Core Viewpoint - ST Huatuo (002602.SZ) will remove the risk warning from its stock starting November 12, 2025, changing its name to Century Huatuo, while the stock code remains the same [1] Group 1 - The stock will be suspended for trading on November 11, 2025, and will resume trading on November 12, 2025 [1] - After the removal of the risk warning, the daily price fluctuation limit for the stock will increase from 5% to 10% [1]

Core Points - ST Huayuan (002602) announced that its stock will be suspended for one day on November 11 and will resume trading on November 12, with the removal of other risk warnings [1] - The stock name will change from "ST Huayuan" to "Century Huayuan" [1] - The daily price fluctuation limit for stock trading will increase from 5% to 10% [1]

证券代码：002602 证券简称：ST华通 公告编号：2025-066 浙江世纪华通集团股份有限公司 关于公司股票交易撤销其他风险警示暨停复牌的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1、浙江世纪华通集团股份有限公司（以下简称"公司"） 股票交易于 2025 年 11 月 11 日（星期二）开市起停牌一天，并于 2025 年 11 月 12 日（星期三） 开市起复牌。 2、公司股票自 2025 年 11 月 12 日（星期三）开市起撤销其他风险警示，证 券简称由"ST 华通"变更为"世纪华通"，证券代码仍为"002602"，撤销其 他风险警示后，公司股票交易的日涨跌幅限制由 5%变为 10%。 公司于 2025 年 11 月 7 日召开第六届董事会第十四次会议审议通过《关于申 请撤销其他风险警示的议案》，现就公司股票申请撤销其他风险警示相关事项公 告如下： 一、股票的种类、简称、证券代码及股票停复牌安排 2024 年 4 月 1 日，公司收到中国证券监督管理委员会（以下简称"中国证 监会"）出具的《行政处罚事先告知书》（处罚字【2024 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][34]. Core Insights - The media industry saw a slight increase of 0.16% in the week from November 1 to November 7, 2025, ranking 18th among various industries. Notable performers included China Film, Jishi Media, and Chinese Media, with Baidu Group-SW and NetEase-S showing strong weekly gains in the Hang Seng Technology Index [10][16]. - The report emphasizes the potential in AI applications and cultural exports, particularly focusing on sub-sectors such as gaming, IP, short dramas, and publishing [4][34]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.16%, while the Shanghai Composite Index rose by 1.08% and the Shenzhen Component Index by 0.19%. The gaming sector saw a decline of 0.29%, while the film and television sector increased by 2.49% [10][12]. Key Industry Data - **AI Applications**: In October, the top five AI applications globally were ChatGPT, Doubao, Quark, Baidu Cloud, and Gemini. Doubao led domestic applications with a monthly active user (MAU) count of 159.41 million, reflecting a 6.28% month-over-month growth [20][21]. - **Gaming**: The iOS gaming sales chart for November 6, 2025, was topped by "Honkai: Star Rail," followed by "Honor of Kings" and "Delta Force." The report also noted the upcoming release of seven new games between November 13 and November 15 [23][25]. - **Film**: The total box office for the week was 207 million yuan, with "Improv Murder" leading at 42.11 million yuan, accounting for 20.3% of the weekly total. Upcoming films include "Demon Slayer: Infinity Castle Chapter" and "Now You See Me 3" [27][28][31]. Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with specific attention to companies like Giant Network, Kaiying Network, and Perfect World among others [4][34].

Core Points - ST Huatuo (002602) announced that its stock will be suspended for trading on November 11, 2025, and will resume trading on November 12, 2025 [1] - The company will remove other risk warnings, changing its stock name from "ST Huatuo" to "Century Huatuo," while the stock code remains "002602" [1] - Following the removal of risk warnings, the daily price fluctuation limit for the company's stock will increase from 5% to 10% [1]

Group 1 - The company announced that its stock will be delisted from other risk warnings starting from November 12, 2025, with the stock name changing from "ST华通" to "世纪华通" [1] - The stock code will remain "002602" [1] - The daily price fluctuation limit will increase from 5% to 10% [1] Group 2 - The company's stock will be suspended for one day starting from November 11, 2025, and will resume trading on November 12, 2025 [1]

Market Overview - The gaming sector experienced a decline of 0.98% on November 10, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Notable gainers included: - Mingchen Health (002919) with a closing price of 19.50, up 6.50% and a trading volume of 134,300 shares, totaling 259 million yuan [1] - Wento Holdings (600715) closed at 2.61, up 2.76% with a trading volume of 604,500 shares, totaling 156 million yuan [1] - Fuchun Co. (300299) closed at 6.81, up 2.71% with a trading volume of 311,400 shares, totaling 211 million yuan [1] - Major decliners included: - ST Huadao (002602) closed at 17.61, down 3.72% with a trading volume of 1,174,300 shares, totaling 2.093 billion yuan [2] - Xinying Network (002517) closed at 22.50, down 2.17% with a trading volume of 421,600 shares, totaling 957 million yuan [2] - Giant Network (002558) closed at 35.50, down 1.63% with a trading volume of 292,700 shares, totaling 1.034 billion yuan [2] Capital Flow Analysis - The gaming sector saw a net outflow of 646 million yuan from institutional investors, while retail investors contributed a net inflow of 358 million yuan [2] - Key stocks with significant capital flow include: - Starry Entertainment (300043) with a net inflow of 47.54 million yuan from institutional investors [3] - Fuchun Co. (300299) with a net outflow of 10.19 million yuan from retail investors [3] - Mingchen Health (002919) with a net inflow of 30.79 million yuan from institutional investors [3] ETF Performance - Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a 2.11% increase over the last five days, with a net outflow of 110 million yuan [5] - Food and Beverage ETF (product code: 515170) experienced a decline of 1.38% over the last five days, with a net outflow of 1.385 million yuan [5]

Core Insights - The popularity of Chinese mobile games in overseas markets remains strong, with major companies relying on classic sequels to maintain their positions, while smaller developers are breaking through in niche segments with innovative gameplay [1] Group 1: Evergreen Games - In October, 23 mobile games made it to the "Evergreen List," with a total estimated overseas revenue of approximately $332 million, equivalent to about 2.363 billion yuan [7] - The top three games on the "Evergreen List" are "Gossip Harbor," "Genshin Impact," and "PUBG MOBILE," with estimated revenues of $56.71 million (approximately 404 million yuan), $40.65 million (approximately 290 million yuan), and $32.31 million (approximately 230 million yuan) respectively [7][8] - The number of games on the "Evergreen List" decreased by 2 compared to the end of Q3, while the "Potential Evergreen List" saw an increase of 3 games, totaling 18 [1] Group 2: Potential Evergreen Games - The "Potential Evergreen List" includes 18 games, with Century Games having the highest representation with 3 titles, while Tencent and miHoYo each have 2 [8] - "Whiteout Survival" from Century Games led the estimated revenue for October at $81.93 million (approximately 584 million yuan), surpassing "Gossip Harbor" [9] - Other notable games on the "Potential Evergreen List" include "Top Heroes," "Dark War: Survival," and "Honkai: Star Rail," each exceeding $20 million in estimated revenue [9] Group 3: Industry Trends - Chinese game developers are increasingly showcasing maturity and stability in their globalization efforts, focusing on innovative gameplay and content expression [10] - The industry is adopting more diverse commercialization strategies, including refined operations and localized marketing approaches [10]

Group 1: Government Policies and Economic Indicators - The State Council issued implementation opinions focusing on cultivating new application scenarios across five areas, proposing 22 key fields for development [1] - In October 2025, the national consumer price index rose by 0.2% year-on-year and month-on-month, while the industrial producer price index fell by 2.1% year-on-year, with a month-on-month increase of 0.1% [2] - The People's Bank of China reported foreign exchange reserves at $3.343 trillion at the end of October, with gold reserves increasing by 30,000 ounces to approximately 2,304.457 tons [2] Group 2: Company Announcements - *ST Changyao was investigated by the China Securities Regulatory Commission for suspected false financial reporting [3] - Intercontinental Oil and Gas announced that a shareholder was investigated for failing to halt trading after reaching a 5% shareholding threshold [4] - ST Huatuo applied to revoke other risk warnings, while Huadian Technology signed a contract for a sea wind power project worth approximately 3.415 billion yuan [5] - Shanshui Technology announced a change in actual control due to the divorce settlement of its controlling shareholders [6] - Bayi Steel was investigated by the China Securities Regulatory Commission for suspected information disclosure violations [7] - Shenzhen Sanda A reported a tax payment of 112 million yuan, expected to reduce net profit by approximately 57.36 million yuan [8] - Founder Technology announced an investment of 1.364 billion yuan for an AI expansion project in Chongqing [9] - Huadian Energy plans to invest 12.043 billion yuan in a combined heat and power project [10] - Meihua Biology's controlling shareholder was sentenced to three years in prison for market manipulation [11] Group 3: Market Analysis and Sector Performance - GF Securities analyzed October inflation data, noting significant price increases in upstream coal and non-ferrous metals, while automotive manufacturing showed a slight recovery [12] - Zhongtai Securities reported a divergence in industry performance, with improved profit margins in steel and media sectors, while many consumer sectors faced pressure [13] - The military and media sectors showed a notable increase in net profit growth compared to the second quarter [14]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report emphasizes the strong performance of leading mobile games in overseas markets, with notable revenue increases and new game launches driving industry growth [3][29] - The integration of AI in content creation, particularly in AI-generated comics and advertising, is highlighted as a key area for investment, with significant advancements in domestic AI models [3][29] - The report suggests a continued focus on high-growth areas such as AI applications, gaming, and IP collaborations, recommending specific companies for investment [3][29] Industry Data Overview - The game "Delta Force" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Predator: Hunting Grounds" achieved the highest box office for the week, grossing 0.36 billion [25][29] Industry News Summary - OpenAI has reached 1 billion monthly active users, enhancing its product distribution capabilities [25] - The gaming market saw continued growth in October, with Bilibili's game "Escape from Duckkov" surpassing 3 million in sales [29] - The report notes the ongoing high growth in the comic market, with significant collaborations involving popular artists [25][29] Company Performance - Heartbeat Company saw a 30% increase in global revenue in October, with its game "Etheria: Restart" contributing significantly [3][29] - Century Huatong's games "Whiteout Survival" and "Kingshot" also reported strong revenue growth, with a 6% increase in October [3][29] - Bilibili's self-developed game "Escape from Duckkov" achieved sales of over 3 million copies [3][29]