| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300418 | 昆仑万维 | 58.88 | 5.39% | 163.98万 | 98.94亿 | | 002919 | 名臣健康 | 26.14 | 4.02% | 11.72万 | 3.03亿 | | 600715 | 文投控股 | 2.25 | 0.90% | 49.24万 | 1.10亿 | | 002605 | 姚记科技 | 25.79 | -0.12% | 8.87万 | 2.30亿 | | 300299 | 富春股份 | 7.10 | -0.42% | 26.63万 | 1.88亿 | | 300052 | ST中青宝 | 13.34 | -0.74% | 4.44万 | 5967.43万 | | 002425 | 凯撒文化 | 3.86 | -1.28% | 20.62万 | 7939.17万 | | 300031 | 宇通科技 | 22.85 | -1.47% | 8.86万 | 2.02亿 | | 603258 | 申魂网络 ...

从资金流向上来看，当日游戏板块主力资金净流出6.03亿元，游资资金净流出4.29亿元，散户资金净流入10.32亿元。游戏板块个股资金流向见下 表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300113 顺网科技 | | 1.59亿 | 4.95% | -9183.07万 | -2.85% | -6735.49万 | -2.09% | | 300418 | 昆仑万维 | 3723.89万 | 0.79% | -6882.46万 | -1.45% | 3158.57万 | 0.67% | | 300315 掌趣科技 | | 3073.61万 | 2.12% | -3387.01万 | -2.34% | 313.40万 | 0.22% | | 300043 | 星辉娱乐 | 2917.64万 | 3.49% | 99.10万 | 0.12% | -3016.74万 | -3.60% | | 300494 盛天网络 ...

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 游戏产业跟踪（22）：Genie 3 或重塑游戏行业 开发链路，TapTap 推出 AI 游戏创作智能体 报告要点 [Table_Summary] 谷歌正式开放世界模型 Genie 3 的实验性研究原型 Project Genie，TapTap 推出 AI 游戏创作智 能体，AI 有望重塑游戏行业开发链路并构建全新内容生态。考虑到 IP、优质内容及玩法创新、 平台化能力等仍是游戏行业的核心竞争力和护城河，继续看好积极拥抱 AI 且具有成熟游戏研 运能力的游戏公司。我们看好 AI 对游戏行业的长期赋能，后续新游及行业催化密集，游戏板块 26 年产品周期持续性、业绩确定性仍较强，继续关注游戏板块投资机会。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 游戏产业跟踪（2] 22）：Genie 3 或重塑游戏行业 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 关于 2022 年股权激励计划部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、上海姚记科技股份有限公司（以下简称"公司"、"本公司"）本次回 购注销 2022 年股权激励计划（以下简称"本次激励计划"）的限制性股票数量 为 5 万股，涉及激励对象 1 名，占回购注销前公司总股本的 0.0120%，本次限制 性股票合计回购注销金额为人民币 290,500 元。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成限制性股票的回购注销手续。 3、本次回购注销完成后，公司总股本减少 5 万股。 公司于 2025 年 10 月 29 日，公司召开第六届董事会第二十四次会议和第六 届监事会第二十二次会议，审议通过了《关于回购注销部分限制性股票的议案》。 根据《2022 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the last week, and several films scheduled for release during the upcoming Spring Festival [22][24]. Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - Within the media sector, advertising and marketing led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Industry Key Data AI Applications - For the week of January 12 to January 18, 2026, the estimated iOS downloads for major AI applications were as follows: Deepseek at 238,700, Doubao at 2,100,900, Tencent Yuanbao at 807,000, and Qianwen Qimai at 1,233,700, with respective week-over-week changes of -14.52%, +0.87%, +2.27%, and +15.66% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, showing a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, were "Honor of Kings," "Peacekeeper Elite," "Crossfire: Gunfight King," "Endless Winter," and "Arknights: End of the World," with "Arknights" achieving over 30 million downloads globally [2][19]. - Upcoming game releases include "Survival 33 Days" by 37 Interactive Entertainment, scheduled for February 15, and "EVE," an AI companion product by a company invested in by Kying Network, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the weekly box office at 66.06 million yuan, accounting for 21.7% of the total [22][23]. - Four films have been scheduled for the Spring Festival, including "Fast Life 3" and "Silent Awakening" [24]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with particular attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing. Specific companies highlighted for investment include Giant Network, Kying Network, Perfect World, 37 Interactive Entertainment, Century Huatong, and others [3][27].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the week of January 19-25, 2026, and several films scheduled for release during the upcoming Spring Festival [22][23]. Summary by Sections Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - The advertising and marketing sector led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Key Industry Data AI Application Data - For the week of January 12-18, 2026, the estimated iOS downloads for major AI applications showed varied performance, with Deepseek down by 14.52% and Tencent's Yuanbao up by 2.27% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, reflecting a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Tomorrow's Ark: The End of Days" entering the top five shortly after its release [2][19]. - Upcoming game releases include "Survival 33 Days" set for February 15 and "EVE," an AI companion app, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the week with a box office of 66.06 million yuan [22][23]. - Four films have been scheduled for the Spring Festival, indicating a strong pipeline for theatrical releases [22][23]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing [3][27]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, among others [3][27].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

Core Viewpoint - Yaoji Technology announced that its stock price has remained above 130% of the conversion price of its convertible bonds for ten consecutive trading days, potentially triggering the conditional redemption clause of the bonds [2] Group 1: Stock Performance - The stock price of Yaoji Technology has been above 26.08 yuan per share, which is 130% of the conversion price of 20.06 yuan per share, from January 12 to January 23, 2026 [2] - If the stock price continues to stay above this threshold, it may lead to the redemption of the convertible bonds [2] Group 2: Redemption Clause - According to the terms outlined in the prospectus for the convertible bonds, the company's board has the authority to redeem all or part of the unconverted bonds at face value plus accrued interest if the stock price conditions are met [2]