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].

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-03 | 002624 | 完美世界 | 18.46 | 157.97 | 2,916. [ 信 证券股份有限 | 国泰海通证券股份 | | | | | | | 公司北京呼家楼证 | 有限公司北京知春 | | | | | | | 券营业部 | 路证券营业部 | 2月3日，完美世界大宗交易成交157.97万股，成交额2916.13万元，占当日总成交额的1.66%，成交价18.46元，较市场收盘价 18.58元折价0.65%。 ...

Core Viewpoint - The article discusses the impact of a rumor regarding potential tax rate adjustments on the gaming industry, which led to significant fluctuations in stock prices for major gaming companies like Tencent and NetEase. However, the credibility of the rumor is questioned by industry experts and analysts [2][4][5]. Group 1: Market Reactions - On February 3, gaming stocks experienced a sharp decline, with Tencent dropping over 6% and NetEase falling more than 3% during intraday trading. However, by the end of the day, A-share gaming stocks rebounded, with Century Huatong and Jiubang Technology both rising over 2% [2]. - The gaming index (BK1406) increased by more than 3.4% by the end of the trading day, with several stocks, including Shunwang Technology, seeing significant gains, with a rise of 13.8% [2][3]. Group 2: Tax Rumor Analysis - A rumor suggested that the financial and internet value-added services, including in-game purchases and advertising, might face a tax rate increase from 6% to align with the 32% rate of the liquor industry, which could compress profit margins for companies like Tencent [4]. - Industry insiders have largely dismissed the rumor as lacking credibility, with Century Huatong stating they have not received any related information and that their operations remain normal [5]. - Analysts argue that the proposed tax increase from 6% to 32% is unlikely, as many companies already operate within a tax rate range of 15%-25%, and such a tax adjustment would require extensive legislative processes [5][6]. Group 3: Legal and Policy Considerations - The article highlights that the rumor is based on a misunderstanding of tax classifications, as the 32% rate applies to consumption tax, while the gaming and internet services are subject to value-added tax (VAT) at 6% [8]. - Current tax regulations, as outlined in the VAT law effective from January 1, 2026, specify three tax rates: 13%, 9%, and 6%, with financial and modern services falling under the 6% category [8][10]. - Analysts from Huachuang Securities emphasize that any tax increase would likely be passed on to consumers, contradicting the government's current focus on promoting consumption and economic growth [10].

Core Viewpoint - The market reacted negatively to rumors suggesting that the financial and internet value-added services sectors, including gaming, might face tax rate adjustments similar to those applied to liquor, leading to a decline in stock prices for major companies like Tencent and others in the gaming sector [1][10]. Group 1: Market Reaction - On February 3, the A-share gaming sector experienced a significant drop, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network, Giant Network, and 37 Interactive Entertainment also declining [1][10]. - Following the initial drop, gaming stocks rebounded, with Shunwang Technology rising by 14.65%, and other companies like Xunyou Technology, Zhejiang Shuju, and Perfect World seeing increases of over 5% [1][10]. Group 2: Tax Rumors and Industry Response - Industry insiders have confirmed that there has been no official communication regarding tax rate adjustments, indicating that the rumors are likely unfounded [5][14]. - A representative from a leading gaming company stated that no formal documents or meetings regarding tax adjustments have been received, further supporting the notion that the rumors lack credibility [5][14]. - According to a report from Everbright Securities, the rumors are based on a misunderstanding of tax categories, as the proposed comparison between gaming and liquor tax rates is misleading [6][15]. Group 3: Tax Policy Context - The current tax rate for financial services and modern services, including gaming and advertising, is set at 6%, contrasting with the 9% rate applicable to basic telecommunications and construction sectors [6][15]. - The recent tax rate adjustment announced by the Ministry of Finance and the State Administration of Taxation only pertains to basic telecommunications services, not affecting financial or internet value-added services [6][15]. - The prevailing policy focus is on stabilizing growth and promoting innovation, suggesting that significant tax increases in key sectors would contradict current governmental objectives [7][16].

Core Viewpoint - The article discusses rumors regarding potential tax rate adjustments for the financial and internet value-added services sectors, particularly gaming, which led to a decline in stock prices for major internet companies like Tencent. However, industry insiders have largely dismissed these rumors as unfounded and lacking credibility [1][6][7]. Group 1: Market Reactions - On February 3, market rumors about tax rate adjustments caused a significant drop in the A-share gaming sector, with Century Huatong's stock falling over 9%, and other major gaming stocks like Kaixin Network and Giant Network also experiencing declines [1]. - Despite the initial drop, gaming stocks rebounded later, with Shunwang Technology rising by 14.65% and other companies like Xunyou Technology and Zhejiang Shuju Culture seeing increases of over 5% [1][2]. Group 2: Tax Rate Rumors - The rumors suggested that the gaming tax rate might align with the 32% rate applied to liquor, which is a consumption tax, while gaming services are subject to a value-added tax (VAT) of 6% [6][7]. - Industry experts confirmed that there has been no official communication regarding tax rate changes, and the credibility of the rumors is considered low [6][7]. Group 3: Tax Policy Context - The current VAT law, effective from January 1, 2026, specifies three tax rates: 13%, 9%, and 6%, with financial and modern services, including gaming, falling under the 6% category [7]. - Recent adjustments in tax rates have only affected basic telecommunications services, and any changes to the tax structure would require rigorous legislative or administrative processes [7]. - The prevailing policy focus is on stabilizing growth and supporting innovation, making significant tax increases on key industries unlikely [7].

2月3日，游戏板块早盘高开后持续上扬，游戏ETF（159869）现已涨近3%，持仓股全线飘红，顺 网科技、迅游科技、浙数文化、完美世界等均涨超5%。截至2月2日，游戏ETF（159869）规模已达 138.59亿元，游戏ETF（159869）近10个交易日累计"吸金"达3.67亿元，备受资金青睐。 2月2日，巨人网络宣布旗下游戏《超自然行动组》DAU（日活跃用户）已突破1000万。作为国内 摸金搜打撤玩法的开创者，《超自然行动组》从立项到上线仅在较短周期就完成了产品验证。此前，该 游戏还上线了全新"AI（人工智能）大模型挑战"，面向用户全量开放。《超自然行动组》实现千万 DAU并引入AI玩法，验证了巨人网络通过"玩法创新+技术融合"模式打造爆款的高效路径，显著增强了 公司的产品实力与估值基础。此举不仅为公司在竞争激烈的市场中开辟了差异化赛道，其"AI+核心玩 法"的实践更为行业探索技术落地提供了前瞻性样本。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数， AI应用含量全市场第一，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块正受到政策利好+产品 周期+AI赋 ...

Core Insights - The gaming industry is witnessing a significant influx of new titles, with 124 games either launched or in testing in Q1 2026, of which 84.7% have obtained approval numbers [1][44] - A notable trend is the migration of 21 games from the Steam platform to mobile, indicating a shift towards innovative gameplay and artistic styles that may rejuvenate the mobile gaming market [1][44] - Several new games have shown promising market performance, including "Survival 33 Days," "Crazy Water World," "Goose Duck," "Counterattack: Future," and "Arknights: End of the World," which have all achieved strong rankings in various app stores [6][10][15][17] Game Launches and Performance - Five standout games have performed well at the start of 2026, with "Survival 33 Days" leading the charge, achieving top rankings on both WeChat and Douyin mini-game platforms shortly after launch [6][8] - "Crazy Water World," a survival simulation game, has also maintained a strong presence in the top 10 of mini-game rankings and is showing upward momentum in the iOS charts [10][11] - "Goose Duck," a social deduction game, has rapidly gained a large user base, surpassing 1 million users within six days of its mobile launch [13] - "Counterattack: Future," a PvE shooter, has successfully positioned itself within the top 20 of the iOS game rankings shortly after its release [15] - "Arknights: End of the World," a strategy RPG, has also made a strong debut, reaching the top ranks in the iOS charts [17] Upcoming Titles and Trends - The upcoming quarter is set to feature several high-potential titles, including Tencent's "Kingdom of Rock," NetEase's "Forgotten Sea," and FunPlus's "Imo," all of which are expected to enter testing soon [19][30] - The trend of porting games from PC to mobile is gaining traction, with complex genres like SOC and Roguelike also being adapted for mobile platforms, indicating a broader acceptance of diverse gameplay styles in the mobile market [44][48] - The industry is experiencing a renewed sense of optimism, with the potential for quality products to thrive despite challenges, suggesting a possible turnaround in market sentiment [47]

Investment Rating - The industry investment rating is "Positive" (maintained) [2][7] Core Insights - The report highlights the initial lineup of films for the Spring Festival, including "Fast Life 3," "Biao Ren," and "Silent Awakening," with a projected box office target of 8 billion for the 2026 Spring Festival, comparable to the 2024 Spring Festival [2][3] - The report emphasizes the importance of major companies in the film industry, such as Bona Film Group and DMG Entertainment, with estimated box office contributions for the films ranging from 5 billion to 30 billion [2][3] - The report also discusses the ongoing competition among major tech companies in the AI application sector, suggesting a focus on long-term quality investments in companies with strong AI capabilities [2][4] Summary by Sections Spring Festival Film Lineup - Six films have been confirmed for the 2026 Spring Festival, with projected box office revenues as follows: - "Fast Life 3": 2.5 to 3 billion - "Biao Ren: Wind Rises in the Desert": over 2 billion - "Silent Awakening": over 1.5 billion - "Star River Dream": approximately 500 million - "Boonie Bears: Year of the Bear": approximately 500 million - "Panda Plan: Tribal Adventure": less than 500 million [2][3] Key Companies and Performance - Notable companies involved in the Spring Festival films include: - Bona Film Group, DMG Entertainment, and Happiness Blue Sea, among others [3] - The report also mentions key gaming companies like Perfect World and Century Huatong, with significant profit forecasts for 2025, indicating strong growth potential in the gaming sector [2][4] Investment Opportunities - The report suggests focusing on companies with a robust AI ecosystem and those benefiting from the acceleration of AI applications, including: - ByteDance, Tencent, and Alibaba-related companies [2][4] - Specific companies highlighted for potential investment include: - DeepSeek, Kuaishou, and various media and entertainment firms [2][4]

Investment Rating - The industry investment rating is "Positive" (maintained) [2][7] Core Insights - The report highlights the initial lineup of films for the Spring Festival, including "Fast Life 3," "Biao Ren: Wind Rises in the Desert," and "Silent Awakening," with a projected box office target of 8 billion for the 2026 Spring Festival, comparable to the 2024 Spring Festival [1][2] - The report emphasizes the importance of major companies in the film industry, predicting box office earnings for the listed films, with "Fast Life 3" expected to earn between 2.5 to 3 billion, "Biao Ren" over 2 billion, and "Silent Awakening" over 1.5 billion [1][3] Summary by Sections Spring Festival Film Lineup - Six films have been confirmed for the 2026 Spring Festival, with projected box office earnings as follows: - "Fast Life 3": 2.5 to 3 billion - "Biao Ren: Wind Rises in the Desert": over 2 billion - "Silent Awakening": over 1.5 billion - "Star River Dream": approximately 500 million - "Boon Bear: Year of the Bear": approximately 500 million - "Panda Plan: Tribal Adventure": less than 500 million [1][3] Related Companies Overview - The report lists several companies involved in the film industry, including: - Bona Film Group, Dama Entertainment, and Happiness Blue Sea for "Fast Life 3" - Dama Entertainment, China Film, Wanda, and Light Media for "Silent Awakening" - Cat Eye Entertainment and Light Media for "Panda Plan" [1][3][4] Stock Performance and Market Insights - The report provides insights into stock performance for companies related to AI applications and gaming, highlighting significant growth in companies like Giant Network, Perfect World, and Century Huatong, with expected net profits showing substantial year-on-year increases [2][4][5]