Core Insights - Beijing Lingyi Wanyuan Technology Co., Ltd. and Hangzhou Jiyi Artificial Intelligence Technology Co., Ltd. have formed a deep cooperation to develop specialized AI models for the gaming industry, marking a significant milestone in the integration of large models and vertical intelligent applications [1][2] - The collaboration aims to enhance the efficiency of the entire game development and operation process through AI technology, optimizing production workflows and reducing repetitive tasks [1] - Lingyi Wanyuan has established itself as a leader in the large model field, offering a one-stop platform for enterprise model training, fine-tuning, deployment, and application development [1] Company Insights - Lingyi Wanyuan has launched several leading models, including Yi-Large and Yi-Lightne, and has partnered with major companies such as China Mobile, China Telecom, Alibaba Cloud, Huawei, and SF Technology [1] - Hangzhou Jiyi has rapidly emerged as a new force in the "AI + gaming" vertical, with its SOON platform significantly reducing game generation time to hours and improving efficiency in numerical planning by over 70% [2] - The partnership is the first of its kind in China, combining a general large model enterprise with a vertical AI generation platform, which is expected to lower technical barriers and enhance creative efficiency in the gaming industry [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [5][44]. Core Views - The report highlights a positive outlook on AI application opportunities, particularly in gaming and content creation, while also noting a potential policy shift that could benefit the industry [4][40]. - The media sector has shown resilience, outperforming major indices despite a recent decline [1][13]. Summary by Sections Industry Performance - The media industry experienced a decline of 3.40% during the week of November 17-23, outperforming the CSI 300 index, which fell by 5.28%, and the ChiNext index, which dropped by 8.80% [1][13]. - Notable gainers included XuanYa International and YiDian TianXia, while major decliners were SanWei Communication and XiangYuan WenLv [1][13]. Key Developments - Google launched the Nano Banana Pro, enhancing AI capabilities with features like 4K resolution and multi-object fusion [2][18]. - Ant Group's Lingguang app achieved over 1 million downloads within four days, indicating strong market interest [2][19]. - Alibaba's Qianwen app has entered public testing, aiming to compete with ChatGPT [2][19]. Box Office and Content Trends - The box office for the week totaled 437 million yuan, with "Demon Slayer: Infinity Castle Chapter" leading at 182 million yuan, accounting for 41.7% of the total [3][20]. - Popular TV shows included "Now Just Depart Season 3" and "The Voice of China Season 9" [28][29]. Investment Recommendations - The report suggests focusing on the gaming sector and IP trends, recommending companies like Giant Network and Kayi Network [4][40]. - It emphasizes the importance of AI applications in various fields, including animation and marketing, and suggests companies like Bilibili and Mango TV for potential investment [4][40]. Company Earnings Forecasts - Key companies such as Kayi Network and FenZhong Media are rated as "Outperform the Market," with projected earnings per share (EPS) showing growth [5][42].

Market Overview - On November 26, the gaming sector declined by 0.73% compared to the previous trading day, with Fuchun Co. leading the decline [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Fuchun Co. (300299) saw a significant drop of 11.11%, closing at 8.08, with a trading volume of 2.0971 million shares and a turnover of 1.757 billion [2] - Other notable declines included Tom Cat (300459) down 3.75% and Glacier Network (300533) down 2.96% [2] - Conversely, Xunyou Technology (300467) increased by 2.99%, closing at 26.51, with a trading volume of 1.374 million shares and a turnover of 364 million [1][2] Capital Flow Analysis - The gaming sector experienced a net outflow of 2.028 billion from institutional investors, while retail investors saw a net inflow of 1.578 billion [2] - Notably, Xunyou Technology had a net inflow of 24.92 million from institutional investors, while ST Kaiven (002425) experienced a net outflow of 4.5925 million [3]

新京报贝壳财经讯 11月26日，据"零一万物"官方公众号消息，近日，北京零一万物科技有限公司与恺 英网络旗下的杭州极逸人工智能科技有限公司宣布达成深度合作，双方将共同研发游戏产业大模型，推 动"游戏+AI"的深度融合与创新变革。双方此次合作将聚焦游戏引擎及相关平台的智能化升级，围绕游 戏研发中的关键环节，探索从开发到运营的全链路效率提升的解决方案。 编辑 杨娟娟 ...

Core Viewpoint - The collaboration between Kaiying Network and Beijing Zero One Technology aims to integrate AI technology into the gaming industry, leveraging both companies' strengths in game development and AI capabilities [1] Group 1 - Kaiying Network's subsidiary, Hangzhou Jiyi Artificial Intelligence Technology Co., has entered into a deep cooperation with Beijing Zero One Technology [1] - The focus of the partnership will be on the joint development of large models for the gaming industry [1] - The collaboration seeks to promote a comprehensive integration of "gaming + AI" across the entire industry chain [1]

格隆汇11月26日｜据零一万物消息，北京零一万物科技有限公司与恺英网络旗下的杭州极逸人工智能科 技有限公司于近日达成深度合作，双方将共同研发游戏产业大模型。 ...

Core Insights - The article highlights the growth of the Zhongzheng 500 Quality Growth Index, which increased by 0.63% as of November 26, 2025, with notable stock performances from companies like Liugong and Juxing Technology [1] - The Ministry of Industry and Information Technology has issued guidelines for high-standard digital park construction, emphasizing the digital transformation of the manufacturing sector and the integration of AI with manufacturing [1] - CITIC Securities projects that the market size for embodied intelligence will exceed one trillion, driven by the generalization capabilities of large models, which can facilitate the scaling of various applications [1] Industry Overview - Industrial robot production saw a year-on-year increase of 17.9% in October, with a cumulative growth of 28.8% from January to October, indicating a rapid development in the humanoid robot sector [2] - Domestic policies aimed at improving manufacturing profitability and reducing competition are expected to boost demand for machinery and equipment [2] - The Zhongzheng 500 Quality Growth ETF closely tracks the Zhongzheng 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential from the broader Zhongzheng 500 Index [2] Key Stocks - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology and Kaiying Network being the top two [2] - The performance of individual stocks within the index varied, with Huagong Technology increasing by 3.08% and Tianshan Aluminum decreasing by 0.47% [4]

Core Viewpoint - Multiple companies are announcing share reductions by major shareholders, indicating potential shifts in ownership and investor sentiment in the market [1] Shareholder Reductions - Zhongfu Shenying: Eagle Group plans to reduce its stake by no more than 1% [1] - Luxiao Technology: Actual controller and concerted parties plan to reduce their stake by no more than 3% [1] - Chenxi Aviation: Controlling shareholder intends to reduce its stake by no more than 3% [1] - Zhongchen Co., Ltd.: Controlling shareholder plans to reduce its stake by no more than 3% [1] - HeMai Co.: Shareholders Gangzhi Investment and Han Hualong plan to collectively reduce their stake by no more than 3% [1] - Kaipu Testing: General Manager Li Yaping intends to reduce her stake by no more than 1% [1] - Bide Pharmaceutical: Chairman and General Manager Dai Lan plans to reduce his stake by no more than 148,800 shares [1] - Jinhongshun: Gaode Investment has completed the reduction of 4.1556 million shares [1] - Buke Co.: Controlling shareholder Shanghai Bujin has cumulatively reduced its stake by 0.94% [1] - Andeli: Controlling shareholder has reduced its stake by 0.54% [1] - Hongbai New Materials: Controlling shareholder Hongbai Chemical has reduced 7.1974 million shares [1] - Yongxin Zhicheng: Qian'an Venture Capital has cumulatively reduced its stake by 3.7% [1] Other Notable Events - Fusenmei: Vice General Manager and Board Secretary Zhang Fengshu has been placed under investigation and detention measures [1] - *ST Dongtong: Company stock is suspended and may face delisting [1]

Market Overview - The gaming sector experienced a significant increase of 5.46% on November 25, with Fu Chun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Fu Chun Co., Ltd. (300299) saw a closing price of 9.09, with a rise of 14.34% and a trading volume of 2.5831 million shares [1] - Giant Network (002558) closed at 40.61, up 9.99%, with a trading volume of 729,200 shares [1] - Century Huatong (002602) closed at 18.04, increasing by 7.19% with a trading volume of 2.4599 million shares [1] - Kunlun Wanwei (300418) closed at 45.69, up 5.86%, with a trading volume of 1.4333 million shares [1] - Other notable performers include 37 Interactive Entertainment (002555) and Kaiying Network (002517), with increases of 5.58% and 5.38% respectively [1] Capital Flow Analysis - The gaming sector saw a net inflow of 1.169 billion yuan from institutional investors, while retail investors experienced a net outflow of 0.526 billion yuan [1] - The capital flow for individual stocks indicates that Giant Network had a net inflow of 353 million yuan from institutional investors, despite a net outflow of 412.59 million yuan from retail investors [2] - Fu Chun Co., Ltd. recorded a net inflow of 177 million yuan from institutional investors, with retail investors showing a net outflow of 34.46 million yuan [2]

Core Viewpoint - The gaming sector experienced a significant surge, with the sector index rising over 4% as of the report's publication date, indicating strong market interest and performance in gaming stocks [1]. Group 1: Stock Performance - Fuchun Co. saw a 20% increase, reaching a price of 9.54, with a total market value of 65.85 billion [2][3]. - Giant Network achieved a 9.99% rise, with a current price of 40.61 and a total market value of 785.7 billion [2][3]. - Century Huatong increased by 7.55%, with a current price of 18.10 and a total market value of 134.47 billion [2][3]. - Kunlun Wanwei rose by 6.79%, reaching a price of 46.09 and a market value of 578.6 billion [2][3]. - Mingzhu Health and other companies like 37 Interactive Entertainment and Zhanqu Technology also saw notable increases, contributing to a positive trend across the sector [3]. Group 2: Market Overview - The Shanghai Composite Index rose by 0.93%, closing at 3872.41, with a trading volume of 597.8 billion [4]. - The Shenzhen Component Index increased by 1.68%, reaching 12796.98, with a trading volume of 908.3 billion [4]. - The ChiNext Index saw a rise of 1.95%, closing at 2986.06, with a trading volume of 436.5 billion [4]. - Overall, more than 4500 stocks in the market experienced gains, reflecting a broad-based rally [1].