Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [4][35]. Core Insights - The media industry experienced a decline of 3.89%, underperforming compared to the CSI 300 index (-2.19%) and the ChiNext index (1.26%) during the week of March 9-13 [11][12]. - Key companies showing significant gains include Liansheng Technology, Tiandi Online, and Guiguang Network, while companies like Meiri Interactive and Giant Network faced notable declines [11][12]. - Tencent's AI assistant product QClaw has officially entered open beta, emphasizing "WeChat direct connection + zero-threshold deployment" [14][17]. - The AI product MuleRun, described as the "world's first self-evolving personal AI," was launched, allowing users to generate digital employees with zero barriers [17]. Summary by Sections Industry Performance - The media sector ranked 14th in terms of performance among all sectors, with a decline of 3.89% [11][12][13]. - The top three films at the box office for the week of March 16-22 generated a total of 2.97 billion yuan, with "Flying Life 3" leading at 640 million yuan [19][26]. AI Developments - The rapid development of AI applications is highlighted, with the release of OpenClaw and MuleRun, which are expected to enhance AI capabilities and penetration [3][35]. - The report suggests that the marketing industry will benefit from increased competition for traffic entry points, with opportunities arising from marketing intermediaries and high-quality data sources [3][35]. Gaming Sector - The gaming sector is viewed as a bottoming opportunity, with recommendations for companies like Giant Network, G-bits, and 37 Interactive Entertainment, focusing on product cycles and performance [3][35]. - The top three mobile games in China for February 2026 were identified as "Gossip Harbor: Merge & Story," "Whiteout Survival," and "Kingshot" [26][30]. Key Company Forecasts - Companies such as Kayi Network, G-bits, and 37 Interactive Entertainment are rated as "Outperform the Market," with projected EPS growth for 2025 and 2026 [4][37]. - The report emphasizes the importance of identifying companies with strong product cycles and AI product implementations for investment opportunities [3][35].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant changes in Google's payment policies, which are expected to benefit high-quality overseas game developers by improving profit margins and operational autonomy [5] - The overseas revenue from self-developed games in China is projected to reach USD 20.455 billion in 2025, maintaining a steady growth trend [5] - The introduction of third-party payment systems and application stores is anticipated to enhance the competitive landscape for game distribution platforms [6] Summary by Relevant Sections Industry Overview - The closing index is at 825.13, with a 52-week high of 1021.75 and a low of 591.71 [1] Recent Developments - Google announced a significant reduction in its service fees from 30% to 20% or lower, which is expected to alleviate the financial burden on developers relying on in-app purchases (IAP) [5] - The new policy allows developers to utilize third-party payment systems, thereby increasing their operational independence and reducing costs [5] Investment Recommendations - The report suggests focusing on companies with a high proportion of overseas game revenue, such as Century Huatong, Giant Network, and Perfect World, as well as those with third-party platform capabilities like Xindong Company, Tencent, and NetEase [7]

Investment Rating - The report maintains a "Recommended" investment rating for the media and internet industry [4] Core Insights - The media industry experienced a decline of 3.23% from March 9 to March 15, 2026, while the Shanghai Composite Index decreased by 0.70% and the Shenzhen Component Index by 0.76% [12] - Key sectors such as gaming, television broadcasting, film, advertising, digital media, and publishing saw respective declines of 3.45%, 1.70%, 4.18%, 3.83%, 3.36%, and 0.78% [12] - The report highlights significant developments in AI applications, gaming, and film sectors, indicating potential growth areas [8][36] Summary by Sections 1. Market Performance - The media industry (Shenwan) declined by 3.23% during the week of March 9-15, 2026, compared to a 0.19% increase in the CSI 300 index [12] - The gaming sector specifically saw a decline of 3.45% [12] 2. Key Industry Data 2.1 AI Applications - OpenRouter platform token call volume reached 16.9 trillion, up 14.19% week-on-week, with domestic models dominating the top five [18] - Notable downloads for AI applications on iOS included Deepseek at 31.13 million, with a week-on-week increase of 7.39% [18] 2.2 Gaming - Apple reduced the commission rate for in-app purchases in China from 30% to 25%, and for eligible small businesses from 15% to 12% [3] - The top five mobile games on iOS in China as of March 14, 2026, were "Honor of Kings," "Peacekeeper Elite," "Fearless Contract: Source Action," "Delta Action," and "Endless Winter" [22] - The overseas revenue for Chinese mobile games in February saw a significant increase of 221% [25] 2.3 Film - Domestic box office revenue for the week of March 9-15 was 372 million yuan, with 13 films set to release the following week [31] - The top film was "Racing Life 3," grossing 128.99 million yuan, accounting for 34.60% of the total box office [34] 3. Industry Key Events and Announcements - Tencent's AI assistant "WorkBuddy" was officially launched on March 9, 2026, enhancing productivity tools [35] - Nvidia introduced the Nemotron 3 Super AI model, featuring 120 billion parameters, significantly boosting throughput [35] - Baidu launched a zero-deployment service called DuClaw, facilitating easier access to AI tools [35] 4. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [36] - Specific companies highlighted for potential investment include Giant Network, Perfect World, and Mango Super Media among others [36]

证券研究报告 | 公司点评 gszqdatemark 2026 03 16 年 月 日 巨人网络（002558.SZ） 股权激励计划发布，看好《超自然行动组》业绩释放和海外弹性 事件：发布第二期员工持股计划。员工持股计划拟持不超过 317 万股；以 2 月 13 日收盘数据预测算，公司应确认股权激励总费用预计为 6440 万 元，在 26-29 年分别为 3471、2041、843、84 万元，计入相关费用和资 本公积。 点评： 深度绑定核心骨干员工，健全激励机制，利好团队稳定性。本次员工持股 计划面向人员范围为公司（含子公司）中对公司整体业绩和中长期发展具 有重要作用的核心骨干员工，其购买股票的价格为 20.67 元/股。后续将分 3 期解锁（每 12 个月解锁 1/3）；考核要求为个人绩效。 产品端，《《超自然行动组》活跃、商业化双升。核心产品《超自然行动》2 月初 DAU 破 1000 万；26 年春节推进多层商业化，采用"两卡池+一直 购"构架叠加多个礼包，覆盖从 0 氪到重氪全层级玩家，2 月 14 日 IOS 畅销榜冲至第 6 位。具体包括沧海之遗幻梦卡池（薇薇安双形态时装）、 春之声耀世卡池（兰 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - Multiple favorable policies have been released, leading to record high operational data for several games in February [1] - Apple and Google have reduced their app store commission rates, emphasizing the importance of content over distribution channels [1][2] - The "14th Five-Year Plan" explicitly mentions the development of online games, indicating a supportive regulatory environment for the industry [3] Company Summaries - **Kongzhong Network**: The company is actively repurchasing shares, with significant insider buying planned, indicating confidence in future performance [4] - **Giant Network**: The core product "Supernatural Action Team" has seen explosive growth, with a 43% increase in monthly revenue and over 10 million daily active users in February [4] - **Century Huatong**: The company is driven by both domestic and international business, with its game "Whiteout Survival" nearing $4.3 billion in cumulative global revenue [5] - **Tanwan**: The company expects a net profit of no less than 1.5 billion yuan in 2025, a 34-fold increase from 2024, driven by financial gains from Century Huatong shares and successful game launches [6] Investment Recommendations - The report suggests that after previous adjustments, several key gaming companies have attractive valuation levels. It continues to recommend Perfect World and highlights companies such as Kongzhong Network, Giant Network, Century Huatong, and others for further attention [7]

Investment Rating - The report maintains an "Overweight" rating for the gaming industry, indicating a positive outlook for the sector [2]. Core Insights - Apple's recent reduction of the standard commission rate from 30% to 25% is expected to save game developers approximately 4.5 billion RMB annually, enhancing profits and potentially increasing investment in R&D and marketing [2]. - Google's phased reform of its service fees, reducing the standard IAP cut from 30% to 20% and subscription fees from 15% to 10%, is favorable for Chinese game developers looking to expand internationally [2]. - The trend of decreasing app store commission rates and the opening of third-party payment systems are reshaping the gaming industry, with major developers gaining more bargaining power [2][3]. Summary by Sections Apple Developer Fee Policy - The standard fee rate in mainland China is now 25%, down from 30%, with a commitment to not exceed rates in other regions [3]. - Small developers benefit from a reduced rate of 12%, down from 15% [3]. - Third-party payment systems remain closed in China, unlike in the EU and Japan, where they are allowed [3]. Google Play Developer Fee Policy - The standard IAP fee is now 20%, with new user incentives lowering it to 15% [4]. - Subscription services see a reduction in fees to 10% [4]. - Developers are allowed to promote third-party payment methods freely, marking a significant shift in policy [4]. Company Valuation Table - Tencent Holdings has a market cap of 43,956 million RMB, with projected revenues increasing from 6,603 million RMB in 2024 to 8,488 million RMB in 2026 [5]. - Other notable companies include Giant Network with a market cap of 673 million RMB and projected revenue growth of 81% from 2024 to 2026 [5]. - Bilibili is projected to have a revenue increase of 13% from 2025 to 2026, with a market cap of 732 million RMB [5].

证券研究报告 传媒 渠道分成比例降低，助力游戏板块利 润率提升 华泰研究 2026 年 3 月 15 日│中国内地 动态点评 据苹果官网宣布，自 3 月 15 日起，中国内地（大陆）App Store 的内购及 付费 App 的佣金率将由 30%降低为 25%，同时，小型企业项目、小程序合 作伙伴开发者，应用内购和自动订阅续费满一年后的优惠费率，同步从 15% 下调至 12%。我们认为，苹果端分成比例的下调，将直接带动游戏厂商利 润率提升，渠道降费与开放为行业大趋势，利好游戏产业健康持续发展。 渠道分成比例下降，有望直接带动游戏公司利润率提升 1）此前，3 月 4 日，谷歌宣布 Google Play 商店的抽成将从 30%降至 20%， 并正式开放第三方支付与第三方应用商店。新的抽成政策即将在全球分批次 推出，至 2027 年 9 月 30 日前在全球正式实行。我们认为，谷歌和苹果通 过占据应用商店的垄断地位，长期收取高额的渠道流水分成，对应用开发者 生态繁荣发展及相关的反垄断监管都存在不利影响，"平台税"由单一抽成 过渡至分层费率、整体费率下调、全球化渠道开放为长期大趋势。 2）基于中国内地（大陆）由 3 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

证券代码：002558 证券简称：巨人网络 公告编号：2026-临 008 关于部分回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、巨人网络集团股份有限公司（以下简称"公司"）本次注销回购库存股份 34,188,640 股，占注销前公司总股本的 1.77%。本次注销完成后，公司总股本由 1,934,750,611 股减少为 1,900,561,971 股，公司注册资本由 1,934,750,611 元减少 为 1,900,561,971 元。 2、经中国证券登记结算有限责任公司深圳分公司确认，公司本次注销部分 回购专用证券账户股份事宜已于 2026 年 3 月 12 日办理完成。 公司因实施注销回购专用证券账户部分股份导致公司总股本发生变化，根据 《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所上市公 司自律监管指引第 9 号——回购股份》等相关规定，现就本次部分回购股份注销 完成暨股份变动情况公告如下： 一、回购股份的实施情况 公司于 2022 年 3 月 16 日召开第五届董事会第十七次会议 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media and internet industry, including Giant Network, Kying Network, Perfect World, and others [9][12]. Core Insights - The media industry experienced a decline of 6.97% from March 2 to March 8, 2026, compared to a 1.07% decline in the CSI 300 index [1][15]. - Google Play announced a reduction in its revenue share, lowering the in-app purchase cut to 20% and subscription fees to 10%, which is expected to benefit game developers [3][37]. - The report highlights significant growth in AI applications, with OpenRouter platform token calls reaching 14.8 trillion, a week-on-week increase of 8.82% [2][22]. Market Performance - The media industry (Shenwan) saw a decline of 6.97% during the week of March 2-8, 2026, while the CSI 300 index fell by 1.07% [1][15]. - Sub-sectors such as gaming, television broadcasting, film, advertising, digital media, and publishing experienced declines of 6.04%, 7.38%, 8.01%, 8.01%, 8.24%, and 5.77% respectively [1][15]. Key Industry Data AI Applications - OpenRouter platform token calls reached 14.8 trillion, with a week-on-week increase of 8.82% [2][22]. - Domestic AI applications saw significant growth, with Byte's Doubao increasing by 87.38% and Alibaba's Qianwen soaring by 552.83% in active users [2][25]. Gaming - The top five mobile games on iOS in China as of March 7, 2026, were "Honor of Kings," "Peacekeeper Elite," "Delta Force," "Endless Winter," and "Gold Shovel Battle" [3][27]. - Giant Network's "Supernatural Action Group" ranked between 15-24 on the iOS sales chart during the same week [3][27]. Film - The total box office for domestic films was 827 million yuan during the week of March 2-8, 2026, with "Flying Life 3" leading at 348.62 million yuan [4][33]. Industry Events and Announcements - OpenAI released the latest model GPT-5.4, enhancing capabilities in reasoning and programming [37]. - CoreWeave and Perplexity entered a multi-year strategic partnership for AI cloud services [37]. - Google Play's revenue share reduction is expected to significantly impact the gaming industry positively [3][37]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, particularly in gaming, IP, short dramas, marketing, and publishing sectors [9][39].