Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [7]. Core Insights - The gaming industry continues to show strong performance with multiple new game launches and the integration of AI applications, which are expected to enhance valuations in the sector [2][4]. - The report highlights the sustained growth in the mini-game market, with over 1 billion registered users on WeChat mini-games and a monthly active user (MAU) count exceeding 500 million [9]. - The report emphasizes the potential of AI in gaming, citing the successful implementation of AI-driven features in games like Giant Network's "Supernatural Action Group," which has seen over 25 million AI-participated matches [9]. Summary by Sections Market Performance - The mini-game market is experiencing good growth, with nearly 70 games achieving over 1 million daily active users (DAU) and over 300 games generating quarterly revenues exceeding 10 million [9]. - User engagement is increasing, with a projected 10% growth in DAU for WeChat mini-games in 2025, and a 27% year-on-year increase in users active for more than ten days a month [9]. New Game Launches - The report notes that the new game cycle continues into January, with several new titles and long-term products performing well, including "Supernatural Action Group" and "RO: Journey of the World" [9]. - Upcoming game releases are expected to further catalyze the market, with titles like "Tomorrow's Ark: End of the World" and "Douluo Dalu: Zero" set to launch soon [9]. Investment Recommendations - Given the ongoing new game launches and the strong performance of the gaming sector, the report suggests continued attention to investment opportunities in the gaming industry, recommending companies such as Giant Network, Perfect World, and Tencent Holdings [2][9].

Core Viewpoint - The company, Sanqi Interactive Entertainment, announced the approval of a foreign exchange hedging business with a limit of 800 million USD or equivalent currency by its board of directors [2] Group 1 - The board meeting for the seventh session was held on January 20, 2026 [2] - The foreign exchange hedging business does not require approval from the company's shareholders [2] - The approved amount for the hedging business is set at 800 million USD or its equivalent in other currencies [2]

Group 1 - The company, Sanqi Interactive Entertainment, announced that its seventh board meeting will be held on January 20, 2026, combining in-person and remote participation [1] - The meeting will review the proposal regarding the authorization of the management to handle matters related to the special account for raised funds [1]

Market Overview - On January 20, the Shanghai Composite Index fell by 0.01%, the CSI 300 decreased by 0.33%, the STAR 50 dropped by 1.58%, the CSI 1000 declined by 1%, the ChiNext Index decreased by 1.79%, and the Hang Seng Index fell by 0.29% [5][6] - The best-performing sectors on January 20 were oil and petrochemicals (+1.74%), building materials (+1.71%), real estate (+1.55%), transportation (+1.25%), and construction decoration (+1.24%). The worst-performing sectors were telecommunications (-3.23%), defense and military (-2.87%), computers (-1.94%), comprehensive (-1.87%), and electric equipment (-1.84%) [5][6] - The total trading volume of the A-share market on January 20 was 28,042 billion yuan, with a net inflow of 3.663 billion Hong Kong dollars from southbound funds [5][6] Important Recommendations - The report focuses on Wei Long Delicious (09985), a leading spicy snack company, which is expected to stabilize its noodle products in 2026 while the new konjac products are anticipated to drive revenue growth [7][8] - The recommendation logic indicates that despite market concerns about the growth potential of noodle products and increased competition in the konjac category, the company is expected to achieve a slight increase in noodle product sales in 2026 due to new flavors and improved distribution strategies [7][8] - The konjac industry is projected to exceed 30 billion yuan by 2025, with a CAGR of 12% over the next five years, indicating significant growth potential. Wei Long, as a market leader, is well-positioned to capitalize on this trend with new product launches [7][8] Important Insights - The macroeconomic report indicates that December 2025 concluded positively, with a focus on enhancing policy effectiveness for 2026. The overall economic growth for 2025 was 5%, and there is an expectation for a strong start in 2026 supported by industrial production and fiscal policies [9][10] - The report highlights a shift in policy focus from merely expanding policy measures to improving their effectiveness, particularly in supporting major national strategic tasks [9][10] Important Comments - The media and internet sector is experiencing a cooling period in AI applications, with a focus on identifying new investment opportunities. Companies such as Perfect World, Century Huatong, and Giant Network are highlighted as potential investment targets [11] - The report notes a fundamental shift in search logic from SEO to GEO, emphasizing the importance of authoritative information sources in AI model training and commercialization [11]

关于公司及控股子公司开展外汇套期保值业务的公告 证券代码：002555 证券简称：三七互娱 公告编号：2026-002 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司 三七互娱网络科技集团股份有限公司（以下简称"公司"）于 2026 年 1 月 20 日召开第 七届董事会第五次会议，审议通过了《关于公司及控股子公司开展外汇套期保值业务的议案》， 同意公司及控股子公司开展的外汇套期保值业务额度为 8 亿美元或其他等值货币。本议案属 于董事会审议范围内，无需提请公司股东会审议，现将相关事项公告如下： 一、开展外汇套期保值业务的目的 公司海外业务发展规模不断扩大，公司美元、港币等外币结算业务占比不断攀升，因此 当汇率出现较大波动时，汇兑损益对公司的经营业绩会造成一定影响。为规避外汇市场风险， 降低汇率波动对公司生产经营、成本控制的不良影响，保持公司稳定的利润水平，公司拟与 银行等金融机构开展外汇套期保值业务。 二、拟开展的外汇套期保值业务概述 1、外汇套期保值业务的品种及币种 外汇套期保值业务主要品种具体包括远期结售汇、外汇互换、外 ...

三七互娱网络科技集团股份有限公司 一、开展外汇套期保值业务的背景 公司海外业务发展规模不断扩大，公司美元、港币等外币结算业务占比不断攀升，因此 当汇率出现较大波动时，汇兑损益对公司的经营业绩会造成一定影响。为规避外汇市场风险， 降低汇率波动对公司生产经营、成本控制的不良影响，保持公司稳定的利润水平，公司拟与 银行等金融机构开展外汇套期保值业务。 二、拟开展的外汇套期保值业务概述 1、外汇套期保值业务的品种及币种 外汇套期保值业务主要品种具体包括远期结售汇、外汇互换、外汇期货、外汇期权业务 及其他外汇衍生产品等业务。公司拟开展的外汇套期保值业务涉及的币种包括但不限于公司 生产经营所使用的主要结算货币，如美元、港币等。 2、预计投入资金 公司及控股子公司拟开展的外汇套期保值业务额度为 8 亿美元或其他等值货币，额度使 用期限自第七届董事会第五次会议审议通过之日起 12 个月内。上述额度在期限内可循环滚 动使用，但期限内任一时点的金额不超过 8 亿美元或其他等值货币。 3、资金来源 公司本次业务的资金来源为自有资金，不涉及募集资金。 关于开展外汇套期保值业务的可行性分析报告 4、合约期限 与基础交易期限相匹配，一般 ...

证券代码：002555 证券简称：三七互娱 公告编号：2026-003 三七互娱网络科技集团股份有限公司 一、本员工持股计划的持股情况 1、公司于 2019 年 7 月 27 日在巨潮资讯网披露了《关于第三期员工持股计划非交易过 户完成的公告》，"三七互娱网络科技集团股份有限公司回购专用证券账户"所持有的公司 股票已于 2019 年 7 月 25 日非交易过户至"三七互娱网络科技集团股份有限公司-第三期员 工持股计划"，过户股数为 22,347,537 股，占当时公司总股本（2,112,251,697 股）的比例为 1.06%。 2、本员工持股计划按照规定予以锁定，自公司公告最后一笔标的股票过户至本员工持 股计划名下之日起 12 个月后开始分期解锁，锁定期最长 36 个月。本员工持股计划存续期为 48 个月，自公司公告最后一笔标的股票过户至本员工持股计划名下之日起算。 3、截至本公告日，本员工持股计划持股数量为1,161,886股，占公司目前总股本的0.05%。 本员工持股计划未出现或用于抵押、质押、担保、偿还债务等情形；未出现累计持有公司股 票数量总额超过公司股本 10%以及任一持有人持有的员工持股计划份额 ...

证券代码：002555 证券简称：三七互娱 公告编号：2026-001 三七互娱网络科技集团股份有限公司 第七届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司（下称"公司"或"本公司"）第七届董事会第五 次会议通知于 2026 年 1 月 13 日以专人送达、电子邮件、电话方式发出，会议于 2026 年 1 月 20 日在公司会议室以现场与通讯结合的方式召开。本次会议应到董事 9 位，实到董事 9 位。会议由董事长李卫伟主持。会议的召集和召开符合法律、法规及《三七互娱网络科技集 团股份有限公司章程》（下称"《公司章程》"）的有关规定。本次会议作出了如下决议： 一、审议通过《关于董事会授权公司管理层办理募集资金专户相关事宜的议案》 根据公司募投项目的实施情况，为提高募集资金使用效率，根据《上市公司证券发行注 册管理办法》《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法律、法规和规范性文件及《公司章程》的有关规定， 公司董事会批准设立募集资金专项 ...

Group 1 - The gaming sector experienced a decline of 0.32% on January 20, with Jibite leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Major stocks in the gaming sector showed mixed performance, with Giant Network rising by 2.40% and Jibite falling by 3.37% [2][1] Group 2 - The gaming sector saw a net outflow of 741 million yuan from institutional investors, while retail investors had a net inflow of 457 million yuan [2][3] - The trading volume for major gaming stocks varied, with Giant Network recording a trading volume of 690,300 shares and a transaction value of 3.561 billion yuan [1] - Jibite's stock price decreased to 459.78 yuan, with a trading volume of 16,100 shares [2]

上线70天了，《枫之谷：放置冒险记》还在韩服iOS畅销Top 1霸榜，压得一众本土巨头和国产出海大作抬不起头。 01 2025年末最大黑马 根据SensorTower的数据（后文数据来源相同），《枫之谷：放置冒险记》（后文简称《枫之谷》）的表现异常迅猛，上线仅45天，累计下载量突破300 万，累计收入超过1亿美元，约7亿人民币。 按照这款游戏一直霸榜的势头估算，这70天以来它的总流水或已超过10亿人民币。 更可怕的是，它对放置RPG赛道的冲击。 去年纵览全球最赚钱的放置RPG游戏，几乎都出自国人的手笔。 比如数据显示，Habby的《卡皮巴拉Go！》延续24年的涨势，在去年斩获总流水超1.3亿美金；4399的老将《菇勇者传说》也保持了1亿美金左右的流水； 吉比特的新游《杖剑传说》和三七的新游《英雄没有闪》也在去年大获成功。 就在这个几乎被国内产品垄断全球的赛道，《枫之谷：放置冒险记》在去年末11月6号上线了韩国、美国、澳大利亚、欧洲、东南亚等多个国家，以及香 港和台湾地区。 仅用45天，它就超越了多个对手一年来的累计成绩，成为去年全球第二赚钱的放置RPG手游，也是去年表现最好的放置RPG新游。 不仅如此，如果对 ...