证券研究报告 汽车 行业定期报告 hyzqdatemark 2026 年 03 月 02 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 陈佳敏 SAC：S1350525110001 chenjiamin@huayuanstock.com ——汽车行业周报（20260224-20260301） 证券分析师 投资要点： 投资分析意见：我们认为随着全球 AI 资本开支扩张，柴发环节有望直接受益 AIDC 建设需求提升，国产供应链在柴发供不应求的背景下有望实现量价齐升，建议关注： 1）OEM：潍柴重机、苏美达、科泰电源、泰豪科技等；2）发动机：潍柴动力、玉 柴国际、动力新科等；3）核心零部件：银轮股份、天润工业、长源东谷、中原内配、 威孚高科、渤海汽车、三联锻造、艾可蓝等。 风险提示：1）AI 行业进展低于预期；2）技术迭代风险；3）行业竞争加剧；4）市 场需求测算偏差风险等。 请务必仔细阅读正文之后的评级说明和重要声明 柴油发电机组是数据中心关键电源之一。数据中心供电系统通常由"电网+UPS+ 柴油发电机组"组成，柴发用作后备电源，一旦市电失电 ...

S 上海现代服务业联合会 Shanghai Services Federation R荣续智库 传媒行业ESG白皮书 然而，这条转型之路并非一帆风顺。传媒行业面临着技术迭代、商业 国际通用ESG策略师：SH3523FCA0485 模式变革和舆论环境复杂化的多重挑战。如何衡量内容传播所带来的 社会价值？如何应对数字业务带来的能源消耗？如何在保障言论自由 吴旭光 CFAESG证书：114514292 的同时，防范虚假信息所带来的社会风险？如何在市场竞争中坚守伦 理底线和治理原则？这些问题函待我们深入思考和探索。 张君仙 国际通用ESG策略师：SH0564FCA0282 希望这份白皮书能够成为一份有价值的行动指南，激发传媒行业领导 邓东平 CFAESG证书：104443209 者、投资者、从业者及所有利益相关方的共同思考与积极行动。我们 坚信，积极拥抱ESG的传媒企业，将不仅仅是合规的典范，更将成为 构建清朗网络空间、赋能美好社会的核心力量。 PREFACE ANALYST | 我们正置身于一个深刻变革的时代。气候变化、社会公平、数据伦理、 | 崔新 | 高级注册ESG分析师：24RZQLKC602125A | | ...

每日晨报│2026 年 3 月 2 日 | | 汇率 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 人民币指数 | 97.810 | -0.74% | +1.84% | | 美汇指数 | 97.744 | +1.58% | -0.50% | | 港币/人民币 | 0.877 | +1.71% | +4.80% | | 人民币/美元 | 0.146 | -1.38% | -4.09% | | 欧元/美元 | 1.181 | -1.96% | +1.43% | | 美元/日元 | 156.200 | -2.55% | -5.62% | | 英镑/美元 | 1.349 | -2.59% | -0.05% | | 美元/瑞士法郎 | 0.773 | -1.53% | +3.79% | 主要商品表 | (货币：美元) | 最新价 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 布伦特原油(桶) | 71.390 | +7.21% | +7.92% | | 天然气(1mnBtu) | 2.832 | -22.83% | -17.00 ...

Core Viewpoint - Ubisoft has experienced a significant decline in its market position and share value, dropping 90% since early 2022, primarily due to management decisions and failed acquisitions [10]. Company Overview - Ubisoft is a France-based video game publisher known for popular franchises such as Assassin's Creed, Rainbow Six, and Far Cry [1]. Acquisition Context - In early 2022, the video game acquisition market intensified, with Take-Two acquiring Zynga and Microsoft buying Activision Blizzard at substantial premiums [2]. - Ubisoft's CEO indicated openness to buyout offers in February 2022, and by April, the company was reportedly attracting meaningful buyout interest [4]. Tencent's Investment - In September 2022, Tencent's increased stake in Ubisoft initially boosted share prices, but it was revealed that Tencent's investment of 300 million euros was actually in a holding company owned by Ubisoft's CEO and his family, not in Ubisoft directly [5][7]. - The deal restricted Tencent from increasing its stake above 10% and granted it the right of first refusal for any future acquisition offers, effectively stifling outside interest in Ubisoft [7][8]. Financial Performance - Ubisoft's market capitalization has plummeted to approximately $647 million, with a share price decline of 90% since early 2022 [10]. - The company's gross margin stands at 57.22%, but its most successful franchises have failed to drive growth, leading to a loss of relevance for many of its properties [7][8]. Recent Developments - In March 2025, Ubisoft announced the spin-off of its most successful franchises into a new subsidiary, Vantage Studios, with Tencent investing 1.16 billion euros for a 25% stake in this new entity [9]. - Despite this investment, Ubisoft's shares continued to decline, indicating a lack of confidence in the company's overall strategy and management decisions [9][10].

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - In February, 152 game licenses were approved, with 146 domestic and 6 imported games passing the review. Key products include Tencent's "Snow in the World" and others. As of February, 334 game licenses have been approved in 2026, indicating a stable issuance rhythm and a solid foundation for healthy industry development [2][20] - The rapid development of AI applications, combined with a recovery in entertainment consumption, presents investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors. Beneficiaries include Tencent, Alibaba, and others [21][6] Sub-industry Data Film Industry - The top three films by box office this week are "Flying Life 3" with 94,822.7 thousand yuan, "Biao Ren: Wind Rising in the Desert" with 34,787.9 thousand yuan, and "Silent Awakening" with 26,230.1 thousand yuan [22][23] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle." The top three Android games by popularity are "Heartbeat Town," "Diver Dave," and "Minecraft: Mobile Edition" [24][25] TV Series Industry - The top three TV series by broadcast index are "Taiping Year," "Eliminate Evil," and "Love in the Pure Era," with indices of 80.3, 79, and 78.8 respectively [26][27] Variety and Animation - The top variety show is "Now Departing Season 3" with a broadcast index of 69.6, followed by "The Strongest Brain Season 13" and "Hello Saturday 2026" [28][29] - The top three animations by viewership index are "Happy Hammer," "Xian Ni," and "Beyond Time," with indices of 288.1, 234.4, and 229.5 respectively [30]

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 [Table_Author] 分析师：赵琳 邮箱：zhaolin@hx168.com.cn SAC NO：S1120520040003 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 2 月 152 款游戏版号落地，Anthropic 指控国 产模型"蒸馏" [Table_Title2] 传媒行业周报系列 2026 年第 8 周 [Table_Summary] ►市场行情回顾 2026 年第8周（实际交易日为 2026.2.23-2026.2.27）上证 指数上涨 1.98%，沪深 300 指数上涨 1.08%，创业板指数上 涨 1.05%。恒生指数上涨 0.82%，恒生互联网指数下跌 2.49%，行业落后恒生指数 3.31pct。SW 传媒指数下跌 5.1%，跑输创业板指数 6.15pct，在申万一级 31 个行业涨 跌幅排名中位列第 31 位。子行业中影视、游戏和广告营销 位 列 前 三位，分别为上涨 4.26%、上涨 0.37%和下跌 0.17%。 ►核心观点&投资建议 2 月 152 款游戏版号落地， ...

Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [2][7]. Core Insights - The gaming industry is expected to benefit significantly from the AI wave, with leading companies likely to thrive amidst concerns that AI may disrupt the gaming sector [5]. - The report suggests that while AI may lower the barriers to game development, creating large-scale games will still require substantial resources, making it unlikely for small teams to compete with established gaming giants [5]. - Historical trends show that leading gaming companies have consistently benefited from technological advancements, and they are well-positioned to adapt to new changes in the industry [5]. Industry Overview - The gaming sector consists of 160 companies with a total market capitalization of 2,270.9 billion and a circulating market value of 2,090.9 billion [2]. - The absolute performance of the industry over 1 month, 6 months, and 12 months is -0.9%, 22.7%, and 27.0% respectively, while the relative performance is 1.2%, 11.1%, and 7.7% [4]. Company Recommendations - The report continues to favor leading gaming companies such as Tencent, NetEase, Century Huatong, Giant Network, and others, indicating a strong belief in their potential to leverage AI advancements [5].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The gaming market performed steadily during the Spring Festival, with several long-term DAU games showing outstanding performance. Tencent's multiple games maintained top positions, with "Peace Elite" achieving a new user high during the Spring Festival version [2][4] - The gaming market's actual sales revenue in January was 32.5 billion yuan, reflecting a month-on-month increase of 3.0% and a year-on-year increase of 4.5%. The PC gaming market exceeded 8.2 billion yuan, with a year-on-year growth of 23.5% [6][10] - The upcoming release of new games is expected to catalyze continued growth in the industry, with several titles scheduled for launch in the coming months [10] Summary by Sections Market Performance - The gaming market showed stable performance during the Spring Festival, with long-term DAU games demonstrating significant advantages. Tencent's games, including "Peace Elite," "Delta Action," and "Valorant Mobile," consistently ranked in the top 10 bestsellers [10] - The overseas market for self-developed games saw a year-on-year revenue increase of 24% in January, driven by stable performance of mature products and successful launches of new titles [10] Future Outlook - The industry is expected to see a series of new game launches, with titles like "Douluo Dalu: Zhusha Legend" and "EVE" scheduled for release in the coming months. The gaming sector's product cycle and performance certainty remain strong, indicating potential investment opportunities [10]

本文源自：市场资讯 作者：情报员 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目282次，财产线索方面有商标信息5000条，专利信息5000 条，此外企业还拥有行政许可574个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，腾讯科技（深圳）有限公司取得一项名为"媒体数据传输控制方法、装置及 存储介质"的专利，授权公告号CN115580600B，申请日期为2021年7月。 ...

蚂蚁阿福深度植入央视春晚小品《血压计》，医院背景墙上写着大大的广告标语"健康是福，健康的事问问阿福"；B站 推出首届AI春晚；网易云音乐举办马年AI春晚；阿里千问独家冠名东方卫视、浙江卫视、江苏卫视、河南卫视四大卫 视春节晚会。 文 | 娱乐独角兽 赤木瓶子 编辑 | 糖炒山楂 AI终于还是坐上了农历春节的"主桌"。 字节推出"豆包过年"活动，用户生成拜年祝福可抽奖提现；阿里千问上线两轮"超级请客卡"活动，从买奶茶覆盖到订票 购物；腾讯元宝上线"拜年朋友圈"，分10亿红包试图重现当年微信红包盛况。 更直观的，从央视总台到各大卫视，从B站到网易云音乐，刚刚过去的各大卫视及平台自制的春节晚会更是堪称一场 AI"大阅兵"。 数据显示，除夕当天，豆包AI互动总次数达到19亿，"豆包过年"活动生成超过5000万张新春头像、写下1亿条拜年祝 福。元宝官方表示春节期间产品迎来新突破：日活跃用户（DAU）超过 5000 万，月活跃用户（MAU）达到 1.14 亿……一场围绕AI的流量暗战已然打响。 春晚AI"大阅兵"，从硬辅助到软植入 过去数年间，平台的春节策略高度一致：撒钱、抢入口、抢心智，从红包大战到短视频直播，如今，这 ...