Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].

Core Viewpoint - A marketing revolution is underway, shifting from "keyword ranking" to "AI answer priority," significantly impacting the media sector, as evidenced by the surge in the Media ETF Huaxia (code: 516190) with a net inflow of 575 million yuan on January 12 [1][6]. Group 1: Market Dynamics - The announcement by Elon Musk to open-source the content recommendation algorithm of the X platform has marked the arrival of the Generative Engine Optimization (GEO) era [1]. - The A-share media sector experienced a wave of price surges, with companies like Liou Co. and Yidian Tianxia achieving consecutive price limits, and the Media ETF Huaxia rising over 8% after an 8.41% increase the previous week [1][6]. - The GEO revolution is expected to create a trillion-yuan market space, as investors recognize the potential of this shift [1]. Group 2: GEO Characteristics - Unlike traditional SEO, GEO emphasizes logical coherence, authoritative data, and emotional resonance in content [2]. - The demand from advertisers is transitioning from "ranking priority" (SEO) to "answer priority" (GEO), leading to innovations in marketing and media business models [2]. - The GEO market in China is projected to reach approximately 2.9 billion yuan by 2025 and 24 billion yuan by 2030, with the global market expected to exceed 100 billion dollars [2]. Group 3: Investment Opportunities - The Media ETF Huaxia (516190) is identified as a prime investment vehicle for the GEO revolution, as its constituent stocks align closely with GEO concepts [3]. - The ETF includes leading companies in online retail, advertising, film publishing, gaming, and digital media, with top holdings such as Focus Media, Giant Network, and BlueFocus [3][4]. - As of January 9, the ETF has achieved a year-to-date return of 13.15% and a one-year return of 52.38%, significantly outperforming the CSI 300 index [6]. Group 4: Long-term Outlook - The transition from traditional search to AI-driven dialogue signifies a fundamental change in how users access information, positioning GEO optimization as a critical area for corporate marketing [6][7]. - The Media ETF Huaxia is well-positioned for long-term investment due to the ongoing trends of traffic entry reshaping, conversion chain reconstruction, and concentrated event catalysts [7].

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Group 1 - The media concept stocks have strengthened, with Kunlun Wanwei and Leo Group rising approximately 10%, while Kaiying Network, Shenzhou Taiyue, and Mango Excellent Media increased by over 2% [1] - The Media ETF has risen by about 4% due to market influences [1] Group 2 - Some brokerages indicate that in the medium to long term, the media industry is expected to recover in terms of prosperity, driven by the gradual restoration of content supply, deepening AI technology empowerment, policy support, and expectations of consumer recovery [2] - Companies in the film and television box office, gaming, and advertising marketing sectors that show strong performance are recommended for attention, along with those involved in digital assets and applying AIGC-related technologies [2]

证券日报网讯 1月7日，神州泰岳在互动平台回答投资者提问时表示，前期介绍的储备在研游戏《代 号：XCT》（中文名称《破晓危城》）已经获得国产游戏版号，目前尚未开启商业化测试。 （文章来源：证券日报） ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司说2025年底公布新游戏，这都2026年了， 怎么还没消息？ 神州泰岳（300002.SZ）1月7日在投资者互动平台表示，尊敬的投资者，您好。前期介绍的储备在研游 戏《代号：XCT》（中文名称《破晓危城》）已经获得国产游戏版号，目前尚未开启商业化测试。 ...

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are entering a stage of mass production, with gaming as a significant application area expected to benefit continuously [1][2] - BCIs can enable individuals with motor disabilities to experience gaming through "brain-controlled" interfaces and assist in rehabilitation for neurological conditions [1][2] - The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, positioning China among the top international players [2] Group 2 - Game companies are actively investing in the BCI field, with 37 Interactive Entertainment investing in Strong Brain Technology, the first unicorn in China's BCI sector, and developing a game for autism assistance that integrates BCI technology [2] - Century Huatong has established a research center with Zhejiang University focusing on brain-computer integration and other emerging fields [2] - Tom Cat plans to collaborate with various research institutions in 2024 to advance BCI, brain function data analysis, and digital game therapy [2] Group 3 - AI is significantly empowering the gaming industry, enhancing multi-modal capabilities and innovative integration forms, which may open new industry spaces [3] - The integration of AI in gaming has led to a 40% reduction in character animation production cycles and a significant decrease in prototype validation time [3] - The exploration of AI and gaming integration is expected to provide players with novel experiences and further expand industry development opportunities [3] Group 4 - The upcoming gaming season is anticipated to drive revenue growth through the launch of new games and updates to existing titles [4] - Notable upcoming events include anniversary celebrations and collaborations with popular IPs, which are expected to attract player engagement [4] - Investment opportunities in the gaming sector are highlighted, with a focus on companies like Giant Network, Xindong Company, and others benefiting from the seasonal demand [4]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

Core Insights - The Chinese monitoring and operation system industry has evolved from a basic tool for ensuring IT infrastructure stability to a core engine driving digital transformation and ensuring business continuity, with a projected market size of approximately 29.6 billion yuan in 2024, representing a year-on-year growth of 11.28% [1][8]. Industry Overview - Monitoring and operation systems are comprehensive platforms that collect, store, analyze, and display various monitoring data to manage IT infrastructure, application services, and business processes in real-time [2]. - The core objective is to ensure system stability, enhance operational efficiency, reduce failure risks, and ensure business continuity [2]. Industry Chain - The upstream of the monitoring and operation system industry includes raw materials and components such as sensors, chips, processors, and software tools like operating systems and databases [4]. - The midstream involves the development and operation services of monitoring and operation systems, while the downstream applications span telecommunications, transportation, finance, energy, healthcare, education, and government sectors [4]. Market Size - The market size of the Chinese IT operation service industry is expected to reach approximately 389.91 billion yuan in 2024, with a year-on-year growth of 10.15% [8]. - Monitoring and operation systems are becoming the "central nervous system" of IT operation frameworks, transitioning from backend support tools to core engines driving industry value enhancement [8]. Key Companies - The competitive landscape of the monitoring and operation system industry is characterized by a structure where cloud giants dominate while specialized vendors like Beita Software and Shenzhou Taiyue focus on specific industry processes with highly customized solutions [9]. - Major players such as Huawei and Alibaba leverage AI and cloud-native technologies to build comprehensive observability capabilities, particularly in government and finance sectors [9][10]. Industry Development Trends 1. **Intelligent Transition**: The industry is moving from passive alerts to proactive prediction and decision-making, driven by AI and large models, enhancing operational response efficiency [13]. 2. **Integrated Fusion**: The trend is towards achieving horizontal coverage and vertical governance integration, breaking down data silos across IT infrastructure and business applications [14]. 3. **Business and Scenario Focus**: The value measurement of monitoring operations is shifting from device status to business health, necessitating a deep understanding of business logic and customized solutions for various industries [15].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [17]. Core Insights - The report highlights significant advancements in AI gaming, particularly with the introduction of playable AI NPCs by Ubisoft, which allows players to interact with AI teammates in a dynamic gaming environment [3]. - The emergence of commercial products based on AI world models, such as Marble by World Labs and Tencent's mixed reality model, showcases the potential for creating immersive 3D worlds using generative AI [4]. - The development of AI game creation tools, like YouTube's Playables Builder, is democratizing game development by enabling users to create games without programming knowledge [4][5]. Summary by Sections AI NPC Development - Ubisoft launched a playable demo of AI NPCs named "Teammates," where players can command AI teammates using natural language, powered by Google's Gemini and Ubisoft's middleware [3]. AI World Models - Companies like Google DeepMind and Tencent are advancing in AI world models, with Tencent's mixed reality model allowing users to create interactive worlds from text or images [4]. AI Game Creation Tools - YouTube is testing an AI game creation tool, Playables Builder, which allows users to create games using simple text and media inputs, currently in testing phases in select markets [4]. - The AI game creation platform SOON by Kaiying Network integrates generative AI to streamline complex game development processes, significantly lowering technical barriers and costs [5]. Investment Recommendations - The report suggests focusing on companies related to gaming, including Tencent, NetEase, Bilibili, Giant Network, and others, as potential investment opportunities [6].