Market Overview - The Shanghai Composite Index closed at 4095.33 points, above the annual line, with a change of 0.30% [1] - The total trading volume of A-shares reached 20,819.70 million yuan [1] Stocks Breaking Annual Line - A total of 73 A-shares have surpassed the annual line today, with notable stocks including: - Zhongcheng Technology with a deviation rate of 14.13% - Weining Health at 10.41% - Yaxin Security at 8.60% [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the annual line: - Zhongcheng Technology: Today's change of 19.05%, turnover rate of 24.88%, annual line at 25.68 yuan, latest price at 29.31 yuan [1] - Weining Health: Today's change of 11.05%, turnover rate of 14.00%, annual line at 9.56 yuan, latest price at 10.55 yuan [1] - Yaxin Security: Today's change of 10.44%, turnover rate of 3.58%, annual line at 20.75 yuan, latest price at 22.53 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Pailin: Change of 10.01%, turnover rate of 15.83%, annual line at 7.88 yuan, latest price at 8.46 yuan [1] - Chuangye Huikang: Change of 8.71%, turnover rate of 10.91%, annual line at 5.38 yuan, latest price at 5.74 yuan [1] - Jiuyuan Yinhai: Change of 6.61%, turnover rate of 6.73%, annual line at 18.48 yuan, latest price at 19.68 yuan [1]

证券代码：600633 证券简称：浙数文化 编号：临 2025-072 2025 年 11 月 17 日，公司收到基金管理人上海永徽创业投资管理有限公司 （以下简称"上海永徽"）的通知，经全体合伙人协商一致并与杭州数图永安管 理咨询有限公司（以下简称"杭州数图"）共同签署了《变更决定书》，同意变 更合伙企业普通合伙人为杭州数图，并变更合伙企业名称及经营范围。同时，鉴 于合伙企业以基金身份在中基协备案的经营期限即将届满，且后续拟不再以基金 形式进行运作，全体合伙人根据基金现阶段实际运作情况审慎做出变更决定，全 体合伙人与杭州数图共同签署了《关于解除委托管理关系及基金注销之框架协 议》，同意办理合伙企业基金身份注销程序，解除与上海永徽间的委托管理关系， 并约定责任划分原则、结清管理费、基金注销未办理通过的处理原则等事项。 此外，合伙企业原有限合伙人与杭州数图签署了《苏州永徽隆行信息咨询合 伙企业（有限合伙）合伙协议》，且原其他有限合伙人及杭州数图共同向公司出 具《一致行动承诺函》，承诺对需经合伙人会议决议事项与公司保持一致行动。 具体详见公司在上海证券交易所网站 www.sse.com.cn 和《上海证券报》披露 ...

Core Viewpoint - The gaming sector experienced a decline of 0.92% on December 24, with Kaiying Network leading the drop, while the Shanghai Composite Index rose by 0.53% and the Shenzhen Component Index increased by 0.88% [1][2]. Group 1: Market Performance - The gaming sector's main stocks showed mixed performance, with Youzu Network closing at 12.57, up by 6.44%, while Kaiying Network closed at 21.81, down by 4.09% [1][2]. - The total trading volume for the gaming sector was significant, with Youzu Network achieving a transaction amount of 748 million yuan, while Kaiying Network had a transaction amount of 1.818 billion yuan [1][2]. Group 2: Capital Flow - The gaming sector saw a net outflow of 941 million yuan from main funds, while retail investors contributed a net inflow of 674 million yuan [2][3]. - Specific stocks like Giant Network had a main fund net inflow of 53.18 million yuan, while Youzu Network experienced a net outflow of 59.87 million yuan from retail investors [3]. Group 3: ETF Performance - The gaming ETF (product code: 159869) tracking the China Animation and Gaming Index increased by 6.08% over the past five days, with a net inflow of 200 million yuan [5].

证券日报网讯 12月22日，浙数文化在互动平台回答投资者提问时表示，公司始终严格遵守《上市公司 信息披露管理办法》及上海证券交易所相关规定，遵循及时、真实、准确、完整的原则开展信息披露工 作，确保所有投资者能够公平、公正地获取信息。公司微信公众号是公司传递经营动态、与投资者保持 良性沟通的重要组成部分，旨在在符合监管规则的前提下，积极主动向市场传递公司相关业务的进展情 况，及时与投资者分享公司业务成果。公司子公司相关业务合作，尚未达到《上市公司信息披露管理办 法》及交易所规则中规定的信息披露标准。请投资者注意投资风险，理性投资。 （编辑 丛可心 王雪儿） ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The report highlights that the daily usage of Doubao Tokens has surpassed 50 trillion, ranking first in China and third globally. The gaming market is expected to grow steadily by 2025, with female-oriented games experiencing growth rates significantly above the industry average [2][4]. Industry Summary - The Doubao model was launched by Huoshan Engine, with significant improvements in capabilities, including enhanced agent abilities, multimodal capabilities, and context management [8][9]. - The domestic gaming market is projected to reach a revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%. Mobile games, PC games, and console games are expected to see growth rates of 7.92%, 14.97%, and 86.33%, respectively [13][19]. - The female-oriented gaming segment is rapidly expanding, with a market size of 8 billion yuan in 2024, marking a year-on-year increase of 124.1% [19]. - The report recommends investment in specific companies within the media sector, including Wanda Film, Perfect World, and Mango Super Media, among others, due to their potential for sustained high growth [7][21].

证券代码：600633 证券简称：浙数文化 编号：临 2025-071 浙报数字文化集团股份有限公司 关于参与设立杭州杭数智能壹号创业投资基金合伙 一、合作投资基本概述情况 2025 年 11 月 25 日，公司全资子公司杭州富春云科技有限公司（以下简 称"富春云科技"）与杭数管理咨询（杭州）有限公司、浙江甬元财通富浙高端 装备产业股权投资合伙企业（有限合伙）共同签订《杭州杭数智能壹号创业投资 基金合伙企业（有限合伙）合伙协议》，富春云科技将作为有限合伙人参与设立 杭州杭数智能壹号创业投资基金合伙企业（有限合伙）（以下简称"基金""合 1 / 5 伙企业）。本次合伙企业总认缴出资金额为 8,500 万元，富春云科技拟认缴出资 2,100 万元，占合伙企业本次总认缴出资金额的 24.71%。具体内容详见公司于《上 海证券报》及上海证券交易所网站 www.sse.com.cn 披露的临 2025-066《浙数文 化关于参与设立杭州杭数智能壹号创业投资基金合伙企业（有限合伙）的公告》 及相关进展公告。 企业（有限合伙）的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media industry (Shenwan) saw a weekly increase of 0.26%, ranking 8th among industries during the period from December 6 to December 12, 2025. Notable performers included Bona Film Group, Guangxi Radio and Television, Beijing Culture, Sanrenxing, and Huace Film & TV [11][18]. - The report highlights strong performance in AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, and publishing [5][37]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.26%, while the Shanghai Composite Index fell by 0.34%. The gaming sector saw a rise of 1.06%, and the film and television sector increased by 5.70% [11][12]. Key Industry Data AI Applications - In November, Deepseek led domestic AI web traffic with 346 million visits, despite a 2.95% month-over-month decline. Other notable AI products included Nano AI Search and Baidu AI Search, with respective monthly visits of 260 million and 52.63 million [22][23]. Gaming - The iOS gaming sales chart for December 13, 2025, was topped by "Honor of Kings," followed by "Gold Shovel Battle" and "Endless Winter." The report also noted that "Whiteout Survival" and "Kingshot" continued to perform strongly in overseas revenue [25][26]. Film - The total box office for the week of December 6-12 was 1.2 billion yuan, with "Zootopia 2" leading at 853 million yuan, accounting for 71% of the weekly total. Upcoming films include "Avatar: Fire and Ashes," set to release on December 19 [33][34]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kaiying Network, Yaoji Technology, and others [5][37].

证券日报网讯 12月15日晚间，浙数文化发布公告称，2025年9月29日，公司与浙江出版联合集团有限公 司（简称"浙江出版集团"）正式签署《股份转让协议》，公司拟以自有资金和自筹资金，通过非公开协 议转让的方式受让浙江出版集团持有的浙江出版传媒股份有限公司（股票代码：601921.SH，简称"浙版 传媒"）133，336，666股股份（占浙版传媒总股本的6.00%），股份转让价格为8.82元/股，股份转让价 款共计1，176，029，394.12元人民币。2025年12月15日，公司收到中国证券登记结算有限责任公司出 具的《证券过户登记确认书》，公司与浙江出版集团关于浙版传媒133，336，666股股份协议转让过户 的相关手续已办理完成，股份过户登记时间为2025年12月12日。至此，本次公司以非公开协议转让的方 式受让浙版传媒股份的事项已完成。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]