KAIYUAN SECURITIES·2026-03-01 14:52Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the potential of the game "Yihuan," which is set to launch on April 23, 2026, and has already garnered significant pre-registration interest, exceeding 25 million on its official website and 5.3 million on TapTap, with a high expectation score of 9.0 [3][32] - The report highlights the increasing demand and technological capabilities of Chinese AI models, with a notable rise in token usage surpassing that of American models, indicating a strong trend in AI commercialization across various sectors [4][33] - The gaming sector is expected to maintain high prosperity due to the launch of heavyweight new games and the performance of evergreen titles, with recommendations to focus on leading new games and companies such as Perfect World and Xindong Company [3][4] Summary by Sections Industry Data Overview - "Ge Da Sha" ranked first in the iOS free game chart, while "Wang Zhe Rong Yao" topped the iOS revenue chart as of February 28, 2026 [11][15] - "Yihuan" is the top pre-registration game on Android, while "Hello Kitty My Dream Store" leads the iOS pre-registration chart [11] Industry News Overview - Chinese AI model token usage on the OpenRouter platform has surpassed that of the US, with significant growth in models like MiniMax and DeepSeek [4][33] - The game "Yihuan" is confirmed for a domestic public test on April 23, 2026, with simultaneous launches across multiple platforms [32] Announcement Summary - The report notes that 146 domestic game licenses were issued in February 2026, indicating a robust pipeline for new game releases [32] Sector Performance Overview - The A-share media sector performed at the lower end of the market in the first week of 2026, while the sports sector showed better performance [4]