《决胜巅峰》是一款由中国游戏公司沐瞳科技发行的作品，其运营已进入第10个年头。过去几年，国产 游戏成为中国文化产业出海的又一金字招牌，全球无数的年轻人因为游戏齐聚一堂，分享共同的文化体 验。 此轮全球游戏市场的"中国风"，恰与国内行业提倡"长青游戏"的节点不谋而合——它往往意味着一款游 戏持续数年乃至十几年的长线运营。长青游戏的出现，既是国内6.8亿玩家的"用脚投票"，也是行业对 长期主义的共识凝聚。那么，长青游戏以何长青？又凭何令玩家长情？ 运营长青：让故事值得期待 2025年，中国游戏产业迎来丰收，国内游戏市场实际销售收入预计达3507.89亿元，创历史新高。在中 国音数协游戏工委主任委员张毅君看来，头部长青游戏创新玩法、优化运营功不可没。 长青游戏的概念最早由腾讯在2023年提出，其核心理念在于通过集中资源运营少数高质量游戏，实现业 务的长期稳健增长。 稳健且长期的运营，是长青游戏最显著的特征。 ◎记者罗茂林 中国游戏出海的版图还在扩张。在近日于印尼雅加达举行的今年《决胜巅峰》电竞世界总决赛现场，沐 瞳科技CEO张云帆宣布，沐瞳将设立全新的美洲赛区，下一届全球总决赛将首次进军欧洲。 以风靡全球的《原神》 ...

1月29日，A股三大指数涨跌不一。截至收盘，沪指涨0.16%，报4157.98点，深成指跌0.3%，报14300.08点，创业板指跌 0.57%，报3304.51点。从板块行情上来看，今日表现最好的是白酒板块，出现涨停潮，其次表现较好有超级品牌和AI智能 体，而中芯概念、存储芯片和PCB等板块下跌。 | 基金经理 | 基金名称 | 基金代码 | 公告日期 | 变动日期 | 任职状态 | 变动原因说明 | | --- | --- | --- | --- | --- | --- | --- | | 张立晨 | 华泰保兴安盛 | 007385 | 2026/1/29 | 2026/1/29 | 在职 | 开始任职 | | 快訊團 | 广发恒生生物科技ETF | 691691 | 2026/1/29 | HULL | 在职 | 开始任职 | | 吴秋松 | 东方阿尔法优势产业混合A | 009644 | 2026/1/29 | 2026/1/28 | 在职 | 开始任职 | | | 东方阿尔法优势产业混合C | 009645 | 2026/1/29 | 2026/1/28 | 在职 | 开始任职 | | 王栋 | 路 ...

| | | 半日交投活跃行业、主题ETF一览 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨幅 (%) | 总金额(元) | | 512400 | 有色金属ETF | 2.618 | 2.71 | 48.28亿 | | 517520 | 黄金股ETF | 3.165 | 2.26 | 26.18亿 | | 588200 | 科创芯片ETF | 2.783 | -2.01 | 18.66亿 | | 159562 | 黄金股ETF | 3.444 | 2.65 | 15.81亿 | | 159870 | 化工ETF | 0.931 | -0.32 | 15.33亿 | | 560860 | 工业有色ETF万家 | 2.186 | 2.48 | 14.57亿 | | 512880 | 证券ETF | 1.186 | -0.92 | 13.06亿 | | 159516 | 半导体设备ETF | 1.877 | -2.8 | 13.02亿 | | 159206 | 卫星ETF | 1.961 | -0.61 | 12.30亿 | | 512980 | 传 ...

Core Viewpoint - The article discusses the transformative impact of AI on traditional search engines and the media industry, highlighting the shift towards AI-driven content generation and the emergence of new marketing strategies like Generative Engine Optimization (GEO) [6][10][20]. Group 1: AI and Search Engine Dynamics - The number of active users for leading AI applications exceeded 150 million by the end of last year, indicating a significant shift in user behavior from traditional search engines to AI models for information retrieval [7]. - Gartner predicts a 25% decline in traditional search engine traffic by 2024, with a potential 50% reduction by 2028, suggesting a major disruption in how brands attract traffic [11]. - The content distribution and presentation processes differ significantly between traditional search engines and AI applications, leading to a potential loss of visibility for original content [10][14]. Group 2: Impact on Content Creators and Marketing Strategies - Content creators face challenges as their work's visibility diminishes due to the AI's ability to generate answers directly, which reduces user engagement with original content [19]. - The shift from Search Engine Optimization (SEO) to Generative Engine Optimization (GEO) is necessary for brands to ensure their content appears in AI-generated responses, requiring new strategies for content creation and marketing [20]. - The GEO market is projected to reach 24 billion yuan in China by 2030, with a global market size of 100.7 billion USD, indicating a significant growth opportunity for media companies [20]. Group 3: Media Industry Adaptation - AI is contributing to various sectors within the media industry, including marketing, advertising, and digital media, by enhancing creativity and content generation capabilities [24]. - The media ETF (512980) tracks a diversified index of media companies, with significant inflows of over 5 billion yuan in recent weeks, reflecting investor interest in the evolving media landscape [25]. - Content creators are encouraged to adapt to AI changes by enhancing their unique insights and learning new content creation and distribution techniques to thrive in the AI-driven environment [26][27].

Group 1 - The media sector experienced a significant rise, driven by the active application of AI concepts, with notable advancements in domestic large models such as Alibaba's Qwen3-Max-Thinking, which competes with OpenAI's GPT-5.2-Thinking and Google's Gemini 3 Pro, marking a breakthrough in high-level reasoning capabilities [1] - The AI industry is recognized as a transformative technology, becoming a focal point of global tech competition and a key driver of future industries, showcasing immense development potential and broad application prospects across various sub-sectors of media [1] - AI applications have proliferated into multiple tracks and scenarios, covering 20 different areas including AI smart assistants, AI companionship, AI cameras, and AI writing, enhancing personal productivity, leisure, and daily life [1] Group 2 - As of January 29, 2026, the CSI Media Index surged by 5.74%, with notable stock performances including BlueFocus rising by 16.06%, EasyPoint rising by 14.12%, and Chinese Online increasing by 11.39% [2] - The Media ETF closely tracks the CSI Media Index, which selects 50 large-cap listed companies from marketing and advertising, cultural entertainment, and digital media sectors to reflect the overall performance of representative media companies [2] - The top ten weighted stocks in the CSI Media Index as of December 31, 2025, include Focus Media, Giant Network, BlueFocus, and others, collectively accounting for 51.52% of the index [2]

Group 1 - AI application stocks have seen a resurgence, with notable increases such as Easy Point rising over 13% and Chinese Online increasing over 10% [1] - The Media ETF Huaxia surged by 5.8%, while the ChiNext Software ETF Huaxia and Game ETF both rose by 3.76%, with a total net inflow of 658 million yuan over five consecutive days [1] - The AI application Clawdbot has showcased a new form of personal AI assistant, contributing to the excitement in the sector [1] - The K2.5 model released by Moon's Dark Side Kimi topped multiple global charts within a day of its launch [1] - iFlytek is projected to achieve a profit of 785 million to 950 million yuan in 2025, representing a year-on-year increase of 40% to 70%, with a quarter-on-quarter growth of 394% to 490% in Q4 [1] - Major tech giants and unicorns in China are competing for market share during the Spring Festival, with Tencent and Baidu participating in a red envelope battle [1] Group 2 - The ChiNext Software ETF Huaxia includes key stocks such as Tonghuashun, Runhe Software, and Softcom Power, focusing on financial information services and AI software [2] - The Game ETF, with a latest scale of 14.2 billion yuan, includes leading players like Gigabit, Kayi Network, and Giant Network, as well as Light Media and Kunlun Wanwei, which leverage AI technology [2]

Summary of Key Points from the Conference Call Industry Overview - The entertainment industry is experiencing continuous growth, with all sub-sectors expected to expand by 2025, particularly the short drama market driven by ByteDance. Investors should focus on verticals or high-beta segments that ByteDance has not fully explored, such as gaming and short dramas [1][4] Core Trends in the Gaming Industry - Three major trends are identified in the gaming industry: 1. Deep integration of AI technology with gaming, exemplified by Tencent's "Oasis Origin" AI editor for "Peacekeeper Elite," which achieved 33 million DAU in summer 2025 [6] 2. Development of AI editors by smaller platforms, such as Xindong's Spark Editor, which aims to accumulate user data through small studios [7] 3. Intense competition in product supply, leading to low ARPU for evergreen games and pressure on high ARPU legacy games [7] Notable Companies and Products - Key companies to watch include: - Century Huatong in the SLG sector, which is expanding into casual gaming with "Tasty Travels" entering the top 20 in overseas rankings [8] - Giant Network's "Famous Generals Kill" and Tencent's new DAU products like "Counter-Strike" [8] AI Technology Impact - AI technology is significantly impacting short drama production, with full-stack tools reducing production costs. For instance, tools like Morning Star Dream Factory can generate storyboards and characters at a cost lower than a delivery worker's salary [13][14] - The trend is moving towards AI-generated content surpassing human-generated content, with UGC still requiring human oversight for quality [15] ByteDance's Market Position - ByteDance's market share in the short drama sector has risen to 53%, driven by exclusive IP binding and efficient content release [12] - The company plans to increase investment in overseas markets, particularly North America, in 2026, following a slow growth period in 2025 [17] Challenges in AIGC Product Commercialization - AIGC products face challenges in balancing user engagement and profitability, with high generation costs not being covered by current revenue models [19] Music Industry Adaptation - The music industry is moving towards AI integration, with Tencent's Vimers and similar offerings from NetEase. Future revenue models may shift towards membership subscriptions to compete effectively [20] Future Directions for IP and UGC Content - The future of IP novels and UGC content is focused on dehumanization and AI generation, allowing users to create content easily, leading to a potential scenario where AI-generated content dominates [16] Conclusion - Investors should focus on platform companies that leverage AI tools for potential excess returns, particularly in sectors where ByteDance has not fully established dominance [5][21]

2026年1月以来，公募基金调研活动持续升温，科技成长板块成为核心布局方向，AI应用、商业航天、 创新药及半导体等领域的上市公司获得重点关注。其中，大金重工、翔宇医疗、海天瑞声、爱朋医疗、 熵基科技、美好医疗、博拓生物、天承科技、三七互娱、航天宏图等多家企业均获超百家机构调研。多 位基金经理密集调研细分赛道龙头企业，聚焦技术壁垒高、场景落地明确的优质标的，清晰反映出机构 对科技领域"技术突破+业绩兑现"的双重重视。 ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 AI 流量入口竞争白热，春节档电影供给 丰富 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 《传媒行业月报：游戏行业稳步增长，动漫电 影引领票房增长》 2025-12-30 《传媒行业分析报告：动画电影：从"边缘品 类"到"半壁江山"》 2025-12-25 联系人：李智 投资要点： ⚫ 行情回顾与估值表现：截至 2026 年 1 月 26 日，1 月传媒指数上涨 16.19%，在 30 个行业组合中排名第二，跑赢同期上证指数 （+4.13%）12.06pct、跑赢同期创业板指（+3.62%）12.57pct、 跑赢同期沪深 300 指数（+1.66%）14.53pct。 ⚫ 投资建议： 建议围绕政策环境改善以及 AI 应用加速落地两条主线带来的估值 和业绩双提升，关注目前处于高景气度的细分行业。 在政策端，传媒行业所处政策 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating a positive outlook compared to the market [1]. Core Insights - The media index rose by 16.19% as of January 26, 2026, outperforming major indices such as the Shanghai Composite Index (+4.13%) and the CSI 300 Index (+1.66%) [3][13]. - The report highlights the strong performance of sub-sectors, particularly the internet marketing sector, which surged by 43.70%, followed by publishing (+11.68%), gaming (+10.79%), and film (+8.73%) [3][14]. - The current price-to-earnings (PE) ratio for the media sector stands at 31.71, significantly above the average of 25.90 for 2023, indicating a high valuation relative to historical levels [4][19]. Summary by Sections Investment Recommendations - The report suggests focusing on two main themes: improving policy environment and accelerated AI application, which are expected to enhance both valuation and performance in high-growth sub-sectors [5][11]. - Specific recommendations include: 1. **Gaming Sector**: Anticipated steady growth in the domestic gaming industry, with a focus on companies like Gigabit, Kaixin Network, and Perfect World [12]. 2. **Film Sector**: Attention on the upcoming Spring Festival film releases, which are expected to significantly impact the performance and valuation of the film sector, with companies like Light Media and Wanda Film highlighted [12]. 3. **Defensive Positioning**: State-owned publishing companies are recommended for their low valuations and high dividend yields, with a focus on Zhongyuan Media [12]. Market Review - As of January 26, 2026, the media index's performance ranked second among 30 industry groups, with 134 out of 139 stocks rising [3][16]. - The report notes a significant increase in the number of stocks outperforming the market, with top gainers including BlueFocus and Liwen Technology [16][18]. Industry News - The report discusses regulatory developments, including a nationwide initiative to address "AI-modified" video content, which may impact content creation and distribution practices [20]. - It also highlights the ongoing competition among major internet companies to capture AI traffic, which is expected to drive user growth and expand commercial opportunities in various content areas [11][22]. Monthly Data - The domestic film market saw a box office of 37.13 billion yuan in December 2025, marking a year-on-year increase of 58.00% [24]. - The gaming market achieved a sales revenue of 350.79 billion yuan in 2025, reflecting a growth of 7.68% year-on-year, with user numbers reaching 683 million [42][43].