长城证券（002939）发布研报称，相较国外游戏用户付费情况，我国游戏用户人均付费仍存在较高增长 空间。根据Gamelook，2025年预计美国每个付费玩家每年的游戏支出将达到324.9美元;日本玩家2024年 人均游戏消费为2144元人民币。向后展望，我国游戏用户ARPU上行有望主要受益于(1)政策鼓励游戏精 品化程度提升，带动游戏用户付费率以及付费意愿上行;(2)版号放量发放背景下，游戏供给提升将持续 提振游戏行业需求侧;(3)宏观经济持续修复，游戏作为可选消费，有望受益于人均可支配收入增长。 长城证券主要观点如下： 风险提示：行业政策风险;行业竞争加剧;经济恢复不及预期;新品上线进度不及预期。 2025年，国内小程序游戏市场收入535.35亿元，同比大幅增长34.39%，在高基数基础上维持高速增长。 苹果与腾讯于2025年11月达成微信小游戏及小程序内的支付抽取15%的佣金的协议，小程序游戏支付端 规范化程度有望提升。此前苹果端小程序游戏支付链路较长，因此很多苹果用户倾向于选择App端，对 于游戏公司而言APP端30%的苹果分成比例高于小程序端的15%。该行认为在支付链路顺畅后，iOS小 程序用户数预计 ...

Core Viewpoint - The article highlights the strong performance of 37 Interactive Entertainment, driven by its strategic investments in AI and technology, positioning it as a leader in the gaming industry and beyond [1][2]. Group 1: AI and Gaming Sector - The rise of AI applications has made gaming one of the most mature fields for AI technology deployment, attracting significant investor interest and accelerating market trends [1]. - 37 Interactive Entertainment has developed its own AI model, "Xiao Qi," which has been widely applied across various business functions, enhancing its operational capabilities [1]. Group 2: Investment Strategy and Value Creation - 37 Interactive Entertainment has constructed a value logic that transcends traditional gaming companies through strategic technology investments, marking a critical moment for value realization [2]. - The company has invested in several promising firms, including Zhipu, Lijing Innovation, and Qiangnao Technology, which are gaining market attention and aligning with trends in AI, fruit supply chains, and brain-computer interfaces [2][6]. Group 3: Systematic Investment Approach - The company’s investment strategy is comprehensive, covering the entire value chain from foundational computing power to upper-level applications, which strengthens its market position [6]. - 37 Interactive Entertainment's investments span various sectors, including AI, quantum computing, and biomanufacturing, positioning it for future growth and innovation [6][7]. Group 4: Ecosystem Empowerment and Business Synergy - The company actively explores ecosystem empowerment, enhancing the development of its industrial ecosystem while reinforcing its business synergies [9][10]. - The investment in Qiangnao Technology exemplifies its strategy, as this company is a leading player in the brain-computer interface sector, promising significant collaborative opportunities [11][12]. Group 5: Long-term Growth and Value Reassessment - The strong performance of 37 Interactive Entertainment is not merely a short-term phenomenon but reflects the maturation of its investment ecosystem, leading to new growth paradigms and value reassessment [14]. - The company’s extensive user base and rich content offerings provide a fertile ground for innovative product development and market testing, fostering a robust partnership with its investments [14].

来源：富途 这一表现背后，有两条逻辑值得关注。 AI应用赛道热度攀升，游戏作为AI技术落地最成熟的应用场景之一，吸引更多投资者的目光，板块行 情加速演绎。从基本面上看，技术突破也在进一步打开游戏行业的发展空间，支撑板块估值持续重塑。 作为国内最早系统布局AI的游戏企业之一，三七互娱自主研发的游戏领域行业大模型"小七大模型"(已 通过国家网信办生成式人工智能服务备案)，已被广泛应用于市场洞察、产品立项、美术设计、代码辅 助、广告投放、运营分析、智能客服等全链路业务环节。 投资GEO，实则相当于在下一代信息分发的核心环节提前布局，为自身乃至整个生态伙伴的未来营销 通路夯实基础，构建更显著的业务优势。 更开阔的视角下，三七互娱的深层价值逻辑还体现在两个方面，下面具体来探讨。 1、系统性落子，依托多家优质企业持续兑现价值 近期，三七互娱的股价走势颇为强势，创下了近两年来的阶段新高。 事实上，三七互娱的投资版图非常广阔，其沿着"文娱+科技"主线进行了系统性落子，覆盖从底层算 力、硬件到上层应用及终极交互的全链条。 正是这种布局的纵深性与前瞻性，为三七互娱"持续兑现价值"构筑了坚实底座，让其能够不断强化投资 生态，持续抢 ...

这一表现背后，有两条逻辑值得关注。 AI应用赛道热度攀升，游戏作为AI技术落地最成熟的应用场景之一，吸引更多投资者的目光，板块行 情加速演绎。从基本面上看，技术突破也在进一步打开游戏行业的发展空间，支撑板块估值持续重塑。 作为国内最早系统布局AI的游戏企业之一，三七互娱自主研发的游戏领域行业大模型"小七大模型"(已 通过国家网信办生成式人工智能服务备案)，已被广泛应用于市场洞察、产品立项、美术设计、代码辅 助、广告投放、运营分析、智能客服等全链路业务环节。 同时，三七互娱凭借科技投资构筑了超越传统游戏公司的价值逻辑，迎来了价值兑现的关键时刻。 特别是，三七互娱投出了智谱(已在港股上市)、立景创新(已提交IP0申请)、强脑科技(市场消息称已提 交IPO申请)，以及亿智电子(被港股上市公司黑芝麻智能收购)，智推时代(GEO领先企业)等。这些企业 近期被市场密切关注，让其站上AI、果链、脑机接口、GEO等多重概念风口。 在这背后，是三七互娱对前沿趋势的敏锐判断与早期布局。以GEO赛道为例，三七互娱2025年完成对 GEO领域开拓者"智推时代"的种子轮投资，成为国内较早投资GEO赛道的产业资本之一。这步棋不仅卡 位了 ...

Investment Rating - The industry investment rating is "Positive" [3] Core Insights - The gaming sector is expected to experience significant growth in 2026, driven by a mature product line, a persistent "lipstick effect" in consumer spending, and a peak in product cycles among major gaming companies [8][11] - The market size for the gaming sector is projected to reach approximately 357 billion yuan in 2026, with a quarterly growth rate expected to be in the high single digits [11] - The issuance of new game licenses has increased significantly, with a total of 1,771 licenses issued in 2025, marking a 25% increase from 2024 [9] - The domestic gaming market is anticipated to maintain strong consumer enthusiasm, supported by a moderate economic growth forecast of around 4.8% for GDP in 2026 [10] Summary by Sections Market Overview - The gaming sector is characterized by product line-driven growth, a noticeable lipstick effect, and the rise of A-share gaming companies [6] - Major titles such as "Endless Winter," "Supernatural Action Group," and "Delta Action" have catalyzed revenue growth in 2025 [6] Supply Side Analysis - In 2025, 1,729 mobile games received licenses, with 1,648 being domestic titles, indicating a 26.39% increase from 2024 [9] - The issuance of PC client game licenses also saw a rise, with 159 licenses granted, a 17.78% increase from the previous year [9] Consumer Behavior - The gaming sector is expected to benefit from a stable macroeconomic environment, with consumer spending likely to remain robust due to the lipstick effect [10] Market Size Forecast - The gaming market is projected to achieve a quarterly size of over 90 billion yuan in Q3 2026, contributing to an annual total of approximately 357 billion yuan [11] Company Valuation - The gaming sector is anticipated to reach a 20x P/E valuation by 2026, with current average valuations around 18x P/E [43] - Key companies to watch include Century Huatong, Giant Network, and Tencent Holdings, which have strong product lines and upcoming releases [43]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

1月15日，三七互娱（维权）盘中下跌2.06%，截至14:10，报28.96元/股，成交21.13亿元，换手率 4.50%，总市值640.66亿元。 资金流向方面，主力资金净流出1.19亿元，特大单买入1.62亿元，占比7.66%，卖出2.65亿元，占比 12.55%；大单买入5.08亿元，占比24.05%，卖出5.24亿元，占比24.81%。 三七互娱今年以来股价涨22.71%，近5个交易日涨8.02%，近20日涨39.90%，近60日涨46.63%。 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：融资融券、大盘、参股新三板、 云游戏、基金重仓等。 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 ...

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。 融资方面，三七互娱当日融资买入5.62亿元。当前融资余额18.81亿元，占流通市值的2.88%，融资余额 超过近一年70%分位水平，处于较高位。 融券方面，三七互娱1月14日融券偿还100.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量2.53万股，融券余额74.81万元，低于近一年40%分位水平，处于较低位。 资料显示，三七互娱网络科技集团股份有限公司位于安徽省芜湖市瑞祥路88号皖江财富广场B1座7层 7001号，成立日期1995年5月26日，上市日期2011年3月2日，公司主营业务涉及手机游戏和网页游戏的 研发、发行和运营。主营业务收入构成为：移动游戏97.09%，网页游戏2.08%，其他0.83%。 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%。 1月14日，三七互娱（维权）跌1.24%，成 ...

Group 1: Market Overview - In December 2025, the media sector (Shenwan Media Index) declined by 1.60%, underperforming the CSI 300 Index by 3.88 percentage points, ranking 25th among 31 industries [4][18][23]. - The current TTM-PE for the Shenwan Media Index is 45.8x, which is at the 69.7th percentile over the past five years, indicating a relatively high valuation [4][23][27]. - Notable stock performances in December included gains from Sanrenxing (30%), Baina Qiancheng (25%), and Guangxi Guangdian (19%), while ST Fanli and Zhejiang Wenlian saw declines of 20% and 19% respectively [4][28][29]. Group 2: Gaming Sector - In December 2025, a total of 144 domestic games and 3 imported games were approved, with a cumulative issuance of 1,772 game licenses in 2025, representing a year-on-year increase of 25.1% [4][38]. - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a growth of 7.7%, with mobile and client games expected to reach 257.1 billion and 78.2 billion yuan respectively, growing by 7.9% and 15.0% [4][39][46]. - The self-developed games' overseas revenue is expected to reach 20.5 billion USD in 2025, with a year-on-year growth of 10.2% [4][49]. Group 3: Film and Television Sector - The total box office in December 2025 reached 3.712 billion yuan, a significant increase of 58.0% year-on-year, primarily driven by the success of "Zootopia 2" [4][59]. - The top five films in December by box office included "Zootopia 2" (2.097 billion yuan), "Avatar 3" (774 million yuan), and "The Amazing Heist 3" (380 million yuan) [4][66]. - In the drama market, "The Big Businessman" led with 754 million views, followed by "Old Uncle" and "Tang Dynasty Mystery" with 667 million and 567 million views respectively [4][75]. Group 4: AI Applications - The global GEO market is expected to reach 24 billion USD by 2026 and 100 billion USD by 2030, with the domestic market projected to reach 11.1 billion yuan by 2026 [6]. - GEO is reshaping the flow of traffic and content service ecosystems, transitioning from "list links" to "direct answers," which compresses intermediary value and amplifies the value of content sources [6][7]. - The application of AI is anticipated to enhance the overall valuation of the sector, with a focus on gaming and publishing industries benefiting from strong new product cycles [7].

Core Insights - The recent surge in IPOs for AI and semiconductor companies in China has attracted significant market attention, with notable performances from companies like MiniMax and Zhipu [1][2][3] - Major gaming companies such as Tencent, Mihayou, and others are increasingly investing in AI and semiconductor firms, indicating a trend of deep integration between the gaming industry and advanced technologies [1][12][15] Investment Highlights - MiniMax, an AI unicorn, debuted on the Hong Kong Stock Exchange with a first-day increase of 109%, reaching a market capitalization of over HKD 100 billion [1] - Mihayou, an early investor in MiniMax, holds approximately 6.1% of the company, with a current stake valued at around HKD 6.5 billion, reflecting a nearly 70-fold increase in valuation since its initial investment [2] - Zhipu, another AI company, saw its market cap exceed HKD 570 billion upon listing, with significant price increases shortly after [2][3] Strategic Investments by Gaming Companies - Tencent led a USD 250 million Series B funding round for MiniMax and has also invested in Zhipu, holding 1.58% and 2.58% stakes in these companies, respectively [3][12] - Other gaming companies, such as 37 Interactive Entertainment and Youzu Interactive, are also making strategic investments in AI and semiconductor firms, indicating a broader trend within the industry [3][11] Market Dynamics - The gaming industry is increasingly viewed as a significant player in the tech investment landscape, with analysts noting that gaming companies are leveraging their cash flow to support advancements in AI and semiconductor technologies [12][15] - The shift in perception of gaming companies from mere entertainment providers to strategic investors in high-tech sectors reflects a growing recognition of their role in driving technological innovation [15][16] Future Outlook - Analysts suggest that the investments made by gaming companies are not merely opportunistic but are driven by internal needs for enhanced computational power and AI tools to improve game development processes [13][14] - The trend of gaming companies investing in upstream technologies is expected to continue, fostering a symbiotic relationship between gaming and technological advancements [14][15]