Group 1 - The core index of the cultural and entertainment sector, the CSI Cultural and Entertainment Media Index, has shown a mixed performance with a recent increase of 0.32%, closing at 838.13 points and a trading volume of 24.477 billion yuan [1] - Over the past month, the CSI Cultural and Entertainment Media Index has risen by 4.00%, 3.36% over the last three months, and 7.93% year-to-date [1] - The index includes companies involved in video, live streaming, gaming, film, IPTV/OTT, digital publishing, digital marketing, online education, and event performances, reflecting the overall performance of listed companies in the cultural, entertainment, and media sectors [1] Group 2 - The top ten weighted stocks in the CSI Cultural and Entertainment Media Index include: Focus Media (10.22%), China Duty Free Group (8.17%), Giant Network (4.54%), Kaiying Network (4.46%), Kunlun Wanwei (3.92%), 37 Interactive Entertainment (3.91%), Light Media (3.89%), Shenzhou Taiyue (3.42%), Leo Group (3.16%), and BlueFocus Communication Group (3.12%) [1] - The market distribution of the index holdings shows that 73.62% are from the Shenzhen Stock Exchange and 26.38% from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index holdings indicates that communication services account for 87.58%, consumer discretionary for 11.15%, and information technology for 1.27% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2] Group 4 - Public funds tracking the cultural and entertainment sector include the Huaxia CSI Cultural and Entertainment Media ETF [3]

Core Viewpoint - In the new fiscal year, Century Huatong has shown significant growth in both revenue and net profit, securing the top position in revenue among A-share gaming companies, although its profit remains lower than that of Sanqi Interactive [1][3]. Revenue Summary - For the fiscal year 2024, Century Huatong's total revenue reached 22.62 billion yuan, a year-on-year increase of 70.27% from 13.28 billion yuan, marking the highest revenue growth in five years and making it the only gaming company in A-shares to surpass 20 billion yuan in revenue [3]. - The revenue competition between Century Huatong and Sanqi Interactive has fluctuated over the years, with Century Huatong outperforming Sanqi Interactive from 2018 to 2020, while the latter led from 2021 to 2023 [3]. Profit Summary - Despite Century Huatong's revenue exceeding that of Sanqi Interactive by over 5 billion yuan, its net profit remains less than half of Sanqi Interactive's. Century Huatong's net profit for the reporting period grew by 131.51% to 1.213 billion yuan, while Sanqi Interactive's net profit was 2.673 billion yuan, more than double that of Century Huatong [3]. - In the first quarter of this year, Century Huatong outperformed Sanqi Interactive in both revenue and net profit, achieving a revenue of 8.145 billion yuan (up 91.12% year-on-year) and a net profit of 1.35 billion yuan (up 107.2% year-on-year), while Sanqi Interactive experienced declines in both revenue and net profit [3]. Executive Compensation - In the fiscal year 2024, Century Huatong's CEO, Xie Fei, received a salary of 5.2772 million yuan, which is significantly lower than that of Sanqi Interactive's general manager, Xu Zhigao, who earned 9.2438 million yuan, a difference of 3.96 million yuan [3].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 7, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $800.00 billion 3. Baidu: $500.00 billion [3] - Other notable companies in the top 10 include: - JD.com: $462.29 billion - SMIC: $449.86 billion - Kuaishou: $344.87 billion [3][4] Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Tencent Music: $301.42 billion - Li Auto: $277.73 billion - Beike: $212.17 billion [4][5] - The rankings continue with companies such as: - Xpeng Motors: $179.69 billion - iFlytek: $149.88 billion - ZTO Express: $144.36 billion [5]

丨证券研究报告丨 [Table_Summary] 中国游戏市场保持较高速增长态势，多款新游表现贡献增量。《Kingshot》等自研游戏出海表现 亮眼，游戏出海仍具有较高景气度。上市游戏公司新游产品周期陆续开启，6 月吉比特《杖剑 传说》、巨人网络《超自然行动组》等多款新游表现持续强势。6 月游戏行业支持政策陆续推出， 版号发放创近年新高，再次释放积极信号。恺英网络等 AI+游戏布局亦迎积极进展。展望后续， 暑期新游周期或带动游戏板块基本面持续向好。新游周期、政策趋势及 AI 催化共同作用下，游 戏板块估值仍具有向上弹性，建议继续关注游戏板块相关投资机会。 分析师及联系人 [Table_Author] 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 游戏产业跟踪（12）：新游表现持续强势，暑期 档游戏赛道有望延续高景气 报告要点 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 游戏产业跟踪（2] 12）：新游表现持续强势 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 6 日 [Table_Title] [Table_Title] 多国关税谈判期限将至，25H1 电影票房为近六年 最高 传媒行业周报系列 [Table_Title2]2025 年第 26 周 ► 市场行情回顾 [Table_Summary] 2025 年第 26 周（实际交易日为 2025.6.30-2025.7.4）上证指 数上涨 1.4%，沪深 300 指数上涨 1.54%，创业板指数上涨 1.5%。 恒生指数下跌 2.37%，恒生互联网指数下跌 1.52%，行业领先 恒生指数 0.86pct。SW 传媒指数上涨 2.7%，领先创业板指数 1.2pct，在申万一级 31 个行业涨跌幅排名中位列第 6 位。子 行业中互联网服务、影视和广告营销位列前三位，分别为上涨 8.26%、上涨 1.42%和上涨 0.26%。 ► 核心观点&投资建议 关税谈判期限将至，外部贸易不确定性再起。本周，据新浪 财经，美国总统特朗普于 7 月 4日宣布启动单边关税通知程 序，计划向多国发函设定新关税税率（10%-70%不等），8 月 1 日生效，7月 9 ...

Market Overview - The market experienced slight fluctuations with an overall downward trend, as the indices showed mixed results with the Shanghai Composite Index up by 0.32% while the Shenzhen Component and ChiNext fell by 0.25% and 0.36% respectively [4] - Over 4,100 stocks declined while more than 1,100 stocks rose, indicating a bearish sentiment in the market [4] Sector Performance - The power sector showed significant strength, with stocks like Huayin Power and Huaguang Huaneng hitting the daily limit, and others like Dishen Co. reaching a 20% limit up [3][12] - The gaming sector also saw some gains, with stocks such as Giant Network hitting the limit up, while several others performed well [3] - The innovative drug sector experienced a resurgence, with stocks like Guangshengtang and Zhongyuan Qihua reaching the limit up, and others showing gains exceeding 10% [3] - Financial stocks rallied in the afternoon, with companies like Xiangcai Co. and Dazhihui hitting the limit up, although the gains were not sustained [6][7] Power Sector Insights - The power sector has been on a continuous rise, driven by extreme high temperatures leading to increased electricity demand, with the State Grid predicting a peak load of over 1.2 billion kilowatts this summer [14] - Huayin Power reported a significant profit increase in its mid-year earnings forecast, projecting a net profit of 180 million to 220 million yuan, marking a growth of 36.01 to 44.23 times compared to the previous year [14][15] Financial Sector Dynamics - The financial sector saw a brief surge in the afternoon, with major players like Tianfeng Securities and Dongfang Caifu experiencing collective gains, although these were followed by a retreat [6][8] - The market sentiment briefly shifted towards optimism, with discussions of a potential bull market, although this was short-lived [8] Birth Support Policy - A document regarding national-level birth subsidies was circulated, leading to a temporary uptick in stocks related to the dairy and baby products sectors [10][11] - The proposed subsidy is set at 3,600 yuan per year for children under three years old, translating to 300 yuan per month, although the impact on the market was limited and short-lived [11]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 4, 2025 [1] - Alibaba leads the list with a market capitalization of approximately $259.36 billion [3] - Xiaomi and Pinduoduo follow, with market capitalizations of about $188.79 billion and $147.06 billion respectively [3] Group 2 - Meituan and NetEase rank sixth and seventh, with market capitalizations of $93.88 billion and $84.12 billion respectively [4] - Other notable companies include JD.com at $46.23 billion and Baidu at $29.68 billion [4] - The list includes a variety of companies from different sectors, such as Ideal Auto and Kuaishou, with market capitalizations of $27.77 billion and $32.88 billion respectively [4][5] Group 3 - The total market capitalization of the top 50 companies reflects the ongoing growth and competition within the Chinese technology sector [1] - The rankings are calculated based on the latest exchange rates, indicating the dynamic nature of the market [6] - Companies like NIO and Perfect World also feature in the rankings, showcasing the diversity of the industry [5][6]

Core Insights - The game industry is experiencing a growing demand for both high-end and composite talent, with a notable increase in job openings for positions such as game art designers and AI algorithm engineers [2][5][6] - The introduction of the game art design major in the 2025 undergraduate program directory indicates a shift in the talent supply system to meet the expanding needs of the gaming industry [1][13] - The gaming market in China is projected to reach a revenue of 3,257.83 billion yuan in 2024, reflecting a year-on-year growth of 7.53% [14] Talent Demand and Supply - The talent shortage index (TSI) for game special effects design and game action design ranks 6th and 13th respectively among the top 30 positions, indicating a significant demand for these roles [5][6] - Companies are increasingly open to hiring candidates from diverse educational backgrounds, with 80% of job postings not requiring specific majors, thus broadening the talent pool [10][8] - The gaming industry is prioritizing candidates with innovative thinking and self-learning capabilities, as these traits are essential for adapting to rapid technological changes [11][10] Industry Trends - The gaming industry is evolving with trends such as multi-platform operations, AI applications, and cross-IP collaborations, leading to a dual demand for specialized and composite talents [2][6] - The rise of independent game studios highlights the need for creative talent that can contribute unique artistic styles and gameplay designs [7][10] - The Guangdong province is focusing on talent development in the gaming sector, with plans for industry-academia collaboration to meet the growing demand for skilled professionals [15][16]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 3, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba leads the list with a market capitalization of $2,641.6 billion [3]. - Xiaomi Group follows with a market cap of $1,925.84 billion [3]. - Pinduoduo ranks fourth with a valuation of $1,476.01 billion [3]. - Meituan and NetEase are also notable, with market caps of $963.67 billion and $842.15 billion, respectively [3][4]. Group 2: Additional Notable Companies - JD.com and SMIC (Semiconductor Manufacturing International Corporation) have market capitalizations of $468.06 billion and $449.86 billion, respectively [4]. - Kuaishou and Baidu are also included, with market caps of $329.93 billion and $297.16 billion [4]. - Other companies like Tencent Music, Li Auto, and Beike have market caps ranging from $211.93 billion to $296.92 billion [4][5]. Group 3: Companies with Lower Market Capitalization - Companies such as Vipshop, Kingdee International, and Ufine Network have market caps between $61.18 billion and $77.59 billion [5][6]. - The list continues with firms like Perfect World and Reading Group, which have market caps of $39.38 billion and $37.76 billion, respectively [6].

证券时报记者 周春媚 在屏幕上勾勒一个图案，选择印象画派风格，数秒即可生成相应风格的图画；戴上脚踏，挥动两根鼓 棒"敲击"空气，即可沉浸式敲打架子鼓……在第二十一届中国（深圳）国际文化产业博览交易会（下 称"文博会"）上，这样科技与文化深度交融的场景随处可见。 5月22日，第二十一届文博会在广东深圳拉开帷幕。作为"中国文化产业第一展"，文博会历来是观察中 国文化产业的一扇重要窗口。当前，科技创新对文化产业的驱动作用日益突出，文化+科技已成为行业 不可忽视的一股浪潮。因此，本届文博会强调文化科技双核驱动，不仅汇聚了全球文化"顶流"，还吸引 了一批科技"新势力"参展，极高的"含科量"成为最大看点。记者实探文博会，通过采访多家上市公司及 初创企业发现，科技已深入渗透文化生产、消费、传播的整个链条之中，为文化产业带来了全新的机遇 和变革。 打造文化创作生产新范式 走进本届文博会的腾讯展区，"打造好用的AI，让中国故事被世界看到"这句话首先映入眼帘。腾讯有关 负责人告诉证券时报记者，作为拥有文学、影视、音乐、游戏、电竞、动漫等多个内容板块的公司，腾 讯致力于通过文博会，展现以腾讯混元大模型为技术基底的数字工具如何融入到 ...