证券代码：002517 证券简称：恺英网络 公告编号：2025-018 恺英网络股份有限公司 关于累计诉讼、仲裁情况的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、已披露累计诉讼、仲裁事项的进展情况 恺英网络股份有限公司（以下简称"公司"或"恺英网络"）于2023年8月5日披露了《关于累计 诉讼、仲裁情况的公告》（公告编号：2023-033）。 近日，公司收到国际商会国际仲裁院作出的关于公司控股子公司上海恺英网络科技有限公 司（以下简称"上海恺英"）与株式会社传奇IP（以下简称"传奇IP"）仲裁案（ICC仲裁案号： 27315/XZG）的《最终裁决书》。本次裁决为终局裁决，自作出之日起生效，主要裁决结果如 下：（1）被申请人传奇IP应向申请人上海恺英支付人民币2.245亿元的赔偿金。（2）被申请人 传奇IP应向申请人上海恺英支付135.00万美元的法律费用。（3）被申请人传奇IP应承担国际商 会国际仲裁院确定的仲裁费用，金额为46.85万美元。（4）被申请人传奇IP应向申请人上海恺英 赔偿其向国际商会国际仲裁院缴纳的仲裁费用23.425万美元。 ...

Investment Rating - The report maintains a rating of "Overweight" for the industry [4]. Core Insights - The AI Agent has reached a critical point of explosive growth, with all necessary components now integrated, leading to enhanced user experience and accelerated penetration into various sectors [5][10]. Summary by Sections Industry Overview - The industry comprises 131 listed companies with a total market value of 15,067.40 billion and a circulating market value of 13,714.81 billion [2]. Key Companies and Financials - Notable companies include: - Southern Media: Stock price 16.43, EPS 1.06 for 2022, projected EPS of 1.15 for 2026, rating "Buy" [4]. - Kaiying Network: Stock price 16.45, EPS 0.49 for 2022, projected EPS of 1.00 for 2026, rating "Buy" [4]. - Century Tianhong: Stock price 10.76, EPS 0.17 for 2022, projected EPS of 0.21 for 2026, rating "Overweight" [4]. Technological Evolution - The development of AI Agents is likened to building blocks, where previously isolated technologies are now integrated, enabling AI Agents to operate autonomously [5][10]. - Key advancements include: - Enhanced coding capabilities of large models, allowing for industry-level applications [5]. - The introduction of standardized tool invocation protocols like MCP, which simplifies the integration of various tools and data sources [31][32]. Market Dynamics - The report anticipates a surge in the availability of tools and software interfaces for large models, driven by the decreasing costs of token usage [5][20]. - The MCP platform has launched over 3,500 servers across multiple fields, indicating a robust ecosystem for AI Agents [5]. Computational Demand - A global AI Agent application with 1 billion daily active users is estimated to require approximately 141,500 NVIDIA H100 SXM GPUs for daily operations [66]. - The report provides a detailed sensitivity analysis on token consumption and computational needs based on user interaction patterns [54][60]. Investment Recommendations - The report suggests focusing on companies across various segments of the AI ecosystem, including hardware (NVIDIA, AMD), model development (Alphabet, Microsoft), and applications (Tesla, Salesforce) [9].

Investment Rating - The report recommends a selection of ten stocks across various sectors, indicating a positive outlook for these companies [4]. Core Insights - The report highlights the potential for double-digit growth in earnings for companies like China Biopharmaceuticals and Sichuan Road and Bridge, driven by strong market demand and innovative product pipelines [5][6]. - The report emphasizes the importance of product differentiation and market positioning for companies such as Maogeping and Transsion Holdings, which are expected to benefit from their unique offerings and market strategies [10][11]. - The report also notes the significant land value gains and high dividend yields for Shenzhen International, suggesting a favorable investment environment [14]. Summary by Sector 1. Pharmaceuticals - China Biopharmaceuticals (1177.HK) is expected to achieve nearly 50% revenue from innovative drugs by 2025, with a strong growth trajectory anticipated [5]. 2. Construction - Sichuan Road and Bridge (600039.SH) is projected to see a turnaround in performance due to new demand from infrastructure projects in central and western China, alongside attractive dividend yields [6]. 3. Media - Kaiying Network (002517.SZ) is building a solid foundation with nostalgic products and a rich pipeline of new games set to launch in 2025, alongside investments in AI-driven products [7][9]. 4. Electronics - Transsion Holdings (688036.SH) is focusing on emerging markets, with a projected shipment of 106.9 million smartphones in 2024, aiming to enhance its market position through increased R&D investment [10]. 5. Consumer Goods - Maogeping (1318.HK) is positioned as a leading high-end domestic cosmetics brand, with a strong product expansion strategy and high offline repurchase rates [11]. 6. Transportation - Shenzhen International (0152.HK) is expected to benefit from significant land value gains and maintain a 50% dividend payout ratio, enhancing its investment appeal [14]. 7. Agriculture - Haida Group (002311.SZ) is entering a phase of cash flow release, with domestic growth and overseas expansion expected to drive performance [15]. 8. Overseas - Weishi Jiajie (0856.HK) is a leading tech service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation trends [16]. - Yum China (9987.HK) is focusing on market share growth through strategic repurchase plans and robust governance [18]. 9. North Exchange - Minshida (833394.BJ) is the first domestic manufacturer of aramid paper, with a strong market position and growth potential in high-performance applications [19][20].

Group 1 - The report highlights the recent performance of the CSI 300 and ChiNext indices, showing a decline of 32% and 16% respectively over the past year [2] - The top-performing sectors yesterday included non-ferrous metals, home appliances, and banks, with respective gains of 1.14%, 0.95%, and 0.88% [2] - Conversely, the worst-performing sectors included computers, real estate, and defense, with declines of 1.92%, 1.77%, and 1.68% [2] Group 2 - The fixed income analysis indicates that high real interest rates are not a sufficient condition for interest rate cuts, emphasizing that current monetary policy is already supportive of the real economy [8][10] - The report discusses the efficiency of monetary policy transmission in China, stating that changes in policy rates directly influence lending rates without the need for intermediary market adjustments [11] - It is noted that the actual interest rate is more of an academic concept with limited impact on the real economy, as evidenced by the U.S. experiences during past crises [12] Group 3 - The automotive sector is witnessing significant advancements in autonomous driving technology, with multiple companies announcing progress towards Level 3 capabilities expected to be achieved by 2025 [20][21] - BYD has made notable announcements regarding its charging infrastructure and vehicle sales, indicating strong market activity and consumer interest [19] - The report emphasizes the importance of the automotive industry's transition to higher levels of automation and the competitive landscape among various manufacturers [20] Group 4 - The service consumption sector is experiencing robust growth, with travel bookings for the Qingming Festival showing positive trends, and companies like Tongcheng reporting significant revenue increases [26] - The education sector is also highlighted, with companies like Excellence Education Group and Thinking乐 reporting impressive revenue and profit growth, indicating a strong market recovery [27] - The report notes that the average per capita service consumption expenditure in China is expected to exceed 50% by 2030, reflecting a growing trend in service-oriented spending [27] Group 5 - In the chemical industry, the report indicates a continued upward trend in organic silicon prices, driven by strong manufacturer pricing intentions and potential supply shortages [32] - The urea market is also showing signs of recovery, with prices slightly increasing due to various market dynamics, including reduced inventories and seasonal demand [33] - The report recommends several companies in the chemical sector, including 合盛硅业 and 兴发集团, as potential investment opportunities [35] Group 6 - The media sector is focusing on AI applications and gaming, with significant developments in virtual reality films expected to enhance audience engagement and revenue generation [42] - The report highlights the approval of numerous new games, indicating a healthy pipeline for the gaming industry, which is expected to contribute positively to revenue growth [41] - Companies like Tencent and NetEase are recommended for their strong positions in the gaming market and ongoing innovations in AI technology [40]

中国经济网北京3月20日讯 恺英网络(002517.SZ)股价截至今日收盘报16.56元，跌幅2.82%。 2月18日，恺英网络盘中股价达到年内最高点17.30元。 甬兴证券有限公司研究员应豪、黄伯乐于2月19日发布研报《恺英网络(002517)：游戏行业领先企业 精 品化策略推动稳健增长》称，给予恺英网络"买入"评级。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **AI gaming industry** and its evolution from 2023 to 2025, highlighting significant changes in AI technology applications within the gaming sector [3][5][19]. Core Insights and Arguments - **AI Technology Evolution**: - In 2023, AI was primarily used for cost reduction and as a marketing highlight, with examples like NetEase's "逆水寒" showcasing AI NPC features that were not core gameplay [3][5]. - By 2024, advancements in AI reasoning and dynamic capabilities led to the emergence of innovative AI-native games such as "萌爪派对" and "太空沙," indicating substantial market potential [3][6]. - The introduction of AI characters in games like "AI 狼人杀" enhanced complexity and interactivity, while 3D model generation technologies from companies like Meta and Google opened new possibilities for game development [3][7]. - **Market Potential for New Products**: - The market for new companion/romance Talkie products is significant, with "Life" offering personalized and immersive interactions through memory and planning systems [3][15]. - Companies like 恺英科技 have a robust product pipeline for 2025, including titles like "龙之谷世界" and "王者传奇 2," which are expected to contribute to steady growth [3][20]. - **Investment and Development Trends**: - Companies such as 巨人网络 and 神州泰岳 are actively investing in AI, with 巨人网络 launching models like Giant GPT and testing AI animation generation applications [3][21][23]. - 神州泰岳 is recognized as a leader in the SLG overseas market, with stable performance from existing titles and new product testing [3][24]. Additional Important Insights - **Game Industry Trends**: - The Chinese gaming industry has experienced three significant waves of growth over the past five years, driven by cloud gaming technology, regulatory changes, and the rise of AI [5]. - The upcoming 2025 GDC will showcase innovations from major companies like Tencent and NetEase, focusing on AI's role in reshaping the gaming industry [12]. - **Valuation and Market Position**: - The average valuation of major gaming companies in A-shares and Hong Kong stocks is projected to be between 17 to 18 times earnings, indicating a relatively reasonable or undervalued state [16]. - The potential for AI to enhance user engagement and meet personalized demands is highlighted, with expectations for significant growth in the gaming sector by 2025 [19]. - **Company-Specific Developments**: - **完美世界** has undergone significant restructuring, including staff reductions and asset sales, which are expected to improve operational efficiency and profitability [25]. - **姚记科技** is expanding into the card business and has shown strong growth in its existing gaming and marketing segments, indicating a promising future [30][32]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving landscape of the AI gaming industry and the strategic directions of various companies within it.

Investment Rating - The report maintains a positive outlook on overseas Chinese assets and the media sector, focusing on cyclical, undervalued, and fundamentally supported targets [1][2]. Core Insights - Recent policies aimed at boosting consumption have been frequent, with a focus on cyclical sectors and undervalued assets with strong fundamentals. The government has prioritized expanding domestic demand as a key task for the year [1][2][15]. - The report highlights the resilience of leading internet platforms and the potential for a revaluation of Chinese assets, despite possible short-term volatility following rapid price increases [2][6]. - The report suggests specific stocks to watch, including Tencent Holdings, Pinduoduo, and Wanda Film, among others, emphasizing the importance of fundamental support and low valuations [2][6]. Summary by Sections Recent Developments - The government has launched initiatives to stimulate consumption, including a special action plan to enhance consumer spending and financial support for families [15]. - The media sector has seen a 2.21% increase in the week of March 10-14, driven by cyclical segments such as cinema and advertising [2][6]. Industry Policies and News - The report notes significant policy updates aimed at enhancing consumer finance and overall market conditions, which are expected to positively impact the media sector [15]. - Recent financing events in the gaming sector indicate ongoing investment interest, with notable funding rounds for startups [17][18]. Weekly Data Tracking - The total box office revenue from March 8-14 was 510 million yuan, reflecting a 28.9% decrease from the previous week, attributed to seasonal market trends [19][20]. - The report tracks the performance of television dramas and variety shows, noting shifts in viewership and market share among leading platforms [26][29]. Company Valuation Updates - The report indicates that the A-share media sector has seen price increases across various segments, with Wanda Film showing the highest growth at 10.70% during the tracking period [33].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the continuous advancements in AI and gaming sectors, with major companies like Alibaba and Tencent increasing their investments in AI applications and gaming [5][6] - The launch of the AI Agent product Manus by the startup Monica is seen as a significant development, potentially marking the beginning of a new era for general AI agents [5] - The report suggests a comprehensive investment strategy in AI, recommending key companies such as Tencent Holdings and Kuaishou-W, with beneficiaries including Alibaba-W and Kunlun Wanwei [5] Summary by Sections Industry Data Overview - The game "Eternal Night" ranked first on the iOS free chart in mainland China, while "Honor of Kings" maintained its position as the top-grossing game [11] - The film "Nezha: The Devil's Child" achieved the highest box office for the week, grossing 3.16 billion CNY, with a cumulative box office of 146.03 billion CNY [28] Industry News Overview - Major companies like Tencent and Alibaba are releasing new products, with "Enola Holmes" being a significant winner at the Oscars [37] - Tencent's mixed yuan has released and open-sourced a video generation model, enhancing capabilities for creating high-quality videos and animations [37] Market Performance - The A-share media sector outperformed the broader market in the 10th week of 2025, with the gaming sector showing strong performance [10] - The report indicates that the gaming sector has achieved the highest excess returns compared to the media index [10] Company Recommendations - For general AI and large models, the report recommends Tencent Holdings and Kuaishou-W, with beneficiaries including Alibaba-W and Kunlun Wanwei [5] - In vertical AI applications, key recommendations include ShengTian Network and AoFei Entertainment for AI virtual companionship, and Shanghai Film and Mango Super Media for AI in film [5]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][3]. Core Insights - The introduction of the AI Agent product Manus marks a significant advancement in human-machine collaboration, showcasing its ability to autonomously deliver results across various tasks [3]. - Manus has demonstrated superior performance in GAIA benchmark tests, outperforming similar products from OpenAI, particularly in complex problem-solving and tool utilization [3]. - The report emphasizes the growing demand for reasoning computing power as AI applications penetrate various sectors, presenting new opportunities for the related industry chain [3]. Summary by Sections Industry Overview - The report discusses the launch of Manus, a universal AI agent capable of connecting thought and action, which can perform tasks such as travel planning, stock analysis, and resume screening [3]. - Manus's innovative architecture and task handling capabilities are highlighted, with specific examples of its functionality provided [3]. Investment Recommendations - The report suggests focusing on companies that integrate AI into various sectors, including gaming (Kying Network, Giant Network), education (Century Tianhong, Southern Media), marketing (Easy Point Tianxia), advertising (Gravity Media, Focus Media), and large models (Tencent Holdings) [3]. - The report indicates that the acceleration of AI applications is expected to drive the development of edge AI applications and expand the scope of AI usage [3]. Key Companies and Earnings Forecast - The report includes a table of key companies with their stock prices and earnings per share (EPS) forecasts for 2023 to 2026, highlighting companies such as Century Tianhong, Tencent Holdings, Kying Network, and Southern Media [4]. - Notable EPS projections include Kying Network with an EPS of 1.13 in 2025 and Southern Media with an EPS of 1.14 in the same year [4].

Group 1 - The core point of the article is that Kaiying Network has signed a cooperation agreement to establish an AI model application and game engine company in Linping New Town, Hangzhou [1] - The new company will serve as the project headquarters, financing, and tax entity for the previously established "Jiyi Company" with the investment from Bigao Group [1] - The Linping District of Hangzhou will provide multi-dimensional support for the development of Jiyi, including computing power supply, technical support, policy guarantees, and subsequent investments [1]