Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [4][35]. Core Insights - The media industry experienced a decline of 3.89%, underperforming compared to the CSI 300 index (-2.19%) and the ChiNext index (1.26%) during the week of March 9-13 [11][12]. - Key companies showing significant gains include Liansheng Technology, Tiandi Online, and Guiguang Network, while companies like Meiri Interactive and Giant Network faced notable declines [11][12]. - Tencent's AI assistant product QClaw has officially entered open beta, emphasizing "WeChat direct connection + zero-threshold deployment" [14][17]. - The AI product MuleRun, described as the "world's first self-evolving personal AI," was launched, allowing users to generate digital employees with zero barriers [17]. Summary by Sections Industry Performance - The media sector ranked 14th in terms of performance among all sectors, with a decline of 3.89% [11][12][13]. - The top three films at the box office for the week of March 16-22 generated a total of 2.97 billion yuan, with "Flying Life 3" leading at 640 million yuan [19][26]. AI Developments - The rapid development of AI applications is highlighted, with the release of OpenClaw and MuleRun, which are expected to enhance AI capabilities and penetration [3][35]. - The report suggests that the marketing industry will benefit from increased competition for traffic entry points, with opportunities arising from marketing intermediaries and high-quality data sources [3][35]. Gaming Sector - The gaming sector is viewed as a bottoming opportunity, with recommendations for companies like Giant Network, G-bits, and 37 Interactive Entertainment, focusing on product cycles and performance [3][35]. - The top three mobile games in China for February 2026 were identified as "Gossip Harbor: Merge & Story," "Whiteout Survival," and "Kingshot" [26][30]. Key Company Forecasts - Companies such as Kayi Network, G-bits, and 37 Interactive Entertainment are rated as "Outperform the Market," with projected EPS growth for 2025 and 2026 [4][37]. - The report emphasizes the importance of identifying companies with strong product cycles and AI product implementations for investment opportunities [3][35].

重要内容提示： 2026 年 3 月 13 日，恺英网络股份有限公司（以下简称"公司"）披露了《关 于控股股东、实际控制人增持公司股份计划的公告》，公司控股股东、实际控制 人、董事长金锋先生拟通过深圳证券交易所允许的方式增持公司股份，自增持计 划披露之日起 6 个月内增持公司股份，增持总金额规模不低于人民币 15,000 万元。 证券代码：002517 证券简称：恺英网络 公告编号：2026-013 恺英网络股份有限公司 关于控股股东、实际控制人 增持公司股份计划实施完成的公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 控股股东、实际控制人、董事长金锋先生保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 截至 2026 年 3 月 23 日，本次增持计划已完成。具体增持情况如下： | 股东名称 | 增持日期 | 增持方式 | 增持金额 （万元） | 增持股数 （万股） | 增持股份占 总股本比例 | | --- | --- | --- | --- | --- | --- | | 金锋 | 2026 年 3 月 16 日 | 集中竞价 | 5,003 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [1]. Core Insights - Domestic large models are continuously iterating, with significant advancements such as MiniMax's M2.7 model and Xiaomi's MiMo-V2-Pro, which enhance productivity tasks and leverage infrastructure advantages like low electricity costs and high talent density [2]. - The internet and cloud computing sectors are experiencing a significant amount of pessimism, with concerns about AI investments impacting profit margins. However, the report emphasizes that data and user engagement are crucial for success in the AI era, and advancements in AI capabilities will be key to reversing negative narratives [2]. - The gaming industry shows signs of recovery, with expected upward trends in profitability due to favorable regulatory changes and a rich supply of new game licenses. The report highlights several upcoming game releases that could exceed market expectations [2]. - The collectible toy sector, particularly companies like Pop Mart, is identified as a bright spot in consumer spending, with growth driven by strong brand engagement and expansion into international markets [2]. - Recommended stocks include Alibaba, Tencent, Bilibili, and several gaming companies, while also highlighting potential opportunities in AI infrastructure and cloud computing [2]. Summary by Sections Internet and Cloud Computing - The report notes that major internet companies like Bilibili and Tencent have seen significant stock declines post-earnings, reflecting market concerns about AI investments. However, it argues that the data and user engagement from these platforms are essential for thriving in the AI landscape [2]. - Tencent Cloud and Alibaba Cloud are projected to achieve substantial revenue growth, with Tencent Cloud's enterprise service revenue expected to grow by 22% year-over-year [2]. Gaming Industry - The gaming sector is characterized by a PE ratio slightly below 15x, indicating a potential bottoming out. The report anticipates that the reduction of overseas taxes will enhance profit margins for domestic game developers [2]. - Upcoming game releases are expected to drive revenue growth, with several titles set to launch in March and April 2026 [2]. Collectible Toys - Pop Mart is expected to alleviate concerns regarding single IP volatility, with growth driven by the ability to create popular new IPs and products, as well as increased store density in North America [2]. - The report highlights the potential for more IPs and product lines to launch overseas, particularly in the U.S., Japan, and Southeast Asia [2]. Recommendations - The report recommends stocks in various sectors, including cloud computing (Alibaba, NetEase Cloud Music), internet (Tencent, Bilibili), gaming (37 Interactive Entertainment, Giant Network), and high-dividend stocks (Fenzhong Media) [2].

证券代码：002517 证券简称：恺英网络 公告编号：2026-012 恺英网络股份有限公司 关于子公司提起仲裁事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 2 近日，公司子公司浙江欢游收到国际商会国际仲裁院下发的《最终裁决书》， 现将相关情况公告如下： 一、仲裁基本情况 传奇 IP 就其与浙江欢游之间的商事纠纷仲裁案，向北京市第四中级人民法 院（以下简称"北京四中院"）申请承认和执行国际商会国际仲裁院 2019 年 5 月 22 日作出的第 22593/PTA 号仲裁裁决，浙江欢游于 2019 年 9 月 16 日收到北京 四中院《民事裁定书》[案号：（2019）京 04 协外认 38 号]，裁定予以承认和执 行第 22593/PTA 号仲裁裁决，并根据《执行裁定书》[案号：(2019)京 04 执 172 号]执行冻结浙江欢游及其分公司银行账号。此后，传奇 IP 向北京四中院提出追 加上海恺英网络科技有限公司（以下简称"上海恺英"）为(2019)京 04 执 172 号执 行案件的被执行人，被北京四中院驳回后又向北京四中院 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant changes in Google's payment policies, which are expected to benefit high-quality overseas game developers by improving profit margins and operational autonomy [5] - The overseas revenue from self-developed games in China is projected to reach USD 20.455 billion in 2025, maintaining a steady growth trend [5] - The introduction of third-party payment systems and application stores is anticipated to enhance the competitive landscape for game distribution platforms [6] Summary by Relevant Sections Industry Overview - The closing index is at 825.13, with a 52-week high of 1021.75 and a low of 591.71 [1] Recent Developments - Google announced a significant reduction in its service fees from 30% to 20% or lower, which is expected to alleviate the financial burden on developers relying on in-app purchases (IAP) [5] - The new policy allows developers to utilize third-party payment systems, thereby increasing their operational independence and reducing costs [5] Investment Recommendations - The report suggests focusing on companies with a high proportion of overseas game revenue, such as Century Huatong, Giant Network, and Perfect World, as well as those with third-party platform capabilities like Xindong Company, Tencent, and NetEase [7]

Investment Rating - The report maintains an "Outperform the Market" rating for the media industry [4][41]. Core Insights - The media industry experienced a decline of 3.51% during the week, underperforming compared to the CSI 300 index (0.19%) and the ChiNext index (2.51%) [1][11]. - Key companies that performed well include China Science Publishing, Shunwang Technology, ST Rebate, and Youche Technology, while companies like Kaiying Network, CITIC Publishing, Leo Group, and BlueFocus Media saw significant declines [1][11]. - Major developments include ByteDance and Tencent launching products compatible with OpenClaw, and local cultural industry support policies being gradually implemented [1][15][17]. Summary by Sections Industry Performance - The media sector ranked 26th in terms of weekly performance among all sectors, with a notable decline of 3.51% [1][12][13]. - The top three films for the week generated a total box office of 3.40 billion yuan, with "Fast Life 3" leading at 1.18 billion yuan [2][18][22]. Key Developments - The launch of ArkClaw by ByteDance's Volcano Engine aims to address challenges faced by AI agents in real-world applications [15][16]. - Tencent's WorkBuddy was introduced to simplify the deployment of AI agents, enhancing productivity tools for office environments [16][17]. - The xAI Grok 4.20 model achieved a significant performance milestone with a non-hallucination rate of 78% [17]. Investment Recommendations - The report suggests capitalizing on opportunities in the AI application sector and the gaming industry, particularly focusing on companies like Giant Network, Gigabit, Kaiying Network, and Xindong Company [3][37]. - The report emphasizes the potential for growth in the IP trend and gaming sectors, recommending investments in companies like Pop Mart for bottom recovery opportunities [3][37].

Investment Rating - The report maintains a "Recommended" investment rating for the media and internet industry [4] Core Insights - The media industry experienced a decline of 3.23% from March 9 to March 15, 2026, while the Shanghai Composite Index decreased by 0.70% and the Shenzhen Component Index by 0.76% [12] - Key sectors such as gaming, television broadcasting, film, advertising, digital media, and publishing saw respective declines of 3.45%, 1.70%, 4.18%, 3.83%, 3.36%, and 0.78% [12] - The report highlights significant developments in AI applications, gaming, and film sectors, indicating potential growth areas [8][36] Summary by Sections 1. Market Performance - The media industry (Shenwan) declined by 3.23% during the week of March 9-15, 2026, compared to a 0.19% increase in the CSI 300 index [12] - The gaming sector specifically saw a decline of 3.45% [12] 2. Key Industry Data 2.1 AI Applications - OpenRouter platform token call volume reached 16.9 trillion, up 14.19% week-on-week, with domestic models dominating the top five [18] - Notable downloads for AI applications on iOS included Deepseek at 31.13 million, with a week-on-week increase of 7.39% [18] 2.2 Gaming - Apple reduced the commission rate for in-app purchases in China from 30% to 25%, and for eligible small businesses from 15% to 12% [3] - The top five mobile games on iOS in China as of March 14, 2026, were "Honor of Kings," "Peacekeeper Elite," "Fearless Contract: Source Action," "Delta Action," and "Endless Winter" [22] - The overseas revenue for Chinese mobile games in February saw a significant increase of 221% [25] 2.3 Film - Domestic box office revenue for the week of March 9-15 was 372 million yuan, with 13 films set to release the following week [31] - The top film was "Racing Life 3," grossing 128.99 million yuan, accounting for 34.60% of the total box office [34] 3. Industry Key Events and Announcements - Tencent's AI assistant "WorkBuddy" was officially launched on March 9, 2026, enhancing productivity tools [35] - Nvidia introduced the Nemotron 3 Super AI model, featuring 120 billion parameters, significantly boosting throughput [35] - Baidu launched a zero-deployment service called DuClaw, facilitating easier access to AI tools [35] 4. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [36] - Specific companies highlighted for potential investment include Giant Network, Perfect World, and Mango Super Media among others [36]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - Multiple favorable policies have been released, leading to record high operational data for several games in February [1] - Apple and Google have reduced their app store commission rates, emphasizing the importance of content over distribution channels [1][2] - The "14th Five-Year Plan" explicitly mentions the development of online games, indicating a supportive regulatory environment for the industry [3] Company Summaries - **Kongzhong Network**: The company is actively repurchasing shares, with significant insider buying planned, indicating confidence in future performance [4] - **Giant Network**: The core product "Supernatural Action Team" has seen explosive growth, with a 43% increase in monthly revenue and over 10 million daily active users in February [4] - **Century Huatong**: The company is driven by both domestic and international business, with its game "Whiteout Survival" nearing $4.3 billion in cumulative global revenue [5] - **Tanwan**: The company expects a net profit of no less than 1.5 billion yuan in 2025, a 34-fold increase from 2024, driven by financial gains from Century Huatong shares and successful game launches [6] Investment Recommendations - The report suggests that after previous adjustments, several key gaming companies have attractive valuation levels. It continues to recommend Perfect World and highlights companies such as Kongzhong Network, Giant Network, Century Huatong, and others for further attention [7]

Investment Rating - The report maintains an "Overweight" rating for the gaming industry, indicating a positive outlook for the sector [2]. Core Insights - Apple's recent reduction of the standard commission rate from 30% to 25% is expected to save game developers approximately 4.5 billion RMB annually, enhancing profits and potentially increasing investment in R&D and marketing [2]. - Google's phased reform of its service fees, reducing the standard IAP cut from 30% to 20% and subscription fees from 15% to 10%, is favorable for Chinese game developers looking to expand internationally [2]. - The trend of decreasing app store commission rates and the opening of third-party payment systems are reshaping the gaming industry, with major developers gaining more bargaining power [2][3]. Summary by Sections Apple Developer Fee Policy - The standard fee rate in mainland China is now 25%, down from 30%, with a commitment to not exceed rates in other regions [3]. - Small developers benefit from a reduced rate of 12%, down from 15% [3]. - Third-party payment systems remain closed in China, unlike in the EU and Japan, where they are allowed [3]. Google Play Developer Fee Policy - The standard IAP fee is now 20%, with new user incentives lowering it to 15% [4]. - Subscription services see a reduction in fees to 10% [4]. - Developers are allowed to promote third-party payment methods freely, marking a significant shift in policy [4]. Company Valuation Table - Tencent Holdings has a market cap of 43,956 million RMB, with projected revenues increasing from 6,603 million RMB in 2024 to 8,488 million RMB in 2026 [5]. - Other notable companies include Giant Network with a market cap of 673 million RMB and projected revenue growth of 81% from 2024 to 2026 [5]. - Bilibili is projected to have a revenue increase of 13% from 2025 to 2026, with a market cap of 732 million RMB [5].

证券研究报告 传媒 渠道分成比例降低，助力游戏板块利 润率提升 华泰研究 2026 年 3 月 15 日│中国内地 动态点评 据苹果官网宣布，自 3 月 15 日起，中国内地（大陆）App Store 的内购及 付费 App 的佣金率将由 30%降低为 25%，同时，小型企业项目、小程序合 作伙伴开发者，应用内购和自动订阅续费满一年后的优惠费率，同步从 15% 下调至 12%。我们认为，苹果端分成比例的下调，将直接带动游戏厂商利 润率提升，渠道降费与开放为行业大趋势，利好游戏产业健康持续发展。 渠道分成比例下降，有望直接带动游戏公司利润率提升 1）此前，3 月 4 日，谷歌宣布 Google Play 商店的抽成将从 30%降至 20%， 并正式开放第三方支付与第三方应用商店。新的抽成政策即将在全球分批次 推出，至 2027 年 9 月 30 日前在全球正式实行。我们认为，谷歌和苹果通 过占据应用商店的垄断地位，长期收取高额的渠道流水分成，对应用开发者 生态繁荣发展及相关的反垄断监管都存在不利影响，"平台税"由单一抽成 过渡至分层费率、整体费率下调、全球化渠道开放为长期大趋势。 2）基于中国内地（大陆）由 3 ...