香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於 2026 年 2 月 27 日（香港時間），公司接獲香港聯交所發出的通知（「轉移交易所通知」）， 告知公司香港聯交所釐定公司的股份於公司最近一個財政年度（即 2025 年財政年度）以金額 計算的全球總成交量中，有 55%或以上是在香港聯交所市場進行。因此，根據香港上市規則第 19C.13 條附註 1，香港聯交所視公司的上市股份交易已大部分永久轉移至香港聯交所市場。 轉移寬限期及香港主要上市生效日期 根據香港上市規則第19C.13條附註2，公司自轉移交易所通知日期起有12個月的寬限期（「轉 移寬限期」），令其遵守適用的香港上市規則（即公司的寬限期將於 2027 年 2 月 27 日午夜 （香港時間）屆滿）。香港聯交所在(i)轉移寬限期屆滿；或(ii)公司自行決定的較早日期（兩 者的較早日期即為「香港主要上市生效日期」）後，將視公司具有雙重主要*（而非第二）上 市地位。自香港主要上市生效 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is experiencing a marginal improvement in the policy environment, with an increase in the number of game approvals and a more relaxed approach to content and themes, laying a friendlier foundation for industry development [1][2][3] - The gaming sector's performance is showing a significant upward trend, particularly in 2025, which is expected to be the best year in the past decade, supported by a strong product cycle and sustainable growth into 2026 [1][3] Core Insights and Arguments - The user base for gaming in China has seen positive growth for three consecutive years, with a projected growth rate of 1.35% in 2025, indicating an upward trend [1][4] - Female-oriented games are one of the fastest-growing segments, with female players making up 48% of online gamers by mid-2025, contributing significantly to user growth [5] - The overseas gaming market remains robust, with actual growth rates of 13% in 2025 and over 20% in January 2026, indicating strong competitiveness of Chinese developers in the global market [1][6][7] Important but Overlooked Content - The application of AI in the gaming industry is evolving from a cost-reduction tool to enhancing the gaming experience, potentially reshaping valuation logic [2][9] - User-Generated Content (UGC) is fundamentally changing the gaming landscape, transforming games into dynamic platforms shaped by both players and developers, which could disrupt traditional business models [10] - The "Search, Shoot, Withdraw" gameplay has become a significant growth driver in the shooting genre, with shooting games becoming the second-largest category in the Chinese gaming market by 2025 [11] Market Dynamics and Future Outlook - The gaming industry is expected to continue its growth trajectory, driven by user expansion, AI technology, and ongoing gameplay innovation [4][12] - The valuation of gaming companies is supported by a combination of technology, policy improvements, and sustained performance, with a focus on long-term product pipelines [13] - Recent adjustments in the gaming sector have seen valuations drop to around 15 times earnings, which is still below the perceived industry ceiling, suggesting continued investment opportunities [14]

高盛闭门会-首席闪辉前瞻 3 月会议要点，26 年四大投资 主题和近期资金面分析 20260228 摘要 2026 年中国 GDP 增速目标预计维持在 4.5%-5%区间，与市场 4.8% 的预测基本一致，表明经济增速边际放缓，但整体平稳，政府债券发行 规模预计与 2025 年接近，消费品以旧换新补贴规模边际缩减。 全国两会预计延续提升消费能力和增加特定服务供给的主线，可能包含 最低工资或基础养老金上调等福利提升措施，以"持续聚焦、渐进推 进"为特征，通过支持服务业供给端提升质量并扩大规模，以带动服务 消费。 2026 年两会适逢"十五五"规划开局，科技创新和消费的重要性进一 步提升，明确提出未来五年提高居民消费率，需重点跟踪行业政策或量 化目标，识别尚未被市场充分计价的政策支持方向。 民营经济政策基调预计保持支持性，监管取向将继续强调高质量发展， 核心在于培育优质企业、提升股东回报并引导长期投资氛围，市场更偏 好"慢牛"路径。 Q&A 下周全国两会最需要重点关注哪些宏观政策信号，尤其是增长目标与政府债券 发行额度可能如何设定？ 最关键的两个指标是 2026 年 GDP 增长目标与全国人大批准的政府债券发行总 ...

Group 1: Core Insights - The report suggests a positive outlook for the AI industry and gaming sectors, indicating that recent market corrections may present better investment opportunities [12] - E-commerce sector shows mixed results, with Alibaba leading in AI advancements but facing pessimistic revenue growth expectations, leading to stock price fluctuations [16] - Social entertainment media, particularly Tencent and Bilibili, are expected to maintain strong growth, with Bilibili's advertising growth likely to outperform the overall internet advertising market [16] Group 2: E-commerce Insights - Alibaba's AI developments are significant, with the launch of the Qwen 3.5-Plus model, which has shown competitive performance at a lower cost, enhancing its market position [13] - Meituan is expected to face challenges due to intense competition in the food delivery sector, impacting profitability in the short term [16] Group 3: Gaming Sector Insights - The gaming sector is anticipated to maintain a favorable outlook, with new product launches expected to drive growth in 2026 [14] - Companies like Century Huatong and Perfect World are highlighted for their strong product pipelines and potential for revenue growth [18] Group 4: AI Developments - The report notes a growing concern about AI's impact on traditional industries, with a shift in market focus towards model technology pricing and capabilities [20] - The upcoming second quarter of 2026 is expected to see a new wave of model iterations, with domestic models catching up rapidly [20] Group 5: Advertising and Marketing - The advertising sector is seeing increased activity, with companies like Focus Media ramping up ad placements, particularly in consumer goods ahead of major events like the World Cup [18] - AI marketing is gaining traction, with companies like Titanium Technology preparing for an IPO, indicating strong growth potential in this area [19] Group 6: Media and Entertainment - The long video sector is stabilizing, with companies exploring new business avenues, while short video platforms like Kuaishou are benefiting from technological advancements [17] - The report emphasizes the importance of content production capabilities and project pipelines for companies in the film and television industry [19]

Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [2][7]. Core Insights - The gaming industry is expected to benefit significantly from the AI wave, with leading companies likely to thrive amidst concerns that AI may disrupt the gaming sector [5]. - The report suggests that while AI may lower the barriers to game development, creating large-scale games will still require substantial resources, making it unlikely for small teams to compete with established gaming giants [5]. - Historical trends show that leading gaming companies have consistently benefited from technological advancements, and they are well-positioned to adapt to new changes in the industry [5]. Industry Overview - The gaming sector consists of 160 companies with a total market capitalization of 2,270.9 billion and a circulating market value of 2,090.9 billion [2]. - The absolute performance of the industry over 1 month, 6 months, and 12 months is -0.9%, 22.7%, and 27.0% respectively, while the relative performance is 1.2%, 11.1%, and 7.7% [4]. Company Recommendations - The report continues to favor leading gaming companies such as Tencent, NetEase, Century Huatong, Giant Network, and others, indicating a strong belief in their potential to leverage AI advancements [5].

[Table_Page] 投资策略|专题报告 2026 年 3 月 1 日 证券研究报告 [Table_Title] 如何看待港股持续疲软？ ——港股市场策略展望 [Table_Summary] 报告摘要： （1）三月即将迎来解禁小高峰： 11 年年中、15 年下半年、19 年 3 月、 21 年二季度、22 年年中，解禁潮与港股下跌出现在相似时间段。26 年 3 月主要是有色金属、茶饮、汽车、医药等行业的解禁潮，中大型规模 公司将解禁 872 亿港元，高于去年年末的解禁高峰。由于港股通账户并 不能够参与打新，享受稀缺性公司的上市红利，却需要承受限售股解禁 带来的风险，这可能确实是南向资金对于 2026 年港股的主要担忧之一。 （2）港股年报业绩披露期限临近，存在业绩利空压力：财年与自然年一 致的港股公司需要在 3 月 31 日前披露年报业绩初步公告。 （3）次要因素—地缘政治摩擦升级：尽管美伊军事冲突升级，但对港股 冲击或有限，因假期全球风险偏好并未恶化，非美资产普遍走强；全球 资金更多通过增配油气对冲风险而非抛售股票。 ⚫ 何时能够利空出尽？ 观察窗口期：3 月中下旬，上述压制因素高峰过去，可能会利空出尽 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The gaming market performed steadily during the Spring Festival, with several long-term DAU games showing outstanding performance. Tencent's multiple games maintained top positions, with "Peace Elite" achieving a new user high during the Spring Festival version [2][4] - The gaming market's actual sales revenue in January was 32.5 billion yuan, reflecting a month-on-month increase of 3.0% and a year-on-year increase of 4.5%. The PC gaming market exceeded 8.2 billion yuan, with a year-on-year growth of 23.5% [6][10] - The upcoming release of new games is expected to catalyze continued growth in the industry, with several titles scheduled for launch in the coming months [10] Summary by Sections Market Performance - The gaming market showed stable performance during the Spring Festival, with long-term DAU games demonstrating significant advantages. Tencent's games, including "Peace Elite," "Delta Action," and "Valorant Mobile," consistently ranked in the top 10 bestsellers [10] - The overseas market for self-developed games saw a year-on-year revenue increase of 24% in January, driven by stable performance of mature products and successful launches of new titles [10] Future Outlook - The industry is expected to see a series of new game launches, with titles like "Douluo Dalu: Zhusha Legend" and "EVE" scheduled for release in the coming months. The gaming sector's product cycle and performance certainty remain strong, indicating potential investment opportunities [10]

Investment Rating - The report provides a positive outlook on various sectors, indicating a potential upward trend in investment opportunities across multiple industries. Core Insights - The report highlights the acceleration of "global localization" for collectible toys, with companies like Pop Mart expanding their presence in international markets and diversifying their product offerings to drive revenue growth [1][7] - The new tobacco sector is expected to benefit from clearer FDA product review standards, favoring companies with strong manufacturing capabilities [12] - The housing market shows signs of seasonal decline, but there is potential for recovery driven by supportive policies and demand stabilization [13] - The paper packaging industry is experiencing fluctuations in prices and inventory levels, with expectations of recovery as production resumes post-holiday [15] - The pet food market is witnessing significant growth, particularly in e-commerce, with major platforms reporting increased sales [19][20] Summary by Sections 1. Collectible Toys - Pop Mart has established a creative headquarters in Culver City, Los Angeles, enhancing its global localization efforts [7] - The company is diversifying its product lines with new IPs and collaborations, which are expected to drive revenue growth [8][9] 2. New Tobacco - The FDA has clarified product review standards, which may benefit leading companies with strong manufacturing capabilities [12] - The glo hilo product has been launched in Romania, with plans for further global expansion by 2026 [12] 3. Housing Sector - Recent data shows a significant year-on-year decline in property transactions, but there are signs of stabilization in the market [13] - The furniture export market is showing mixed results, with a decline in exports from China but growth in Vietnam [13] 4. Paper and Packaging - Recent price increases in paper products have been noted, with expectations of inventory adjustments as production resumes [15] - The packaging sector is recovering as downstream demand stabilizes [15] 5. Pet Food and Supplies - The pet food market has seen a year-on-year growth of 18% in January, with significant contributions from platforms like Douyin and JD [19][20] - Notable brands are achieving double-digit growth in sales, indicating a robust market environment [21] 6. AI and 3D Printing - The 3D printing market is projected to grow significantly, with a focus on service-oriented business models [30][31] - Innovations in AI are expected to lower barriers for entry into the 3D printing market, enhancing growth potential [31] 7. Xiaomi Group - Xiaomi is expanding its high-end product offerings and enhancing its ecosystem with new releases in the smartphone and accessory markets [17][18] - The company is leveraging AI technology to strengthen its competitive position in the consumer electronics space [18] 8. Silver Economy - The report emphasizes the potential of the silver economy, predicting significant market growth driven by changing consumer behaviors among the elderly [28][29]

[Table_Title] 研究报告 Research Report 1 Mar 2026 国泰海通香江策论 Global Macro Strategy 避险逻辑、韩流寒流，港股卖空占比高达 20%——国泰海通香江策论之数据周报 Safe-Haven Trades, Korea Siphoning Liquidity, HK SSR at 20% — GTHT Global Macro Strategy Weekly Data Update 张忆东 Yidong Zhang 周林泓 Amber Zhou 黄雨昕 Yuxin Huang yd.zhang@htisec.com amber.lh.zhou@htisec.com yx.huang@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 国泰海通香江策论之数据周报包含"流动性数据""重点研究报告荟萃""每日一图系列"三部分，旨在通过关键流动性指 标、精选研究观点与市场图表解析，集中呈现本周数据 ...

蚂蚁阿福深度植入央视春晚小品《血压计》，医院背景墙上写着大大的广告标语"健康是福，健康的事问问阿福"；B站 推出首届AI春晚；网易云音乐举办马年AI春晚；阿里千问独家冠名东方卫视、浙江卫视、江苏卫视、河南卫视四大卫 视春节晚会。 文 | 娱乐独角兽 赤木瓶子 编辑 | 糖炒山楂 AI终于还是坐上了农历春节的"主桌"。 字节推出"豆包过年"活动，用户生成拜年祝福可抽奖提现；阿里千问上线两轮"超级请客卡"活动，从买奶茶覆盖到订票 购物；腾讯元宝上线"拜年朋友圈"，分10亿红包试图重现当年微信红包盛况。 更直观的，从央视总台到各大卫视，从B站到网易云音乐，刚刚过去的各大卫视及平台自制的春节晚会更是堪称一场 AI"大阅兵"。 数据显示，除夕当天，豆包AI互动总次数达到19亿，"豆包过年"活动生成超过5000万张新春头像、写下1亿条拜年祝 福。元宝官方表示春节期间产品迎来新突破：日活跃用户（DAU）超过 5000 万，月活跃用户（MAU）达到 1.14 亿……一场围绕AI的流量暗战已然打响。 春晚AI"大阅兵"，从硬辅助到软植入 过去数年间，平台的春节策略高度一致：撒钱、抢入口、抢心智，从红包大战到短视频直播，如今，这 ...