今年春节档，头部厂商也在不断升级节日特定玩法和福利，延长用户活跃周期。 北京商报记者丨程靓 图片来源：新浪微博@万代南梦宫中国 截图 从品类看，23款新游戏覆盖多元赛道，包括角色扮演（RPG）、卡牌策略、开放世界、模拟经营等。例如，在《沙石镇时光》游戏中，玩家作为一名工坊 主，将在荒漠小镇沙石镇开启重建与冒险之旅。通过探索、建造、种植、社交等多种方式，逐步振兴这片土地。此前，其PC版在Steam平台上已累计销量 突破170万份。 从厂商看，目前预计亮相的新游戏集中于中小厂商，大厂新游戏处于测试阶段的更多。例如，腾讯游戏旗下《失控进化》《奥星热浪》、完美世界 （002624）旗下《异环》、网易游戏旗下《遗忘之海》《代号：足球》等。 福利"质变"升级 2026年春节档游戏流量争夺战悄然打响。 据不完全统计，2月2日—16日（除夕夜）将有23款新游戏陆续上线。与以往不同的是，包括腾讯游戏、网易游戏和米哈游在内的游戏大厂在上线新玩法、 新福利的同时，也在寻求由量变到质变的突破，今年各家还加大了与跨界品牌的联动，以激活更大范围的消费潜力。从扎堆上新到福利升级，再到深度联 动，在业内看来，游戏行业也正从"存量博弈"向"生 ...

Group 1 - Shunwang Technology increased by over 12% [1] - Xunyou Technology rose by over 7% [1] - Other stocks such as Zhejiang Shuju Culture, Perfect World, Zhangqu Technology, Shenzhou Taiyue, Shengtian Network, and Fuchun Co. also experienced gains [1]

Group 1 - On February 3, the A-share gaming sector experienced a dramatic V-shaped reversal, with companies like Century Huatong (002602 SZ) initially seeing stock declines due to rumors of increased taxes on internet value-added services, but later rebounding after the rumors were debunked [1] - During the morning session on February 3, several A-share gaming stocks fell, with Century Huatong dropping over 8%, while other companies like 37 Interactive Entertainment (002555 SZ) and Giant Network (002558 SZ) also saw declines. However, by the end of the day, the gaming sector index rose over 3% [1] - The initial drop in stock prices was attributed to rumors suggesting that the financial and internet value-added services, including in-game purchases and advertising, might be targeted for tax rate adjustments, similar to the liquor tax rates [1] Group 2 - On January 31, the Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rates, increasing the rate for telecom services from 6% to 9%, which could impact the revenue and profits of telecom operators [2] - Various debunking messages emerged on February 3, clarifying that the definition of value-added telecom services excludes mobile data and broadband access services, and that the rumors about gaming tax rates aligning with liquor taxes were based on a misunderstanding of different tax types [3] - Game companies reported that they had not received any official documents regarding tax rate adjustments, and there were no recent meetings or discussions on the topic, indicating skepticism about the validity of the tax increase rumors [3]

Genie3 是否会对游戏及引擎公司造成商业 冲击？ ——游戏行业点评 传媒行业 行业研究 | 动态跟踪 国家/地区 中国 行业 传媒行业 报告发布日期 2026 年 02 月 03 日 看好（维持） | 项雯倩 | 执业证书编号：S0860517020003 | | --- | --- | | | 香港证监会牌照：BQP120 | | | xiangwenqian@orientsec.com.cn | | | 021-63326320 | | 李雨琪 | 执业证书编号：S0860520050001 | | | 香港证监会牌照：BQP135 | | | liyuqi@orientsec.com.cn | | | 021-63326320 | | 金沐阳 | 执业证书编号：S0860525030001 | | | 021-63326320 | | 沈熠 | | | --- | --- | | | 执业证书编号：S0860124120005 | | | shenyi1@orientsec.com.cn | | | 021-63326320 | | | | | 全栈式 AI 文娱工具陆续上线，平台型产品 | 202 ...

| 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 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-03 | 002624 | 完美世界 | 18.46 | 157.97 | 2,916. [ 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 | 2月3日，完美世界大宗交易成交157.97万股，成交额2916.13万元，占当日总成交额的1.66%，成交价18.46元，较市场收盘价 18.58元折价0.65%。 ...

Core Viewpoint - The article discusses the impact of a rumor regarding potential tax rate adjustments on the gaming industry, which led to significant fluctuations in stock prices for major gaming companies like Tencent and NetEase. However, the credibility of the rumor is questioned by industry experts and analysts [2][4][5]. Group 1: Market Reactions - On February 3, gaming stocks experienced a sharp decline, with Tencent dropping over 6% and NetEase falling more than 3% during intraday trading. However, by the end of the day, A-share gaming stocks rebounded, with Century Huatong and Jiubang Technology both rising over 2% [2]. - The gaming index (BK1406) increased by more than 3.4% by the end of the trading day, with several stocks, including Shunwang Technology, seeing significant gains, with a rise of 13.8% [2][3]. Group 2: Tax Rumor Analysis - A rumor suggested that the financial and internet value-added services, including in-game purchases and advertising, might face a tax rate increase from 6% to align with the 32% rate of the liquor industry, which could compress profit margins for companies like Tencent [4]. - Industry insiders have largely dismissed the rumor as lacking credibility, with Century Huatong stating they have not received any related information and that their operations remain normal [5]. - Analysts argue that the proposed tax increase from 6% to 32% is unlikely, as many companies already operate within a tax rate range of 15%-25%, and such a tax adjustment would require extensive legislative processes [5][6]. Group 3: Legal and Policy Considerations - The article highlights that the rumor is based on a misunderstanding of tax classifications, as the 32% rate applies to consumption tax, while the gaming and internet services are subject to value-added tax (VAT) at 6% [8]. - Current tax regulations, as outlined in the VAT law effective from January 1, 2026, specify three tax rates: 13%, 9%, and 6%, with financial and modern services falling under the 6% category [8][10]. - Analysts from Huachuang Securities emphasize that any tax increase would likely be passed on to consumers, contradicting the government's current focus on promoting consumption and economic growth [10].

Core Viewpoint - The market reacted negatively to rumors suggesting that the financial and internet value-added services sectors, including gaming, might face tax rate adjustments similar to those applied to liquor, leading to a decline in stock prices for major companies like Tencent and others in the gaming sector [1][10]. Group 1: Market Reaction - On February 3, the A-share gaming sector experienced a significant drop, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network, Giant Network, and 37 Interactive Entertainment also declining [1][10]. - Following the initial drop, gaming stocks rebounded, with Shunwang Technology rising by 14.65%, and other companies like Xunyou Technology, Zhejiang Shuju, and Perfect World seeing increases of over 5% [1][10]. Group 2: Tax Rumors and Industry Response - Industry insiders have confirmed that there has been no official communication regarding tax rate adjustments, indicating that the rumors are likely unfounded [5][14]. - A representative from a leading gaming company stated that no formal documents or meetings regarding tax adjustments have been received, further supporting the notion that the rumors lack credibility [5][14]. - According to a report from Everbright Securities, the rumors are based on a misunderstanding of tax categories, as the proposed comparison between gaming and liquor tax rates is misleading [6][15]. Group 3: Tax Policy Context - The current tax rate for financial services and modern services, including gaming and advertising, is set at 6%, contrasting with the 9% rate applicable to basic telecommunications and construction sectors [6][15]. - The recent tax rate adjustment announced by the Ministry of Finance and the State Administration of Taxation only pertains to basic telecommunications services, not affecting financial or internet value-added services [6][15]. - The prevailing policy focus is on stabilizing growth and promoting innovation, suggesting that significant tax increases in key sectors would contradict current governmental objectives [7][16].

Core Viewpoint - The article discusses rumors regarding potential tax rate adjustments for the financial and internet value-added services sectors, particularly gaming, which led to a decline in stock prices for major internet companies like Tencent. However, industry insiders have largely dismissed these rumors as unfounded and lacking credibility [1][6][7]. Group 1: Market Reactions - On February 3, market rumors about tax rate adjustments caused a significant drop in the A-share gaming sector, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network and Giant Network also experiencing declines [1]. - Despite the initial drop, gaming stocks rebounded later, with Shunwang Technology rising by 14.65% and other companies like Xunyou Technology and Zhejiang Shuju Culture seeing increases of over 5% [1][2]. Group 2: Tax Rate Rumors - The rumors suggested that the gaming tax rate might align with the 32% rate applied to liquor, which is a consumption tax, while gaming services are subject to a value-added tax (VAT) of 6% [6][7]. - Industry experts confirmed that there has been no official communication regarding tax rate changes, and the credibility of the rumors is considered low [6][7]. Group 3: Tax Policy Context - The current VAT law, effective from January 1, 2026, specifies three tax rates: 13%, 9%, and 6%, with financial and modern services, including gaming, falling under the 6% category [7]. - Recent adjustments in tax rates have only affected basic telecommunications services, and any changes to the tax structure would require rigorous legislative or administrative processes [7]. - The prevailing policy focus is on stabilizing growth and supporting innovation, making significant tax increases on key industries unlikely [7].

Core Insights - The gaming industry is witnessing a significant influx of new titles, with 124 games either launched or in testing in Q1 2026, of which 84.7% have obtained approval numbers [1][44] - A notable trend is the migration of 21 games from the Steam platform to mobile, indicating a shift towards innovative gameplay and artistic styles that may rejuvenate the mobile gaming market [1][44] - Several new games have shown promising market performance, including "Survival 33 Days," "Crazy Water World," "Goose Duck," "Counterattack: Future," and "Arknights: End of the World," which have all achieved strong rankings in various app stores [6][10][15][17] Game Launches and Performance - Five standout games have performed well at the start of 2026, with "Survival 33 Days" leading the charge, achieving top rankings on both WeChat and Douyin mini-game platforms shortly after launch [6][8] - "Crazy Water World," a survival simulation game, has also maintained a strong presence in the top 10 of mini-game rankings and is showing upward momentum in the iOS charts [10][11] - "Goose Duck," a social deduction game, has rapidly gained a large user base, surpassing 1 million users within six days of its mobile launch [13] - "Counterattack: Future," a PvE shooter, has successfully positioned itself within the top 20 of the iOS game rankings shortly after its release [15] - "Arknights: End of the World," a strategy RPG, has also made a strong debut, reaching the top ranks in the iOS charts [17] Upcoming Titles and Trends - The upcoming quarter is set to feature several high-potential titles, including Tencent's "Kingdom of Rock," NetEase's "Forgotten Sea," and FunPlus's "Imo," all of which are expected to enter testing soon [19][30] - The trend of porting games from PC to mobile is gaining traction, with complex genres like SOC and Roguelike also being adapted for mobile platforms, indicating a broader acceptance of diverse gameplay styles in the mobile market [44][48] - The industry is experiencing a renewed sense of optimism, with the potential for quality products to thrive despite challenges, suggesting a possible turnaround in market sentiment [47]

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]