Investment Rating - The report maintains an "Outperform" rating for the media industry [4][36]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Co., People's Daily, and Vision China, while companies like ST Fanli and Liansheng Technology saw declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency [15][16]. - Google released a significant upgrade to its AI video generation model, Veo 3.1, enhancing its practical applications [15][16]. - OpenAI introduced the GPT-5.2 Codex programming model, which significantly improves performance and reliability for long-term tasks [15][16]. - The Qianwen App launched over 400 new features, marking a significant advancement in AI capabilities [15][17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia, which saw a 54% increase, and Liou Co., which increased by 39% [12]. - The report also provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4]. Market Data - The total box office for the week was 259 million yuan, with the top three films being "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [2][19]. - In the gaming sector, the top three mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. Investment Recommendations - The report emphasizes the potential of AI applications in the media sector, particularly in marketing and content creation, suggesting investment opportunities in companies like Zhejiang Wenlian and Huimai Technology [36]. - It also notes the expected growth in the gaming sector driven by new product cycles and AI integration, recommending companies such as Giant Network and JiBit [36].

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]

Market Overview - The market size of legendary games is projected to reach 33.3 billion yuan in 2025, with a year-on-year growth of 18.93%. The estimated market size for 2026 is expected to exceed 40 billion yuan [1][3] - The core user base for legendary games is expected to rise to 55 million by 2025, driven by the compliance of copyright and the emergence of mini-games [2][13] - The number of legendary mini-games in operation is estimated to be around 480 in 2025, reflecting an increase of approximately 18.67% compared to 2024 [1][54] Industry Dynamics - The legendary game market has experienced fluctuations due to the compliance of legendary games, leading to a decline in private servers. The market size for 2024 is estimated at 28 billion yuan, with a modest growth of 3.32% [2] - The end of the private server era is marked by the resolution of copyright disputes, with the legitimate copyright holder, Shengqu Games, required to pay significant licensing fees, thus driving the market towards compliance and regulation [5][9] - The integration of mini-games into the legendary game ecosystem is expected to provide new growth momentum, with mini-games projected to account for about 8% of the overall market consumption [2][3] User Demographics - The user base for legendary games is predominantly male, accounting for over 71%, while female users represent less than 30% [23] - The age distribution shows a strong presence of users aged 31-40, making up 30.92% of the user base, while younger users under 30 account for nearly 40% [26] - The overall user ecosystem is characterized by a "mobile-first" approach, with mobile users expected to dominate at 62% of the total user base by 2025 [16] Revenue and Value - The cumulative revenue for legendary games is projected to reach 410.68 billion yuan by 2025, with legitimate games accounting for approximately 38.7% of this revenue [5] - The total value of the legendary IP is estimated to be around 3.6478 trillion yuan from 2001 to 2023, with an expected annual average value generation of 28.53 billion yuan starting in 2024 [35][41] - The gaming segment remains the primary revenue source, contributing approximately 93% of the total IP value, highlighting the strong market demand for gameplay-driven content [37] Marketing and Advertising - The marketing strategy for legendary games heavily relies on user acquisition through paid advertising, with a significant decline in the number of materials for mobile games, dropping by 56% in 2025 [42][46] - In contrast, the advertising material for legendary mini-games is expected to surge by approximately 116%, indicating a shift in focus towards this segment [46][49] - The average usage duration of advertising materials has improved, reflecting a transition towards quality-driven marketing strategies [72] Competitive Landscape - The legendary game market is characterized by a concentration of top-tier companies, with major players like Shengqu Games, Ke Ying Network, and Tanwan Games dominating the market [81][84] - The competitive dynamics are shifting towards a model where head companies leverage their strong relationships with IP holders and extensive operational experience to maintain market leadership [81][86] - The emergence of mini-games as a core battlefield for user acquisition is reshaping the competitive landscape, with traditional mobile games facing challenges in user retention and acquisition costs [68][69]

Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [7]. Core Insights - The gaming industry continues to show strong performance with multiple new game launches and the integration of AI applications, which are expected to enhance valuations in the sector [2][4]. - The report highlights the sustained growth in the mini-game market, with over 1 billion registered users on WeChat mini-games and a monthly active user (MAU) count exceeding 500 million [9]. - The report emphasizes the potential of AI in gaming, citing the successful implementation of AI-driven features in games like Giant Network's "Supernatural Action Group," which has seen over 25 million AI-participated matches [9]. Summary by Sections Market Performance - The mini-game market is experiencing good growth, with nearly 70 games achieving over 1 million daily active users (DAU) and over 300 games generating quarterly revenues exceeding 10 million [9]. - User engagement is increasing, with a projected 10% growth in DAU for WeChat mini-games in 2025, and a 27% year-on-year increase in users active for more than ten days a month [9]. New Game Launches - The report notes that the new game cycle continues into January, with several new titles and long-term products performing well, including "Supernatural Action Group" and "RO: Journey of the World" [9]. - Upcoming game releases are expected to further catalyze the market, with titles like "Tomorrow's Ark: End of the World" and "Douluo Dalu: Zero" set to launch soon [9]. Investment Recommendations - Given the ongoing new game launches and the strong performance of the gaming sector, the report suggests continued attention to investment opportunities in the gaming industry, recommending companies such as Giant Network, Perfect World, and Tencent Holdings [2][9].

Core Viewpoint - The company Kaiying Network (002517) announced that its investment enterprise "Nature Select" has completed a new financing round exceeding $30 million, with participation from notable institutions such as Alibaba, Ant Group, Qiming Venture Partners, Wuyuan Capital, Genesis Partners, and Yunshi Capital [1] Group 1 - The financing round was led by prominent investors, indicating strong market confidence in the venture [1] - After this financing round, Kaiying Network remains the largest institutional investor outside of the founding team and management [1] - Nature Select's product, EVE, is a 3D AI companionship application that utilizes AI multimodal tools to meet users' companionship needs, and it has already begun its second testing phase [1]

Group 1 - The core point of the article is that "Nature Select" has completed a new financing round exceeding $30 million, with investments from major firms including Alibaba, Ant Group, Qiming Venture Partners, Wuyuan Capital, Genesis Partners, and Yunshi Capital [1] - The financing round was advised exclusively by Xinghan Capital, indicating a strategic partnership in the financial advisory space [1] - Following this financing round, Kaiying Network remains the largest institutional investor outside of the founding team and management [1]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% increase, while other segments like publishing and advertising also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-on-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Other notable films included "Zootopia 2" and "Avatar 3" [26][27]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kying Network, Perfect World, and others [4][34].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% rise, while publishing and advertising marketing also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-over-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film and Television Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Upcoming films include "Flying Life 3," "Boon: Year of the Bear," and "Bounty Hunter: Wind Rises in the Desert" [26][30]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kyeing Network, Perfect World, and others [4][34].

证券日报网讯1月16日，恺英网络（002517）在互动平台回答投资者提问时表示，截至2026年1月9日公 司股东总户数75173户。 ...

证券日报网讯1月16日，恺英网络（002517）在互动平台回答投资者提问时表示，公司积极拓展海外业 务，已初步建立起一套海外发行策略，通过深挖核心用户，精准引流，口碑拓圈等组合推广方式，实现 公司近三年境外收入的持续增长。公司将继续贯彻IP产品战略，用IP价值赋能文化出海，持续以"优质 内容、精准营销、全球布局"为核心，不断丰富产品矩阵，做好长线发行运营。深耕中国港澳台、韩 国、东南亚等国家/地区，发力突破日本及欧美国家/地区。具体海外营业收入数据请以公司披露的定期 报告为准。 ...