Core Viewpoint - The brokerage firms have recommended over 160 "golden stocks" for December, with a focus on companies like Zhongji Xuchuang, Midea Group, and Giant Network, indicating a positive outlook for the market despite recent fluctuations [1][2]. Group 1: Stock Recommendations - Zhongji Xuchuang is the most favored stock, included in the "golden stock" lists of seven brokerages, driven by increasing demand for AI computing and improved management practices [2]. - Midea Group has received recommendations from five brokerages, making it the second most popular stock [2]. - Other notable stocks include Giant Network, Hengli Hydraulic, and Haiguang Information, each recommended by three brokerages [2]. Group 2: Industry Distribution - The electronics sector leads with 21 recommended stocks, followed by the power equipment sector with 17 stocks, and both the automotive and pharmaceutical sectors with 11 stocks each [3]. Group 3: November Performance - In November, only 87 out of 267 recommended stocks achieved positive returns, with a notable performance from Shanghai Port, which saw a gain of over 60% [4]. - The overall performance of the brokerage "golden stock" index was weak, with only four stocks achieving positive returns [4]. Group 4: Market Outlook - Analysts are optimistic about a market breakout in December, supported by potential positive economic policy signals and increased investment from insurance funds [5][6]. - Key investment themes include "anti-involution," overseas expansion, high dividends, and technology innovation, with specific focus on resource sectors and consumer services [6].

Core Insights - Nintendo is strategically focusing on film adaptations, planning multiple projects including "Super Mario Galaxy" in 2026 and a live-action "Legend of Zelda" in 2027, aiming for a consistent release schedule of films [1] - Domestic gaming companies are also entering the film adaptation space, with Tencent's "Honor of Kings" announcing an animated film for 2028 and ByteDance collaborating with miHoYo on a metaverse short drama [2][5] - The early exploration of game IP adaptations began in the 1990s, with mixed results, leading to a significant focus on television adaptations in China, particularly with "Chinese Paladin" in 2005 [6][7] Group 1: Historical Context - The first game adaptation film, "Super Mario Bros," was released in 1993, marking the start of the exploration of game IP in cinema, despite its poor reception [6] - Chinese adaptations gained traction with "Chinese Paladin," which set high viewership records and established a trend for game-based dramas [6][7] - The film adaptation sector faced challenges, with notable failures like the 2012 film "King of Fighters," which highlighted the difficulties in translating game narratives to film [7][9] Group 2: Industry Trends - The peak of game IP adaptations occurred around 2016, but the lack of successful benchmark cases led to a decline in market confidence [10] - Many gaming companies attempted to lead their own adaptations but faced setbacks, with projects often delayed or failing to meet expectations [10][12] - The industry is now shifting towards a more collaborative and diversified approach, with companies exploring various content forms and leveraging new technologies like XR and the metaverse [14][15] Group 3: Current Developments - New strategies include multi-format development, as seen with projects like "Honor of Kings" and "Peace Elite," which aim for sustainable output rather than rushed adaptations [14] - The rise of short dramas offers a new avenue for game companies, allowing for lighter crossovers that can engage audiences without the heavy investment of full-length films [16] - However, the industry must remain cautious, as many projects are still in early stages and face challenges in content quality and market acceptance [17]

Investment Rating - The report indicates a positive investment outlook for the gaming industry, driven by increased licensing approvals and the acceleration of AI integration [1]. Core Insights - The gaming industry is experiencing a sustained upward trend in market sentiment, supported by a combination of high license issuance and advancements in AI technology [1][19]. - The report highlights a significant increase in daily login frequency among players, rising from 3.2 times to 5.7 times, although the average session duration has decreased to 12 minutes, indicating a shift towards more fragmented gaming experiences [19]. - Game developers are responding to these trends by focusing on lightweight products, such as mini-games, which require lower investment and allow for flexible testing [19]. - The report emphasizes the importance of cross-platform experiences and global expansion, as evidenced by recent updates to major game titles and a stable policy environment for international game releases [19]. - AI technology is being leveraged to enhance both development and operational efficiency, with companies like Gigabit and Kaineng Network showcasing significant advancements in cost reduction and development speed [20]. - The report suggests that the combination of supportive policies, industry recovery, and rapid AI implementation constitutes a robust driving force for the gaming sector [20]. Market Review - The social services sector ranked sixth in the weekly performance of Shenwan's primary industry sectors, with a weekly increase of 3.92% [9]. - The report provides a detailed analysis of the performance of various sub-sectors within the social services industry, highlighting both individual stock performances and overall market trends [9][14]. Industry News Dynamics - Recent initiatives in Shanghai aim to stimulate youth economic development through educational programs, reflecting a broader trend of integrating cultural and economic activities [21]. - The launch of the Beijing-Zhangjiakou ice and snow cultural tourism season illustrates the growing emphasis on combining cultural experiences with tourism to drive economic growth [21]. - The report notes the increasing adoption of AI in cultural heritage education, showcasing innovative projects that enhance engagement and learning through technology [21].

Stock Recommendations - 运机集团 (001288.SZ) has a strong order backlog and is expected to increase performance as production capacity ramps up[3] - 道通科技 (688208.SH) reported a 19.59% year-on-year revenue growth in Q3 2025, with a net profit growth of 57.48%[3] - 拓普集团 (601689.SH) is a core supplier for Tesla and Huawei, indicating significant growth potential[3] - 中钨高新 (000657.SZ) is enhancing its tungsten self-sufficiency through quality mine acquisitions, with tungsten prices expected to remain high[3] - 巨人网络 (002558.SZ) achieved a net profit of 1.417 billion yuan in Q3 2025, up 32.31% year-on-year[3] - 潮宏基 (002345.SZ) saw an 81.54% profit growth in Q3 after excluding goodwill impairment[4] Market Performance - The 国元金股组合 achieved a weighted return of 3.45% in November 2025, outperforming the Shanghai Composite Index, which fell by 1.67%[11] - The best-performing stock in the portfolio was 巨人网络, with a return of 17.24%[11] - 中钨高新 had the highest increase in stock price over the past month, rising by 19.16%[18] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to the market[5] - Individual companies may face operational risks that could impact performance[5]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights a significant increase in the approval of domestic game licenses, with 178 domestic games and 6 imported games approved in November, marking a new monthly high for the year. A total of 1,532 domestic game licenses have been issued in 2025, indicating a robust supply for new game releases [3][4] - The film market is showing signs of recovery, driven by the success of "Zootopia 2," which has grossed over 1.89 billion yuan in the mainland, with a projected final box office of 4.263 billion yuan. Upcoming films are expected to further boost box office revenues [4][5] - The report emphasizes the ongoing development and commercialization of AI applications, particularly in gaming, advertising, and content creation, suggesting continued investment in these sectors [3][4] Summary by Sections Industry Data Overview - "仙逆 H5" ranks first in the iOS free game chart, while "和平精英" leads the iOS revenue chart as of November 29, 2025 [10][14] - The report notes that "明日方舟：终末地" is the top-ranked game in the Android pre-registration chart, and "逆战：未来" leads the iOS pre-registration chart [21][23] Industry News Overview - The report discusses advancements in AI models, including the release of Claude Opus 4.5, which enhances coding and agent capabilities, and the rapid deployment of AI products by Alibaba [31][32] - The gaming market remains vibrant, with a notable increase in the issuance of domestic game licenses, indicating sustained high demand [31][32] Company Recommendations - The report recommends continued investment in AI gaming, AI advertising, AI animation, AI e-commerce, and AI design sectors, highlighting key companies such as 恺英网络, 巨人网络, and 腾讯控股 as beneficiaries [3][4]

Macro Economic Overview - Manufacturing and construction sectors show signs of low-level recovery, while the service sector is weakening, as indicated by the November PMI data [3][5] - The PMI for manufacturing increased by 0.3 percentage points to 50.0%, with improvements in new orders and export orders [3][4] - The construction PMI improved by 0.5 percentage points to 49.6%, supported by the acceleration of special bond issuance [5][6] Corporate Profit Trends - In the first ten months of 2025, the cumulative profit of large-scale industrial enterprises increased by 1.9% year-on-year, down from 3.2% [8][9] - October saw a significant decline in profits, with a year-on-year drop of 5.5%, attributed to a high base effect and rising costs [9][10] - The profit structure indicates a shift, with midstream profits increasing while upstream profits are declining [11][41] Investment Strategies - The report suggests early positioning for the upcoming spring market rally, with December being a crucial macroeconomic window [14][15] - Growth style is expected to continue, with a focus on technology and cyclical sectors [19][27] - The report highlights the potential of small-cap stocks, particularly in a liquidity-rich environment [18][22] Sector-Specific Insights - The real estate sector is seeing a shift towards infrastructure REITs, with a notable performance in affordable housing REITs [3][5] - The coal mining sector is experiencing price stability, with coal prices expected to remain firm [3][5] - The pharmaceutical sector is advancing rapidly in clinical trials for PD-1/VEGF dual antibodies, with four candidates entering registration trials [3][5] ETF and Index Performance - The report discusses the core investment value of the China Securities 2000 Enhanced Strategy ETF, emphasizing its growth potential and resilience [20][21] - The index is characterized by high growth and elasticity, particularly benefiting from liquidity easing and stimulus policies [21][22] Financial Engineering and Asset Allocation - The report recommends a multi-asset allocation strategy favoring short-term bonds, undervalued convertible bonds, and gold assets [55][56] - The bond market is expected to experience upward pressure on yields, with a shift in asset allocation from safe-haven assets to risk assets [43][48]

Investment Rating - The industry investment rating is positive, with core targets in the self-consumption sector (including gaming companies like Giant Network, Huatuo, and Kaiying, as well as Pop Mart, Cloud Music, and Damai) currently trading at a PE ratio of less than 20x for 2026, indicating a high safety margin [4][3]. Core Insights - The report emphasizes the structural consumption dividend from young domestic users willing to pay for enjoyment, driven by globalization leading to a second growth curve. It suggests focusing on current layout opportunities [4][3]. - In the gaming sector, the report highlights the underestimation of the potential in the female-oriented market and the overseas expansion opportunities, with a significant portion of Gen Z users (65%) [5][3]. - For Pop Mart, the market's overly pessimistic expectations regarding single IPs are noted, with expansion in IP and regions (especially in Europe and North America) being crucial for mid-term growth [6][3]. Gaming Sector Summary - The gaming sector is characterized by a youthful demographic, with a significant opportunity in female-oriented games. The report suggests that the market underestimates the long-term operational capabilities of leading companies [5][3]. - Key companies highlighted include Giant Network, Tencent, Century Huatong, and Bilibili, with specific mentions of their upcoming products and growth strategies [5][3]. Toy Industry Summary - Pop Mart's global expansion is noted, with 171 overseas stores as of October 30, including 62 in North America and 28 in Europe. The report anticipates significant sales growth during the holiday season [6][3]. - The report also discusses the importance of extending the lifecycle of IPs and the successful innovation and iteration of products to maintain fan engagement [6][3]. Music Industry Summary - The valuation of Tencent's music companies is highlighted, with an average PE of 17x for 2026. The report indicates that the market is underestimating the potential for subscription-based revenue from young users [7][3]. - It contrasts Tencent's focus on premium content and community engagement with the low-cost model of competitors, suggesting a stable demand for music consumption [7][3]. Other Notable Companies - The report mentions other entertainment companies like Red Star and the potential for growth in the Hong Kong internet sector, particularly with Alibaba Cloud's AI narrative and the expected benefits from AI applications [8][3]. - The report also notes the ongoing developments in AI technology and its implications for various sectors, including advertising and video content [9][3].

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 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 linqx@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 - ⚫ 我们认为悦己消费核心标的（游戏巨人、华通、恺英等，泡泡玛特、云音乐、大麦）当 前已经消化至 26 年 PE 不到 20x，有较高安全边际，同时全球化带动第 ...

Group 1 - The article highlights that 39 stocks appeared on the weekly trading list, with 24 showing net purchases from the Shenzhen Stock Connect [1] - The top three stocks with the highest net purchases were Saiwei Electronics, BlueFocus Communication Group, and Guangku Technology, with net purchases of 355.30 million, 182.56 million, and 150.01 million respectively [1] - The Shenzhen Stock Connect net purchased stocks outperformed the market, with an average increase of 12.61%, while the Shanghai Composite Index rose by 1.40% [1] Group 2 - The stock with the largest increase was Saiwei Electronics, which saw a cumulative price increase of 44.85% during the week [1] - A total of 15 stocks experienced net sales, with the largest net sales recorded for Giant Network and Vision China, amounting to 287.51 million and 121.97 million respectively [2] - The trading volume for the stocks with net purchases was notably high, with Saiwei Electronics showing a turnover rate of 159.34% [1]

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]