Summary of Key Points Core Viewpoint - The company, Shanghai Yaoji Technology Co., Ltd., is set to pay interest on its convertible bonds, "Yaoji Convertible Bonds," for the second year, with a coupon rate of 0.50% for the period from January 25, 2025, to January 24, 2026 [2][12]. Group 1: Bond Issuance and Details - The total issuance amount of the "Yaoji Convertible Bonds" is 583.1273 million yuan (58,312.73 million) [2]. - The bonds will be listed on the Shenzhen Stock Exchange starting February 26, 2024 [2]. - The bonds have a maturity period from January 25, 2024, to January 24, 2030, with a conversion period from July 31, 2024, to January 24, 2030 [2]. Group 2: Interest Payment Information - The interest payment date is set for January 26, 2026, with a record date of January 23, 2026 [12][14]. - For every 10 bonds (with a face value of 1,000 yuan), the interest payment will be 5.00 yuan (including tax) [12][24]. - Individual investors will receive 4.00 yuan after a 20% tax deduction, while qualified foreign institutional investors (QFII and RQFII) will receive the full 5.00 yuan due to tax exemptions [12][24]. Group 3: Taxation and Compliance - The company will not withhold taxes for other bondholders, who will be responsible for their own tax payments [12][24]. - The bonds are rated "A+" by the credit rating agency, with a stable outlook [11].

Summary of Key Points Core Viewpoint The announcement from Shanghai Yaoji Technology Co., Ltd. provides updated information regarding the interest payment for its convertible bonds, specifically the "Yaoji Convertible Bonds" for the second year, detailing the interest rates and tax implications for different categories of bondholders. Group 1: Bond Interest Payment Details - The interest payment period for the "Yaoji Convertible Bonds" is from January 25, 2025, to January 24, 2026, with a nominal interest rate of 0.50%, resulting in a total interest payment of RMB 5.00 for every 10 bonds (face value of RMB 1,000) [6][27]. - For individual investors and securities investment funds, the actual interest received after a 20% withholding tax will be RMB 4.00 for every 10 bonds [6][27]. - Qualified foreign institutional investors (QFII and RQFII) will receive the full interest of RMB 5.00 per 10 bonds as the income tax is exempted under the latest regulations [6][27]. Group 2: Tax Implications for Bondholders - Individual bondholders are subject to a 20% personal income tax on the interest, which will be withheld at the time of payment [31]. - Non-resident enterprises will be exempt from corporate income tax and value-added tax on interest income from January 1, 2026, to December 31, 2027 [32]. - Other bondholders are responsible for self-reporting and paying their interest income tax [33]. Group 3: Important Dates - The bondholder registration date for interest payment is January 23, 2026, and the interest payment date is January 26, 2026 [11][28]. - Investors who purchase the bonds before the registration date will be eligible for the interest payment [11][28].

Market Overview - The gaming sector experienced a slight increase of 0.0% on January 22, with Mingchen Health leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Mingchen Health (002919) closed at 26.91, with a rise of 6.41% and a trading volume of 150,400 shares, amounting to a transaction value of 398 million yuan [1] - Other notable gainers included Shunwang Technology (300113) with a 2.35% increase, and Electric Soul Network (603258) with a 1.95% increase [1] - Conversely, stocks like Kaiying Network (002517) and Giant Network (002558) saw declines of 2.27% and 1.91%, respectively [2] Capital Flow Analysis - The gaming sector saw a net outflow of 222 million yuan from institutional investors, while retail investors experienced a net outflow of 97.08 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Kunlun Wanwei (300418) and Yaoji Technology (002605) [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index decreased by 4.62% over the past five days, with a net redemption of 200 million yuan [5] - The Food and Beverage ETF (515170) saw a slight decline of 2.34% and an increase in shares by 4.5 million [5]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2026-005 | | --- | --- | --- | | 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 关于可转换公司债券2026年付息公告（更新后） 一、姚记转债基本情况 1、可转换公司债券简称：姚记转债。 2、可转换公司债券代码：127104。 3、可转换公司债券发行量：58,312.73万元（583.13万张）。 1、债券代码：127104，债券简称：姚记转债 2、付息年度：第2年 3、付息债权登记日：2026年1月23日 4、除权除息（付息）日：2026年1月26日 5、本次付息期间及票面利率：本次计息期间为2025年1月25日至2026年1月 24日，票面利率为0.50%。 6、"姚记转债"本次付息的债权登记日为2026年1月23日，凡在2026年1月 23日（含）前买入并持有本期债券的投资者享有本次派发的利息。2026 年1月23日卖出本期债券的投资者不享有本次派发的利息。在债权登记 日前（包括付息债权登记日）申请转换成公司股票的可转换公司债券， 公司不再向其持有人支付本计息年度及以后计息 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | 1、对于持有"姚记转债"的个人投资者和证券投资基金债券持有人，利息 所得税由证券公司等兑付派发机构按20%的税率代扣代缴，公司不代扣代缴所得 税，实际每10张派发利息为人民币4.00元； 2、对于持有"姚记转债"的合格境外投资者（QFII和RQFII），根据《关 于中国居民企业向QFII支付股息、红利、利息代扣代缴企业所得税有关问题的 通知》(国税函[2009]47号)的规定，境外机构投资者从境内取得利息收入，应按 照企业所得税法规定缴纳10%的企业所得税，由债券发行人代扣代缴，实际每10 张派发利息为人民币4.50元； 上海姚记科技股份有限公司 关于可转换公司债券2026年付息的补充公告 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。 上海姚记科技股份有限公司（以下简称"公司"）于2026年1月20日披露了 《关于可转换公司债券2026年付息公告》（公告编号：2026-00 ...

Group 1 - The media sector outperformed the index in 2025, with a 24.75% increase, ranking 8th among 31 sub-industries, driven primarily by a 60.67% rise in the gaming sector [1][14][21] - The overall revenue growth for the media industry in the first three quarters of 2025 was 5.92%, while net profit increased by 37.12%, indicating strong earnings per share (EPS) performance [1][21][24] - The current valuation of the media industry is at the 47th percentile of the past three years, with attractive valuations in the gaming and film sectors [1][24][25] Group 2 - The mobile gaming market in 2025 achieved sales revenue of 257.08 billion yuan, a year-on-year increase of 7.92%, indicating a recovery in market sentiment [2][26] - New game releases such as "Supernatural Action Group" and "Staff Sword Legend" exceeded expectations, while established titles like "Honor of Kings" and "Peace Elite" continued to perform well [2][26] - The approval process for new game licenses remained stable in 2025, benefiting the supply side of the gaming industry [2][34] Group 3 - The short drama market in China reached a scale of 67.79 billion yuan in 2025, growing by 34.4% year-on-year, with a significant portion attributed to IAA [3][22] - The overseas short drama market is expected to grow by 145.7% in 2025, reaching a scale of 21.07 billion yuan, indicating strong international demand [3][22] - AI-driven animated dramas are emerging rapidly, with the market size expected to exceed 20 billion yuan, benefiting from lower production costs and enhanced efficiency [3][29] Group 4 - AI model capabilities continued to iterate in 2025, with significant advancements in models like Gemini 3 and ChatGPT 5.2, leading to accelerated commercialization [4][38] - The annual recurring revenue (ARR) for OpenAI reached 12 billion USD in 2025, with various AI applications generating over 100 million USD in annual revenue [4][38] - Investment opportunities in AI applications are expected to grow, particularly in AI video, advertising, animated dramas, and gaming [4][38] Group 5 - Recommended companies for investment include Giant Network, Perfect World, Century Huatong, and others, indicating a focus on firms with strong product pipelines and market positions [5][10]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% increase, while other segments like publishing and advertising also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-on-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Other notable films included "Zootopia 2" and "Avatar 3" [26][27]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kying Network, Perfect World, and others [4][34].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector's performance relative to the benchmark index [6][34]. Core Insights - The media industry saw a weekly increase of 2.04% from January 12 to January 18, 2026, outperforming major indices. Digital media led the gains with a 10.38% rise, while publishing and advertising marketing also showed positive growth [2][12]. - Key themes for investment include AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, marketing, and publishing [4][34]. Summary by Sections Market Performance - The media industry outperformed major indices with a 2.04% increase during the week of January 12-18, 2026. Digital media surged by 10.38%, while publishing rose by 3.32%, and advertising marketing increased by 2.58%. The gaming sector saw a modest rise of 1.57%, whereas the film and television broadcasting segments experienced slight declines [2][12]. Industry Key Data AI Applications - Recent downloads for AI applications on iOS were estimated at 27.93K for Deepseek, 208.27K for Doubao, 78.91K for Tencent Yuanbao, and 106.66K for Qianwen, with respective week-over-week changes of -8.79%, -0.67%, -9.86%, and +25.84%. The weekly token call volume on the OpenRouter platform reached 7.65 trillion, marking an 18.97% increase [3][18]. Gaming Data - The top five mobile games on iOS as of January 17, 2026, were "Honor of Kings," "Peacekeeper Elite," "Dungeon & Fighter: Origin," "Three Kingdoms: Strategy Edition," and "Genshin Impact: Moonlight Song." Tencent's "Counterattack: Future" launched and quickly gained over 10 million registered users within three days [3][18][20]. Film and Television Data - The total box office for domestic films during the week was 280 million yuan, with "Hidden Kill" leading at 63.73 million yuan, accounting for 22.7% of the total. Upcoming films include "Flying Life 3," "Boon: Year of the Bear," and "Bounty Hunter: Wind Rises in the Desert" [26][30]. Investment Recommendations - The report recommends focusing on AI applications, cultural exports, and specific sub-sectors such as gaming, IP, short dramas, marketing, and publishing. Notable companies to watch include Giant Network, Kyeing Network, Perfect World, and others [4][34].

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2026-003 | | --- | --- | --- | | 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 关于可转换公司债券2026年付息公告 上海姚记科技股份有限公司（以下简称"公司"）于2024年1月24日向不特 定对象发行可转换公司债券（债券简称：姚记转债，债券代码：127104），根 据《上海姚记科技股份有限公司向不特定对象发行可转换公司债券募集说明书》 （以下简称"募集说明书"）和《上海姚记科技股份有限公司向不特定对象发 行可转换公司债券上市公告书》（以下简称"上市公告书"）有关条款的规定， 公司将于付息日支付"姚记转债"第二年利息，现将付息事项公告如下： 一、姚记转债基本情况 1、可转换公司债券简称：姚记转债。 2、可转换公司债券代码：127104。 3、可转换公司债券发行量：58,312.73万元（583.13万张）。 1、债券代码：127104，债券简称：姚记转债 2、付息年度：第2年 3、付息债权登记日：2026年1月23日 4、除权除息（付息）日：2026年1月26日 5、本次付息期 ...

Core Viewpoint - On January 19, a total of 17 listed companies had their restricted shares unlocked, with a total market value of approximately 8.181 billion yuan [1]. Summary by Category Restricted Share Unlocking - The following companies had restricted shares unlocked: - Vanadium Titanium Co., Ltd. (Stock Code: 000629) - 4.0126 million shares from equity incentive [1] - Guodian NARI Technology Co., Ltd. (Stock Code: 600406) - 11.883 million shares from equity incentive [1] - Huayi Group Co., Ltd. (Stock Code: 600623) - 356,100 shares from equity incentive [1] - Western Securities Co., Ltd. (Stock Code: 002673) - 360 million shares from A-share issuance to original shareholders [1] - Chang Aluminum Co., Ltd. (Stock Code: 002160) - 237 million shares from A-share issuance to legal persons [1] - Hikvision Digital Technology Co., Ltd. (Stock Code: 002415) - 29.2208 million shares from equity incentive [1] - Jieshun Technology Co., Ltd. (Stock Code: 002609) - 258,100 shares from equity incentive [1] - Yaoji Technology Co., Ltd. (Stock Code: 002605) - 975,000 shares from equity incentive [1] - Subote Co., Ltd. (Stock Code: 603916) - 629,000 shares from equity incentive [1] - Yipin Hong Co., Ltd. (Stock Code: 300723) - 150,000 shares from equity incentive [1] - Shandong Fiberglass Group Co., Ltd. (Stock Code: 605006) - 112,200 shares from equity incentive [1] - Keta Bio-Pharmaceutical Co., Ltd. (Stock Code: 300858) - 2.0053 million shares from A-share issuance to legal persons [1] - Xinlei Co., Ltd. (Stock Code: 301317) - 112 million shares from pre-issuance restrictions [1] - Zhiwei Intelligent Co., Ltd. (Stock Code: 001339) - 293,500 shares from equity incentive [1] - Demingli Co., Ltd. (Stock Code: 001309) - 247,500 shares from equity incentive [1] - Jiuzhou Yigui Co., Ltd. (Stock Code: 688485) - 600,000 shares [1] - Yingfang Software Co., Ltd. (Stock Code: 688435) - 36.3174 million shares [1]