Group 1 - A total of 88 stocks in the A-share market experienced block trading today, with a total transaction value of 2.359 billion yuan [1] - The top three stocks by transaction value were Giant Network at 302 million yuan, Muyuan Foods at 187 million yuan, and New Asia Electronics at 130 million yuan [1] - Among the stocks, 4 were traded at par, 4 at a premium, and 80 at a discount; the highest premium rates were for Shenghua Biotech at 8.2%, Vanke A at 2.6%, and Jinko Power at 1.07% [1] Group 2 - The top buying amounts from institutional special seats were led by Giant Network at 302 million yuan, followed by Changchuan Technology at 105 million yuan and Tuojing Technology at 103 million yuan [2] - The top selling amounts from institutional special seats were led by Jinko Power at 99.4 million yuan and Zhongji Xuchuang at 16.36 million yuan [2]

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为3.14亿元。 12月30日巨人网络大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | 617.00 | 27098.64 | 43.92 | 0.00 | 机构专 | 平安证券股份有限公司深圳蛇口招商 | | | | | | 用 | 路招商大厦证券营业部 | | 70.00 | 3074.40 | 43.92 | 0.00 | 机构专 | 中信证券股份有限公司北京总部证券 | | | | | | 用 | 营业部 | （文章来源：证券时报网） 巨人网络12月30日大宗交易平台共发生2笔成交，合计成交量687.00万股，成交金额3.02亿元。成交价格 均为43.92元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部中，合 计成交金额为3.02亿元，净买入3.02亿元。 证券时报·数据宝统计显示，巨人网络今日收盘价为43. ...

12月30日，巨人网络大宗交易成交687万股，成交额3.02亿元，占当日总成交额的19.22%，成交价43.92元，较市场收盘价 43.92元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-30 | 002558 | 巨人网络 | 43.92 | 617.00 | 27,098枫构专用 | | 平安证券股份有限 | | | | | | | | | 公司深圳蛇口招商 | | | | | | | | | 路招商大厦证券营 | | | | | | | | | 게 물 | | 2025-12-30 | 002558 | 巨人网络 | 43.92 | 70.00 | 3,074.4 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司北京总部证券 | | | | | | | | | 皇不是 | ...

南都N视频记者近日获悉，在公安部"净网2025"专项行动统一部署下，巨人网络今年积极配合公安机 关，针对《征途》系列游戏私服及其衍生的黑灰产链条，开展代号为"断链"的专项打击行动，抓获犯罪 嫌疑人40人，涉案金额累计3000余万元。 行动覆盖全国多省市，成果丰硕。今年5月到7月间，警方在江苏、广东等地抓获多名私服搭建及运营人 员；9月，在安徽、江苏同步摧毁一处《原始征途》手游私服代理工作室，抓获17人；10月，在四川、 广东连破两处代理团伙，抓获11人，2人主动投案；11月、12月，集中攻坚私服推广和分销环节，依法 查处多名涉案人员，部分人员通过直播、短视频违法推广。行动共抓获犯罪嫌疑人40人，涉案金额累计 3000余万元，有力震慑了游戏私服领域的违法犯罪活动。 巨人网络方面表示，本次"断链"行动不仅打击终端代理和推广人员，还溯源追查，对组织策划、技术支 持和资金流转等关键环节进行系统清理，遏制了私服黑灰产扩散。针对侵犯《征途》知识产权的违法行 为，巨人网络将配合司法机关追究法律责任，启动民事索赔程序，追缴非法所得，维护公司与玩家权 益。公司也提醒玩家，私服运营不稳定，存在诈骗、盗号等高风险，应通过官方渠道游 ...

Core Viewpoint - Giant Network's stock has experienced significant volatility, with a year-to-date increase of 254.64%, but a recent decline of 6.38% over the past five trading days, indicating potential market fluctuations and investor sentiment changes [1][2] Financial Performance - For the period from January to September 2025, Giant Network reported a revenue of 3.368 billion yuan, representing a year-on-year growth of 51.84%, and a net profit attributable to shareholders of 1.417 billion yuan, which is a 32.31% increase compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 3.499 billion yuan, with 1.516 billion yuan distributed over the past three years [3] Stock Market Activity - As of December 30, 2025, Giant Network's stock price was 44.00 yuan per share, with a total market capitalization of 85.129 billion yuan and a trading volume of 9.61 billion yuan [1] - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) five times this year, with the most recent appearance on November 25, where it recorded a net buy of -218 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 21.47% to 61,000, while the average number of tradable shares per shareholder decreased by 17.67% to 31,722 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 135 million shares, an increase of 43.215 million shares from the previous period [3]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Views - As the winter vacation and Spring Festival approach, high DAU products like "Delta Action" and "Supernatural Action Group" are expected to achieve new highs in DAU and revenue, with market consensus strengthening [3] - Emphasis on cross-year allocation opportunities and companies with significant growth potential, such as Tencent Holdings, Giant Network, and Century Huatong, is recommended [3] - New product launches and updates in gaming and film content are highlighted as key trading opportunities [3][4] Summary by Sections Gaming Sector - Major products like "Honor of Kings," "Delta Action," and "Supernatural Action Group" are expected to strengthen their market position through frequent content updates [5] - Companies exploring AI integration in gaming are noted for their potential to drive value reassessment [5] - Recommendations include Tencent Holdings, NetEase, and several others for their innovative approaches [5] Film and Television Sector - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [4] - The implementation of new policies by the National Radio and Television Administration is expected to enhance content creation and development in the long-form drama sector [4] Internet Sector - ByteDance's launch of the general Agent model Seed1.8 is noted for its multi-modal capabilities, impacting traditional business models [6] - Continued focus on AI technology development and its application in various sectors, including education and e-commerce, is advised [6] New Business Models - The rise of "group broadcasting" is seen as a shift towards systematic growth, with recommendations for companies directly involved in this model [7] - Companies benefiting from the growth of group broadcasting, such as Kuaishou and Bilibili, are highlighted [7] Market Performance - The A-share market saw a slight decline in the media sector, ranking 26th among all industries during the specified period [12] - Notable stock performance includes Baida Qiancheng (+20.08%) and Rebate Technology (+14.34%) [15][19] Industry News - "Chinese Tales 2" will exclusively launch on Bilibili starting January 1, 2026 [9] - The 2025 mini-game market is projected to reach 61 billion yuan, growing by 22% [9][24]

Group 1 - The core logic of the report revolves around "AI and IP coexisting," indicating that the media industry is expected to experience high overall prosperity, with profits and valuations likely to resonate together. The media industry is projected to rise by 24% in 2025, driven by breakthroughs in AI large models and performance releases [1][22] - The media industry's revenue for the first three quarters of 2025 grew by 6% year-on-year, while net profit attributable to shareholders increased by 38%. In Q3 alone, net profit growth reached 61%, significantly enhancing profitability [1][26] - In the gaming sector, both supply and demand are robust, with revenue and net profit increasing by 24% and 89% year-on-year, respectively. The film industry benefited from high-quality IP content, with net profit soaring by 110% year-on-year [1][28] Group 2 - AI has become the core growth engine, with accelerated application across multiple fields. Major companies are rapidly iterating large models, establishing a foundation for the application ecosystem. In the gaming sector, relaxed licensing has boosted new game supply, while AI is restructuring development processes to reduce costs and enhance efficiency [2][47] - The film industry is experiencing a resurgence due to supportive policies like the "21 Regulations," which have relaxed content restrictions. AI video tools and short dramas are expected to expand the industry significantly, benefiting companies like Mango TV and Shanghai Film [2][39] - In marketing, AI continues to empower programmatic advertising platforms, optimizing algorithms to improve customer acquisition efficiency. Companies like HuiLiang Technology and Inertia Media are expected to benefit significantly [2][14] Group 3 - The IP business is undergoing multi-dimensional upgrades, with overseas expansion becoming a core growth driver. Categories such as online literature, games, and trendy toys are rapidly increasing their market share abroad, with companies like Pop Mart seeing significant growth in overseas revenue [3][10] - The expansion of categories continues to deepen, with IP extending from online content to offline derivatives and theme parks, achieving full-scene coverage. The capitalization process is accelerating, with companies like Card Game and 52TOYS filing for listings [3][11] - Leading companies like Yuewen Group and Aofei Entertainment are leveraging their rich IP reserves and full industry chain operational advantages to lead the market [3][14]

游戏传媒ETF（517770）紧密跟踪中证沪港深游戏及文化传媒指数，该指数精选沪港深三地市场中业务 涉及游戏、影视、广播电视、广告营销、出版、教育及文化演出等领域的50只优质上市公司证券，覆盖 文化娱乐产业链；特别是在涵盖香港市场的游戏和传媒公司方面，快手、腾讯控股、哔哩哔哩等龙头企 业作为权重股。 | | 代码 7 | 简称 | 收盘价(原始币种) | ↓ 权重 | | --- | --- | --- | --- | --- | | 1 | 0700.HK | 腾讯控股 | 603.00 | 10.1180% | | 2 | 1024.HK | 快手-W | 64.60 | 9.3120% | | 3 | 002027.SZ | 分众传媒 | 7.22 | 7.2850% | | র্ব | 002558.SZ | 巨人网络 | 46.01 | 5.4620% | | 5 | 9626.HK | 些伊些明-W | 191.50 | 5.3710% | | 6 | 002195.SZ | 岩山科技 | 6.87 | 3.8930% | | 7 | 300418.SZ | 昆仑万维 | 39.79 | 3.74 ...

Group 1: Industry Overview - The media industry has experienced a cumulative increase of approximately 24% in 2025, driven by strong earnings and the impact of AI on profitability [15][16][17] - AI is enhancing the profitability of the media sector, potentially driving long-term growth and a prosperous content ecosystem [16][18] Group 2: AI and Its Applications - Continuous iteration and upgrades of large models by domestic and international tech giants are laying the foundation for a thriving AI application ecosystem [35][36] - The gaming industry is witnessing robust supply and demand, with a significant increase in the issuance of game licenses, totaling 1,532 in 2025, a 29% year-on-year increase [41][42] - AI is transforming the game development process, improving efficiency and innovation in gameplay design and narrative structure [53][54] Group 3: Sector-Specific Insights - The gaming sector's revenue grew by 24% year-on-year in 2025, with a notable 29% increase in Q3 alone, driven by new game releases and strong user engagement [23][25] - The film industry saw a 9% increase in revenue year-on-year, with a remarkable 110% increase in net profit, largely attributed to successful IP content like "Nezha 2" [24][31] - The advertising and marketing sector experienced a 6% revenue growth year-on-year, with a 14% increase in net profit in Q3, supported by AI-driven cost optimization [28][33] Group 4: Investment Recommendations - Recommended companies in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, which are well-positioned to benefit from the ongoing AI integration [4][41] - In the film sector, companies like Mango Super Media and Shanghai Film are highlighted as key players benefiting from supportive policies and AI tools [4][24] - For the marketing sector, recommended companies include Huimai Technology and Inertia Media, which are expected to gain from AI advancements [4][28] Group 5: IP Expansion and Capitalization - The expansion of IP companies into overseas markets is becoming a core growth driver, with a focus on diversifying product categories [39][40] - Capitalization efforts are accelerating the growth of IP companies, with notable recommendations including Reading Group and Aofei Entertainment [39][40]

机构持仓方面，截止2025年9月30日，巨人网络十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.35亿股，相比上期增加4321.52万股。华夏中证动漫游戏ETF（159869）位居第四大流通 股东，持股3896.18万股，相比上期增加749.73万股。南方中证500ETF（510500）位居第五大流通股 东，持股1973.42万股，相比上期减少40.76万股。国泰中证动漫游戏ETF（516010）位居第九大流通股 东，持股1090.00万股，为新进股东。富国兴远优选12个月持有期混合A（011164）退出十大流通股东之 列。 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2.42%，其他(补充)0.31%。 巨人网络所属申万行业为：传媒-游戏Ⅱ-游戏Ⅲ。所属概念板块包括：年度强势、华为概念、基金重 仓、云游戏、大盘等。 截至9月30日，巨人网络股东户数6.10万，较上期增加 ...