热门中概股周一多数上涨，纳斯达克中国金龙指数涨2.03%。迅雷涨超9%，哔哩哔哩、阿里巴巴、新东 方、搜狐、网易有道涨超4%，理想、京东涨超3%，百度、网易、蔚来涨超2%，小鹏涨超1%。 来源：滚动播报 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The issuance of game licenses in September, with approvals for companies like Kaiying, Giant Network, and Point Point, indicates a positive trend in the new game cycle and overall industry prosperity. The performance of several new games, such as Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend," is expected to drive the product cycle and industry sentiment upward. The combination of new game cycles, favorable policies, and AI catalysis suggests that the gaming sector still has upward valuation potential, warranting continued attention to investment opportunities in this area [2][4][6]. Summary by Sections Game License Issuance - In September, a total of 156 game licenses were issued, including 145 domestic and 11 imported games. This brings the total number of domestic game licenses issued this year to 1,195, nearing the annual total of 1,306 from 2024 [6][9]. Market Performance - The gaming market in China showed a month-on-month growth, with August revenues reaching 29.263 billion yuan, a 0.61% increase from the previous month. The mobile gaming market accounted for 21.541 billion yuan, reflecting a 0.85% month-on-month growth [9]. New Game Launches - Several new games are set to launch or have recently launched, including Kaiying's "The Legend of the Adventure" and Heartbeat's "Yise," which quickly topped the iOS and TapTap charts. The report highlights a rich pipeline of upcoming games from major developers, indicating potential for revenue growth [6][9].

Group 1 - The core viewpoint of the article highlights that the approval volume of game licenses in September remains high, covering various types of products and well-known manufacturers [1] - From the beginning of the year to date, a total of 1,195 domestic games have been approved, with 145 games approved in September, including titles from Tencent, miHoYo, NetEase, and others [1] - For imported games, a total of 80 games have been approved this year, with 11 games approved in September, including titles from Chuangmeng Tiandi and Xinghui Games [1] Group 2 - The game ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in animation production, game development, platform operation, and related industry chains to reflect the overall performance of the sector [1] - The index focuses on innovation and growth in the animation and gaming field, covering the entire industry chain from content creation to distribution channels, showcasing distinct industry representation and market vitality [1]

每经AI快讯，9月29日，港股科网股午后震荡走高，阿里巴巴(09988.HK)、快手(01024.HK)均涨超4%， 腾讯控股(00700.HK)涨超3%，携程集团-S(09961.HK)、美团(03690.HK)、百度(09888.HK)、网易 (09999.HK)等个股跟涨。 ...

Summary of NetEase Cloud Music (NCM) Research Call Company Overview - **Company**: NetEase Cloud Music (NCM) - **Industry**: Online Music Industry in China - **Rating**: Initiated with a Buy rating - **Price Target**: HK$350.00, implying a 30x 2026E PE [2][5][7] Key Insights Market Positioning - NCM is recognized as a leading online music platform in China, positioned as a runner-up in a stable duopoly with Tencent Music Entertainment (TME) [2][18] - The online music industry in China is expected to see a +15% CAGR in online music revenue and a +17% CAGR in earnings from 2025 to 2029, outperforming TME [2][43] User Demographics and Engagement - NCM has a strong penetration among younger users, with 47% of its monthly active users (MAU) aged below 25, compared to 41% for TME [16][37] - The platform emphasizes community engagement and interactive features, which enhance user retention and satisfaction [3][19][20] Monetization Strategy - NCM is currently in the early stages of monetization, focusing on user scale and subscriber growth rather than immediate ARPPU (Average Revenue Per Paying User) growth [4][47] - The company is projected to achieve an +11% CAGR in subscribers from 2025 to 2029, significantly higher than TME's +4% [10][50] Financial Projections - NCM's revenues are forecasted to grow from Rmb8,992 million in 2022 to Rmb12,254 million by 2029, with EBIT expected to rise from a loss of Rmb278 million in 2022 to Rmb3,583 million in 2029 [6][62] - The adjusted net margin is anticipated to improve from -14.9% in 2021 to 27.0% by 2027, driven by economies of scale and a favorable content cost structure [64][69] Competitive Advantages - NCM's content strategy includes a diverse library with a significant focus on independent artists and self-produced content, which accounts for over 70% of its streaming volume [15][29] - The platform has successfully secured licensing agreements with major labels post-2021, narrowing the content gap with TME [28][32] Valuation and Market Sentiment - NCM is currently trading at 23.2x 2026 consensus PE, which is considered undemanding compared to TME's 24.9x [74] - The company has seen a strong share performance year-to-date, with a +141% increase compared to TME's +111% [73] Additional Considerations - NCM's strategic partnerships, such as with Alibaba's 88VIP, have significantly contributed to subscriber growth, accounting for 20-30% of total subscribers [54] - The company is expected to gradually improve ARPPU as it transitions from a focus on subscriber growth to monetization strategies that include premium memberships and content offerings [75] This comprehensive analysis highlights NCM's strong market position, growth potential, and strategic focus on community engagement and content diversity, making it a compelling investment opportunity in the online music sector.

Core Viewpoint - Century Huatong has emerged as a significant player in the gaming industry, with its subsidiary, Diandian Interactive, surpassing major competitors like NetEase and miHoYo in global mobile game revenue, primarily due to its unique game offerings and strategic market positioning [1][6]. Group 1: Company Performance - Diandian Interactive distributed approximately 600 million yuan among 27 employees this year, showcasing its financial success [1]. - From June 2023, Diandian Interactive's global mobile game revenue exceeded that of NetEase, securing the second position in the industry, only behind Tencent [1]. - The flagship games, "Whiteout Survival" and "Kingshot," have generated cumulative revenues of over $3.3 billion and $300 million, respectively [5]. Group 2: Market Strategy - Diandian Interactive has focused on niche markets, developing games in less competitive segments, such as survival strategy and shooting card games, which has allowed it to capture player interest without facing intense competition [4][7]. - The company has successfully localized its games to cater to regional player preferences, enhancing user engagement and retention [4][5]. Group 3: Competitive Landscape - The gaming industry is witnessing an influx of competitors attempting to replicate Diandian Interactive's success, particularly in the survival strategy genre, which may increase customer acquisition costs for the company [7][10]. - Major players like Tencent are also entering the same market segments, intensifying competition and potentially impacting Diandian Interactive's market share [10][8]. Group 4: Future Initiatives - Diandian Interactive is actively working on retaining existing players through updates and enhancements to current games, while also exploring new game genres and integrating AI technologies to improve game development efficiency [11][12]. - The company is expanding its workforce, particularly targeting experienced talent from larger firms, indicating a commitment to growth and innovation [12].

证券分析师 证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 09 月 29 日 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com 关注团播专业化、精品化发展趋势 投资评级： 看好（维持） ——传媒互联网行业周报（2025.9.22-2025.9.28） 投资要点： 游戏方面：从中报业绩来看，腾讯控股、吉比特、巨人网络、心动公司等展现较强 业绩韧性和新游贡献的弹性，我们认为基于优质产品超预期表现的催化交易有望持 续，Q3 有望迎来财务侧更强验证，且本轮游戏行情是少见的基于产品表现-EPS 上 修-估值同步修复的逻辑演绎，目前估值仍未有强烈泡沫。我们建议两个思路继续重 视游戏板块的演绎：①大单品游戏预期仍值得交易，且 9 月目前看阶段性流水波动 实属正常，内容更新迭代有望强化 ...

Group 1 - The U.S. stock market experienced a broad increase, with the Dow Jones rising by 0.65%, the Nasdaq by 0.44%, and the S&P 500 by 0.59% [4] - Major technology stocks showed mixed results, with Oracle down 2.7%, Meta down 0.7%, and Tesla up 4.0% [4] - The Nasdaq China Golden Dragon Index fell by 1.6%, with Alibaba, NetEase, and Baidu each dropping over 2% [4] Group 2 - The People's Bank of China emphasized maintaining ample liquidity and guiding financial institutions to increase credit supply to match economic growth and price expectations [5] - The Ministry of Industry and Information Technology projected an average annual growth of around 5% for the non-ferrous metals industry from 2025 to 2026 [5] - The petrochemical industry is expected to see an average annual growth of over 5% during the same period, with significant improvements in technological innovation and environmental performance [6] Group 3 - The National Development and Reform Commission highlighted the importance of private investment as a key indicator of economic activity and stability [7] - The 2025 World New Energy Vehicle Conference focused on expanding market consumption and optimizing tax incentives for new energy vehicles [8] - The National Bureau of Statistics reported that profits of large industrial enterprises increased by 0.9% year-on-year in the first eight months of 2025 [8] Group 4 - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to enhance operational efficiency and focus on high-quality investment [9] - Jiangsu Province announced adjustments to its vehicle trade-in policy, affecting the implementation of subsidies [10][11] - The company Ningbo Huaxiang signed a patent licensing agreement with Jilin University for PEEK industrialization technology [16] Group 5 - The company *ST Tianmao will have its stock delisted on September 30, 2025, following a decision by the Shenzhen Stock Exchange [20] - Huajing Securities anticipates that the A-share market may continue a volatile trend in the short term, with limited risks during the holiday period [21] - The company Moer Thread's IPO application was approved in just 88 days, reflecting improved efficiency in the review process for hard technology enterprises [14]

板块观点与关注标的：1）游戏：重点关注 ST 华通、巨人网络、吉比特、恺英网 络、神州泰岳、完美世界、心动公司等；2）影视：芒果超媒、华策影视、欢瑞世 纪等；3）IP：创源股份、上海电影、华立科技、姚记科技等；4）AI：豆神教育、 盛天网络、荣信文化、中文在线、易点天下、视觉中国、盛通股份、焦点科技、 世纪天鸿、佳发教育等；5）教育：学大教育、粉笔、天立国际控股等；6）港股： 关注【阿里巴巴】【腾讯控股】【泡泡玛特】【快手】【网龙】，产业爆发在即 的【阜博集团】。 【9 月游戏版号发放，共 156 款游戏获批】9 月 24 日，国家新闻出版署发布《2025 年 9 月游戏版号审批信息》，共 156 款游戏获批，其中国产 145 款、进口 11 款。 此次获批游戏涵盖多类型、多平台，众多知名厂商作品在列。国产游戏中，米哈 游《崩坏：因缘精灵》、腾讯萨罗斯网络《归环》、网易《星绘友晴天》、三七 互娱《无尽黑夜》等备受关注。进口游戏方面，《超级洞洞乐》《潜水员戴夫》 等获得版号。本次审批结果反映出进口游戏引进节奏持续稳定，同时部分国产游 戏版号过审数量阶段性增长，行业动态趋于活跃。 【DeepSeek 最新模型 D ...

转自：前瞻产业研究院 行业主要上市公司：百度集团(09888.HK)、网易(09999.HK)、浪潮信息(000977.SZ)、美林数据 (831546.NQ)、数聚软件(838617.NQ)等 在产业链上游，传统IT厂商、云服务厂商、大数据平台服务商可为产业链中游技术提供者赋予计算、存 储等基础设施支持，ERP、CRM等企业信息系统可帮助企业有效记录其资源及业务数据。新型商业智 能侧重于智能技术在商业场景和典型环节中的渗透应用，在产业链的中游解决方案提供商环节集聚了大 量垂直领域的技术赋能型公司。同时，大多由互联网科技巨头领导布局的商业智能技术平台也可以充当 产业链中游角色，为各商业场景/环节提供赋能效果。 中国商业智能(BI)产业的主要参与者有基础设施层厂商如紫光科技、华为、旷视科技、浪潮信息、阿里 云等;技术平台层厂商如百度、阿里巴巴等;技术赋能层厂商如蚂蚁集团、腾讯、平安科技、思创医惠 等。 商业智能产业 链区域热力地图：东部密集 本文核心数据：商业智能企业业务完成情况;商业智能产业园区分布;商业智能企业投资动向 商业智能产业链全景梳理：中游为核心环节 中国商业智能产业链上游为企业信息化系统供应商、数 ...