近日，巨人网络集团股份有限公司（002558 SZ，以下简称"巨人网络"）宣布任命旗下《超自然行动 组》制作人王鑫宇等2名副总裁。值得一提的是，巨人网络在去年10月CEO变更时，公司表示将聚焦培 养年轻核心人才。 2月6日，巨人网络在上海西岸国际会展中心举办了2026年年会。年会现场，集团创始人、董事长史玉柱 为旗下"球球"IP赛道负责人王鑫宇、"征途"IP赛道负责人赵剑枫颁发了副总裁聘书。 针对本次人事变动，南都N视频记者调查了巨人网络，至截稿时为止，公司方面未作出任何回应。 值得一提的是，巨人网络在去年曾经历过一次高层人事调整。10月28日，巨人网络宣布，时任CEO兼总 经理张栋因个人原因辞职，公司董事刘伟出任新任CEO与总经理。 据悉，80后张栋毕业于北京大学，拥有近20年游戏行业经验，曾在腾讯、网易等公司任职，主持过暴雪 游戏《炉石传说》《守望先锋》等国服版本的发行运营，2024年回归巨人网络担任CEO。 此外，现任CEO的刘伟，出生于1968年，自珠海巨人大厦时期便追随史玉柱，2013年史玉柱辞去巨人网 络CEO时，刘伟接任并主导私有化及资本运作，维持公司稳定。刘伟于两年前卸任巨人网络CEO。去年 ...

2025 年 Q4 SW 传媒行业指数下降 4.92%，资金活跃度略微降低，但保 持在较高水平。从 2025 年 Q4 的基金重仓配置情况看，SW 传媒行业回 落至低配状态，以 SW 传媒行业重仓为基准，游戏板块受到市场关注， 维持超配，基金重仓配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置回落转为低配，游戏板块仍为市场关注重点。2025 年 Q4 SW 传媒行业的适配比例为 1.63%，基金重仓比例为 1.22%，低配比 例为 0.41%。以 SW 传媒行业重仓为基准，游戏板块维持超配，超配比 例上涨 3.59pct 至 40.26%，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 看，2025 年 Q4 SW 传媒行业的前十大重仓股分别为巨人网络、世纪华 通、恺英网络、分众传媒、三七互娱、完美世界、吉比特、神州泰岳、 光线传媒、昆仑万维，游戏行业占据 8 席。从前十大重仓股的行情表现 来看，2025 年第四季度，除三七互娱的股价实现上涨外，其余九只股 价均出现下跌。其中，吉比特与恺英网络的股价跌幅尤为显著，分别下 跌了 24.58%和 22.12%。 证券研 ...

【长江TMT&医药】最新观点汇总0208 1、PCB：板块自去年四季度以来表现偏弱，主要因正交背板方案市场观点分化，部分认为可能会被铜缆/CPO替代 或推迟至28年，而我们了解到目前正交背板当前仍在正常稳步推进中，预计在27年H2步入批量生产阶段，龙头公 司因正交背板分歧导致股价滞涨，性价比凸显，推荐东山精密、胜宏科技、沪电股份。 CoWoP方案（芯片直接封装在PCB上）确定性更强，可降本 【长江TMT&医药】最新观点汇总0208 电子 电子 1、PCB：板块自去年四季度以来表现偏弱，主要因正交背板方案市场观点分化，部分认为可能会被铜缆/CPO替代 或推迟至28年，而我们了解到目前正交背板当前仍在正常稳步推进中，预计在27年H2步入批量生产阶段，龙头公 司因正交背板分歧导致股价滞涨，性价比凸显，推荐东山精密、胜宏科技、沪电股份。 CoWoP方案（芯片直接封装在PCB上）确定性更强，可降本、提效并绕过紧缺的载板产能，PCB单平米价值量或 提升数倍至十倍，有望提前至27年底出产品，28年落地，该方向下推荐关注鹏鼎控股、深南电路、兴森科技。 2、存储：合约价仍处上行周期（现货价波动无碍），模组公司Q1业绩将爆发（江 ...

传媒 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2025-02 2025-06 2025-10 传媒 沪深300 相关研究报告 《Moltbook、元宝、Genie3 出圈，继 续布局 AI 社交/游戏/营销—行业点评 报告》-2026.2.2 《AI 入口争夺再升级，继续布局 AI 应用及游戏—行业周报》-2026.1.25 《大模型厂商加速争夺 AI 入口，布局 AI 应用/游戏—行业周报》-2026.1.18 《异环》三测及字节 AI 视频模型惊艳，继续布局游 戏/多模态 AI 应用 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 《异环》三测反响热烈，《小镇》《超自然》运营活动不断，继续布局游戏 《异环》是完美世界基于虚幻 5 引擎开发的二次元都市题材开放世界游戏，于 2026.2.4 国内开启删档计费测试（三测），反响热烈，截至 2026.2.8，官网预约 量超 2000 万，TapTap 预约量 486 万，期待值达 9.0，2 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The AI application competition is intensifying, with major players like Yuanbao, Qianwen, and Doubao launching various promotional activities to capture AI traffic [2][8] - Internet penetration in China has surpassed 80%, with a user base of 1.125 billion, indicating a significant market for digital advertising [14][15] - The advertising market shows signs of recovery, with a notable increase in ad spending starting from July 2025, particularly during the November shopping festival [15] Summary by Sections AI Application Competition - During the 2026 Spring Festival, Yuanbao launched a 1 billion RMB cash red envelope campaign, while Qianwen initiated a 3 billion RMB promotional event focused on food delivery [8][10] - On February 6, 2026, these three AI applications dominated the iPhone app download charts, with Yuanbao and Qianwen reaching the top positions [10][12] Internet Penetration and Advertising Market - According to CNNIC, the internet penetration rate in China reached 80.1% in 2025, with 602 million users engaging with generative AI applications [14] - The advertising market has shown a recovery trend, with ad spending growth rates exceeding double digits from September to November 2025, peaking at 16.6% during the shopping festival [15][16] Recommended Stocks - The report recommends several companies across different sectors that are expected to benefit from the AI ecosystem, including: - **Gaming**: Century Huatong, Giant Network, Perfect World, and others [13] - **Film and Television**: Mango Super Media, Wanda Film, and Shanghai Film [13] - **Marketing**: Easy Point and Worth Buying [13] Industry Performance - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, underperforming compared to major indices [5]

中证500成长ETF（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基金管 理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为37.36%，近一个月回报为 5.14%。 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，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月6日，中证500成长ETF（562340）开盘跌0.51%，报1.359元。中证500成长ETF（562340）重仓股方 面，巨人网络开盘跌0.54%，西部矿业跌5.87%，天山铝业跌3.19%，厦门钨业跌2.21%，通富微电跌 1.99%，宏发股份跌0.38%，杰瑞股份跌3.44%，睿创微纳跌0.73%，豪迈科技跌0.95%，金诚信跌 3.32%。 ...

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]

中证500成长ETF（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基金管 理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为39.55%，近一个月回报为 8.79%。 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，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月5日，截止午间收盘，中证500成长ETF（562340）跌1.80%，报1.367元，成交额151.06万元。中证 500成长ETF（562340）重仓股方面，巨人网络截止午盘跌0.75%，西部矿业跌5.24%，天山铝业跌 4.86%，厦门钨业跌4.28%，通富微电跌5.18%，宏发股份跌3.67%，杰瑞股份跌8.91%，睿创微纳跌 4.79%，豪迈科技跌1.76%，金诚信跌5.02%。 来源：新浪基金∞工作室 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].