登录新浪财经APP 搜索【信披】查看更多考评等级 在1月22日举行的"2026资本运作与合规治理杭州峰会"上，备受关注的首届金泰山奖正式揭晓。该奖项 由董秘学苑联合多家专业机构共同发起，旨在表彰在信息披露、公司治理、投资者关系管理等领域表现 卓越的上市公司董办团队及个人。 "金泰山奖取意'责任重于泰山'，体现了我们对资本市场信披合规工作崇高性的敬意。"奖项评审委员会 代表在颁奖典礼上表示，在当前强监管背景下，上市公司合规治理工作的重要性日益凸显，需要通过正 向激励树立行业标杆。 百佳董秘：合规治理的中流砥柱 本届金泰山奖共评选出61位百佳董秘，覆盖了从主板到创业板、科创板的各类上市公司。获奖者包括刘 洪林（恺英网络002517）、王芳（盈方微000670）、梁芳斌（华致酒行300755）、超讯通信（维权）卢 沛民、冠豪高新任小平等行业资深人士。 从获奖名单看，百佳董秘所在公司具有广泛的行业代表性。不少公司同时获评公司类奖项。其中，恺英 网络凭借在社会责任领域的卓越表现荣获"年度社会责任卓越品牌"奖。该公司近年来在合规治理、投资 者保护等方面成效显著，为游戏行业上市公司树立了标杆。 九州通董秘刘志峰作为获奖代表 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [1][37]. Core Insights - The report highlights a decrease in the allocation of public funds to media sector heavyweights, with a total market value of 40.569 billion yuan at the end of Q4 2025, down 31.70% from Q3 2025 [6][10]. - The gaming sector continues to see increased allocation, with a market value of 30.206 billion yuan, representing 74.46% of the total media sector allocation, marking a 1.14 percentage point increase [11][15]. - The report notes a concentration of investments in top gaming companies, with eight out of the top ten heavyweights being gaming firms, reflecting a strong institutional focus on this segment [20][21]. Summary by Sections Heavyweight Stock Allocation - The allocation of public funds to media heavyweight stocks has decreased, with a total market value of 40.569 billion yuan, down 18.825 billion yuan from Q3 2025, resulting in a 31.70% decline [6][10]. - The allocation ratio for media heavyweights is approximately 1.22%, down 0.56 percentage points from the previous quarter [10][11]. Gaming Sector Performance - The gaming sector's market value stands at 30.206 billion yuan, accounting for 74.46% of the total media sector allocation, with a 40.09% overweight ratio, the highest recorded [11][15]. - The top three sectors by market value are gaming, advertising, and film exhibition, with gaming showing the most significant allocation increase [11][15]. Individual Company Insights - The top ten media heavyweights include companies like Giant Network, Century Huatong, and Kaineng Network, with gaming companies dominating the list [20][23]. - Notable changes in the top ten include Mango Super Media dropping out and Kunlun Wanwei entering the list [20][21]. Hong Kong Stock Preferences - In the Hong Kong market, Tencent Holdings remains the largest heavyweight with a market value of 94.525 billion yuan, despite a decrease of 12.287 billion yuan [33][34]. - Meituan and Damai Entertainment have shown significant increases in both market value and the number of funds holding their stocks [33][34]. Investment Recommendations - The report suggests focusing on high-growth segments such as AI applications and gaming, which are expected to benefit from favorable policies and strong market demand [35][36]. - Recommended companies for investment include 37 Interactive Entertainment, Perfect World, Kaineng Network, and others [35][36].

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [1][37]. Core Insights - The report highlights a decrease in the allocation of public funds to media sector heavyweights, with a total market value of 40.569 billion yuan at the end of Q4 2025, down 31.70% from Q3 2025 [6][10]. - The gaming sector continues to see increased allocation, with a market value of 30.206 billion yuan, representing 74.46% of the total media sector allocation, marking a 1.14 percentage point increase [11][15]. - The report notes a concentration of investment in top gaming companies, with eight out of the top ten heavyweights being gaming firms, reflecting a high level of institutional interest [20][21]. Summary by Sections Heavyweight Stock Allocation - The allocation of public funds to media heavyweights has decreased, with a total market value of 40.569 billion yuan, down 188.25 billion yuan from Q3 2025, resulting in a 31.70% decline [6][10]. - The allocation ratio for the media sector is approximately 1.22%, down 0.56 percentage points from the previous quarter [10][11]. Gaming Sector Performance - The gaming sector's market value is 30.206 billion yuan, accounting for 74.46% of the total media allocation, with a 40.09% over-allocation ratio, the highest recorded [11][15]. - The top three heavyweights in the media sector are gaming, advertising, and film exhibition, with the gaming sector showing the most significant over-allocation [11][15]. Individual Company Focus - The top ten heavyweights in the media sector include major gaming companies such as Giant Network, Century Huatong, and Kaineng Network, with a notable shift in rankings from Q3 2025 [20][23]. - The report indicates a divergence in individual stock allocations, with some previously high-performing companies seeing reduced allocations, possibly due to profit-taking [35][36]. Investment Recommendations - The report suggests focusing on high-growth segments such as AI applications and gaming, which are expected to benefit from favorable policies and upcoming product launches in 2026 [35][36]. - Recommended companies for investment include 37 Interactive Entertainment, Perfect World, Kaineng Network, and others [35][36].

人民财讯1月27日电，据恺英网络（002517）消息，1月26日，国家新闻出版署官方公示了2026年1月游 戏版号审批信息，共有177款国产网络游戏与5款进口网络游戏版号获批。恺英网络旗下上海恺英网络科 技有限公司出版，杭州恺辰网络科技有限公司运营的《新射雕之华山论剑》顺利取得版号。 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the last week, and several films scheduled for release during the upcoming Spring Festival [22][24]. Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - Within the media sector, advertising and marketing led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Industry Key Data AI Applications - For the week of January 12 to January 18, 2026, the estimated iOS downloads for major AI applications were as follows: Deepseek at 238,700, Doubao at 2,100,900, Tencent Yuanbao at 807,000, and Qianwen Qimai at 1,233,700, with respective week-over-week changes of -14.52%, +0.87%, +2.27%, and +15.66% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, showing a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, were "Honor of Kings," "Peacekeeper Elite," "Crossfire: Gunfight King," "Endless Winter," and "Arknights: End of the World," with "Arknights" achieving over 30 million downloads globally [2][19]. - Upcoming game releases include "Survival 33 Days" by 37 Interactive Entertainment, scheduled for February 15, and "EVE," an AI companion product by a company invested in by Kying Network, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the weekly box office at 66.06 million yuan, accounting for 21.7% of the total [22][23]. - Four films have been scheduled for the Spring Festival, including "Fast Life 3" and "Silent Awakening" [24]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with particular attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing. Specific companies highlighted for investment include Giant Network, Kying Network, Perfect World, 37 Interactive Entertainment, Century Huatong, and others [3][27].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the week of January 19-25, 2026, and several films scheduled for release during the upcoming Spring Festival [22][23]. Summary by Sections Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - The advertising and marketing sector led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Key Industry Data AI Application Data - For the week of January 12-18, 2026, the estimated iOS downloads for major AI applications showed varied performance, with Deepseek down by 14.52% and Tencent's Yuanbao up by 2.27% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, reflecting a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Tomorrow's Ark: The End of Days" entering the top five shortly after its release [2][19]. - Upcoming game releases include "Survival 33 Days" set for February 15 and "EVE," an AI companion app, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the week with a box office of 66.06 million yuan [22][23]. - Four films have been scheduled for the Spring Festival, indicating a strong pipeline for theatrical releases [22][23]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing [3][27]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, among others [3][27].

短剧预期将受益于AI全栈式生产工具获得全球流量收入极高增长 东方证券发布研报称，字节文娱APP高增驱动境内娱乐大盘全盘时长增长，该行认为需要持续关注其余 大厂中台化整合效果。另认为短剧、漫剧将是在AI有声阅读后下一个大幅受益于AI能力提升的内容产 业。全栈式生产工具将让AI短剧生产方变为内容生产者主导;具备上游小说IP储备和流量积累的平台将 更容易在后期获得超额收益。该行在文娱板块建议关注类平台型公司，将获得AI对于生产能力赋能的 超额收益。 东方证券主要观点如下： 字节文娱APP高增驱动境内娱乐大盘全盘时长增长 因AIGC和AI算法驱动，增长最快的为视频(短剧)、阅读(AI有声小说)、音乐。字节在上述领域整合AI和 版权中台能力赋能子公司，市场份额持续提升。该行认为需要持续关注其余大厂中台化整合效果。 游戏新品储备充足，长青平台型产品因AI编辑器获益 游戏板块字节发展落后于市场，该行认为给各大中小企业留下更大发展空间。短期来看，2026年游戏新 品储备充足，大盘将更类似于2024年供给竞争格局。价格战或在高ARPU赛道展开，打价格战的新品容 易奇袭成功;低ARPU长青老游戏向好不动摇。长线来看，具备大DAU ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002919 | 名臣健康 | 24.44 | -8.53% | 14.91万 | 3.75亿 | | 002558 | 巨人网络 | 46.21 | -7.23% | 66.54万 | 30.82 Z | | 300299 | 富春股份 | 7.27 | -4.72% | 54.26万 | 3.97亿 | | 300459 | 汤姆猫 | 5.20 | -3.88% | 240.34万 | 12.59亿 | | 300043 | 星辉娱乐 | 6.43 | -3.74% | 78.09万 | 5.02亿 | | 603444 | 吉比特 | 439.01 | -3.71% | 1.70万 | 7.51亿 | | 002517 | 恺英网络 | 24.68 | -3.67% | 52.86万 | 13.13亿 | | 002624 | 完美世界 | 17.34 | -2.91% | 46.55万 | 8.11亿 | | 300418 | 昆仑万维 ...

传媒行业2026年投资策略 AI应用全面开花，游戏电影持续复苏 西南证券研究院 传媒和新消费研究团队 2026年1月 swsc.com.cn 核心观点 AI应用：AI应用生态持续繁荣，AI+游戏、漫剧、陪伴、广告、教育、医疗持续迭代升级。各大厂商加快布局步伐，多模态交互、视频生成等技术 加速演进。蚂蚁灵光、腾讯混元游戏2.0、快手可灵、易点天下 AdsGo.ai等产品推动AI在内容创作、游戏、视频创作、营销等场景加速渗透。重 点关注用户增长、技术迭代与商业化进展。 游戏：2025年游戏市场呈现稳健增长态势，优质内容和IP驱动行业发展。政策鼓励态度明显,版号供给保持充裕态势，全年共计发放1772个版号， 创近年来新高，为行业注入持续活力。产品侧亮点频现，玩法创新成为重要驱动力，"搜打撤"模式（如《三角洲行动》《超自然行动组》）和 SLG融合玩法等创新形态表现突出，有效拓展了用户群体。重点关注新品上线节奏与创新玩法带来的用户增长。 影视：短剧与AI漫剧持续火爆，长视频有望复苏。漫剧在2025年迎来爆发，全年上线近4.7万部，各平台漫剧扶持计划激励与AI的深度介入，2025 年中国免费微短剧市场规模约533亿元，较 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a decrease in the heavy allocation ratio of A-share media stocks by public funds, with a concentration decline [4] - The report highlights a shift in fund allocation towards the news publishing sector, while gaming and advertising sectors saw reductions [4] - The report suggests continued focus on segments with favorable market conditions and AI industry logic, particularly in gaming and IP derivatives [4] Summary by Sections A-share Media Fund Heavy Allocation Ratio Decline - In Q4 2025, the heavy allocation ratio for A-share media stocks was 1.32%, down from 2.56% in Q3 2025, a decrease of 1.24 percentage points [13] - For A+H shares, the allocation ratio was 4.41%, down from 5.99%, a decrease of 1.58 percentage points [13] Changes in Fund Allocation by Sector - The gaming sector's allocation decreased from 67.34% in Q3 2025 to 65.20% in Q4 2025, a drop of 2.14 percentage points [27] - The advertising sector's allocation fell from 24.35% to 22.41%, a decrease of 1.94 percentage points [27] - The news publishing sector saw an increase in allocation from 1.93% to 6.29%, an increase of 4.35 percentage points [27] Concentration of A-share Media Heavy Holdings - The top five heavy holdings in the A-share media sector accounted for 78.48% of the total heavy holdings value, down 6.57 percentage points [42] - The top ten heavy holdings accounted for 88.04%, down 4.93 percentage points [42] Hong Kong Internet Sector Fund Holdings - In Q4 2025, companies like DaMai Entertainment and Meituan-W saw increased holdings, while Kuaishou-W and Pop Mart experienced reductions [4] Investment Recommendations - The report recommends focusing on segments with favorable market conditions and AI applications, particularly in gaming and long video sectors [4]