游戏观点及春节观察@260223 核心观点：锐度看好PC渠道重估、IAA出海、足球游戏三个景气度方向；配置高性价比和高奢游戏资产。 我们在今年春节假期的游戏表现中，看到了一个有趣的现象：#K型分化更加明显。即低ARPU"性价比"、高 ARPU&经典IP"重奢"游戏表现相对较好，而传统的中ARPU"轻奢"游戏则相对较弱。 ①低ARPU的"性价比游戏"：主要是腾讯系大DAU游戏+三个年轻人游戏（《 此外，产业趋势上，我们今年维度看好#PC端渠道价值重估、出海IAA方向，前者包括#国内网吧系统公司顺 网、盛天，以及#PC渠道心动。后者暂时还没有看到很合适的标的，挖掘中。 总体观点：短期随着寒假高频数据旺季结束，预计市场会朝业绩方向逐步切换，A股推荐：恺英（传奇产业链 整合）、华通（流水持续新高+奔奔小程序改善）、顺网（PC渠道&算力租赁）、完美（异环3测超预期）、巨 人、三七、吉比特、泰岳等；H股建议关注：腾讯（春节强势+估值击球区）、心动（小镇海外亮眼+渠道）、百 奥、望尘。 同样的，我们在单款游戏的春节商业化设计中，也看到了类似：通过皮肤池拉高顶级单品售价，然后通过直 售、低价礼包、赠送的方式补齐中小R的付费体 ...

经济观察网顺网科技（300113）(300113.SZ)近期披露了2025年度业绩预告，预计净利润同比增长 42.92%至70.71%。同时，公司云业务进入规模扩张阶段，并推出了新的云电脑产品。 业绩经营情况 公司已于2026年1月27日发布2025年度业绩预告，预计归属于上市公司股东的净利润为3.6亿元至4.3亿 元，同比增长42.92%至70.71%。正式年度报告尚未发布。 业务进展情况 云业务基础建设阶段已基本完成，正进入商业模式深化和规模扩张新阶段。截至2025年第三季度，公司 已落地300多个节点机房，覆盖近200个城市，服务约80万台终端，可运营电竞级算力达5万路。未来重 点包括机房扩建和云服务多场景应用。 2025年12月，公司推出"顺网电竞云电脑CITY版"，针对5ms低时延场景，适配酒店、商场、企业办公等 多元场景。后续推广及客户落地情况值得关注。 品牌市场活动 ChinaJoy作为公司核心IP，2025年12月国际版展区亮相BRIDGE2025峰会，汇聚超20家行业领军企业。 公司计划强化IP影响力，推动与游戏、动漫等头部IP的合作，并拓展全球网络。 战略推进 在近期机构调研中，公司表示将 ...

Core Viewpoint - The AI medical sector experienced a decline of 0.66% on February 11, with QianYuan Pharmaceutical leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.35% [1]. Group 1: Market Performance - The closing price of QianYuan Pharmaceutical was 11.44, down by 4.67%, with a trading volume of 209,800 shares and a transaction value of 243 million [2]. - The AI medical sector saw a net outflow of 1.345 billion from major funds, while retail investors contributed a net inflow of 1.14 billion [2][3]. Group 2: Individual Stock Performance - YoukeDe (688158) closed at 37.54, up by 5.12%, with a trading volume of 631,000 shares and a transaction value of 2.36 billion [1]. - AidiTe (301580) closed at 55.18, up by 4.63%, with a trading volume of 46,100 shares and a transaction value of 251 million [1]. - SanNuo Biology (300298) closed at 18.54, up by 2.71%, with a trading volume of 105,200 shares and a transaction value of 194 million [1]. - The top decliners included QianYuan Pharmaceutical (300254) and KaiPu Biology (300639), with declines of 4.67% and 4.23%, respectively [2].

Summary of Conference Call on Media Sector and AIGC Industry Overview - The focus is on the media sector, particularly the impact of AIGC (Artificial Intelligence Generated Content) on enhancing PE (Price Earnings) and EPS (Earnings Per Share) in the media industry [1][2] - The Chinese government is increasing its support for AI, which is expected to boost the entire AI industry chain, particularly benefiting the media sector [1] Key Insights - AIGC is anticipated to improve both PE and EPS for the media sector, especially with the upcoming Chinese New Year, which is expected to enhance market performance [1][2] - The 2026 fiscal year is seen as a new chapter for many companies, with expectations for improved performance following the resolution of previous uncertainties [2] - Companies directly related to ByteDance, such as Bona Film Group and Windy Studio, are expected to benefit significantly from AIGC developments [2][3] Notable Companies and Their Prospects - **Bona Film Group**: Expected to release AI-generated films in 2026, benefiting from collaborations with ByteDance [2][3] - **Windy Studio**: Partnering with ByteDance for AI 3D projects, which has led to a significant stock price increase [3][4] - **Shunwang Technology**: Focused on AI gaming and digital marketing, with potential growth in 2026 due to new game releases and esports events [15][16] - **Yaoji Technology**: Engaged in gaming and digital marketing, with potential benefits from AI tools to enhance efficiency and revenue [17][18] - **Aofei Entertainment**: Strong IP portfolio with potential for commercialization through AI, including new product launches [18][19] Market Dynamics - The introduction of AI tools like ByteDance's CDS 2.0 is seen as a significant advancement, lowering content creation barriers and increasing competition among content producers [6][7] - The market is expected to see a surge in AI-generated content, raising the bar for quality and aesthetic standards [8] - The upcoming AI Spring Festival is anticipated to serve as a major digital traffic driver, benefiting the AIGC sector [12] Investment Recommendations - **Bona Film Group (001330)**: Despite recent stock price increases, it remains a strong investment due to its proactive approach in AI and film production [13][14] - **Wanda Film (002739)**: Although slower in stock performance, it is still a key player in the cinema sector with upcoming projects that could drive future growth [14] - **Shunwang Technology (300113)**: Recommended for its digital marketing and gaming segments, which are expected to benefit from industry recovery [15][16] - **Yaoji Technology (002605)**: Stable performance with potential for growth through AI integration in gaming and marketing [17][18] - **Aofei Entertainment (002292)**: Strong IP management and commercialization strategies make it a favorable investment [18][19] Conclusion - The media sector is poised for growth driven by AIGC advancements and supportive government policies. Companies that adapt to these changes and leverage AI tools are expected to outperform in the coming years. The market dynamics suggest that while some stocks have already surged, there are still opportunities for investment in companies that may experience delayed growth but are fundamentally strong.

Core Viewpoint - The company is leveraging its edge computing capabilities to deepen its involvement in the AI sector by launching an AI cloud computer that integrates various AI applications, allowing users to access a "cloud AI all-in-one machine" without complex deployment [1] Group 1: AI Cloud Computer - The AI cloud computer includes applications such as DeepSeek, Qwen, and openclaw, covering functionalities like image/video/music generation and programming assistance [1] - Users can easily access the AI cloud computer without the need for complicated setup processes [1] Group 2: AI Infrastructure Platform - The company has established an AI infrastructure platform that integrates computing power, models, and intelligent agent engines [1] - The intelligent agents are evolving from single agents to autonomous multi-agents, indicating a significant advancement in AI capabilities [1] Group 3: Industry Applications - The company is exploring applications of its AI technology in sectors such as healthcare and intelligent customer service [1] - Future plans include empowering more industries with its AI solutions [1]

Group 1: Software ETF Performance - The software ETF Huatai (159590) saw most of its constituent stocks perform positively, with Dongfang Guoxin rising over 16%, Wanjing Technology increasing by over 11%, and 360 reaching the daily limit [2] - Key stocks and their performance include: - 360 (601360): 4.03% weight, 9.97% increase, trading volume of 4.363 billion - Keda Xunfei (002230): 12.40% weight, 2.72% increase, trading volume of 2.972 billion - Tonghuashun (300033): 7.02% weight, 3.54% increase, trading volume of 2.591 billion - Dongfang Guoxin (300166): 0.92% weight, 16.83% increase, trading volume of 2.201 billion - Wanjing Technology (300624): 1.18% weight, 11.57% increase, trading volume of 2.154 billion [3] Group 2: AI Video Generation Technology - ByteDance's AI video generation model, Seedance 2.0, has gained significant attention for its ability to create high-quality videos from text or images in under 60 seconds, featuring multi-scene narratives [4] - The model addresses key pain points in AI video generation, such as controllability and coherence, and is expected to catalyze a rebound in AI applications [5][6] - The technology is seen as a turning point for video generation, shifting the focus from technical capabilities to content quality and narrative value [7][8] Group 3: Market Sentiment and Future Outlook - Market sentiment is currently at a low point, but the introduction of Seedance 2.0 is expected to stimulate the AI application sector, particularly in cloud services and computing [5] - Analysts predict that the AI industry will see significant growth as the technology matures, with a focus on AI applications and the integration of AI agents into business processes [10][11] - The evolution of AI agents is anticipated to lead to structural changes in the industry, with increased demand for hardware and a shift in application entry points [12]

Group 1 - The core point of the news is that Shunwang Technology's stock price increased by 5.15% to 26.54 CNY per share, with a trading volume of 1.045 billion CNY and a turnover rate of 7.72%, resulting in a total market capitalization of 18.142 billion CNY [1] - Shunwang Technology, established on July 11, 2005, and listed on August 27, 2010, is based in Hangzhou, Zhejiang Province, and its main business includes online advertising and promotion, internet value-added services, game operations, and software development related to information and network security [1] - The revenue composition of Shunwang Technology is as follows: 79.23% from online advertising and value-added services, 20.60% from gaming, and 0.18% from other businesses [1] Group 2 - From the perspective of major circulating shareholders, Invesco Great Wall Fund has a fund that entered the top ten circulating shareholders of Shunwang Technology, holding 12.887 million shares, which accounts for 2.49% of circulating shares, with an estimated floating profit of approximately 16.7531 million CNY [2] - The Invesco Great Wall Quality Evergreen Mixed A Fund (010350) was established on February 9, 2021, with a latest scale of 6.211 billion CNY, showing a year-to-date loss of 1.71% and a one-year return of 48.05% [2] - The fund manager of Invesco Great Wall Quality Evergreen Mixed A is Nong Bingli, who has a cumulative tenure of 7 years and 235 days, with the best fund return during his tenure being 186.75% [3] Group 3 - Invesco Great Wall's other fund, the Invesco Great Wall ChiNext Composite Index Enhanced A (008072), held 370,100 shares of Shunwang Technology, accounting for 0.88% of the fund's net value, with an estimated floating profit of about 481,100 CNY [4] - This fund was established on May 25, 2020, with a latest scale of 457 million CNY, showing a year-to-date return of 5.26% and a one-year return of 57.97% [4] - The fund manager of Invesco Great Wall ChiNext Composite Index Enhanced A is Li Haiwei, who has a cumulative tenure of 12 years and 107 days, with the best fund return during his tenure being 221.62% [5]

Group 1 - The cloud gaming sector experienced a significant rise at the beginning of trading, with Perfect World increasing by over 10% [1] - Shunwang Technology saw a 4% increase, indicating positive market sentiment towards the sector [1] - Other companies such as Capital Online, Guomai Culture, and Xiechuang Data also showed strong performance [1]

Summary of Shunwang Technology Conference Call Company Overview - **Company**: Shunwang Technology - **Industry**: Edge Computing, Cloud Services, Gaming Key Points Edge Computing Business - Shunwang Technology's edge computing business is showing initial success through a light-asset model in collaboration with investors, effectively controlling capital expenditures [2] - The company is leveraging cloud storage and overall computing power services to provide solutions for internet cafes and esports hotels, utilizing idle computing power for leasing, with C-end users as the primary customers [2][7] - The company expects stable growth and profit improvement from this segment by 2026 [2] Cloud Computing Services - The cloud computing business primarily targets C-end customers, employing various pricing models such as hourly, package, and subscription cards, resulting in high gross margins [9] - Major costs are borne by large clients like internet cafes and esports hotels, allowing for lower costs in other scenarios [9] AI Integration - AI technology is enhancing the network advertising business through big data analysis for precise targeting, with plans to offer comprehensive marketing solutions across various channels [12] - The company anticipates that the AI application sector will continue to evolve, providing significant opportunities for edge computing [16] Gaming Partnerships - Shunwang Technology is collaborating with Bilibili to develop the mobile game "Three Kingdoms: Hundred Generals Card," which is expected to yield significant incremental revenue by 2026 [3][14] - The partnership with Zhejiang Xianqu Interactive Entertainment focuses on deepening the development of the "Legend" IP through PC traffic management [14] Market and Regulatory Environment - The company addressed recent discussions regarding gaming industry tax rates, indicating that significant changes are unlikely and that the regulatory environment remains stable [4] - Shunwang Technology maintains strong partnerships with various gaming companies, particularly in advertising, which has seen significant growth in recent years [4] Capital Expenditure and Growth Plans - The company plans to accelerate cloud service construction and optimize business models in 2026, with a focus on expanding computing power and revenue growth rather than short-term profits [10][5] - Capital expenditures are manageable due to the light-asset model and early procurement strategies, despite rising hardware prices [6] Future Outlook - Shunwang Technology expects to continue expanding its computing power and sees promising revenue growth in the esports sector [10] - The company is optimistic about the advertising business in 2026, driven by sustained demand in the internet cafe and gaming sectors [13] - The introduction of "computing power vouchers" by Hangzhou is seen as beneficial for the industry, although Shunwang Technology does not directly benefit from this policy [11] Talent and Collaboration - The company is actively investing in AI-related talent and innovation to maintain competitiveness, with various incentives in place to attract and retain top talent [20] - Shunwang Technology views collaboration with other companies as mutually beneficial, especially in the AI sector, where smaller teams may lack resources [18][19] Industry Trends - The company encourages investors to focus on its advancements in AI and computing power-related businesses, with confidence stemming from past performance in the gaming and esports sectors [21]

"顺网电竞云电脑CITY版"可以广泛适配酒店、商场、小区等各类数字消费场景，助力新消费体验提质 升级。同时也能满足企业、学校等客户的智慧办公、教学等需求。 （原标题：顺网科技(300113.SZ)："顺网电竞云电脑CITY版"可广泛适配酒店等各类数字消费场景） 格隆汇2月4日丨顺网科技(300113.SZ)披露投资者关系活动记录表显示，2025年12月，公司正式发布"顺 网电竞云电脑CITY版"，该产品是公司针对5ms时延场景打造的云服务方案，是"顺网电竞云"产品矩阵 的关键组成。目前公司围绕不同场景的网络需求，已构建起覆盖多时延层级的云服务体系。 ...