游戏观点及春节观察@260223 核心观点：锐度看好PC渠道重估、IAA出海、足球游戏三个景气度方向；配置高性价比和高奢游戏资产。 我们在今年春节假期的游戏表现中，看到了一个有趣的现象：#K型分化更加明显。即低ARPU"性价比"、高 ARPU&经典IP"重奢"游戏表现相对较好，而传统的中ARPU"轻奢"游戏则相对较弱。 ①低ARPU的"性价比游戏"：主要是腾讯系大DAU游戏+三个年轻人游戏（《 此外，产业趋势上，我们今年维度看好#PC端渠道价值重估、出海IAA方向，前者包括#国内网吧系统公司顺 网、盛天，以及#PC渠道心动。后者暂时还没有看到很合适的标的，挖掘中。 总体观点：短期随着寒假高频数据旺季结束，预计市场会朝业绩方向逐步切换，A股推荐：恺英（传奇产业链 整合）、华通（流水持续新高+奔奔小程序改善）、顺网（PC渠道&算力租赁）、完美（异环3测超预期）、巨 人、三七、吉比特、泰岳等；H股建议关注：腾讯（春节强势+估值击球区）、心动（小镇海外亮眼+渠道）、百 奥、望尘。 同样的，我们在单款游戏的春节商业化设计中，也看到了类似：通过皮肤池拉高顶级单品售价，然后通过直 售、低价礼包、赠送的方式补齐中小R的付费体 ...

国泰海通晨报 2026 年 02 月 24 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：春节期间，特朗普关税被判定违法，以及美伊军事冲突风险升温对全球资产价 格带来扰动，原油与黄金均有所上涨。美国经济韧性仍存，通胀回落进展或将较为颠簸，部分联 储官员提及加息可能。未来仍需关注特朗普关税政策的不确定性扰动。 2、【策略研究】：中国经济工作的重心正转向内需主导，并作为首要任务，内需复苏、物价回升 与地产企稳会推动经济预期上修。目前内需板块预期与交易出清，相信价值也会有春天。 3、【固定收益研究】：经济复苏节奏延续温和，呵护债市偏多环境，但需关注海外风险偏好回升 带来的扰动。 4、【纺织服装研究】纺织服装业：我们认为①截至 2.12 日的美棉周度出口放量、②2.19 日发布的 美国农业展望论坛明确新棉季全球供需收紧基调、③近期美国与东南亚国家关税互惠政策等多重 积极边际变化夯实美棉筑底并逐步打开中长期向上空间的趋势，持续重点推荐百隆东方、关注相 关标的天虹国际集团。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweix ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]

投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2025-02 2025-06 2025-10 传媒 沪深300 相关研究报告 《《异环》三测及字节 AI 视频模型惊 艳，继续布局游戏/多模态 AI 应用— 行业周报》-2026.2.8 《Moltbook、元宝、Genie3 出圈，继 续布局 AI 社交/游戏/营销—行业点评 报告》-2026.2.2 《AI 入口争夺再升级，继续布局 AI 应用及游戏—行业周报》-2026.1.25 节后继续聚焦 AI 入口商业化、重磅新游及长青游戏 传媒 2026 年 02 月 23 日 请务必参阅正文后面的信息披露和法律声明 1/18 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 红包等系列春节运营活动或推动豆包/千问/元宝用户量大增及商业化加快 2 月 17 日，豆包宣布通过总台春晚为全国观众送出超过 10 万份科技好礼和现金 红包，帮用户生成了超过 5000 万张新春头像，写下了超过 1 亿条祝福语等，AI 总互动达 19 亿次；豆包视频生成 ...

2025年，中国AI芯片赛道进入深度洗牌期，摩尔线程、沐曦股份等GPU"四小龙"相继上市，国产AI芯片赛道迎来久违的IPO密集窗口期。 在此行业背景下，专注于NPU架构的上海昉擎科技有限公司（简称"昉擎科技"）悄然成为资本竞逐的"黑马"，凭借其创新性技术布局，2025年一年内完成 三轮融资，2026年开年再获新一轮注资，累计融资额突破5亿元，成为国产AI芯片细分赛道的重点关注企业。 昉擎科技成立于2022年9月，注册于上海市浦东新区，属于科学研究和技术服务业，核心聚焦人工智能（AI）计算领域，专注于面向人工智能的多核NPU 计算芯片研发，覆盖算法-架构-芯片全链路优化，核心业务围绕AI计算效率提升展开，同时涉足信息系统集成服务、计算机软硬件批发零售等相关领域， 旨在通过技术创新解决AI大模型发展中的算力痛点，打造适配AI场景的高效计算解决方案。 针对AI大模型参数跃升引发的算力利用率低、能耗飙升、硬件适配难等核心痛点，昉擎科技给出了独特的技术解决方案，创造性地提出"上下文相 关"（context aware）与"上下文无关"（context free）解耦的分布式计算架构。这项核心技术将传统Transform ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

南方财经记者庞成广州报道 春节期间，越来越多的年轻人选择了一种全新的过年方式——在游戏里"赛博过年"。 当玩家沉浸在《叫我大掌柜》解锁全运数字体验，或许并未意识到，游戏已经从单纯的娱乐变成了数字化"年俗载体"。 《叫我大掌柜》是一款全球发行的古风模拟经营游戏，已圈粉海内外亿万玩家。作为扎根广州的数字文化企业，三七互娱以这 款游戏为载体，将北宋国风底蕴与广府烟火气深度交融，打造出"数字新广货"，让广府文化借数字载体走出广州、走向世界。 深入分析这家公司，不难发现，三七互娱正在从"买量战"转向"技术战"，通过前瞻布局AI技术挖出了一条很深的护城河。当一 些游戏公司仍把AI当"美工"时，三七互娱已构建起覆盖AI全产业链的战略布局，提前锁定AI原生游戏的基础设施，将战场拉到 技术的深水区，用技术专利和数据闭环构建以AI为核心竞争力的全新生态体系。 据介绍，三七互娱积极布局AI领域，一方面围绕自主研发的行业大模型"小七大模型"，构建了40余种AI能力，打造了"小七"智 能体平台；另一方面持续布局硬科技赛道，构建了"算力基础设施—大模型算法—AI应用"的完整产业链。 得益于像三七互娱一样的数字文化企业，一批"数字新广货" ...

Core Insights - The article discusses the extravagant prizes offered by various gaming companies during their annual year-end parties, highlighting a trend towards high-value items such as gold, cars, and luxury electronics as rewards for employees [1][2]. Group 1: Prize Trends - Many companies have shifted from traditional prizes like smartphones to more luxurious items, with gold becoming a prominent choice this year [2]. - Notable prizes include a house from Gibit, six cars from Bifan Entertainment, and a Tesla Model Y from Tuyou, showcasing the increasing wealth in the gaming industry [1][2]. - A total of 62 companies' prize offerings were collected and categorized by region, indicating a widespread trend across the industry [2][3]. Group 2: Company-Specific Prize Offerings - Deep Blue Interactive, known for "Return to the Future: 1999," offered a range of prizes including Apple products and high-end graphics cards [4]. - Kuro Game, the developer of "Punishing: Gray Raven," featured a top prize of an Apple iMac valued at approximately 15,000 yuan, along with other Apple devices and gold [9]. - Efun Network, which publishes "Mosaic Heroes," announced a cash prize of 11,888 yuan as its top award, alongside various Apple products and a DJI camera [13]. - Other companies like Yishijie and Sanqi Interactive also showcased diverse prize pools, including luxury items and cash rewards, reflecting the competitive nature of talent retention in the industry [25][53]. Group 3: Regional Prize Distribution - The article provides a detailed breakdown of participating companies by region, with 15 from Guangzhou, 13 from Beijing, 18 from Shanghai, and 3 from Shenzhen, indicating a broad geographic representation in the gaming sector [3]. - Each region's companies displayed unique prize offerings, with some focusing on high-tech gadgets while others emphasized luxury goods [3]. Group 4: Employee Engagement and Company Image - The lavish prizes serve dual purposes: boosting employee morale and enhancing the company's image to attract potential talent [1]. - Companies that canceled in-person events still sought innovative ways to engage employees, reflecting the importance of maintaining company culture even amidst challenges [1].

Core Insights - The article highlights the increasing focus of institutional investors on hard technology breakthroughs and performance certainty for investment opportunities in 2026 [4] Group 1: Institutional Research Trends - In late 2025 to early 2026, institutions conducted research on approximately 1,162 companies, with a total of 30,000 receptions from listed companies across various core industries [3] - The shift in focus from merely gathering data to understanding practical applications indicates a significant change in investment strategies [9] Group 2: Brain-Computer Interface (BCI) Focus - Brain-computer interface technology has emerged as a key area of interest, with companies like Xiangyu Medical, Aipeng Medical, and Meihao Medical frequently hosting inquiries from fund managers [5][6] - Institutions are particularly interested in the depth of collaboration with innovative BCI clients and the feasibility of mass production [7][8] Group 3: AI Computing Power and Applications - The focus on artificial intelligence has shifted from foundational models to the iteration of computing power and practical applications [10] - Companies like Zhongji Xuchuang attracted attention for their 1.6T optical module orders and technology advancements, reflecting a market shift towards evaluating technological iteration speed [10] Group 4: Commercial Aerospace and Semiconductor Focus - Commercial aerospace has gained significant attention, with institutions exploring various segments such as rocket manufacturing and satellite components [17] - In the semiconductor sector, institutions are focused on overcoming technical barriers, with companies like Haimei Information and Huaren Micro receiving extensive inquiries regarding their advanced process products [22][23] - The trend of institutions closely monitoring companies with promising earnings forecasts indicates a more rational investment approach, seeking high-quality targets with core competitiveness [26]

2026年的春节，比以往任何时候都要热闹，但这股热浪并非来自传统的烟花爆竹，而是源自科技巨头们在AI领域 的豪赌。让我们把时钟拨回2026年1月25日，腾讯旗下AI应用元宝率先打响第一枪，宣布用户参与活动可瓜分10 亿元现金红包；紧接着2月2日，阿里旗下通义千问App不甘示弱，宣布投入30亿元启动春节请客计划；再加上百 度文心一言的5亿元红包攻势以及字节跳动豆包与春晚的深度合作，短短半个月内，国内四大科技巨头在AI推广 上的投入总额已突破45亿元。 这场史无前例的红包大战释放了一个极其明确的信号：AI正在从极客的玩具走向全民的工具，AI搜索正在成为继 传统搜索引擎之后，全社会获取信息的通用入口。当数以亿计的用户习惯了向AI提问而不是去搜索框里敲关键词 时，品牌营销的逻辑也随之发生了天翻地覆的改变——GEO（生成式引擎优化）应运而生。 行业风向杆艾瑞首推，资本先知 就在昨天，国内权威第三方研究机构艾瑞咨询（iResearch）正式发布了《2026年GEO生成式引擎优化行业研究报 告》。这份报告不仅为整个行业定调，更在核心案例板块中，将聚光灯打向了一家名为智推时代 GenOptima的企 业，将其列为列为了首个深 ...