证券代码：002517 证券简称：恺英网络 公告编号：2026-003 恺英网络股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、回购方案的主要内容 恺英网络股份有限公司（以下简称"公司"、"本公司"）本次将使用自有资金或 自筹资金（含股票回购专项贷款资金等）以集中竞价交易方式回购公司股份，回购股份 的资金总额不超过（含）人民币 20,000 万元且不低于（含）人民币 10,000 万元；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）人民币 36.91 元/股， 按此次回购资金最高人民币 20,000 万元测算，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%；按此次回购资金最低人民币 10,000 万元测算，预计可回 购股份数量为 270.9293 万股，约占公司目前总股本的 0.13%。回购期限自董事会审议通 过回购股份方案之日起不超过十二个月，具体回购数量及回购金额以回购期满或回购完 毕时实际回购的股份数量和回购金额为准，回 ...

证券代码：002517 证券简称：恺英网络 公告编号：2026-002 恺英网络股份有限公司 关于回购公司股份方案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、回购方案的主要内容 恺英网络股份有限公司（以下简称"公司"、"本公司"）本次将以集中竞价交易 方式回购公司股份，回购股份的资金总额不超过（含）人民币 20,000 万元且不低于（含） 人民币10,000万元；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） 人民币 36.91 元/股，按此次回购资金最高人民币 20,000 万元测算，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%；按此次回购资金最低人民币 10,000 万元测算，预计可回购股份数量为 270.9293 万股，约占公司目前总股本的 0.13%。回购 期限自董事会审议通过回购股份方案之日起不超过十二个月，具体回购数量及回购金额 以回购期满或回购完毕时实际回购的股份数量和回购金额为准，回购股份用于后期实施 股权激励计划、员工持股计划。 2、本次回购的资金来源为自有 ...

证券代码：002517 证券简称：恺英网络 公告编号：2026-001 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 恺英网络股份有限公司（以下简称"公司"）于 2026 年 2 月 6 日以电子邮 件方式发出召开第五届董事会第十六次会议的通知，会议于 2026 年 2 月 9 日以 现场结合通讯方式召开。根据《公司章程》的规定，会议应出席董事 9 名，实 际出席董事 9 名；公司部分高级管理人员列席会议。会议的召开符合《公司法》 《公司章程》及相关法律、法规的有关规定，会议决议合法有效。 根据《公司章程》规定，本次会议由董事长金锋先生主持，与会董事就会 议议案进行了审议、表决，审议通过如下议案： 一、逐项审议通过《关于回购公司股份方案的议案》 公司本次将使用自有资金或自筹资金（含股票回购专项贷款资金等）以集 中竞价交易方式回购公司股份，回购股份的资金总额不超过（含）人民币 20,000 万元且不低于（含）人民币 10,000 万元；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）人民币 36.91 元/股 ...

传媒行业重仓配置回落转为低配，游戏板块仍为市场关注重点 2025年Q4 SW传媒行业的适配比例为1.63%，基金重仓比例为1.22%，低配比例为0.41%。以SW传媒行 业重仓为基准，游戏板块维持超配，超配比例上涨3.59pct至40.26%，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高 从持股市值看，2025年Q4 SW传媒行业的前十大重仓股分别为巨人网络、世纪华通、恺英网络、分众传 媒、三七互娱、完美世界、吉比特、神州泰岳、光线传媒、昆仑万维，游戏行业占据8席。从前十大重 仓股的行情表现来看，2025年第四季度三七互娱股价上涨，吉比特与恺英网络的股价跌幅尤为显著，分 别下跌了24.58%和22.12%。 智通财经APP获悉，万联证券发布研报称，从2025年Q4 SW传媒行业的基金重仓配置及估值水平看，行 业指数有所下跌，成交额活跃度有所回落，但仍处于高位，行业基金重仓比例由超配转至低配，游戏领 域头部公司是机构关注的核心，建议关注游戏版号储备丰富、布局AI应用的游戏公司。 万联证券主要观点如下： 基金重仓集中度环比回落，头部配置仍处高位 2025年Q4 SW传媒行业基金前5、前1 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [47]. Core Insights - In Q4 2025, the SW Media Industry Index decreased by 4.92%, with a slight reduction in capital activity, yet it remains at a high level. The fund's heavy allocation in the media sector has shifted to an underweight status, while the gaming sector continues to attract market attention and remains overweight [1][2][10]. - The gaming sector occupies a significant portion of the top ten heavy stocks, indicating high market interest. Among the top ten heavy stocks, eight are from the gaming industry, with notable declines in stock prices for most, except for one stock that saw an increase [2][24]. Summary by Sections 1. Capital Activity - The SW Media Industry Index closed at 819.69 points at the end of Q4 2025, down from 862.14 points at the beginning of the quarter, reflecting a 4.92% decline. The average daily trading volume was 51.09 billion yuan, a decrease of 5.20 billion yuan from the previous quarter [10]. 2. Industry Allocation Status - The allocation ratio for the SW Media Industry in Q4 2025 was 1.63%, with a fund heavy allocation ratio of 1.22%, indicating a low allocation of 0.41%. This reflects a shift from overweight to underweight status [13][16]. - The number of heavy allocation stocks accounted for 50.77% of the total, showing a slight decrease in concentration, ranking 14th among all primary industries [17]. - The gaming sector maintained an overweight status with a 40.26% allocation, while other sub-sectors remained underweight [35][39]. 3. Fund Concentration - The concentration of fund heavy stocks decreased slightly, with the top five, ten, and twenty stocks accounting for 68.74%, 85.72%, and 97.33% of the total fund heavy stock value, respectively, indicating a high concentration in leading stocks [3][43]. 4. Investment Recommendations - Given the current fund allocation and valuation levels in the SW Media Industry, it is suggested to focus on leading companies in the gaming sector, particularly those with rich game license reserves and applications in AI [45].

Group 1: Film Industry - The Spring Festival period will feature 8 films across various genres, including comedy, crime, fantasy, martial arts, animation, and documentary, with a total of 1.29 million pre-release views, surpassing the 1.15 million and 0.95 million views from 2023 and 2024 respectively [1][2] - The film "The Silent Awakening" leads in pre-release interest with 780,000 views, followed by "Fast Life 3" and "The Bounty Hunter" [1] - The Central Radio and Television General Station will release the Spring Festival Gala mascot "Qiji Chicheng," with plans for a multi-platform digital asset distribution during the gala [1] Group 2: Gaming Industry - The game "Yihuan" is set to launch on May 15, with a high anticipation score of 9.0 on TapTap, indicating strong interest [2] - Several social games will host Spring Festival events, including "Supernatural Action Group" and "Duck Duck Goose," which are expected to enhance user engagement and increase daily active users (DAU) [2] Group 3: AI Industry - Multiple large models, including Alibaba's Qwen 3.5 and Baidu's models, are expected to be released around the Spring Festival, indicating a period of intensive iteration in the domestic AI sector [3] - Major internet companies are leveraging high user activity during the Spring Festival to accelerate AI commercialization, with significant cash giveaways planned [3] - Anthropic has launched the Cowork AI Agent for knowledge workers and introduced 11 industry-specific plugins, expanding its capabilities into general office tasks [4] Group 4: Investment Opportunities - Suggested companies to watch in the film sector include Bona Film Group [4] - In the gaming sector, companies such as Kying Network, Giant Network, and G-bits are highlighted as potential investment opportunities [4]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

消息面上，近日，一款名为Seedance2.0的AI视频生成模型再度刷屏海内外互联网。Seedance2.0由字节 跳动推出，可根据文本或图像创建电影级视频。它采用双分支扩散变换器架构，可同时生成视频和音 频。只需编写详细的提示或上传一张图片，Seedance 2.0 即可在60秒内生成带有原生音频的多镜头序列 视频。值得一提的是，这款模型独有的多镜头叙事功能，能够根据单个提示自动生成多个相互关联的场 景。 机构指出，腾讯上周连跌，一是市场担心互联网平台加税，实际游戏增值税无加税空间，也未验证出新 税种；二是元宝活动被封；三是Q4业绩下调传闻，但目前15倍PE仍具备性价比。目前元宝下载情况稳 健，腾讯 AI 与大厂差距可能缩小，继续推荐。 数据显示，截至2026年1月30日，中证传媒指数(399971)前十大权重股分别为蓝色光标、分众传媒、利 欧股份、巨人网络、岩山科技、昆仑万维、恺英网络、三七互娱、光线传媒、完美世界，前十大权重股 合计占比53.71%。 截至2026年2月9日 09:51，中证传媒指数(399971)强势上涨2.30%，成分股中文在线上涨20.00%，海看股 份上涨19.99%，捷成股份上 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [54]. Core Viewpoints - The report highlights that during the Spring Festival, the media industry is experiencing increased exposure, particularly in film, gaming, and AI developments. Eight films are scheduled for release during the Spring Festival, with a diverse range of genres, and the cumulative interest in these films is higher than in previous years [9][52]. - The gaming sector is expected to see revenue growth due to various operational activities during the Spring Festival, particularly for social games [5]. - In the AI sector, multiple leading models are anticipated to release updated versions, and major internet companies are leveraging high user engagement during the Spring Festival to accelerate AI commercialization [6][9]. Summary by Sections Film Industry - Eight films are set for release during the Spring Festival, including titles like "The Silent Awakening" and "Racing Life 3." The cumulative interest for these films has reached 1.29 million, surpassing the previous years' figures [4][9]. - The top three films in terms of cumulative interest are "The Silent Awakening" (780,000), "Racing Life 3" (590,000), and "The Bounty Hunter: Winds Rise in the Desert" (520,000) [52]. Gaming Industry - The game "The Ring" is expected to launch on May 15, with high anticipation reflected in its ranking on the TapTap pre-registration list [5]. - Several social games are launching Spring Festival events, which are expected to enhance daily active users (DAU) and revenue [5]. AI Industry - The report notes a significant iteration period for domestic large models, with several expected releases around the Spring Festival, including Alibaba's Qwen 3.5 and Doubao 2.0 [6]. - Major internet companies are implementing promotional activities, such as cash red envelopes, to boost user engagement and accelerate AI commercialization [6][9]. Key Companies to Watch - In the film sector, companies like Bona Film Group are recommended for attention [9]. - In gaming, companies such as Kingnet, Giant Network, and G-bits are highlighted as potential investment opportunities [9].

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The AI application competition is intensifying, with major players like Yuanbao, Qianwen, and Doubao launching various promotional activities to capture AI traffic [2][8] - Internet penetration in China has surpassed 80%, with a user base of 1.125 billion, indicating a significant market for digital advertising [14][15] - The advertising market shows signs of recovery, with a notable increase in ad spending starting from July 2025, particularly during the November shopping festival [15] Summary by Sections AI Application Competition - During the 2026 Spring Festival, Yuanbao launched a 1 billion RMB cash red envelope campaign, while Qianwen initiated a 3 billion RMB promotional event focused on food delivery [8][10] - On February 6, 2026, these three AI applications dominated the iPhone app download charts, with Yuanbao and Qianwen reaching the top positions [10][12] Internet Penetration and Advertising Market - According to CNNIC, the internet penetration rate in China reached 80.1% in 2025, with 602 million users engaging with generative AI applications [14] - The advertising market has shown a recovery trend, with ad spending growth rates exceeding double digits from September to November 2025, peaking at 16.6% during the shopping festival [15][16] Recommended Stocks - The report recommends several companies across different sectors that are expected to benefit from the AI ecosystem, including: - **Gaming**: Century Huatong, Giant Network, Perfect World, and others [13] - **Film and Television**: Mango Super Media, Wanda Film, and Shanghai Film [13] - **Marketing**: Easy Point and Worth Buying [13] Industry Performance - The SW Media Index fell by 3.30% from February 2 to February 6, 2026, underperforming compared to major indices [5]