%, mainly due to: 1) Significant revenue growth for some long-term products, such as &#34;Honor of Kings&#34; and &#34;Naruto&#34;; 2) New products launched less than a year ago, such as &#34;Dungeon &amp; Fighter: Origin&#34; and &#34;Endless Winter,&#34; contributing to year-on-year growth. The client game market revenue was 5.799 billion yuan, a month-on-month increase of 3.75% and a year-on-year increase of 2.78%, mainly benefiting from cross-platform products, such as &#34;Honkai: Star Rail&#34; and &#34;Delta Operation,&#34; contributing incremental revenue.
Stablecoin regulation implemented, increasing interest in stablecoins and RWA
On May 20, the United States passed the stablecoin bill &#34;Genius Act,&#34; and on May 21, Hong Kong passed the &#34;Stablecoin Regulation Draft,&#34; increasing interest in stablecoins and RWA concepts. Stablecoins are cryptocurrencies pegged to fiat currencies, serving as a trading medium linking fiat and crypto assets. Currently, the main stablecoins are USDT and USDC, with market shares of approximately 60% and 25%, respectively. Stablecoins are primarily used in: 1) Cross-border payment scenarios, which have advantages such as faster settlement speeds and lower costs compared to traditional payments; 2) On-chain trading scenarios. RWA (Real World Assets) refers to physical assets being tokenized and placed on the blockchain. Currently, domestic RWA projects focus on bringing real-world assets on-chain to enhance information transparency, thereby reducing financing costs and difficulties, and have not yet involved on-chain tokenization and circulation
Risk Warning
Risks of AI technology development not meeting expectations, regulatory policies, and intensified industry competition

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Pacific Securities released a research report indicating that domestic AI inference models continue to iterate, focusing on the combination of underlying models and application scenarios. In April, game revenue increased by 21.93% year-on-year, showing stability and improvement in the industry. At the same time, policies and technological advancements related to stablecoins and RWA are receiving attention. DeepSeek-R1 has completed a version update, significantly enhancing deep thinking and creative writing capabilities. It is recommended to pay attention to companies such as KINGNET, Giant Network, and E-Soul

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Pacific Securities: Domestic AI inference models continue to iterate, and regulatory implementation enhances the popularity of stablecoins and RWA