证券研究报告 | 策略报告 gszqdatemark 2026 02 24 年 月 日 投资策略 年报预告景气行业的个股指引 一、策略专题：年报预告景气行业的个股指引 基于 2 月 21 日数据，我们结合业绩增长与超预期各项指标对 2025 年报 预告的景气行业进行筛选，当前景气行业主要分布于新能源、医药以及科 技三大板块，新能源景气行业包括能源金属、电池，医药景气行业包括医 疗服务、中药，科技景气行业包括元件、其他电子、游戏。本文进一步对 上述景气行业重点个股的财报进行梳理，以深化对各行业景气特征的认 知。 ——能源金属行业看，上市公司普遍提示了锂、钴等金属相关产品价格 的上涨叠加产品产量的增长，也有部分上市公司提及投资收益大幅增 长等。重点超预期个股为华友钴业。 ——电池行业看，新能源汽车及储能行业需求快速增长，电池及材料阶 段性去库存周期结束、销量大幅提升，六氟磷酸锂等材料价格迎来上 涨。重点超预期个股为璞泰来、先惠技术。 二、本周市场表现与政策事件（本周指 2 月 13 日当周） 2.1 A 股复盘：指数震荡微涨，科技股受密集催化 本周 A 股震荡微涨， 节前投资者整体保持观望情绪，市场成交量能较为低 ...

招商传媒 谢笑妍&顾佳团队】游戏行业推荐：AI及新科技助力行业发展，关注后续年报一季报行情 1、 各个重点公司均有亮点。 【世纪华通】1月全球手游出海排行榜Whiteout Survival排名第二、Kingshot排名第三，TTM排名第十，Truck star排名 29。 招商传媒 谢笑妍&顾佳团队】游戏行业推荐：AI及新科技助力行业发展，关注后续年报一季报行情 1、 各个重点公司均有亮点。 【世纪华通】1月全球手游出海排行榜Whiteout Survival排名第二、Kingshot排名第三，TTM排名第十，Truck star排名 29。 公司游戏海外占比高，新游戏TTM和Truck star于12月、1月增速较高；【巨人网络】长青游戏超自然行动组有望在 根据伽马数据，2024年女性向游戏的市场规模达到80亿元，增长率达到124.1%，增速远超整体市场。 政策方面，2025年国产版号单月超140款，版号发放常态化，政策从转向产业支持，鼓励游戏出海及游戏作为新兴 消费促内需。 3、 AI应用及其他科技对于游戏行业的影响仍值得我们期待。 自23年AI应用逐步渗透入游戏公司后，现如今已经在产品制作及广告投放方 ...

[玫瑰]观点更新：受益于春节假期，游戏整体表现较好，大DAU产品更为强势。节前游戏整体估值回到16-17x中 枢，高安全边际下，把握个股催化节奏。 [啤酒]标的考虑催化节奏：【巨人】超自然春节亮眼、不负期待；春节后关注下限是否提升。【恺英】AI社交 ELYS春节前出圈，EVE定档3.14，3-4月新游催化。【心动】小镇海外X小马宝莉2月联动超预期。【华 通】TTM/TS等出海休闲继续猛增，估值 【申万传媒】游戏观点及春节情况更新02/23 【申万传媒】游戏观点及春节情况更新02/23 [玫瑰]观点更新：受益于春节假期，游戏整体表现较好，大DAU产品更为强势。节前游戏整体估值回到16-17x中 枢，高安全边际下，把握个股催化节奏。 [啤酒]标的考虑催化节奏：【巨人】超自然春节亮眼、不负期待；春节后关注下限是否提升。【恺英】AI社交 ELYS春节前出圈，EVE定档3.14，3-4月新游催化。【心动】小镇海外X小马宝莉2月联动超预期。【华 通】TTM/TS等出海休闲继续猛增，估值性价比突出；【完美】异环三测上修预期空间，预计Q2正式上线；【三 七】3-4月新游催化，2款出海SLG预计上半年。[咖啡]其他关注【虎牙】 ...

1、 各个重点公司均有亮点。【世纪华通】1月全球手游出海排行榜Whiteout Survival排名第二、Kingshot排名第 三，TTM排名第十，Truck star排名29。公司游戏海外占比高，新游戏TTM和Truck star于12月、1月增速较高；【巨 人网络】长青游戏超自然行动组有望在春节创新系高，港澳台地区已于11月27日上线，1月31日dau已经破亿，后 续情人节和春节活动值得期待，新游戏《 查找图书 》12月19日已上线；【三七互娱】小程序游戏《 查找图书 》 近日一直维持在前五，1月15日RO港澳台已上线，后续新品较丰富值得期待；【恺英网络】传奇盒子有望创造平 台增量，AI陪伴应用《 查找图书 》定档3月14日上线；【吉比特】三国题材SLG新游《 查找图书 》12月18日已上 线；【完美世界】重点游戏《 查找图书 》三测已结束，B站及Taptap均高分评价；【心动公司】《 查找图书 》1 月8日出海上线，2月6日《 查找图书 》上线。 2、 出海及女性增量市场带来行业性机会。中国市场：2025年上半年销售收入1680亿元，同比+14.08%，用户规模 6.79亿，同比+0.72%。全球市场 ...

投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2025-02 2025-06 2025-10 传媒 沪深300 相关研究报告 《《异环》三测及字节 AI 视频模型惊 艳，继续布局游戏/多模态 AI 应用— 行业周报》-2026.2.8 《Moltbook、元宝、Genie3 出圈，继 续布局 AI 社交/游戏/营销—行业点评 报告》-2026.2.2 《AI 入口争夺再升级，继续布局 AI 应用及游戏—行业周报》-2026.1.25 节后继续聚焦 AI 入口商业化、重磅新游及长青游戏 传媒 2026 年 02 月 23 日 请务必参阅正文后面的信息披露和法律声明 1/18 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 红包等系列春节运营活动或推动豆包/千问/元宝用户量大增及商业化加快 2 月 17 日，豆包宣布通过总台春晚为全国观众送出超过 10 万份科技好礼和现金 红包，帮用户生成了超过 5000 万张新春头像，写下了超过 1 亿条祝福语等，AI 总互动达 19 亿次；豆包视频生成 ...

Core Insights - Fujian's economy is characterized by a vibrant private sector, high degree of outward orientation, and strong industrial resilience, with notable companies like CATL and Fuyao Glass leading the market [1] - The recent ESG-V rating by Jinan Jinxin highlights the transformation of market advantages into sustainable governance and long-term value for Fujian companies [1] ESG-V Rating Overview - Three companies, Ruixin Microelectronics, Yilian Network, and Gibit, achieved the highest AAA rating, representing the leading tier in Fujian's ESG-V landscape [2] - These AAA-rated companies are concentrated in the technology and digital economy sectors, indicating that long-term capital recognition is awarded to firms that integrate technological advantages with governance and value realization [2] Value Realization in Manufacturing - The AA tier includes a diverse range of companies from sectors such as power batteries, automotive parts, biomedicine, and food consumption, showcasing strong value realization capabilities [3] - Notable companies like CATL and Fuyao Glass demonstrate robust profitability and clear capital return structures, making them attractive investment opportunities [3] Social Responsibility as a Core Value - High ratings in the social dimension (S) are a common highlight among Fujian-listed companies, reflecting a deep-rooted "Min business culture" that emphasizes reputation, employee care, and community support [4] - This cultural foundation has evolved into a modern social responsibility management system, leading to superior performance in employee rights, product quality, and data privacy [4] Environmental Performance and Green Transition - Fujian companies excel in governance (G) and value (V) dimensions, but environmental (E) performance shows significant variation [5] - Companies with resource-intensive operations, such as Zijin Mining and Xiamen Tungsten, face challenges in meeting environmental standards, while firms in the environmental sector, like Longjing Environmental Protection, are emerging as leaders [5] Investment Implications - The ESG-V rankings reveal that social responsibility translates into trust premiums, which are crucial for building brand loyalty and stable cash flows [6] - Strong governance structures are essential for navigating market fluctuations, while environmental performance will increasingly differentiate competitive advantages in the future [7] - The challenge for Fujian lies in balancing excellence across all ESG dimensions to achieve sustainable development without sacrificing business efficiency [7]

Core Viewpoint - The article highlights the extravagant year-end rewards distributed by various companies, showcasing a trend where firms, particularly in the tech and gaming sectors, are using lavish prizes to motivate employees and enhance brand visibility [2][3][45]. Group 1: Year-End Bonuses and Rewards - Henan Mining Crane Company distributed over 60 million yuan in cash bonuses, totaling more than 180 million yuan when including online distributions [2]. - Ying Shi Innovation is noted as the "king of year-end rewards," offering prizes including real estate and luxury cars, with a total prize value surpassing that of cash bonuses [3][6]. - Jiubite provided each employee with a 1TB iPhone 17 Pro Max, while the game producer received a property valued at tens of millions [11][9]. Group 2: Unique Prize Offerings - Mu Tong Technology awarded each employee a 5g gold bracelet, alongside various tech gadgets and a high prize distribution rate of 55% [24]. - Lilith Games offered a range of prizes including a 30g custom gold bar and high-end electronics, ensuring participation from all employees, including interns [13][14]. - Meitu's year-end event included stock awards and a global travel fund, emphasizing a focus on employee experience and engagement [15][18]. Group 3: Trends and Observations - The trend of showcasing wealth through year-end events is prevalent among smaller tech and gaming companies, contrasting with larger firms that tend to be more discreet [45]. - Experts suggest that while rewarding employees is important, companies should be cautious of turning year-end celebrations into displays of wealth, which could foster negative sentiments [45]. - The article notes that companies like Chasing Technology transformed their year-end events into large concerts, further emphasizing the shift in how these celebrations are conducted [22].

Core Viewpoint - The article highlights the extravagant year-end rewards given by various companies, particularly in the tech and gaming sectors, showcasing a trend of high-value prizes and bonuses that have sparked discussions about wealth display and corporate culture [3][31]. Group 1: Year-End Bonuses and Prizes - Henan Mining Crane Co., Ltd. distributed over 60 million yuan in cash bonuses, totaling more than 180 million yuan when including online distributions [3][31]. - Ying Shi Innovation is noted for having the highest total value of prizes, including five apartments and luxury cars, making it the "king of year-end rewards" [4][31]. - Mu Tong Technology awarded an average of 5 grams of pure gold bracelets per employee, marking it as the company with the highest gold distribution rate [5][31]. Group 2: Notable Company Practices - Ying Shi Innovation's year-end event featured five apartments and luxury cars, with an 80% prize-winning rate for attendees [6][32]. - Ji Bi Te's year-end event included a mountain of iPhones and a million-yuan property reward for the game producer, reflecting a significant profit increase of 79%-97% year-on-year [10][36]. - Li Li Si's event offered over 1,100 prizes, including a 30g gold bar and high-end electronics, ensuring participation from all employees, including interns [37][41]. Group 3: Unique Reward Structures - Mei Tu's year-end event included stock awards, granting each employee 1,357 shares, marking the third time since its IPO that stock has been distributed [13][39]. - Chasing Technology transformed its year-end meeting into a concert, rewarding all employees with 1 gram of gold and offering travel incentives [16][42]. - FunPlus set up multiple prize tiers, including cash and high-end electronics, ensuring that even those who did not win major prizes received a cash bonus [27][53]. Group 4: Industry Trends and Expert Opinions - Analysts noted that many companies are using year-end events as marketing opportunities, but there is a risk of these events becoming displays of wealth, particularly among smaller tech firms [29][55]. - The trend of high-value rewards is seen as a way to attract and retain talent, but experts caution against fostering a culture of envy and competition among employees [29][55].

Group 1 - The core viewpoint of the article highlights the performance of the CSI 500 Growth ETF managed by Huaxia Fund Management, which has seen a return of 29.67% since its inception on July 19, 2022, and a return of 0.82% over the past month [1][1][1] - As of the midday close on February 13, the CSI 500 Growth ETF (159620) fell by 0.77%, trading at 1.289 yuan with a transaction volume of 893,900 yuan [1][1][1] - The top holdings of the CSI 500 Growth ETF include stocks such as Ruichuang Micro-Nano, which rose by 0.94%, and Changchuan Technology, which increased by 2.50%, while stocks like Hehe Information and Dazhu CNC experienced declines of 1.37% and 0.15%, respectively [1][1][1] Group 2 - The performance benchmark for the CSI 500 Growth ETF is the return rate of the CSI Smart Selection 500 Growth Innovation Strategy Index [1][1][1] - The fund is managed by Huaxia Fund Management Company, with Rong Ying serving as the fund manager [1][1][1]

Core Viewpoint - The company G-bits expects a significant increase in net profit for the fiscal year 2025, driven by the launch of new products [2] Financial Performance - G-bits forecasts a net profit attributable to shareholders of between 1.69 billion to 1.86 billion yuan for 2025, representing a year-on-year growth of 79% to 97% [2] - The anticipated growth is primarily attributed to the contribution of new products such as "Zhang Jian Chuan Shuo (Mainland Version)", "Wen Jian Chang Sheng (Mainland Version)", "Zhang Jian Chuan Shuo (Overseas Version)", and "Dao You Lai Wa Bao" [2] Product Launches - The new products set to launch in 2025 are expected to generate incremental profits for the company [2] - The company will provide further details on the year-on-year and quarter-on-quarter changes in net profit and product performance in its upcoming annual report [2]