Core Viewpoint - The market reacted negatively to rumors suggesting that the financial and internet value-added services sectors, including gaming, might face tax rate adjustments similar to those applied to liquor, leading to a decline in stock prices for major companies like Tencent and others in the gaming sector [1][10]. Group 1: Market Reaction - On February 3, the A-share gaming sector experienced a significant drop, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network, Giant Network, and 37 Interactive Entertainment also declining [1][10]. - Following the initial drop, gaming stocks rebounded, with Shunwang Technology rising by 14.65%, and other companies like Xunyou Technology, Zhejiang Shuju, and Perfect World seeing increases of over 5% [1][10]. Group 2: Tax Rumors and Industry Response - Industry insiders have confirmed that there has been no official communication regarding tax rate adjustments, indicating that the rumors are likely unfounded [5][14]. - A representative from a leading gaming company stated that no formal documents or meetings regarding tax adjustments have been received, further supporting the notion that the rumors lack credibility [5][14]. - According to a report from Everbright Securities, the rumors are based on a misunderstanding of tax categories, as the proposed comparison between gaming and liquor tax rates is misleading [6][15]. Group 3: Tax Policy Context - The current tax rate for financial services and modern services, including gaming and advertising, is set at 6%, contrasting with the 9% rate applicable to basic telecommunications and construction sectors [6][15]. - The recent tax rate adjustment announced by the Ministry of Finance and the State Administration of Taxation only pertains to basic telecommunications services, not affecting financial or internet value-added services [6][15]. - The prevailing policy focus is on stabilizing growth and promoting innovation, suggesting that significant tax increases in key sectors would contradict current governmental objectives [7][16].

2005年，《街头篮球》由世纪华通（002602.SZ）旗下天游软件引入中国。此后，《街头篮球》迅速占 领了中国玩家的电脑桌面。中韩两国玩家在这一方"球场"上的比拼便从未停止，IMA国际大师赛应运而 生。 "IMA国际大师赛作为《街头篮球》全球顶级赛事，核心初衷就是搭建中外玩家交流竞技的桥梁。"天游 软件市场部经理、赛事负责人陆湧向《中国经营报》记者表示，"《街头篮球》自诞生以来，就始终将 篮球文化与电竞元素深度融合，各类赛事的举办，正是我们传播篮球文化、推动中外玩家融合的核心载 体。" 搭建中外电竞桥梁 《2025年中国电子竞技产业报告》显示，2025年中国电子竞技产业收入293.31亿元，同比增长6.40%； 用户规模超4.95亿人，增长1.06%。 随着中国电竞受众群体的不断壮大，多款电竞游戏跟随着玩家的视野一同走向海外。作为中国电竞中的 元老级游戏，20年时间里，《街头篮球》在中韩两国建立了深厚的玩家基础。 如今经过20年的发展，《街头篮球》已经形成了以游戏内容驱动，以电竞赛事引领，融合中外玩家的发 展模式。其中，IMA国际大师赛作为《街头篮球》全球顶级赛事，成为一座搭建中外玩家交流竞技的桥 梁。 2 ...

Group 1 - The core point of the news is that Century Huatong's stock price dropped by 5.04% to 18.85 CNY per share, with a trading volume of 2.03 billion CNY and a turnover rate of 1.52%, resulting in a total market capitalization of 138.94 billion CNY [1] - Century Huatong, established on October 31, 2005, and listed on July 28, 2011, is primarily engaged in the development and operation of online games and the research, manufacturing, and sales of various automotive parts and related molds [1] - The revenue composition of Century Huatong includes mobile games at 84.70%, computer games at 9.85%, automotive parts at 4.11%, web games at 0.76%, other at 0.55%, and cloud data services at 0.04% [1] Group 2 - From the perspective of fund holdings, one fund under Guojin Fund has a significant position in Century Huatong, with Guojin Xinyi Medical Consumption A (009507) holding 255,800 shares, accounting for 4.04% of the fund's net value, ranking as the tenth largest holding [2] - The fund Guojin Xinyi Medical Consumption A (009507) was established on June 30, 2020, with a latest scale of 28.44 million CNY, and has a year-to-date return of 3.13%, ranking 3694 out of 8874 in its category [2] - The fund manager, Zhang Wang, has been in position for 5 years and 322 days, with the fund's total assets currently at 390 million CNY, achieving a best return of 103.88% and a worst return of -12.63% during his tenure [2]

2月3日，游戏板块热度再度攀升，游戏ETF(516010)盘中涨超3%。这一涨势并非偶然，背后是游戏行业基本面的全面向好、多重产业红利的持续释放，以及 资本市场对行业长期投资价值的认可。在全球人工智能技术加速迭代与商业落地的关键时期，内容产业正站在一场深刻变革的起点。 2026年1月底至2月初，从谷歌开放世界模型Genie3到TapTap发布"零门槛"游戏创作AI，从AI社交平台Moltbook出圈到国内大模型密集升级，一系列事件标志 着AI正从辅助工具演变为驱动内容生产范式革命的核心引擎。本文将从行业基本面的坚实支撑、技术突破的产业意义、应用场景的全面渗透、对传统竞争 格局的重塑以及具体投资脉络等维度，系统梳理AI赋能下传媒与游戏板块的投资逻辑。 【行业基本面：强劲复苏与结构性增长提供坚实底座】 2025年中国游戏市场走出调整期，销售收入突破3500亿元，用户基础稳固，版号供给充裕，行业进入由优质供给驱动的高质量增长新阶段，为后续技术赋能 与价值释放提供了坚实的业绩基础。 游戏产业基本面的全面向好，是AI等新技术得以发挥乘数效应的前提。市场规模与用户基础稳固扩大：2025年国内游戏市场实际销售收入达3507 ...

Core Viewpoint - Century Huatong is expected to achieve remarkable growth in its operating performance, with projected net profit for 2025 reaching between 5.55 billion to 6.98 billion yuan, representing a year-on-year increase of approximately 400% [1][3]. Group 1: Financial Performance - The company anticipates a revenue of approximately 38 billion yuan for 2025, reflecting a year-on-year growth of about 68% [3]. - The projected net profit for 2025 is expected to be between 5.55 billion and 6.98 billion yuan, with a year-on-year growth range of 357% to 475% [3]. - The company has achieved continuous quarter-on-quarter revenue growth for 12 consecutive quarters and has seen net profit double year-on-year for two consecutive years [5]. Group 2: Business Segments - The core business of Century Huatong is mobile gaming, contributing over 80% of the company's revenue [2]. - The company has launched successful products such as "Whiteout Survival" and "Kingshot," which have significantly boosted its market position [7]. - The company is also involved in artificial intelligence cloud data and automotive parts manufacturing, with the latter contributing 7.20% of revenue in the first half of 2025 [6]. Group 3: Research and Development - Century Huatong has invested a total of 11.7 billion yuan in research and development over the past seven years, with R&D spending reaching 1.78 billion yuan in the first three quarters of 2025 [6][7]. - The company has significantly increased its sales expenses, with 10.57 billion yuan spent in the first three quarters of 2025, more than double the previous year [7]. Group 4: Financial Health - As of September 2025, the company's debt-to-asset ratio stands at 30.76%, with cash reserves exceeding 10 billion yuan [8]. - The operating cash flow for the first three quarters of 2025 is a net inflow of 6.278 billion yuan, representing a year-on-year increase of 81.34% [8].

Investment Strategy Overview - The report anticipates a volatile market in February due to previous regulatory signals and significant ETF outflows, with market activity expected to decline before the Spring Festival and improve post-holiday as policy catalysts emerge [3][4] - The focus remains on cyclical price increases, particularly in sectors like semiconductors and AI, which are expected to maintain a positive trend [3][4] - The liquidity situation is mixed, with increased inflows from retail investors countered by significant ETF sell-offs, leading to a challenging funding environment before the Spring Festival [3][4] Key Stock Recommendations - **Jianghuai Automobile (江淮汽车)**: Positioned as the only domestic ultra-luxury brand, with the S800 model outperforming competitors like Mercedes-Benz. The company plans to launch 6-7 high-end models, indicating substantial growth potential [5][8] - **Luxshare Precision (立讯精密)**: A key player in the Apple supply chain, with strong growth prospects in consumer electronics and automotive sectors. The company is expected to achieve rapid earnings growth over the next few years [5][11] - **Sinyi Technology (生益科技)**: As a leading manufacturer of CCL, the company is well-positioned for long-term growth with a focus on high-end product upgrades and strong market demand [5][15] - **Tianqi Lithium (天赐材料)**: The largest manufacturer of electrolytes with a market share of approximately 40%. The company is expected to see significant profit recovery due to improved supply-demand dynamics in the lithium industry [5][20] - **Li Ning (李宁)**: The company is accelerating its product and channel expansion, with new product launches expected to drive a turnaround in performance [5][20] - **Zhongji Xuchuang (中际旭创)**: A leader in optical modules, benefiting from strong overseas demand. The company is expanding its production capacity to meet increasing market needs [5][27] - **Xinyi Technology (新易盛)**: The company is experiencing continuous growth in high-speed products, with a strong outlook for 2026 [5][27] - **Foshan Plastics (佛塑科技)**: The acquisition of a key supplier is expected to enhance performance significantly, with a focus on the tightening supply-demand situation in the industry [5][27] - **Century Huatong (世纪华通)**: The company is leveraging its partnership with Tencent to enhance its game development and distribution capabilities, indicating strong future growth potential [5][27] - **Tencent Holdings (腾讯控股)**: The company has a solid foundation with a rich game product pipeline and is accelerating its AI application ecosystem [6][27] Market Trends and Expectations - The report highlights a trend of price increases spreading from cyclical sectors like oil and food to technology sectors, particularly AI and semiconductors, which are expected to continue benefiting from policy support [3][4] - The upcoming Two Sessions in March are anticipated to catalyze policy developments that could positively impact market performance [3][4] - The report emphasizes the importance of sector rotation as a key characteristic of the market in February, with a focus on cyclical price increases and technology sectors [3][4]

在环境责任方面，世纪华通连续两年联合ChinaJoy发起减塑倡议，设置绿色展台并设置塑料瓶回收站，2025年ChinaJoy展会期间回收空瓶53公斤。这些塑 料瓶被加工成rPET再生面料，制成环保校服捐赠给云南乡村儿童，形成"绿色倡议—回收再生—爱心传递"的闭环。 此外，世纪华通以技术筑牢未成年人保护屏障，旗下盛趣游戏通过优化防沉迷系统、完善实名认证机制、人脸识别等举措，将未成年注册用户占比降至 0.0559%的极低水平，用科技力量守护青少年健康成长。 此次获奖，不仅是对世纪华通过去一年在ESG领域实践的肯定，更是对公司未来发展的期许。世纪华通将继续以科技为纽带，深化商业价值与社会价值的 共生路径，为中国企业践行社会责任、推动可持续发展提供更多可借鉴、可复制的案例。 1月30日，由《中国经营报》主办的"长期之光复利生新——2025中国商业品牌价值创新年会"在北京举行。同期揭晓的"2025商业品牌价值创新优秀案 例"评选中，世纪华通（维权）获得"社会责任与可持续传播案例"。 本次征集聚焦品牌价值提升的创新路径，重点关注AI营销、可持续品牌、年轻化沟通、文化赋能、私域运营等前沿议题。作为一家数字科技企业，世纪 华 ...

Group 1: Game Sales and Performance - In 2025, the total sales revenue of domestic buyout games in China reached approximately 3.16 billion RMB, with five games surpassing one million units sold, setting a new record [1] - The game "Escape from Duck City" sold 3.8 million copies, while "Black Myth: Wukong" sold around 2 million copies on Steam, generating approximately 600 million RMB in revenue [1] - Tencent's Interactive Entertainment Group (IEG) is projected to achieve over 10 billion USD (approximately 69.7 billion RMB) in overseas game revenue in 2025, accounting for over 30% of total game revenue [3] Group 2: Company Financials and Developments - Perfect World expects a net profit of 720 million to 760 million RMB for 2025, with the gaming segment contributing significantly to this recovery [13] - Century Huatong anticipates a net profit increase of 357.47% to 475.34% for 2025, with continuous revenue growth over the past 12 quarters [16] - MiHoYo has contributed a total of 15 billion RMB in taxes over five years, highlighting its significant impact on local economic development [3] Group 3: Industry Challenges and Trends - A GDC report indicates that 28% of game developers globally faced layoffs in the past two years, with 48% of those laid off still unable to find new employment [6] - The release of Google's AI project "Project Genie3" has raised concerns in the market, leading to a significant drop in stock prices for major gaming companies due to fears of disruption in traditional game development [17] - Valve is facing a collective lawsuit in the UK for 6.56 billion GBP (approximately 62.4 billion RMB) over alleged anti-competitive practices related to its Steam platform [19]

Industry Dynamics - The first batch of game licenses for 2026 has been officially issued, totaling 182 games, including 177 domestic games and 5 imported games, marking a high value for recent years [3][4] - Notable games that received licenses include NetEase's "Yao Yao Chess," 37 Interactive's "Douluo Dalu: Qicheng," and Giant Network's "Moonlight Night: Master Duel" [4] Company Updates - NetEase's "Yanyun Sixteen Sounds" won multiple awards at the 2025 TapTap Annual Game Awards, including Best Game and Best Narrative [5] - Century Huatong forecasts a revenue of approximately 38 billion yuan for 2025, representing a year-on-year growth of about 68%, with net profit expected to surge by 357.47% to 475.34% [6] - Perfect World anticipates turning a profit in 2025, projecting a net profit of 720 million to 760 million yuan [7] - Gigabit expects a net profit of 1.69 billion to 1.86 billion yuan, a year-on-year increase of 79% to 97% [8] - Glacier Network predicts a turnaround with a net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan in the previous year [9] - Electric Soul Network forecasts a loss of 160 million to 230 million yuan for 2025, marking its first annual loss since going public [10] - NetEase's Montreal studio has reportedly undergone layoffs, primarily affecting the quality assurance department [11] Overseas and Compliance - Valve, the parent company of Steam, is facing a collective lawsuit in the UK, accused of abusing its dominant position in the PC gaming market, with claims for damages amounting to 6.56 billion pounds (approximately 62.40 billion yuan) [12] - Google has launched a new interactive world AI creation tool, Project Genie, which allows users to generate playable 3D environments [13] - Ubisoft plans to lay off up to 200 employees at its Paris headquarters following a restructuring announcement [14]

Group 1 - The top 20 stocks with significant capital inflow as of February 2 include Zhongchao Holdings (1.435 billion), Shenghong Technology (676 million), and Xibu Materials (601 million) [1] - Zhongchao Holdings experienced a price increase of 9.96%, while Shuangjie Electric saw a notable rise of 16.58% [2] - The sectors represented among the top inflow stocks include power grid equipment, electronic components, and the liquor industry [2][3] Group 2 - Other notable stocks with significant inflows include Guizhou Moutai (5.46 billion), Baobian Electric (5.45 billion), and Zhejiang Wenlian (5.36 billion) [1] - The banking sector is represented by Industrial and Commercial Bank of China, which had an inflow of 348 million [3] - The highest percentage increase in stock price was observed in Tongguang Cable, which rose by 20% [3]