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].

Group 1: Ctrip Investigation - Ctrip Group is under investigation for alleged monopolistic behavior by the State Administration for Market Regulation, based on the Anti-Monopoly Law of the People's Republic of China [1] - Following the announcement, Ctrip's stock fell significantly, with a 6.49% drop in Hong Kong shares and a 17% decline in U.S. shares, leading to a market value loss exceeding 100 billion RMB [1] Group 2: Battery Recycling Regulations - China is entering a phase of large-scale retirement of power batteries, with projections indicating that over 1 million tons of waste batteries will be generated by 2030 [2] - The newly released management measures aim to regulate the recycling and utilization of power batteries, emphasizing the importance of legal frameworks to prevent environmental pollution and resource wastage [2] Group 3: Weather and Climate - The World Meteorological Organization confirmed that 2025 is projected to be one of the hottest years on record, with the past 11 years being the hottest ever recorded [3] - The average temperature from 2023 to 2025 is expected to be 1.48°C higher than pre-industrial levels, indicating a persistent trend of global warming [3] Group 4: JuShi Chemical Penalty - JuShi Chemical has been penalized 6.7 million RMB for inflating revenue, costs, and profits through false trade activities, with significant impacts on their financial statements [4] - The inflated revenue amounted to 157 million RMB, representing 8.32% of total revenue for the first half of 2023 [4] Group 5: Perfect World Corruption Case - Perfect World reported that three art department heads were detained for corruption, with ongoing investigations revealing multiple cases of employee misconduct [5] - The company has filed reports with law enforcement regarding these incidents, which involve employees colluding with suppliers [5] Group 6: TianCi Materials Legal Judgment - TianCi Materials' subsidiary received a criminal judgment for commercial secret infringement, resulting in a fine of 20 million RMB for the company and prison sentences for involved individuals [6] - The judgment highlights the legal risks associated with commercial secret violations in the industry [6] Group 7: XinNing Logistics Lawsuit - XinNing Logistics has filed a lawsuit against Zhuhai Guanyu, seeking compensation of 64.5264 million RMB for damages caused by a fire linked to Guanyu's lithium batteries [7] - The case has been accepted by the court, but the impact on the company's profits remains uncertain [7]

Group 1 - Ctrip Group is under investigation for alleged monopolistic behavior, leading to a significant market reaction with a stock drop of 6.49% in Hong Kong and 17% in the US, resulting in a market value loss exceeding 100 billion RMB [2] - The Chinese government is set to enter a phase of large-scale retirement of power batteries, with projections indicating that over 1 million tons of waste batteries will be generated by 2030, necessitating effective recycling and management measures [3] - The World Meteorological Organization has confirmed that 2025 will be one of the hottest years on record, with the past 11 years being the hottest ever recorded, indicating a persistent trend of global warming [4][5] Group 2 - JuShi Chemical has been penalized 6.7 million RMB for inflating revenue, costs, and profits through false trading activities, with significant impacts on its financial statements [6] - Perfect World announced that three art department heads have been detained for corruption, with ongoing investigations into employee and supplier collusion affecting company interests [7] - TianCi Materials' subsidiary received a criminal judgment for commercial secret infringement, resulting in substantial fines and prison sentences for the involved parties [8] - XinNing Logistics has filed a lawsuit against Zhuhai Guanyu for compensation of 64.52 million RMB due to damages from a fire incident linked to the company's lithium batteries [9]

1月19日，完美世界大宗交易成交100万股，成交额1827万元，占当日总成交额的2.72%，成交价18.27元，较市场收盘价 18.38元折价0.6%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | 2026-01-19 | 002624 | 完美世界 | 18.27 | 100.00 | 1,827.00信证券股份有限 | 国泰海通证券股份 | | | | | | | 公司北京呼家楼证 | 有限公司北京知春 | | | | | | | 券营业部 | 路证券营业部 | ...

Industry Dynamics - Hangzhou has released measures to promote the overseas expansion of online literature, web dramas, and online games, focusing on high-level development and quality export, with 25 specific initiatives across nine areas [2] - WeChat mini-games are projected to see nearly 20% growth in commercial scale by 2025, with over 300 products generating more than 10 million yuan in quarterly revenue and a stable monthly active user base exceeding 500 million [3] - Giant Network has launched a new AI-native gameplay in its game "Supernatural Action Group," integrating AI models into core gameplay, allowing NPCs to interact with players in real-time [5] - Perfect World has announced the criminal detention of three art-related personnel for corruption, focusing on issues in art outsourcing and procurement management [6][7] Company News - The CEO of Zhixing Star Tong, Zhang Lei, has resigned due to personal reasons, with the company stating that his departure will not negatively impact operations [4] - Games Workshop has prohibited employees from using AI in content creation and design processes, reflecting a cautious internal AI policy [8] - Cygames has established a dedicated AI studio to focus on the systematic research and application of AI technology in game creation [9] - Shift Up's CEO emphasized the necessity for widespread AI proficiency in South Korea to compete with large-scale investments in the gaming industry from China and the U.S. [10] - Meta plans to cut about 10% of its Reality Labs workforce, including the closure of several VR studios, as part of a shift in focus towards AI and mobile technologies [11] - Germany will increase its annual gaming industry support fund to 125 million euros (approximately 1.017 billion yuan) starting in 2026, aiming to strengthen its position in the global gaming industry [12]

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]

Core Viewpoint - Perfect World Co., Ltd. has announced the criminal detention of three art-related personnel for corruption, primarily involving issues in art outsourcing and procurement management [1][3]. Group 1: Corruption Allegations - Three employees from the Qingyun and Lingxiao studios are implicated in corruption, with specific allegations of collusion with suppliers to inflate procurement prices and accepting bribes [1][3]. - Diao Mouqi, the art department leader for the "New Zhu Xian World" project, is accused of leveraging his position to collude with suppliers and has been dismissed with a "never to be rehired" clause [3]. - Song Mouyang and Wang Mouliang, both from Lingxiao studio, are also under investigation for similar misconduct, including the illegal outsourcing of procurement to close associates and accepting substantial bribes [3]. Group 2: Company Response and Historical Context - Perfect World has previously reported on anti-corruption efforts, with announcements in July 2025 regarding eight employees involved in collusion with suppliers, and in August 2024 regarding bribery and embezzlement by staff from the Xingyun studio [4]. - The company has stated that all relevant information is contained within the official announcement [3]. Group 3: Financial Performance and Shareholder Actions - On January 5, 2024, the actual controller of Perfect World, Chi Yufeng, reduced his shareholding by 6.86 million shares, amounting to over 100 million yuan, decreasing his ownership from 32.35% to 31.99% [5][6]. - The company has faced significant operational challenges, with a reported revenue of 5.57 billion yuan in 2024, a 28.5% decline year-on-year, and a net loss of 1.29 billion yuan compared to a profit of 490 million yuan in 2023 [7]. - However, the launch of the game "Zhu Xian World" at the end of 2024 has led to a recovery in performance, with a reported revenue of 1.73 billion yuan in Q3 2025, a 31.45% increase year-on-year, and a net profit of 162 million yuan, marking a turnaround from previous losses [7].

Group 1 - The core point of the article is that Perfect World announced that independent director Sun Ziqiang plans to reduce his shareholding in the company by up to 44,300 shares within three months after the announcement, representing no more than 0.0023% of the total share capital [1] - As of the date of the announcement, Sun Ziqiang holds 177,200 shares, which accounts for 0.0091% of the company's total share capital [1]

Core Viewpoint - The independent director of the company, Sun Ziqiang, plans to reduce his shareholding due to personal financial needs, indicating a potential shift in insider sentiment towards the company's stock [1] Group 1: Shareholding Details - Sun Ziqiang intends to sell up to 44,300 shares of the company, which represents no more than 0.0023% of the total share capital [1] - As of the announcement date, Sun Ziqiang holds 177,200 shares, accounting for 0.0091% of the company's total share capital [1]