东吴证券指出，从经济基本面看，今年留给美联储降息的窗口不多，宽财政对经济的脉冲效应还在路 上。一季度美联储不降息的话，港股反弹节奏就更要看分子端情况。港股整体配置维持哑铃策略，建议 控制配置仓位，等待更多消息释放。价值红利为底仓，进攻方向继续关注市场共识，AI科技、有色、 创新药。 港股今日冲高回落，恒指早盘一度冲破两万七，恒科指数午后则一度转跌。截止收盘，恒生指数涨 0.9%或239.99点，报26848.47点，全日成交额为3151.92亿港元；恒生国企指数涨0.71%，报9285.41点； 恒生科技指数涨0.11%，报5869.79点。 蓝筹股表现 药明康德（603259）(02359)领涨蓝筹。截至收盘，涨8.3%，报120港元，成交额14.22亿港元，贡献恒指 6.85点。1月12日晚，药明康德公布，公司全年预计实现营业收入454.56亿元，同比增长15.84%；其 中，持续经营业务收入同比增长约21.40%。预计经调整归母净利润149.57亿元，同比增长约41.33%；归 属于公司股东的净利润191.51亿元，同比增长约 102.65%。 其他蓝筹股方面，药明生物(02269)涨5.85%，报39 ...

（文章来源：每日经济新闻） 每经AI快讯，心动公司(02400.HK)午后一度涨超4%，截至发稿涨3.92%，报82.1港元，成交额2.87亿港 元。 ...

Core Viewpoint - Xindong Company (02400) experienced a stock increase of over 4%, currently trading at 82.1 HKD with a transaction volume of 287 million HKD, following the global launch of its slow-paced life simulation game "Heartopia" on January 8 [1] Group 1: Game Launch and Performance - "Heartopia" has achieved significant success, ranking first on the Apple Store free charts in Japan, South Korea, France, Thailand, and 10 other countries/regions as of January 11 [1] - The game also ranks within the top 20 on the Apple Store free charts in Germany, the United States, Canada, and 30 other countries/regions, totaling 108 countries/regions in the top 200 [1] Group 2: Future Projections - Guojin Securities forecasts that the domestic version of "Heartopia" will launch in July 2024 and become the company's second-largest revenue-generating game by the first half of 2025 [1] - Based on the growth trend of international users and a large overseas user base, it is anticipated that the active user count for the international version may surpass that of the domestic version, with annual revenue expected to exceed that of the domestic version [1] - "Heartopia" is projected to become the company's top revenue-generating game, supported by the solid performance of "Torchlight: Infinite," which also has long-term potential [1]

国金证券发布研报称，《心动小镇》国服于2024年7月上线，2025H1已经成为公司收入第二大游戏，基 于国际服用户增长趋势及海外庞大用户基数，该行认为国际版活跃用户数有望超过国服，同时年化流水 也有望超过国服，《心动小镇》将成为公司收入第一大游戏，且与同样具备长青潜力的《火炬之光：无 限》构成游戏业绩坚实基本盘。 消息面上，1月8日，心动公司旗下慢节奏生活模拟游戏《心动小镇》国际服（Heartopia）正式登陆全球 市场。截至1月11日，《心动小镇》仍在日本、韩国、法国、泰国等10个国家/地区排名AppleStore免费 榜第1，在德国、美国、加拿大等30个国家/地区排名Apple Store免费榜前20名，总计在108个国家/地区 排名Apple Store免费榜前200名。 智通财经APP获悉，心动公司(02400)午后涨超4%，截至发稿，涨3.92%，报82.1港元，成交额2.87亿港 元。 ...

Core Insights - The report highlights the significant growth potential in AI applications within the internet media sector, driven by both industry developments and market dynamics, including a surge in A-share trading volume and increased risk appetite among investors [2][11] - The service industry in China is evolving, integrating technology to enhance productivity and competitiveness, with government policies aimed at expanding service consumption and fostering innovation across various sectors [3][12] Summary by Sections AI Applications in Internet Media - The report identifies key drivers for AI application trends, including OpenAI's initiatives in advertising and health assistant technologies, and the growth of domestic AI user bases [2][11] - A-share media companies are advised to focus on marginal changes in the industry and to be mindful of market rotation, particularly in marketing and e-commerce services [2][11] - Specific recommendations include investing in companies like BlueFocus and 37 Interactive Entertainment, which are positioned to benefit from AI-driven changes in marketing and gaming sectors [2][11] Hong Kong Internet Sector - The report emphasizes the importance of fundamental analysis and valuation flexibility in identifying opportunities within the Hong Kong internet sector, particularly those that could become major AI application gateways [3][11] - The anticipated upgrade of AI assistants to agents is expected to reshape traffic patterns and monetization strategies in the sector [3][11] Service Industry Development - The report outlines the integration of technology in the service industry, highlighting sectors such as financial technology, healthcare, and cross-border retail as areas of significant growth potential [3][12] - Investment focus areas include productive services, lifestyle services, and emerging service sectors, with an emphasis on the fusion of traditional industries with new technologies [4][12] Emerging Service Sectors - The report notes the rapid development of AI technologies and their applications, particularly in programming and healthcare, which are expected to drive new productivity paradigms [13] - Cross-border e-commerce is highlighted as a new growth driver, leveraging China's supply chain advantages and supported by favorable policies [13]

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 12 日 投资要点： 科创 50 1,511.84 2.43% 7.73% 北证 50 1,605.77 5.35% 9.50% 资料来源：聚源，华源证券研究所，截至2026年01月12日 华源晨会精粹 20260112 固定收益 关注边际修复行业的配置机会——信用分析周报：本周信用热点事件：（1） 交易商协会发布《关于进一步规范债务融资工具发行工作的业务提示》；（2）贵州 省人民政府印发《支持推动兴业强县富民一体发展若干政策措施》。本周不同行业 不同评级的信用利差大多有 10BP 以内的压缩幅度，非银金融 AA+信用利差大幅走 扩 20BP。城投债方面，本周不同期限的城投信用利差较上周有 1-4BP 的压缩幅度。 产业债方面，本周产业债信用利差 1Y 短端大幅走扩，1Y 以上大多有不同程度压缩。 银行资本债方面，本周银行二永债 1Y 以内短端利差小幅走扩，3Y 显著压缩，5-10Y 中长端小幅压缩。2025 年下半年以来，"反内卷"政策催化商品价格企稳回升，部 分行业基本面现修复迹象。截至 2026/1/7，有色金属行业存量债券共 290 ...

Core Viewpoint - The report from Guojin Securities indicates that the international version of the self-developed life simulation game "Heartopia" by Xindong Company (02400) has achieved significant early success, ranking in the top 200 of the Apple Store free charts in over 100 countries/regions as of January 11, 2026. The projected net profit for 2025, 2026, and 2027 is estimated at 1.704 billion, 2.119 billion, and 2.553 billion respectively, with corresponding PE ratios of 20.16, 16.21, and 13.45 times, maintaining a "buy" rating [1]. Group 1 - "Heartopia" international version has impressive initial download figures, ranking first in the Apple Store free charts in Japan, South Korea, France, Thailand, and other countries, and within the top 20 in Germany, the USA, and Canada, totaling 108 countries in the top 200 [1] - The game has accumulated over 1.6 million downloads on Google Play and approximately 1 million on the Apple Store, with total downloads exceeding 3 million when including PC downloads [1] - The strong user base and high daily active users (DAU) are crucial for the long-term commercialization of "Heartopia," ensuring a solid foundation for the product's extended operation [1] Group 2 - The game's presence on social media platforms is expected to further expand its user base, with significant growth in community engagement observed on platforms like Discord, TikTok, and Instagram [2] - As of January 11, the Discord server grew from 70,000 to over 280,000 members, while TikTok followers increased from 88,000 to over 198,000, and Instagram followers rose from 44,000 to 116,000 [2] - The continuous rise in social media engagement and user-generated content (UGC) is anticipated to enhance the game's visibility and attract more players [2] Group 3 - The international version of "Heartopia" is expected to generate higher revenue than its domestic counterpart, which is set to launch in July 2024 [3] - The growth trend in international user numbers and revenue suggests that "Heartopia" could become the company's top revenue-generating game, supported by the performance of other long-lasting titles like "Torchlight: Infinite" [3] - The report emphasizes the potential for "Heartopia" to strengthen the company's game portfolio and revenue base [3]

Core Viewpoint - The report from Guojin Securities indicates that the self-developed life simulation game "Heartopia" by Xindong Company is performing well internationally, ranking in the top 200 of the Apple Store free charts in over 100 countries/regions as of January 11, 2026. The projected net profit for the years 2025, 2026, and 2027 is estimated at 1.704 billion, 2.119 billion, and 2.553 billion respectively, with corresponding PE ratios of 20.16, 16.21, and 13.45 times, maintaining a "buy" rating [1]. Group 1 - "Heartopia" international version shows impressive initial download data, ranking first in the Apple Store free charts in Japan, South Korea, France, Thailand, and other countries, and within the top 20 in Germany, the USA, and Canada, totaling 108 countries/regions in the top 200. The cumulative download on Google Play exceeds 1.6 million, with approximately 1 million downloads on the Apple Store, leading to an estimated total of over 3 million downloads when including PC downloads [2]. - The user base of "Heartopia," which emphasizes social interaction, is crucial for its long-term commercialization performance. The strong initial download data supports a solid foundation for the product's long-term operation [2]. Group 2 - The game's content is expected to spread on social media platforms, further expanding its user base. As of January 11, the Discord server had over 280,000 members, TikTok followers increased from 88,000 to over 198,000, and Instagram followers rose from 44,000 to 116,000. The continuous rise in social media presence and user-generated content (UGC) is anticipated to enhance the game's visibility and attract more players [3]. - The international version of "Heartopia" is projected to surpass the domestic version in terms of active users and annual revenue, becoming the company's top revenue-generating game. This growth is supported by the user base trends and the potential of other long-lasting games like "Torchlight: Infinite" [4].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [10]. Core Insights - The report highlights that AI applications are in the early stages of monetization, with significant calendar effects in investment opportunities. It emphasizes the importance of capturing marginal changes in the industry and being mindful of rotation rhythms [2]. - The report notes that the AI application market is driven by factors such as the introduction of advertising by OpenAI and the growth of AI application users in China, with ByteDance's Doubao surpassing 100 million daily active users [1][2]. - The report identifies key opportunities in the market, particularly in sectors like gaming, AI video, and advertising, where companies are expected to benefit from AI advancements and changing consumer behaviors [3]. Summary by Relevant Sections AI Applications - The report discusses the critical phase of user growth and monetization for AI applications, with significant developments in both domestic and international markets [1]. - It mentions the emergence of AI general assistants and their potential to reshape traffic patterns, with companies like Tencent and Alibaba being highlighted for their ecosystem advantages [3]. Gaming Sector - The gaming sector is noted for its low price-to-earnings (PE) ratios and the upcoming Spring Festival, which is expected to boost demand. Companies such as Giant Network and 37 Interactive Entertainment are recommended for their growth potential [3]. AI Video and IP - The report emphasizes the rapid advancement of AI video and domestic AI comic dramas, with a focus on copyright as a core competitive advantage. Companies like Chinese Online and Huayi Brothers are highlighted for their potential in this space [3]. Advertising and UGC - The report indicates that AI is expected to enhance advertising monetization efficiency and drive user-generated content (UGC) community growth. Companies like Bilibili and Kuaishou are noted for their strong user and advertising growth prospects [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization, revenue forecasts, and profit margins for 2024 to 2026, showcasing the expected growth trajectories in the industry [5].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [11]. Core Insights - The report highlights that AI applications are entering a critical phase of user growth and monetization, with significant developments in both domestic and international markets [2][3]. - The report emphasizes the importance of capturing marginal changes in the industry and being aware of rotation rhythms, particularly in the context of AI applications [2]. - Key companies in the gaming and media sectors are identified as having strong potential due to low price-to-earnings (PE) ratios and upcoming seasonal demand [3]. Summary by Relevant Sections Industry Overview - The report discusses the transformation of traffic operation mechanisms driven by technological advancements, which will impact marketing and e-commerce services [3]. - It notes that AI assistants are expected to reshape traffic patterns, with companies leveraging e-commerce advantages [3]. Gaming Sector - The gaming sector is highlighted for its low PE ratios and potential growth during the upcoming Spring Festival, with recommendations for companies like Giant Network and 37 Interactive Entertainment [3]. AI Video and IP - The report mentions the rapid advancement of AI video and domestic AI comic dramas, with a focus on copyright as a core competitive advantage [3]. Key Company Valuations - A detailed valuation table is provided, showcasing the market capitalization, revenue, and profit forecasts for key companies in the sector, indicating growth potential and varying PE ratios [5].