Investment Rating - The report maintains an "Outperform" rating for the media industry [2][7]. Core Insights - The media industry exhibits significant calendar effects, particularly in February and November, which historically show high positive return probabilities. The report suggests that the current market conditions may present a good opportunity for investment [3][4][5]. - The report highlights that the media sector has experienced a notable adjustment in October, with upcoming third-quarter earnings risks expected to be released, providing a potential upward basis for the industry [4][11]. - Key drivers for the media sector's performance include the ongoing improvement in the gaming and trendy toy industries, the introduction of the "21 Regulations" in broadcasting, and the continuous advancement of AI applications [4][24]. Summary by Sections Historical Performance - From January 2008 to September 2025, the media industry has shown a monthly average return of 0.25%, with 43 positive return months, indicating a 46.24% probability of positive returns. Notably, February and November are the best-performing months [6][11]. - The gaming sub-sector has a higher average monthly return of 0.64% and a positive return probability of 44.09% [6]. Current Market Conditions - In the first half of 2025, the media sector achieved revenues of 254.9 billion and a net profit of 21.8 billion, reflecting year-on-year growth of 4.06% and 28.70%, respectively [15][22]. - The gaming sector specifically reported revenues of 27.7 billion and a net profit of 4.6 billion in Q2 2025, with year-on-year growth rates of 22.40% and 104.47% [22]. Investment Recommendations - The report recommends focusing on leading companies in the gaming and trendy toy sectors, such as Giant Network, Kaineng Network, and Jibite, as well as emphasizing AI-driven short dramas and content platforms like Mango Super Media and Bilibili [4][32]. - The report also suggests that the recent adjustments in the media sector provide a favorable opportunity for investment, particularly in AI applications and content policy shifts [4][32].

证券代码：002517 证券简称：恺英网络 公告编号：2025-057 恺英网络股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 重要内容提示： 恺英网络股份有限公司（以下简称"公司"）计划于 2025 年 10 月 30 日披 露《2025 年第三季度报告》。为了便于广大投资者更全面、深入地了解公司经 营业绩情况及未来发展战略等，公司计划于 2025 年 10 月 30 日（周四）通过网 络方式及电话会议方式召开 2025 年第三季度业绩说明会，在信息披露允许的范 围内就投资者普遍关注的问题进行回答，欢迎广大投资者积极参与。 一、业绩说明会召开的时间和方式 1、会议召开时间：2025 年 10 月 30 日（周四）15:00-16:00； 2、会议召开方式：网络方式及电话会议。 二、公司出席人员 公司独立董事蒋红珍女士，副董事长、总经理沈军先生，董事、副总经理骞 军法先生，董事会秘书刘洪林先生，财务总监张启闰先生，证券事务代表陆文昭 女士（如遇特殊情况，出席人员或有调整）。 三、投资者参与方式 1、网络参会 （1）电脑端参会：https://s.comein.cn/w8wy6pzp 本公司及董事 ...

Market Overview - The gaming sector increased by 1.2% on October 24, with Youzu Interactive leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Top Gainers in Gaming Sector - Youzu Interactive (002174) closed at 13.48, up 5.15% with a trading volume of 683,300 shares and a transaction value of 913 million [1] - Shunwang Technology (300113) closed at 24.69, up 3.35% with a trading volume of 154,800 shares and a transaction value of 377 million [1] - Glacier Network (300533) closed at 40.36, up 3.04% with a trading volume of 149,400 shares and a transaction value of 600 million [1] Other Notable Performers - Kaiying Network (002517) closed at 25.01, up 2.67% with a trading volume of 437,200 shares and a transaction value of 1.084 billion [1] - Mingchen Health (002919) closed at 18.30, up 2.52% with a trading volume of 89,100 shares and a transaction value of 163 million [1] Market Capital Flow - The gaming sector experienced a net outflow of 2.7261 million from institutional funds, while retail investors saw a net inflow of 51.0491 million [2] - Major stocks like Youzu Interactive had a net inflow of 97.3706 million from institutional funds, but a net outflow of 59.8944 million from retail investors [3] Summary of Fund Flows - The top three stocks by institutional net inflow were Youzu Interactive, 57.6406 million for 37 Interactive Entertainment, and 48.5471 million for Kaiying Network [3] - Conversely, 37 Interactive Entertainment saw a significant net outflow of 89.3559 million from retail investors [3]

Core Insights - The National Press and Publication Administration issued approval for 166 game licenses in October 2025, with 159 for domestic games and 7 for imported games, marking the second-highest number of approvals this year [1] - As of October, a total of 1,440 game licenses have been issued in 2025, including 1,354 for domestic games and 86 for imported games [1] Industry Distribution - As of October 23, 2025, there are 564,500 existing companies related to online gaming in China, primarily located in new first-tier and first-tier cities, accounting for 27.49% and 25.76% respectively [4][5] - Over 40% of these companies belong to the information transmission, software, and information technology services sector, making up 43.24% of the total, followed by scientific research and technical services at 18.17% [5][4] Registration Trends - The annual registration of online gaming-related companies has shown an upward trend over the past decade, with 2022 seeing the first-time registration surpassing 100,000, reaching 105,400 [8] - By 2024, the registration is projected to reach 132,000, and as of now, 139,300 companies have registered this year, exceeding last year's total [8] - The registration volume for the first nine months of this year reached 130,800, reflecting a year-on-year growth of 31.98% [8]

Group 1 - The A-share market opened positively on October 24, with the Shanghai Composite Index rising by 0.17%, the Shenzhen Component Index increasing by 0.51%, and the ChiNext Index up by 0.83% [1] - The storage concept is gaining momentum, with commercial aerospace, quantum technology, and GPU concepts leading the gains, while short dramas, cultivated diamonds, and coal sectors experienced slight declines [1] - The gaming sector showed a slight upward trend, with the gaming ETF (159869) experiencing a minor increase. As of October 23, the gaming ETF has seen a net inflow of 256 million yuan over the past five trading days, indicating strong investor interest, with a total product scale of 11.115 billion yuan [1] Group 2 - On October 22, the National Press and Publication Administration announced that 159 domestic games received approval for release in October, along with 7 imported games, totaling 166 games, maintaining a high approval level [2] - In 2025, a total of 1,440 games have received approval, including 1,354 domestic games and 86 imported games, reflecting a robust gaming market [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of the A-share listed companies in the animation and gaming industry [2]

Group 1 - The Hong Kong internet sector is experiencing a rebound, with stocks such as Black Sesame Intelligence, Weishi Jiajie, and UBTECH rising over 5% [1] - The Hang Seng Internet ETF (513330) has followed the index's upward trend [1] - In October, the proportion of new game releases from well-known game manufacturers is increasing, with titles from NetEase and other companies covering various subcategories [1] Group 2 - Zheshang Securities believes that traditional internet business has bottomed out, and with the Federal Reserve's interest rate cuts, the AI business is rapidly developing [1] - The valuation of the Hong Kong internet sector remains at historical lows, indicating potential for early recovery [1]

Macro Economic Group - The report emphasizes the return to the central theme of "economic construction," with a goal for per capita GDP to reach the level of moderately developed countries by 2035. The expected economic growth target during the 14th Five-Year Plan period is around 5% [4] - It highlights the dual focus on growth and security, acknowledging the complex domestic and international situation, and the need to enhance economic, technological, and national defense capabilities [4] - The report stresses the importance of technological self-reliance and maintaining a stable manufacturing sector as strategic priorities, aiming to build a modern industrial system [4] - Expanding domestic demand and facilitating a smooth domestic circulation are identified as long-term directions, with an emphasis on boosting consumption and effective investment [4] Industry Comprehensive Group - Multiple PCB industry chain companies reported accelerated growth in Q3 2025. For instance, Shengyi Technology achieved revenue of 12.7 billion yuan, a 32% year-on-year increase, and a net profit of 1.38 billion yuan, up 52% [6] - Ding Tai High-Tech, a producer of PCB production tools, reported Q3 revenue of 1.46 billion yuan, a 29% increase, with net profit rising 80% to 260 million yuan [6] - Dongwei Technology, which manufactures PCB plating equipment, saw Q3 revenue of 760 million yuan, a 31% increase, and a net profit of 80 million yuan, up 38% [6] - The report indicates that the demand for high-layer and HDI boards driven by AI is leading to increased capacity utilization, suggesting a positive outlook for the PCB industry [6] Advanced Manufacturing Group - DFD's main business includes high-performance inorganic fluorides and electronic chemicals. In Q3, it reported revenue of 2.4 billion yuan, a 5.18% increase, and a net profit of 26.72 million yuan, marking a return to profitability [9] - The price of lithium hexafluorophosphate reached 85,000 to 90,000 yuan per ton, with expectations for increased volume and price in Q4 due to rising demand in energy storage and electric vehicles [9] - The company plans to expand its battery production capacity significantly, aiming for 20 GWh by the end of the year and further increases to 120 GWh in subsequent years [9] Consumer Group - Juzhi Biotechnology made a significant breakthrough in the medical beauty sector by obtaining approval for its recombinant type I α1 collagen freeze-dried fibers, targeting the facial dermis and entering the promising collagen injection market [11][12] - The gaming industry received favorable policy support, with the National Press and Publication Administration issuing 166 new game licenses, indicating a stable supply-side environment for the industry [11] - The report suggests that companies with new licenses and enhanced product pipelines are well-positioned to capitalize on market opportunities as the industry gradually recovers [11]

Core Viewpoint - The stock of Kaiying Network has shown significant volatility, with a year-to-date increase of 84.09% and a recent uptick of 2.09% on October 24, 2023, indicating strong market interest and potential growth in the gaming sector [1]. Financial Performance - For the first half of 2025, Kaiying Network reported a revenue of 2.578 billion yuan, reflecting a year-on-year growth of 0.89%, while the net profit attributable to shareholders was 950 million yuan, up 17.41% compared to the previous year [2]. - Cumulatively, the company has distributed 1.212 billion yuan in dividends since its A-share listing, with 852 million yuan distributed over the last three years [3]. Shareholder Information - As of September 19, 2025, the number of shareholders for Kaiying Network increased to 59,000, marking a 9.55% rise, while the average number of circulating shares per shareholder decreased by 8.71% to 32,024 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 110 million shares, an increase of 4.262 million shares from the previous period [3].

Group 1 - The gaming sector is experiencing a volatile correction, with the gaming ETF (159869) down nearly 1.5%, while stocks like Xinghui Entertainment, Shunwang Technology, and others are among the biggest decliners, whereas companies like Aofei Entertainment and Guangxian Media are performing well [1] - As of October 22, the gaming ETF (159869) has seen a net inflow of funds amounting to 1.421 billion yuan over the past 10 trading days, indicating strong investor interest, with the product's scale reaching 11.048 billion yuan [1] - The National Press and Publication Administration approved 159 domestic games and 7 imported games in October, maintaining a high issuance level, second only to August's 173 games, with major companies like Tencent and Youzu Network having new games included [1] Group 2 - According to Guangfa Securities, the gaming industry's performance is driven by long-term supply and demand dynamics rather than just quarterly product releases, suggesting that companies with high-quality long-term products will continue to see performance growth [1] - Tencent's gaming fundamentals are showing marginal improvement, and the A-share gaming sector is expected to perform well in Q3, with a focus on companies with outstanding core product performance and quality product reserves [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the Zhongzheng Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1]

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in October 2025, granting a total of 166 licenses, including 159 domestic and 7 imported games [1][3] - The number of game licenses issued in October is the second highest this year, following August's 173 licenses, bringing the total for 2025 to 1,440 licenses, with 1,354 for domestic games and 86 for imported games [1] Group 1: Game Categories and Companies - Over 40% of the approved games in October are casual mobile games [1] - Notable companies receiving approvals include FunPlus, 37 Interactive Entertainment, Klei Entertainment, Youzu Interactive, and Eagle Horn Network [1][3] - Key products approved include Eagle Horn Network's "Arknights," 37 Interactive Entertainment's "Survival 33 Days," and Klei Entertainment's "Blue Moon Hero" [3] Group 2: Absences and New Entries - Notably, NetEase was absent from the list of approved games, while Tencent only had one game approved, "Eight Desolate Journey," operated by Guangzhou Kugou Computer Technology Co., Ltd [3] - The mobile game "Tomorrow's Prologue," operated by Beijing San快 Technology Co., Ltd, is linked to Meituan, co-owned by Meituan's founders Wang Xing and Mu Rongjun [3][4]