Core Insights - The National Press and Publication Administration announced the approval of 177 domestic games and 5 imported games in January 2026, indicating a significant activity in the gaming industry [1][2][4]. Domestic Game Approvals - A total of 177 domestic games received approval, with 175 categorized as "mobile" games, including 64 in the "mobile-casual puzzle" category. Only 2 games were approved in the "client" category, while no approvals were granted for "web" or "console" categories this month [2]. - Notably, 10 games received both mobile and client approvals, highlighting a trend towards multi-platform availability [2]. - In 2025, the total number of domestic game approvals was 1,676, with 96 imported games and 86 changes in game approvals. The 177 approvals this month represent the second-highest monthly total in the past year [2]. Imported Game Approvals - Five imported games were approved this month, with an average of 8 imported games receiving approval monthly over the past year [4]. Notable Games and Changes - Prominent domestic games approved include titles from well-known companies such as NetEase's "Yao Yao Qi," 37 Interactive's "Douluo Dalu: Qicheng," and Giant's "Yue Yuan Zhi Ye: Da Shi Dui Yi" [6]. - The approved imported games include Tencent's "Rainbow Six: Siege" and two titles from Kingsoft's "Angry Birds" series [7]. - A name change was noted for NetEase's game "Endless Lagrange," which has been renamed to "Interstellar Hunter" [8].

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 ...

Group 1 - A total of 33 companies were investigated by well-known institutions in the past week (January 19-25) [1] - The mechanical equipment and basic chemical industries were the most researched sectors [1] - Daikin Heavy Industries was highlighted as a leading company in the wind power equipment manufacturing industry [1] Group 2 - High Yi Asset conducted research on Runfeng Co., Ltd. and Hikvision on January 20, with investigation numbers of 97 and 91 respectively [2] - Zhongyang conducted research on 37 Interactive Entertainment on January 22, with an investigation number of 111 [3] - Shibei Investment focused on Daikin Heavy Industries on January 22, with an investigation number of 209 [4] Group 3 - Several companies received attention from multiple institutions, including Runfeng Co., Ltd., Hikvision, and Su Dawei Ge, which were investigated by various firms [7] - The investigation numbers for other companies included 39 for Shenghong Technology and 15 for Lizhu Group [5] - The total number of investigations reflects a growing interest in specific sectors and companies within the market [1][7]

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 ...

Core Insights - The company has achieved over 90% penetration of AI across its operations, indicating a strong commitment to integrating AI technologies into its business model [1] - The automation rate of AI in advertising spending exceeds 70%, showcasing significant advancements in operational efficiency [1] - AI penetration in the artistic segment has reached 65%, contributing to enhanced productivity and cost reduction [1] AI Integration and Development - The company is exploring deep integration of AI with game mechanics, focusing on NPC interactions and storyline generation [1] - Investments have been made in large model companies such as Zhiyu, Moonlight Dark, and Baichuan Intelligence to strengthen business collaboration [1] - The company has over 10 self-developed products in its pipeline, concentrating on mini-games, SLG (Simulation Game), and casual gaming segments [1]

Group 1: Market Trends and Opportunities - The domestic mini-game market is still in a phase of rapid growth, showcasing significant potential [3] - The strategic value and ceiling of the SLG (Simulation Game) sector continue to break through, with a notable expansion in user base and market value [3] - The long-cycle value of casual games is becoming increasingly evident, driven by fragmented user demands [3] Group 2: Product Development and Strategy - The company has established a leading position in the mini-game market, with multiple mini-games under development, including IP products like "Dou Po Cang Qiong" [3] - The company’s overseas business has maintained stable revenue, with SLG being a core strategic focus, supported by a "lightweight" and "large theme" approach [3] - The company has over 10 self-developed products in its pipeline, focusing on mini-games and SLG development [3] Group 3: AI Integration and Efficiency - The company has achieved over 90% penetration of AI across its operations, significantly enhancing efficiency [4] - AI-driven automatic ad placements exceed 70%, with AI outperforming human operators in various aspects [4] - The company is investing heavily in AI technologies to improve existing business efficiency and secure future strategic advantages [5] Group 4: Talent Development and Organizational Structure - The company is moving towards a younger talent pool, with 80% of its core production team being post-90s generation [4] - The establishment of R&D centers in key talent hubs like Beijing and Shanghai aims to attract top talent and break geographical limitations [4] - The company emphasizes long-term thinking in its product strategies, focusing on longer product lifecycles across various game genres [4] Group 5: Future Goals and Market Positioning - The company aims to return to the top three in the overseas market for Chinese game developers within three years [5] - In the mini-game sector, the goal is to maintain the leading market position while developing headliner products in SLG and casual game categories [5] - The company seeks to achieve industry-leading levels in AI tool capabilities, focusing on unique and refined offerings [5]

Group 1 - The gaming sector experienced a slight increase of 0.45% on January 23, with Youzu Interactive leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Major stocks in the gaming sector showed varied performance, with Youzu Interactive closing at 12.85, up 5.85%, and Kunlun Wanwei at 55.74, up 4.28% [1] Group 2 - The gaming sector saw a net inflow of 442 million yuan from institutional investors, while retail investors experienced a net outflow of 584 million yuan [2] - Key stocks such as Kunlun Wanwei and Giant Network had significant net inflows of 827 million yuan and 164 million yuan, respectively, from institutional investors [3] - Youzu Interactive had a net inflow of 60.02 million yuan from institutional investors, despite a net outflow of 34.54 million yuan from retail investors [3] Group 3 - The gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a decline of 3.54% over the past five days, with a current P/E ratio of 41.48 [5] - The gaming ETF's latest share count increased to 8.84 billion, with a net redemption of 310 million yuan [5]

【天风传媒互联网】三七互娱调研反馈及观点更新@260123 产品端：明确小游戏+SLG+休闲的产品战略，储备丰富。 供给侧：SLG5款储备，H1两款产品推广；小游戏5款储备，生存33天跑通团队RPG&非IP向方向；休闲游戏多个 CP合作，有望与SLG共振。 MMO方向RO港澳台上线，畅销榜第一，后续有核心区域SEA和韩国等，蛋总带团队回归巩固RPG和小游戏赛道。 【天风传媒互联网】三七互娱调研反馈及观点更新@260123 产品端：明确小游戏+SLG+休闲的产品战略，储备丰富。 供给侧：SLG5款储备，H1两款产品推广；小游戏5款储备，生存33天跑通团队RPG&非IP向方向；休闲游戏多个 CP合作，有望与SLG共振。 MMO方向RO港澳台上线，畅销榜第一，后续有核心区域SEA和韩国等，蛋总带团队回归巩固RPG和小游戏赛道。 团队侧：本体年轻化改造，扶持90后制作人，强化校招人员补充；投资端，战投部门锚定成功产品经验制作人。 AI侧：实质性降本增效。 研发侧：全面融入工作流，案例是猎魂、RO研发周期短。 美术渗透率60%以上，自研图灵工具+美术资产平台，2D成本节省70%、3D20%、动效10%。 后续继续推荐一 ...

Core Insights - The Chinese mobile gaming industry is experiencing significant growth in research and development (R&D) investments, with the top 20 companies projected to invest over 99 billion yuan in 2024, marking an 8.8% year-on-year increase [1] - The domestic revenue from self-developed games is expected to exceed 260 billion yuan in 2024, reflecting a 1.7% increase compared to the previous year [4] - The overseas revenue from self-developed games is anticipated to surpass 18.5 billion USD in 2024, showing a 13.39% year-on-year growth [6] R&D Investments - The total R&D investment by the top 20 mobile gaming companies in China is projected to reach 99.02 billion yuan in 2024, with a continuous increase from 2017 to 2024 [1] - The number of R&D personnel in these companies has shown a declining trend, with a total of 15,721 employees in 2024, down by 1.66% year-on-year [3] - The median percentage of R&D personnel in the top 20 companies is 47.24% in 2024, which is a decrease of 5.97 percentage points from the previous year [3] Domestic Revenue - The actual sales revenue from self-developed games in the domestic market is projected to be 260.736 billion yuan in 2024, reflecting a 1.7% increase year-on-year [4] - The growth in domestic revenue is attributed to the expanding and maturing domestic gaming market, with companies focusing on self-developed games to capture market opportunities [4] Overseas Revenue - The overseas revenue from self-developed games is expected to reach 18.557 billion USD in 2024, marking a 13.39% increase compared to the previous year [6] - The overseas revenue has consistently exceeded 100 billion yuan for five consecutive years, driven by advancements in cloud gaming and AI technologies [6] - The primary markets for overseas revenue are the United States, Japan, and South Korea, contributing 31.06%, 17.32%, and 8.89% respectively to the total overseas income [8]