Group 1 - The media sector is experiencing a capital influx, with the Media ETF (159805) seeing a net subscription of 66.5 million units [1] - Recent advancements in domestic large models include iFLYTEK's launch of the Spark X2 model, which has upgraded its general capabilities and enhanced support for over 130 languages [1] - Ant Group has released the Ming-Flash-Omni 2.0 model, the first all-scenario audio generation model, capable of generating voice, environmental sounds, and music simultaneously [1] - ByteDance's Seedance 2.0 video model has improved multi-modal capabilities, potentially revolutionizing the film and television industry [1] - Shanxi Securities notes that the continuous iteration of large models is expected to accelerate AI application deployment, expanding the technology's use cases across text, images, audio, and video [1] - According to Grandview Research, the global AI market is projected to exceed $1.8 trillion by 2030, with a CAGR of 37.3% [1] - The Global GEO market is expected to surpass $100 billion by 2030, with China's market projected to reach 24 billion yuan [1] Group 2 - As of February 11, 2026, the CSI Media Index (399971) shows mixed performance among constituent stocks, with Kaiying Network leading at a 6.02% increase [2] - The Media ETF (159805) is closely tracking the CSI Media Index, which includes 50 large-cap listed companies from marketing, advertising, cultural entertainment, and digital media sectors [2] - As of January 30, 2026, the top ten weighted stocks in the CSI Media Index account for 53.71% of the index, including BlueFocus, Focus Media, and iQIYI [2]

泡泡玛特与游戏重申推荐 20260210 摘要 多模态能力提升和 IP 价值受关注，影视内容制作公司和核心 IP 公司股价 上涨，多模态方向在内容产品和 IP 源头均是重要催化剂。OpenAI 计划 测试 GPT 广告应用，预示海外大模型商业化加速，应关注海外大模型变 现主线及相关广告营销公司。 泡泡玛特底部反弹近 50%，得益于市场对空投叙事脱敏及二三线 IP 如 新星人、Punkie、SP 通过新产品形态或联动活动取得成功。2025 年底 注册会员破 1 亿，50%为新增，海外市场通过改善供应链和物流取得成 效。 泡泡玛特 2026 年增长点包括：头部 IP 拉布布稳定增长，收入预计达 100-130 亿元；二线 IP 放量；产能扩张，单月毛绒产能达 5,000 万只； 新店开设；与 LV、苹果等异业品牌合作推出联名产品。 拉布布作为核心 IP，收入占比预计维持在公司总收入的 30%左右，即 130 亿人民币。二线 IP 如星星人、Cry Baby、Ziska 和小野等展现快 速增长，星星人糖胶毛绒系列在抖音首发销量超 15 万件，公司资源倾 斜二线 IP。 Q&A 近期 AI 板块的表现如何？有哪些值得 ...

Group 1 - The gaming sector has seen significant movement, with companies like Kaiying Network hitting the daily limit, and others like Xunyou Technology, Giant Network, and Fuchun Co. following suit, while the gaming ETF (159869) rose nearly 1.5% [1] - As of February 10, the scale of the gaming ETF (159869) reached 14.005 billion yuan [1] - The recent launch of ByteDance's new AI video generation model, Seedance 2.0, has significantly enhanced its capabilities, transitioning video generation from "creating a scene" to "completing a work" [2] Group 2 - Seedance 2.0 boasts a 90% usability rate for generating 15-second videos, a substantial increase from the industry average of 20%, which is expected to drastically reduce production costs [2] - The production cost for a 90-minute video project could drop from over 10,000 yuan to around 2,000 yuan due to the advancements in AI technology [2] - The domestic audience for animated dramas is projected to grow from approximately 120 million in 2025 to 280 million in 2026, driven by cost reductions and improved effects from technologies like Seedance 2.0 [2]

玩心不止未来有望进一步赋能公司的游戏发行。 3，公司参投的AI陪伴情感产品《EVE》初步定档3月14日，这是上市公司层面第一个原生AI陪伴产品，卡位稀 缺。 昨日公司公告，拟回购不超过2亿元、不低于1亿元人民币的股份，回购股份将用于后续实施股权激励计划或员工 持股计划。 1，传奇盒子增长确定性强，我们预估截至25年底平台DAU~50w，随着品牌专区游戏逐步上线、拓展热江和红月 等新情怀类IP，预计26年DAU增速有望在30%以上，叠加广告单价提升，盒子未来3年的CAGR有望在30%左右的 水平，且平台利润率高，利润端增量更明显。 2，公司的优质合作方玩心不止，近年体现出较强的存量传奇之上融合探索新品类的能力，以及传奇游戏的发行能 力。 《烈焰觉醒》正逐步成为传奇+X的标杆案例。 恺英网络｜持续重点推荐 昨日公司公告，拟回购不超过2亿元、不低于1亿元人民币的股份，回购股份将用于后续实施股权激励计划或员工 持股计划。 1，传奇盒子增长确定性强，我们预估截至25年底平台DAU~50w，随着品牌专区游戏逐步上线、拓展热江和红月 等新情怀类IP，预计26年DAU增速有望在30%以上，叠加广告单价提升，盒子未来3年的CA ...

[庆祝]恺英网络｜持续重点推荐 # 业绩确定性高+稀缺AI陪伴卡位 [礼物]昨日公司公告，拟回购不超过2亿元、不低于1亿元人民币的股份，回购股份将用于后续实施股权激励计划或 员工持股计划。 1，传奇盒子增长确定性强，我们预估截至25年底平台DAU~50w，随着品牌专区游戏逐步上线、拓展热江和红月 等新情怀类IP，预计26年DAU增速有望在30%以上，叠加广告单价提升，盒子未来3年的CAGR有望在30%左右的 水平，且平台利润率高，利润端增量更明显。 2，公司的优质合作方玩心不止，近年体现出较强的存量传奇之上融合探索新品类的能力，以及传奇游戏的发行能 力。《 查找图书 》正逐步成为传奇+X的标杆案例。玩心不止未来有望进一步赋能公司的游戏发行。 3，公司参投的AI陪伴情感产品《 查找图书 》初步定档3月14日，这是上市公司层面第一个原生AI陪伴产品，卡位 稀缺。目前产品已经经过两轮iOS测试，近期将开启安卓测试，测试期间单用户时长亮眼，强上下文记忆亮眼。我 们展望，如果未来内嵌模拟经营、互动社交、生活服务模块，该产品有望成为用户的A情感陪伴+生活agent双入 口，产品潜力较大。 wind一致预期25~27年利润 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -12% -5% 2% 9% 15% 22% 29% 36% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 4,128.37 | | 0.13 | | 深证成指 | | 14,210.63 | | 0.02 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 300 | | 4,724.30 | | 0.11 | | 上证 50 | | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 50 | | 1,924.26 | | -0.67 | | 中证 100 | | 4,613.64 | | 0.04 | | 中证 500 | | 8,306.4 ...

今日看点 2月11日重点关注的财经要闻与资本市场大事： 1、1月CPI、PPI数据将公布 2月11日，国家统计局将公布2026年1月份CPI（居民消费价格指数）和PPI（工业生产者出厂价格指数）数据。 2、国新办将举行新闻发布会 介绍2026"乐购新春"春节特别活动、保障春节市场供应有关情况 2月11日上午10时，国新办将举行新闻发布会，商务部副部长盛秋平和文化和旅游部、金融监管总局、广电总局、体育总局有关负责人介绍2026"乐购新 春"春节特别活动、保障春节市场供应有关情况，并答记者问。 4、124.51亿元市值限售股今日解禁 2月11日，共有7家公司限售股解禁，合计解禁量为7.3亿股，按最新收盘价计算，合计解禁市值为124.51亿元。 从解禁量来看，海联讯、青松建化、麦澜德解禁量居前，解禁股数分别为4.26亿股、2.26亿股、6317.32万股。从解禁市值来看，海联讯、麦澜德、青松建化 解禁市值居前，解禁市值分别为76.96亿元、28.18亿元、10.3亿元。 5、11家公司披露回购进展 2月11日，11家公司共发布11个股票回购相关进展。其中，2家公司首次披露股票回购预案，1家公司回购方案获股东大会通过 ...

Core Viewpoint - The Seedance 2.0 concept is emerging as a new market trend, with significant movements in media stocks and AI video generation technology [2][6][12]. Group 1: Seedance 2.0 and Market Dynamics - Seedance 2.0 is seen as a pivotal moment in AI video generation, allowing users to create high-quality videos with minimal input, significantly reducing production costs [6][7]. - The global AI video generation market is projected to exceed several billion dollars by 2025, with China's market expected to surpass 90 billion yuan [7]. - Companies with substantial IP resources and distribution channels, such as Chinese Online and Hengdian Film, are positioned to benefit from this trend [8]. Group 2: Comparison with Previous Trends - The current market sentiment differs from the previous DeepSeek moment, as the emotional and market environment has changed significantly [10][12]. - The DeepSeek phenomenon saw a broad range of stocks being driven by speculation, but the current Seedance 2.0 trend is more focused on practical applications and financial performance [12][18]. - The media sector is experiencing a bifurcation, with some companies benefiting from AI advancements while others face challenges due to high debt and demand issues [16][19]. Group 3: Investment Opportunities - Investment opportunities in the media sector are categorized into two types: those driven by industry benefits and those propelled by AI advancements [14][15]. - Companies that can effectively leverage AI for cost reduction and efficiency improvements are likely to emerge as key players in the evolving landscape [18][22]. - Specific companies to watch include those in AI gaming, marketing, and IP production, such as Kaiying Network and BlueFocus Communication Group [20][21][22].

与此同时，长江商报记者注意到，公司坚持高强度研发投入，2021年—2025年前三季度研发费用累计已 超24亿元，在产品创新、海外拓展、IP打造等方面持续突破，业绩增长动能充沛。 回购溢价65.81%彰显信心 A股头部游戏公司恺英网络（002517）(002517.SZ)再抛股份回购计划。 2月9日，恺英网络发布公告，计划以集中竞价交易方式回购公司股份，回购总金额不低于1亿元且不超 过2亿元，回购价格上限为36.91元/股。回购股份将全部用于员工持股计划及股权激励计划。 作为国内游戏行业研运一体化龙头企业，恺英网络近年来业绩持续稳健增长，财务基本面扎实，现金流 充裕。截至2025年三季度末，公司总资产达131.7亿元，货币资金规模36.2亿元，为本次股份回购提供了 充足的资金保障。 2月9日，恺英网络发布回购公司股份方案公告。根据公告内容，公司将以集中竞价交易方式回购公司股 份，回购总金额不低于1亿元且不超过2亿元。具体来看，本次回购股份的种类为公司发行的A股股份， 回购股份价格不超过(含)36.91元/股。 按此次回购资金最高2亿元测算，预计可回购股份数量为541.8585万股，约占公司目前总股本的0.25% ...

Core Viewpoint - The A-share market shows mixed performance with significant gains in the AI application and film sectors, while the photovoltaic, real estate, and consumer sectors are weakening. The film and gaming ETFs are experiencing substantial increases in value, indicating strong investor interest in these areas [1][4][9]. ETF Performance - A total of 847 ETFs rose in value today, with the Film ETF and Gaming ETF seeing daily increases of 9.98% and 5.56%, respectively. The Nikkei ETF led the cross-border varieties [1][2]. - The Film ETF managed by Xuanwei has a trading volume turnover rate of 260.42%, while the other Film ETF managed by Guotai has a turnover rate of 312.02%, reflecting intense trading activity [2][4]. - The Gaming ETF managed by Huatai saw a daily increase of 5.56%, with key stocks like Light Media and Ao Fei Entertainment hitting the daily limit [9]. Sector Analysis - The film sector is experiencing a surge, with the total box office for the 2026 Spring Festival surpassing 1 billion yuan, reaching 1.05 billion yuan. Popular films include "Flying Life 3" and "Panda Plan: Tribal Adventure" [4]. - The gaming sector is also showing strong performance, driven by positive market sentiment following the successful testing of "Yihuan" by Perfect World and the upcoming launch of "Heart Town" by Xindong Company [9][10]. Fund Flows - On February 9, the A-share market saw a strong upward trend, with a net outflow of over 2.8 billion yuan from the overall stock ETFs. The top inflow sectors included the CSI 500 Index and CSI 1000 Index, indicating a shift in investor focus [12][13]. - The CSI 500 ETF recorded a net inflow of 27.3 billion yuan, highlighting its appeal among investors as a core broad-based index reflecting mid to small-cap stocks in the A-share market [15].