该行又表示，预计明年汽车行业销量持平或微跌，市场情绪已经足够悲观，现在是逐步吸纳明年业绩增 长确定性高的公司的机会;推荐预计明年量产加速的人形机器人和渗透率提升的智能驾驶子板块;消费板 块复苏依然不均，建议采取"收益为锚，以增长为翼"配置策略;看好教育板块韧性增长及扩张机会。 招商证券国际明年年一季度首选推荐股为：Alphabet(GOOGL.US)、Meta(META.US)、 Netflix(NFLX.US)、腾讯控股(00700)、阿里巴巴(BABA.US)、哔哩哔哩(BILI.US)、翰森制药(03692)、 康诺亚-B(02162)、信达生物(01801)、和誉-B(02256)、迈瑞医疗(300760.SZ)、新产业(300832.SZ)、吉利 汽车(00175)、比亚迪股份(01211)、小鹏汽车(09868)、优必选(09880)、地平线机器人-W(09660)、敏实 集团(00425)、泡泡玛特(09992)、亞朵(ATAT.US)、雅诗兰黛(EL.US)、李宁(02331)。 在行业层面，招商证券国际认为，美股科技行业将更理性，AI仍是关键驱动力，而监管环境对并购有 利;AI积极进展也将持 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 基有模型的股份助出 | 佔已發行的 有關車 | | --- | --- | --- | --- | --- | --- | --- | | | 一周第 | | | | (語参國上述*註解) | 有投票權股 (日 / F | | | | | | | | 分自分成 | | | | | | | | 96 | | CS20251209E00322 | JPMorgan Chase & Co. | 1101(L) | 737.139(L | HKD 202.2662 | 54,991,982(L | 16.16(L)04/12/. | | | | | | | 33,728,153(S) | 9.91(S) | | | | | | | 17,030,479(P) | 5.00(P) | 格隆汇12月11日丨根据联交所最新权益披露资料显示，2025年12月4日，哔哩哔哩-W(09626.HK)获JPMorgan Chase & Co.以每股均价202.2662港元增持好仓 73.71万股，涉资约1.49亿港 ...

据香港交易所披露，摩根大通（JPMorgan）对哔哩哔哩股份有限公司 - W的多头持仓比例于2025年12月 4日从15.95%增至16.16%。 本文源自：金融界AI电报 ...

一、外围市场与关联资产 周二美股三大股指收盘涨跌不一，道指跌0.37%，纳指涨0.13%，标普跌0.08%。 其中，英伟达、苹果微跌，亚马逊、微软微涨，谷歌、博通涨超1%，特斯拉涨超1%，沃尔玛涨超1%， Meta跌超1%。 同期，纳斯达克中国金龙指数表现疲软，跌超2%，成分股中趣店跌7.52%，贝壳跌5.01%，亿咖通科技 跌4.40%，哔哩哔哩跌4.19%，理想汽车跌4.11%。 二、宏观经济与市场分析 美国10月JOLTs职位空缺为767万人，高于预期的715万人；9月谘商会领先指标月率为-0.3%，符合预 期，前值为-0.5%。 此外，EIA在短期能源展望报告中上调今明两年美、布两油价格预期，预计2025年布伦特原油价格为 68.91美元/桶（此前预计68.76美元/桶），2026年为55.08美元/桶（此前预计54.92美元/桶）；2025年WTI 原油价格为65.32美元/桶（此前预计65.15美元/桶），2026年为51.42美元/桶（此前预计51.26美元/ 桶）。 三、央行动态 白宫国家经济委员会主任哈塞特近期多次表态称，美联储仍有较大降息空间，且不止25个基点。 他强调，若担任美联储主席， ...

12月9日，美股三大指数开盘涨跌互现，道指涨0.15%，标普500指数跌0.01%，纳斯达克综合指数跌 0.23%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 47813.11 | 73.79 | 0.15% | | 纳斯达克指数 | 23492.51 c | -53.39 | -0.23% | | 标普500 | 6846.08 | -0.43 | -0.01% | 英伟达跌0.3%，美国总统特朗普通过社交媒体表示，美国政府将允许英伟达向中国出售H200人工智能 芯片。 编辑丨瑜见 热门中概股多数下跌，纳斯达克中国金龙指数跌1.45%，理想汽车跌超4%，哔哩哔哩、百度、小鹏汽车 跌超3%，阿里巴巴、京东跌超2%。 ...

英伟达跌0.3%， 美国总统特朗普通过社交媒体表示，美国政府将允许英伟达向中国出售H200人工智 能芯片。 12月9日，美股三大指数开盘涨跌互现，道指涨0.15%，标普500指数跌0.01%，纳斯达克综合指数 跌0.23%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 47813.11 | 73.79 | 0.15% | | 纳斯达克指数 | 23492.51 c | -53.39 | -0.23% | | 标普500 | 6846.08 | -0.43 | -0.01% | 热门中概股多数下跌，纳斯达克中国金龙指数跌1.45%，理想汽车跌超4%，哔哩哔哩、百度、小鹏汽 车跌超3%，阿里巴巴、京东跌超2%。 编辑丨瑜见 ...

美股三大指数开盘涨跌互现，道琼斯指数涨0.10%，标普500指数跌0.03%，纳斯达克综合指数跌 0.27%。科技七巨头多数下跌，亚马逊跌0.26%，特斯拉跌0.20%，苹果涨0.13%，Meta跌0.54%，谷歌跌 0.32%、微软跌0.29%，英伟达跌0.3%。 热门中概股多数下跌，纳斯达克中国金龙指数跌1.46%，理想汽车跌超4%，哔哩哔哩、百度、小鹏汽车 跌超3%，阿里巴巴、京东跌超2%。 公司消息 【微软宣布增加对加拿大AI投资力度 未来两年将投入超75亿加元】 微软12月9日宣布，将增加对加拿大的AI投资力度，2023年至2027年间总投资额将达到190亿加元，其 中未来两年将投资超过75亿加元。 【硅固态电池公司Blue Current完成超8000万美元融资 亚马逊领投】 美国硅弹性复合固态电池制造商Blue Current 12月8日宣布完成超8000万美元D轮融资。本轮融资由亚马 逊领投，Koch Disruptive Technologies（KDT）、Piedmont Capital、Rusheen Capital Partners和Allen & Company参投。声明称，此次融资 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The anime and game adaptation industry is a vital and dynamic segment of the cultural creative industry, driven by the rise of digital entertainment and the two-dimensional culture [4][5] - The industry encompasses a full value chain, including copyright acquisition, content development, technical implementation, marketing, and user operation [4][5] - The market size of the anime game adaptation industry in China has surpassed 100 billion RMB, with a compound annual growth rate (CAGR) of over 15% [16][17] - The industry is expected to continue its rapid growth, potentially exceeding 200 billion RMB in the next five years, fueled by technological advancements and a large user base [21] Industry Overview - The anime game adaptation industry involves transforming anime works into games and vice versa, requiring deep understanding and innovative design to retain the original spirit while enhancing user experience [4][5] - Key business models include IP licensing for game development, game IP licensing for animation production, and the development of derivative products [6][7] - The industry chain includes content creation, copyright operation, technical development, distribution channels, and marketing strategies [8][9] Market Demand Analysis - The target user demographic primarily consists of individuals aged 15 to 35, with a slight male predominance, although female engagement is increasing [24][27] - Users exhibit diverse interests, including two-dimensional culture, competitive gaming, and immersive storytelling, with a strong inclination towards high-quality content and innovative gameplay [28][30] - The demand for anime adaptation games focuses on faithful story representation and character development, while game adaptation anime seeks to deepen narrative and character backgrounds [33][36] Competitive Landscape - Major players like Tencent, NetEase, and Bilibili dominate the market, leveraging extensive IP resources and advanced technology to maintain a competitive edge [46][47] - The industry is characterized by frequent collaborations and alliances among anime production companies, game developers, and technology service providers [48] - Successful adaptation cases, such as "Honor of Kings" and "Douluo Dalu," highlight the importance of high-quality content and user community engagement [51][52] Technological Development Trends - The application of VR and AR technologies enhances user immersion and interactivity in anime game adaptations [58] - AI plays a crucial role in content creation, user behavior analysis, and personalized recommendations, significantly improving production quality and efficiency [59] Future Development Outlook and Strategic Recommendations - The market is projected to grow steadily, with a focus on content diversification and user segmentation to meet varied consumer demands [61] - Companies should prioritize original content development and IP protection to enhance brand competitiveness and user loyalty [67] - Strengthening cross-industry collaborations and expanding into international markets are essential for sustained growth and cultural exchange [70]

2025.12.09 作者 | 第一财经 马一凡 在上海市杨浦区，互联网博主、B站UP主等优质内容创作人才，有望获得最高200万元的购房补贴！ 2025年12月8日，上海市杨浦区人民政府官网披露，杨浦区人民政府办公室于近日发布"关于印发《杨浦 区打造互联网优质内容创作集聚区支持政策》的通知"（以下简称"通知"），其核心内容是通过减免企 业房租和物业费、奖励互联网优质内容、设立互联网内容创作投资基金、给予购房补贴和租房补贴的方 式，来支持在杨浦区开展经营的互联网优质内容创作企业与创作人才。 通知中的第五条支持举措尤其引人注意——杨浦区对在本区内购买首套自住商品住房的互联网优质内容 创作者，经认定符合条件的，给予一次性住房补贴支持，补贴额度最高200万元。支持互联网优质内容 创作者优先入住本区指定的人才社区，经认定符合条件的，给予三年期每月最高8000元的租房补贴支 持。 第一财经记者注意到，这已经不是杨浦区第一次提出对互联网优质内容创作者给予高额住房补贴了。 去年7月杨浦区曾发布全球互联网优质内容创作者"优享计划（试行）"，该计划第五条提出：对在本区 内购买首套自住商品住房的，给予一次性住房补贴支持。其中，战略 ...