Core Viewpoint - Kunlun Wanwei's stock experienced a decline of 1.77% on November 20, with a trading volume of 1.441 billion yuan, indicating a challenging market environment for the company [1] Financing Summary - On November 20, Kunlun Wanwei had a financing buy-in of 172 million yuan and a repayment of 182 million yuan, resulting in a net financing outflow of 9.78 million yuan [1] - As of November 20, the total financing and securities lending balance for Kunlun Wanwei was 3.423 billion yuan, with the financing balance accounting for 6.71% of the circulating market value, which is above the 60th percentile of the past year [1] - The company repaid 20,800 shares in securities lending on November 20, with a selling amount of 215,000 yuan, while the remaining securities lending balance was 596,840 yuan, indicating a low level compared to the 30th percentile of the past year [1] Business Overview - Kunlun Wanwei, established on March 27, 2008, and listed on January 21, 2015, operates in the internet value-added services and new energy investment sectors [2] - The company's revenue composition includes: 38.37% from online advertising, 18.51% from Opera search, 15.61% from short drama platforms, 13.92% from overseas social networks, 6.40% from gaming, 4.27% from social entertainment platforms, 1.75% from AI software technology, and 1.16% from other businesses [2] - For the period from January to September 2025, Kunlun Wanwei reported a revenue of 5.805 billion yuan, representing a year-on-year growth of 51.63%, while the net profit attributable to shareholders was -666.5 million yuan, a decrease of 6.19% year-on-year [2] Dividend and Shareholding Information - Since its A-share listing, Kunlun Wanwei has distributed a total of 778 million yuan in dividends, with 60.75 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 9.26% to 162,800, with an average of 7,705 circulating shares per person, a decrease of 8.47% [2][3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 24.1742 million shares, an increase of 2.3961 million shares from the previous period, while several ETFs have reduced their holdings [3]

Core Insights - The AI corpus concept index rose by 1.99%, ranking 6th among concept sectors, with 35 stocks increasing in value, including Fushi Holdings and Vision China, which both hit the daily limit up [1][2] Market Performance - The top-performing concept sectors included Xiaohongshu concept (+3.16%), Pinduoduo concept (+3.14%), and Sora concept (+2.70%), while the sodium-ion battery sector saw a decline of 3.76% [2] - The AI corpus sector experienced a net inflow of 2.246 billion yuan, with 31 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow [2][3] Key Stocks - Vision China led the net inflow with 548 million yuan, followed by Fushi Holdings (313 million yuan), and Zhongwen Online (272 million yuan) [2][3] - The top stocks by net inflow ratio included Vision China (20.70%), Fushi Holdings (17.72%), and Danghong Technology (15.30%) [3][4] Stock Performance - Notable gainers included Vision China (+10.00%), Fushi Holdings (+20.07%), and Zhongwen Online (+5.07%), while major decliners were Huatai Securities (-3.90%), Jiangnan Chemical (-3.52%), and Guoan Holdings (-2.76%) [1][5]

证券之星消息，11月18日游戏板块较上一交易日上涨1.1%，昆仑万维领涨。当日上证指数报收于3939.81，下跌0.81%。深证成指报收于 13080.49，下跌0.92%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600715 | 文投控股 | 2.60 | -2.26% | 49.76万 | | 1.30 Z | | 600892 | *ST大晟 | 3.80 | -1.55% | 9.92万 | | 3761.53万 | | 002174 | 游族网络 | 12.14 | -1.14% | 22.09万 | | 2.69亿 | | 002919 | 名臣健康 | 22.91 | -0.99% | 25.18万 | | 5.85 Z | | 002602 | 世纪委漫 | 16.37 | -0.61% | 189.54万 | | 31.19亿 | | 300052 | ST中青宝 | 13.04 | -0.53% | 8.81万 | | 1.1 ...

Group 1 - The A-share market opened lower but the TMT sector showed resilience, with concepts like Kimi, Douyin Doubao, multimodal models, and virtual humans becoming active [1] - The AI-focused ETF, Huaxia (159381), saw a positive performance, with its constituent stock BlueFocus rising over 10%, and other stocks like Yidian Tianxia, Zhongwen Online, Chengmai Technology, Wanxing Technology, and Kunlun Wanwei rising over 4% [1] - In the past 20 trading days, the Huaxia AI ETF has attracted over 270 million yuan in capital, being the lowest fee rate ETF in its category [1] Group 2 - The Huaxia AI ETF tracks the entrepreneurial board AI index and focuses on companies in the AI sector, with over 54% weight in optical modules CPO, covering domestic software and AI application enterprises [2] - The top three weighted stocks in the ETF are Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%) [2] - The ETF has a low comprehensive fee rate of only 0.20%, making it the lowest in its category [2]

Group 1 - The A-share market is experiencing consolidation, with the software development sector showing relative strength, particularly the ChiNext Software ETF (159256) which rose over 0.70% during trading [1] - Key stocks within the software sector include Chuangyi Huikang, which increased by over 6%, Weining Health by over 2%, Wanxing Technology by 1.81%, Guiding Compass by 1.78%, and Kunlun Wanwei by 1.47% [1] - The 2025 6G Development Conference was successfully held in Beijing, focusing on core topics such as 6G application demands, key technology paths, and international standard collaboration [1] Group 2 - The software industry plays a crucial role in the AI industry chain, primarily in the midstream technology layer and downstream application layer, providing essential technical support and facilitating the implementation of AI applications [2] - According to Huatai Securities, the development of 6G will release investment opportunities in phases along the "infrastructure-components-applications" industrial chain, similar to the experience of 5G commercialization [2] - The advancement of 6G technology is expected to benefit companies involved in network planning, communication infrastructure construction, and equipment manufacturing, with a subsequent demand increase in core components such as antennas, PCBs, filters, and optical modules [2]

Core Viewpoint - Kunlun Wanwei's stock price increased by 5.01% to 42.76 CNY per share, with a trading volume of 2.303 billion CNY and a market capitalization of 53.679 billion CNY as of November 18 [1] Company Overview - Kunlun Wanwei Technology Co., Ltd. is located in Beijing and was established on March 27, 2008, with its IPO on January 21, 2015 [1] - The company's main business includes comprehensive internet value-added services and new energy investment [1] Revenue Composition - Revenue breakdown: - Online advertising: 38.37% - Opera search business: 18.51% - Short drama platform: 15.61% - Overseas social networking: 13.92% - Gaming: 6.40% - Xianlai social entertainment platform: 4.27% - AI software technology: 1.75% - Other businesses: 1.16% [1] Shareholder Information - Among the top ten circulating shareholders, the Jiashi Fund has a new entry with Jiashi CSI 300 ETF (159919), holding 6.9589 million shares, representing 0.55% of circulating shares [2] - The estimated floating profit for Jiashi CSI 300 ETF today is approximately 14.1961 million CNY [2] Fund Performance - Jiashi CSI 300 ETF was established on May 7, 2012, with a latest scale of 199.695 billion CNY [2] - Year-to-date return is 19.66%, ranking 2698 out of 4212 in its category; one-year return is 18.72%, ranking 2549 out of 3956; since inception return is 122.54% [2] Fund Manager Information - Fund manager He Ru has a tenure of 11 years and 197 days, with a total fund size of 223.843 billion CNY and a best return of 190.31% during his tenure [3] - Fund manager Liu Jiayin has a tenure of 9 years and 242 days, with a total fund size of 225.744 billion CNY and a best return of 170% during her tenure [3]

Core Insights - The A-share software development sector is experiencing a strong rebound, with companies like Geer Software, 360, and Zhizhen Technology hitting the daily limit up, while the ChiNext Software ETF (Hua Xia, 159256) surged over 2% during trading [1] - Alibaba has officially launched its personal AI assistant "Qianwen APP," entering the AI to C market, which is based on the globally leading open-source model Qwen3 [1] - The launch signifies Alibaba's 380 billion yuan investment in AI infrastructure entering the application harvest phase, aiming to create a future AI life portal covering various scenarios such as office work, maps, health, and shopping [1] - The Qianwen APP adopts a free model and leverages the open-source ecosystem advantage of over 600 million downloads of the Qwen series models, positioning itself to compete directly with international products like ChatGPT [1] - In the AI industry chain, the software sector plays a crucial role in both the midstream technology layer and the downstream application layer, providing essential technical support and facilitating the implementation of AI applications [1] Industry Analysis - Guotai Junan Securities analysis indicates that Alibaba's launch of the Qianwen APP aims to accelerate technological iteration through massive C-end user data, fostering a virtuous cycle of "computing power investment - model upgrade - application profitability" [2] - This strategic move is expected to drive sustained growth in the domestic computing power industry chain demand [2]

Core Viewpoint - The AI sector has experienced a significant rally, with multiple companies showing substantial stock price increases, indicating strong market interest and potential investment opportunities in this area [1] Company Performance - Dongfang Guoxin saw its stock price rise by over 13% [1] - Sanliu Ling (360) achieved a direct limit-up on its stock [1] - Fushi Holdings experienced a stock price increase of over 8.5% [1] - Other companies such as Zhi De Mai, Huina Technology, and Kunlun Wanwei also saw notable stock price increases [1]

Core Insights - Kunlun Wanwei's stock increased by 5.21% to 41.19 CNY per share, with a trading volume of 1.257 billion CNY and a turnover rate of 2.49%, resulting in a total market capitalization of 51.708 billion CNY [1] Company Overview - Kunlun Wanwei Technology Co., Ltd. was established on March 27, 2008, and listed on January 21, 2015. The company is located at 46 Xizongbu Hutong, Dongcheng District, Beijing [1] - The company's main business includes comprehensive internet value-added services and new energy investment [1] Revenue Composition - The revenue breakdown of Kunlun Wanwei is as follows: - Online advertising: 38.37% - Opera search business: 18.51% - Short drama platform: 15.61% - Overseas social networking: 13.92% - Gaming: 6.40% - Social entertainment platform: 4.27% - AI software technology: 1.75% - Other businesses: 1.16% [1] Fund Holdings - The Guoshou Anbao Fund has a significant holding in Kunlun Wanwei, with the Guoshou Anbao Stable Hong Mixed A Fund (011027) holding 15,000 shares, representing 1.39% of the fund's net value, making it the third-largest holding [2] - The fund has a total size of 35.0115 million CNY and has achieved a year-to-date return of 13.48%, ranking 5411 out of 8213 in its category [2] Fund Manager Performance - The fund manager of Guoshou Anbao Stable Hong Mixed A Fund is Tang Xiaotian, who has been in the position for 1 year and 250 days. The fund's total asset size is 2.078 billion CNY, with the best return during his tenure being 8.27% and the worst being 2.99% [3]

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].