Group 1 - On February 3, the A-share gaming sector experienced a dramatic V-shaped reversal, with companies like Century Huatong (002602 SZ) initially seeing stock declines due to rumors of increased taxes on internet value-added services, but later rebounding after the rumors were debunked [1] - During the morning session on February 3, several A-share gaming stocks fell, with Century Huatong dropping over 8%, while other companies like 37 Interactive Entertainment (002555 SZ) and Giant Network (002558 SZ) also saw declines. However, by the end of the day, the gaming sector index rose over 3% [1] - The initial drop in stock prices was attributed to rumors suggesting that the financial and internet value-added services, including in-game purchases and advertising, might be targeted for tax rate adjustments, similar to the liquor tax rates [1] Group 2 - On January 31, the Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rates, increasing the rate for telecom services from 6% to 9%, which could impact the revenue and profits of telecom operators [2] - Various debunking messages emerged on February 3, clarifying that the definition of value-added telecom services excludes mobile data and broadband access services, and that the rumors about gaming tax rates aligning with liquor taxes were based on a misunderstanding of different tax types [3] - Game companies reported that they had not received any official documents regarding tax rate adjustments, and there were no recent meetings or discussions on the topic, indicating skepticism about the validity of the tax increase rumors [3]

Genie3 是否会对游戏及引擎公司造成商业 冲击？ ——游戏行业点评 传媒行业 行业研究 | 动态跟踪 国家/地区 中国 行业 传媒行业 报告发布日期 2026 年 02 月 03 日 看好（维持） | 项雯倩 | 执业证书编号：S0860517020003 | | --- | --- | | | 香港证监会牌照：BQP120 | | | xiangwenqian@orientsec.com.cn | | | 021-63326320 | | 李雨琪 | 执业证书编号：S0860520050001 | | | 香港证监会牌照：BQP135 | | | liyuqi@orientsec.com.cn | | | 021-63326320 | | 金沐阳 | 执业证书编号：S0860525030001 | | | 021-63326320 | | 沈熠 | | | --- | --- | | | 执业证书编号：S0860124120005 | | | shenyi1@orientsec.com.cn | | | 021-63326320 | | | | | 全栈式 AI 文娱工具陆续上线，平台型产品 | 202 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by over 10% [5][40]. Core Insights - The media industry saw a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the success of new products from Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications in marketing and content services, particularly in the context of the GEO restructuring and commercialization efforts [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Company Forecasts and Ratings - Key companies with "Outperform" ratings include: - Kaiying Network (24.92 CNY, market cap 532 million CNY, EPS 1.01 for 2025E) [5][38] - G-bits (455.00 CNY, market cap 328 million CNY, EPS 22.92 for 2025E) [5][38] - 37 Interactive Entertainment (26.52 CNY, market cap 587 million CNY, EPS 1.38 for 2025E) [5][38] Important Data Tracking - The box office for the week of January 26 to February 1 reached 257 million CNY, with top films including "Zootopia 2" (41 million CNY, 16.0% market share) and "Water Pipe" (63 million CNY, 13.8% market share) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were Point Interactive's "Whiteout Survival," Lemon Micro's "Gossip Harbor: Merge & Story," and Point Interactive's "Kingshot" [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for investment opportunities, particularly in companies that are expected to benefit from AI-driven marketing and product cycles [4][36].

Core Viewpoint - The market reacted negatively to rumors suggesting that the financial and internet value-added services sectors, including gaming, might face tax rate adjustments similar to those applied to liquor, leading to a decline in stock prices for major companies like Tencent and others in the gaming sector [1][10]. Group 1: Market Reaction - On February 3, the A-share gaming sector experienced a significant drop, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network, Giant Network, and 37 Interactive Entertainment also declining [1][10]. - Following the initial drop, gaming stocks rebounded, with Shunwang Technology rising by 14.65%, and other companies like Xunyou Technology, Zhejiang Shuju, and Perfect World seeing increases of over 5% [1][10]. Group 2: Tax Rumors and Industry Response - Industry insiders have confirmed that there has been no official communication regarding tax rate adjustments, indicating that the rumors are likely unfounded [5][14]. - A representative from a leading gaming company stated that no formal documents or meetings regarding tax adjustments have been received, further supporting the notion that the rumors lack credibility [5][14]. - According to a report from Everbright Securities, the rumors are based on a misunderstanding of tax categories, as the proposed comparison between gaming and liquor tax rates is misleading [6][15]. Group 3: Tax Policy Context - The current tax rate for financial services and modern services, including gaming and advertising, is set at 6%, contrasting with the 9% rate applicable to basic telecommunications and construction sectors [6][15]. - The recent tax rate adjustment announced by the Ministry of Finance and the State Administration of Taxation only pertains to basic telecommunications services, not affecting financial or internet value-added services [6][15]. - The prevailing policy focus is on stabilizing growth and promoting innovation, suggesting that significant tax increases in key sectors would contradict current governmental objectives [7][16].

2月3日，游戏板块早盘高开后持续上扬，游戏ETF（159869）现已涨近3%，持仓股全线飘红，顺 网科技、迅游科技、浙数文化、完美世界等均涨超5%。截至2月2日，游戏ETF（159869）规模已达 138.59亿元，游戏ETF（159869）近10个交易日累计"吸金"达3.67亿元，备受资金青睐。 2月2日，巨人网络宣布旗下游戏《超自然行动组》DAU（日活跃用户）已突破1000万。作为国内 摸金搜打撤玩法的开创者，《超自然行动组》从立项到上线仅在较短周期就完成了产品验证。此前，该 游戏还上线了全新"AI（人工智能）大模型挑战"，面向用户全量开放。《超自然行动组》实现千万 DAU并引入AI玩法，验证了巨人网络通过"玩法创新+技术融合"模式打造爆款的高效路径，显著增强了 公司的产品实力与估值基础。此举不仅为公司在竞争激烈的市场中开辟了差异化赛道，其"AI+核心玩 法"的实践更为行业探索技术落地提供了前瞻性样本。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数， AI应用含量全市场第一，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块正受到政策利好+产品 周期+AI赋 ...

从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓巨人网络。宏利首选企业股票A（162208）四季度减持3.2万股， 持有股数36.77万股，占基金净值比例为3.37%，位居第九大重仓股。根据测算，今日浮亏损失约86.4万 元。 宏利首选企业股票A（162208）成立日期2006年12月1日，最新规模4.72亿。今年以来收益1.74%，同类 排名3148/5562；近一年收益35.1%，同类排名1927/4285；成立以来收益388.7%。 截至发稿，李坤元累计任职时间15年259天，现任基金资产总规模23.56亿元，任职期间最佳基金回报 52.92%， 任职期间最差基金回报-40.32%。 2月3日，巨人网络跌5.54%，截至发稿，报40.05元/股，成交15.81亿元，换手率1.96%，总市值774.87亿 元。 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。 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 ...

最近，巨人网络又有新的动态消息： 旗下现象级游戏《超自然行动组》官宣日活突破1000万。 在此之前，《超自然行动组》正处于周年庆活动中，项目组动作不断——不仅官宣了首位全球品牌代言人赵露思及新的地图内容，还推出了"AI 大模型挑 战"玩法，成为国内首个在大DAU游戏中深度融合AI大模型的AI原生玩法。 同时，当我们回望2025年会发现，"微恐" 游戏赛道的快速崛起，更是离不开《超自然行动组》这个爆款的强势表现。 如今，这款现象级产品在正式上线一年后，其市场数据究竟呈现出怎样的成长曲线？在内容与传播层面，又有哪些值得关注的动作？ 今天，DataEye研究院就来聊聊这款游戏。 一、《超自然行动组》上线一年数据复盘 （一）榜单走势：前期蓄力、中期加速爆发，展现出极强的市场韧性 点点数据显示，《超自然行动组》于2025年1月23日正式上线，产品在上线初期并未采取激进冲榜策略，而是经历了一段相对理性的市场验证与用户积累 阶段，榜单表现呈现出阶段性震荡特征。 直到6月末暑期档前夕，《超自然行动组》开始显现增长势能，冲进了iOS免费榜TOP10，并在7月20日攀升到iOS免费榜第2的位置。在此之后，《超自然 行动组》在iO ...

Group 1 - The AI social platform Moltbook has gained significant popularity overseas, featuring 1.5 million AI agents engaging in discussions across thousands of forums, mimicking human social patterns [1][3] - Tencent's AI platform Yuanbao launched a cash red envelope activity on February 1, leading to a surge in downloads, topping the iPhone app rankings on the same day [2][3] - The advancements in large model reasoning and multi-modal capabilities indicate a strong foundation for human-like interactions in AI social platforms, suggesting a pathway from niche applications to broader social engagement [1][3] Group 2 - Google announced the public testing of its world model Genie3, allowing users to create real-time interactive virtual worlds through natural language dialogue, enhancing game development accessibility [4] - The launch of Taptap Maker by Xindong Company enables game creators to develop games directly within a chat interface, significantly lowering the barriers to game development [4] - The gaming sector is expected to benefit from AI advancements, with recommendations to focus on companies with strong platform attributes, including Xindong Company and others [4]

Industry Dynamics - The first batch of game licenses for 2026 has been officially issued, totaling 182 games, including 177 domestic games and 5 imported games, marking a high value for recent years [3][4] - Notable games that received licenses include NetEase's "Yao Yao Chess," 37 Interactive's "Douluo Dalu: Qicheng," and Giant Network's "Moonlight Night: Master Duel" [4] Company Updates - NetEase's "Yanyun Sixteen Sounds" won multiple awards at the 2025 TapTap Annual Game Awards, including Best Game and Best Narrative [5] - Century Huatong forecasts a revenue of approximately 38 billion yuan for 2025, representing a year-on-year growth of about 68%, with net profit expected to surge by 357.47% to 475.34% [6] - Perfect World anticipates turning a profit in 2025, projecting a net profit of 720 million to 760 million yuan [7] - Gigabit expects a net profit of 1.69 billion to 1.86 billion yuan, a year-on-year increase of 79% to 97% [8] - Glacier Network predicts a turnaround with a net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan in the previous year [9] - Electric Soul Network forecasts a loss of 160 million to 230 million yuan for 2025, marking its first annual loss since going public [10] - NetEase's Montreal studio has reportedly undergone layoffs, primarily affecting the quality assurance department [11] Overseas and Compliance - Valve, the parent company of Steam, is facing a collective lawsuit in the UK, accused of abusing its dominant position in the PC gaming market, with claims for damages amounting to 6.56 billion pounds (approximately 62.40 billion yuan) [12] - Google has launched a new interactive world AI creation tool, Project Genie, which allows users to generate playable 3D environments [13] - Ubisoft plans to lay off up to 200 employees at its Paris headquarters following a restructuring announcement [14]

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]