Core Insights - The 2026 Spring Festival gaming market is witnessing intense competition with 23 new games set to launch from February 2 to 16, marking a shift from quantity to quality in the gaming industry [3][4] - Major gaming companies are enhancing holiday-specific gameplay and benefits to extend user engagement [9] Game Launches - A total of 23 new games will be released during the Spring Festival, including titles from various developers such as "Little Nightmares" by Heartfire Games and "Survival 33 Days" by 37 Interactive Entertainment [4][6] - The new games span multiple genres, including RPG, card strategy, open-world, and simulation [6] Developer Focus - The upcoming new games are primarily from mid-sized developers, while major companies like Tencent and NetEase have more titles in testing phases [8] Benefits and Promotions - Leading companies are upgrading holiday-specific benefits to enhance user retention, with Tencent's "League of Legends Mobile" and NetEase's "Nirvana in Fire" offering various in-game rewards [10][12] - The focus is on providing immersive experiences and high-value rewards to meet diverse user demands [12] Cross-Industry Collaborations - Cross-industry collaborations are becoming common, with Tencent's "Delta Action" partnering with Haidilao for special promotions [13] - These collaborations aim to create a closed loop of content, experience, and consumption, enhancing user engagement and driving sales [15][16]

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market benchmark [5][40]. Core Insights - The media industry has shown a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the successful launch of new products by Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications and game IPs, particularly in the context of marketing and content creation [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Data Tracking - The total box office for the week of January 26 to February 1 reached 257 million yuan, with the top three films being "Zootopia 2" (41 million yuan), "Water Pipe" (63 million yuan), and "Return to Silent Hill" (33 million yuan) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were "Whiteout Survival" by Didi Interactive, "Gossip Harbor: Merge & Story" by Lemon Microfun, and "Kingshot" by Didi Interactive [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for potential investment opportunities, particularly in AI marketing and content creation [4][36]. - Specific companies recommended for investment include Giant Network, G-bits, and K-Young Network, which are expected to benefit from AI product implementations [4][36].

Core Viewpoint - Recent rumors regarding potential adjustments to the value-added tax (VAT) rates for industries such as gaming and finance have caused significant market fluctuations, particularly affecting major companies like Tencent and NetEase. However, these rumors have been debunked by authoritative sources, confirming that no such changes are planned [1][4]. Group 1: Market Impact - The rumors about VAT adjustments led to substantial declines in stock prices for companies in the gaming and finance sectors, with Tencent dropping over 6% and NetEase fluctuating between gains and losses of more than 3% [1]. - Other companies such as Century Huatong and Giant Network also experienced significant stock price drops, with Century Huatong falling over 9% during trading [1]. Group 2: Clarification of Rumors - Experts and industry insiders have confirmed that the rumors regarding VAT increases, including a potential rise in the gaming industry's tax rate from 6% to 32%, are unfounded [4]. - The current VAT law in China stipulates that the maximum VAT rate is 13%, and there are no provisions for a 32% rate, further discrediting the rumors [4]. - Recent announcements from the financial and tax authorities have clarified that there will be no changes to the VAT policies affecting the gaming and finance sectors, ensuring stability and certainty in the tax regime [4].

增值税传闻扰动市场。 近期，一些关于调整游戏、金融等行业增值税税率的传言在部分网络平台上传播。其中，提及金 融业、互联网增值服务等或将面临增值税税率上调，游戏行业的税率有可能从6%调高至32%。 自2026年1月1日起，《中华人民共和国增值税法》和《中华人民共和国增值税法实施条例》同步 施行。专家表示，财税部门近期发布了多项关于增值税政策的公告，这些政策主要是为了更好落 实增值税法、确保立法后的税制连贯性，其中对于游戏、金融等行业适用税率等政策都有明确的 规定，增强了政策确定性和稳定性。 "实际上，增值税立法后，增值税相关行业的税率都已明确，财税部门日前发布多项公告，也没有 调整游戏、金融行业增值税政策。上述传言不具备真实性。"一位业内人士表示。 这位业内人士称，网络传言中还提及游戏行业的税率要"从6%的档次调高至32%的档次"。但 实际 上，目前我国增值税法明确规定，增值税税率最高仅为13%，32%这个档次是不存在的，进一步 说明传言不具备可信度。 综合自：新华社 责编：万健祎 校对： 许欣 受传闻影响，腾讯、网易、世纪华通、三七互娱、巨人网络等盘中一度大幅跳水，其中，腾讯一 度跌超6%，网易从涨超3%一度 ...

Group 1 - On February 3, the A-share gaming sector experienced a dramatic V-shaped reversal, with companies like Century Huatong (002602 SZ) initially seeing stock declines due to rumors of increased taxes on internet value-added services, but later rebounding after the rumors were debunked [1] - During the morning session on February 3, several A-share gaming stocks fell, with Century Huatong dropping over 8%, while other companies like 37 Interactive Entertainment (002555 SZ) and Giant Network (002558 SZ) also saw declines. However, by the end of the day, the gaming sector index rose over 3% [1] - The initial drop in stock prices was attributed to rumors suggesting that the financial and internet value-added services, including in-game purchases and advertising, might be targeted for tax rate adjustments, similar to the liquor tax rates [1] Group 2 - On January 31, the Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rates, increasing the rate for telecom services from 6% to 9%, which could impact the revenue and profits of telecom operators [2] - Various debunking messages emerged on February 3, clarifying that the definition of value-added telecom services excludes mobile data and broadband access services, and that the rumors about gaming tax rates aligning with liquor taxes were based on a misunderstanding of different tax types [3] - Game companies reported that they had not received any official documents regarding tax rate adjustments, and there were no recent meetings or discussions on the topic, indicating skepticism about the validity of the tax increase rumors [3]

Investment Rating - The report maintains a "Positive" investment rating for the media industry in China, indicating an expectation of returns exceeding the market benchmark by over 5% [3][12]. Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with many high DAU games leveraging natural language AI game engines to drive user co-creation, resulting in significant growth in both game content and DAU [6]. - The report highlights key companies with advantages in gaming channels and high DAU, recommending Tencent Holdings (00700, Buy), NetEase-S (09999, Buy), and others for investment [6]. - The report emphasizes the importance of companies with significant project reserves for the year, suggesting a focus on 37 Interactive Entertainment (002555, Accumulate) and Perfect World (002624, Accumulate) [6]. Summary by Sections Industry Overview - The report discusses the impact of AI game editors, noting that Tencent's "Peacekeeper Elite" has surpassed 33 million DAU, indicating a shift from B2B to C-end empowerment in the gaming AI engine sector [7]. Investment Recommendations - Companies recommended for investment include Tencent Holdings, NetEase-S, and others with strong positions in gaming channels and DAU [6]. - Companies with key project reserves for the year, such as 37 Interactive Entertainment and Perfect World, are also highlighted for potential investment [6]. Market Dynamics - The report notes that the domestic AI game editor technology is ready for commercial application, with companies like Tencent and NetEase leading the way in integrating AI tools into high DAU games [7]. - The report assesses the limitations of overseas models like Genie3, indicating that they currently lack the necessary support for B-end game production and have uncertain playability for C-end users [7].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by over 10% [5][40]. Core Insights - The media industry has shown a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to February 1 [1][11]. - Key companies that performed well include Tiandi Online, Hengdian Film, Yinsai Group, and Dingsheng Co., while companies like Giant Network and Baina Qiancheng faced declines [1][11]. - The report highlights the success of AI applications and game IPs, particularly the popularity of the Clawdbot AI project and the DeepSeek-OCR2 document recognition model [2][15][16]. - The report emphasizes the potential for investment in AI marketing and gaming sectors, suggesting a focus on companies like Giant Network, Jibite, and Kayi Network for their promising product cycles and performance [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable increases in stock prices for companies like Tiandi Online (51% increase) and Hengdian Film (32% increase) [11][12]. - The top three films at the box office during the week generated a total of 2.57 billion yuan, with "Zootopia 2" leading at 0.41 billion yuan [3][19]. - In the gaming sector, the top three mobile games in December 2025 were "Whiteout Survival" by Diandian Interactive, "Gossip Harbor: Merge & Story" by Lemon Microfun, and "Kingshot" by Diandian Interactive [26][27]. Company Earnings Forecast and Investment Ratings - Key companies with an "Outperform" rating include: - Kayi Network (24.92 yuan, market cap 532 million yuan, EPS 1.01 for 2025E) [5][38]. - Jibite (455.00 yuan, market cap 328 million yuan, EPS 22.92 for 2025E) [5][38]. - Sanqi Interactive (26.52 yuan, market cap 587 million yuan, EPS 1.38 for 2025E) [5][38].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by over 10% [5][40]. Core Insights - The media industry saw a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the success of new products from Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications in marketing and content services, particularly in the context of the GEO restructuring and commercialization efforts [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Company Forecasts and Ratings - Key companies with "Outperform" ratings include: - Kaiying Network (24.92 CNY, market cap 532 million CNY, EPS 1.01 for 2025E) [5][38] - G-bits (455.00 CNY, market cap 328 million CNY, EPS 22.92 for 2025E) [5][38] - 37 Interactive Entertainment (26.52 CNY, market cap 587 million CNY, EPS 1.38 for 2025E) [5][38] Important Data Tracking - The box office for the week of January 26 to February 1 reached 257 million CNY, with top films including "Zootopia 2" (41 million CNY, 16.0% market share) and "Water Pipe" (63 million CNY, 13.8% market share) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were Point Interactive's "Whiteout Survival," Lemon Micro's "Gossip Harbor: Merge & Story," and Point Interactive's "Kingshot" [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for investment opportunities, particularly in companies that are expected to benefit from AI-driven marketing and product cycles [4][36].

Core Viewpoint - The market reacted negatively to rumors suggesting that the financial and internet value-added services sectors, including gaming, might face tax rate adjustments similar to those applied to liquor, leading to a decline in stock prices for major companies like Tencent and others in the gaming sector [1][10]. Group 1: Market Reaction - On February 3, the A-share gaming sector experienced a significant drop, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network, Giant Network, and 37 Interactive Entertainment also declining [1][10]. - Following the initial drop, gaming stocks rebounded, with Shunwang Technology rising by 14.65%, and other companies like Xunyou Technology, Zhejiang Shuju, and Perfect World seeing increases of over 5% [1][10]. Group 2: Tax Rumors and Industry Response - Industry insiders have confirmed that there has been no official communication regarding tax rate adjustments, indicating that the rumors are likely unfounded [5][14]. - A representative from a leading gaming company stated that no formal documents or meetings regarding tax adjustments have been received, further supporting the notion that the rumors lack credibility [5][14]. - According to a report from Everbright Securities, the rumors are based on a misunderstanding of tax categories, as the proposed comparison between gaming and liquor tax rates is misleading [6][15]. Group 3: Tax Policy Context - The current tax rate for financial services and modern services, including gaming and advertising, is set at 6%, contrasting with the 9% rate applicable to basic telecommunications and construction sectors [6][15]. - The recent tax rate adjustment announced by the Ministry of Finance and the State Administration of Taxation only pertains to basic telecommunications services, not affecting financial or internet value-added services [6][15]. - The prevailing policy focus is on stabilizing growth and promoting innovation, suggesting that significant tax increases in key sectors would contradict current governmental objectives [7][16].

Core Insights - The gaming industry is witnessing a significant influx of new titles, with 124 games either launched or in testing in Q1 2026, of which 84.7% have obtained approval numbers [1][44] - A notable trend is the migration of 21 games from the Steam platform to mobile, indicating a shift towards innovative gameplay and artistic styles that may rejuvenate the mobile gaming market [1][44] - Several new games have shown promising market performance, including "Survival 33 Days," "Crazy Water World," "Goose Duck," "Counterattack: Future," and "Arknights: End of the World," which have all achieved strong rankings in various app stores [6][10][15][17] Game Launches and Performance - Five standout games have performed well at the start of 2026, with "Survival 33 Days" leading the charge, achieving top rankings on both WeChat and Douyin mini-game platforms shortly after launch [6][8] - "Crazy Water World," a survival simulation game, has also maintained a strong presence in the top 10 of mini-game rankings and is showing upward momentum in the iOS charts [10][11] - "Goose Duck," a social deduction game, has rapidly gained a large user base, surpassing 1 million users within six days of its mobile launch [13] - "Counterattack: Future," a PvE shooter, has successfully positioned itself within the top 20 of the iOS game rankings shortly after its release [15] - "Arknights: End of the World," a strategy RPG, has also made a strong debut, reaching the top ranks in the iOS charts [17] Upcoming Titles and Trends - The upcoming quarter is set to feature several high-potential titles, including Tencent's "Kingdom of Rock," NetEase's "Forgotten Sea," and FunPlus's "Imo," all of which are expected to enter testing soon [19][30] - The trend of porting games from PC to mobile is gaining traction, with complex genres like SOC and Roguelike also being adapted for mobile platforms, indicating a broader acceptance of diverse gameplay styles in the mobile market [44][48] - The industry is experiencing a renewed sense of optimism, with the potential for quality products to thrive despite challenges, suggesting a possible turnaround in market sentiment [47]