Investment Rating - The report indicates a positive outlook for the media industry, highlighting potential growth driven by policy improvements and AI advancements [4][7][17]. Core Insights - The media industry is characterized by a "supply determines demand" dynamic, with recent policy changes since 2022, particularly in the gaming sector, leading to a gradual recovery in supply and overall industry fundamentals [4][7][17]. - The introduction of the "Broadcasting 21 Measures" in August 2025 is expected to further enhance the supply side of the film and television industry, potentially marking a turning point in industry prosperity [7][25]. - AI technology is increasingly empowering production across various media sectors, significantly reducing costs and improving efficiency, which may lead to a new phase of growth in the industry [8][34][44]. Summary by Sections Policy Environment - The policy environment has shown marginal improvements, effectively addressing supply shortages in the media industry. Since 2022, the number of gaming licenses has been steadily increasing, and the "Broadcasting 21 Measures" aims to optimize the supply side of the film and television industry [7][25][27]. AI Empowerment - AI technology is being integrated into various media sectors, enhancing production efficiency and reducing costs. In gaming, AI is transitioning from a cost-cutting tool to a core element of gameplay innovation, while in advertising, AI has been validated by companies like Meta for improving return on investment [8][34][44]. Industry Performance - The media industry is expected to see significant performance improvements, with revenue and net profit showing positive growth starting in 2025. The gaming sector, in particular, has experienced accelerated growth, with Q3 2025 revenue reaching approximately 27.06 billion yuan, reflecting a year-on-year increase of about 35.23% [48][49]. Index Analysis - The CSI Media Index focuses on marketing, advertising, cultural entertainment, and digital media, with a significant portion of its constituents in the gaming and advertising sectors. The index is expected to benefit from the ongoing integration of AI technology and favorable policy changes [9][58][61]. ETF Overview - The CSI Media ETF (512980), managed by GF Fund Management, is the largest in its category, providing a liquid investment vehicle for exposure to the media sector. As of January 16, 2026, the ETF's scale is approximately 9.96 billion yuan [10][94].

Ac t i o n | 27 Jan 2026 09:40:44 ET │ 19 pages 37 Interactive Entertainment (002555.SZ) Positive Takeaways From Investor Day; TP Raised to Rmb33; Buy Valuation rationale — Our TP of Rmb33 is based on 20x (revised from 16x) PE on FY26E profit of Rmb3.64bn, at par with A-share gaming peer average versus a 20% discount applied previously as we believe the regulatory overhang has been largely removed, and 37 would likely re-accelerate its growth with decent product performance in 2026E. Higher performance visi ...

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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].

1月27日，A股三大指数集体上涨。截至收盘，沪指涨0.18%报4139.9点，深成指涨0.09%报14329.91点，创业板指涨0.71%报 3342.6点。从板块行情上来看，今日表现较好的是存储芯片、汽车芯片和F5G概念，而猪肉概念、幽门螺杆菌概念和有机硅 等板块下跌。 | 基金经理 | 万家事利信号。 | 基金代码 016421 | 公告日期 2026/1/27 | 变动日期 2026/1/26 | 任职状态 高职 | 变动原因说明 结束代理 | | --- | --- | --- | --- | --- | --- | --- | | | 万家患利债券C | 016422 | 2026/1/27 | 2026/1/26 | 离题 | 结束代理 | | | 万家安弘纯债一年定期开放债券A | 004681 | 2026/1/27 | 2026/1/26 | 离影 | 结束假理 | | | 万家安弘纯债一年定期开放债券C | 004682 | 2026/1/27 | 2026/1/26 | 高脂 | 结束代理 | | 支弹凯 | 万家安弘纯债一年定期开放债券D | 023274 | 2026/1/27 | ...

1月27日，三七互娱跌0.81%，截至发稿，报26.80元/股，成交13.73亿元，换手率3.21%，总市值592.88 亿元。三七互娱股价已经连续4天下跌，区间累计跌幅5.33%。 银华体育文化灵活配置混合A（003397）成立日期2016年11月17日，最新规模1.53亿。今年以来收益 16.88%，同类排名380/8861；近一年收益38.47%，同类排名3148/8126；成立以来收益107.7%。 银华体育文化灵活配置混合A（003397）基金经理为唐能。 截至发稿，唐能累计任职时间10年251天，现任基金资产总规模27.95亿元，任职期间最佳基金回报 122.85%， 任职期间最差基金回报-44.3%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.c ...

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].