今日各行业表现（截至下午13:49） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 3.03 | 1092.14 | -15.68 | 联特科技 | 20.00 | | 电子 | 1.25 | 2035.94 | -6.24 | N沐曦-U | 673.99 | | 基础化工 | 1.17 | 572.35 | -13.68 | 东方铁塔 | 10.03 | | 传媒 | 0.88 | 277.23 | -9.49 | 巨人网络 | 5.87 | | 电力设备 | 0.77 | 1254.25 | -10.02 | 骄成超声 | 14.81 | | 石油石化 | 0.73 | 52.03 | 3.86 | 桐昆股份 | 4.19 | | 家用电器 | 0.47 | 167.52 | -23.45 | 立达信 | 10.00 | | 机械设备 | 0.47 | 943.53 | -7.68 | 荣亿精密 | 18.01 | | 医药生物 | 0.35 | 5 ...

（原标题：社保基金重仓科技股曝光！近19亿元新进特种芯片龙头，连续6年重仓股仅6只） 社保基金持仓科技股市值创历史同期新高。 社保基金会12月16日消息，社保基金会党组书记、理事长刘昆12月15日主持召开党组会议，传达学习中 央经济工作会议精神，研究贯彻落实工作。会议提出，充分发挥长期资金、耐心资本作用，积极服务国 家发展需要，更好支持科技创新和产业创新深度融合。 从资产配置来看，截至今年三季度末，社保基金重仓科技股（TMT四大板块：申万电子、通信、计算 机和传媒）期末市值超过469亿元，创出历史同期新高，彰显出社保基金对科技股的日益青睐。 社保基金重仓科技股市值创新高 从行业分布来看，社保基金持有电子行业期末市值接近274亿元，在科技板块中持股市值最高。其次是 计算机板块，社保基金期末持股市值超过77亿元。另外，社保持有传媒、通信行业期末市值分别为 73.22亿元和44.33亿元。 往前看，社保基金持有科技股市值已经创出历史同期新高，同比去年三季度末大幅增长近61%，相比 2011年同期大幅增长18倍多。 从个股来看，传音控股有3只社保基金持仓，期末持股市值超过45亿元居首。 此外，鹏鼎控股、分众传媒、紫光 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 周度涨跌情况（2025.12.6-2025.12.12）：传媒行业（申万）上涨 0.26%， 排名行业第 8 名。博纳影业、广西广电、北京文化、三人行和华策影 视表现较优，恒生科技成分股中传媒行业本周百度集团-SW（周涨幅 3.62%）和腾讯控股（周涨幅 0.98%）表现较好。 行业重点数据及动态更新 AI 应用：AI 产品榜发布 11 月 AI 网页访问量数据，ChatGPT、Gemini、 New Bing、Deepseek、Shop 排名全球前五。Deepseek 为国产网页 端访问量首位，11 月实现月访问量 3.46 亿次，环比下降 2.95%，国 内第二位是纳米 AI 搜索，月访问量达 2.60 亿，环比基本持平，第三 位纳米搜索 Agent 产品，访问量 1.69 亿次，国内第四名的豆包月度 访问量 9271 万次，第五为百度 AI 搜索，月度访问量 5263 万次，阿 里旗下千问网页版 11 月访问量为 3604 万次，环比增长 20.67%。 媒体Ⅱ行业周报、月报 2025 年 12 月 16 日 [Table_Title] ...

巨人网络 20251215 摘要 游戏板块估值回调提供入场机会，当前估值约 20 倍，较前期高点 25 倍 有更大上涨空间，预计可达 25-30 倍区间，具备较好收益弹性。 2026 年游戏行业预计迎来产品大年，完美世界、腾讯、莉莉丝、米哈 游等公司均有重磅产品上线计划，无需担忧产品增速下降。 巨人网络《超自然》表现优异，七至九月流水达 15 亿元，九月流水超 预期，国庆期间 DAU 创新高近 700 万，预计春节期间将推出最佳版本 更新并加大商业化力度。 《超自然》第三季度收入确认周期调整为三个月，若按原两个月计算， 收入可增加约 2.7 亿元，总收入达 30 亿元，利润增加 2 亿元，总利润 达 8.5 亿元。预计第四季度流水与第三季度相当。 《超自然》销售费用率控制在流水 20%以内，净利润率高达 50%，主 要得益于官网下载占比高，渠道费用较低。短期内广告投放费用率维持 在 20%左右合理区间。 中国游戏市场呈现多元化发展趋势，大制作与小游戏并行，用户需求推 动休闲类游戏爆发，厂商积极扩展年轻化和女性用户群体。 巨人网络未来发展预期良好，除《超自然行动组》外，还有《名将杀》、 《5,000 年》、《口 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 A0230519060002 ted by street the start of the seen the seen the seen the seen the seen the seen the seen the seen the seen the seen the 相关研究 linqx@swsresearch.com 2025 年 12 月 14 日 互联网争夺 C 端 Al 入口: 字节 ...

Core Insights - The fifth Chongqing Capital Market High-Quality Development Conference emphasized the importance of listed companies in driving the capital market's high-quality development, urging them to take on responsibilities in governance, innovation, and investor relations [1] Group 1: Listed Companies in Chongqing - As of now, Chongqing has 78 A-share listed companies with a market capitalization of approximately 1.3 trillion yuan [2] - In the first three quarters of 2025, these companies achieved operating revenue of 572.13 billion yuan and net profit of 32.96 billion yuan, with over 40% of firms experiencing growth in both metrics [2] - Chongqing's listed companies exhibit a "124+N" characteristic, with a national leading R&D investment of 14.768 billion yuan in the first half of 2025, a year-on-year increase of 42.1% [2][3] Group 2: Key Performance Indicators - Chongqing's listed companies have the largest asset scale in Central and Western China, reaching 40.173 billion yuan by the end of the third quarter of 2025, a 7% year-on-year increase [3] - The refinancing scale of these companies reached 13 billion yuan in the first three quarters of 2025, marking a 125.9% increase year-on-year, ranking second in Western China [3] - The number of companies with over 50% of revenue from overseas is second in Western China, with 7 companies achieving this in the first half of 2025 [3] Group 3: Unique Industry Characteristics - Several companies in Chongqing have made significant achievements in their respective industries, such as Sanfeng Environment issuing the first "Belt and Road" technology innovation green corporate bond in the country [4] - Chongqing Rural Commercial Bank has the largest asset scale among rural commercial banks nationwide, while companies like Giant Network and Chongqing Beer lead in their respective sectors [4] Group 4: Two Rivers New Area Development - The Two Rivers New Area has 37 listed companies, contributing approximately 55.15% of the city's operating revenue and 49.35% of net profit, despite representing only 37% of the total number of listed companies [6] - Since the implementation of the "merger and acquisition six guidelines," Chongqing has seen active mergers and acquisitions, with 12 companies completing 14 transactions worth 35.276 billion yuan in the first three quarters of 2025, a 637% increase year-on-year [6][7] Group 5: Recommendations for Future Development - The report suggests optimizing policy supply and reducing transaction costs for successful mergers, including offering preferential policies for projects that land in Chongqing and exploring the establishment of a "merger loan risk compensation fund" [7]

Investment Rating - The report maintains a strong recommendation for leading companies in the media and internet sectors, including Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The media industry experienced a decline of 3.59% last week, ranking 30th among all sectors, but has risen 26.95% year-to-date, placing it 7th overall [1][10]. - The box office performance of "Zootopia 2" exceeded expectations, grossing over 2 billion CNY within 10 days, with projections reaching around 4 billion CNY, highlighting the potential for blockbuster films to drive industry growth [1]. - The enthusiasm of young audiences for IP-based entertainment consumption is significantly higher than anticipated, with "Zootopia 2" achieving a global box office of 981 million USD, including 448 million USD from the Chinese mainland [1]. - The report emphasizes the strong growth potential for companies embracing youth-oriented gaming and film IPs, particularly Century Huatong, Giant Network, and others [1]. Summary by Sections Market Performance Review - The media sector's index fell by 3.59% from December 1 to December 7, while the Shanghai Composite Index rose by 0.37% [10]. - Individual stock performances varied, with Lianjian Optoelectronics leading with a 28.62% increase, while Shengyibao saw a decline of 10.91% [13][14]. Film and Game Industry Key Data Film - The top films for the week included "Zootopia 2" with a weekly box office of 112,496.2 thousand CNY, contributing to a cumulative box office of 305,267.3 thousand CNY [17][18]. - Upcoming films are expected to attract significant audience interest, with "Mountain River's Past" leading in pre-release interest [19][20]. Game - Giant Network's game "Supernatural Action Group" has shown strong performance, with contract liabilities reaching 1.333 billion CNY, a 50.7% increase from the previous quarter [2]. - The game has successfully launched in Hong Kong, Macau, and Taiwan, with plans for expansion into Southeast Asia and Japan [2]. Television and Variety Shows - The top-rated TV dramas included "Dance City" and "Four Happiness," with ratings of 1.963% and 1.587%, respectively [22][23]. - In variety shows, "Running Man: Sky Road" topped the viewership rankings [28]. Book Sector - The best-selling fiction titles included "Red Rock" and "The Right Bank of the Erguna River," while non-fiction bestsellers featured "The Lazy Economy" [34][35].

游戏行业深度汇报：游戏现在买什么？20251210 摘要 游戏板块估值已触及 15 倍下限，预计 2026 年仍将保持高景气度和业 绩增长确定性，具备投资性价比，建议持续关注。 A 股推荐"3+2"组合：巨人网络、恺英网络、世纪华通基本面稳健；吉 比特、三七互娱位置较低，近期改善明显。港股推荐腾讯、网易、心动 公司、哔哩哔哩，关注贪玩游戏和百奥家庭互动。 腾讯 2026 年预计多款中型体量新游上线，品类分散；网易《遗忘之 海》和《无限大》备受期待；米哈游 2026 年预计推出《新布谷地》和 《崩坏》等新作。 恺英网络"传奇盒子"平台业务驱动增长，预计 2026 年底 DAU 达 65- 70 万，全年广告收入约 24 亿；AI 情感陪伴游戏 EVE 上线或提升估值。 巨人网络《名将杀》预计贡献 2-3 亿利润，《超自然行动组》春节版本 若表现优异，全年流水有望上修至 70-80 亿元，集团净利润或超 50 亿 元。 哔哩哔哩广告业务利润率高，增长动力强劲，预计明年广告业务将跑赢 互联网广告增速，游戏业务有望实现低双位数增长，《三国百将牌》预 计全年流水可达 10-15 亿元。 对于各大公司的具体产品线有何看法 ...

Summary of China Online Gaming Industry Journal (Nov 2025 Edition) Industry Overview - The report focuses on the **China Online Gaming Industry**, highlighting key data and updates from various companies within the sector, including **Century Huatong**, **37 Interactive Entertainment**, **G-Bits**, and **Kingnet** [1][22]. Key Highlights 1. **Industry Growth**: - The China domestic game market reached **Rmb 31.4 billion** in October 2025, reflecting a **7.8% year-over-year (yoy)** and **5.7% month-over-month (mom)** growth, primarily driven by National Day promotions [1][22]. - The **PC gaming segment** grew by **29.4% yoy** and **1.9% mom** to **Rmb 7.23 billion**, with notable contributions from games like **Delta Force** (Tencent) and **Where Winds Meet** (NetEase) [1][22]. - The **mobile gaming segment** saw a **2.4% yoy** and **5.3% mom** increase to **Rmb 22.6 billion**, driven by promotions for **HoK** (Tencent) and **Genshin Impact** (miHoYo) [1][22]. 2. **Company Performance**: - **Century Huatong**'s game **Whiteout Survival** climbed to **3** in mobile grossing rank, adding over **Rmb 100 million** in sequential grossing [1][22]. - **Overseas grossing** from Chinese studios increased by **11.9% yoy** and **11.0% mom** to **US$ 1.80 billion**, with top performers including **Arknights** (Hypergryph) and **Genshin Impact** (miHoYo) [1][22]. 3. **Investment Outlook**: - Despite a soft sentiment in the A-share gaming sector, the report maintains a positive outlook for most A-share gaming companies, citing a rich game pipeline and competitive advantages in overseas markets [1][22]. - The recommended pecking order for A-share gaming companies is: **Century Huatong > Kingnet > Giant Network > G-Bits > 37 > Perfect World** [1][22]. Company Updates - **Century Huatong**: - Announced the first beta for **Uncharted Waters: Origin** and **La Tale Mobile**, indicating ongoing development and expansion in mobile gaming [2]. - **37 Interactive Entertainment**: - Launched a survival RPG **Survival in 33 Days**, which quickly entered the top 30 in WeChat mini game grossing [2]. - **G-Bits**: - Conducted the final beta for **Jiu Mu Zhi Ye**, with an official launch scheduled for December 18 [2]. - **Kingnet**: - Announced a new Android closed paid beta for **Soul Land** [3]. Additional Insights - The report emphasizes the potential for **portfolio diversification** through investments in the online gaming sector, especially in light of current market conditions focused on AI [1][22]. - The performance of mobile games during promotional periods, such as National Day, highlights the importance of marketing strategies in driving revenue growth [1][22]. This summary encapsulates the essential insights and data from the China Online Gaming Industry Journal, providing a comprehensive overview of the current state and future outlook of the sector.