刚刚（1月26日），国家新闻出版署公布了2026年1月份的国产版号、进口版号，以及游戏审批变更信息，公示的审批时间为1月23日。 国产版号方面，今天共有177款游戏过审获得版号。 以申报类别划分：其中"移动"类别175个（含"移动-休闲益智"类别64款）、"客户端"类别2个、"网页"类别和"游戏机"类别本月没有新版号获批。值得一提 的是，共有10款游戏同时拿到了移动和客户端版号，可见多端多平台的趋势愈发明显。 回顾2025年，国家新闻出版署下发国产游戏版号共计1676个、进口游戏版号96个、游戏审批变更信息86条。如果从近一年的每月版号下发数量来看，可见 国产版号的获批数量在阶段性增长，本月的177个是近一年以来的次高。 以下为本批次版号的完整名单： | | | 2026年1月进口网络游戏审批信息 | | | | --- | --- | --- | --- | --- | | 序号 | 名称 | 申报类别 | 出版单位 | 运营单位 | | 1 | 彩虹六号: 攻势 | 客户端 | 华东师范大学电子音 上海纳原信息技术有 | | | | | | 像出版社有限公司 | 限公司 | | 2 | 彩虹岛:爱丽丝之境 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002919 | 名臣健康 | 24.44 | -8.53% | 14.91万 | 3.75亿 | | 002558 | 巨人网络 | 46.21 | -7.23% | 66.54万 | 30.82 Z | | 300299 | 富春股份 | 7.27 | -4.72% | 54.26万 | 3.97亿 | | 300459 | 汤姆猫 | 5.20 | -3.88% | 240.34万 | 12.59亿 | | 300043 | 星辉娱乐 | 6.43 | -3.74% | 78.09万 | 5.02亿 | | 603444 | 吉比特 | 439.01 | -3.71% | 1.70万 | 7.51亿 | | 002517 | 恺英网络 | 24.68 | -3.67% | 52.86万 | 13.13亿 | | 002624 | 完美世界 | 17.34 | -2.91% | 46.55万 | 8.11亿 | | 300418 | 昆仑万维 ...

上银鑫恒混合A（010313）基金经理为卢扬。 截至发稿，卢扬累计任职时间11年92天，现任基金资产总规模11.26亿元，任职期间最佳基金回报 95.76%， 任职期间最差基金回报-29.25%。 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，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月26日，巨人网络跌5.12%，截至发稿，报47.26元/股，成交3.42亿元，换手率0.37%，总市值914.36亿 元。 资料显示，巨人网络集团股份有限公司位于上海市松江区中辰路655号，成立日期1997年7月22日，上市 日期2011年3月2日，公司主营业务涉及互联网游戏的研发和运营。主营业务收入构成为：移动端网络游 戏业务78.16%，电脑端网络游戏业务19.11%，其他游戏相关业务2. ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a decrease in the heavy allocation ratio of A-share media stocks by public funds, with a concentration decline [4] - The report highlights a shift in fund allocation towards the news publishing sector, while gaming and advertising sectors saw reductions [4] - The report suggests continued focus on segments with favorable market conditions and AI industry logic, particularly in gaming and IP derivatives [4] Summary by Sections A-share Media Fund Heavy Allocation Ratio Decline - In Q4 2025, the heavy allocation ratio for A-share media stocks was 1.32%, down from 2.56% in Q3 2025, a decrease of 1.24 percentage points [13] - For A+H shares, the allocation ratio was 4.41%, down from 5.99%, a decrease of 1.58 percentage points [13] Changes in Fund Allocation by Sector - The gaming sector's allocation decreased from 67.34% in Q3 2025 to 65.20% in Q4 2025, a drop of 2.14 percentage points [27] - The advertising sector's allocation fell from 24.35% to 22.41%, a decrease of 1.94 percentage points [27] - The news publishing sector saw an increase in allocation from 1.93% to 6.29%, an increase of 4.35 percentage points [27] Concentration of A-share Media Heavy Holdings - The top five heavy holdings in the A-share media sector accounted for 78.48% of the total heavy holdings value, down 6.57 percentage points [42] - The top ten heavy holdings accounted for 88.04%, down 4.93 percentage points [42] Hong Kong Internet Sector Fund Holdings - In Q4 2025, companies like DaMai Entertainment and Meituan-W saw increased holdings, while Kuaishou-W and Pop Mart experienced reductions [4] Investment Recommendations - The report recommends focusing on segments with favorable market conditions and AI applications, particularly in gaming and long video sectors [4]

Investment Rating - The report assigns an "Outperform" rating to the company [3][5]. Core Insights - The company has a strong R&D capability and a solid long-term operational experience, particularly with its evergreen IPs "Zhengtu" and "Qiuqiu" [3][31]. - The new product "Supernatural Action Group" has quickly gained popularity, showcasing significant long-term operational potential [3][38]. - Revenue is expected to grow significantly, with projections of CNY 53.7 billion, CNY 92.2 billion, and CNY 110.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 83.9%, 71.6%, and 20.3% [3][48]. Financial Projections - Revenue and net profit forecasts for the company are as follows: - 2025: Revenue of CNY 53.7 billion, net profit of CNY 24.1 billion - 2026: Revenue of CNY 92.2 billion, net profit of CNY 45.3 billion - 2027: Revenue of CNY 110.9 billion, net profit of CNY 51.0 billion [3][48]. - The company's gross margin is expected to remain high, around 90% for self-operated games [21][44]. - The report anticipates a decrease in the sales expense ratio due to rapid revenue growth, projecting it to be 26.0%, 24.5%, and 25.0% for 2025, 2026, and 2027 respectively [44][45]. Company Overview - Founded in 2004 by Shi Yuzhu, the company has evolved from its origins as Zhengtu Network and has established itself as a leading game developer in China [8][14]. - The company has a strong portfolio of self-developed games, which contribute significantly to its revenue, with a gross margin close to 90% [21][28]. - The management team is experienced, with key figures having over 20 years of tenure at the company, ensuring stability and continuity in leadership [11][12]. Market Position - The domestic gaming market is projected to exceed CNY 350 billion, with the company holding a market share of approximately 1.5% [14][18]. - The company ranks 29th among global mobile game publishers in terms of revenue for 2025, indicating a strong competitive position within the industry [14][18].

Investment Rating - The report assigns an "Outperform" rating to the company [3][5]. Core Insights - The company has a strong R&D capability and a solid long-term operational experience, particularly with its evergreen IPs "Zhengtu" and "Qiuqiu" [3][31]. - The new product "Supernatural Action Group" has quickly gained popularity, showcasing significant long-term operational potential [3][38]. - Revenue is expected to grow significantly, with projections of CNY 53.7 billion, CNY 92.2 billion, and CNY 110.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 83.9%, 71.6%, and 20.3% [3][48]. Summary by Sections Company Overview - The company, founded in 2004 by Shi Yuzhu, has a strong R&D background and has transitioned from a focus on traditional gaming to mobile and international markets [8][14]. - The company has launched several successful games, including "Zhengtu" and "Qiuqiu," which have established a loyal user base [31][34]. Financial Performance - The company reported a revenue of CNY 33.7 billion in the first three quarters of 2025, a year-on-year increase of 51.8% [24]. - The gross margin remains high, around 90%, with sales expenses peaking during new product launches [21][28]. Product Development - The "Zhengtu" series has been a long-standing IP, continuously expanding its user base through various platforms [31][32]. - The new game "Supernatural Action Group" has been well-received, leveraging unique gameplay mechanics and strong social features to attract users [38][39]. Market Position - The company holds a market share of approximately 1.5% in the Chinese gaming industry, ranking 29th among mobile game publishers globally [14][18]. - The gaming market in China is projected to reach CNY 3507.9 billion in 2025, with a growth rate of 7.7% [14]. Future Projections - Net profit is expected to reach CNY 24.1 billion, CNY 45.3 billion, and CNY 51.0 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of CNY 1.62, CNY 3.05, and CNY 3.43 [3][48]. - The company anticipates maintaining a high gross margin and improving operational efficiency through AI integration in game development [45][49].

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].

证券之星消息，1月23日游戏板块较上一交易日上涨0.45%，游族网络领涨。当日上证指数报收于4136.16，上涨0.33%。深证成指报收于 14439.66，上涨0.79%。游戏板块个股涨跌见下表： | | | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002174 | 游族网络 | 12.85 | 5.85% | 66.28万 | | 8.48 Z | | 300418 | 昆仑万维 | 55.74 | 4.28% | 113.09万 | | 62.53亿 | | 300299 | 富春股份 | 7.63 | 3.25% | 45.87万 | | 3.49亿 | | 300315 | 学脚科技 | 6.11 | 2.69% | 202.35万 | | 12.27亿 | | 002517 | 恺英网络 | 25.62 | 2.48% | 42.04万 | | 10.72亿 | | 300459 | 汤姆猫 | 5.41 | 2.46% | 257.00万 | | 13.85 ...

企业名称上海巨铎网络科技有限公司法定代表人费拥军注册资本5000万人民币国标行业科学研究和技术 服务业>科技推广和应用服务业>技术推广服务地址中国（上海）自由贸易试验区临港新片区海旺路88 号403室企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2026-1-22至无固定期限 来源：市场资讯 天眼查显示，近日，上海巨铎网络科技有限公司成立，法定代表人为费拥军，注册资本5000万人民币， 由上海巨人网络科技有限公司全资持股。 序号股东名称持股比例1上海巨人网络科技有限公司100% 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息系统集成服务；软 件开发；动漫游戏开发；计算机软硬件及辅助设备批发；计算机软硬件及辅助设备零售；货物进出口； 技术进出口；进出口代理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） ...

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].