FF305 第 1 頁 共 10 頁 v 1.3.0 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 165 | 0.00003 % | HKD | 16.72 | | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 由於合資格參與者根據本公司於2021年6月25日採納的購股權計劃行 | | | | | | | 使購股權，本公司於2026年1月14日發行普通股 | | | | | | | 變動日期 2026年1月14日 | | | | | | 3). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 460 | 0.0001 % | HKD | 17.876 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 由於合資格參與者根據本公司於2021年6月25日採納的購股權計劃行 | | | | | | | 使購股權，本公司於2026年1月14日發行普通股 | | | | | | | 變動日期 2026年1月14日 | | | | | ...

Investment Rating - The report maintains a strong recommendation for leading companies in various sub-sectors of the media and internet industry, particularly highlighting companies such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1]. Core Insights - The media industry has seen a significant increase of 13.55% in the past week, ranking second among all industries, and a year-to-date increase of 23.49%, leading all sectors [1]. - The surge in the media sector is attributed to the dual boost from gaming and AI applications, with notable gains from companies like BlueFocus and Kunlun Wanwei [1]. - The report emphasizes the importance of AI applications, predicting a transformative shift akin to the "Internet+" era, suggesting that 2026 may usher in an "AI+" era [1]. - Investment recommendations include focusing on leading gaming companies, which currently have a valuation of 16 times, with potential for recovery to 30 times due to AI gaming and performance growth [1]. Industry Overview - The media industry consists of 160 listed companies with a total market capitalization of 2381 billion and a circulating market value of 2189.8 billion [3]. - The absolute performance of the media sector over 1 month, 6 months, and 12 months stands at 24.1%, 32.5%, and 63.3% respectively, indicating strong growth [5]. Company Performance - Notable stock performances from January 5 to January 11 include Inertia Media with a 52.62% increase and BlueFocus with a 49.13% increase, while companies like Dinglong Culture and Jinyi Film saw declines [14]. - The report highlights the successful international launch of the game "Heart Town," which topped the free charts in over 50 regions, showcasing the company's marketing capabilities [2]. Game Sector Insights - The mobile game sector is dominated by Tencent, which has seven titles in the iOS top 10 bestsellers, with "Honor of Kings" leading the chart [31]. - The report notes that the gaming platform TapTap has seen a revenue increase of 37.74% year-on-year, driven by user engagement and advertising system upgrades [2]. Film and Television Data - The top films by box office from January 5 to January 11 include "Hidden Kill" and "Avatar 3," with respective weekly box office earnings of 8434.2 million and 7238.2 million [19]. - Television ratings show "Yazhi" leading with a 1.54% viewership, followed by "Changhe Luori" at 1.187% [23]. Literature Sector Insights - The report indicates that the top-selling fictional books in November 2025 included "Red Rock" and "Cang Qiong Shan Ji," while non-fiction bestsellers featured titles like "Tian Dao" and "Tian Ju" [34][36].

Core Viewpoint - The recent stock performance of Xindong Company reflects market recognition of its short-term product potential and long-term ecological value, driven by the global success of "Xindong Town" and the acquisition of the "Torchlight" IP [1][14]. Group 1: Short-term Product Performance - Xindong Company's stock price has surged over 35% in the past month, attracting increasing market attention amid structural adjustments in the gaming industry [1]. - The flagship product "Xindong Town" has shown impressive performance in global markets, achieving 2.39 million downloads and generating revenue of 4.35 million yuan shortly after its global launch [5]. - The game's unique design and localized operational strategies have contributed to its overseas success, allowing it to capture a significant share in the competitive simulation game market [7]. Group 2: Long-term Ecological Value - The acquisition of the "Torchlight" IP for $37.18 million enhances Xindong Company's long-term competitive strategy by eliminating royalty costs and improving profit margins [9][11]. - This IP acquisition allows for greater autonomy in game updates and version iterations, strengthening the long-term stability of product operations [11]. - The integration of the acquired IP into Xindong's product matrix opens opportunities for cross-platform development and derivative content creation, leveraging the company's previous operational success with the IP [12]. Group 3: Strategic Initiatives and Future Outlook - The company plans to repurchase up to 400 million HKD of its shares within five months, indicating management's confidence in future growth [14]. - The upcoming launch of new games, including "Ragnarok RO: Guardians of Eternal Love 2," is expected to further solidify the company's market position and revenue streams [12].

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月15日盘中，游戏板块震荡回调，游戏ETF（159869）现跌超1.6%。持仓股跌多涨少，掌趣科 技、浙数文化、富春股份、顺网科技、盛天网络、光线传媒等跌幅居前；仅恺英网络、名臣健康、迅游 科技、完美世界逆势飘红。截至1月14日，游戏ETF（159869）规模已达159.48亿元，近10个交易日累 计"吸金"达10.39亿元，为投资者布局A股游戏龙头提供了便捷工具。 消息面上，金山软件独家代理并与虎牙联合发行的《鹅鸭杀》手游国服1.7上线后，至1.11维持 iPhone游戏免费榜第1，或验证大DAU属性并迎来流水持续爬升；心动公司《心动小镇》国际服1.8正式 上线后登顶全球50+地区，用户量或持续增长，为后续商业化打下基础，且《心动小镇》国服将开启系 列IP联动及新春运营活动，叠加寒假春节假期，月流水或再创新高。 开源证券认为，资本 ...

Group 1: Macroeconomic Insights - The U.S. inflation rate for December 2025 was reported at 2.7% year-on-year, aligning with market expectations, while core CPI rose by 2.6%, slightly below expectations [5][6] - Energy inflation has significantly decreased, with December energy prices rising by only 2.3% year-on-year, down 1.9 percentage points from November [7] - The overall inflation level is expected to continue declining due to high base effects in early 2025, although potential rebound pressures may arise from fiscal policies and economic support measures [8][9] Group 2: Real Estate and Construction Sector - Poly Developments (600048.SH) has adjusted its headquarters structure to enhance management efficiency, maintaining its leading position in the industry [26][30] - The company reported a total sales amount of 121.6 billion yuan in December 2025, a year-on-year decrease of 18.9%, but it remains the top seller in the industry [28] - The company’s land acquisition in major cities accounted for over 85% of its total, with a total land acquisition amount of 771.3 billion yuan in 2025, reflecting a 13.0% year-on-year increase [29] Group 3: Media and Entertainment Sector - Xindong Company (02400.HK) saw its game "Heart Town" achieve over 500 million downloads shortly after its international launch, indicating strong performance and potential for future revenue growth [32][33] - The company plans to leverage partnerships with well-known IPs to enhance user engagement and revenue streams, particularly during peak seasons [32][34] Group 4: Retail Sector - Chao Hong Ji (002345.SZ) anticipates a significant increase in net profit for 2025, projecting a year-on-year growth of 125% to 175%, driven by brand enhancement and market expansion [36][37] - The company has successfully expanded its store network, reaching a total of 1,668 stores by the end of 2025, with a notable increase in new store openings [37]

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector underperformed the market in December, with the Shenwan Media Index declining by 1.60%, lagging behind the CSI 300 Index by 3.88 percentage points [4][23] - The report highlights a strong pipeline of new game approvals and the impact of AI applications on the industry, suggesting potential upward movement in the sector [4][6] Summary by Sections 1. Market and Industry Review - In December, the media sector ranked 25th among 31 industries in the Shenwan classification [4][23] - The current TTM-PE for the Shenwan Media Index is 45.8x, positioned at the 69.7th percentile over the past five years [23] 2. Gaming - A total of 144 domestic games and 3 imported games were approved in December, with a cumulative issuance of 1,772 game licenses in 2025, marking a 25.1% year-on-year increase [4][38] - The domestic gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a 7.7% year-on-year growth [39] - Mobile and client games are expected to achieve revenues of 257.1 billion yuan and 78.2 billion yuan, respectively, with growth rates of 7.9% and 15.0% [46] 3. Film and Television - December's total box office reached 3.712 billion yuan, a 58.0% increase year-on-year, primarily driven by "Zootopia 2" [59] - The top-performing series in December included "The Big Businessman" with 754 million views, followed by "Old Uncle" and "Tang Dynasty's Strange Affairs" [75] 4. AI Applications - The GEO market is expected to reach $24 billion globally by 2026 and $100 billion by 2030, with domestic projections of 11.1 billion yuan in 2026 and 36.5 billion yuan by 2028 [6] - The report emphasizes the transformation of traffic and content service ecosystems due to AI applications, suggesting significant investment opportunities in marketing technology and content creation [6][7] 5. Investment Recommendations - The report recommends focusing on AI-driven marketing opportunities and the performance of new game releases, highlighting companies such as Giant Network, Joyy, and Bilibili as key investment targets [7]

心动公司(02400)发布公告，于2026年1月14日，本公司根据于2021年6月25日采纳的购股权计划向若干 合资格参与者(承授人)授出合共15.1万份购股权(购股权)，以认购本公司每股面值0.0001美元的普通股 (股份)。 ...

智通财经APP讯，心动公司(02400)发布公告，于2026年1月14日，本公司根据于2021年6月25日采纳的购 股权计划向若干合资格参与者(承授人)授出合共15.1万份购股权(购股权)，以认购本公司每股面值0.0001 美元的普通股(股份)。 ...

格隆汇1月14日丨心动公司(02400.HK)公告，于2026年1月14日，公司根据于2021年6月25日采纳购股权 计划向若干合资格参与者("承授人")授出合共151,021份购股权，以认购公司每股面值0.0001美元普通 股。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 XD Inc. 心动有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2400） 授出購股權 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第17.06A條 而作出。 | 授出日期（「授出日期」）： | 2026年1月14日 | | --- | --- | | 授出購股權數目： | 151,021份（每份購股權之持有人有 | | | 權認購1股股份） | | 授出購股權的行使價： | 每股股份84.15港元 | | 股份於授出日期的收市價： | 每股股份84.15港元 | | 股份於緊接授出日期前五個營業日之 | 每股股份77.05港元 | | 平均收市價： | | | 購股權的有效期： | 自授出日期起計10年 | | 購股權的歸屬期： | 所有授出之購股權於授出日期歸屬 | – 1 – 於上述所授出之購股權中，122,500份購股權乃授予本公司董事、最高行政人員 及╱或主要股東， ...