Interpreting the second-quarter advertising market from the financial data of leading companies, the second-quarter advertising market continued to be affected by the macro environment, and online and offline advertising growth was divided. Offline advertising revenue, represented by lifestyle media, continued to decline, and the decline widened in the second quarter; advertising revenue growth of leading Internet companies was steady, but the overall growth rate declined. Affected by the “618” shopping festival, the increase in internet advertising was mainly contributed by e-commerce advertisements. Portal advertisements and media advertisements in the second quarter were affected by advertisers' budget contractions. This week's core views and investment advice Internet section: Continued recommendationsMango Super Media. 19Q2TencentThe number of paying users reached 96.9 million,iQiyiThere are over 100 million paying users. Currently, payment dividends in the video industry still exist, and the core still depends on content and products. Mango's active users rebounded steadily in the first half of '19, and the membership+advertising business achieved rapid growth. We are optimistic about the company's video platform business and large screen potential. In 2019, with the dual strength of Mango TV series and variety shows, the platform's attributes will become more prominent. Currently, domestic operators are successively cooperating with major video websites on 5G content. The integration of content and channels is accelerating, the value of excellent content providers will continue to grow, and the long video circuit still has long-term investment value. Gaming section: Stick to recommendations37 Mutual Entertainment,A perfect world,gigabit,Youzu Network. We seize investment opportunities from three main lines: the intensive launch of core products from first-tier and second-tier manufacturers, including key end modifications, SLG, ARPG and other products, which drive the company's high performance growth, and there are still many major reserves this year; 2. With the advent of 5G, technological bottlenecks have broken through, and cloud gaming has accelerated development; 3. E-sports continues to heat up, and game streaming platforms promote the industrialization of e-sports, and focus on e-sports-related industry chain companies. In terms of movies, the secret key to “The Demon Boy Nacha” has been postponed for 1 month until the official release on September 26, and I am still optimistic about its subsequent box office trends; next Friday,Chinese movies“Fast and Furious: Special Operations” was released. After the film was officially released in the US, it had an excellent box-office reputation, and is expected to reach around 2 billion in box office.