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]

证券日报网讯12月15日，顺网科技（300113）在互动平台回答投资者提问时表示，二级市场股价受资本 市场环境、宏观经济、投资者预期等诸多因素影响，敬请投资者注意投资风险。此外，公司也将结合战 略发展安排，通过稳健经营、公司治理、规范运作、信息披露、投资者关系等多方面协同发力，提振投 资者信心。 ...

Core Insights - The company has established over 300 node data centers and covers nearly 200 key cities, serving approximately 800,000 terminals with an operational computing power of 50,000 routes, indicating a significant milestone in its cloud business infrastructure development [1] Group 1: Cloud Business Development - The company has successfully transitioned into a new phase of deepening its commercial model and accelerating its scale construction in the cloud business [1] - The high-quality GPU computing power gathered by the company will not only meet the cloudization needs of esports venues but also support various cloud computer users and AI tasks, showcasing a significant advantage in the esports vertical computing field [1] Group 2: Future Growth Expectations - With the expansion of nodes and computing power, along with comprehensive operational deepening, the company is expected to see substantial revenue growth in its cloud business [1]

证券日报网讯顺网科技（300113）11月17日在互动平台回答投资者提问时表示，公司第三季度营业收入 下降主要系报告期内公司优化业务结构所致，主要为互联网增值业务中毛利较低的业务减少。 ...

证券日报网讯顺网科技（300113）11月17日在互动平台回答投资者提问时表示，公司一直以来积极寻找 符合战略发展的优质投资项目，同时注重投资风险控制，近年来持续投入云业务，后续还将继续投入。 公司资金管理主要考虑支取灵活并兼顾收益。同时，公司始终关注对投资者的回报，后续公司也将结合 战略发展安排分红等事项。 ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [8]. Core Insights - In Q3 2025, the fund holding market value proportion of the media and internet sector increased by 0.53 percentage points to 2.50%, ranking 11th among 32 industries, up from 15th in Q2 2025 [2][5][20]. - The media and internet sector has transitioned to an "overweight" position, with the actual fund holding market value proportion exceeding the benchmark by 0.20 percentage points for the first time since Q2 2023 [5][25]. - The gaming and internet sub-sectors within media are seeing increased holding intentions, driven by improved industry sentiment and strong performance of new games [6][29]. Summary by Sections Fund Holdings Analysis - The media and internet sector's fund holdings are still relatively low but benefited from the rising attractiveness of gaming and other related industries, with a notable increase in holdings [5][20]. - The sector's benchmark proportion was 2.29% in Q3 2025, while the actual holding proportion was 2.50%, marking a significant shift to an overweight position [25]. Performance Metrics - The media and internet sector recorded a cumulative increase of 26.37% in Q3 2025, ranking 9th among all industries, compared to a 10.77% increase in Q2 2025 [6][14]. - The TMT (Technology, Media, and Telecommunications) sector's fund holding proportion rose significantly by 11.43 percentage points to 40.59% in Q3 2025 [16][17]. Sub-sector Insights - The gaming sub-sector's allocation increased by 0.71 percentage points to 1.68%, while the internet information services sub-sector saw a slight increase of 0.08 percentage points to 0.14% [29]. - The entertainment sector, including gaming and film, saw a rise in holding market value proportion to 1.72%, while the media sector's proportion decreased to 0.64% [29]. Major Holdings - The top eleven heavily held stocks in the media and internet sector include companies like Kaiying Network, Century Huatong, and Giant Network, with significant increases in the number of funds holding these stocks [32][33]. - The top ten stocks by market value in Q3 2025 include Century Huatong (9.341 billion), Fenzhong Media (9.161 billion), and Giant Network (7.854 billion) [32][34]. Hong Kong Market Holdings - In Q3 2025, Hong Kong stock holdings slightly decreased to 19.0%, with Tencent remaining the second-largest holding among funds [32][39].

Core Viewpoint - On November 11, Shunwang Technology experienced a decline of 1.16% with a trading volume of 275 million yuan, indicating a negative net financing buy of 795.99 million yuan for the day [1] Financing Summary - On November 11, Shunwang Technology had a financing buy of 32.97 million yuan, with a total financing balance of 9.68 billion yuan, representing 6.93% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] - The company had no shares repaid in securities lending on November 11, with a total of 300 shares sold, amounting to 6,132 yuan [1] Business Performance - As of September 30, Shunwang Technology reported a total of 54,200 shareholders, a decrease of 5.22% from the previous period, with an average of 9,563 circulating shares per person, an increase of 5.50% [2] - For the period from January to September 2025, the company achieved a revenue of 1.509 billion yuan, a year-on-year increase of 8.04%, and a net profit attributable to shareholders of 324 million yuan, a year-on-year increase of 52.59% [2] Dividend and Shareholding Structure - Since its A-share listing, Shunwang Technology has distributed a total of 824 million yuan in dividends, with 162 million yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 30.5178 million shares, an increase of 2.1451 million shares from the previous period [3] - New significant shareholders include Invesco Great Wall Quality Evergreen Mixed A and GF Value Core Mixed A, with holdings of 12.887 million shares and 11.3915 million shares, respectively [3]

Market Overview - The gaming sector experienced a decline of 0.98% on November 10, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Notable gainers included: - Mingchen Health (002919) with a closing price of 19.50, up 6.50% and a trading volume of 134,300 shares, totaling 259 million yuan [1] - Wento Holdings (600715) closed at 2.61, up 2.76% with a trading volume of 604,500 shares, totaling 156 million yuan [1] - Fuchun Co. (300299) closed at 6.81, up 2.71% with a trading volume of 311,400 shares, totaling 211 million yuan [1] - Major decliners included: - ST Huadao (002602) closed at 17.61, down 3.72% with a trading volume of 1,174,300 shares, totaling 2.093 billion yuan [2] - Xinying Network (002517) closed at 22.50, down 2.17% with a trading volume of 421,600 shares, totaling 957 million yuan [2] - Giant Network (002558) closed at 35.50, down 1.63% with a trading volume of 292,700 shares, totaling 1.034 billion yuan [2] Capital Flow Analysis - The gaming sector saw a net outflow of 646 million yuan from institutional investors, while retail investors contributed a net inflow of 358 million yuan [2] - Key stocks with significant capital flow include: - Starry Entertainment (300043) with a net inflow of 47.54 million yuan from institutional investors [3] - Fuchun Co. (300299) with a net outflow of 10.19 million yuan from retail investors [3] - Mingchen Health (002919) with a net inflow of 30.79 million yuan from institutional investors [3] ETF Performance - Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a 2.11% increase over the last five days, with a net outflow of 110 million yuan [5] - Food and Beverage ETF (product code: 515170) experienced a decline of 1.38% over the last five days, with a net outflow of 1.385 million yuan [5]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report emphasizes the strong performance of leading mobile games in overseas markets, with notable revenue increases and new game launches driving industry growth [3][29] - The integration of AI in content creation, particularly in AI-generated comics and advertising, is highlighted as a key area for investment, with significant advancements in domestic AI models [3][29] - The report suggests a continued focus on high-growth areas such as AI applications, gaming, and IP collaborations, recommending specific companies for investment [3][29] Industry Data Overview - The game "Delta Force" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Predator: Hunting Grounds" achieved the highest box office for the week, grossing 0.36 billion [25][29] Industry News Summary - OpenAI has reached 1 billion monthly active users, enhancing its product distribution capabilities [25] - The gaming market saw continued growth in October, with Bilibili's game "Escape from Duckkov" surpassing 3 million in sales [29] - The report notes the ongoing high growth in the comic market, with significant collaborations involving popular artists [25][29] Company Performance - Heartbeat Company saw a 30% increase in global revenue in October, with its game "Etheria: Restart" contributing significantly [3][29] - Century Huatong's games "Whiteout Survival" and "Kingshot" also reported strong revenue growth, with a 6% increase in October [3][29] - Bilibili's self-developed game "Escape from Duckkov" achieved sales of over 3 million copies [3][29]

Core Viewpoint - The company is experiencing steady growth in its main business sectors, including esports and pan-entertainment, while also exploring new projects [1] Group 1: Business Development - The esports and pan-entertainment sectors are both developing steadily [1] - The cloud business infrastructure phase is nearly complete, transitioning into a phase of deepening business models and accelerating scale construction [1] Group 2: Strategic Planning - The company has clear plans and pathways for both short-term and long-term development across its various business segments [1] - The team is steadily advancing towards established goals [1]