Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Core Viewpoint - The 2025 China Internet Enterprise Comprehensive Strength Index was released, highlighting the top companies in the industry, with Sanqi Interactive Entertainment ranking 17th, marking a significant achievement for the company and the province of Anhui [1][4]. Group 1: Company Rankings - Sanqi Interactive Entertainment has been included in the China Internet Top 100 for 13 consecutive years, ranking 17th in 2025, the highest among A-share companies and the only representative from Anhui province [1][5]. - The top five companies in the 2025 China Internet Comprehensive Strength Index include Shanghai Xunmeng Information Technology Co., Ltd., Beijing Douyin Information Service Co., Ltd., Ant Group, Taotian Co., Ltd., and Tencent [4]. Group 2: Company Performance - Sanqi Interactive Entertainment's rise in ranking is attributed to its strong performance in enterprise scale, credit, AI innovation, overseas market expansion, and social responsibility [4][6]. - The company aims to continue leveraging Anhui's favorable business environment and policy support to enhance its operations and contribute to the digital economy's high-quality development in the province [6].

无论是分红力度的持续提升，还是季度分红模式的率先实践，都清晰地表明三七互娱（维权）将股东回报内化于公司治理之中 投资时间网、标点财经研究员 张嘉 近日，由标点财经研究院、投资时报、投资时间网联合举办的"见未来·2025第八届金禧奖年度评选"结果出炉。凭借在股东回报领域的优异表现，三七互 娱（002555）荣膺"2025年优秀股东回报公司"奖项。在市场人士看来，获此奖项不仅是对三七互娱长期重视股东回报工作的认可，同时，也是公司业绩持 续稳健增长的强有力证明。 资料显示，"金禧奖"由标点财经研究院等第三方研究机构对数千家企业大数据展开分析、比较后，客观评选出各领域最具竞争力的企业和机构。值得注意 的是，2025年度"金禧奖"的评选做了进一步创新，并按行业属性精准细分，挖掘不同领域企业在资本市场赋能下的创新突破与社会贡献，以彰显产业升级 中的核心动能。 对三七互娱而言，获得"优秀股东回报公司"奖项可谓实至名归。同花顺ifind数据显示，2022年度至2025年三季度，三七互娱的现金分红总额分别达到 17.72亿元、18.06亿元、22亿元和13.86亿元，期间累计分红高达71.64亿元，位居A股游戏行业首位。 高额 ...

《隔空之兽》以"隔空猥亵"这一高发未成年人网络侵害犯罪为主题，通过动漫剧情完成普法警示。剧情 还原不法分子利用未成年人心智不成熟、沉迷游戏的弱点实施侵害的完整链条，以及最终受到法律制裁 的过程，用司法实践敲响警钟。 视频尾声，检察官结合案例开展普法宣讲，明确"隔空猥亵"已被纳入刑法规制范畴，强调社会各界需协 同发力，加强未成年人网络安全教育与性教育，家长更要密切关注孩子上网习惯与交友情况，筑牢未成 年人网络安全"防火墙，这部普法视频70%的内容制作由三七互娱自研智能体"小七"完成，实现AI技术 与公益普法的跨界融合创新，也是司法机关与企业协同开展未成年人保护工作的有益尝试。 中国青年报客户端讯（中青报·中青网记者 王海涵）近日，安徽省芜湖市鸠江区人民检察院联合上市企 业三七互娱共同制作的公益普法微动漫《隔空之兽》上线，芜湖市委政法委、芜湖市人民检察院官方微 信公众号转载。 来源：中国青年报客户端 ...

Group 1 - The A-share market is experiencing fluctuations, with a notable rise in semiconductor equipment and materials, as well as strong performance in AI infrastructure sectors such as computing power, storage, and PCB [1] - The largest AI ETF in the Shanghai market, AI ETF (515070), saw its holdings, including Guangxun Technology, rise over 3%, while other stocks like Zhongji Xuchuang, Lankai Technology, and Xiechuang Data also increased [1] - Huolong Securities believes that the market is in a "slow bull" phase, with potential for upward breakthroughs due to ongoing supportive fiscal and monetary policies, as well as improving economic fundamentals [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies that provide technology, basic resources, and applications in the AI sector, representing the midstream and upstream of the AI industry chain [1] - The top ten weighted stocks in the AI ETF include leading domestic technology firms such as Zhongji Xuchuang, Xinyi Sheng, and Hanwha Technology, among others [1] - Related products include the AI ETF (515070), Huaxia CSI Artificial Intelligence Theme ETF Link A (008585), and Huaxia CSI Artificial Intelligence Theme ETF Link C (008586) [1]

Vi e w p o i n t | 06 Jan 2026 12:16:59 ET │ 10 pages China Internet China Online Gaming Industry Journal (Dec 2025 Edition) CITI'S TAKE Our Dec 2025 China Online Gaming Industry Journal's notable highlights include 1) read-through from AppMagic 2025 global mobile game revenues and download charts and 2) business highlights from Century Huatong, 37, Perfect World, and Kingnet. With the recent rally of A-share gaming sector in the first week of Jan, our focus stays on monetization potential of next new game ...

Market Overview - The gaming sector increased by 1.05% on January 6, with Caesar Culture leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Individual Stock Performance - Caesar Culture (002425) closed at 4.00, up 9.89% with a trading volume of 401,600 shares and a turnover of 158 million yuan [1] - Kaiying Network (002517) closed at 24.36, up 4.46% with a trading volume of 912,300 shares and a turnover of 2.179 billion yuan [1] - Gigabit (603444) closed at 448.99, up 2.77% with a trading volume of 24,400 shares and a turnover of 1.087 billion yuan [1] - Kunlun Wanwei (300418) closed at 44.89, up 2.56% with a trading volume of 949,700 shares and a turnover of 4.236 billion yuan [1] - Other notable stocks include Mingchen Health (002919) up 2.10%, Xunyou Technology (300467) up 2.04%, and Giant Network (002558) up 1.84% [1] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.405 billion yuan from institutional investors, while retail investors saw a net inflow of 1.32 billion yuan [2] - The overall net inflow from speculative funds was 84.958 million yuan [2] Detailed Capital Flow for Selected Stocks - Kaiying Network (002517) had a net inflow of 255 million yuan from institutional investors, but a net outflow of 35.72 million yuan from speculative funds [3] - Caesar Culture (002425) saw a net inflow of 60.768 million yuan from institutional investors, with a net outflow of 36.423 million yuan from speculative funds [3] - Giant Network (002558) had a net inflow of 59.820 million yuan from institutional investors, but a significant net outflow of 82.100 million yuan from retail investors [3] - Other stocks like Xunyou Technology (300467) and Mingchen Health (002919) also showed varied capital flows, indicating mixed investor sentiment [3]

Core Viewpoint - The company, Sanqi Interactive Entertainment, has been recognized as one of the best CVC investment institutions for 2025 due to its strategic investments in the entertainment technology sector, aligning with national strategic initiatives and focusing on emerging industries [1][4]. Investment Strategy - In 2025, the company is focusing on strategic investments in cutting-edge industries such as quantum computing, biomanufacturing, brain-computer interfaces, and embodied intelligence, aiming to capture opportunities driven by technological innovation and industrial upgrades [4]. - The company's investment strategy is closely aligned with the "14th Five-Year Plan," which emphasizes the integration of technological and industrial innovation, further reinforcing its commitment to empowering the entertainment sector through technology [4]. Investment Portfolio - The company has made significant investments in several innovative companies, including AI chip developer Fangqing Technology, advanced chip lithography machine manufacturer Xingkong Technology, and brain-computer interface leader Qiangnao Technology, among others [5]. - Notably, the scientific founder of one of its investments, Beiqi Bio, was recently elected as an academician of the Chinese Academy of Sciences, highlighting the company's ability to identify high-quality technology projects [5]. Investment Methodology - As an early entrant in the CVC space within the entertainment sector, the company has developed a mature investment methodology that focuses on innovative entities with core technologies and clear commercialization prospects [6]. - The core value of CVC investment is seen not only in financial input but also in the output of industry insights and the deep integration of resource advantages, creating a closed-loop ecosystem from innovation to industrial transformation [6]. Future Outlook - The company plans to continue aligning with national strategic initiatives and the "14th Five-Year Plan," enhancing its collaborative capabilities and building a multi-dimensional investment ecosystem to seize new opportunities in the digital entertainment industry's technological and model innovations [7].

华泰证券研报指出，三七互娱2025年11月底上线的末日题材RPG 小游戏《生存33天》 迅速冲至微信小 游戏畅销榜前列，1月3日，该游戏成功获得微信小游戏畅销榜冠军位置，打破了SLG和塔防类型一年内 持续霸榜冠军的竞争格局。该行认为，该游戏通过"搜打撤"玩法对玩家形成吸引，通过画面设计与玩法 创新搭建玩家沉浸感，是继《寻道大千》《时光大爆炸》《英雄没有闪》后，推出的又一款成功游戏， 验证公司持续的产品研发力与运营力。看好公司产品力及AI的持续落地，维持"买入"评级。 ...

2026年A股第一个交易日，大盘走势平稳，但一个板块的走势让所有投资者瞪大了眼睛：脑机接口。 这个听起来充满科幻色彩的领域，在当天出现了22只概 念股集体涨停或逼近涨停的盛况。 涨幅最高的倍益康，股价直接飙升了30%。 三博脑科、翔宇医疗、美好医疗、熵基科技等公司的股价涨幅都达到了20%。 从康复器械、临床医院，到硬件部件、生物识别，整个脑机接口的产业链条 都被市场资金点燃了。 乐普医疗涨了12%，中科信息涨了11%，连游戏公司三七互娱和汤姆猫也因为涉及交互应用探索，股价大涨了10%。 | 2025-09-30 2025-06-30 | 2025-03-31 | 2024-12-31 | | 2024-09-30 | | | --- | --- | --- | --- | --- | --- | | 前十大流通股东累计持有:1.05亿股,累计占流通股比:25.1%、较上期减少2674.19万股 | | | | | | | 机构或基金名称 | 持有数量(股) | 持股变化(股) | 占流通股比例 | 质押占其直接持股比 | 变动比例 | | 陈夏英 | 7761.70万 | 不少 | 18.64% | 48.5 ...