Core Insights - The report by Epyllion's Matthew Ball provides a comprehensive overview of the global gaming market, with a specific focus on China's performance, offering valuable insights into the industry's development trajectory and market dynamics [1] Global and Chinese Market Performance - In 2025, global game content sales are projected to reach $195.6 billion (approximately 1.35 trillion RMB), reflecting a steady growth of 5.3% year-on-year, with Chinese players contributing 20% of global gaming expenditure [2] - Chinese players exhibit a strong preference for local games, with 84% of gaming expenditure directed towards domestic products, highlighting the rise of local game development capabilities and the influence of domestic IP [4] Domestic Game Revenue - The actual sales revenue of China's gaming market in 2025 is expected to be 350.79 billion RMB, with self-developed games generating 291.09 billion RMB, accounting for about 83% of the total [7] - Popular domestic games include Tencent's "Honor of Kings" with global revenue of $1.68 billion (approximately 11.59 billion RMB) and "PUBG Mobile" with $1.12 billion (approximately 7.73 billion RMB) [9] PC Gaming Market Recovery - The PC gaming market has shown significant resilience, with a 30% increase since 2020, becoming a key driver of growth in China's gaming sector [10] - In 2025, the actual sales revenue of the domestic client game market is projected to reach 78.16 billion RMB, marking a substantial year-on-year growth of 14.97% [14] Investment Trends and Challenges - Global private investment in the gaming industry has plummeted by 55% in 2025, impacting the Chinese gaming ecosystem and leading to financial difficulties for many mid-sized studios [15] - Major players like Tencent and NetEase are adapting their investment strategies, with Tencent making over eight public investments in 2025, while NetEase focuses on internal development [15][19] Emerging Opportunities - The report indicates a dual landscape of opportunities and challenges in the Chinese gaming market, characterized by strong consumer activity, dominance of local games, and a robust recovery in the PC market [19]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 73.66 billion, with notable net sell-offs in major stocks like Alibaba and CNOOC [1][2]. Group 1: Northbound Capital Flow - Northbound capital recorded a net sell of HKD 73.66 billion, with HKD 23.11 billion from the Shanghai Stock Connect and HKD 50.55 billion from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying were Meituan (03690), Dongfang Electric (01072), and Xiaomi Group (01810) [1]. - The stocks with the highest net selling included CNOOC (00883), Alibaba (09988), and Changfei Optical Fiber (06869) [1]. Group 2: Individual Stock Performance - Alibaba (09988) had a buy amount of HKD 21.30 billion and a sell amount of HKD 23.62 billion, resulting in a net outflow of HKD 2.31 billion [2]. - CNOOC (00883) faced a net sell of HKD 8.93 billion, influenced by a drop in WTI crude oil prices below USD 65 per barrel and an increase in commercial crude oil inventory [6]. - Xiaomi Group (01810) saw a net buy of HKD 183.5 million, with the CEO emphasizing a focus on core technologies over the next five years [5]. Group 3: Market Reactions and Trends - The semiconductor sector is experiencing a divide due to AI demand, with upstream manufacturers benefiting while downstream PC and mobile manufacturers face cost pressures [5]. - Dongfang Electric (01072) received a net buy of HKD 1.25 billion, linked to the upcoming signing of a power supply commitment by major tech companies [4]. - Meituan (03690) had a net buy of HKD 3.11 billion, indicating strong investor interest [7].

水皮杂谈 一家之言 兼听则明 偏听则暗 事与愿违 盘面消息 A股三大指数今日涨跌不一，截止收盘，沪指跌0.01%，收报4146.63点；深证成指涨 0.19%，收报14503.79点；创业板指跌0.29%，收报3344.98点。 沪深京三市成交额达到 25568亿，较昨日放量756亿。 老水看盘 砸，不停地 砸、坚决 地 砸，最终在集合竞价最后一秒，上证指数被砸绿 色。 隔着屏幕 ， 我们 都能感受到砸盘方的松了一口气。 砸盘本是费力之举，若非持续压制，上证指数此刻恐怕已站上 4200 点上方。即便砸盘力度如 此之大，深成指 今天 依旧创出本轮行情新高，收盘报 14503.74 点，收盘价同样为本轮行 情新高。 而将砸盘进行到底的核心指标股，当属贵州茅台、招商银行与中国平安，这三只标的在集合竞 价最后一秒均出现较大幅度回落。最终，大盘不仅压制住了上证指数的上行势头，也对个股整 体走势形成了牵制。 个股走势与昨日、前日形成明显逆转， 今天 下跌个股数量约 2800 家，上涨个股约 2400 家，全市场成交额达 2.5 万亿元，较昨日放大 800 亿元，主力资金净流出 472 亿元，个股 中位数下跌约 0.2%。 ...

Investment Rating - The report maintains a "Buy" rating for the media sector, indicating a strong performance compared to the market, with a 3.5% increase in the media index, outperforming the Shanghai Composite Index by 3.1% [5][11]. Core Insights - The media sector is experiencing significant growth, with a notable increase in trading volume, reaching 715.2 billion yuan, marking the second-highest trading week in 26 years [5][11]. - The report highlights a K-shaped recovery in the gaming industry, with high-end and cost-effective games performing well, while mid-tier games lag behind [8][11]. - The competition for AI super applications is intensifying among major internet companies, with ByteDance, Alibaba, and Tencent emerging as key players in the market [6][30]. Summary by Sections Weekly Market Review - The media index increased by 3.5%, outperforming the Shanghai Composite Index by 3.1%, with a trading volume of 715.2 billion yuan, the second-highest in 26 years [5][11]. - Sub-sectors such as film and television, digital media, and publishing led the gains, with notable individual stock performances, including a 61% increase for Zhangyue Technology [5][11]. AI Spring Festival Special - The report discusses the concentrated iteration of AI models during the Spring Festival, with a focus on multi-modal generation and agent capabilities [6][26]. - Major internet companies are competing for the "AI super entrance," with significant user engagement and promotional activities during the Spring Festival [30][31]. Film Spring Festival Box Office - The overall box office for the Spring Festival reached 5.752 billion yuan, marking a decline compared to previous years, with a significant drop in audience numbers [8][11]. - The report notes strong performances from top films, with "Flying Life 3" leading the box office and "Biao Ren" breaking records for martial arts films [8][11]. Gaming Spring Festival Special - The gaming sector shows a clear K-shaped recovery, with high-end and cost-effective games thriving, while mid-tier games struggle [8][11]. - Tencent continues to dominate the market with multiple high DAU products, while innovative gameplay and sports events are expected to boost performance in the gaming sector [8][11].

以下文章来源于数字社会发展与研究 ，作者程普 数字社会发展与研究 . Digital Society Development Research Center 数字社会发展研究中心 | 专注于数字技术发展及相应经济、 社会、人文领域的新现象，新问题的公共性观察与研究。 程普 独立科技观察者 本文转载自"数字社会发展与研究" 2025年，具身智能领域仍在努力完成从实验室向产业化落地的惊险一跃。 随着大模型在感知与决策层面的突破，以及国家战略资源的集中注入，这种跨越取得了一些实质性进展， 但供应链重构、复杂场景验证以及商业模式闭环等层面的挑战依然严峻。 这一年，从宇树机器人登上春晚舞台的惊艳亮相，到具身智能被正式写入2025年政府工作报告，并纳入国 家"十五五"规划建议，行业获得了从政策到资本的全方位加持，到工信部人形机器人与具身智能标委会成 立，再到机器人马拉松在北京亦庄拉开帷幕，钢铁躯体在赛道上的奔跑，成为行业狂奔的缩影。 2025年，是名副其实的量产元年，也是资本狂热之年，更是泡沫与现实激烈碰撞的一年。 资本与产业 资源集聚与市场分化的双重变奏 2025年具身智能一级市场，呈现出资金集聚与结构分化并存的复杂局 ...

2月26日，港股三大指数呈现高开低走行情，尾盘加速下跌。 截止收盘，恒生科技指数大跌2.87%，创去年7月以来新低，较去年10月高点回调超23%，恒生指数、国企指数分别下跌1.44%及2.44%。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | | 恒生科技指数 | 5109.33 | -151.17 | -2.87% | | 800700 | | | | | 国企指数 | 8814.29 | -220.46 | -2.44% | | 800100 | | | | | 恒生指数 | 26381.02 | -384.70 | -1.44% | | 800000 | | | | 具体盘面上，大型科技股、大金融股(银行、保险、券商)、中字头等权重集体下跌大市承压十分明显，汽车经销商股大跌，生物医药股、建材水泥股、濠赌 股、AI应用概念股、煤炭股、石油股、内房股、光伏股、黄金等有色金属股纷纷下跌。电力设备股逆市上扬，影视股部分反弹，存储概念股再度活跃。 | 行业热力图 × | 领域板块 | | | | | | | | | | --- | --- | --- | ...

医药生物板块重挫，百济神州跌逾9%，药明合联跌超8%，药明生物跌逾7%。 科网股全线走低，小鹏汽车跌逾5%，华虹半导体、理想汽车、快手、哔哩哔哩、百度集团跌逾4%，阿 里巴巴、腾讯音乐、携程集团、中芯国际跌超3%，腾讯控股、京东集团、美团跌超2%。 | 名称 | 涨跌幅 ▲ | 现价 | 涨跌 | | --- | --- | --- | --- | | 小鹏汽车-W | -5.06% | 67.500c | -3.600 | | 本町未合体 | -4.82% | 97.850c -4.950 | | | 昨週昨回-W | -4.63% | 218.200c -10.600 | | | 理想汽车-W | -4.45% | 68.650c -3.200 | | | 目度集团-SW | -4.27% | 123.400c -5.500 | | | 快手-W | -4.14% | 63.600c | -2.750 | | 地平线机器人-W | -4.11% | 8.160c -0.350 | | | 阿里健康 | -3.97% | 5.560c -0.230 | | | 零跑汽车 | -3.90% | 41.380c ...

行 业 及 产 业 行 业 研 究 / 行 业 深 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 2026 年 02 月 26 日 Seedance2.0 突破，AI 视频竞争 格局及产业链机遇 看好 ——GenAI 系列报告之 69 暨 AI 应用深 ...

-27 8 e 篇章宣 "数智海珠"大放异彩 瑞 ffill a t a lo 777952 一边是DeepSeek的"冷淡"引发全网热议。这个曾在去年春节破圈的国产之光，在今年春节完成了技术迭代，但用户却发现，那个曾经细腻共情的"知心伙 伴"不见了，取而代之的是极致精简、拒绝在"废话"上浪费token的"理性机器"。 另一边，则是互联网大厂们掀起的全民AI热潮。阿里豪掷30亿元请全国人民喝"AI奶茶"，让智能体直接介入从下单到支付的真实消费闭环；字节跳动的 Seedance 2.0以电影级视频生成能力席卷创作圈，连马斯克都为之侧目；腾讯元宝、百度文心的"抢红包"大战一浪高过一浪，将AI助手嵌入到社交与搜索的 每一个缝隙…… 这些现象恰恰揭示了一个深刻的行业真相：2026年的春天，人工智能已正式跨越了"技术炫技"的鸿沟，进入深度分工与产业落地的"重估期"。DeepSeek们 的"冷"，是在算法底层死磕推理极限，探索智能的边界；大厂们的"热"，则是将AI转化为奶茶、红包、短视频等触手可及的消费体验，让技术真正扩散至社 会机体的每一个细胞。 人工智能不再是单一的模型竞赛，而是转向一场将技术真正嵌入千行百业、融入真 ...

（文章来源：每日经济新闻） 每经AI快讯，2月26日，港股收盘，恒生指数收跌1.44%，恒生科技指数收跌2.87%，电力、光模块、光 通信和半导体板块走强，东方电气涨超15%，剑桥科技涨8%，豪威集团涨超6%，长飞光纤涨近3%，兆 易创新涨逾3%。互联网科技股普遍走低，哔哩哔哩跌超4.5%，快手跌4%，阿里巴巴跌逾3.5%，腾讯控 股跌超2%。 ...