Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

每经记者｜吴永久 张宛 每经编辑｜何建川 今年以来，在政策赋能与市场生态优化双重驱动下，A股上市公司回购意愿与实施力度保持高位运行态势，成为稳定市场预期、推动价值回归的核心积极信 号。根据公开数据，截至11月底，A股市场已有1400余家上市公司实施股份回购，累计回购金额突破1300亿元大关。这一规模已达到A股历史上年度回购金 额的第二高水平，仅次于2024年（1658.77亿元），彰显当前回购潮的强劲动能。 从11月单月表现看，共有22家公司披露新的回购方案，贵州茅台、节能国祯等前期承诺公司终于兑现回购动作却境遇迥异，世纪华通则以"两日顶格回购10 亿元"上演"闪电战"。而在实施回购的公司中，美的集团继续领跑回购金额总榜和单月榜；工业富联、景兴纸业等多家公司则因股价变动密集调整方案，柘 中股份更直接终止回购，折射出市场变化对回购实施的深刻影响。 新方案分化：央企节能国祯回购方案遭否决，游戏龙头两天"闪电"回购10亿元 据同花顺iFinD数据统计，11月共有22家公司发布新的回购预案公告（其中2家为董事长提议回购公告），数量与10月的24家基本持平。以公告数据为准，这 22家公司的拟回购金额上限合计约68.1亿 ...

12月8日，A股三大指数高开高走，截至收盘，沪指涨0.54%报3924.08点，深成指涨1.39%报13329.99点，创业板指涨2.6%报 3190.27点。从板块行情上来看，今日表现较好的是CPO概念、光通信模块和算力概念，而甘草磷、白酒和煤化工等板块下 跌。 | | 票个数排行 | 近一个月基 | | | --- | --- | --- | --- | | | 调研股票家数 | 基金公司调研行 | | | 中国直线高品目限公司 | 44 | 消费电子 | 249 | | 博时基金管理有限公司 | 43 | 专用设备 | 215 | | 国泰基金管理有限公司 | 43 | 化学制品 | 166 | | 汇添富基金管理股份有限公司 | 39 | 通用设备 | 136 | | 鹏华夏金复理有限公司 | 37 | 半导体 | gg | | 南方基金管理股份有限公司 | 37 | 其他电源设备II | 89 | | 银华基金管理股份有限公司 | 33 | 汽车零部件 | 72 | | 富国章等最铺有限公司 | 32 | 工不等屋 | 62 | | 广发基金管理有限公司 | 31 | 化学制药 | 57 | | 易 ...

世纪华通：拟将128万股已回购股份用途变更为注销 12月8日，世纪华通（002602）发布公告称，公司拟将2022年回购的128万股股份用途由原计划的"股权激励计划、员工持股计划或减少注册资本"明确变更 为"注销并减少公司注册资本"。此次变更后，公司总股本将由74.28亿股减少至74.27亿股。 五粮液：2025年计划投资项目数量由19个调整为22个 投资金额由25.86亿元调整为22.07亿元 12月8日，五粮液（000858）发布公告称，公司第七届董事会2025年第7次会议审议通过调整2025年投资计划的议案，计划投资项目数量由19个调整为22个， 取消1个项目，新增4个项目，投资金额由25.86亿元调整为22.07亿元。此外，公司还拟与中央广播电视总台开展2026年"和美好礼"品牌传播项目，项目总预 算6.3亿元（含税）。 清越科技：因涉嫌财务数据造假被立案调查 调查尚在进行中 12月8日，清越科技（688496）发布公告称，公司因涉嫌定期报告等财务数据虚假记载，于此前被中国证监会立案。若后续经行政处罚认定的事实触及重大 违法强制退市情形，公司股票将被强制退市。截至公告披露日，调查尚在进行中，公司未收到 ...

Core Viewpoint - The media sector is expected to experience an overall upward trend in 2025, driven by favorable policies, new product cycles, and the expansion of Chinese cultural content overseas, alongside the growing demand for IP economy and advancements in AI technology [2][3] Group 1: Policy and Content Cycle - The gaming industry is benefiting from the normalization of license issuance, leading to a significant recovery in supply, while the video series industry is entering a critical window for content innovation and mechanism optimization due to the gradual implementation of new broadcasting regulations [3][9] - The AI development is entering a new phase, with expectations that by 2026, AI-native applications will expand further, transitioning from auxiliary tools to creative subjects, enhancing the production capacity of web literature and IP adaptation into films [3][12] - The trend of cultural content going overseas is maturing, with a shift from broad output to a focus on high-quality cultural core and localized adaptation, particularly in gaming, web literature, and short dramas [3][20] Group 2: IP Economy and Industry Trends - The IP economy is expected to flourish in 2026, with multiple commercialization paths for domestic IP content, consumer products, and services, leading to scaled growth and systematic value reassessment as the industry matures [3][19] - Leading companies in the media sector are positioned to benefit first from industry trends due to their advantages in business scale, technological reserves, and capital operations, particularly in digital media and gaming [4][19] - The film industry is projected to see box office revenues of 520 billion yuan in 2026 under neutral conditions, with expectations of recovery driven by quality content [35] Group 3: Social Community and AI Integration - Social community platforms are increasingly integrating AI to enhance efficiency and reduce costs across content interaction processes, with a focus on user engagement and monetization [22][25] - The advertising sector is witnessing rapid AI penetration, optimizing content production processes and reducing costs, with a shift towards automated and personalized advertising strategies [30][31] Group 4: Music and Publishing Industry Insights - The music industry is expected to maintain a stable structure, with Tencent Music and NetEase Cloud Music continuing to dominate, while exploring deeper value extraction from the industry chain [17][19] - The publishing industry is adapting to regulatory changes while focusing on the resilience of educational materials and the potential for IP-driven sales growth, with leading companies maintaining strong dividend yields [39][41]

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

深圳，2025年12月5日——在今日举行的第十届金陀螺奖颁奖典礼上，世纪华通（维权）及其旗下业务单元再次成为焦点，一举摘得四项行业重磅奖项。 其中，世纪华通获评"年度影响力游戏企业奖"，旗下Century Games荣获"年度优秀出海企业奖"；产品方面，《奔奔王国》获"年度风云小游戏奖"，《龙之 谷世界》获"年度风云移动游戏奖"。这标志着公司已连续多年在该奖项评选中取得卓越成绩，持续获得行业高度认可。 金陀螺奖作为中国泛TMT领域最具专业影响力的综合性奖项之一，以其强大的专家评审团、完善的评审机制与流程著称，奖项权威性已成为行业风向 标。本届奖项涵盖游戏、XR、电竞三大板块，吸引业内众多顶尖企业参与角逐。世纪华通能够在如此激烈的竞争中多点开花，不仅是单个产品或业务的 胜利，更是系统化竞争力和战略前瞻性的集中体现。 多元产品矩阵协同发力 内外兼修彰显实力 细分赛道表现亮眼 本次获奖的两款产品，分别代表公司在轻量化与精品化两大方向的战略落地，验证了其覆盖广泛用户群体、驾驭多品类研发与运营的能力。 《奔奔王国》 荣获"年度风云小游戏奖"的《奔奔王国》，自今年8月28日上线微信小程序后，凭借其创新的玩法设计与出色的用 ...

证券代码：002602 证券简称：世纪华通 公告编号：2025-080 浙江世纪华通集团股份有限公司关于 变更回购股份用途为注销并减少公司注册资本的公告 1、变更回购股份用途：浙江世纪华通集团股份有限公司（以下简称"公司"） 拟将 2022 年回购股份方案中的用途"股权激励计划、员工持股计划或减少注册 资本"明确变更为"用于注销并减少公司注册资本"。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 基于维护全体股东利益、提高长期投资价值，浙江世纪华通集团股份有限公 司（以下简称"公司"）于 2025 年 12 月 5 日召开第六届董事会第十六次会议， 审议通过了《关于变更回购股份用途为注销并减少公司注册资本的议案》，拟将 公司根据 2022年3月1日召开的2022年第一次临时股东大会决议审议通过的《关 于回购公司股份的方案》回购的 1,280,000 股股份用途由原计划的"股权激励计 划、员工持股计划或减少注册资本"明确变更为"注销并减少公司注册资本"， 暨对回购专用证券账户中的 1,280,000 股股份进行注销并减少公司注册资本。上 述事项需提 ...

一、召开会议的基本情况 浙江世纪华通集团股份有限公司 关于召开 2025 年第六次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 证券代码：002602 证券简称：世纪华通 公告编号：2025-081 1、股东会届次：2025 年第六次临时股东会 （2）公司董事、高级管理人员。 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 22 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 22 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 12 月 22 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6 ...

证券代码：002602 证券简称：世纪华通 公告编号：2025-079 浙江世纪华通集团股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2、审议通过了《关于提请召开公司 2025 年第六次临时股东会的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日通过专人送达、电子邮件、电话等方式发出召开第六届董事会第十六次会议的 通知，会议于 2025 年 12 月 5 日在上海市浦东新区海趣路 58 号 1 号楼 11 楼会议 室以现场结合通讯表决的方式召开。会议应出席董事 9 人，实际出席董事 9 人， 非独立董事李纳川、何九如、赵骐及独立董事李臻、张欣荣、姚承骧通过通讯表 决方式与会。会议由公司董事长王佶先生主持。本次会议的召开及表决程序符合 有关法律法规和《公司章程》的规定。经与会董事认真审议通过了以下议案： 二、董事会会议审议情况 1、审议通过了《关于变更回购股份用途为注销并减少公司注册资本的议案 ...