2025.08. 06 8月6日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 仙鹤股份：拟110亿元投建林浆纸用一体化高性能纸基新材料项目 仙鹤股份公告，公司拟投资约110亿元建设林浆纸用一体化高性能纸基新材料项目，其中一期投资约 55亿元，二期投资约55亿元，正式动工之日起计三年内实现一期投产。一期项目计划投资约55亿 元，预计年产值约51.5亿元，年税收约4.5亿元，提供就业岗位约2000人。二期项目将根据一期项 目的实施情况，参照市场形势和企业经营情况，适时投资建设。 *ST亚振：股票交易异常波动 8月7日起停牌核查 中信证券：华夏基金上半年净利润11.23亿元 *ST亚振公告，公司股票于2025年7月30日至8月6日收盘价格涨幅偏离值累计达到33.92%。公司 股票短期涨幅与同期上证指数、家具制造业存在严重偏离。公司将就股票交易情况进行核查。经申 请，公司股票自2025年8月7日开市起停牌，自披露核查公告后复牌，预计停牌时间不超过10个交易 日。 天阳科技：正在筹划购买通联金服及相关公司部分股权 天阳科技公告，公司正在筹划以支付现金的方式购买上海 ...

Group 1 - The core point of the article is the partnership between Zhejiang Xianqu Interactive Entertainment Technology Co., Ltd., a subsidiary of Kaiying Network, and Hangzhou Zhangxing Cultural Creative Co., Ltd., a subsidiary of Zhangwan Technology, to enhance game promotion and operations [1] - The agreement involves Zhangwan Technology paying 150 million yuan to establish a "Zhangwan Games" brand section within the Legend Box platform [1] - This collaboration aims to facilitate the display, promotion, and operation of games, as well as game live streaming and endorsement activities [1]

Core Viewpoint - The gaming sector is showing strong performance, with a notable increase in revenue and a positive outlook driven by new game releases and AI integration [1][7][8]. Market Performance - The domestic gaming market achieved actual sales revenue of 168 billion yuan in the first half of the year, marking a 14% year-on-year growth [1]. - Self-developed games generated 140.5 billion yuan, reflecting a 19% increase, while overseas sales reached 9.5 billion yuan, up 11% [1]. Product Pipeline - Major companies showcased key products at ChinaJoy, including Tencent with titles like "DNF" and "Just Dance," and NetEase with "Forgotten Sea" and "Destiny: Stars" [7]. - In July, 134 games were approved, with 127 being domestic and 7 imported, indicating a robust supply of new content [7]. Global Expansion - Policies supporting overseas expansion have led to a growing share of global products, transitioning "going global" from a temporary measure to a long-term strategy [7]. - This expansion is expected to enhance profit margins and optimize the industry's revenue structure and valuation [7]. Cost Efficiency - The integration of AI technology is accelerating the generation of marketing materials and updating older game versions, which may extend the lifecycle of existing games [7]. - The cost of large model inference has decreased significantly, allowing game companies to achieve cost reduction and efficiency improvements [7]. Investment Opportunities - With the gaming industry entering a new game cycle and the ongoing impact of AI, there is potential for valuation uplift and continued improvement in fundamentals [8]. - Investors can consider the gaming ETF (516010) to capture structural opportunities within the cultural media sector [8].

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Kying Network**, which operates in the gaming industry and is actively expanding into AI technology and related sectors [2][3][4]. Core Business and Growth Drivers - Kying Network is leveraging major IP adaptations such as **"Douluo Dalu"** and **"Zhu Xian Chuan Shuo"** to enter a new product cycle, which is expected to drive revenue growth [2][3]. - The newly launched game **"Dragon Ball World"** achieved a revenue of **200 million** in its first month, with projections of around **80 million** monthly revenue in June and July, indicating strong performance [2][3]. - The company is addressing copyright issues and expanding its small program games to solidify its base in the **legendary game segment**, with the **"Legend Box"** community platform contributing to incremental revenue [2][3]. AI and Technological Innovations - Kying Network has partnered with **Bigao Group** to establish **Jiyi Company**, focusing on independent operations of AI models and engines, enhancing game development efficiency [2][5]. - The company is developing **Eve AI**, an intelligent scheduling application expected to launch in Q4 2025, characterized by high emotional intelligence and user interaction capabilities [2][5][6]. - The **Eve AI** virtual companion product is anticipated to become a representative product in the industry, showcasing the company's capabilities in AI and its synergy with gaming [7]. Diversification and New Product Launches - Kying Network is venturing into the **trendy toy market** with the introduction of **AI toys** like **"Goodnight Sheep"** and **"Bubird"**, aiming to enhance user engagement and repurchase rates through an integrated online and offline community [2][7]. - The company is set to launch a series of new products from late 2025 to early 2026, including major IP adaptations, which are expected to significantly contribute to revenue [3][9]. Regulatory and Market Positioning - Kying Network has obtained licenses from the **Hong Kong Securities and Futures Commission** for virtual asset and token business, laying the groundwork for future overseas business expansion [4][8]. - The company’s diverse business layout in AI, trendy toys, and virtual assets is expected to drive revenue growth and enhance valuation, particularly as it aligns with traditional gaming operations [4][9]. Future Outlook - The strategic positioning in AI, trendy toys, and virtual assets is anticipated to provide long-term growth potential, with a significant product cycle expected to commence in late 2025 [9].

Investment Rating - The industry investment rating is "Outperform the Market" [5][45]. Core Viewpoints - In Q2 2025, the SW Media Industry Index rose by 8.56%, with significant improvement in fund activity and a fluctuating increase in valuation (PE-TTM), outperforming the average level of the past seven years [2][13][15]. - The fund's heavy allocation in the media industry remains low but has shown signs of recovery, with the gaming and advertising sectors receiving market attention and maintaining an overweight position [3][4]. Summary by Sections 1. Fund Activity and Valuation - The SW Media Industry Index closed at 726.87 points on June 30, 2025, up from 669.54 points at the beginning of the quarter, indicating an 8.56% increase [13]. - The average daily trading volume during Q2 2025 was 669.28 billion yuan, an increase of 88.44 billion yuan from the previous quarter and 413.17 billion yuan year-on-year [13]. - As of July 29, 2025, the PE-TTM for the SW Media Industry was 28.82 times, a 10.86% increase compared to the average over the past seven years [15]. 2. Fund Heavy Allocation Recovery - The allocation ratio for the SW Media Industry in Q2 2025 was 1.76%, with a fund heavy allocation ratio of 1.40%, indicating a low allocation but a recovery from the previous quarter [17]. - The low allocation ratio decreased to 0.36%, showing improvement compared to the previous quarter [20]. 3. Concentration of Fund Holdings - The top 10 heavy allocation stocks accounted for 85.34% of the total heavy allocation market value in the SW Media Industry, indicating a significant concentration of holdings [39]. - The gaming sector dominated the top ten heavy allocation stocks, with seven out of ten being gaming companies [23]. 4. Investment Recommendations - The report suggests focusing on leading companies in the gaming and advertising sectors, particularly those with rich game license reserves and AI application layouts [42].

证券之星消息，8月5日游戏板块较上一交易日上涨2.17%，ST华通领涨。当日上证指数报收于3617.6，上涨0.96%。深证成指报收于11106.96，上 涨0.59%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002602 | ST华道 | 14.21 | 5.03% | 163.57万 | 22.74亿 | | 002558 | 巨人网络 | 27.85 | 4.98% | 86.88万 | 23.86亿 | | 002624 | 完美世界 | 15.39 | 4.69% | 112.43万 | 17.25亿 | | 002517 | 恺英网络 | 19.23 | 3.28% | 77.92万 | ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤ 14.93亿 | | 300533 | 冰川网络 | 37.00 | 2.83% | 23.82万 | 8.80亿 | | 603444 | 吉比特 | 370.40 | 1.88% | 1.50万 | 5.51亿 | | 300043 | ...

资金流向方面，今日主力资金净流入1.36亿元，占比成交额9.07%。其中，超大单净流入7273.14万元、 占成交额4.87%，大单净流入6277.63万元、占成交额4.2%，中单净流出流出9619.56万元、占成交额 6.44%，小单净流出3931.21万元、占成交额2.63%。 恺英网络最新一期业绩显示，截至2025一季报，公司营业总收入13.53亿元、同比增长3.46%，归属净利 润5.18亿元，同比增长21.57%，扣非净利润5.16亿元，同比增长21.66%，流动比率3.628、速动比率 3.610、资产负债率18.91%。 金融界消息 截至2025年8月5日收盘，恺英网络（002517）报收于19.23元，上涨3.28%，换手率4.12%， 成交量77.92万手，成交金额14.93亿元。 通过天眼查大数据分析，恺英网络股份有限公司共对外投资了11家企业，参与招投标项目3次，知识产 权方面有商标信息13条，专利信息27条，此外企业还拥有行政许可4个。 来源：金融界 天眼查商业履历信息显示，恺英网络股份有限公司，成立于2000年，位于泉州市，是一家以从事互联网 和相关服务为主的企业。企业注册资本213 ...

Core Viewpoint - Zhongxu Future (09890) has seen a stock price increase of over 3%, currently trading at 13.98 HKD with a transaction volume of 67.1 million HKD, following the announcement of strategic partnerships to enhance its gaming ecosystem [1] Group 1: Business Developments - Jiangxi Tanwan Information Technology Co., Ltd., a subsidiary of Zhongxu Future, has deepened its business cooperation with Hangzhou Tianqiong Interactive Network Technology Co., Ltd. by acquiring licenses for two classic IPs: "Blood Legend" and "Legend World" [1] - A cooperation agreement has been signed with Zhejiang Xianqu Interactive Network Technology Co., Ltd., a subsidiary of Kaiying Network (002517), to officially enter the gaming box section operated by Kaiying Network, establishing a "Tanwan Games" star brand section [1] Group 2: Strategic Implications - This collaboration represents an extension of the long-term partnership between Zhongxu Future (Tanwan) and Kaiying Network, marking a comprehensive upgrade of the Legend IP ecosystem [1] - The entry of Tanwan Games is expected to provide a more convenient content access point for a large user base and will utilize integrated marketing strategies, including signing celebrity endorsements, to create a multi-dimensional marketing approach combining "celebrity IP + game products" [1] - The community-oriented operation advantages of the gaming box will further enhance brand influence and effectively increase market penetration of the game products [1]

Core Viewpoint - Zhongxu Future (09890) has seen a stock price increase of over 3%, currently trading at 13.98 HKD with a transaction volume of 67.1 million HKD, following the announcement of deepened business cooperation with Jiangxi Tanwan Information Technology Co., Ltd. and Hangzhou Tianqiong Interactive Network Technology Co., Ltd. [1] Group 1 - The collaboration involves obtaining licenses for two classic IPs, "Blood Legend" and "Legend World," enhancing the IP ecosystem [1] - Zhongxu Future has signed a cooperation agreement with Zhejiang Xianqu Interactive Network Technology Co., Ltd., a subsidiary of Kaiying Network, to officially enter the game box section operated by Xianqu Interactive [1] - The partnership aims to provide a more convenient content entry for a large user base and will utilize integrated marketing strategies, including signing celebrity endorsements, to enhance product market penetration [1] Group 2 - The entry of Tanwan Games into the game box will leverage community operation advantages to further expand brand influence [1] - This collaboration is seen as an extension of the long-term partnership between Zhongxu Future (Tanwan) and Kaiying Network, representing a comprehensive upgrade of the legendary IP ecosystem [1]

Group 1 - The gaming concept stocks have shown strong performance, with Perfect World rising over 6%, Giant Network increasing over 4%, and Kaiying Network up over 3% [1] - The ETF tracking the CSI Animation and Gaming Index has risen over 2% due to market influences [1] - The CSI Animation and Gaming Index selects listed companies involved in animation, comics, and gaming to reflect the overall performance of the entertainment industry [2] Group 2 - Brokerages indicate that the global gaming market is in an upward cycle, with optimistic long-term growth expected in both revenue and player numbers [2] - DeepSeek's powerful generative capabilities may significantly enhance game development efficiency, creating more user-demanded virtual characters, maps, and storylines, enriching gameplay and fostering paid scenarios [2]