消息面上，据开源证券，《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小马宝莉》，其全 球预约人数已超百万。值得一提的是，1月5日，心动公司公告拟在5个月内回购不超过4亿港元股份，彰 显长期发展信心。另外，2025年12月29日，公司宣布将收购《火炬之光》系列IP。 花旗研报指出，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿元自动回购计划， 呼应管理层此前提及会优先考虑回购的承诺；拟斥3,718万美元收购《火炬之光》相关IP资产，可进一 步加强集团在未来游戏和IP开发的自主性。 智通财经APP获悉，心动公司(02400)涨超4%，截至发稿，涨4.52%，报72.85港元，成交额1.41亿港元。 ...

花旗发布研报称，心动公司(02400)透过增强股东回报及积极开发产品，应可进一步巩固市场信心，促 使投资者加仓，该行予公司目标价82港元。 该行对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿元自动回购计划，呼应管理层 此前提及会优先考虑回购的承诺；拟斥3,718万美元收购《火炬之光》相关IP资产，可进一步加强集团 在未来游戏和IP开发的自主性；虽然目前评估海外《心动小镇》的表现尚早，但如果游戏表现超越市场 预期，当中仍存在进一步上行空间。 ...

该行对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿元自动回购计划，呼应管理层 此前提及会优先考虑回购的承诺；拟斥3,718万美元收购《火炬之光》相关IP资产，可进一步加强集团 在未来游戏和IP开发的自主性；虽然目前评估海外《心动小镇》的表现尚早，但如果游戏表现超越市场 预期，当中仍存在进一步上行空间。 智通财经APP获悉，花旗发布研报称，心动公司(02400)透过增强股东回报及积极开发产品，应可进一步 巩固市场信心，促使投资者加仓，该行予公司目标价82港元。 ...

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are entering a stage of mass production, with gaming as a significant application area expected to benefit continuously [1][2] - BCIs can enable individuals with motor disabilities to experience gaming through "brain-controlled" interfaces and assist in rehabilitation for neurological conditions [1][2] - The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, positioning China among the top international players [2] Group 2 - Game companies are actively investing in the BCI field, with 37 Interactive Entertainment investing in Strong Brain Technology, the first unicorn in China's BCI sector, and developing a game for autism assistance that integrates BCI technology [2] - Century Huatong has established a research center with Zhejiang University focusing on brain-computer integration and other emerging fields [2] - Tom Cat plans to collaborate with various research institutions in 2024 to advance BCI, brain function data analysis, and digital game therapy [2] Group 3 - AI is significantly empowering the gaming industry, enhancing multi-modal capabilities and innovative integration forms, which may open new industry spaces [3] - The integration of AI in gaming has led to a 40% reduction in character animation production cycles and a significant decrease in prototype validation time [3] - The exploration of AI and gaming integration is expected to provide players with novel experiences and further expand industry development opportunities [3] Group 4 - The upcoming gaming season is anticipated to drive revenue growth through the launch of new games and updates to existing titles [4] - Notable upcoming events include anniversary celebrations and collaborations with popular IPs, which are expected to attract player engagement [4] - Investment opportunities in the gaming sector are highlighted, with a focus on companies like Giant Network, Xindong Company, and others benefiting from the seasonal demand [4]

花旗发表研究报告指，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿港元自动回 购计划，呼应管理层此前提及会优先考虑回购的承诺；拟斥3718万美元收购《火炬之光》相关IP资产， 可进一步加强集团在未来游戏和IP开发的自主性；虽然目前评估海外《心动小镇》的表现尚早，但如果 游戏表现超越市场预期，当中仍存在进一步上行空间。该行认为，心动公司透过增强股东回报及积极开 发产品，应可进一步巩固市场信心，促使投资者加仓。该行予公司目标价82港元，评级为"中性(高风 险)"。 本文源自：金融界AI电报 ...

花旗发表研究报告指，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿港元自动回 购计划，呼应管理层此前提及会优先考虑回购的承诺；拟斥3718万美元收购《火炬之光》相关IP资产， 可进一步加强集团在未来游戏和IP开发的自主性；虽然目前评估海外《心动小镇》的表现尚早，但如果 游戏表现超越市场预期，当中仍存在进一步上行空间。该行认为，心动公司透过增强股东回报及积极开 发产品，应可进一步巩固市场信心，促使投资者加仓。该行予公司目标价82港元，评级为"中性(高风 险)"。 ...

开源证券发布研报称，维持心动公司(02400)"买入"评级，心动公司宣布港元回购计划，展现发展信 心。核心游戏《心动小镇》及《火炬之光：无限》通过新活动、IP联动与赛季更新驱动流水增长，储备 新作《RO2》也受关注。公司预计TapTap平台有望借助多款高关注度游戏上线实现用户拓展，并通过广 告算法优化与ADN业务驱动增长，看好其游戏与平台业务的长期潜力。 1月5日，公司公告拟在5个月内回购不超过4亿港元股份，彰显长期发展信心。寒假、春节旺季将至，核 心产品《心动小镇》国内流水有望提升.《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小 马宝莉》，其全球预约人数已超百万;储备游戏《仙境传说RO：守护永恒的爱2》(简称《RO2》)1月17 日线下测试；该行看好老游戏节庆活动、区域拓展及新游上线驱动游戏增长。 2026年待上线高关注度手游、端游众多，有望助TapTap拓圈，叠加广告算法持续改进，TapTap有望维持 高增。该行亦看好基于TapTap领先算法布局的ADN业务的广阔空间。基于《伊瑟》国服上线后表现， 该行下调2025-2027年归母净利润预测至15.07/20.06/23.87(前值17.10/ ...

智通财经APP获悉，开源证券发布研报称，维持心动公司(02400)"买入"评级，心动公司宣布港元回购计 划，展现发展信心。核心游戏《心动小镇》及《火炬之光：无限》通过新活动、IP联动与赛季更新驱动 流水增长，储备新作《RO2》也受关注。公司预计TapTap平台有望借助多款高关注度游戏上线实现用户 拓展，并通过广告算法优化与ADN业务驱动增长，看好其游戏与平台业务的长期潜力。 2025年11月29日，《心动小镇》新展演带动内地iOS游戏畅销榜排名升至第14。1月3日，游戏官宣新年 联动"喜羊羊与灰太狼"，计划1月8日上架全新展演、后续推出累计登录福利并将于1月24日启用以"瑞雪 迎春"为主题的新年版本，该行认为活跃用户奖励、系列活动及联名有望提升活跃玩家数及ARPU，驱 动流水增长。 《火炬之光：无限》历久弥新，据Sensor Tower公众号，2025年10月推出的SS10赛季"叠界"推动月收入 增长632%，七麦数据显示10月内地iOS游戏畅销榜排名最高达第26(除上线的2023年外最高)。2025年12 月29日，公司宣布将收购《火炬之光》系列IP，经典IP衍生布局有望贡献业绩增量。 储备游戏中，开放世界 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company announced a share buyback of up to HKD 400 million over five months, reflecting confidence in long-term development [5] - The upcoming holiday season is expected to boost revenue for the core product "Heart Town," with the international version set to launch on January 8, 2026, and has already garnered over one million global pre-registrations [5] - The company is optimistic about growth driven by festive events, regional expansion, and new game launches, with several high-profile mobile and PC games expected to launch in 2026 [5] - The performance of the game "Iser" in the domestic market has led to a downward revision of net profit forecasts for 2025-2027 [5] Financial Summary and Valuation Metrics - Revenue projections are as follows: - 2023: HKD 3,389 million - 2024: HKD 5,012 million - 2025: HKD 6,353 million - 2026: HKD 7,620 million - 2027: HKD 8,441 million - Year-over-year growth rates for revenue are projected at: - 2024: 47.9% - 2025: 26.7% - 2026: 20.0% - 2027: 10.8% [8] - Net profit projections are as follows: - 2023: -HKD 554 million - 2024: HKD 812 million - 2025: HKD 1,507 million - 2026: HKD 2,006 million - 2027: HKD 2,387 million - Year-over-year growth rates for net profit are projected at: - 2024: 1077.3% - 2025: 85.7% - 2026: 33.2% - 2027: 19.0% [8] - The current price-to-earnings (P/E) ratios are projected as follows: - 2025: 20.8 - 2026: 15.6 - 2027: 13.1 [8]

Market Overview - The Hong Kong stock market indices showed strong performance, with the Hang Seng Index rising by 1.38% to close at 26,710.45 points, and a total trading volume of HKD 291.76 billion [1] - The Hang Seng Tech Index increased by 1.46%, closing at 5,825.26 points, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - China Hongqiao (01378) led the blue-chip stocks, rising by 6.14% to HKD 35.26, contributing 10.84 points to the Hang Seng Index [2] - Other notable performers included JD Health (06618) up 5.41%, Ping An Insurance (02318) up 4.96%, while Alibaba (09988) fell by 1.31% [2] Sector Highlights - The capital market is heating up, with financial stocks, particularly Chinese brokerage firms, showing significant gains. For instance, Jiufang Zhitu (09636) surged by 18.84% [3] - The non-ferrous metals sector performed strongly, with notable increases in Aluminum Corporation of China (02068) up 8.05% and Zhaojin Mining Industry (01818) up 7.29% [4] Commodity Trends - Commodities such as gold, silver, and copper have seen rising futures prices, driven by geopolitical tensions and supply constraints [5] - The aluminum market is particularly affected by supply threats, with prices expected to remain high due to production risks [5] Autonomous Driving Sector - The autonomous driving sector is gaining traction, with companies like Zhejiang Shibao (01057) rising by 21.53% following announcements from NVIDIA regarding advancements in self-driving technology [6] - NVIDIA's new AI platform is expected to stimulate demand for autonomous taxis, supporting global economic growth [6] Commercial Aerospace Developments - The commercial aerospace sector is experiencing growth, with companies like JunDa Co. (02865) rising by 8.01% due to recent developments in the industry [6] - The acceleration of the commercialization of space is anticipated to enhance the performance and valuation of related companies [6] Notable Stock Movements - Xindong Company (02400) increased by 6.04% after announcing a significant share buyback plan worth HKD 400 million [7] - Hesai Technology (02525) rose by 5.9% after being selected as a lidar partner for NVIDIA's platform and announcing plans to double production capacity [8] - Cathay Pacific (00293) faced pressure, declining by 2.6% due to a share placement by China National Aviation [9]