Core Points - Huya Inc. has been appointed as the official organizer and exclusive streaming platform for the 2025 Demacia Cup, a prominent League of Legends tournament in China [1][2] - This is the first time since the tournament's inception in 2014 that hosting rights have been granted to a third party, indicating Huya's growing influence in the League of Legends e-sports ecosystem [2][3] - The tournament will feature 14 League of Legends Pro League (LPL) teams and two streamer squads, running from December 15, 2025, to January 3, 2026 [2] Company Overview - Huya Inc. is a leading provider of game-related entertainment and services, offering live streaming, video content, and a variety of services across gaming and e-sports [4] - The company has developed a robust entertainment ecosystem utilizing AI and advanced technologies, catering to a diverse community of game enthusiasts and industry partners [4] - Huya has expanded its services to include game distribution, in-game item sales, and advertising, while continuing to grow its presence both in China and internationally [4]

来源：滚动播报 热门中概股多数上涨，纳斯达克中国金龙指数涨0.64%，虎牙涨超6%，大全新能源、禾赛科技、百胜中 国涨超2%，阿里巴巴、百度、爱奇艺涨超1%，理想汽车、老虎证券跌超1%。 ...

Core Insights - Huya Inc. is set to launch the mobile version of the social deduction game Goose Goose Duck on January 7, 2026, marking a significant step in its game publishing strategy [1] - The game has garnered over 10 million preregistrations as of November 2025, aided by Huya's strong streamer influence and content-driven marketing [2] - The launch highlights Huya's momentum in game publishing and its ability to leverage a robust content ecosystem and industry partnerships [3] Company Overview - Huya Inc. is a leading provider of game-related entertainment and services, offering live streaming, video content, and a variety of services across gaming and e-sports [4] - The company has developed a strong entertainment ecosystem powered by AI and advanced technologies, catering to gamers, content creators, and industry partners [4] Partner Overview - Kingsoft Shiyou, co-publisher of Goose Goose Duck, focuses on premium game development and the operation of high-quality IPs, with a commitment to building an IP-driven entertainment ecosystem [5]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

中国资产强势反攻。 隔夜美股市场，中国资产集体走强，纳斯达克中国金龙指数涨1.29%，三倍做多富时中国ETF大涨超 4%，扭转了全周跌势。明星中概股普涨，叮咚买菜大涨超10%，百度大涨近6%。多家外资机构近期密 集发布报告，看好中国资产。其中，摩根士丹利认为，全球资金对中国资产配置兴趣回升，中国股市被 重新定义为"有成长性的市场"。 另外，美联储的降息路径也持续扰动市场。据美国商务部经济分析局最新公布的数据，美联储最青睐的 通胀指标——美国9月核心PCE物价指数环比上涨0.2%，符合预期；同比上涨2.8%，低于道琼斯调查预 期的2.9%。这进一步巩固了美联储将于下周降息的预期，据CME"美联储观察"，截至发稿，美联储12 月降息25个基点的概率升至87.2%。 中国资产爆发 美东时间12月6日，美股三大指数集体收涨，道指涨0.22%，纳指涨0.31%，标普500指数涨0.19%，均逼 近历史新高。 中国资产全线爆发，明显跑赢美股大盘，截至收盘，纳斯达克中国金龙指数涨1.29%，三倍做多富时中 国ETF大涨4.17%，两倍做多中国互联网股票ETF、两倍做多沪深300ETF涨超2%，中国科技ETF、中国 海外互联 ...

Core Viewpoint - The article discusses the strategic opportunities presented by the upcoming closure of Hainan Free Trade Port, emphasizing how companies can leverage this to enhance global resource connectivity and business growth [1][3]. Group 1: Haier Group - Haier Group views the policy changes associated with Hainan's closure as a historic strategic opportunity, enabling significant cost reduction and efficiency improvements through policy benefits [3]. - The company aims to explore new technologies and business models in sectors like smart home, health, and digital economy, driving innovation for high-quality development [5]. - Haier has maintained its goal of creating a "world-renowned brand" from China, emphasizing the importance of long-term commitment and technological innovation in achieving global competitiveness [5][6]. - The company has established a "three-step" strategy for globalization, focusing on local market integration and building a global brand matrix to meet diverse consumer needs [6]. Group 2: Qianji Technology - Qianji Technology sees Hainan's closure as a chance to expand into international markets and build a global low-altitude economy innovation hub [8]. - The company plans to leverage duty-free shopping and low-altitude tourism to create immersive cultural experiences, integrating technology with cultural expression [10]. - Qianji emphasizes the need for a localized approach in global expansion, respecting local cultures and building sustainable overseas trust networks [11]. Group 3: Huya - Huya identifies Hainan's closure as a valuable policy window that aligns with its data-driven and content-exporting strategy, facilitating smoother cross-border data flows [13]. - The company has established a comprehensive service system for overseas users, enhancing user engagement and supporting domestic game developers in international markets [16]. - Huya advocates for deep localization in its overseas operations, ensuring content resonates with local audiences and fostering emotional connections [17]. - The company plans to utilize the advantages of the closure policy to enhance cross-border esports events and optimize content distribution efficiency [18].

Market Performance - US stock indices opened slightly higher on December 5, with the Dow Jones up 0.37%, Nasdaq up 0.36%, and S&P 500 up 0.32% [1] - The Dow Jones Industrial Average reached 48,028.89, gaining 177.95 points [2] - Nasdaq Composite Index stood at 23,588.84, increasing by 83.69 points [2] - S&P 500 Index was at 6,879.39, rising by 22.27 points [2] Chinese Concept Stocks - Chinese concept stocks showed strong performance, with the Nasdaq Golden Dragon China Index rising by 1.4% at one point and currently up about 1.2% [2] - Major Chinese tech stocks saw significant gains, including Baidu Group up nearly 4%, Xiaomi Group ADR up over 2%, and Meituan ADR up over 1% [2] - Other notable Chinese stocks included Dingdong Maicai up over 8%, Huya up over 4%, and ZTO Express, Global Data, New Oriental, among others, up over 3% [2] US-China Economic Relations - On December 5, Chinese and US economic leaders held a video call to discuss the implementation of agreements from previous high-level meetings [4] - Both sides positively evaluated the outcomes of the Kuala Lumpur economic consultations and expressed commitment to continue pragmatic cooperation [4] - The discussions aimed to expand the cooperation list and address concerns in the economic field, promoting stable and positive US-China economic relations [4]

Core Viewpoint - Chinese concept stocks experienced a significant rise, with the Nasdaq Golden Dragon China Index showing a peak increase of 1.4% and currently maintaining a rise of approximately 1.2% [3]. Group 1: Market Performance - As of December 5, U.S. stock indices opened slightly higher, with the Dow Jones up by 0.37%, Nasdaq up by 0.36%, and S&P 500 up by 0.32% [2]. - The current prices and changes for major indices are as follows: Dow Jones Industrial Average at 48,028.89 (+177.95, +0.37%), Nasdaq Index at 23,588.84 (+83.69, +0.36%), and S&P 500 at 6,879.39 (+22.27, +0.32%) [3]. Group 2: Individual Stock Performance - Major Chinese tech stocks saw an overall increase, with Baidu Group rising nearly 4%, Xiaomi Group ADR up over 2%, and Meituan ADR up over 1% [3]. - Other notable performers include Dingdong Maicai up over 8%, Huya up over 4%, and ZTO Express, Global Data, New Oriental, among others, all rising over 3% [3]. - Additional stocks such as XPeng Motors, Yipeng Energy, Beike, and Tiger Brokers also saw increases of over 2% [3]. Group 3: Economic Relations - A video call took place on December 5 between Chinese and U.S. economic leaders, focusing on implementing agreements from previous high-level meetings and discussing practical cooperation in trade [5]. - Both sides positively evaluated the outcomes of the Kuala Lumpur economic consultations and expressed intentions to continue enhancing the economic cooperation framework under the strategic guidance of the two nations' leaders [5].

与多数券商资管选择不同，东证融汇此次与东财基金合作，背后或因东财基金近年来持续强化固收投研 团队建设，及其管理的债券型产品市场表现。基金定期报告及银河证券中国公募基金长期业绩榜单显 示，东财基金核心固收产品"东财瑞利债券A"2024年度收益率达6.54%，而截至2025第三季度的近一年 收益率也居全市场同类型产品的前1%。观察其2025年的固收投资布局，同样聚焦低波动品类，与这两 只债券型产品的风险收益特征高度契合。或为东证融汇选择东财基金作为承接方的关键原因。 大资管竞合新生态 专业能力成核心壁垒 截至2025年12月初，全市场尚有近100只参公大集合产品面临改造，行业仍在加速整合。在此背景下， 券商资管与公募基金的关系正从竞争走向协同。东财基金此次跨界承接东证融汇的参公大集合产品，双 方或有更深层次的战略考量。对于东证融汇而言，平稳合规地化解产品存续问题的同时，未来也能将更 多资源和管理精力投入到其它核心业务中。对于东财基金，此次接管进一步丰富了其产品线，提升了资 产管理规模。东财基金依托东方财富的零售渠道与互联网生态，具备特有的综合金融生态。双方建立合 作，可能为未来在产品代销、投研交流等其他领域的协同 ...

12月18日，海南自由贸易港封关即将正式启动。企业如何借此链接全球资源，推动业务增长？在12月2 日至5日举办的2025企业家博鳌论坛系列活动上，新华网采访了前来参会的企业家。 海尔集团：坚持长期主义 创中国人自己的世界名牌 海尔集团董事局主席、首席执行官周云杰表示，海南全岛封关运作的相关政策是系统性的制度创新，对 企业来说是历史性的战略机遇，能够借助政策红利显著降本增效，并依托市场枢纽地位，优化全球布 局，提供产业升级的新动能。 面对这些机遇，海尔将借鉴更多经验，为智慧住居、大健康和数字经济等业务板块探索新的技术应用、 商业模式和跨境服务，为高质量发展提供创新动力，也愿和更多中国企业一起，在海南探索更多发展机 会。 周云杰表示，海尔在创业之初就坚定了打造中国人的"世界名牌"的目标，以自主品牌走向全球市场。只 有与最强大的对手"下棋"，与最先进的技术硬碰硬，才能吸纳和汇聚最强的智慧和力量，让企业构建起 全球引领的创新能力。海尔在全球化过程中坚持"走出去""走进去""走上去"的"三步走"策略，深入融入 当地市场，最终成为受全球用户喜爱的本土化品牌。 目前海尔已经连续16年位居全球大型家电品牌零售量第一，进入全球 ...