Investment Rating - The industry investment rating is "Positive" [3] Core Insights - The gaming sector is expected to experience significant growth in 2026, driven by a mature product line, a persistent "lipstick effect" in consumer spending, and a peak in product cycles among major gaming companies [8][11] - The market size for the gaming sector is projected to reach approximately 357 billion yuan in 2026, with a quarterly growth rate expected to be in the high single digits [11] - The issuance of new game licenses has increased significantly, with a total of 1,771 licenses issued in 2025, marking a 25% increase from 2024 [9] - The domestic gaming market is anticipated to maintain strong consumer enthusiasm, supported by a moderate economic growth forecast of around 4.8% for GDP in 2026 [10] Summary by Sections Market Overview - The gaming sector is characterized by product line-driven growth, a noticeable lipstick effect, and the rise of A-share gaming companies [6] - Major titles such as "Endless Winter," "Supernatural Action Group," and "Delta Action" have catalyzed revenue growth in 2025 [6] Supply Side Analysis - In 2025, 1,729 mobile games received licenses, with 1,648 being domestic titles, indicating a 26.39% increase from 2024 [9] - The issuance of PC client game licenses also saw a rise, with 159 licenses granted, a 17.78% increase from the previous year [9] Consumer Behavior - The gaming sector is expected to benefit from a stable macroeconomic environment, with consumer spending likely to remain robust due to the lipstick effect [10] Market Size Forecast - The gaming market is projected to achieve a quarterly size of over 90 billion yuan in Q3 2026, contributing to an annual total of approximately 357 billion yuan [11] Company Valuation - The gaming sector is anticipated to reach a 20x P/E valuation by 2026, with current average valuations around 18x P/E [43] - Key companies to watch include Century Huatong, Giant Network, and Tencent Holdings, which have strong product lines and upcoming releases [43]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].

Group 1 - G-bits stock price increased by 0.83% to 480.00 CNY per share, with a trading volume of 1.389 billion CNY and a turnover rate of 3.99%, resulting in a total market capitalization of 34.58 billion CNY [1] - G-bits has experienced a continuous increase in stock price for four consecutive days, with a cumulative increase of 7.43% during this period [1] - G-bits is primarily engaged in the creative planning, research and development, and commercialization of online games, and was established on March 26, 2004, and listed on January 4, 2017 [1] Group 2 - The Tongtai Fund has a significant holding in G-bits, with the Tongtai Huili Mixed A Fund (008180) holding 10,800 shares, accounting for 5.18% of the fund's net value, making it the eighth largest holding [2] - The Tongtai Huili Mixed A Fund has generated a floating profit of approximately 42,400 CNY today and a total floating profit of 358,600 CNY during the four-day increase [2] - The fund was established on July 3, 2020, with a current scale of 33.76 million CNY, and has achieved a year-to-date return of 19.47%, ranking 119 out of 8,836 in its category [2]

内容来源：海西晨报 2025年，中国股市表现突出，截至2025年12月31日，上证指数从2025年年初的3351.76点增长至3968.84点，同比涨幅达18.4%。2025年， 70家上市厦企的 表现也十分突出，其中42家上市公司股价涨幅跑赢大盘。 厦门上市公司协会的数据显示，2025年， 厦门有15家上市公司年中股价创历史新高，分别为科华数据（79.15元）、鹭燕医药（24.35元）、宸展光电 （44.1元）、乾照光电（28.3元）、弘信电子（47.61元）、嘉戎技术（60.47元）、唯科科技（122.33元）、星宸科技（97.59元）、厦门钨业（44.14 元）、华懋科技（63.8元）、吉比特（658.83元）、松霖科技（45.17元）、力鼎光电（36.24元）、特宝生物（93.52元）、路桥信息（96.82元），反映出 厦门上市公司经营基本面、核心竞争力与成长潜力获得投资者的广泛认可。 截至2025年12月31日， 70家上市厦企总市值为9030.35亿元，较上一年同期相比增长44.1%，反映出市场对辖区上市公司认可程度不断提升。 这些上市厦 企中，市值规模超百亿的共有30家，占辖区上市公司总数超四成 ...

资料显示，厦门吉比特网络技术股份有限公司位于福建省厦门软件园二期望海路4号101室，成立日期 2004年3月26日，上市日期2017年1月4日，公司主营业务涉及专业从事网络游戏创意策划、研发制作及 商业化运营。 1月12日，吉比特盘中上涨2.04%，截至10:04，报476.75元/股，成交4.79亿元，换手率1.42%，总市值 343.46亿元。 资金流向方面，主力资金净流入1049.35万元，特大单买入4284.28万元，占比8.94%，卖出4492.40万 元，占比9.37%；大单买入1.09亿元，占比22.81%，卖出9675.58万元，占比20.18%。 吉比特今年以来股价涨12.48%，近5个交易日涨9.12%，近20日涨5.90%，近60日涨2.62%。 吉比特所属申万行业为：传媒-游戏Ⅱ-游戏Ⅲ。所属概念板块包括：盲盒概念、高派息、百元股、网络 游戏、在线教育等。 截至9月30日，吉比特股东户数1.65万，较上期减少8.04%；人均流通股4368股，较上期增加8.74%。 2025年1月-9月，吉比特实现营业收入44.86亿元，同比增长59.17%；归母净利润12.14亿元，同比增长 84.6 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The new game cycle in January continues with several products like "Duck Duck Goose" and "Heart Town" launching successfully. The trend of Chinese games going overseas remains strong, with leading companies like Dd and others showing impressive performance. The industry is expected to see a series of new game launches, leading to continuous catalysts [2][4] - The gaming sector's product cycle in 2026 shows strong sustainability and performance certainty, indicating room for valuation improvement. It is recommended to continue focusing on investment opportunities in the gaming sector, with relevant companies including Giant Network, Kaiying Network, Perfect World, 37 Interactive, G-bits, Yaoji Technology, Shengtian Network, Tencent Holdings, and Xindong Company [2][4] Summary by Sections New Game Launches - The January new game cycle has seen successful launches, including "Duck Duck Goose," which has gained significant popularity, and "Heart Town," which topped the global free charts in over 50 regions during its pre-download phase [2][4] - The performance of these new games validates the importance of global expansion and social interaction as growth engines in the gaming industry, with a strategy of "evergreen games + globalization" becoming key for leading companies [10] Overseas Market Performance - The overseas gaming market continues to thrive, with Dd's "Whiteout Survival" achieving over $4 billion in global revenue by December 2025. Other games like "Tasty Travels: Merge Game" and "Truck Star" have also shown strong performance in the overseas market [10] Future Game Releases - Upcoming game releases include Tencent's "Counter-Strike: Future" on January 13, "Rock Kingdom: World" on March 26, and several others from various companies, indicating a busy launch schedule that may catalyze further industry growth [10]

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]

Group 1 - The core viewpoint of the news is that Jibite's stock has shown a positive trend in early January 2025, with a price increase of 2.06% to 456.00 CNY per share, and a total market capitalization of 32.851 billion CNY [1] - Jibite's stock price has increased by 7.59% since the beginning of the year, with a 7.50% rise in the last five trading days and a 3.05% increase over the last 20 days, although it has decreased by 9.06% over the past 60 days [2] - The company reported a significant revenue of 4.486 billion CNY for the period from January to September 2025, representing a year-on-year growth of 59.17%, and a net profit of 1.214 billion CNY, which is an increase of 84.66% year-on-year [2] Group 2 - Jibite has distributed a total of 6.920 billion CNY in dividends since its A-share listing, with 2.342 billion CNY distributed in the last three years [3] - As of September 30, 2025, Jibite's top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 6.9038 million shares, a decrease of 70,000 shares from the previous period [3] - The company is categorized under the media and gaming industry, specifically in the gaming sector, and is associated with concepts such as blind box, high dividend, and online education [2]