招商证券股份有限公司研究员顾佳、谢笑妍2月2日发布研报《世纪华通：全球手游龙头25年利润大幅增 长海内外产品多点开花》称，维持"强烈推荐"投资评级。 世纪华通2月3日收报20.38元，之后一个月股价连续下跌。 中国经济网北京3月11日讯世纪华通（002602）(002602.SZ)今日收盘报17.28元，下跌2.54%。 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2026 年 03 月 10 日 [Table_Title] OpenClaw 持续火爆， Google Play 下调分成比 ——传媒互联网行业周报 [Table_Summary] 报告要点： 市场表现 2026.3.2-2026.3.8，传媒行业（申万）-6.97%，同期沪深 300 -1.07%， 上证指数-0.93%，深证成指-2.22%，创业板指-2.45%，恒生科技指数 -3.67%。游戏/电视广播/影视院线/广告营销/数字媒体/出版，分别- 6.04%/-7.38%/-8.01%/-8.01%/-8.24%/-5.77%。 行业重点数据及动态更新 （1）AI 应用：本周（2026.3.2-2026.3.8） OpenRouter 平台 token 调用量为 14.8T，环比+8.82%，其中阶跃星辰 Step 3.5 Flash 新进入 Top5。本周 Deepseek/豆包/腾讯元宝/千问七麦数据预估 IOS 端下载 量分别为 28.99/209.47/69.77/164.49 万次，环比分别+13.18 ...

Investment Rating - The investment rating for the media industry is "Positive" (maintained) [1] Core Insights - The report highlights the significant growth potential in AI applications and gaming, driven by advancements in large models and favorable policy changes, such as Google's reduced revenue share for app stores, which is expected to enhance profit margins for domestic gaming companies [4][30] - OpenClaw, an AI assistant platform, has gained immense popularity, topping GitHub's software star ranking, indicating a strong demand for AI tools that enhance user productivity [3][31] - The gaming sector is poised for growth with the upcoming launch of high-potential titles like "异环" (Yihuan), which has already garnered significant pre-registration interest [4][21] Industry Overview - The media industry is experiencing a shift with AI technology accelerating commercialization, particularly in content generation and gaming [30] - The gaming sector has shown resilience, with notable titles like "王者荣耀" (Honor of Kings) leading the iOS sales charts, indicating strong consumer engagement [11][16] - The film industry is also performing well, with "飞驰人生 3" (Fast and Furious 3) achieving the highest box office revenue for the week [25] Key Company Recommendations - For AI applications, recommended companies include Tencent Holdings and Kuaishou, with beneficiaries like Alibaba and Kunlun Wanwei [3] - In the gaming sector, key recommendations include Perfect World, Kying Network, and Xindong Company, with beneficiaries such as Century Huatong and 37 Interactive Entertainment [4] - For cloud computing, Shunwang Technology is highlighted as a key player, with beneficiaries including Zhejiang Shuju Culture [3]

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 linqx@swsresearch.com 2026 年 03 月 08 日 Token 出海，谷歌渠道分成下降利 好游戏 CP 看好 ——互联网传媒周报 20260302-20260306 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 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 本研究报告仅通过邮件提供给 博 ...

We believe Google Play's policy overhaul could suggest an important milestone for mobile platform fee structure, which likely benefits Chinese game companies with greater overseas mobile publishing exposure and might encourage more studios to explore overseas opportunities. As Google Play will break down 30% standard IAP service fee into 20% service fee for new installs or under specific incentive program and 5% optional billing fee charged by Google billing system, this might bring gradual GPM improvement ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The gaming industry is expected to experience significant growth in 2026, driven by existing games going global, increased penetration in the female market, and migration to cross-platform (PC/console) gaming [2][24]. - **Valuation Context**: The gaming sector is currently valued at approximately 15 times earnings, which is below the normal range of 17-20 times, indicating a potential investment opportunity [1][7]. Company-Specific Insights - **Century Huatong (DianDian Interactive)**: - Shifted focus from mini-games to casual gaming, with new products like "Trackstar" showing revenue growth of 28%-79% [1]. - The company is expected to replicate the high penetration path of domestic SLG games globally [1]. - **Giant Network**: - The game "Supernatural Action Group" ranked in the top 10 during the Spring Festival, indicating strong performance and potential for ARPU (Average Revenue Per User) growth [1][10]. - **Xindong Company**: - The game "Xindong Town" saw over 100% revenue growth in two months post-launch overseas, with a Discord community exceeding 800,000 members, filling a gap in the mobile "Animal Crossing-like" market [1][14][15]. - **Perfect World**: - The game "Yihuan" is set to launch on April 23, 2026, with positive feedback from beta tests, expected to have a significantly higher profit margin than traditional mobile games due to its PC-centric distribution [1][19]. Market Dynamics - **Google's Fee Reduction**: - Starting in 2026, Google will reduce its revenue share from 30% to a range of 15%-25%, potentially increasing profit margins for overseas companies by 2-6 percentage points [1][4][5][6]. - The policy allows for a significant reduction in fees if companies direct users to external payment methods [5]. - **Valuation Trends**: - A-share and Hong Kong-listed gaming companies are currently undervalued, with A-share companies averaging around 15 times earnings, significantly lower than the historical average of 17-20 times [7][24]. Growth Opportunities - **Casual Gaming Market**: - The casual gaming segment is the largest category in overseas gaming, with a market share of 46.9% in 2025. Domestic companies are expected to increase their penetration in this space [8][9]. - **Future Product Pipeline**: - Century Huatong is positioned as a strong player in the casual gaming market, with several new games in development that could enhance its market position [9]. Strategic Recommendations - **Investment Focus**: - Recommended companies for investment include Perfect World, Century Huatong, Giant Network, and Xindong Company, based on their growth potential and market positioning [25]. Conclusion - The gaming industry is poised for a significant upswing in 2026, with favorable market conditions and strategic shifts among key players. The reduction in channel fees by Google presents a substantial opportunity for profit margin enhancement, particularly for companies with a strong overseas presence.

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the acceleration of content going overseas, driven by policy support and AI empowerment, with a focus on high-quality content and upgraded distribution models [3][12] - The overseas revenue share for the media sector is projected to increase from 5.7% in 2019 to 10.4% by 2024, with the gaming sector's share rising from 26.6% to 38.5% during the same period [3][12] - The report highlights the significant growth in overseas revenue for short dramas, which is expected to see a year-on-year increase of 263% in 2025 [3][12] Summary by Sections 1. Policy Support and AI Empowerment - The global digital content market is expanding, with the Chinese content industry actively pursuing overseas opportunities, particularly in gaming and short dramas [3][12] - The report notes that the overseas revenue for the media sector reached 29.7 billion yuan in the first half of 2025, a 29% year-on-year increase, with an overseas revenue share of 11.64% [23][25] - The gaming sector's overseas revenue reached 21.8 billion yuan in the first half of 2025, growing by 30% year-on-year, with an overseas revenue share of 40.08% [26][29] 2. Focus on Gaming, Short Dramas, and Social Media - The gaming industry is expected to maintain its strong competitive edge, with innovations driving the expansion of overseas revenue [4][41] - The report indicates that the overseas short drama market is experiencing rapid growth, with a projected revenue of 2.38 billion USD in 2025, reflecting a 263% year-on-year increase [4][41] - The social media market is also evolving, with AI technologies enhancing user engagement and creating new monetization opportunities [4][41] 3. Investment Recommendations - Recommended stocks include Perfect World, Xindong Company, and Tencent Holdings, which are expected to benefit from the growth in overseas gaming revenue [4][41] - Beneficiary stocks in the short drama sector include Kuaishou-W and Reading Group, while MiniMax-WP and Kunlun Wanwei are highlighted in the social media space [4][41]

Investment Rating - The report indicates a positive outlook for the internet media industry, with a focus on AI cloud and gaming sectors, suggesting an "Overweight" rating for the industry [1]. Core Insights - The report forecasts that several key companies will experience significant growth in 2025, with expected revenue growth rates exceeding 50% for companies like G-bits, DMG Entertainment, Meitu, and others [1]. - The gaming sector is expected to see a slowdown in mobile game growth due to a higher domestic base, while PC games and overseas markets show promising growth [1]. - The cloud computing and AI model sectors are highlighted as having strong growth potential, driven by increasing demand for AI applications and improvements in domestic models [1]. Summary by Sections Company Performance Forecasts - Companies expected to achieve over 50% revenue growth in 2025 include G-bits, DMG Entertainment, Meitu, Maoyan Entertainment, Xindong Company, Pop Mart, Light Media, and Century Huatong [1]. - Companies with a growth forecast between 20-50% include Kaiying Network, 37 Interactive Entertainment, and Giant Network [1]. - Tencent Holdings and Kuaishou are projected to have growth rates between 0-20%, while companies like Focus Media and Shenzhou Taiyue are expected to see declines [1][2]. Gaming Sector Insights - The domestic mobile game market is projected to grow at a rate of 7.92% in 2025, while PC games are expected to grow by 14.97% [1]. - Self-developed games in overseas markets are forecasted to grow by 10.23% [1]. - The report emphasizes the importance of evergreen games and casual game breakthroughs in overseas markets for 2026 [1]. Cloud Computing and AI Models - The cloud infrastructure service market in mainland China is expected to reach $13.4 billion by Q3 2025, with a year-on-year growth of 24% [1]. - The report notes a 16-fold increase in the usage of public cloud AI models in China, exceeding 20 trillion calls [1]. - The demand for AI applications is expected to drive further growth in the AI cloud and computing sectors, with significant increases in token usage for domestic models [1]. Investment Targets - Recommended investment targets include Tencent Holdings, Kingsoft Cloud, Alibaba, Baidu for AI cloud and models; Xindong Company, Giant Network, Century Huatong for gaming; Pop Mart for trendy toys; Bilibili and Kuaishou for UGC video; and Wenwen Group, Fubo Group, Mango Super Media for IP and copyright services [1].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the internet media sector [2]. Core Insights - The report forecasts significant growth for key companies in 2025, with expected year-on-year growth rates exceeding 50% for companies such as Gigabit, DMG Entertainment, Meitu, Maoyan Entertainment, Xindong Company, Pop Mart, Light Media, and Century Huatong [2]. - The gaming sector is expected to see a slowdown in mobile game growth due to a higher domestic base, while PC games and overseas markets show promising growth. The report anticipates a 7.92% year-on-year growth for mobile games in 2025, and a 14.97% growth for PC games [2]. - In cloud computing and large models, the report highlights a significant increase in demand driven by AI, with the Chinese cloud infrastructure service market projected to reach $13.4 billion by Q3 2025, reflecting a 24% year-on-year growth [2]. - The report identifies key companies to watch, including Tencent, Kingsoft Cloud, Alibaba, Baidu, Minimax in AI cloud and large models; Xindong Company, Giant Network, Century Huatong, and others in gaming; and Bilibili and Kuaishou in UGC video [2]. Summary by Sections Company Performance Forecasts - Companies expected to achieve over 50% growth in 2025 include: Gigabit (89%), DMG Entertainment (257%), Meitu (61%), Maoyan Entertainment (110%), Xindong Company (67%), Pop Mart (324%), Light Media (494%) [3]. - Companies with 20-50% growth include: Kaiying Network (29%), 37 Interactive Entertainment (20%), Giant Network (49%) [3]. - Tencent is projected to have a profit of 260.25 billion with a 17% growth, while Kuaishou is expected to grow by 14% [3]. Gaming Sector Insights - The domestic mobile game market is projected to grow by 7.92% in 2025, while PC games are expected to grow by 14.97% [2]. - The report emphasizes the importance of evergreen games and overseas casual game breakthroughs in 2026 [2]. Cloud Computing and AI Models - The report notes a significant increase in the usage of public cloud large models, with a projected 16-fold increase in usage by 2025 [2]. - The report highlights the competitive advantage of domestic models in terms of cost-performance ratio, which is expected to drive further growth in the AI cloud sector [2].

Investment Rating - The report maintains a "Buy" rating for several companies in the media and internet industry, including Giant Network, Perfect World, and Kuaishou, among others [4][32]. Core Insights - The media industry experienced a decline of 5.10% from February 23 to March 1, 2026, while the Shanghai Composite Index rose by 1.98% during the same period [1][11]. - Key sectors within the media industry, such as gaming, film, and advertising, showed varied performance, with the film sector declining by 16.82% [1][11]. - The report highlights significant developments in AI applications, including the launch of new models by Google and the introduction of the SkyReels V4 model by Kunlun Wanwei, which supports multimodal video generation [2][30]. Market Performance - The media industry (Shenwan) saw a decline of 5.10% from February 23 to March 1, 2026, compared to a rise in the Shanghai Composite Index of 1.98% [1][11]. - The breakdown of performance in sub-sectors includes gaming at -3.41%, film at -16.82%, and advertising at -3.43% [1][11]. Industry Key Data AI Applications - The OpenRouter platform recorded a weekly token call volume of 13.6 trillion, with significant contributions from Chinese models [2][16]. - Notable AI events include the release of Google's Gemini 3.1 Pro and the launch of the SkyReels V4 model by Kunlun Wanwei [2][30]. Gaming - The top five mobile games on iOS in China as of February 28, 2026, include "Honor of Kings" and "Peacekeeper Elite" [3][19]. - A total of 146 domestic games and 6 imported games received approval in the latest batch of game licenses [21]. Film - The total box office for domestic films reached 2.386 billion yuan during the week of February 23 to March 1, 2026, with "Flying Life 3" leading the box office [26][29]. - Upcoming films include 10 new releases scheduled for the week of March 2 to March 8, 2026 [26]. Investment Recommendations - The report expresses optimism about themes such as AI applications and cultural exports, recommending a focus on gaming, IP, short dramas, marketing, and publishing sectors [4][32].