| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-08-25 09:00——2025-08-26 15:00） 2 | | |  | 海外策略研究：《降息押注支撑全球股市上行》2025-08-25 2 | | |  | 海外策略研究：《一页纸精读行业比较数据：8 月》2025-08-25 2 | | |  | 行业双周报：家用电器业《多公司中报业绩亮眼，7 月家空产销好于排产》2025-08-26 3 | | |  | 行业跟踪报告：建筑工程业《财政地产等建筑产业链全景数据库 20250826》2025-08-26 4 | | |  | 行业跟踪报告：造纸业《废纸系盈利修复，木浆系浆价连续提涨》2025-08-26 5 | | |  | 行业跟踪报告：传播文化业《国产游戏版号数量新高，看好政策鼓励、供给优质的游戏行业》2025-08-26... 6 | | |  | 行业跟踪报告：建筑工程业《规范 PPP 存量项目建设运营，发挥重大工程引领作用》2025 ...

证券研究报告 | 行业点评报告 2025 年 08 月 26 日 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 2014.6 | 2.0 | | 流通市值（十亿元） | 1832.2 | 2.0 | 8 月新发版号 173 款，25 年发放版号总数破千 行业指数 游戏行业 8 月版号点评 TMT 及中小盘/传媒 % 1m 6m 12m 绝对表现 10.5 10.5 75.8 相对表现 2.2 -3.3 41.5 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Aug/24 Dec/24 Apr/25 Aug/25 (%) 传媒 沪深300 8 月 25 日，国家新闻出版署公布了 166 款国产版号、7 款进口版号。166 款国产 版号中，其中"移动"类 107 款；"移动-休闲益智"39 款，"移动、客户端" 17 款，"游戏机（PS5）"1 款，纯"客户端"2 款；7 款进口版号中，"移动" 4 款，"客户端"1 款，"移动、客户端"2 款。 ❑ 风险提示：游戏上线时间不及预期；流 ...

苹果概念股集体异动，堪称全场最靓的仔，其中，歌尔股份（002241.SZ）、领益智造（002600.SZ）涨10%，立讯精密（002475.SZ）涨超6%，蓝思科技 （300433.SZ）亦跟涨。 8月26日，三大指数涨跌不一。 截至收盘，沪指跌0.39%，深成指涨0.26%，创业板跌0.76%，科创50指数跌1.31%。两市超2700只个股上涨，沪深两市今日成交额约2.68万亿元。 东方证券研报认为，目前，国内化妆品行业已经进入稳健和高质量发展阶段。未来本土化还将持续加深，这是国内经济持续发展、人口代际切换、文化自信 叠加国货龙头发展壮大共同作用的结果。 作为果链龙头的歌尔股份，是近年AI浪潮的典型受益者。数据显示，2024年第一季度至今年第二季度，公司已连续6个季度实现单季归母净利润同比增长。 这某种程度上刺激了整个消费电子板块的人气。 另外，有分析指出，消费电子行业的高景气，除了AI因素刺激，国内"国补"政策也在激活中端消费，推动手机、平板结构性复苏。 养殖业个股走强，晓鸣股份（300967.SZ）涨超10%，牧原股份（002714.SZ）涨超7%，巨星农牧（603477.SH）、湘佳股份（002982 ...

进口版号方面主要有：进口：哔哩哔哩《嘟嘟脸恶作剧》；腾讯（00700.HK）《卡厄思梦境》；ST华通《大航海时代：起源》等。 今日晚间，国家新闻出版署正式公布2025年8月游戏版号审批结果，共166款国产网络游戏和7款进口网络游戏获批，单月总量达173款， 刷新年内新高。 在166款国产游戏中，17款移动兼客户端、2款客户端、1款PS5、其余146款均为移动游戏（含39款休闲益智类）。 值得关注的是，今年以来，游戏版号发放量维持高位态势，行业供给延续释放。截至目前， 2025年国家新闻出版署累计发放游戏版号已突 破千款，达1119个（含69款进口、1050款国产），较去年同期多出193个。 国产版号方面，涉及的上市公司产品主要有：网易（09999.HK）《天下：万象》；冰川网络（300533.SZ）《超能战机》《千机阵》；三 七互娱（002555.SZ）《超牛英雄》《斗破苍穹：斗帝之路》；吉比特（603444.SH）旗下雷霆游戏《出动吧！库鲁》；ST中青宝 （300052.SZ）《猫岛派对》《萌兽特攻队》；中国移动（600941.SH）旗下咪咕互娱《美职篮冠军王朝》《乒乓巨星对决》《装满 它》；哔哩哔哩（09 ...

证券代码：300533 证券简称：冰川网络 公告编号：2025-047 一、本次赎回理财产品情况 2025 年 5 月 22 日，公司使用闲置自有资金 3,000.00 万元人民币购买了中国 对外经济贸易信托有限公司外贸信托-中金鑫安 103 号集合资金信托计划（产品 代 码 ： ZWM0AL ） ， 详 见 公 司 于 2025 年 5 月 22 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于使用闲置自有资金购买理财产品的进 展公告》（公告编号：2025-041）。 近日，公司已如期赎回中国对外经济贸易信托有限公司外贸信托-中金鑫安 103 号集合资金信托计划（产品代码：ZWM0AL），赎回本金 3,000.00 万元及理 财收益 168,246.58 元，符合预期收益，本金及收益均于 2025 年 8 月 21 日到账。 二、截至本公告日，公司及子公司过去十二个月内使用闲置自有资金购买 理财产品的情况 深圳冰川网络股份有限公司 | | | | | 资金 | 起 | 是 否 | 实际收益 | | | | --- | --- | --- | --- | --- | ...

证券代码：300533 证券简称：冰川网络 公告编号：2025-046 深圳冰川网络股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 关联关系说明：公司及子公司与理财产品受托方无关联关系。 二、审批程序 《关于使用闲置自有资金进行现金管理的议案》已经公司第五届董事会第六 次会议、第五届监事会第五次会议及 2024 年年度股东大会审议通过，监事会发 表了明确同意的意见。 本次购买现金管理产品或银行理财产品的额度和期限均在审批范围内，无需 另行提交董事会、股东大会审议。 三、投资风险分析及风险控制措施 （一）投资风险 1.虽然理财产品都经过严格的评估，但金融市场受宏观经济的影响较大，不 排除该项投资受到市场波动的影响； 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳冰川网络股份有限公司（以下简称"公司"）第五届董事会第六次会议、 第五届监事会第五次会议及 2024 年年度股东大会审议通过了《关于使用闲置自 有资金进行现金管理的议案》，鉴于公司目前经营情况稳定，财务状况稳健，根 据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指 ...

Core Viewpoint - The A-share market shows a slight increase with the Shanghai Composite Index at 3630.45 points, reflecting a gain of 0.36% as of 14:02, with a total trading volume of 14153.35 billion yuan [1] Group 1: Market Performance - The A-share market has a total trading volume of 14153.35 billion yuan [1] - The Shanghai Composite Index is at 3630.45 points, indicating a 0.36% increase [1] Group 2: Stocks with Death Cross - A total of 13 A-shares have experienced a death cross, where the 5-day moving average falls below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Information Development: 5-day MA at 44.98 yuan, 10-day MA at 45.61 yuan, a difference of -1.39% [2] - Zhun Oil Shares: 5-day MA at 7.31 yuan, 10-day MA at 7.41 yuan, a difference of -1.34% [2] - Xin Nuo Wei: 5-day MA at 52.60 yuan, 10-day MA at 53.19 yuan, a difference of -1.11% [2]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - In July, the National Press and Publication Administration approved 127 domestic game titles, including key products from Huatuo and Giant Network. The summer gaming season has seen strong performance from multiple new games, indicating a sustained high level of activity in the gaming sector [2][4] - The new game cycle, favorable policy trends, and AI catalysis are expected to drive continued improvement in the gaming sector's fundamentals, suggesting that the valuation of the gaming sector still has upward elasticity. Investors are encouraged to continue monitoring investment opportunities in this sector [2][4] Summary by Sections Game License Issuance - In July, 127 domestic games received approval, including Huatuo's "Kingshot" and Giant Network's "Famous Generals Kill." Additionally, 7 imported game licenses were granted [9] - "Kingshot" has seen significant revenue growth, doubling in May and increasing by 56% in June, ranking third in China's mobile game overseas revenue growth [9] New Game Performance - Several new games from listed gaming companies have performed strongly during the summer season. For instance, Giant Network's "Supernatural Action Group" reached the top 4 in the free game rankings and top 20 in the revenue rankings on its launch day [9] - Other notable performances include Jiubite's "Staff Sword Legend," which entered the iOS revenue rankings top 13, and Tencent's "Dungeon and Fighter Mobile," which topped the iOS revenue rankings [9] Future Outlook - The pipeline for key gaming companies is robust, with several new titles set to launch, including "Tomb Raider: Journey" and "Douluo Continent: Evil Legend" [9] - The new game cycle is expected to enhance the sector's fundamentals, with ongoing policy stability and the integration of AI in gaming likely to boost valuations and performance [9]

证券代码：300533 证券简称：冰川网络 公告编号：2025-045 二、截至本公告日，公司及子公司过去十二个月内使用闲置自有资金购买理 财产品的情况 | 签约方 | 产品名称 | 产品类型 | 金额 | 资金 | 起 | | 是 否 | 实际收益 | 备注 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 来源 | 始 | | 到 | （元） | | | | | | | | | 日 | | 期 | | | | | 平安信托 | 平安信托固 | | | 闲置 | 2024 | | 已 | | 已于 2024 | | | | 益联 3M-37 | 非保本浮动 | 15,000.00 万 | | | | | | | | | 有限责任 | | | | 自有 | 年 5 | 月 | 到 | 1,259,388.93 | 年 8 | 月 19 | | 公司 | 号集合资金 | 收益型 | 元人民币 | 资金 | 17 | 日 | 期 | | 日赎回 | | | | 信托计划 | | | | | | | | ...

Core Viewpoint - The issuance of game licenses has accelerated significantly this year, providing a strong impetus for the gaming industry, leading to impressive performance from many A-share gaming companies in the first half of the year, with numerous positive earnings forecasts [1] Group 1: Earnings Forecasts - As of July 15, 11 A-share listed gaming companies have disclosed their earnings forecasts for the first half of 2025, with 8 companies expected to report profits [3] - Among the profit-making companies, Youzu Network is projected to have the highest growth in net profit, estimated between 40 million to 60 million yuan, representing a year-on-year increase of 768.75% to 1203.13% [4] - ST Huachuang, Tianzhou Culture, and Zhejiang Shuju are also expected to see net profit increases exceeding 100% [4] Group 2: Key Company Performances - ST Huachuang's net profit is expected to reach between 2.4 billion to 3 billion yuan, with a year-on-year growth of 107.20% to 159% [5] - Tianzhou Culture's net profit is forecasted to be between 45 million to 55 million yuan, with an increase of 135.94% to 188.38% [5] - Zhejiang Shuju anticipates a net profit of 330 million to 390 million yuan, reflecting a growth of 124% to 165% [6] Group 3: Companies Turning Losses into Profits - Perfect World and Icefire Network are expected to turn losses into profits, with net profits projected at 480 million to 520 million yuan and 310 million to 400 million yuan, respectively [7] - Perfect World attributes its turnaround to the successful launch of its self-developed MMORPG "Zhu Xian World" and the growth of its esports business [7] - Tianyu Digital and Weng Investment Holdings are also expected to report profits, with net profits ranging from 18 million to 26 million yuan and 0 to 5 million yuan, respectively [8] Group 4: Market Trends - The A-share gaming sector has seen steady growth this year, with many companies experiencing significant stock price increases, particularly after the first quarter earnings reports [9] - As of July 18, 18 companies in the A-share network gaming sector have seen stock price increases exceeding 20% this year, with ST Huachuang leading at a 117.51% increase [9] - The rise in the gaming sector is attributed to both overall market trends and the influence of AI applications within the gaming industry [10]