Core Insights - The top holdings of active equity funds have shifted, with Zhongji Xuchuang and Xinyi Sheng surpassing CATL and Tencent as the top two positions [1][2] Group 1: Fund Holdings Changes - As of the end of Q4 2025, Zhongji Xuchuang (300308.SZ) and Xinyi Sheng (300502.SZ) have become the top two holdings in active equity funds, overtaking CATL (300750.SZ) and Tencent (00700.HK) [1] - Significant increases in holdings were noted, with the Invesco Great Wall Fund increasing its stake in Zhongji Xuchuang by 1.747 million shares, making it the fund's largest holding [1] - The GF Technology Pioneer Fund also increased its position in Zhongji Xuchuang by 1.076 million shares, marking its first investment in the stock [1] Group 2: Other Notable Changes - In Q4 2025, major reductions were observed in holdings of traditional leaders like CATL and Tencent, which fell to third and fourth positions respectively [2] - East Mountain Precision (002384.SZ) saw a substantial increase of 8.785 million shares, entering the top ten holdings of active equity funds [2] - The overall trend indicates a shift from traditional consumer internet stocks to AI hardware and semiconductor sectors, reflecting a structural rebalancing by institutions [3]

Core Insights - The female-oriented gaming market is projected to reach 8 billion yuan in 2024, reflecting a year-on-year growth of 124.1%, significantly outpacing the industry average [1] - Despite the market potential, internal challenges persist, including high player expectations for visual effects, sensitivity to public opinion, and stringent quality demands for game narratives [1] - There is a disconnect between market perception and capital investment, with many publishers lacking specialization in female-oriented games, leading to difficulties in finding suitable partnerships [1] Market Performance - In 2025, 24 female-oriented games entered the iOS top 600, generating approximately 2.731 billion yuan in revenue, with 15 games making it to the top 200, accounting for only 4.79% of the total revenue of the top 200 [3] - "恋与深空" (Love and Deep Space) emerged as the biggest winner, expected to exceed 1.33 billion yuan in iOS revenue, capturing nearly half of the total revenue from the 24 games [3][5] - The game "我的花园世界" (My Garden World) launched in August 2025, quickly rose to the third position in revenue, showcasing the potential for new entrants in a competitive market [5] Company Revenue Distribution - The leading company, 叠纸 (Paper Games), generated 1.687 billion yuan in revenue, holding a 61.77% market share among the analyzed games [12] - Other notable companies include 网易 (NetEase) with 206.66 million yuan (7.57%) and 腾讯 (Tencent) with 200.22 million yuan (7.33%) [12] - The dominance of 叠纸 is attributed to its successful titles, including "恋与深空" and "无限暖暖" (Infinite Warmth) [12] User Engagement Metrics - "恋与深空" also leads in daily active users (DAU), capturing 48.64% of the DAU share among the top games [15] - The DAU rankings indicate that older games like "奇迹暖暖" (Miracle Warmth) and "偶像梦幻祭2" (Idol Dream Festival 2) still maintain significant user engagement, suggesting opportunities in niche markets [16] International Market Opportunities - In the overseas market, "浪漫餐厅" (Romantic Restaurant) generated approximately 4.543 billion yuan in revenue, accounting for 44.34% of the total revenue from the top female-oriented games [18] - The game "Tasty Travels: Merge Game" has shown promising growth, recently climbing to the top 30 in the U.S. iOS revenue rankings [23][25] - The overall market for casual games remains expansive, with significant revenue potential for companies like 柠檬微趣 (Lemon Microfun) [30] Emerging Trends - The rise of AI-driven emotional companionship products is anticipated to reshape the female-oriented gaming landscape, with several companies exploring this avenue [32][34] - Major internet companies are also investing in AI social companionship products, indicating a trend towards integrating AI into gaming experiences [36] - The female-oriented market is entering a stable phase post-restructuring, with expectations for a new wave of growth driven by AI companionship products in the next 1-2 years [38]

Core Viewpoint - In 2025, Tencent's Anti-Fraud Investigation Department identified and dealt with over 70 cases of violations of the company's strict regulations, resulting in the dismissal of more than 90 individuals, with over 20 being referred to law enforcement for criminal charges [1][2][3]. Group 1: Cases of Asset Misappropriation - Employee He Yongkang from IEG Quality Management Department was found guilty of embezzling company assets and sentenced to 1 year and 2 months in prison, along with a fine of 20,000 RMB [1]. - Employee Qin Yuan from CSIG Smart Industry Department was also found guilty of embezzling company assets, receiving a sentence of 6 months in prison and a fine of 40,000 RMB [1]. - Employee Ye Huahua from the subsidiary Nuclear Entertainment Game Interactive Center was sentenced to 3 years in prison and fined 100,000 RMB for misappropriating company assets [2]. - Employee Wang Mengwei from the subsidiary Tengzhuo R&D Center received a sentence of 5 months in detention (with 8 months probation) and a fine of 10,000 RMB for asset misappropriation [2]. - Employee Jiang Yingying from PCG Online Video BU was involved in both asset misappropriation and external benefit solicitation, leading to dismissal and blacklisting [4]. Group 2: Cases of External Benefit Solicitation - Employee Li Xiang from CDG Advertising Marketing Service Line was found guilty of soliciting benefits from external companies, resulting in dismissal and blacklisting [2]. - Employee Liu Xiankai from the original PCG Value-Added Products Department was also involved in soliciting external benefits, leading to similar consequences [2]. - Employee Chen Si from CSIG Eastern Business Department was dismissed for soliciting benefits from external companies [3]. - Employee Qu Yi from WXG WeChat Payment Line was found guilty of soliciting external benefits, resulting in dismissal and blacklisting [4]. Group 3: Theft Cases - Employee Tian Chuanwu from CSIG Cloud Products Department was charged with theft of company assets, leading to dismissal and blacklisting [5]. - Employee Mai Jinming from CSIG Information Platform and Service Line was also charged with theft of company assets, resulting in similar consequences [5].

Core Viewpoint - Tencent Group has issued an anti-fraud report indicating that over ninety individuals were dismissed for violating company policies, with more than twenty referred to law enforcement for criminal activities, and over thirty external individuals arrested [1]. Group 1: Employee Misconduct - He Yongkang from IEG Quality Management Department was dismissed for illegally embezzling company assets and was sentenced to one year and two months in prison, along with a fine of 20,000 RMB [1]. - Qin Yuan from CSIG Smart Industry Department was dismissed for similar misconduct, receiving a six-month prison sentence and a fine of 40,000 RMB [1]. - Ye Huahua from the subsidiary Nuclear Entertainment Game Interactive Center was sentenced to three years in prison and fined 100,000 RMB for embezzlement [1]. Group 2: External Benefits - Wang Mengwei from the subsidiary Tengzhuo R&D Center was dismissed for using his position to benefit external companies, receiving a five-month detention with an eight-month probation and a fine of 10,000 RMB [2]. - Li Xiang from CDG Advertising Marketing Service Line was dismissed for soliciting benefits from external companies [2]. - Liu Xiankai and Lin Haiqiang from the former PCG Value-Added Products Department were also dismissed for similar misconduct involving external companies [2]. Group 3: Continued Misconduct - Chen Si from CSIG East District Business Department was dismissed for soliciting benefits from external companies [3]. - Kan Chengbo from CDG Advertising Marketing Service Line was similarly dismissed for misconduct involving external companies [3]. - Lan Hongkai from the former CSIG Regional Business Department was dismissed for soliciting benefits from external companies [3]. Group 4: Additional Cases - Qu Yi from WXG WeChat Payment Industry Product Operations Department was dismissed for soliciting benefits from external companies [4]. - Qi Fenyong from the former WXG Basic Products Department was dismissed for similar misconduct [4]. - Jiang Yingying from PCG Online Video BU was dismissed for embezzling company assets and soliciting benefits from external companies [5].

新浪科技讯 1月23日午间消息，今日，腾讯官方账号"阳光腾讯"公布2025年反舞弊进展。官方表示2025 全年，腾讯反舞弊调查部共发现并查处触犯"腾讯高压线"案件七十余起，九十余人因触犯"腾讯高压 线"被解聘，其中二十余人因涉嫌犯罪被移送公安机关处理，三十余名涉案的外部人员也被公安机关一 并抓捕。 腾讯集团反舞弊通报 明 ... @ +关注 心 ▷ ♡ 다 35个 ... 79 1193 41 留言 据官方消息，WXG微信支付线行业产品运营部、IEG品质管理部、CSIG智慧行业一部、子公司核娱游 戏互动中心、子公司腾卓研发中心、CDG广告营销服务线营销方案部、原PCG增值产品部等部门的部 分员工在职期间存在利用职务便利，为外部公司谋取利益，并收取外部公司好处费，因涉嫌犯罪被移送 公安机关处理，其行为触犯了"腾讯高压线"，被列入黑名单，永不录用。另外还附有2025新增永不合作 主体清单。 腾讯表示，近年来，为主动、精准地识别舞弊线索，我们系统化梳理了过往案例中的关键风险点，通过 自建的多个AI分析工具构建了动态风险模型，在合作伙伴准入、项目招投标、合同管理、交付验收、 费用报销中，主动发现并调查处理了多起违规案 ...

摩根大通发布研报称，腾讯控股核心业务仍具备较强韧性，其股价未被过度赋予"AI溢价"，给予公 司"增持"评级。 研报指出，腾讯核心业务板块保持稳健运营节奏，游戏、广告等主营业务收入维持同比增长，视频号与 小程序生态的协同效应逐步释放，带动高毛利业务占比持续提升。在AI布局方面，公司持续推进技术 研发与场景落地，但市场并未对相关业务给予超出基本面的估值溢价，股价表现与公司实际价值匹配度 较高。 摩根大通认为，腾讯依托完善的业务生态与稳定的现金流能力，具备较强的长期发展韧性，当前估值处 于合理区间，未出现因AI概念催生的过热定价，因此给予"增持"评级，看好其业务基本面支撑下的长期 投资价值。 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。 本文源自：市场资讯 作者：观察君 ...

据阳光腾讯官方微信号1月23日消息，腾讯一直以来坚持"正直、进取、协作和创造"的价值观。为宣扬正直，我们通过制定"腾讯高压线"等反舞弊制度和建 立完善的风险管理体系，来预防、发现和打击商业贿赂、职务侵占等舞弊行为，以确保全体员工的行为符合腾讯一直宣扬并致力秉持的正直价值观。一旦发 现并证实员工存在触犯"腾讯高压线"的行为，我们将予以解聘处理，永不录用。对于涉案的外部公司，会列入公司黑名单，永不合作。如相关行为同时涉嫌 违法犯罪的，腾讯将严格按照国家法律法规，积极配合司法机关调查，追究涉案人员的法律责任。 近年来，为主动、精准地识别舞弊线索，我们系统化梳理了过往案例中的关键风险点，通过自建的多个AI分析工具构建了动态风险模型，在合作伙伴准 入、项目招投标、合同管理、交付验收、费用报销中，主动发现并调查处理了多起违规案件。通过持续的案件反馈，我们不断提升模型的准确度和深化探索 AI与大数据分析技术在舞弊线索主动挖掘中的应用。这一系列实践不仅帮助我们更及时发现潜在风险和完善内控机制，也一定程度上减少了舞弊案件发 生，加强了对公司和员工的保护。 2025年全年，腾讯反舞弊调查部共发现并查处触犯"腾讯高压线"案件七十余 ...

2026.01. 23 本文字数：1125，阅读时长大约3分钟 来源 | 腾讯集团反舞弊调查部 今日（1月23日），据腾讯集团反舞弊调查部微信公众号"阳光腾讯"通报： 2025 年全年， 腾讯反舞弊调查部共发现并查处触犯 " 腾讯高压线 " 案件七十余起，九十余人因触 犯 " 腾讯高压线 " 被解聘，其中二十余人因涉嫌犯罪被移送公安机关处理，三十余名涉案的外部人 员也被公安机关一并抓捕。 现将 2025 年度因实施 商业贿赂、职务侵占 等严重违反法律法规及公司制度的行为，涉案员工被解 聘、移送司法处理的案件，以及移送司法后已收到法院判决的相关案件通报如下： 1. IEG 品质管理部 何永康 利用职务便利，非法侵占公司资产 ， 因涉嫌犯罪被移送公安机关处理， 其行为触犯了 " 腾讯高压线 " ，被解聘处理，列入黑名单，永不录用。经法院审理，何永康犯职务 侵占罪，判处有期徒刑一年二个月，并处罚金人民币二万元。 2. CSIG 智慧行业一部 秦源 利用职务便利，非法侵占公司资产 ， 因涉嫌犯罪被移送公安机关处 理，其行为触犯了 " 腾讯高压线 " ，被解聘处理，列入黑名单，永不录用。经法院审理，秦源犯职 务侵占罪， ...

Core Viewpoint - In 2025, Tencent's Anti-Fraud Investigation Department identified and dealt with over 70 cases of violations of the "Tencent High Voltage Line," resulting in the dismissal of over 90 individuals, with more than 20 being referred to law enforcement for criminal charges [1][2][3]. Summary by Sections Cases of Asset Misappropriation - He Yongkang from IEG Quality Management Department was found guilty of embezzling company assets and sentenced to 1 year and 2 months in prison, along with a fine of 20,000 RMB [1]. - Qin Yuan from CSIG Smart Industry Department was also convicted of asset misappropriation, receiving a 6-month prison sentence and a fine of 40,000 RMB [1]. - Ye Huahua from the subsidiary Nuclear Entertainment Game Interactive Center was sentenced to 3 years in prison and fined 100,000 RMB for similar offenses [2]. - Wang Mengwei from the subsidiary Tengzhuo R&D Center received a 5-month detention with an 8-month probation and a fine of 10,000 RMB for misappropriating assets [2]. - Multiple individuals from various departments, including CDG and PCG, were found guilty of similar offenses, leading to their dismissal and blacklisting [3][4][5]. Cases of Bribery - Li Xiang from CDG Advertising Marketing Service Line was involved in bribery by soliciting benefits from external companies, leading to his dismissal and referral to law enforcement [2]. - Liu Xiankai and Lin Haiqiang from the former PCG Value-Added Products Department were also implicated in bribery, resulting in their dismissal and blacklisting [3][4]. - Chen Si from CSIG East District Business Department and other employees were similarly found guilty of soliciting benefits from external companies, leading to their dismissal and legal action [3][4]. Theft Cases - Tian Chuanwu from CSIG Cloud Products Department was charged with theft of company assets, resulting in his dismissal and referral to law enforcement [5]. - Mai Jinming from CSIG Information Platform and Service Line was also found guilty of theft, leading to similar consequences [5].

近年来，为主动、精准地识别舞弊线索，腾讯已系统化梳理了过往案例中的关键风险点，通过自建的多 个AI分析工具构建了动态风险模型，在合作伙伴准入、项目招投标、合同管理、交付验收、费用报销 中，主动发现并调查处理了多起违规案件。 通过持续的案件反馈，腾讯会不断提升模型的准确度和深化探索AI与大数据分析技术在舞弊线索主动 挖掘中的应用。这一系列实践不仅帮助我们更及时发现潜在风险和完善内控机制，也一定程度上减少了 舞弊案件发生，加强了对公司和员工的保护。 1月23日，腾讯发布2025年反舞弊通报。腾讯表示，2025年全年，腾讯反舞弊调查部共发现并查处触 犯"腾讯高压线"案件七十余起，九十余人因触犯"腾讯高压线"被解聘，其中二十余人因涉嫌犯罪被移送 公安机关处理，三十余名涉案的外部人员也被公安机关一并抓捕。 其中IEG（腾讯互动与娱乐事业群）发生2起，CSIG（腾讯云与智慧产业事业群）发生5起，子公司发生 2起，CDG（企业发展事业群）发生4起，PCG（平台与内容事业群）发生4起，WXG（微信事业群）发 生2起。 腾讯还提到，通过制定"腾讯高压线"等反舞弊制度和建立完善的风险管理体系，来预防、发现和打击商 业贿赂、职务侵 ...