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].

南财投研通数据显示，1月26日，券商给予上市公司目标价共9次，按最新收盘价计算，目标价涨幅排名居前的公司有百利天恒、洛阳钼业、三七互娱，目标 价涨幅分别为368.30%、37.88%、29.53%，分别属于化学制药、工业金属、游戏行业。 | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | --- | --- | --- | --- | --- | --- | | | | | | (元) | (%) | | 688506 | 百利天恒 | 中信证券 | 买人 | 1322.00 | 368.30 | | 603993 | 洛阳辑业 | 中信证券 | 买人 | 34.00 | 37.88 | | 002555 | 三七互娱 | 中信证券 | 买人 | 35.00 | 29.53 | | 002142 | 宁波银行 | 国泰海通证券 | 增持 | 38.89 | 28.39 | | 688599 | 天合光能 | 国泰海通证券 | 增持 | 26.42 | 28.13 | | 300401 | 花园生物 | 中信证券 | 买人 | 22.00 | 25.28 | | 60042 ...

刚刚（1月26日），国家新闻出版署公布了2026年1月份的国产版号、进口版号，以及游戏审批变更信息，公示的审批时间为1月23日。 国产版号方面，今天共有177款游戏过审获得版号。 以申报类别划分：其中"移动"类别175个（含"移动-休闲益智"类别64款）、"客户端"类别2个、"网页"类别和"游戏机"类别本月没有新版号获批。值得一提 的是，共有10款游戏同时拿到了移动和客户端版号，可见多端多平台的趋势愈发明显。 回顾2025年，国家新闻出版署下发国产游戏版号共计1676个、进口游戏版号96个、游戏审批变更信息86条。如果从近一年的每月版号下发数量来看，可见 国产版号的获批数量在阶段性增长，本月的177个是近一年以来的次高。 以下为本批次版号的完整名单： | | | 2026年1月进口网络游戏审批信息 | | | | --- | --- | --- | --- | --- | | 序号 | 名称 | 申报类别 | 出版单位 | 运营单位 | | 1 | 彩虹六号: 攻势 | 客户端 | 华东师范大学电子音 上海纳原信息技术有 | | | | | | 像出版社有限公司 | 限公司 | | 2 | 彩虹岛:爱丽丝之境 ...

智通财经APP获悉，1月26日，国家新闻出版署发布2026年1月份国产网络游戏审批信息。1月共177款游戏获批，其中包括《次元战纪》《斗罗大陆：启程》 《月圆之夜：大师对弈》等。 | 序号 | 名标 | 甲报类别 | 出版单位 运营单位 | | 批复文号 | ਜ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 暗影弓将 | 移动-休闲益智 | 天津新创元科技有限 山东中星网络科技股 | | 国新出审 | ISBN | | | | | 公司 | 份有限公司 | [2026] 92号 | 498- | | 2 | 傲能群雄 | 移动 | 合肥乐堂动漫信息技 上海掌慧悠扬科技有 | | 国新出审 | ISBN | | | | | 术有限公司 | 限公司 | [2026] 93号 | 498- | | 3 | 医会之战 | 移动-休闲益智 | 湖北省扬子江影音有 成都双层科技有限公 | | 国新出审 | ISBN | | | | | 限责任公司 | 司 | [2026] 94号 | 498- | | র্ব | 宝石大师 | 移动-休闲益智 | 湖北省扬子江影音 ...

| | 震裕科技 | 1月20日 | 10 | | --- | --- | --- | --- | | 重阳 | 三七互娱 | 1月22日 | 111 | | | 海康威视 | 1月20日 | d1 | | | 精测电子 | 1月21日 | 27 | | | 非曙賞科 | 1月20日 | 21 | | | 震裕科技 | 1月20日 | 10 | | | 海安集团 | 1月22日 | 30 | | | 苏大维格 | 1月20日 | 16 | | | 佳驰科技 | 1月20日 | 16 | | 星石投资 | 胜科纳米 | 1月20日 | 16 | | | 中建环能 | 1月22日 | 6 | | | 银河磁体 | 1月23日 | 3 | | --- | --- | --- | --- | | | 中光防雷 | 1月23日 | 3 | | 拾贝投资 | 大金重工 | 1月22日 | 209 | | | 三七互娱 | 1月22日 | 111 | | | 润丰股份 | 1月20日 | 97 | | | 海安集团 | 1月22日 | 30 | | | 麦澜德 | 1月22日 | 25 | | | 世紀非運 | 1月19日 ...

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

2026年1月23日，三七互娱披露接待调研公告，公司于1月22日接待淡水泉投资、安信基金、博时基金、 创金合信基金、财通基金、大成基金等111家机构调研。 调研情况显示，当前游戏市场有三大核心变化和潜力机会：国内小游戏市场高速增长，公司已确立绝对 领先地位，在研多款含IP产品（如《斗破苍穹》IP）并将持续投入以保持领先；SLG赛道战略价值与天 花板突破，公司围绕"轻量化""大题材"布局，多款新产品计划今明年测试，MMO产品《RO 仙境传说： 世界之旅》首发登顶中国港澳台地区榜单并将拓展东南亚、日韩和欧美市场；休闲赛道因碎片化需求增 长，公司海外布局三年处于"种树"阶段，"三消""二合"领域储备产品有望下半年及明年推出。 公司已构建差异化题材立项、工业化管线、研发流程AI应用及人才孵化四大核心研发能力，自研储备 超10款聚焦小游戏和SLG赛道。AI应用深刻改变行业模式，内部AI渗透率超90％，广告投放AI自动比 例超70％，研发美术AI渗透率65％并降低成本，未来AI将深度融合玩法实现"千人千面"。投资重点布局 游戏研发核心资产及AI相关公司（如智谱、月之暗面等）以保障产品供给和业务协同；人才梯队正向 年轻化迈 ...

南财智讯1月23日电，三七互娱在投资者关系活动中表示，公司对AI的投入已实现自上而下超90%的渗 透率，广告投放侧AI自动化比例超70%，美术环节AI渗透率达65%，显著提升效率并降低成本。公司正 探索AI与游戏玩法的深度融合，如NPC交互与剧情生成，并投资智谱、月之暗面、百川智能等大模型企 业以强化业务协同。目前自研产品储备超10款，聚焦小游戏、SLG及休闲赛道。 ...