Core Insights - The AI application in the media and gaming sectors is driving significant market activity, with various ETFs experiencing substantial gains, particularly the Film ETF which saw a limit-up increase [1] - ByteDance's launch of the AI video generation model Seedance 2.0 has sparked interest in AI-related stocks, although the model's ability to reference real human materials has been temporarily suspended for optimization [2] - The domestic gaming market is projected to continue its growth, with a notable increase in the number of game licenses issued, indicating a robust pipeline for future products [3] Group 1: ETF Performance - The Film ETF has increased by 10.03% year-to-date, with an estimated scale of 238 million [2] - The Gaming ETF has seen a rise of 6.68% year-to-date, with an estimated scale of 3.537 billion [2] - The Media ETF has grown by 5.87% year-to-date, with an estimated scale of 11.47 billion [2] Group 2: Market Trends - The pre-sale box office for new films during the 2026 Spring Festival has exceeded 86 million, indicating strong consumer interest [3] - The number of domestic game licenses issued in January increased by 33 compared to the previous month, and by 54 compared to the same period last year, suggesting improved approval processes [3] - The actual sales revenue of the domestic gaming market is projected to reach 350.79 billion in 2025, a year-on-year increase of 7.68% [3] Group 3: Industry Analysis - The gaming sector is expected to maintain a high growth trajectory, with the mobile gaming market projected to generate 257.08 billion in revenue, up 7.92% year-on-year [3] - The SW Media sector's allocation has shifted, with the gaming segment seeing an increase in overweight positions to 40.26% [4] - The revival of PC gaming and the increasing budget for mobile game development are expected to enhance the market's product offerings [5]

沪游速递分为政策速递、产业资讯和活动预告三部分，精选上海、北京、广州、深圳、成都等城市2026 年1月26日至2026年2月8日游戏产业政策、产业发展动态。 政策速递 北京 北京未来数字空间创新试验区加速推进，"首钢园电竞中心"正式揭幕 2026年2月5日，北京未来数字空间创新试验区建设工作推进会在首钢园举行。会上签署政产学研四方合 作协议，同步揭牌"首钢园电竞中心"、启动5400平方米游戏电竞孵化器，并落地两个科幻领域北京市重 点实验室，旨在构建涵盖内容创作、技术研发、场景验证的全链条数字产业生态，推动游戏电竞等新业 态集聚发展。（来源：北京国际科技创新中心） 上海 2025年软信业跃升为上海第三大产业，游戏领域新秀崛起 1月31日，据上海市经信委消息，信息传输、软件和信息技术服务业（软信业）2025年营收同比增长逾 22%，规模达17,297亿元，占全市GDP比重提升至12.6%，超过批发与零售业成为上海第三大产业。在 游戏等重点领域，继米哈游之后，叠纸、海彼、莉莉丝等新秀崛起。海外网站公布的2025年全球二次元 手游收入榜前十中，米哈游的《崩坏：星穹铁道》和叠纸的《恋与深空》分列第一、第二。（来源：上 ...

Core Insights - The news highlights the rapid growth and potential of AI-driven animation and content creation in the Chinese market, with various companies leveraging AI technology to enhance production efficiency and expand their IP monetization strategies. Group 1: Company Overviews - 中文在线, based in Beijing, is a leading digital reading company with over 5.6 million digital content types and more than 2,000 contracted authors. The company has developed its own AI model, "中文逍遥2.0," which supports the entire production process of AI comics and has reduced the adaptation cycle to 3 days [1][22]. - 荣信文化, located in Xi'an, focuses on children's books and has partnered with Alibaba to develop AI content generation tools, converting children's picture books into AI animations, thus reaching younger audiences [2][22]. - 捷成股份, a major player in film content rights management, has developed AI video generation technology that shortens the production cycle of animations to 7 days, enhancing the efficiency of classic IP adaptations [3][23]. - 欢瑞世纪, a film production leader, is converting its rich IP portfolio into AI animations, optimizing production costs through AI technology [4][24]. - 华智数媒 specializes in short drama production and is utilizing AI to streamline the entire production process, aiming to capture market share in the growing animation sector [5][25]. Group 2: Growth Prospects - 中文在线 anticipates that by 2026, AI animation production capacity will continue to increase, with overseas expansion and paid subscriptions opening new growth avenues [1][22]. - 荣信文化 expects stable demand in the children's content sector, with AI animations reducing production costs and creating growth opportunities through IP derivatives and smart products by 2026 [2][22]. - 捷成股份 projects that the combination of film rights and AI technology will enhance copyright monetization efficiency as the AI animation market expands by 2026 [3][23]. - 欢瑞世纪's rich IP reserves and AI animation capabilities are expected to broaden monetization channels, leading to performance growth by 2026 [4][24]. - 华智数媒 aims to leverage the overlap between short dramas and animations to respond quickly to market demands, with significant growth anticipated by 2026 [5][25]. Group 3: Technological Innovations - 利欧股份 is investing in AI content generation companies to enhance animation production and distribution, aiming to achieve precise content targeting through digital marketing channels [6][27]. - 掌阅科技, backed by ByteDance, is integrating AI technology to optimize the animation production process, with expectations of accelerated production capacity and monetization by 2026 [7][28]. - 万兴科技 has launched an AI animation generation platform that automates the entire production process, enhancing competitiveness in the consumer creative tools market [8][29]. - 奥飞娱乐 is focusing on AI-driven animation production, optimizing character modeling and motion capture to improve efficiency and expand growth opportunities by 2026 [9][30]. - 光线传媒 is utilizing AI technology to enhance animation production efficiency, with expectations of significant growth in the animation film market by 2026 [10][31]. Group 4: Market Trends - 智度股份 is combining large model technology with digital content creation to develop an AI animation generation system, aiming for rapid scalability and market penetration by 2026 [11][32]. - 芒果超媒 is leveraging its strong content production capabilities and AI technology to expand monetization channels, with growth expected as content quality improves and international expansion occurs by 2026 [12][33]. - 浙文互联 is creating an integrated platform for AI animation production and marketing, aiming to efficiently combine content creation with traffic monetization, with significant growth potential by 2026 [13][34]. - 完美世界 is focusing on converting gaming and film IP into AI animations, with expectations of enhanced production efficiency and growth opportunities by 2026 [14][35]. - 三七互娱 is leveraging its gaming IP to expand into AI animations, with significant growth anticipated as the market for quality content and international expansion develops by 2026 [15][36].

Group 1 - The core event is the launch of the "Warm-hearted New Year Feast" in Wuhu City, aimed at providing a special New Year meal for vulnerable groups such as elderly individuals living alone and new employment groups [1][3] - The event is organized by the Wuhu Municipal Social Work Department and the Wuhu Civil Affairs Bureau, with support from the Wuhu Charity Association and the Wuhu Volunteer Association, highlighting community collaboration [1][3] - The company, Sanqi Interactive Entertainment, actively participated by pledging 90 meals, specifically targeting those in need, including 60 meals for elderly individuals [3][5] Group 2 - Sanqi Interactive Entertainment has a strong commitment to corporate social responsibility, having invested over 75 million yuan in various charitable activities, focusing on assisting the elderly, the needy, and education [7] - The company has been recognized for its effective party-building work, receiving multiple honors at the provincial and municipal levels, establishing itself as a benchmark for non-public enterprise party organizations [5][6] - The partnership with the Wuhu Charity Association represents a new chapter in integrating party-building with public welfare, aiming to enhance the impact of both sectors [6]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [47]. Core Insights - In Q4 2025, the SW Media Industry Index decreased by 4.92%, with a slight reduction in capital activity, yet it remains at a high level. The fund's heavy allocation in the media sector has shifted to an underweight status, while the gaming sector continues to attract market attention and remains overweight [1][2][10]. - The gaming sector occupies a significant portion of the top ten heavy stocks, indicating high market interest. Among the top ten heavy stocks, eight are from the gaming industry, with notable declines in stock prices for most, except for one stock that saw an increase [2][24]. Summary by Sections 1. Capital Activity - The SW Media Industry Index closed at 819.69 points at the end of Q4 2025, down from 862.14 points at the beginning of the quarter, reflecting a 4.92% decline. The average daily trading volume was 51.09 billion yuan, a decrease of 5.20 billion yuan from the previous quarter [10]. 2. Industry Allocation Status - The allocation ratio for the SW Media Industry in Q4 2025 was 1.63%, with a fund heavy allocation ratio of 1.22%, indicating a low allocation of 0.41%. This reflects a shift from overweight to underweight status [13][16]. - The number of heavy allocation stocks accounted for 50.77% of the total, showing a slight decrease in concentration, ranking 14th among all primary industries [17]. - The gaming sector maintained an overweight status with a 40.26% allocation, while other sub-sectors remained underweight [35][39]. 3. Fund Concentration - The concentration of fund heavy stocks decreased slightly, with the top five, ten, and twenty stocks accounting for 68.74%, 85.72%, and 97.33% of the total fund heavy stock value, respectively, indicating a high concentration in leading stocks [3][43]. 4. Investment Recommendations - Given the current fund allocation and valuation levels in the SW Media Industry, it is suggested to focus on leading companies in the gaming sector, particularly those with rich game license reserves and applications in AI [45].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to continue its high growth trajectory, driven by new game launches and seasonal demand during holidays [3] - The AI video model Seedance 2.0 by ByteDance is anticipated to accelerate the commercialization of AI-generated content in short dramas and films, benefiting companies with strong IP reserves and platform advantages [4] - The report highlights the competitive landscape among major AI model providers, which is enhancing foundational model capabilities and expanding applications in various sectors [30] Industry Overview - The media sector's performance is currently lagging behind the broader market, with the film sector showing stronger results compared to gaming [7] - Recent data indicates that "Goose Duck" topped the iOS free game chart, while "Peace Elite" led the iOS revenue chart in mainland China as of February 7, 2026 [10][14] - The film "Zootopia 2" achieved the highest box office revenue for the week, totaling 0.39 billion RMB, with a cumulative box office of 44.93 billion RMB [23] Game Sector Highlights - The game "Yuanmeng" has received over 20 million pre-registrations, indicating strong market interest and potential for high daily active users (DAU) [3] - The report recommends continued investment in gaming companies such as Perfect World, Xindong Company, and others, which are expected to benefit from the ongoing demand and new product cycles [3] AI Applications in Media - The advancements in AI models are expected to significantly reduce production costs and improve efficiency in the creation of short dramas and films, with companies like Reading Group and Shanghai Film poised to benefit [4] - The report emphasizes the importance of multi-modal AI applications in enhancing content richness and user engagement in the media sector [4]

Group 1 - The gaming sector showed significant activity in the afternoon of February 6, with Perfect World reaching its daily limit increase [2] - Other companies in the gaming industry, including 37 Interactive Entertainment, Xunyou Technology, Youzu Interactive, and Kaiying Network, also experienced upward movement in their stock prices [2]

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, while B2C games with high daily active users (DAU) are expected to see significant increases in both content and DAU through user co-creation driven by natural language AI game engines [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase, as well as those with key project reserves like 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sector's 3.7% growth [15] - The AI-driven evergreen games are extending their lifecycle, with major titles like "Honor of Kings" and "Crossfire" achieving historical highs during the Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - The revival of PC games is deepening, with an increasing proportion of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products are highlighted, including Tencent Holdings, which is expected to see significant growth from its AI engine-driven games [60][61] - Other companies to watch include Xindong Company, Giant Network, and Kyeing Network, each with promising projects and growth potential [60][61]

Group 1: Core Insights - The content industry is rapidly reflecting technological changes, with AI beginning to reshape it by 2025 [2][3] - Emerging content forms like AI comic dramas (漫剧) are rapidly developing, with significant financial growth, while traditional content sectors like gaming are also benefiting from AI [3][4] Group 2: AI Comic Dramas - AI comic dramas, a new content form derived from short dramas, have seen explosive growth due to AI technology, with daily consumption on Douyin surpassing 20 million yuan, a 568% increase from the previous half-year [4] - The AI comic drama industry is projected to reach a scale of 20 billion yuan by 2025, exceeding one-third of the traditional film industry [4] - The development of AI comic dramas has outpaced that of short dramas, achieving a production rate of 300 to 500 episodes per day by July 2025, comparable to traditional animation [10] Group 3: Future Expectations for AI Comic Dramas - The industry is expected to see a significant increase in both quantity and quality in the first half of 2026, with anticipation for blockbuster hits [12][13] - The emergence of high-quality content is expected to drive further demand and competition within the AI comic drama sector [14][16] - The potential for international expansion is noted, with AI comic dramas likely to have advantages in overseas markets due to lower trial costs and cultural accessibility [18][19][20] Group 4: Gaming Industry Insights - AI has permeated the entire game production process, with a notable increase in the number of games utilizing generative AI on platforms like Steam [6][22] - Major gaming companies are focusing on practical applications of AI to enhance efficiency rather than exploring fully AI-native games [23][24] - The gaming industry is currently more concerned with extending the lifecycle of existing games rather than solely developing new AI-native games [26] Group 5: IP Development in Gaming - Game IP development is seen as a crucial strategy for attracting new players and fostering long-term emotional connections with brands [27][28] - The integration of IP into games is viewed as a natural evolution, enhancing the cultural significance and emotional resonance of games [26][28]

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原 型"Project Genie"，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模 型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏， 而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的 企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。 东方证券主要观点如下： 事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型"Project Genie"，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一 孟在各大平台同步开启直播，正式官宣一款新产品"Taptap制造"。 国内AI游戏编辑器的技术路径已具备落地商用条件 以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分 生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传 ...