据"网信北京"，根据《生成式人工智能服务管理暂行办法》及有关规定，对于通过API接口或其他方式直接调用已备案大模型能力的生成式人工智能应用或 功能，采用登记管理方式，允许上线提供服务。截至12月19日，北京市新增30款已完成登记的生成式人工智能服务。已上线的生成式人工智能应用或功能， 应在显著位置或产品详情页面，公示所取得的上线编号。 | | | | 20251201S0104 | | --- | --- | --- | --- | | | | | Beijing- | | 18 | 天禧个人超级智能体 | 联想(北京)有限公司 | TianXiGeRenChaoJiZhiNengTi- 2025120180105 | | 19 | 想帮帮 | 联想(北京)有限公司 | Beijing-XiangBangBang- | | | | | 2025120180106 | | 20 | 今日机缘 | 完美世界(北京)软件科技 | Beijing-JinRiJiYuan-20251201S0108 | | | | 发展有限公司 | | | 21 | 智税宝 | 中税网(北京)智慧科技 | Beijing-ZhiShu ...

本报记者 杨学聪摄 "兔儿爷"系列创新作品，将传统泥彩塑与现代审美完美融合；北京稻香村"骏马踏福"系列糕点 及"铛铛车"文创礼盒，让京味点心变身文化潮礼；从传统赏盘到时尚香薰、杯垫的景泰蓝生活化产品， 推动非遗元素走入日常生活……北京市东城区正以"非遗焕新计划"为引领，通过"资源整合+产业联动 +价值共生"，构建非遗传承创新与文商旅融合发展新范式。 从坚守到破圈，从传承到共生，东城区建起非遗与文商旅等多产业深度融合的创新发展平台。 从"被保护"到"被需要"，非遗与现代商业空间的完美融合，展现了传统文化在当代社会的巨大价值。 不久前，由东城区文旅局牵头的一场资源对接会上，北京面人彭、吉兔坊、北京珐琅厂等50余家非 遗项目方，与50余家需求机构达成深度合作意向，共同探索非遗在消费升级、品牌建设、场景营造等领 域的创新应用。 "政策引导要精准，市场运作要专业，创新转化要务实。"王铁峰说："我们通过'非遗焕新'优秀项目 扶持计划，把钱用在刀刃上；引入供需资源对接模式，邀请各方面专家帮助传承人提升产品力；始终围 绕现代人的生活需求来做产品研发。我们深信，当非遗真正走进现代生活，当传承人的匠心被市场认 可，传统文化就能在 ...

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media industry (Shenwan) saw a weekly increase of 0.26%, ranking 8th among industries during the period from December 6 to December 12, 2025. Notable performers included Bona Film Group, Guangxi Radio and Television, Beijing Culture, Sanrenxing, and Huace Film & TV [11][18]. - The report highlights strong performance in AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, and publishing [5][37]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.26%, while the Shanghai Composite Index fell by 0.34%. The gaming sector saw a rise of 1.06%, and the film and television sector increased by 5.70% [11][12]. Key Industry Data AI Applications - In November, Deepseek led domestic AI web traffic with 346 million visits, despite a 2.95% month-over-month decline. Other notable AI products included Nano AI Search and Baidu AI Search, with respective monthly visits of 260 million and 52.63 million [22][23]. Gaming - The iOS gaming sales chart for December 13, 2025, was topped by "Honor of Kings," followed by "Gold Shovel Battle" and "Endless Winter." The report also noted that "Whiteout Survival" and "Kingshot" continued to perform strongly in overseas revenue [25][26]. Film - The total box office for the week of December 6-12 was 1.2 billion yuan, with "Zootopia 2" leading at 853 million yuan, accounting for 71% of the weekly total. Upcoming films include "Avatar: Fire and Ashes," set to release on December 19 [33][34]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kaiying Network, Yaoji Technology, and others [5][37].

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

有三点原因：首先，从历史行情来看，游戏板块在几次科技主题行情中始终是 核心受益主线之一，如 2023 年的云游戏、元宇宙概念及 AIGC 行情。当时龙 头股如巨人网络估值最高冲到 30 倍才停。目前处于大牛市周期中，相较于 完美世界 20251212 摘要 游戏板块在科技主题行情中受益显著，历史龙头股估值曾达 30 倍。当 前大牛市周期下，资金环境和产业周期支撑力更强，板块估值回调后， 配置窗口期显现。 游戏板块估值从 25 倍回调至 19-20 倍区间，提供了难得的入场机会， 潜在涨幅空间达 50%，收益弹性具备吸引力。行业景气度持续上行， 2025 年预计触底回升，2026 年将迎来产品大年。 完美世界被推荐为 12 月金股，因其估值不高且短期有催化剂，中长期 业绩改善潜力大。公司前三季度营收 54.17 亿元，同比增长 33%；归 母净利润 6.66 亿元，同比扭亏为盈。 完美世界游戏业务前三季度营收 40.44 亿元，同比增长 15.6%，毛利 率提升至 69.29%。《诛仙世界》端游、《诛仙二》及《女神异闻录》 海外上线将带来收入增量，电竞业务流水持续增长，影视业务扭亏为盈。 完美世界 2024 年 ...

Core Viewpoint - Perfect World was awarded the "2025 Outstanding Reputation Listed Company Award" at the 14th Annual Development Conference for Listed Companies, recognizing its leadership in technological innovation and long-term value creation in a competitive global market [1][6] Group 1: Financial Performance - In the first three quarters of 2025, Perfect World achieved a revenue of 5.417 billion yuan, representing a year-on-year growth of 33% [1] - The company reported a net profit attributable to shareholders of 666 million yuan during the same period [1] Group 2: Technological Innovation - Perfect World emphasizes technological accumulation and innovation, enhancing research and creation efficiency while providing unprecedented user experiences [3] - The game "Zhu Xian World" integrates NVIDIA's Audio2Face technology and AI-driven weather simulation, enriching player engagement [3] Group 3: Global Expansion - The company follows an international strategy of "product refinement and global expansion," showcasing strong performance in global markets [4] - The game "Persona 5: Phantom X" topped the iOS free game charts in 35 countries and regions during its public testing phase [4] Group 4: Corporate Governance and Sustainability - Perfect World continuously enhances its management capabilities and optimizes its governance structure to improve operational efficiency [5] - The company is committed to ethical business practices and social responsibility, engaging in educational philanthropy and promoting rural revitalization [5]

Summary of China Online Gaming Industry Journal (Nov 2025 Edition) Industry Overview - The report focuses on the **China Online Gaming Industry**, highlighting key data and updates from various companies within the sector, including **Century Huatong**, **37 Interactive Entertainment**, **G-Bits**, and **Kingnet** [1][22]. Key Highlights 1. **Industry Growth**: - The China domestic game market reached **Rmb 31.4 billion** in October 2025, reflecting a **7.8% year-over-year (yoy)** and **5.7% month-over-month (mom)** growth, primarily driven by National Day promotions [1][22]. - The **PC gaming segment** grew by **29.4% yoy** and **1.9% mom** to **Rmb 7.23 billion**, with notable contributions from games like **Delta Force** (Tencent) and **Where Winds Meet** (NetEase) [1][22]. - The **mobile gaming segment** saw a **2.4% yoy** and **5.3% mom** increase to **Rmb 22.6 billion**, driven by promotions for **HoK** (Tencent) and **Genshin Impact** (miHoYo) [1][22]. 2. **Company Performance**: - **Century Huatong**'s game **Whiteout Survival** climbed to **3** in mobile grossing rank, adding over **Rmb 100 million** in sequential grossing [1][22]. - **Overseas grossing** from Chinese studios increased by **11.9% yoy** and **11.0% mom** to **US$ 1.80 billion**, with top performers including **Arknights** (Hypergryph) and **Genshin Impact** (miHoYo) [1][22]. 3. **Investment Outlook**: - Despite a soft sentiment in the A-share gaming sector, the report maintains a positive outlook for most A-share gaming companies, citing a rich game pipeline and competitive advantages in overseas markets [1][22]. - The recommended pecking order for A-share gaming companies is: **Century Huatong > Kingnet > Giant Network > G-Bits > 37 > Perfect World** [1][22]. Company Updates - **Century Huatong**: - Announced the first beta for **Uncharted Waters: Origin** and **La Tale Mobile**, indicating ongoing development and expansion in mobile gaming [2]. - **37 Interactive Entertainment**: - Launched a survival RPG **Survival in 33 Days**, which quickly entered the top 30 in WeChat mini game grossing [2]. - **G-Bits**: - Conducted the final beta for **Jiu Mu Zhi Ye**, with an official launch scheduled for December 18 [2]. - **Kingnet**: - Announced a new Android closed paid beta for **Soul Land** [3]. Additional Insights - The report emphasizes the potential for **portfolio diversification** through investments in the online gaming sector, especially in light of current market conditions focused on AI [1][22]. - The performance of mobile games during promotional periods, such as National Day, highlights the importance of marketing strategies in driving revenue growth [1][22]. This summary encapsulates the essential insights and data from the China Online Gaming Industry Journal, providing a comprehensive overview of the current state and future outlook of the sector.

今年以来，A股游戏指数一路高歌，年内涨幅已超60%。足以证明，游戏公司的价值远非昔日"宅经济"下的短暂热度可比，现阶段的增长具有坚实的内核 支撑。 行业数据同样印证了这一趋势。根据《2025年1-6月中国游戏产业报告》，上半年国内游戏市场实际销售收入达1680亿元，同比增长14.08%；用户规模增 至近6.79亿人，同比增长0.72%。市场规模与用户基数双双创下历史新高，为行业注入了持续发展的底气。 而刚刚过去的第三季度，则成为了游戏行业近年来最具标志性的"高光时刻"。头部公司业绩呈现爆发式增长，利润动辄翻倍，推动整个板块呈现出"火力 全开"的强势姿态。 1.A股游戏板块，凭什么爆发？ 总而言之，政策、技术与出海这三股力量正形成合力，共同推动游戏行业步入一个高质量、可持续的发展新周期。 2.AI不再是噱头，而是共识 多家机构的研报表明，AI已成为游戏行业不容忽视的关键变量。事实上，游戏可说是离AI与大模型最近的实践领域之一。 业内人士对八妹表示，从设计层面来看，AI不仅能实现智能NPC，提升对话的自然度与情感表现，模糊人机交互的边界，还能支持动态内容生成，自动构 建地图、关卡与剧情，并根据玩家行为提供个性化体 ...

证券日报网讯12月5日，完美世界（002624）在互动平台回答投资者提问时表示，公司持续关注行业发 展动向，并结合自身业务规划及发展状况，会在符合公司战略方向的领域适时布局。 ...