转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院计算机仿真研究小组发布的《中国计算机仿真行业发展前景与投 资预测分析报告》 行业主要上市公司：华力创通(300045.SZ)、霍莱沃(688682.SH)、华如科技(301302.SZ)、坤恒顺维 (688283.SH)、视觉中国(000681.SZ)、康拓红外(300455.SZ)、捷安高科(300845.SZ)、永信至诚 (688244.SH)、经纬恒润(688326.SH)等。 本文核心数据：行业整体融资;行业投融资轮次 1、计算机仿真行业投融资活跃度呈波动态势 根据IT桔子，2016-2025年期间，我国计算机仿真行业共发生了108起融资事件，投融资活跃度呈波动上 升态势。2024年，计算机仿真行业披露融资金额的事件共有12起，共计8.73亿元。2025年截至12月1 日，计算机仿真行业投融资事件共有30起，共计约8.89亿元。 注：上述统计时间截止2025年12月1日，下同。 2、计算机仿真行业投融资单笔融资波动较小 从平均单笔融资金额来看，2016-2025年，计算机仿真行业平均单笔融资金额呈现波动态势。2025年1 月-11月平均单笔融资金 ...

Group 1 - The core viewpoint of the news is that Vision China has experienced fluctuations in its stock price and trading volume, with a notable increase in stock price since the beginning of the year, despite recent declines [1][2] - As of January 21, Vision China's stock price increased by 2.09% to 27.36 CNY per share, with a total market capitalization of 19.168 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.91%, with a 14.29% decline over the last five trading days, and a 25.56% increase over the last 20 days [1] Group 2 - Vision China operates in the media sector, specifically in digital media and image media, with its main business activities including the production of TV dramas, theme park entertainment, and the sale of visual content [2][3] - As of September 30, the company reported a revenue of 610 million CNY for the first nine months of 2025, reflecting a year-on-year growth of 0.30%, while the net profit attributable to shareholders decreased by 9.03% to 74.314 million CNY [2] - The company has distributed a total of 205 million CNY in dividends since its A-share listing, with 47.586 million CNY distributed over the past three years [3]

Group 1 - The media sector outperformed the index in 2025, with a 24.75% increase, ranking 8th among 31 sub-industries, driven primarily by a 60.67% rise in the gaming sector [1][14][21] - The overall revenue growth for the media industry in the first three quarters of 2025 was 5.92%, while net profit increased by 37.12%, indicating strong earnings per share (EPS) performance [1][21][24] - The current valuation of the media industry is at the 47th percentile of the past three years, with attractive valuations in the gaming and film sectors [1][24][25] Group 2 - The mobile gaming market in 2025 achieved sales revenue of 257.08 billion yuan, a year-on-year increase of 7.92%, indicating a recovery in market sentiment [2][26] - New game releases such as "Supernatural Action Group" and "Staff Sword Legend" exceeded expectations, while established titles like "Honor of Kings" and "Peace Elite" continued to perform well [2][26] - The approval process for new game licenses remained stable in 2025, benefiting the supply side of the gaming industry [2][34] Group 3 - The short drama market in China reached a scale of 67.79 billion yuan in 2025, growing by 34.4% year-on-year, with a significant portion attributed to IAA [3][22] - The overseas short drama market is expected to grow by 145.7% in 2025, reaching a scale of 21.07 billion yuan, indicating strong international demand [3][22] - AI-driven animated dramas are emerging rapidly, with the market size expected to exceed 20 billion yuan, benefiting from lower production costs and enhanced efficiency [3][29] Group 4 - AI model capabilities continued to iterate in 2025, with significant advancements in models like Gemini 3 and ChatGPT 5.2, leading to accelerated commercialization [4][38] - The annual recurring revenue (ARR) for OpenAI reached 12 billion USD in 2025, with various AI applications generating over 100 million USD in annual revenue [4][38] - Investment opportunities in AI applications are expected to grow, particularly in AI video, advertising, animated dramas, and gaming [4][38] Group 5 - Recommended companies for investment include Giant Network, Perfect World, Century Huatong, and others, indicating a focus on firms with strong product pipelines and market positions [5][10]

Summary of Key Points Core Viewpoint - On January 20, a total of 47 stocks were involved with institutional investors, with 25 showing net buying and 22 showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were Vision China, Cangzhou Dahua, and Hunan Silver, with net buying amounts of 112.25 million, 104.37 million, and 80.83 million respectively [1][2]. - Vision China experienced a price drop of 5.77% on the day, while Cangzhou Dahua and Hunan Silver both saw price increases of 10.00% and 10.03% respectively [2]. Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were Boqian New Materials, Sanwei Communication, and Tongfu Microelectronics, with net outflows of 294.30 million, 193.60 million, and 116.59 million respectively [1][4]. - Boqian New Materials had a price increase of 6.77%, while Sanwei Communication and Tongfu Microelectronics experienced price drops of 9.98% and 5.85% respectively [4].

Core Viewpoint - The company announced that its stock price experienced a cumulative decline of over 20% across three consecutive trading days, specifically on January 16, 19, and 20, 2026 [1] Group 1 - The company confirmed that there are no necessary corrections or supplements to previously disclosed information [1] - There have been no significant changes in the company's operational situation or external business environment [1] - The company, its controlling shareholders, and actual controllers have not engaged in any undisclosed significant matters or are in the planning stages of such matters [1] Group 2 - During the period of abnormal stock price fluctuations, the company did not buy or sell its own shares [1] - The company stated that it does not violate information fair disclosure regulations, and all disclosures are based on announcements published in designated media [1]

证券代码：000681 证券简称：视觉中国 公告编号：2026-006 视觉（中国）文化发展股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 视觉（中国）文化发展股份有限公司（以下简称"公司"或"本公司"）股票（证 券代码：000681，证券简称：视觉中国）于 2026 年 1 月 16 日、1 月 19 日、1 月 20 日连续 3 个交易日收盘价格跌幅偏离值累计达到 20%以上，根据《深圳证 券交易所交易规则》的相关规定，属于股票交易异常波动的情形。 2. 经核实，公司未发现近期公共传媒报道了可能或已经对公司股票交易价 格产生较大影响的未公开重大信息。 3. 经核实，近期公司经营情况及内外部经营环境未发生或预计将要发生重 大变化。 4. 经核实，公司、公司控股股东及其一致行动人、实际控制人不存在关于 本公司的应披露而未披露的重大事项或处于筹划阶段的重大事项。 二、公司关注并核实的相关情况 公司对需核实的情况进行了自查，并就相关问题向对公司控股股东及其一致 行动人、公司实际控制人进行了核实： ...

Market Overview - The digital media sector experienced a decline of 2.47% on January 20, with People's Daily leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable stock performances in the digital media sector included: - 365 Network (300295) closed at 13.39, up 1.13% with a trading volume of 106,000 shares and a turnover of 143 million yuan [1] - People's Daily (603000) closed at 23.51, down 5.88% with a trading volume of 1.8783 million shares and a turnover of 4.521 billion yuan [2] - Visual China (000681) closed at 26.80, down 5.77% with a trading volume of 1.6543 million shares and a turnover of 4.561 billion yuan [2] Capital Flow - The digital media sector saw a net outflow of 914 million yuan from institutional investors, while retail investors contributed a net inflow of 343 million yuan [2] - The capital flow for specific stocks included: -川网传媒 (300987) had a net inflow of 16.12 million yuan from institutional investors but a net outflow of 13.40 million yuan from retail investors [3] - 三六五网 (300295) saw a net inflow of 8.15 million yuan from institutional investors and a net outflow of 11.55 million yuan from retail investors [3] - *ST返利 (600228) experienced a significant net outflow of 16.80 million yuan from institutional investors, while retail investors had a net inflow of 9.53 million yuan [3]

Group 1 - Visual China experienced a decline of 5.17% on January 20, with a stock price of 26.97 yuan per share, a trading volume of 3.261 billion yuan, a turnover rate of 17.27%, and a total market capitalization of 18.895 billion yuan [1] - Visual China Cultural Development Co., Ltd. was established on May 28, 1994, and listed on January 21, 1997. The company's main business includes the production and distribution of TV dramas, indoor smart entertainment in theme parks, special film projects, animation design, and the sale of creative and editorial visual materials (images, videos, etc.) along with value-added services [1] - The main revenue composition of Visual China is 99.92% from visual content and services, with only 0.08% from other sources [1] Group 2 - Among the top ten circulating shareholders of Visual China, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 38,900 shares in the third quarter, now holding 4.482 million shares, which accounts for 0.66% of the circulating shares. The estimated floating loss today is approximately 6.5885 million yuan [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date returns are 8.83%, ranking 1490 out of 5542 in its category; over the past year, returns are 43.44%, ranking 1752 out of 4235; and since inception, returns are 24.47% [2]

Group 1 - Beijing Chuangxin Zhiquan Cultural Creative Partnership (Limited Partnership) has been established, with the executive partner being Changzhou Shijuejia Information Technology Consulting Co., Ltd. [1] - The business scope of the partnership includes organizing cultural and artistic exchange activities, computer system services, information system integration services, and digital cultural creative software development [1] - The partnership is jointly held by Jin Xin and Changzhou Shijuejia Information Technology Consulting Co., Ltd., a wholly-owned subsidiary of Visual China [1]

Core Viewpoint - The AI marketing sector has experienced a significant downturn, with several companies facing sharp declines in stock prices, indicating a rapid cooling of investor enthusiasm and a shift in market focus towards companies with solid earnings. Group 1: Market Reaction - AI marketing stocks, including companies like Inry Media and Vision China, hit their daily trading limits, with declines of up to 10% for others like Zhejiang Wenlian and Xinhua Du, reflecting a broader market sell-off [1] - The rapid decline in stock prices comes after a period of excessive speculation, where stocks like Yidian Tianxia surged by 120% in just nine days, leading to inflated valuations and a bubble-like environment [3] Group 2: Underlying Issues - Several companies in the AI marketing space, such as Inry Media, have clarified that their GEO business is still in the planning stages and has not generated any revenue, indicating that much of the previous hype was unfounded and based on speculative narratives [3] - There has been a significant outflow of capital from high-flying stocks, with over 4 billion yuan exiting the sector in just three days, as investors shift their focus to sectors like semiconductors and non-ferrous metals that have strong earnings support [4] Group 3: Regulatory Environment - Recent inquiries from regulators into multiple AI concept companies signal a crackdown on "pseudo-concept" speculation, further contributing to the fear and selling pressure in the market [4] - The market is transitioning from a focus on speculative stories to a focus on actual performance, suggesting that stocks without fundamental support should be avoided [4] Group 4: Investment Strategy - Investors are advised to steer clear of AI marketing stocks that lack earnings and are merely riding on trends, especially those that have seen their prices double recently [4] - For those holding positions in these stocks, it is recommended to wait for stabilization in the sector before considering any additional investments [4] - The current investment focus has shifted towards hard technology sectors, particularly semiconductors and memory chips, which are supported by both policy and earnings [4]