记者 | 金珊 编辑 | 陈思颖 8月26日，A股三大指数集体低开。截至10:30左右，沪指跌0.36%，深成指跌0.09%， 创业板指跌0.69% 。全市场超2800只个股下跌。 | | | 游戏股逆势走强 ，三七互娱涨停，恺英网络、完美世界、巨人网络等跟涨。消息面上，国家新闻出版署正式公布2025年8月游戏版号审批结 果，共166款国产网络游戏和7款进口网络游戏获批，单月总量达173款，刷新年内新高。 出品 | 2 1财经客户端 南财快讯工作室 部分内容引自2 1世纪经济报道（记者：易妍君） 16.98万元起，余承东官宣"华为系最便宜"新车，1小时订爆2.5万台 AI基金"赚翻了" SFC 21君荐读 牛市投资者"生存指南" 在当前行情背景下，投顾机构普遍认为，初入股市或是经验不足的投资者 ， 应在充分了解当下市场行情的情况下，谨慎开展股票投资 。 广东博众大阳金融研究所所长吴志辉提醒，当前需清醒认识到：慢牛行情不是普涨疯牛，而是结构分化、板块轮动的市场。这种行情下，可能 会出现一种现象：仅30%龙头股持续走强，40%个股横盘震荡，其余30%可能阴跌。 吴志辉建议初入股市的投资者把握四条核心原则： 第一， ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 08 月 25 日 [Table_Title] 可灵 Q2 营收超 2.5 亿，DeepSeek- V3.1 发布 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.8.16-2025.8.22，下同）：传媒行业（申万）上涨 5.17%，排名行业第 6 名，同期沪深 300 涨 4.18%，上证指数涨 3.49%， 深证成指涨 4.57%，创业板指涨 5.85%，恒生科技指数涨 1.89%。本 周，果麦文化、顺网科技、昆仑万维、智度股份和东方明珠表现较优， 恒生科技成分股中传媒行业阅文集团（周涨幅 9.35%）、网易-S（周涨 幅 2.50%）和腾讯控股（周涨幅 1.35%）表现较好。 行业重点数据及动态更新 AI 应用：最近一周（8.17-8.23）Deepseek/豆包/夸克/腾讯元宝七麦 数据预估 ios 端下载量分别为 34.98/209.57/77.01/85.26 万次，环比 分别-8.88%/+0.76%/+18.89%/-32.76%，豆包周度下 ...

Investment Rating - The report maintains a "Market Perform" rating for the media sector relative to the Shanghai and Shenzhen 300 Index [1] Core Views - The report expresses a positive outlook on sub-sectors such as gaming, publishing, and IP derivatives, highlighting strong performance and growth potential in these areas [12][13] - The gaming market in H1 2025 reached new highs in both market size and user data, supported by favorable policies and the integration of AI technology [12][42] - The publishing sector shows stable demand for educational materials, with a recommendation to focus on state-owned companies with high dividend yields [13] - The film sector is expected to see improved performance in Q3 due to the summer box office demand, despite a weaker Q2 [14] Summary by Sections Investment Recommendations - Continuous optimism for gaming, publishing, and IP derivative sectors due to strong performance and growth potential [12] - Emphasis on the gaming sector's resilience and AI's role in enhancing valuation [12][42] - Recommendations to monitor companies with positive fundamentals ahead of the upcoming mid-year reports [12] Market Review - From July 21 to August 15, 2025, the media sector rose by 6.56%, outperforming the Shanghai and Shenzhen 300 Index [15][16] - The gaming and broadcasting sectors saw significant increases of 12.55%, while the publishing sector grew by 1.35% [16] - The overall PE ratio for the media sector as of August 15, 2025, is 31.11, significantly above the historical average [22] Industry News - New policies from the Shanghai Municipal Government aim to support high-quality internet content creation [23] - The approval of 127 domestic game licenses in July 2025 indicates a robust regulatory environment for the gaming industry [25] - The central government emphasizes the importance of artificial intelligence in driving economic growth and innovation [25] Monthly Data Film Market - In July 2025, the domestic film market generated a box office of 4.067 billion yuan, a year-on-year decrease of 24.38% [26] - The total box office for the first seven months of 2025 reached 33.299 billion yuan, reflecting a 13.72% increase year-on-year [26] Game Market - The domestic gaming market's actual sales revenue for the first half of 2025 was 168 billion yuan, marking a 14.08% year-on-year increase [42] - The user base for games reached 679 million, a 0.72% increase from the previous year [42]

Investment Rating - The industry investment rating is "Positive (Maintain)" [1] Core Insights - The report highlights a strong recovery in the PC gaming market, driven by both new and classic games, which is expected to boost advertising investments in internet cafes and esports hotels [3] - The report emphasizes the growth in the online music sector, with significant revenue increases reported by NetEase Cloud Music, indicating a robust demand for music streaming services [3] - The report discusses the advancements in AI applications, particularly with the release of GPT-5 and other models, which are expected to accelerate the commercialization of AI across various sectors [3] Summary by Relevant Sections Gaming Sector - Tencent's Q2 2025 domestic and overseas game revenue reached 40.4 billion yuan (up 17% year-on-year) and 18.8 billion yuan (up 35% year-on-year) respectively, driven by the success of "Delta Action" [3] - NetEase's Q2 2025 game revenue was 22.8 billion yuan (up 13.7% year-on-year), with "Dream Journey" achieving a peak online player count of 2.93 million in August [3] - The report recommends companies such as Tencent, NetEase, and others in the gaming sector due to their strong performance and growth potential [3] Music Sector - NetEase Cloud Music reported an adjusted operating profit of 910 million yuan (up 35% year-on-year) for H1 2025, with online music revenue of 2.97 billion yuan (up 15.9% year-on-year) [3] - The growth is attributed to improved user experience and an expanding music library, indicating a positive trend for online music platforms [3] AI Applications - The report notes that advancements in large models, particularly in multi-modal capabilities and reasoning, are expected to enhance AI application commercialization [3] - Companies such as ShengTian Network, Kuaishou, and others are recommended for investment in AI-related sectors [3]

证券代码：002624 证券简称：完美世界 公告编号：2025-034 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。 完美世界股份有限公司（以下简称"公司"）近日收到控股股东完美世界控股 集团有限公司（以下简称"完美控股"）通知，获悉其持有的公司部分股份进行了 质押及解除质押，具体事项如下： 一、股东股份本次质押及解除质押的基本情况 完美世界股份有限公司 关于公司控股股东股份质押及解除质押的公告 | 股东名称 | 是否为控 股股东或 第一大股 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | （股） | | | | | | | | 致行动人 | | | | | | | | 完美控股 | 是 | 42,236,700 | 9.76% | 2.18% | 2024/8/15 | 2025/8/14 | 国泰海通证 券股份有限 | | | | | | | | | 公司 | 1、 ...

完美世界股份有限公司关于公司控股股东股份质押及解除质押的公告 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。 完美世界股份有限公司（以下简称"公司"）近日收到控股股东完美世界控股集团有限公司（以下简 称"完美控股"）通知，获悉其持有的公司部分股份进行了质押及解除质押，具体事项如下： 一、股东股份本次质押及解除质押的基本情况 1、股东股份本次解除质押的基本情况 ■ 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002624 证券简称：完美世界 公告编号：2025-033 特此公告。 完美世界股份有限公司董事会 2、股东股份本次质押的基本情况 ■ 本次股份质押融资用途为偿还借款，本次质押的股份不涉及业绩补偿义务。 3、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持股份质押情况如下： ■ 二、备查文件 1、中国证券登记结算有限责任公司《证券质押及司法冻结明细表》。 2025年8月13日 ...

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。 完美世界股份有限公司（以下简称"公司"）近日收到控股股东完美世界控股 集团有限公司（以下简称"完美控股"）通知，获悉其持有的公司部分股份进行了 质押及解除质押，具体事项如下： 一、股东股份本次质押及解除质押的基本情况 | 股东名称 | 是否为控 股股东或 第一大股 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | （股） | | | | | | | | 致行动人 | | | | | | | | 完美控股 | 是 | 34,586,700 | 7.99% | 1.78% | 2024/8/15 | 2025/8/12 | 国泰海通证 券股份有限 | | | | | | | | | 公司 | 1、股东股份本次解除质押的基本情况 证券代码：002624 证券简称：完美世界 公告编号：2025-033 完美世界股份有限公司 关于公司控 ...

Group 1 - The stock price of Perfect World is reported at 14.98 yuan, down 1.51% from the previous trading day, with a trading volume of 518,542 lots and a transaction amount of 780 million yuan as of August 12, 2025 [1] - Perfect World operates in the gaming industry, focusing on the development, publishing, and operation of online games, while also engaging in film production and esports [1] - The company has invested in various well-known game products and continues to focus on technological research and development [1] Group 2 - Perfect World has fully integrated AI tools into its development pipeline, covering key areas such as art, programming, and planning, and has developed intelligent NPCs and AI-driven storyline generation tools [1] - The CEO of Perfect World, Ge Liming, mentioned that the esports business has become a significant growth engine for the company, with plans to drive industry development through technological empowerment and global operations [1] - On August 12, the net outflow of main funds from Perfect World was 93.19 million yuan, with a cumulative net outflow of 201.10 million yuan over the past five days [1]

Core Viewpoint - The 2024 CS Major in Shanghai marks a significant milestone for the integration of Chinese culture and global esports, showcasing the growth and potential of the esports industry in China [2] Group 1: Company Performance and Strategy - Perfect World expects its gaming business to achieve a net profit of 480 million to 520 million yuan in the first half of 2025, successfully turning around from losses [2] - The CEO of Perfect World, Gu Liming, stated that the esports business has become a crucial growth engine for the company's performance [2] - The company is focusing on building a "content-experience-ecosystem" closed-loop system to enhance the international competitiveness of Chinese esports [2] Group 2: Ecosystem Development and Partnerships - Perfect World, in collaboration with partners like NVIDIA and Intel, established the Perfect Esports Partner Alliance to expand the esports industry ecosystem [3] - The alliance signifies a shift from single-device support to systematic technology integration, covering various levels of esports events [3] - Gu Liming emphasized the importance of deep collaboration with hardware manufacturers to optimize costs and enhance content innovation [3] Group 3: Event Structure and User Experience - Perfect World has established a three-tier event system: PNL for mass participation, PWC for professional talent cultivation, and CAC for enhancing international influence [4] - The company aims to improve user experience by incorporating immersive design elements, drawing inspiration from traditional sports events [4] - The dual strategy of enhancing content quality and user experience has created a commercial closed loop for the company [4] Group 4: Globalization and Cultural Promotion - The Chinese esports industry generated actual sales revenue of 12.761 billion yuan in the first half of 2025, with a user base of nearly 493 million, indicating room for international influence expansion [5] - Perfect World is actively working on a multi-level overseas expansion strategy, leveraging esports events to promote Chinese culture globally [5] - The company aims to serve as a technology integrator, cultural promoter, and ecosystem builder in the esports landscape [6]

Group 1: Core Insights - The 2024 CS Major in Shanghai marks a significant event for the globalization of Chinese culture and esports, with 56 global teams competing in front of 70,000 spectators [1] - Perfect World (002624) is leveraging esports as a key driver for brand enhancement and is expected to achieve a net profit of 480 to 520 million yuan in its gaming business by mid-2025, successfully turning around its losses [1] - The company is focusing on building a "content-experience-ecosystem" closed-loop system to enhance the international competitiveness of Chinese esports and ensure sustainable industry development [1] Group 2: Strategic Partnerships and Ecosystem Development - Perfect World has formed the Perfect Esports Partner Alliance with NVIDIA, Intel, and other partners to expand the esports ecosystem, shifting from single-device support to a comprehensive technology integration approach [2] - The alliance aims to create a full-scenario system covering various levels of esports events, ensuring stable operations and enhanced experiences for players and audiences [2] - The integration of technology, including AI and traditional Chinese cultural elements, is expected to provide a unique aesthetic for esports events [2][3] Group 3: Content Quality and User Experience - Perfect World has established a three-tier esports event system to enhance content quality and user experience, ranging from grassroots events (PNL) to professional competitions (PWC) and top-tier international events (CAC, Major) [3][4] - The company emphasizes the importance of immersive design in esports, drawing inspiration from traditional sports to enhance the spectator experience [4] - The dual strategy of driving product sales and promoting Chinese culture globally through esports is seen as a way to create a commercial closed loop [4] Group 4: Globalization of Chinese Esports - The Chinese esports industry generated 12.761 billion yuan in actual sales revenue in the first half of 2025, with a user base of nearly 493 million, indicating room for international influence expansion [5] - Perfect World aims to enhance the international visibility of its events and is actively collaborating with partners to build a comprehensive esports ecosystem [5] - The company is positioning itself as a technology integrator, cultural promoter, and ecosystem builder, focusing on creating a competitive and vibrant esports industry [5][6]