Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The AI application competition is intensifying, with major players like Yuanbao, Qianwen, and Doubao launching various promotional activities to capture AI traffic [2][8] - Internet penetration in China has surpassed 80%, with a user base of 1.125 billion, indicating a significant market for digital advertising [14][15] - The advertising market shows signs of recovery, with a notable increase in ad spending starting from July 2025, particularly during the November shopping festival [15] Summary by Sections AI Application Competition - During the 2026 Spring Festival, Yuanbao launched a 1 billion RMB cash red envelope campaign, while Qianwen initiated a 3 billion RMB promotional event focused on food delivery [8][10] - On February 6, 2026, these three AI applications dominated the iPhone app download charts, with Yuanbao and Qianwen reaching the top positions [10][12] Internet Penetration and Advertising Market - According to CNNIC, the internet penetration rate in China reached 80.1% in 2025, with 602 million users engaging with generative AI applications [14] - The advertising market has shown a recovery trend, with ad spending growth rates exceeding double digits from September to November 2025, peaking at 16.6% during the shopping festival [15][16] Recommended Stocks - The report recommends several companies across different sectors that are expected to benefit from the AI ecosystem, including: - **Gaming**: Century Huatong, Giant Network, Perfect World, and others [13] - **Film and Television**: Mango Super Media, Wanda Film, and Shanghai Film [13] - **Marketing**: Easy Point and Worth Buying [13] Industry Performance - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, underperforming compared to major indices [5]

世纪华通四款产品跻身出海收入榜TOP30 2月6日，全球知名移动应用数据分析平台Sensor Tower发布2026年1月中国手游出海收入TOP30榜单，世纪华通（002602.SZ）旗下Century Games凭借 《Whiteout Survival》《Kingshot》《Tasty Travels:Merge Game》《Truck Star》四款产品同步入围的亮眼成绩，刷新公司出海产品登榜数量纪录。 世纪华通四款产品跻身出海收入榜TOP30 榜单中，《Whiteout Survival》和《Kingshot》两款明星SLG产品延续了强势表现，继续稳居三甲。"旅行+烹饪"题材合成手游《Tasty Travels:Merge Game》则凭借精细的运营活动实现收入的持续攀升。Sensor Tower分析指出，1月中旬游戏上线的"Coral Isles"主题活动，将核心合成玩法与海岛建造深度 融合，为玩家带来全新体验；本月末推出的"Echoes of Vitality"春日卡牌收集活动再添增长动力，日流水创下历史新高，游戏月收入环比上涨33%，首次跻 身收入榜前十，跃居全球合成手游收入榜季军，成为Cent ...

Core Viewpoint - Century Huatong has been found guilty of multiple violations related to false reporting of goodwill in its annual reports from 2018 to 2022, leading to potential legal actions from investors [2][4]. Group 1: Violations and Penalties - The company failed to conduct goodwill impairment tests as required, resulting in an underreporting of goodwill impairment provisions by 62.363 million yuan in 2018 [5]. - There were errors in the disclosure of goodwill values in annual reports from 2019 to 2022, and the reporting segments did not comply with accounting standards [6]. - The company also did not perform required goodwill impairment tests for 2020 and 2022, leading to inflated or deflated profits [6]. Group 2: Investor Claims - Investors who purchased Century Huatong shares between April 27, 2019, and July 25, 2023, and sold or continued to hold the shares after July 25, 2023, may still initiate claims, but the time for doing so is limited to approximately five months [6]. - The law firm representing the investors has successfully secured compensation for multiple batches of claims in the past [3].

Core Viewpoint - The annual meeting season for gaming companies has showcased extravagant rewards, reflecting their strong financial performance and growth prospects for 2025 [1][3][5]. Group 1: Company Performance - Jibite (吉比特) expects a net profit of 1.69 billion to 1.86 billion yuan for 2025, representing a year-on-year growth of approximately 79% to 97% [5][8]. - Century Huatong (世纪华通) anticipates a consolidated revenue of about 38 billion yuan for 2025, with a net profit forecast of 5.55 billion to 6.98 billion yuan, indicating a staggering growth of 357% to 475% [8][10]. - The gaming industry in China is projected to achieve a total sales revenue of 350.79 billion yuan in 2025, marking a year-on-year increase of 7.68% [7]. Group 2: Employee Incentives - Jibite and Century Huatong have adopted high-reward strategies to motivate talent, with Jibite's average salary expected to rise by 6.34% to 710,700 yuan in 2024, while Century Huatong's average salary is projected to increase by 25.77% to 544,100 yuan [6]. - Jibite's annual meeting featured the distribution of iPhone 17 Pro Max phones to all eligible employees, while Century Huatong's subsidiary, Diandian Interactive, offered cash prizes with a maximum of 18,888 yuan [1][3]. Group 3: Market Trends - The A-share gaming sector has seen a significant upward trend, with the Tonghuashun gaming index rising by 57.58% since the beginning of 2025, and Jibite and Century Huatong's stock prices increasing by 105.94% and 277.82%, respectively [6]. - The trend of domestic gaming companies expanding into overseas markets is gaining momentum, with self-developed games generating 20.455 billion USD in actual sales revenue abroad, a year-on-year increase of 10.23% [9]. Group 4: Product Performance - Jibite's success in 2025 is attributed to the launch of several hit games, including "杖剑传说" and "问剑长生," which have significantly boosted its revenue [11]. - Century Huatong's Diandian Interactive has achieved remarkable success with its game "Whiteout Survival," ranking first in the Chinese mobile game export list [10].

Core Insights - The data center rack industry is a crucial infrastructure component that enhances the management, security, and maintenance of IT equipment, facilitating the planning, design, and construction of data centers [2][5] - The market for data centers in China is projected to grow significantly, reaching a scale of 2,773 billion yuan by the end of 2024, with the number of operational data center racks exceeding 8.8 million [6][8] - By the end of 2025, the market size is expected to reach 3,180 billion yuan, with standard rack numbers surpassing 12 million [6][8] Industry Definition and Role - Data center racks are essential components that support and install various computer parts, providing a secure, reliable, and efficient management structure for IT equipment [2][5] Industry Development Status - The data center rack industry is experiencing rapid growth, driven by the development of the digital economy and the increasing demand for information network data [6][8] - The compound annual growth rate (CAGR) for the number of operational data center racks from 2019 to 2024 is over 20% [6] Industry Chain - The upstream of the data center rack industry includes raw materials such as metals (steel, aluminum, copper), plastics, and rubber, while the midstream involves the production and system integration of data center racks [6] - The downstream applications include enterprise data centers, edge data centers, AI computing centers, and high-performance computing/AI clusters [6] Industry Policy Environment - The data center is recognized as a vital part of the new infrastructure in China, with government policies supporting its investment and construction [10] Industry Competitive Landscape - The high-end market for data center racks is dominated by international giants, while domestic players like Huawei, Inspur, and ZTE are capturing significant market share in the IDC market and large internet companies [11][13] - The rise of domestic enterprises is accelerating the trend of local substitution, leading to increased market concentration [11] Industry Development Trends - The future of data center racks is expected to focus on "intelligent, liquid-cooled, and high-density" physical infrastructure units, integrating power supply, efficient heat dissipation, comprehensive sensing, and intelligent management capabilities [15]

Core Insights - The gaming industry in China is experiencing a recovery, with projected revenue of 350.79 billion yuan in 2025, marking a year-on-year growth of 7.68% and a user base of 683 million, an increase of 1.35% [2][8] - 22 gaming companies have adopted gold as a year-end reward for employees, reflecting the industry's positive outlook and the rising gold prices [2][3] Group 1: Employee Rewards - Companies are giving gold as year-end rewards, with examples including a 5-gram gold bracelet valued at 8,425 yuan given to employees of Mu Tong Technology [2] - The distribution of gold rewards varies: some companies provide gold to all employees, while others include it in a lottery or award it to employees with special contributions [4][5] - The trend of giving gold is linked to its rising value and serves as a morale booster for employees [3][6] Group 2: Company Performance - Several gaming companies are reporting significant financial improvements, with many expected to turn losses into profits in 2025 [2][8] - Companies like Century Huatong and Gigabit are forecasting substantial profit increases, with Century Huatong's net profit expected to rise by 357.5% to 475.3% [8] - MiHoYo's flagship game "Genshin Impact" is projected to generate over 40 billion yuan in global revenue in 2025, highlighting the success of its products [7][8] Group 3: Market Trends - The popularity of gold as a reward is influenced by its status as a sought-after investment, with gold prices reaching historical highs in 2025 [3] - Companies that are less well-known, but have profitable products, are using gold rewards to enhance their employer brand and attract talent [6] - The gaming industry is seeing a resurgence, with many companies capitalizing on successful products and expanding their market presence [8]

来源：环球网 【环球网互娱综合报道】2月1日，2025《街头篮球》IMA国际大师赛于韩国首尔圆满收官，中国战队 UNKNOWN创下历史性突破，一举斩获韩国本土举办的IMA赛事首个总冠军，同时成功卫冕。这一荣 耀时刻不仅点燃Fser的热情，更充分展现了世纪华通旗下天游软件深耕电竞领域多年的产业积淀与硬核 实力。作为《街头篮球》顶级国际赛事，本届IMA大师赛的成功举办，以"赛事IP全球化+用户生态闭 环"的双重落地，进一步助力了母公司世纪华通的全球化战略。 中国战队UNKNOWN夺冠 2025《街头篮球》IMA国际大师赛 从2005年举办首个电竞赛事，到今天的韩国赛场，《街头篮球》进入国内20年来，在天游软件的持续运 营下，已建立起了一套以"FSPL职业联赛"为核心，涵盖"SFSA全国超级联赛"等在内的多个电竞赛事， 形成了从普通玩家到职业选手、从国内到国际的成熟赛事体系。与此同时，运营团队时刻注重玩家的体 验与反馈，不断优化游戏的平衡性、操作性、稳定性以及新内容，提升游戏的用户体验。例如近期《街 头篮球》20周年之际，国民篮球巨星麦迪化身限定角色登场，更是为无数玩家带来惊喜，持续激活经典 IP生命力。 电竞推动 ...

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, while B2C games with high daily active users (DAU) are expected to see significant increases in both content and DAU through user co-creation driven by natural language AI game engines [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase, as well as those with key project reserves like 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sector's 3.7% growth [15] - The AI-driven evergreen games are extending their lifecycle, with major titles like "Honor of Kings" and "Crossfire" achieving historical highs during the Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - The revival of PC games is deepening, with an increasing proportion of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products are highlighted, including Tencent Holdings, which is expected to see significant growth from its AI engine-driven games [60][61] - Other companies to watch include Xindong Company, Giant Network, and Kyeing Network, each with promising projects and growth potential [60][61]

Core Viewpoint - Zhejiang Century Huatong Group Co., Ltd. (stock code: 002602) has announced a profit forecast for 2025, expecting a net profit attributable to shareholders between 5.55 billion and 6.98 billion yuan, representing a year-on-year growth of 357.47% to 475.34% [1][3] Group 1: Legal Issues and Investor Claims - The company is facing legal actions from investors due to alleged false statements regarding its financial reports, with a lawyer indicating that a new batch of claims has been submitted to the court [4] - The China Securities Regulatory Commission has identified several violations by Century Huatong, including false records related to goodwill in annual reports from 2018 to 2022, leading to inflated profits [5][6] - Investors who purchased Century Huatong shares between April 27, 2019, and July 24, 2023, and held them until the market close on July 24, 2023, may be eligible for compensation, with the final amount to be determined by the court [6] Group 2: Financial Misstatements - The company failed to conduct goodwill impairment tests as required, resulting in an underreporting of impairment provisions by 62.36 million yuan in 2018, which inflated profits by the same amount, accounting for 5.94% of that year's total profit [5] - From 2019 to 2022, the company overreported goodwill by 122.07 million yuan and did not disclose certain segments in accordance with accounting standards [5] - The company also allegedly fabricated software copyright transfer transactions or prematurely recognized revenue, leading to false records in its annual reports for 2020 and 2021 [5]

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原 型"Project Genie"，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模 型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏， 而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的 企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。 东方证券主要观点如下： 事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型"Project Genie"，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一 孟在各大平台同步开启直播，正式官宣一款新产品"Taptap制造"。 国内AI游戏编辑器的技术路径已具备落地商用条件 以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分 生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传 ...