量化金融研究丨深度报告 [Table_Title] 传媒：政策边际改善，AI 赋能生产 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 传媒是比较典型的"供给决定需求"的行业。自 2022 年游戏行业迎来版号恢复发放的政策变 化后，2025 年 8 月影视行业迎来"广电 21 条"，政策环境也出现了边际改善；同时，随着大 模型的进一步迭代发展，AI 对传媒各领域的生产赋能逐渐深化，能够有效降本增效，行业或能 迎来景气拐点。中证传媒指数聚焦营销与广告、文化娱乐、数字媒体等行业，成份股主要覆盖 游戏和广告营销两个子赛道，基本面有支撑且预期成长性好。传媒 ETF（512980）由广发基金 管理，同类别上市最早且规模最大，流动性充裕，是一键投资传媒领域的指数工具产品。 分析师及联系人 [Table_Author] 冷旭晟 刘胜利 SAC：S0490524080001 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Ta ...

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 ...

近日，国家新闻出版署披露2026年1月份国产网络游戏审批信息，游戏《斗罗大陆：启程》获批复，编 号：国新出审〔2026〕112号，批准时间2026年01月23日。该游戏出版单位三七互娱（上海）科技有限 公司，运营单位上海硬通网络科技有限公司。 通过天眼查大数据分析，上海硬通网络科技有限公司共对外投资了2家企业，知识产权方面有商标信息 451条，专利信息78条；此外企业还拥有行政许可3个。 天眼查商业履历显示，上海硬通网络科技有限公司，成立于2013年，位于上海市嘉定区真南路4268号2 幢JT10639室，是一家以从事软件和信息技术服务业为主的企业，企业注册资本1000万人民币，实缴资 本1000万人民币。法定代表人曹伟。 来源：市场资讯 ...

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].