随着春节假期临近，进入2月，各大游戏厂商新品竞争愈发激烈。据不完全统计，2月2日—16日（除夕 夜）将有23款新游戏陆续上线。 其中包括心火游戏的《小小梦魇》、莉莉丝的《帕萌战斗日记》、广州穗游网络的《千年寻仙》、心动 网络的《潜水员戴夫（国服）》、帕斯亚科技的《沙石镇时光》、三七互娱的《生存33天》等。 从品类看，23款新游戏覆盖多元赛道，包括角色扮演（RPG）、卡牌策略、开放世界、模拟经营等。例 如，在《沙石镇时光》游戏中，玩家作为一名工坊主，将在荒漠小镇沙石镇开启重建与冒险之旅。通过 探索、建造、种植、社交等多种方式，逐步振兴这片土地。此前，其PC版在Steam平台上累计销量已突 破170万份。 2026年春节档游戏流量争夺战悄然打响。据不完全统计，2月2日—16日（除夕夜）将有23款新游戏陆续 上线。与以往不同的是，包括腾讯游戏、网易游戏和米哈游在内的游戏大厂在上线新玩法、新福利的同 时，也在寻求由量变到质变的突破，今年各家还加大了与跨界品牌的联动，以激活更大范围的消费潜 力。从扎堆上新到福利升级，再到深度联动，在业内看来，游戏行业也正从"存量博弈"向"生态重构"转 变。 "规模化"上线 米哈游方面， ...

Investment Rating - The report suggests a positive outlook for the gaming industry, emphasizing the long-term empowerment of AI applications, particularly through Google's Genie 3 [12]. Core Insights - Google has officially launched the experimental research prototype Project Genie, with Genie 3 being a key milestone towards AGI, potentially reshaping the game development chain [9][12]. - Genie 3's environment generation capabilities are expected to have significant potential across various sectors, including e-commerce, marketing, interactive education, autonomous driving, physical AI, and simulation [9][12]. - The technology allows for real-time generation of interactive 3D environments based on simple text prompts, representing a major breakthrough in AI world simulation technology [12]. - Genie 3 is anticipated to enhance the efficiency of game prototyping and concept visualization, lowering the barriers for lightweight development in the gaming industry [12]. - The report highlights the potential of Genie 3 to transform AI training paradigms, particularly in autonomous driving and robotics, by providing an infinite "sandbox" for dynamic world generation [12]. Summary by Sections Event Description - Google has launched Project Genie, which allows users to create and explore interactive worlds through text prompts or uploaded images, enabling real-time interaction and simulation of physical environments [9][12]. Event Commentary - Genie 3 is positioned as a critical step towards AGI, capable of generating diverse interactive environments and significantly improving the efficiency of game development processes [12]. - The report identifies the long-term empowerment of industries such as autonomous driving and physical AI through Genie 3's capabilities [12]. Investment Recommendations - The report recommends focusing on gaming companies that prioritize IP, quality content, and innovative gameplay, as these remain core competitive advantages in the industry [12]. - Companies mentioned as potential beneficiaries include Kaiying Network, Xindong Company, Giant Network, Perfect World, 37 Interactive Entertainment, and Tencent Holdings [12].

Core Insights - The 2026 Spring Festival gaming market is witnessing intense competition with 23 new games set to launch from February 2 to 16, marking a shift from quantity to quality in the gaming industry [3][4] - Major gaming companies are enhancing holiday-specific gameplay and benefits to extend user engagement [9] Game Launches - A total of 23 new games will be released during the Spring Festival, including titles from various developers such as "Little Nightmares" by Heartfire Games and "Survival 33 Days" by 37 Interactive Entertainment [4][6] - The new games span multiple genres, including RPG, card strategy, open-world, and simulation [6] Developer Focus - The upcoming new games are primarily from mid-sized developers, while major companies like Tencent and NetEase have more titles in testing phases [8] Benefits and Promotions - Leading companies are upgrading holiday-specific benefits to enhance user retention, with Tencent's "League of Legends Mobile" and NetEase's "Nirvana in Fire" offering various in-game rewards [10][12] - The focus is on providing immersive experiences and high-value rewards to meet diverse user demands [12] Cross-Industry Collaborations - Cross-industry collaborations are becoming common, with Tencent's "Delta Action" partnering with Haidilao for special promotions [13] - These collaborations aim to create a closed loop of content, experience, and consumption, enhancing user engagement and driving sales [15][16]

Core Viewpoint - The competition for game traffic during the 2026 Spring Festival is intensifying, with 23 new games set to launch between February 2 and 16, marking a shift from "stock game competition" to "ecological reconstruction" in the gaming industry [1][4]. Group 1: New Game Launches - A total of 23 new games will be released, including titles from various genres such as RPG, card strategy, open-world, and simulation [4]. - Notable new games include "Little Nightmares" by Heartfire Games, "Pam's Battle Diary" by Lilith Games, and "Survival 33 Days" by 37 Interactive Entertainment [4]. - Most of the new games are from small to medium-sized developers, while major companies like Tencent and NetEase have games in testing phases [4]. Group 2: Enhanced User Benefits - Major gaming companies are upgrading holiday-specific gameplay and benefits to extend user engagement [5]. - Tencent's "League of Legends Mobile" has launched a New Year celebration with significant discounts and exclusive skins, while "Peace Elite" has introduced new version experiences and themed rewards [5]. - NetEase's "Nirvana in Fire" has been offering free monthly cards and various in-game rewards since late January [5]. Group 3: Shift in User Demand - User demand is shifting towards "immersive experiences," prompting companies to provide richer content and benefits to meet diverse needs [6]. - The market competition is evolving from a focus on single product dimensions to a comprehensive ecological competition [6]. Group 4: Cross-Industry Collaborations - Cross-industry collaborations are becoming a norm, with games increasingly integrating into offline life [7]. - Tencent's "Delta Action" is partnering with Haidilao to launch themed packages and promotions during the Spring Festival [7]. - NetEase's "Egg Party" has collaborated with RT-Mart to create interactive treasure hunt activities and custom cakes, appealing to younger consumers [8]. Group 5: Consumer Engagement Strategies - The integration of game IP into physical consumption is creating a closed loop of "content + scene + consumption" [8]. - The aim of cross-industry collaborations is to attract potential user groups and stimulate consumption through both online and offline channels [8].

Core Insights - The report provides an analysis of the Chinese mobile gaming industry, focusing on distribution models, active channels, and advertising strategies. Distribution Models - The mobile gaming distribution models are categorized into two main types: cooperation (联运) and user acquisition (买量) [1][2]. - Cooperation model involves game developers partnering with platforms to share revenue, while user acquisition model focuses on direct advertising to attract users [2][3]. Active Channels - Major active distribution channels for mobile games include hardware official stores, third-party app stores, super apps, advertising platforms, and niche apps [5]. - VIVO Game Center, TapTap, and Huawei Game Center are identified as the most active channels, each with an activity rate exceeding 14% [6]. User Acquisition Trends - Role-playing games (RPGs) dominate the user acquisition market, with 1,147 products on Android and 178 on iOS, highlighting a strong preference for RPGs among users [8]. - The overall number of mobile game apps launched in 2024 is reported at 20,054, reflecting a 12.35% decline year-on-year, indicating intense competition in the mobile gaming sector [10].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market benchmark [5][40]. Core Insights - The media industry has shown a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the successful launch of new products by Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications and game IPs, particularly in the context of marketing and content creation [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Data Tracking - The total box office for the week of January 26 to February 1 reached 257 million yuan, with the top three films being "Zootopia 2" (41 million yuan), "Water Pipe" (63 million yuan), and "Return to Silent Hill" (33 million yuan) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were "Whiteout Survival" by Didi Interactive, "Gossip Harbor: Merge & Story" by Lemon Microfun, and "Kingshot" by Didi Interactive [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for potential investment opportunities, particularly in AI marketing and content creation [4][36]. - Specific companies recommended for investment include Giant Network, G-bits, and K-Young Network, which are expected to benefit from AI product implementations [4][36].

Core Viewpoint - Recent rumors regarding potential adjustments to the value-added tax (VAT) rates for industries such as gaming and finance have caused significant market fluctuations, particularly affecting major companies like Tencent and NetEase. However, these rumors have been debunked by authoritative sources, confirming that no such changes are planned [1][4]. Group 1: Market Impact - The rumors about VAT adjustments led to substantial declines in stock prices for companies in the gaming and finance sectors, with Tencent dropping over 6% and NetEase fluctuating between gains and losses of more than 3% [1]. - Other companies such as Century Huatong and Giant Network also experienced significant stock price drops, with Century Huatong falling over 9% during trading [1]. Group 2: Clarification of Rumors - Experts and industry insiders have confirmed that the rumors regarding VAT increases, including a potential rise in the gaming industry's tax rate from 6% to 32%, are unfounded [4]. - The current VAT law in China stipulates that the maximum VAT rate is 13%, and there are no provisions for a 32% rate, further discrediting the rumors [4]. - Recent announcements from the financial and tax authorities have clarified that there will be no changes to the VAT policies affecting the gaming and finance sectors, ensuring stability and certainty in the tax regime [4].

增值税传闻扰动市场。 近期，一些关于调整游戏、金融等行业增值税税率的传言在部分网络平台上传播。其中，提及金 融业、互联网增值服务等或将面临增值税税率上调，游戏行业的税率有可能从6%调高至32%。 自2026年1月1日起，《中华人民共和国增值税法》和《中华人民共和国增值税法实施条例》同步 施行。专家表示，财税部门近期发布了多项关于增值税政策的公告，这些政策主要是为了更好落 实增值税法、确保立法后的税制连贯性，其中对于游戏、金融等行业适用税率等政策都有明确的 规定，增强了政策确定性和稳定性。 "实际上，增值税立法后，增值税相关行业的税率都已明确，财税部门日前发布多项公告，也没有 调整游戏、金融行业增值税政策。上述传言不具备真实性。"一位业内人士表示。 这位业内人士称，网络传言中还提及游戏行业的税率要"从6%的档次调高至32%的档次"。但 实际 上，目前我国增值税法明确规定，增值税税率最高仅为13%，32%这个档次是不存在的，进一步 说明传言不具备可信度。 综合自：新华社 责编：万健祎 校对： 许欣 受传闻影响，腾讯、网易、世纪华通、三七互娱、巨人网络等盘中一度大幅跳水，其中，腾讯一 度跌超6%，网易从涨超3%一度 ...

Group 1 - On February 3, the A-share gaming sector experienced a dramatic V-shaped reversal, with companies like Century Huatong (002602 SZ) initially seeing stock declines due to rumors of increased taxes on internet value-added services, but later rebounding after the rumors were debunked [1] - During the morning session on February 3, several A-share gaming stocks fell, with Century Huatong dropping over 8%, while other companies like 37 Interactive Entertainment (002555 SZ) and Giant Network (002558 SZ) also saw declines. However, by the end of the day, the gaming sector index rose over 3% [1] - The initial drop in stock prices was attributed to rumors suggesting that the financial and internet value-added services, including in-game purchases and advertising, might be targeted for tax rate adjustments, similar to the liquor tax rates [1] Group 2 - On January 31, the Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rates, increasing the rate for telecom services from 6% to 9%, which could impact the revenue and profits of telecom operators [2] - Various debunking messages emerged on February 3, clarifying that the definition of value-added telecom services excludes mobile data and broadband access services, and that the rumors about gaming tax rates aligning with liquor taxes were based on a misunderstanding of different tax types [3] - Game companies reported that they had not received any official documents regarding tax rate adjustments, and there were no recent meetings or discussions on the topic, indicating skepticism about the validity of the tax increase rumors [3]

Investment Rating - The report maintains a "Positive" investment rating for the media industry in China, indicating an expectation of returns exceeding the market benchmark by over 5% [3][12]. Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with many high DAU games leveraging natural language AI game engines to drive user co-creation, resulting in significant growth in both game content and DAU [6]. - The report highlights key companies with advantages in gaming channels and high DAU, recommending Tencent Holdings (00700, Buy), NetEase-S (09999, Buy), and others for investment [6]. - The report emphasizes the importance of companies with significant project reserves for the year, suggesting a focus on 37 Interactive Entertainment (002555, Accumulate) and Perfect World (002624, Accumulate) [6]. Summary by Sections Industry Overview - The report discusses the impact of AI game editors, noting that Tencent's "Peacekeeper Elite" has surpassed 33 million DAU, indicating a shift from B2B to C-end empowerment in the gaming AI engine sector [7]. Investment Recommendations - Companies recommended for investment include Tencent Holdings, NetEase-S, and others with strong positions in gaming channels and DAU [6]. - Companies with key project reserves for the year, such as 37 Interactive Entertainment and Perfect World, are also highlighted for potential investment [6]. Market Dynamics - The report notes that the domestic AI game editor technology is ready for commercial application, with companies like Tencent and NetEase leading the way in integrating AI tools into high DAU games [7]. - The report assesses the limitations of overseas models like Genie3, indicating that they currently lack the necessary support for B-end game production and have uncertain playability for C-end users [7].