（责任编辑：董萍萍 ） 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赋能的多重催化热潮，或可聚焦游戏赛道布局窗口。 每日经济新闻 1月13日早盘，A股三大指数集体高开，沪指高开0.11%，深成指高开0.21%，创业板指高开0.07%。 AI应用方向延续强势，电商、智能体、短剧游戏方向领涨，脑机接口、商业航天、创新药概念股活 跃；光伏、CPO概念股走弱。同指数规模最大的游戏ETF（159869）震荡攀升涨近1%，持仓股中，浙 数文化涨停，恺英网络、三七互娱、吉比特均涨超3%。截至1月12日，游戏ETF（159869）规模已达 163.84亿元，连续5个交易日获资金净流入，累计"吸金"达15.19亿元，为投资者布局A股游戏龙头提供 了便捷工具。 消息面上，由金山世游独家代理、虎牙联合发行的社交推理手游《鹅鸭杀》自1月7日全平台公测以 来，仅6日时间新增用户便突破千万大关，同时最高在线人数（PCU）成功超越Steam端70万的历史峰 值，行业预估该数据已达70 ...

Group 1: AI Applications and Market Trends - The AI application sector continues to show strong momentum, with companies like Yiyuan Media achieving six consecutive trading limits in seven days, and others like Yidian Tianxia and Zhuoyi Information also experiencing three consecutive limits [1] - The AI comic industry is expected to see significant growth, with 46,931 new comic productions anticipated in 2025, marking a 1,150% increase in the second half of the year alone [1] - The market size for AI comics is projected to exceed 20 billion yuan by the end of 2025, driven by low production costs ranging from 50,000 to 150,000 yuan per episode, which is significantly lower than traditional short dramas [1] Group 2: Generative AI and Marketing Strategies - Generative AI is reshaping the internet traffic landscape, with marketing strategies shifting from traditional SEO to Generative Engine Optimization (GEO), where brand competition is now focused on "AI answer citation rights" [2] - The global GEO market is expected to grow from $11.2 billion in 2025 to $100.7 billion by 2030, while the Chinese market is projected to increase from $2.9 billion to $24 billion [2] - DeepSeek plans to release its next-generation flagship model V4 in February 2026, which has shown superior code generation capabilities in internal benchmarks compared to competitors [2] Group 3: ETF Performance and Market Insights - As of January 13, 2026, the CSI Media Index rose by 3.38%, with the Media ETF (512980) increasing by 2.96%, reaching a peak of over 4% during the trading session [3] - The Media ETF has seen a cumulative increase of 23.01% over the past week, leading its category, with a total fund inflow of 3.281 billion yuan over the last eight days [3] - The latest scale of the Media ETF reached 6.667 billion yuan, marking a new high since its inception, with the number of shares also hitting a one-year peak at 5.293 billion [3]

每经AI快讯，有投资者在投资者互动平台提问：公司持有哪些脑机接口公司？ 三七互娱（002555.SZ）1月12日在投资者互动平台表示，公司目前已投资的脑机接口公司包括华南脑控 及强脑科技，分别投资2000万元人民币及2000万美元。 （文章来源：每日经济新闻） ...

传媒板块的上涨趋势能持续多久？未来有哪些值得关注的标的？ 传媒板块预计将在 2025 年至 2026 年持续上行。根据我们的判断，传媒指数 在这两年将会有显著增长，这与机构持仓比例密切相关。在 2022 年 10 月和 2024 年四五月份，机构对传媒板块的持仓比例达到了历史最低点，大约为 0.87%至 0.97%。我们认为，要回到标配水平，该比例需要达到 3%左右。目 2026 年值得关注的标的是具备基本面支撑且估值合理的公司，如游戏 领域的华通、三七互娱、完美世界、凯英网络和巨人网络，营销方向的 分众传媒，以及基本面有所好转的遥望科技和天娱数码。 港股方面，可以关注阿里巴巴和腾讯。另外，还有党媒央国企方向，如 电广传媒、新华网、浙数文化、文投控股、国脉文化、中视传媒等，这 些公司具备牌照价值，有望成为 26 年的强势线索。 传媒大涨，当下怎么看趋势与节奏？20260112 摘要 传媒板块预计在 2025 年至 2026 年持续上行，机构持仓比例在 2022 年 10 月和 2024 年四五月份达到历史最低点，约为 0.87%至 0.97%， 需回升至 3%左右的标配水平，游戏和分众传媒占据较大比重。 AI ...

Summary of the Conference Call Company and Industry Overview - **Company**: 万咖壹联 (Wanka Yilian) - **Industry**: Mobile Advertising and AI Technology - **Market Position**: Holds over 50% market share in mobile advertising, collaborating with major smartphone manufacturers like Apple and Huawei, and covering over 1,300 gaming companies including Tencent and NetEase, reaching approximately 2 billion mobile users [2][4][3]. Core Insights and Arguments - **Strategic Partnerships**: The company has formed strategic alliances with top smartphone manufacturers, enhancing its ecosystem services and solidifying its market position [4][3]. - **AI Integration**: The introduction of generative AI, such as the AI assistant Doubao, is transforming information search and advertising effectiveness, leading to improved ROI for ad campaigns [2][5][9]. - **Advertising Evolution**: The shift from traditional click-based advertising to AI-driven demand fulfillment is expected to lower costs and enhance user experience, with a focus on structured and tagged content for better targeting [6][9]. - **Mobile Manufacturer Strategies**: Major manufacturers like Huawei and Xiaomi are developing their own AI search engines and collaborating with third-party models to enhance user experience [11][21]. Additional Important Points - **Content Quality**: New quality content must be innovative, practical, and data-supported, with a focus on quantitative analysis to provide value [8]. - **Business Model Progress**: The company has seen significant revenue from its browser-related business, with 25% of income derived from GO-related activities, and aims to further enhance this with AI technology [16][18]. - **GEO Impact**: Generative Search Engine Optimization (GEO) is in its early stages but already contributes 25% to 40% of total revenue in browser and search engine operations, indicating strong future growth potential [18]. - **User Experience Changes**: The application of GO technology is expected to streamline user interactions, making product searches and purchases more efficient, thus allowing users to focus on more important tasks [20]. - **Commercialization Opportunities**: Smartphone manufacturers are optimistic about the commercialization potential of AI and GEO integration, with companies like Xiaomi seeking to maintain control over their models while leveraging external AI capabilities [21][22].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the **AI application sector** in China, particularly its growth trajectory leading into 2026, with significant advancements expected in model iteration and commercialization [1][4]. Core Insights and Arguments - **Acceleration of AI Applications**: 2026 is anticipated to be a pivotal year for AI applications, with a shift towards multi-modal perception and human-like reasoning, enhancing the efficiency of B-end and edge-side agents [1][3]. - **Key Players**: Companies such as **Alibaba, DS, and Doubao** are expected to release models during the Spring Festival, marking a critical commercialization phase [1][5]. - **Investment Recommendations**: - In the **computer sector**, focus on **Alibaba, Zhipu, MiniMax, and iFLYTEK** for large models, and **Yonyou and Fourth Paradigm** for agents benefiting from data barriers [1][7][8]. - In the **media sector**, companies like **BlueFocus and Yidian Tianxia** are recommended due to their success in SaaS services and SEO to AI optimization transitions [1][10]. - The **AI comic market** is projected to reach **36-40 billion** by 2026, with companies like **Kuaishou, Huanrui Century, and Zhongwen Online** highlighted [2][11]. Additional Important Insights - **Computing Power Demand**: The explosion of AI applications will significantly increase the demand for computing power, making companies like **Cambricon and Haiguang Information** critical for investment [1][9]. - **Advertising and E-commerce**: The advertising sector is evolving with SaaS models, while e-commerce is seeing improvements in user experience and AI applications, with **Alibaba** and **Xiaogoods City** as key players [20][21]. - **Future Trends**: The future of AI in e-commerce will see more specialized applications, including intelligent sales and customer service agents, enhancing operational efficiency [22][23]. - **Healthcare Applications**: AI is enhancing pathology and diagnostics, with companies like **Runda, Anbiping, and Huada Gene** recommended for their competitive advantages in the medical field [30][32]. Conclusion - The AI application sector is poised for rapid growth in 2026, driven by technological advancements and strategic company initiatives. Key players across various industries are positioned to capitalize on these trends, making them attractive investment opportunities.

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]

Market Performance - The A-share market has shown a trend of slight upward movement, with the Shanghai Composite Index and Shenzhen Component Index experiencing increases of 1.09% and 1.75% respectively on the previous trading day [1] - The average P/E ratios for the Shanghai Composite Index and ChiNext Index are currently at 16.87 times and 52.69 times, indicating a suitable environment for medium to long-term investments [8][9] Economic Policies and Trends - The National Business Work Conference emphasized eight key areas for 2026, including boosting consumption and developing a digital and green consumption environment [2][6] - The Ministry of Industry and Information Technology has launched a "Artificial Intelligence + Manufacturing" initiative to promote the integration of AI with the manufacturing sector [2][6] Industry Insights - The semiconductor industry has shown strong performance, with a 5.11% increase in December 2025, outperforming the broader market [13] - Global semiconductor sales continued to grow, with a year-on-year increase of 29.8% in November 2025, indicating robust demand, particularly in AI-related hardware [14] - The gaming industry is experiencing steady growth, with animation films leading box office revenues, highlighting a shift in consumer preferences [20][22] Investment Recommendations - Focus on sectors such as technology, particularly in electric equipment and semiconductors, as well as high-dividend stocks, to capitalize on ongoing market trends [11][12] - In the food and beverage sector, attention is drawn to soft drinks, health products, and baked goods, which are expected to perform well in the current market environment [16][18] Sector-Specific Developments - The power and utilities sector is collaborating with tech giants like Google to enhance AI capabilities, indicating a trend towards technological integration in traditional industries [29] - The photovoltaic industry is witnessing price increases in silicon wafers and batteries, suggesting a potential for growth in related sectors [31]

Core Insights - The article highlights significant developments in China's private equity and venture capital landscape, focusing on various funds established to support innovation and technology sectors [5]. Government-Backed Funds - The Bank of China launched a 600 billion yuan initiative to support key technology sectors, with 100 billion yuan allocated for equity investments and 500 billion yuan for credit financing [7]. - The Zhejiang Social Security Science and Technology Fund has completed registration with an initial scale of 500 billion yuan, targeting industries like AI and biomedicine [8]. - The Hebei Jin Capital Fund was established with a total scale of 32 billion yuan, focusing on high-end materials and new energy sectors [8]. Regional Investment Funds - The Hengqin Guangdong-Macao Deep Cooperation Zone Fund increased its scale from 10 billion yuan to 30 billion yuan, achieving a 7.89% annualized return [9]. - The Fujian (Xiamen) Social Security Science and Technology Fund has officially launched with a scale of 20 billion yuan, focusing on AI and advanced manufacturing [9]. - The Jiangsu Province has set up a 50 billion yuan AI special fund to promote AI development [10]. Private Equity and Venture Capital Developments - The Beijing Jingguo Fund was established with a scale of 4 billion yuan, focusing on private equity investments [15]. - The Abu Dhabi Investment Authority led a $770 million follow-on fund for CDH Fund V, indicating continued interest in Chinese assets [16]. - The "Puchuang Huazhang" direct investment fund was launched with a scale of 500 million yuan, targeting strategic emerging industries [16]. Sector-Specific Funds - The Huazhong University of Science and Technology established a 3 billion yuan fund for biomanufacturing projects [13]. - The Hainan Free Trade Port Construction Investment Fund doubled its capital to 200 billion yuan, focusing on high-tech and strategic industries [18]. - The China Southern Power Grid's fund reached 14 billion yuan, emphasizing carbon neutrality investments [18]. Emerging Trends - The article notes a growing trend of collaboration between private and public sectors to enhance investment in technology and innovation [5]. - There is a notable increase in funds targeting AI, biomedicine, and advanced manufacturing, reflecting a strategic shift towards high-tech industries [9][10][18].

Group 1 - The Hong Kong stock market is experiencing a surge in AI-related listings, with several companies, including domestic GPU leaders, making their debut in early January 2026 [1][4] - MiniMax, a notable AI company, achieved a record for the fastest IPO from establishment to listing, completing this process in just four years [1][3] - On its first trading day, MiniMax's stock price increased by 109%, reaching a market capitalization of over 100 billion HKD [1][3] Group 2 - MiniMax has completed seven rounds of financing before its IPO, with significant investments from major players like Alibaba, Tencent, and Sequoia Capital, leading to a valuation exceeding 4.2 billion USD [3] - MiHoYo, a gaming giant, is a key investor in MiniMax, holding approximately 6.4% of its shares and utilizing MiniMax's AI models in game development [3][4] - Wall Street's interest in AI companies is reflected in the strategic investments made by gaming firms, which are transitioning from being mere consumers of computing power to active participants in the AI technology space [10][11] Group 3 - Wall Street's investment in AI companies is yielding substantial returns, as evidenced by Century Huatong's indirect investment in Moole Thread, which is expected to significantly impact its net profit [13] - The gaming industry is undergoing a transformation due to generative AI technology, which is reshaping product development and user experience [10][11] - Companies like 游族网络 (Youzu Interactive) are strategically investing in AI chip firms like 壁仞科技 (Birran Technology) and曦望 (Sunrise) to enhance their competitive edge in the AI computing landscape [6][8]