Investment Rating - The report recommends a "Buy" rating for several companies within the technology sector, indicating a positive outlook for their stock performance over the next 12 months [31]. Core Insights - The report highlights key companies in the technology sector, including Jiangsu Technology (Electronics, Communication, Computer, Media) as top picks for March 2026 [5][9]. - The report emphasizes the growth potential in various sub-sectors, particularly in 3D printing, liquid cooling solutions, AI chips, and gaming [15][16][18][19][21]. Summary by Category Electronics - **Precision Electronics**: Expected to achieve a net profit of 0.8e-0.9e in 2025, a significant increase of 181.97%-192.21% year-on-year, driven by semiconductor orders and improved operational efficiency [15]. - **Han's Laser**: Anticipated explosive growth in 3D printing, with a potential market share increase due to demand from North American clients [15]. Communication - **Invech**: Projected net profits of 5.87 million, 10.47 million, and 15.35 million from 2025 to 2027, with a strong focus on liquid cooling solutions and overseas market expansion [16]. - **Rui Ming Technology**: Expected to recover from previous losses, with projected net profits of 3.81 million, 4.95 million, and 6.67 million from 2025 to 2027, driven by increased demand in commercial vehicle information systems [17]. Computer - **Haiguang Information**: Positioned as a leader in high-end CPUs and DCUs, benefiting from the growth of domestic AI computing power and collaboration with major tech firms [18]. - **Cambricon**: Anticipated to maintain strong growth in AI chip demand, supported by ongoing R&D and market trends [18]. Media - **Kaiying Network**: Expected to launch several new games in 2026, which are projected to drive revenue growth [19]. - **Perfect World**: Anticipated to release a new RPG game, "Yihuan," with high market expectations, contributing to future revenue growth [21].

中经记者 李哲 北京报道 春节档一直是游戏厂商的"必争之地"。2026年春节期间，各大厂商通过与文旅、春晚联动等方式展开竞 逐，让游戏走出屏幕，更加多元化、立体化与玩家见面。 不过，相比花样百出的联动方式，从收入方面来看，整体市场表现并不突出。根据Sensor Tower数据， 2026年春节档游戏iOS端收入约为4.4亿美元，与去年同期基本持平。 游戏产业时评人张书乐向《中国经营报》记者表示，春节档本身就有"休假"意味，玩家休假，大厂也在 休假，因此在1月新游集中发布后，大多数游戏都进入休假期，只是通过春节档活动来进行日常维护。 这和暑期档的高强度维护形成了差异性。 厂商花式联动 2月15日，腾讯旗下《王者荣耀》在春节假期第一天推出了马年"皮肤"，随后便迅速冲上iOS畅销榜总 榜，并且因服务器宕机登上了各大社交平台热搜。 此外，腾讯旗下另一款游戏大作《和平精英》则在春节版本推出了以敦煌文化为载体的新地图，并上线 了一系列符合新春氛围的活动，包括"月牙泉许愿打卡""年兽大作战"等。这一系列的联动让《和平精 英》在除夕夜的日活跃用户数突破9000万。 春节假期的"团圆"特性，成为了派对类游戏施展的舞台。网易旗下 ...

Core Insights - The report anticipates a fluctuating upward trend in the index, with a primary focus on style rebalancing [4][5] - The A-share market has shown signs of recovery after initial volatility, with significant performance differences among major indices [5][6] Domestic Policy and Market Liquidity - The People's Bank of China conducted a 600 billion MLF operation and net injected 300 billion, marking the 12th consecutive month of increased liquidity to ensure reasonable liquidity before and after the Spring Festival [2] - The strengthening of the RMB has stabilized expectations for cross-border capital flows [2] Sector Performance - In the technology sector, midstream high-end manufacturing has led the gains, particularly in defense, machinery, and power equipment, driven by geopolitical tensions and domestic equipment renewal cycles [2] - In the cyclical sector, building materials, steel, and coal have outperformed, with glass fiber leading due to supply-side optimization and demand from AI and new energy [3] - Conversely, the non-ferrous metals sector has seen a pullback due to fluctuating expectations around U.S. Federal Reserve interest rate cuts and geopolitical disturbances [3] Market Trends and Historical Context - Historical data from 2010 to 2025 indicates a high probability of the Shanghai Composite Index rising in the month following the Spring Festival, particularly after a month of adjustment or fluctuation [6] - The report suggests that the market is likely to follow a "diffusion" model of industry rotation rather than a dramatic style switch, with a focus on moderate rebalancing [6] Investment Strategy - The report recommends focusing on "supply constraints + visible profits" as dual main lines, particularly in midstream high-end manufacturing [6] - The core trading logic around the AI chain continues to revolve around profit visibility and supply shortages, with a cautious approach to market liquidity [6] - Opportunities for Chinese manufacturing to expand overseas are highlighted, particularly in sectors like power equipment and engineering machinery [6] Recommended Stocks - The March stock selection includes a mix of sectors such as central enterprise dividend ETFs, hospitality, electronics, military, machinery, beverages, and communications [10]

2月26日，游戏板块早盘震荡攀升，游戏ETF（159869）现涨近1%，打开低位布局窗口，截至发 稿，盘中成交额已突破6亿元。持仓股中，顺网科技、浙数文化、完美世界、冰川网络、盛天网络等涨 幅居前；神州泰岳、迅游科技、华立科技等跌幅居前。 2月26日，Sensor Tower APAC Awards 2025年度获奖名单公布，腾讯旗下《三角洲行动》荣获"最佳 跨平台FPS（射击类）游戏"。评语指出，2025年该作移动端收入激增29倍，成为全球增长最快射击游 戏；PC与主机端累计售出1830万份，登顶全球PC免费游戏下载榜。《三角洲行动》以惊人的跨平台数 据摘得行业大奖，彰显了腾讯在全球射击游戏市场的领先发行与长线运营能力，为公司贡献了显著的业 绩增量。其"多端齐发、收入互补"的模式，为射击品类乃至整个游戏行业提供了可复制的成功范本。此 举进一步强化了市场对国产游戏全球化能力的认可。游戏方面，春节期间多端流水数据表现健康，行业 高景气延续。展望后续，3月仍有《洛克王国》、EVE等潜在爆款上线，产品催化不断。游戏板块核心 公司估值性价比在成长板块中依然突出。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏E ...

2月27日，游戏板块早盘持续攀升，游戏ETF（159869）现涨近1.5%，截至发稿，盘中成交额已突 破6.7亿元。持仓股中，顺网科技、浙数文化、完美世界、冰川网络、盛天网络等涨幅居前；神州泰 岳、迅游科技、华立科技等跌幅居前。 =浙商证券指出，2026年春节假期前后，游戏板块不论是港美股上市公司还是A股上市公司及非上 市公司，旗下游戏运营数据均有较好表现或突破，彰显当前宏观经济环境下游戏板块的韧性以及2026年 游戏产品大年逻辑的持续兑现。行业整体景气度提升，非上市公司表现同样亮眼，多款游戏运营数据创 新高。 例如，腾讯控股旗下多品类游戏运营数据全面高增，《暗区突围》全球注册用户突破2.3亿并进入 畅销榜前列，《王者荣耀》《和平精英》等存量游戏通过内容更新实现收入环比高增；完美世界《异 环》预约数破2500万；世纪华通在休闲类游戏布局收获初现，相关游戏流水显著增长；《鹅鸭杀》春节 期间霸榜免费游戏榜单。这体现了行业产品大年逻辑的持续兑现。 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应用含量全市场领先，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块 ...

传媒 相关报告 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 联系人：李智 ⚫ 行情回顾与估值表现：截至 2026 年 2 月 25 日，2 月传媒指数下跌 3.73%，在 30 个一级行业组合中排名第 30，跑输同期上证指数 （+0.71%）4.45pct，跑输同期沪深 300 指数（+0.63%）4.36pct， 跑输同期创业板指（+0.25%）3.99pct。 子板块中，互联网广告营销板块下跌11.56%，游戏板块下跌4.25%， 出版板块下跌 0.04%，影视板块上涨 0.16%。 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 Seedance2.0 引市场关注，春节档票 房不及预期 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 2026 年 2 月 1 日 ...

浙商证券指出，2026年春节假期前后，游戏板块不论是港美股上市公司还是A股上市公司及非上市 公司，旗下游戏运营数据均有较好表现或突破，彰显当前宏观经济环境下游戏板块的韧性以及2026年游 戏产品大年逻辑的持续兑现。行业整体景气度提升，非上市公司表现同样亮眼，多款游戏运营数据创新 高。例如，腾讯控股旗下多品类游戏运营数据全面高增，《暗区突围》全球注册用户突破2.3亿并进入 畅销榜前列，《王者荣耀》《和平精英》等存量游戏通过内容更新实现收入环比高增；完美世界《异 环》预约数破2500万；世纪华通在休闲类游戏布局收获初现，相关游戏流水显著增长；《鹅鸭杀》春节 期间霸榜免费游戏榜单。这体现了行业产品大年逻辑的持续兑现。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及游戏开发运 营、动漫制作及衍生品销售等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的 整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。 ...

Seedance2.0 引市场关注，春节档票 房不及预期 ——传媒行业月报 传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 联系人：李智 ⚫ 行情回顾与估值表现：截至 2026 年 2 月 25 日，2 月传媒指数下跌 3.73%，在 30 个一级行业组合中排名第 30，跑输同期上证指数 （+0.71%）4.45pct，跑输同期沪深 300 指数（+0.63%）4.36pct， 跑输同期创业板指（+0.25%）3.99pct。 子板块中，互联网广告营销板块下跌11.56%，游戏板块下跌4.25%， 出版板块下跌 0.04%，影视板块上涨 0.16%。 2026 年 2 月 1 日 ...

Core Insights - Perfect World Games and Hotta Studio are set to launch their urban open-world RPG, NTE (Neverness to Everness), on April 29, 2026, across multiple platforms including PC, PlayStation 5, iOS, and Android, with pre-registration now available [1][9] Game Features - NTE features a vast, seamless open world in the city of Hethereau, utilizing Unreal Engine 5, where players can explore and interact with supernatural anomalies through episodic comedy-drama storylines [5][6] - The game includes enhanced graphics with updates to Unreal Engine 5.7, support for NVIDIA DLSS 4, and improved character models [6] - Players can engage in various activities such as racing, collecting, modding sports cars, and running businesses, ensuring an immersive and dynamic gameplay experience [8] Pre-registration Campaign - A pre-registration campaign has been launched with milestone rewards based on the number of sign-ups, including Beetle Coin, Elite Hunter Guide, and exclusive characters [7] - The campaign aims to enhance community engagement and reward players for their feedback during the beta testing phase [3][5] Company Background - Perfect World Games specializes in game development, operations, and publishing, with a diverse portfolio across various genres and platforms [10] - Hotta Studio, known for developing the open-world game Tower of Fantasy, brings experience in creating rich gaming experiences [11]

贪玩(09890)旗下子公司江西贪玩信息技术有限公司("江西贪玩")完成对《天龙八部2：飞龙战天》研发 公司的战略投资，并获得了该游戏App版本在中国大陆地区独家运营权。 江西贪玩与上海阅龙智娱文化科技有限公司("上海阅龙")、完美世界（002624）股份有限公司之附属公 司("完美世界")共同签署一系列协议。根据协议，江西贪玩以人民币1,500万元对价，收购完美世界所持 有的上海阅龙35%股权;并支付研发商上海阅龙人民币3,000万元，获得《天龙八部2：飞龙战天》App版 本在中国大陆地区的独家运营权。 贪玩已率先推出合规授权的小程序版本，此次获得《天龙八部2：飞龙战天》APP中国大陆独家运营 权，是贪玩深化实施"精品大IP+多终端布局"战略的重要一环。此举不仅标志着集团完成了对小程序与 APP移动端的全终端产品覆盖，更显著增强了其在武侠RPG细分领域的产品矩阵与竞争力。 目前，贪玩已成功运营及储备了包括《天龙八部》《笑傲江湖》《射雕三部曲》在内的多个顶级武侠IP 资源。以《天龙八部2：飞龙战天》的独家运营为起点，集团正有序推进金庸IP矩阵的系列化发行与长 线运营，为后续多款金庸武侠作品的规模化上线奠定基础 ...