｜ 2025年7月23日星期三｜ NO.1中国足协计划组建国家电子竞技足球队 7月22日消息，中国足协网站发布《关于征集国家电子竞技足球队合作赛区的通知》，宣布计划组建中 国国家电子竞技足球队。该队伍未来将参与国际足联及亚足联等组织举办的各类电竞足球赛事。 点评：对电竞场馆及设施供应商而言，随着合作赛区的征集与后续建设需求的释放，将迎来业务增长机 遇。这些供应商需提供符合电竞足球项目技术标准的训练场地、比赛场馆以及稳定高速网络环境、适配 电力系统等相关设施设备。例如专业电竞设备制造商，其生产的高刷新率显示器、低延迟键盘鼠标、专 业电竞座椅等产品，有望因国家队赛事筹备及各地赛区建设需求而增加销量。 点评：版号的稳定发放有助于游戏公司明确产品上线计划，增强投资者信心。对已上市游戏公司而言， 新获批版号意味着未来营收增长的潜在可能性。像恺英网络（002517）、巨人网络（002558）等上市公 司，旗下游戏获批版号后，市场对其未来业绩预期有望上调，反映在股价上可能会出现积极波动。 NO.3微软测试Xbox跨设备云游戏同步功能 7月22日消息，微软目前正在对Xbox PC应用程序以及Xbox主机进行更新测试，旨在实现 ...

2025 年 07 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-07 2024-11 2025-03 2025-07 传媒 沪深300 相关研究报告 传媒 《沿景气趋势，坚定布局游戏、线下 文 体 娱 、 AI 应 用 — 行 业 周 报 》 -2025.7.13 《继续布局游戏、AI 虚拟社交及线下 文娱 IP 消费—行业周报》-2025.7.6 《积极关注 AI 视频/虚拟社交商业化 及暑期文娱 IP 消费—行业周报》 -2025.6.29 继续布局 AI 应用及高景气的文娱 IP 消费 ——行业点评报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 游戏、音乐、演唱会、国漫延续高景气，继续加码布局 （1）游戏：7 月 17 日，心动公司旗下《心动小镇》举行小马宝莉 IP 联动等周 年庆活动，七麦数据显示，当日 iPhone 游戏畅销榜排名最高升至第 8，或带来可 观流水增量；同日创梦天地、友谊时光分别发布半年度业绩预喜公告，创梦天地 预计 2025H1 实现净利润 2 ...

证券研究报告 行业研究|行业深度研究|传媒 AI 引领，IP 驱动——传媒互联网行业 2025 年度中期投资策略 请务必阅读报告末页的重要声明 glzqdatemark1 2025年07月22日 证券研究报告 |报告要点 2025 年继续关注两大投资主线：1）AI 应用加速落地，Agent 能力边界持续拓宽，将影响营 销、电商、教育、影视、游戏等行业，进一步提升效率、创造增量，同时关注 AI 玩具等硬件 端机会。2）IP 衍生品板块进入高速发展期，精神消费、悦己消费成为中长期消费增长点。我 们看好优质国产 IP 通过拓展线上内容、线下实体衍生品，提升 IP 影响力，打开商业化空间。 |分析师及联系人 姚蕾 丁子然 SAC：S0590524090001 SAC：S0590523080003 请务必阅读报告末页的重要声明 1 / 34 行业研究|行业深度研究 glzqdatemark2 2025年07月22日 传媒 AI 引领，IP 驱动——传媒互联网行业 2025 年度中期投资策略 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% 7% 33% 60% 2024/7 2024/11 2 ...

截至2025年7月22日 13:44，中证500质量成长指数(930939)上涨0.57%，成分股大唐发电(601991)涨停， 康弘药业(002773)上涨8.31%，丽珠集团(000513)上涨7.97%，柳工(000528)上涨6.44%，太阳纸业 (002078)上涨4.28%。500质量成长ETF(560500)上涨0.79%，最新价报1.03元。 中信建投策略指出，近期市场热议"高切低"，当前A股市场结构性分化加深，宏观结构分化加之海外边 际压力仍存或将支撑分化结构持续，因此预期"高切低"难以破局，新赛道仍为胜负手。此外，中报预告 亦呈现结构分化态势，新赛道多预喜与传统赛道疲软形成对比；行情方面，指数震荡上行趋势未改，新 赛道释放较强资金承接力，助推行情"上台阶"。 国金策略认为，中报预告行情将进入尾声，市场将转向寻找新的场景。海外的阶段"滞胀"与国内经济的 短期扰动可能成为短期市场的波动来源，但国内ROE回升的路径正在逐步清晰："反内卷"、海外制造业 ＞服务业、债务不再收缩依然是重要驱动因素，A股相较于其他市场将更具优势和性价比。 值得注意的是，Wind数据显示，该基金跟踪的中证500质量成长指 ...

证券研究报告 | 2025年07月21日 传媒互联网周报 优于大市 OpenAI 发布智能体，Anthropic 估值新高 传媒板块本周表现：行业下跌 1.58%，跑输沪深 300，跑输创业板指。本周 （7.14-7.20）传媒行业下跌 1.58%，跑输沪深 300（1.09%），跑输创业板 指（3.17%）。其中涨幅靠前的分别为兰生股份、世纪天鸿、焦点科技、游 族网络等，跌幅靠前的分别为 ST 紫天、吉比特、ST 广网、宝通科技等。横 向比较来看，本周传媒板块在所有板块中涨跌幅排名第 28 位。 重点关注：OpenAI 发布智能体，《王者荣耀》布局女性向内容赛道。1）OpenAI 发布 ChatGPT Agent 智能体，整合了 Operator 智能体的网页交互能力、"深 入研究"的互联网信息搜集能力，以及 ChatGPT 的对话能力；2）Anthropic 正处于新一轮融资早期阶段，部分投资者愿以超 1000 亿美元估值投资该公 司；3）15 日，Grok APP 推出新功能"智能伴侣"，基于 Grok 4 大模型可 与人自然交互；4）《王者荣耀》正式官宣其全新情感陪伴向内容企划"心 动的王者"，布局女 ...

金十图示：2025年07月21日（周一）中国科技互联网公司市值排名TOP 50一览 | 排名 | | 公司 | 市值(亿美元) | 排名变化 | | --- | --- | --- | --- | --- | | 1 | | 台积电 | 12468.4 | | | 2 | | 腾讯控股 | 6037.04 | | | 3 | | 阿里巴巴 | 2867.9 | | | 4 | | 小米集团-W | 1894.57 | | | 5 | | 拼多多 | 1547.41 | | | 6 | 美团 | 美团-W | 1033.71 | | | 7 | 網易 | 网易 | 861.91 | | 每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 @ JIN10.COM 0. 金十数据 | 一个交易工具 | 8 | | 京东 | 488.96 | 11 | | --- | --- | --- | --- | --- | | 9 | | 中芯国际 | 484.29 | 1 t | | 10 | | 快手-W | 394.8 | 1 1 | | II | | 理想汽车 | 340.4 | 1 t | | 12 | ...

Group 1 - The esports sector experienced a decline of 0.86%, ranking among the top losers in the concept sector, with ST Huatuo hitting the limit down, while stocks like Kaiying Network and Giant Network also saw significant declines [1] - Among the esports stocks, 25 experienced net outflows of main funds, with ST Huatuo leading with a net outflow of 4.75 billion yuan, followed by Giant Network and Kaiying Network with net outflows of 3.30 billion yuan and 2.48 billion yuan respectively [2] - Conversely, stocks such as Youzu Network and Shen Saige saw net inflows of main funds, with inflows of 37.10 million yuan and 3.52 million yuan respectively [2] Group 2 - The top-performing concept sectors included Salt Lake Lithium with a gain of 3.30%, and Rare Earth Permanent Magnet with a gain of 3.15%, while the esports sector was among the worst performers [2] - The main fund outflow list for esports included ST Huatuo, Giant Network, and Kaiying Network, all showing significant negative performance [3] - The overall market sentiment reflected a cautious approach towards the esports sector, as evidenced by the substantial net outflows and the performance of key stocks [2][3]

Core Viewpoint - The approval of domestic and imported games in China has reached a record high in June 2025, indicating a recovery in the gaming industry with a total of 158 new games approved, surpassing previous months' records [3][5]. Group 1: Game Approval Statistics - In June 2025, a total of 158 games received approval, including 147 domestic and 11 imported games [1][3]. - For the first half of 2025, 812 games were approved, the highest in five years, with 757 domestic and 55 imported games [5]. - The average monthly approval rate for games in the first half of 2025 was 135, an increase from 115 in the same period last year [5]. Group 2: Major Game Releases and Issues - Tencent received 7 game approvals in the first half of 2025, including 4 imported and 3 domestic games [5][8]. - Notable games include "Honor of Kings World," which has high expectations with over 860,000 reservations and a score of 8.1 on Taptap [6]. - "Star Resonance," another Tencent game, faced significant issues at launch, including server instability and negative reviews, leading to a score drop to 4.0 on Taptap [6]. Group 3: Competitor Activities - NetEase secured 6 game approvals, including 3 imported and 3 domestic titles, with "The Last Home of Ice and Fire" receiving mixed reviews [10][12]. - Kyeing Network emerged as a significant player, holding over 10 game approvals and signing licensing agreements for popular IPs [12][14]. - Other companies like Perfect World and 37 Interactive Entertainment are also in the process of developing multiple games, with "Eternal Ring" generating high anticipation [15]. Group 4: Market Performance - The gaming industry in China is showing signs of recovery, with sales revenue exceeding 1.4 trillion yuan in the first five months of 2025, a year-on-year increase of 16.99% [17]. - Stock prices of gaming companies have generally risen, with 21 out of 26 companies seeing increases, and some experiencing significant gains of over 80% [17][18].

Core Viewpoint - The China Securities 500 Quality Growth Index has shown a decline of 0.54% as of July 18, 2025, with mixed performance among constituent stocks, indicating a volatile market environment [1] Group 1: Market Performance - The top-performing stocks include Kanghong Pharmaceutical, which rose by 4.66%, and Qilu Bank, which increased by 3.30%, while Chunfeng Power led the decline with a drop of 6.43% [1][4] - The China Securities 500 Quality Growth ETF has been adjusted, with the latest price at 1 yuan [1] Group 2: Analyst Insights - Several foreign investment banks have expressed optimism about the Chinese market, with Citigroup upgrading the ratings for Chinese and Korean markets to "overweight" despite macroeconomic fluctuations [1] - CICC's report highlights the value of equity markets amid an "asset shortage," suggesting a positive outlook for the second half of the year, although short-term uncertainties remain [1] Group 3: Index Composition - The China Securities 500 Quality Growth Index consists of 100 high-profitability, sustainable, and cash-rich companies selected from the broader China Securities 500 Index [2] - As of June 30, 2025, the top ten weighted stocks in the index account for 20.42% of the total index, with Dongwu Securities and Kaiying Network being the largest constituents [2]

Group 1 - The gaming sector continues to weaken, with ST Huaton (002602) hitting the daily limit down [1] - Other companies such as Ice Glacier Network (300533), Kaiying Network (002517), Giant Network (002558), and Perfect World (002624) also experienced declines [1]