Group 1 - The core viewpoint of the news is that Ganwan (09890) has secured exclusive operational rights for the game "Tianlong Babu 2: Feilong Zhantian" and acquired a 35% stake in the game developer Shanghai Yuelong [1][2] - Ganwan has paid RMB 15 million to acquire the 35% equity stake in Shanghai Yuelong, and has also signed an agreement to obtain exclusive operational rights for the App version of the game [1] - The company has further signed an exclusive agency cooperation agreement and a network game cooperation agreement with Shanghai Yuelong to gain exclusive agency rights for the H5 version of the game, which is a mini-program version [1][2] Group 2 - The strategic investment in Shanghai Yuelong allows the company to extend its operations from the distribution end to the upstream development end, enhancing its ability to supply stable premium IP products [3] - The acquisition of exclusive operational rights for both the App and mini-program versions of "Tianlong Babu 2: Feilong Zhantian" is a significant step in the company's strategy to build a "Jin Yong martial arts IP game matrix" by 2025 [2] - The company has successfully operated and reserved other Jin Yong martial arts IP games, including "Tianlong Babu 2: Feilong Zhantian," "Xiao Ao Jiang Hu," and "She Diao San Bu Qu" [2]

智通财经APP获悉，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。 资本协同，夯实游戏研发产品储备护城河 此次交易更深层次的战略价值在于，贪玩打通了一条"外部研发提供精品+资本锁定发行权利"的价值链 条。通过对研发商的战略投资，贪玩实现了从发行端向研发上游的延伸，这套由资本驱动+上游研发协 同驱动的精品供给体系，进一步夯实了长期稳定的精品IP游戏产品供给能力，为后续IP价值的系列化开 发与全生命周期运营提供了坚实保障。 聚焦长线价值，构建全球IP生态未来 展望未来，贪玩将继续围绕"精品IP长线运营"核心战略，持续推动产品多元化与全球市场布局，强化发 行与精细化运营体系建设，不断深化IP生态与用户生态融合，致力于为全球玩家提供更具沉浸感与情感 共鸣的游戏体验，并为投资者创造可持续、高质量的长期回报。 《天龙八部2：飞龙战天》改编自金庸先生的经典武侠巨著，运用先进技术打造宏大开放世界，深度还 原原著剧情与江湖氛围，为玩家提供高度自由的沉浸式武侠体验。 贪玩已率先推出合规授权的小程序版本，此次 ...

贪玩(09890)公布，江西贪玩信息技术有限公司(由该集团通过合约安排控制的中国经营实体)(江西贪玩) 与上海阅龙智娱文化科技有限公司(上海阅龙、项目公司)、完美世界（002624）股份有限公司的附属公 司(完美世界)签订《股权转让协议》。据此，江西贪玩支付对价人民币1500万元获得上海阅龙35%的股 权。 与此同时，上海阅龙、江西贪玩与完美世界签订《游戏运营权交接协议》，上海阅龙将《天龙八部2： 飞龙战天》(授权游戏)App版本的独家运营权授予江西贪玩;上海阅龙终止先前授予完美世界授权游戏 App版本的独家运营权;完美世界同意配合上海阅龙向江西贪玩交接授权游戏App版本的独家运营权。 于2024年，该集团已与上海阅龙签订《独家代理合作协议》及《网络游戏合作协议》，从而获得授权游 戏H5版本(即小程序游戏版本)的独家代理合作权。 如今，江西贪玩与上海阅龙再次签订新的授权游戏App版本《独家代理合作协议》，据此，江西贪玩向 上海阅龙支付独家运营权版权金人民币3,000万元，上海阅龙同意授予江西贪玩授权游戏App版本在中国 大陆地区的独家发行权，授权游戏App版本在运营中所获得的全部收益，由双方按照约定分成。 据 ...

Core Insights - The report by Black Cat Data Center and Black Cat Complaint Platform reveals that the gaming industry faced over 135,000 complaints in 2025, marking a 35% increase from 2024 [1][2] Complaint Distribution - Complaints related to minors seeking refunds accounted for over half (50.14%) of the total complaints, followed by account issues (19.78%), false advertising (15.61%), game bugs (5.70%), and erroneous charges (5.64%) [1][2] Regulatory Context - Recent regulations aimed at preventing minors from becoming addicted to online games have been implemented, including the 830 New Regulations and the Minor Protection Regulations. These measures have led to a significant reduction in gaming time and spending among minors, with 71% of minors gaming less than 3 hours per week and 90.4% not exceeding monthly spending limits [3] Issues with Minor Protection - Despite improvements, issues remain in the protection of minors, such as the prevalence of minors using accounts of parents or relatives to bypass restrictions, with over 70% of minors engaging in this practice [3] Major Game Companies and Complaint Rates - Tencent and NetEase are the leading companies in terms of complaint volume, followed by Giant Network, Paper Games, Mihayou, Xiaomi Games, Xindong Games, Tuyou Games, Thunder Games, and Perfect World. Most companies have a complaint response rate close to 100%, except for Giant Network and Thunder Games, which have response rates of approximately 80% and 20%, respectively [4] Collective Complaints - Collective complaints have emerged as a significant trend in 2025, with 36 collective complaints leading to a total of 6,647 complaints. The most notable issue involved the game "Love and Deep Space," where players complained about the low drop rate of a specific character card [6][9] Specific Game Issues - High complaint volumes were also noted for issues such as the opaque card-drawing mechanism in NetEase's "Pro Evolution Soccer" and dissatisfaction among players regarding promotional recharge offers in Thunder Games' "Dao You Come Dig Treasure" [7][9] Complaint Handling Rates - The handling rates for specific games are as follows: "Love and Deep Space" (98.24%), "Pro Evolution Soccer" (93.54%), "Dao You Come Dig Treasure" (0.83%), "Star Marks Resonance" (100%), and "QQ Dance" (2.58%) [8]

（股份代號：9890） 自願公告 投資遊戲研發公司及最新業務發展之遊戲產品 《天龍八部2：飛龍戰天》 本公告由貪玩（「本公司」，連同其附屬公司及中國經營實體，統稱為「本集團」） 自願刊發，旨在知會本公司股東及有意投資者有關本集團之最新業務發展。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） 收購事項 1. 簽訂股權轉讓協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，江西貪玩信息技術有限公 司（由本集團通過合約安排控制之中國經營實體）（「江西貪玩」）與上海閱 龍智娛文化科技有限公司（「上海閱龍」、「項目公司」）、完美世界股份有 限公司之附屬公司（「完美世界」）簽訂《股權轉讓協議》。據此，江西貪玩支 付對價人民幣1,500萬元獲得上海閱龍35%的股權（「收購事項」）。 – 1 – 2. 簽訂授權遊戲App版本運營權交接協議 與此同時，上海閱龍、江西貪玩與完美世 ...

Group 1 - Tianfu Communication is a global leader in optical devices and optical engine solutions, focusing on optical communication, data centers, and AI computing interconnection, with core products including passive and active optical devices and high-speed optical engines [1][34] - The company is deeply integrated with NVIDIA's ecosystem, providing key optical communication components and is one of the core suppliers for NVIDIA's computing network construction [1][34] - As NVIDIA's AI server and data center business grow rapidly, Tianfu Communication's orders for optical engines and high-speed optical devices remain robust, indicating significant performance elasticity [1][34] Group 2 - Shenghong Technology is a core supplier of AI server PCBs in China, focusing on the R&D, production, and sales of high-end printed circuit boards, with a strong technical advantage in high-speed and high-density PCBs [2][36] - The company provides critical PCB boards for NVIDIA's AI servers, benefiting from the continuous growth in NVIDIA's server shipments, leading to a strong increase in high-end PCB orders [2][36] - Shenghong Technology's market share in the AI server and data center PCB market is expected to continue rising, with long-term growth potential [2][36] Group 3 - Inspur Information is a leading AI server enterprise in China, covering AI servers, cloud computing, big data, and edge computing, and is a core partner of NVIDIA in developing AIStation and other computing platforms [3][37] - The company benefits from the explosive global demand for AI computing and the acceleration of domestic computing infrastructure, with a high order volume for AI servers and sustained high capacity utilization [3][37] - Inspur Information's market position and technical accumulation in the AI server field allow it to share in the growth of the AI industry [3][37] Group 4 - Unisplendour is a leading digital infrastructure provider in China, covering network equipment, cloud computing, big data, and information security, with its subsidiary being a core agent for NVIDIA's data center GPU and DGX systems [4][38] - The company leverages NVIDIA's technological advantages to provide AI computing solutions and related products to enterprise clients, with revenue from agency business and related solutions continuously increasing [4][38] - Unisplendour's competitiveness in AI computing solutions is expected to strengthen, benefiting from the global AI industry development and domestic digital transformation [4][38] Group 5 - Desay SV is a leading provider of intelligent driving solutions in China, focusing on smart cockpits, intelligent driving, and vehicle networking, and collaborates with NVIDIA to develop a powerful autonomous driving system based on the Orin chip [5][39] - The company experiences strong order growth for its autonomous driving solutions based on NVIDIA's Orin chip, indicating strong performance growth certainty [5][39] - Desay SV's position in NVIDIA's autonomous driving ecosystem is expected to strengthen, benefiting from the global development of the autonomous driving industry [5][39] Group 6 - Jingwang Electronics is a leading PCB and FPC manufacturer in China, with a focus on printed circuit boards, flexible circuit boards, and metal-based circuit boards, and is on NVIDIA's qualified supplier list [6][40] - The company has achieved bulk supply to customers and is steadily advancing product development and validation processes for AI servers [6][40] - Jingwang Electronics' market share in the AI server and data center PCB market is expected to continue rising, benefiting from the explosive growth of global AI computing infrastructure [6][40] Group 7 - Perfect World is a leading comprehensive entertainment company in China, covering online game development and distribution, and film production and distribution, actively collaborating with NVIDIA in AI technology and applications [8][42] - The company utilizes NVIDIA's Omniverse Audio2Face application, ACE platform, ray tracing, and DLSS technologies to enhance game development efficiency and product performance [8][42] - Perfect World's early advantage in the AI game application field is expected to strengthen as AI technology continues to integrate with the gaming industry [8][42] Group 8 - Wentai Technology is a leading semiconductor and smart terminal solution provider, covering semiconductor IDM, optical modules, and smart terminal design and manufacturing, with NVIDIA as a close partner [9][43] - The company is poised to expand its collaboration with NVIDIA, providing more AI-related supporting products as AI technology deepens in smart terminals and servers [9][43] - Wentai Technology's comprehensive layout in the semiconductor and smart terminal fields positions it well to benefit from the growth of the AI industry [9][43] Group 9 - OmniVision Technologies is a global leader in semiconductor image sensor solutions, covering CMOS image sensors and analog and mixed-signal processing [10][44] - The company's TheiaCel™DCG+LOFIC solution supports NVIDIA's products and solutions, with applications in image recognition and autonomous driving [10][44] - OmniVision's position in NVIDIA's AI ecosystem is expected to strengthen, benefiting from the explosive growth of the AI industry and image recognition technology applications [10][44] Group 10 - GDT is a leading financial technology and smart terminal solution provider in China, covering smart finance, public safety, transportation, and government services [11][45] - The company participates in AI computing solution implementation and promotion, providing AI computing services and application solutions based on NVIDIA technology [11][45] - GDT's strong accumulation in the financial technology field positions it well to benefit from the growing demand for AI applications [11][45] Group 11 - GAC Group is a comprehensive automotive manufacturing leader, covering the R&D, manufacturing, sales, and service of passenger and commercial vehicles [12][46] - The company collaborates with NVIDIA to produce L4 autonomous vehicles, enhancing its core competitiveness in the intelligent driving sector [12][46] - GAC Group's technological layout and product implementation in autonomous driving are expected to accelerate, supported by its partnership with NVIDIA [12][46] Group 12 - Digital China is a leading digital transformation solution provider in China, covering cloud computing, big data, network security, and IT distribution [14][47] - The company provides AI computing infrastructure and application solutions to clients in finance, manufacturing, and healthcare, leveraging NVIDIA's GPU technology [14][47] - Digital China's comprehensive service capability in AI computing solutions is expected to drive rapid growth in its AI-related business [14][47] Group 13 - Leadcore Technology is a leading provider of intelligent operating system products and technologies, covering intelligent driving, IoT, and intelligent vision [15][48] - The company has obtained authorization for image quality tuning from NVIDIA, participating in the R&D and product implementation of intelligent driving and edge computing [15][48] - Leadcore's position in NVIDIA's ecosystem is expected to strengthen, benefiting from the rapid development of intelligent driving and edge computing industries [15][48] Group 14 - Linyang Electronics is a leading provider of precision structural components and metal forming solutions, covering precision stamping parts and smart terminal structural components [20][54] - The company is a distributor of NVIDIA DGX AI Compute Systems, providing enterprise clients with NVIDIA AI servers and related solutions [20][54] - Linyang Electronics' strong position in the AI server distribution market is expected to drive rapid growth in its AI-related business [20][54] Group 15 - Aoyang Technology is a leading manufacturer of power semiconductor devices, covering MOSFETs, diodes, and IGBTs, with applications in automotive electronics and industrial control [21][55] - The company's power semiconductor products are used in NVIDIA-related products, providing critical power management support for AI servers and smart terminals [21][55] - Aoyang Technology's competitive position in the AI hardware power management market is expected to strengthen as global AI computing infrastructure develops [21][55] Group 16 - Beidou Star is a leading satellite navigation and positioning service provider in China, covering Beidou navigation chips, modules, antennas, and positioning service solutions [22][56] - The company collaborates with NVIDIA to provide AI solutions based on precise positioning for smart driving and smart city applications [22][56] - Beidou Star's position in NVIDIA's ecosystem is expected to strengthen, benefiting from the rapid development of smart driving and smart city industries [22][56] Group 17 - Advanced Data Communication is a leading financial technology and big data solution provider in China, covering financial IT, big data, and cloud computing [23][57] - The company is an elite partner in NVIDIA's AI and Compute business, providing AI computing solutions and technical services to clients in finance and government [23][57] - Advanced Data Communication's strong accumulation in the financial technology field positions it well to benefit from the growing demand for AI applications [23][57] Group 18 - Zhongdian Port is a leading electronic component distribution and supply chain service provider in China, covering electronic component distribution and supply chain management [24][58] - The company is an authorized distributor of NVIDIA, providing enterprise clients with NVIDIA AI chips and related solutions [24][58] - Zhongdian Port's comprehensive service capability in AI chip distribution is expected to drive rapid growth in its AI-related business [24][58] Group 19 - Magpower is a leading provider of smart home and industrial control solutions in China, covering smart home controllers and industrial power supplies [25][59] - The company is one of NVIDIA's designated data center component providers, offering innovative power solutions for AI data centers [25][59] - Magpower's strong position in the AI data center power market is expected to benefit from the growing demand for AI data center construction [25][59] Group 20 - Zhiwei Intelligent is a leading provider of intelligent hardware and edge computing solutions in China, covering edge computing gateways and industrial control computers [32][60] - The company is a member of NVIDIA's NPN partner network, launching powerful edge computing products based on NVIDIA Jetson Orin modules [32][60] - Zhiwei Intelligent's competitive position in the AI edge computing market is expected to strengthen as demand for edge AI applications continues to grow [32][60]

2月26日，完美世界涨7.46%，截至发稿，报22.77元/股，成交2.54亿元，换手率0.61%，总市值441.73亿 元。 资料显示，完美世界股份有限公司位于北京市朝阳区望京东路1号院4号楼完美世界A座，成立日期1999 年8月27日，上市日期2011年10月28日，公司主营业务涉及网络游戏的研发、发行和运营；电影的制 作、发行及衍生业务；电视剧的制作、发行及衍生业务；艺人经纪服务及相关服务业务。主营业务收入 构成为：PC端网络游戏50.18%，移动网络游戏26.23%，电视剧及短剧20.29%，游戏相关其他业务 1.85%，影视相关其他业务0.50%，其他(补充)0.48%，主机游戏0.47%。 从基金十大重仓股角度 数据显示，中航基金旗下1只基金重仓完美世界。中航卓越领航混合发起A（026078）四季度持有股数 12.5万股，占基金净值比例为9.55%，位居第三大重仓股。根据测算，今日浮盈赚取约19.75万元。 中航卓越领航混合发起A（026078）成立日期2025年12月4日，最新规模1199.84万。今年以来收益 1.04%，同类排名7557/8887；成立以来收益1.32%。 中航卓越领航混合发 ...

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月26日，中证500增强ETF招商（561950）开盘涨0.26%，报1.526元。中证500增强ETF招商（561950） 重仓股方面，高德红外开盘跌0.77%，完美世界涨6.65%，中科创达涨0.06%，深信服涨0.09%，乐普医 疗跌0.27%，爱玛科技涨0.37%，均胜电子涨0.07%，吉比特涨0.00%，视源股份涨0.00%，物产中大涨 0.17%。 中证500增强ETF招商（561950）业绩比较基准为中证500指数收益率，管理人为招商基金管理有限公 司，基金经理为邓童，成立（2023-03-29）以来回报为52.61%，近一个月回报为-1.17%。 来源：新浪基金∞工作室 ...

Summary of Conference Call Records Industry and Company Involved - The conference call primarily discusses the semiconductor industry, specifically focusing on storage, PCB (Printed Circuit Board), and AI-related sectors. - Key companies mentioned include C1 Technology, Su Ning International, and various passive component manufacturers. Core Points and Arguments 1. **Investment Recommendations in Storage and PCB Sectors** - The company recommends focusing on the storage sector and upstream PCB components, including copper foil and related equipment, which are expected to see price increases in Q1 2023 [1][2]. - C1 Technology has raised prices in Q4 2022, indicating a positive price trend for the PCB upstream sector [2]. 2. **Focus on Autonomous and Controllable Technologies** - Emphasis on investing in semiconductor equipment, materials, and domestic computing chips, which are seen as critical for future growth [1][3]. - The demand for domestic chips is expected to rise due to increased capital expenditure in the sector [4]. 3. **Opportunities in AI and Testing Sectors** - The second half of 2023 and 2024 presents opportunities in AI testing, with expectations of new product launches from companies like OpenAI [5]. - The performance of Apple and its ecosystem is anticipated to improve, benefiting from the AI advancements [5]. 4. **Passive Components and Market Dynamics** - The rise in prices of high-end products from overseas competitors is expected to create a ripple effect, leading to price increases for A-share companies in the passive components sector [3]. 5. **Cloud Services and Pricing Trends** - The cloud services sector is experiencing price increases driven by demand, with major players like AWS and Google raising prices significantly [16][17]. - The introduction of AI agents is democratizing access to cloud services, allowing non-programmers to utilize these technologies [17]. 6. **Growth in Capex and Network Connectivity** - Continuous growth in capital expenditure (capex) is noted, particularly in network connectivity, with a shift towards optical solutions due to their superior long-term performance [11][12]. 7. **Upcoming Industry Events** - The North American OFC event in March is expected to showcase advancements in NPU and optical module technologies, which could influence market dynamics [15]. Other Important but Overlooked Content - The conference highlights the importance of monitoring market trends and the performance of specific companies within the semiconductor and cloud service sectors, suggesting that investors should remain vigilant for emerging opportunities [4][19]. - The discussion also touches on the competitive landscape of the gaming industry, indicating that companies with strong product pipelines are likely to perform well in upcoming quarters [10]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current state and future outlook of the semiconductor and cloud service industries.

Summary of Conference Call Notes Industry Overview - The humanoid robot market in China is projected to reach a scale of 75 billion yuan by 2029, with a market share exceeding 30%, making China the leading country in the global humanoid robot market [3][4][5] - The robot industry is expected to transition from the concept phase (0-1) to large-scale production (1-10) starting in 2026, with major companies like Tesla and domestic leaders beginning mass production [3][11] Key Company Insights - Wanxiang Qianchao is focusing on the development of planetary roller screws and precision bearings for robots, targeting key robot users for product development [4] - Wuzhou Xinchun is prioritizing the development of embodied intelligent robots and has already launched several new products, including micro screws and linear actuators [4] - ByteDance's Seedance 2.0 is integrated into the Spring Festival Gala, enhancing the event with AI-driven content creation and interaction capabilities [4][5] Technological Advancements - The integration of AI tools in various sectors, including marketing, film, and gaming, is expected to reshape industry dynamics. ByteDance's Seedance 2.0 aims to address video generation consistency issues through multi-modal technology [5] - Companies like Fantou Digital are leveraging AI and big data to provide integrated solutions across various industries, including smart cities and intelligent manufacturing [5] Market Trends - The robot sector gained significant attention during the Spring Festival Gala, leading to increased consumer interest and sales on e-commerce platforms [3][11] - The trading volume in the market decreased by 159.1 billion yuan, with a notable reduction in the number of stocks exceeding 1 billion yuan in transaction value [11] - The robot sector is highlighted as a key area of focus, with several companies experiencing stock price increases due to heightened visibility during the festival [11][21] Notable Company Developments - Dazhu Laser is expected to see growth in its 3D printing business, while other companies are engaging in strategic acquisitions and partnerships to enhance their technological capabilities [18] - Windy Building has formed strategic partnerships to enhance its AI and 3D capabilities, focusing on cultural and technological integration [20] Investment Opportunities - The semiconductor industry is experiencing a price surge across the supply chain, presenting investment opportunities in areas such as wafer foundry and power devices [16] - The AI and robot sectors are poised for growth, with several companies showing potential for significant returns as they transition to mass production and commercialization [11][16] Conclusion - The humanoid robot market is on the verge of significant growth, driven by technological advancements and increased consumer interest. Companies in this space are strategically positioning themselves to capitalize on emerging opportunities, making it a key area for potential investment.