张通社 zhangtongshe.com ｜立足张江，面向上海，服务科创｜ 近日，A股市值第一的游戏厂商世纪华通（维权）（002602.SZ）发布公告，因间接投资摩尔线程，预计给今年第四季度带来净利润6.4亿元，约占2024年 度公司经审计归母净利润的53%。 ZHANG TONG SHE 这意味着，一笔成功的跨界投资，几乎贡献了一家游戏龙头去年过半的利润体量。不过，如果按2025年前三季度世纪华通43.6亿元的净利润计算，这笔投 资带来的利润占比预计会在20%以下。 据公告，世纪华通全资子公司盛趣数盟持有盛芯启程私募投资基金（简称"国盛资本"）约7.3%的份额。国盛资本持有摩尔线程约1958.9万股，占摩尔线程 首次公开发行前总股本的约4.9%，占摩尔线程发行后总股本的约4.2%。据悉，国盛资本持有摩尔线程股份限售期为摩尔线程上市后12个月。 12月5日，"国产GPU第一股"摩尔线程在上海证券交易所科创板上市，证券代码688795，发行价格为114.28元/股。上市首日，摩尔线程开盘价650元/股， 较发行价暴涨4倍多。12月10日收盘，摩尔线程大涨16.98%，报735元/股，总市值达3455亿元。 支撑 ...

Core Insights - The article highlights the ongoing trend of Chinese gaming companies successfully expanding into overseas markets, with large firms optimizing classic titles and smaller firms innovating to break through [2][10] - The "Evergreen List" and "Potential Evergreen List" are introduced, showcasing games that have maintained strong performance in international markets [2][10] Group 1: Evergreen Games - In November, 26 games made it to the "Evergreen List," an increase of 3 titles from October, with notable entries including "Gossip Harbor," "PUBG MOBILE," and "Puzzles & Survival" [2][9] - The total estimated revenue for these 26 games in November reached approximately $299 million, equivalent to about 2.11 billion yuan, with 9 games exceeding $10 million in revenue [2][9][10] Group 2: Potential Evergreen Games - The "Potential Evergreen List" features 14 games, with a decrease of 4 titles from October, indicating a competitive landscape [2][10] - "Whiteout Survival" led the list with an estimated revenue of $86.21 million (approximately 609 million yuan) in November, followed by "崩坏:星穹铁道" and "Top Heroes," each surpassing $20 million [10][11] Group 3: Industry Trends and Support - The gaming industry faces challenges due to global economic pressures, but there are supportive policies from various cities in China aimed at facilitating game exports [11] - The adoption of AI technologies is helping to reduce costs and improve efficiency in game development and marketing strategies, providing a more sustainable path for Chinese games in international markets [11]

12月10日，A股上市公司世纪华通（代码：002602）发布公告显示，公司参投的科技公司摩尔线程于近 日在科创板完成上市，以摩尔线程12月10日收盘价为基准初步估算，世纪华通所持份额预计对公司2025 年第四季度净利润影响金额为6.4亿元，约占2024年度公司经审计归母净利润的53%。 南都湾财社记者观察发现，今年来资本市场对科技类公司热情高涨，不少科技类IPO新股上市后涨幅颇 丰。而近年来，也有不少A股上市公司通过直接投资、间接持股机构投资等方式投资布局科技创新初创 公司，随着相关企业陆续IPO上市，上市公司投科技进入收获季。 间接持有摩尔线程股份 世纪华通投资浮盈超6亿元 公告显示，国盛资本所持股份占摩尔线程首次公开发行前总股本的4.8968%，占摩尔线程发行后总股本 的4.1676%。国盛资本持有摩尔线程股份限售期为摩尔线程上市后12个月。根据企业会计准则相关规 定，世纪华通对所持国盛资本的份额划分为"以公允价值计量且其变动计入当期损益的金融工具"，并列 报在"其他非流动金融资产"中。 南都湾财社记者注意到，此前世纪华通曾在互动平台表示，公司通过旗下二级全资子公司上海盛趣数盟 企业管理有限公司所投资的产 ...

一、2018-2022年年报商誉有关情况存在虚假记载 （一）2018年未按规定执行商誉减值测试，导致2018年年报少计提商誉减值准备6，236.30万元。 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 上海久诚律师事务所股票索赔律师许峰提示，世纪华通（维权）（002602）虚假陈述引发的投资者索赔 案还在持续推进中，前期已有投资者获赔到位。（许峰律师专栏） 2025年12月8日，许峰律师代理的世纪华通投资者索赔案再向法院提交一次立案。2025年12月初，许峰 律师代理的部分世纪华通投资者索赔案再次收到绍兴市中级人民法院调解书，投资者将调解获赔。许峰 律师团队同步还在推进后续案件的立案工作，还在持续接受其他投资者的索赔委托。许峰律师代理的前 期部分世纪华通投资者索赔案已获赔到位。 2024年11月6日，世纪华通公告收到证监会《行政处罚决定书》，经查明，世纪华通违法事实如下： （二）2019-2022年年报商誉原值披露错误。 （三）2019-20 ...

Market Overview - On December 11, A-shares showed mixed performance with the Shanghai Composite Index declining by 0.46% to below 3900 points, while the ChiNext Index rose by 0.3% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, with over 4200 stocks declining [1] Sector Performance - Active sectors included commercial aerospace, superconductors, nuclear fusion, ultra-high voltage, wind power, and CRO concept stocks, while retail and real estate sectors faced adjustments [4] - Notable stocks included Zhiye Technology, which achieved a four-day consecutive rise, and several stocks in the precious metals sector, such as Shanjin International, which rose nearly 6% [4] Company Highlights - Moer Thread's stock price surged nearly 17%, reaching a market capitalization of 403.1 billion yuan, with a peak market cap exceeding 410 billion yuan [6] - Century Huatong reported a floating profit of over 600 million yuan from its investment in Moer Thread, which is expected to significantly impact its net profit for the fourth quarter of 2025 [8] ZTE Corporation - ZTE Corporation's A-shares fell over 7%, while H-shares dropped more than 9%, amid significant sell-offs by major shareholders, including BlackRock and UBS [9][11] - The recent launch of the AI phone Nubia M153 by ZTE has garnered market attention, despite the stock's decline [10] Economic Outlook - The World Bank raised its 2025 economic growth forecast for China by 0.4 percentage points, citing supportive fiscal and monetary policies as well as a more diversified export market [12]

鼎阳科技：全新推出SPB3000X系列源载模拟器 12月11日，鼎阳科技(688112)发布公告称，公司全新推出SPB3000X系列源载模拟器,包含双通道直流电 源SPB3100X、双通道电子负载SPB3200X、电池模拟器SPB3300X三个机型，具有高精准度、低纹波噪 声、快速瞬态响应的性能优势，搭配可视化操作、多接口兼容的设计，覆盖电源供电测试、电子负载测 试、电池仿真分析等多种需求。本次发布的新产品未来要实现大规模销售，尚需通过更多客户对该产品 进行试用和评估，存在市场推广与客户开拓不及预期的风险。 宁波华翔：拟收购峰梅动力40%股权 12月11日，宁波华翔(002048)发布公告称，公司与实控人控制的企业峰梅控股拟共同以现金出资的方式 购买上汽大众持有的上海峰梅动力系统有限公司（简称"峰梅动力"）100%股权，其中宁波华翔购买峰 梅动力40%股权，峰梅控股购买峰梅动力60%股权，待新业务运行稳定并达成预期效果后，公司将进行 业务整合。 *ST交投：实施资本公积转增股本事项 股票停牌一天 12月11日，*ST交投(002200)发布公告称，根据昆明市中级人民法院于2025年11月28日裁定批准的《云 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

（原标题：蓝思科技开拓AI算力；小米回应进军AI教育传言丨新鲜早科技） 阿里云发布函数计算AgentRun 阿里云发布函数计算AgentRun。据介绍，这是一款一站式Agentic AI基础设施平台，将Serverless的特性 与AI原生应用场景深度融合，帮助企业实现成本与效率的优化，平均TCO降低60%。 豆包手机二手价被炒到3.6万元 近日，豆包和中兴旗下努比亚合作开发的AI手机努比亚M153技术预览版工程机，引发市场关注。由于 官方购机F码（优先购买资格）的最迟购买期限已于12月7日截止，如今无法通过购买F码在官方渠道购 机，所有购机需求全面转向二手机交易。受此影响，该机型在闲鱼上价格持续攀升。12月10日，智通财 经查阅闲鱼平台发现，这款手机大部分全新未拆封版本报价3999到4999元不等，最高报价36000元。平 台上还衍生出日租金50至79元不等的短期租赁业务。 苹果闪送官宣iPhone免运费 Apple已于12月10日开始在中国内地正式推出免费的三小时快送服务（针对部分产品）。对于现货商 品，当顾客在Apple Store在线商店或Apple Store app为部分订单（仅限某些地址）选择三 ...

摩尔线程(688795)近日成功上市，其股价持续大涨，多家A股公司有望从中受益。 截至公告披露日，国盛资本持有摩尔线程1958.87万股，国盛资本所持股份占摩尔线程首次公开发行前 总股本的4.90%，占摩尔线程发行后总股本的4.17%。国盛资本持有摩尔线程股份限售期为摩尔线程上 市后12个月。 世纪华通已投资摩尔线程多年。世纪华通2022年9月发布的公告中提到，在元宇宙硬件生态上，公司及 旗下的产业基金少数股权投资了光舟半导体和摩尔线程。 其中，光舟半导体设计及量产业界领先的AR显示光芯片及模组，在衍射光波导行业具有领先的技术； 而摩尔线程致力于面向元计算应用的新一代GPU，构建融合视觉计算、3D图形计算、科学计算及人工 智能计算的综合计算平台，建立基于云原生GPU计算的生态系统，助力VR产业发展。 世纪华通表示，根据企业会计准则相关规定，公司对所持国盛资本的份额划分为"以公允价值计量且其 变动计入当期损益的金融工具"，并列报在"其他非流动金融资产"中。 以摩尔线程2025年12月10日收盘价为基准初步估算，公司所持份额预计对公司2025年第四季度净利润影 响金额为6.4亿元，约占2024年度公司经审计归母净 ...

证券时报记者 吴志 摩尔线程(688795)近日成功上市，其股价持续大涨，多家A股公司有望从中受益。 12月10日晚，A股游戏龙头世纪华通(002602)披露了对摩尔线程的具体持股情况。 公告显示，世纪华通全资子公司上海盛趣数盟企业管理有限公司（下称"盛趣数盟"）持有盛芯启程私募 投资基金（上海）合伙企业（有限合伙）（下称"国盛资本"）7.31%的份额。 世纪华通称，摩尔线程上市后，受股票二级市场价格波动影响，公司所间接持有的摩尔线程股份的公允 价值也会相应变动，对公司2025年度以及以后业绩影响存在不确定性。 摩尔线程12月5日上市后，首日大涨425.46%。12月10日，摩尔线程再度大涨，股价升至735元/股，市值 达到3455亿元。 世纪华通已投资摩尔线程多年。世纪华通2022年9月发布的公告中提到，在元宇宙硬件生态上，公司及 旗下的产业基金少数股权投资了光舟半导体和摩尔线程。 其中，光舟半导体设计及量产业界领先的AR显示光芯片及模组，在衍射光波导行业具有领先的技术； 而摩尔线程致力于面向元计算应用的新一代GPU，构建融合视觉计算、3D图形计算、科学计算及人工 智能计算的综合计算平台，建立基于云原生GP ...