11月17日，三七互娱（维权）盘中下跌2.00%，截至14:02，报20.53元/股，成交6.63亿元，换手率 2.00%，总市值454.17亿元。 资金流向方面，主力资金净流出9206.65万元，特大单买入3176.81万元，占比4.79%，卖出1.09亿元，占 比16.49%；大单买入1.47亿元，占比22.20%，卖出1.62亿元，占比24.40%。 三七互娱所属申万行业为：传媒-游戏Ⅱ-游戏Ⅲ。所属概念板块包括：在线教育、参股新三板、创投、 中盘、网络游戏等。 截至9月30日，三七互娱股东户数15.93万，较上期增加5.86%；人均流通股10034股，较上期减少 5.54%。2025年1月-9月，三七互娱实现营业收入124.61亿元，同比减少6.59%；归母净利润23.45亿元， 同比增长23.57%。 分红方面，三七互娱A股上市后累计派现115.00亿元。近三年，累计派现63.88亿元。 机构持仓方面，截止2025年9月30日，三七互娱十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股1.28亿股，相比上期减少438.69万股。华夏中证动漫游戏ETF（159869）位居第五大流通 股东， ...

11月14日，三七互娱（维权）跌2.01%，成交额8.02亿元。两融数据显示，当日三七互娱获融资买入额 1.03亿元，融资偿还1.30亿元，融资净买入-2699.73万元。截至11月14日，三七互娱融资融券余额合计 19.57亿元。 机构持仓方面，截止2025年9月30日，三七互娱十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股1.28亿股，相比上期减少438.69万股。华夏中证动漫游戏ETF（159869）位居第五大流通 股东，持股4455.45万股，相比上期增加761.76万股。易方达中证人工智能主题ETF（159819）位居第九 大流通股东，持股1264.87万股，为新进股东。国泰中证动漫游戏ETF（516010）位居第十大流通股 东，持股1246.81万股，为新进股东。 融券方面，三七互娱11月14日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额 2095.00元；融券余量4.88万股，融券余额102.24万元，超过近一年60%分位水平，处于较高位。 责任编辑：小浪快报 分红方面，三七互娱A股上市后累计派现115.00亿元。近三年，累计派现63.88亿元。 融资方 ...

丨证券研究报告丨 行业研究丨专题报告丨媒体Ⅱ [Table_Title] 板块转为超配，游戏及互联网持仓提升—— 传媒互联网行业 2025 Q3 基金持仓分析 报告要点 [Table_Summary] 2025Q3 传媒互联网板块基金持仓市值占比环比上涨 0.53pct 至 2.50%，在长江一级 32 个行业 中第 11 位，较 2025Q2 的第 15 名有所提升。传媒互联网板块转为超配：2025Q3 传媒互联网 板块标配比例为 2.29%，2025Q3 传媒互联网股实际基金持仓市值占比（2.50%）高于标配比 例 0.20pct，自 2023Q2 以来首次转为超配（25Q2 传媒持仓低于标配比例 0.28pct）。2025Q3 传媒内部游戏、互联网等子板块持仓意愿边际提升。基金重仓持股集中在游戏、广告及影视龙 头标的，整体略有增配。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 板块转为超配，游戏及互联网持仓提 ...

转自：前瞻产业研究院 行业主要上市公司：蓝色光标(300058.SZ)、利欧股份(002131.SZ)、三七互娱(002555.SZ)、浙文互联 (600986.SH)、省广集团(002400.SZ)、芒果超媒(300413.SZ)、凤凰传媒(601928.SH)、中南传媒 (601098.SH)、浙版传媒(601921.SH)、皖新传媒(601801.SH)、世纪华通(002602.SZ)、山东出版 (601019.SH)、新华文轩(601811.SH)、中文传媒(600373.SH)、万达电影(002739.SZ)、天龙集团 (300063.SZ)、中原传媒(000719.SZ)、分众传媒(002027.SZ)、华数传媒(000156.SZ)、南方传媒 (601900.SH)、长江传媒(600757.SH)、中国出版(601949.SH)等 本文核心数据：企业收入;企业布局 传媒产业链全景梳理：产业链庞大 中国传媒产业的上游主要为印刷、有线电视设备、网络设备生产商;中游包括出版发行、电影、展览、 广播电视、互联网营销、游戏等多个领域;下游分为ToC、ToB、ToG端。 从传媒行业上中下游产业链参与企业来看 ...

Core Viewpoint - Game companies are increasingly engaging in real estate acquisitions, leveraging their substantial cash flow to invest in properties as a strategic move to diversify their assets and mitigate risks [2][3][6]. Group 1: Real Estate Acquisitions - Yanqu Game's subsidiary, Quanzhou Yanqu Network Technology Co., successfully acquired the Quanzhou Puxi Wanda Plaza commercial complex for 331 million yuan, which is approximately 70% of its market value [3]. - This acquisition marks Yanqu Game's second real estate purchase in 2025, following a 31 million yuan acquisition of land in Xiamen for their global headquarters [3][4]. - Other game companies, such as Feiyu Technology and 4399, are also making similar real estate investments, indicating a trend among gaming firms to diversify their portfolios [6]. Group 2: Financial Performance - Yanqu Game's successful titles, such as "Call Me the Shopkeeper" and "Seek the Dao," have contributed to its financial strength, with the former achieving monthly revenues exceeding 500 million yuan [4]. - Feiyu Technology reported a significant revenue increase of 343.58% in the first half of 2025, reaching 451 million yuan, and turned a profit with a net income of 57.52 million yuan [6]. - 4399's acquisition of land for its headquarters in Guangzhou for 603 million yuan reflects its growth strategy, supported by its successful game "Mushroom Hero Legend," which generated approximately 2.63 billion yuan in annual revenue [7]. Group 3: Industry Trends - The Chinese gaming industry is entering a new golden decade, with game companies increasingly looking to diversify into real estate and other sectors as a strategic move [6][7]. - The small program game market in China saw a 40.2% year-on-year revenue growth in the first half of 2025, indicating a robust market environment for gaming companies [7]. - The trend of gaming companies investing in real estate is seen as a way to solidify their asset base and prepare for future uncertainties [2][6].

十五运会期间，小马知行投入超百辆自动驾驶汽车，穿梭在广州多个站点之间提供服务 杰创智能AI电磁网捕巡防机器狗Pro ◎记者 刘逸鹏 何治民 取自1522米深海处的可燃冰点燃圣火，在人形机器人手中传递；无人驾驶汽车穿梭于场馆之间；AI生 成的数字画卷在开幕式上徐徐展开——这些不再是科幻电影的场景，而是发生在十五运会期间的一个个 真实瞬间。 据介绍，科技全运方面，十五运会聚焦人工智能、新一代信息技术等前沿科技，遴选130多款体现办赛 水平、增强参赛体验、提升观赛效果的高科技产品，让赛事运营"智能化"、竞技训练"科学化"、观赛体 验"沉浸化"。 科技之火 燃动湾区 圣火的采集，是运动会标志性的起点。 不同于以往传统的圣火采集方式，十五运会的火种源自南海1522米深海处的可燃冰——它们埋藏在茫茫 南海之下，因低温高压的环境，由天然气和水分子形成结晶物质，被称为"被冰封印的天然气"。 9月16日，广州南沙群岛，"海洋地址二号"科考船带着我国自主研制的4500米级深海遥控潜水器——"海 马"号深海遥控潜水艇（ROV）启航。 9月18日，"海马"号搭载可燃冰原位采集分解及引燃装置，深入南海北部海域的海马冷泉区，在海底直 接 ...

上海久诚律师事务所主任许峰律师认为，在2015年3月31日到2023年6月28日之间买入三七互娱股票，并 且在2023年6月28日之后卖出或继续持有股票的投资者，目前已可发起索赔。 （本文由上海久诚律师事务所主任许峰律师供稿，不代表新浪财经立场。许峰律师，2008年起律师执 业，执业服务范围涉及虚假陈述、内幕交易、操纵市场等证券欺诈领域索赔代理。十几年来已代理近两 百只股票的投资者胜诉或调解获赔，同期还在代理诉讼时效内近三百只股票的索赔案件，部分也已有胜 诉以及调解获赔先例。执业证号：13101200810965495） 责任编辑：韦子蓉 （二）2018年年度报告未披露收购江苏极光股权事项为关联交易，存在重大遗漏。 （三）三七互娱2020年间接收购广州三七股权事项为关联交易，2020年12月7日披露的临时公告虚假记 载、2020年年度报告存在重大遗漏。 （四）2018年至2021年年报未披露与海南力源等公司发生的关联交易，存在重大遗漏。 2025年11月10日，上海久诚律师事务所许峰律师代理的三七互娱（维权）（002555）投资者索赔案再提 交法院立案，律师团队同步还在推进后续案件的立案工作，还在持续接受其他 ...

作者：君 吉比特今年先后推出的《问剑长生》《杖剑传说》《道友来挖宝》等游戏新品取得成功。其中，《杖剑传说》目前营收已突破16亿元，5月初上线的《道友来挖宝》营收超过3亿元，1月份上线的 在新产品的带动下，吉比特前三季度，营收为44.86亿元，同比增长59.17%；净利润为12.14亿元，同比增长84.66%；经营性现金流净额为18.59亿元，同比增长124.79%。Q3营收达19.68 今年前三季度，巨人网络实现营业收入33.68亿元，同比增长51.84%；净利润14.17亿元，同比增长32.31%；经营性现金流净额达18.51亿元，同比增长151.90%。其中，Q3实现营业收入17 据悉，爆款新游戏《超自然行动组》在暑期表现出色，成为巨人网络第三季度业绩增长的主要动力。华夏证券称，该游戏7月达成同时在线玩家超100万的成就，暑期IP联名活动更带动流水环比 昔日的A股"买量王"冰川网络则大幅削减了投放力度，前三季度同比实现扭亏为盈。前三季度，实现营业收入18.76亿元，同比下降5.39%，净利润5.02亿元，上年同期为-4.67亿元，同比大幅 冰川网络在财报中表示，公司发行团队积极响应市场变化与内部战略调整， ...

Core Insights - The Chinese gaming market's actual sales revenue for Q3 2025 reached 880.26 billion yuan, marking a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [1] - The revenue from self-developed games in overseas markets was 4.994 billion USD, with a quarter-on-quarter increase of 6.34% and a year-on-year decrease of 3.39% [1] - A total of 23 A-share gaming companies reported a combined revenue of 772.45 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.30% [2][3] Market Performance - The client game market in China generated 202.9 billion yuan in Q3 2025, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88% [1] - The mobile game market's revenue was 643.89 billion yuan, showing a quarter-on-quarter growth of 4.39% but a year-on-year decline of 1.93% [1] - The web game market saw a revenue of 10.75 billion yuan, with a quarter-on-quarter decrease of 1.41% [1] Company Performance - Century Huatong reported a revenue of 27.223 billion yuan for the first three quarters, a year-on-year increase of 75.31%, and a net profit of 4.357 billion yuan, up 141.65% [2][3] - Perfect World achieved a revenue of 5.417 billion yuan, a year-on-year increase of 33.00%, and a net profit of 0.666 billion yuan, up 271.17% [2] - G-bits reported a revenue of 4.486 billion yuan, a year-on-year increase of 59.17%, and a net profit of 1.214 billion yuan, up 84.66% [2][7] New Product Impact - G-bits launched successful new games, contributing to a revenue of 19.68 billion yuan in Q3, a year-on-year increase of 129.19% [7] - Ice Age Network turned a profit with a revenue of 1.876 billion yuan, despite a year-on-year decline of 5.39% [8] - Century Games' titles, including "Kingshot," significantly boosted revenue, with the game surpassing 100 million USD in monthly revenue [5][4]

Core Insights - The Chinese gaming market's actual sales revenue for Q3 2025 reached 880.26 billion yuan, marking a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [1] - The revenue from self-developed games in overseas markets was 4.994 billion USD, with a quarter-on-quarter increase of 6.34% and a year-on-year decrease of 3.39% [1] - A total of 23 A-share gaming companies reported a combined revenue of 772.45 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.30% [2] Market Performance - The client game market in China generated 202.9 billion yuan in Q3 2025, with a quarter-on-quarter increase of 16.05% and a year-on-year increase of 19.88% [1] - The mobile game market's revenue was 643.89 billion yuan, showing a quarter-on-quarter growth of 4.39% but a year-on-year decline of 1.93% [1] - The web game market saw a revenue of 10.75 billion yuan, with a quarter-on-quarter decrease of 1.41% [1] Company Performance - Century Huatong reported a revenue of 272.23 billion yuan for the first three quarters, surpassing last year's total, with a net profit of 43.57 billion yuan, up 141.65% [3] - 13 out of 23 gaming companies achieved revenue growth, while 17 companies reported profitability [3] - Perfect World and Giant Network improved their rankings to 3rd and 7th respectively, while Jiubite also moved up two places [6] Notable Companies - Century Games, a subsidiary of Century Huatong, significantly contributed to revenue growth, with its games topping the overseas revenue charts [4] - 37 Interactive Entertainment maintained its position as the second-largest A-share gaming company, with a revenue of 124.61 billion yuan, despite a year-on-year decline of 6.59% [5] - Jiubite's revenue for the first three quarters was 44.86 billion yuan, reflecting a year-on-year increase of 59.17% [7] Strategic Adjustments - Ice Glacier Network shifted its focus from quantity to quality in marketing, resulting in a significant reduction in sales expenses by 52.31% [8] - The company reported a net profit of 5.02 billion yuan for the first three quarters, compared to a loss in the previous year, indicating a successful turnaround [8]