2026 年 03 月 03 日 行业研究●证券研究报告 2 月版号供给稳步释放，国内游戏市场持续修复 投资要点 传媒 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -11.73 | 1.22 | 5.76 | | 绝对收益 | -10.64 | 3.45 | 25.44 | 分析师 王延森 SAC 执业证书编号：S0910525100001 wangyansen@huajinsc.cn 相关报告 传媒：AI 应用场景逐步落地，投资方向日渐丰 富-华金证券-传媒-行业深度 2026.1.9 传媒：AI 赛道竞争多维深化，生态应用格局加 速演-华金证券-传媒-行业快报 2025.12.12 传媒：长剧内容供给创新，微短剧市场多元发 展-华金证券-传媒-行业快报 2025.12.10 传媒：数字音乐发展迅速，平台赋能消费生态- 华金证券-传媒-行业快报 2025.11.30 传媒：版号创新高注入活力，双端驱动十月市 场增长-华金证券-传媒-行业快报 2025. ...

Group 1: Core Insights - The report suggests a positive outlook for the AI industry and gaming sectors, indicating that recent market corrections may present better investment opportunities [12] - E-commerce sector shows mixed results, with Alibaba leading in AI advancements but facing pessimistic revenue growth expectations, leading to stock price fluctuations [16] - Social entertainment media, particularly Tencent and Bilibili, are expected to maintain strong growth, with Bilibili's advertising growth likely to outperform the overall internet advertising market [16] Group 2: E-commerce Insights - Alibaba's AI developments are significant, with the launch of the Qwen 3.5-Plus model, which has shown competitive performance at a lower cost, enhancing its market position [13] - Meituan is expected to face challenges due to intense competition in the food delivery sector, impacting profitability in the short term [16] Group 3: Gaming Sector Insights - The gaming sector is anticipated to maintain a favorable outlook, with new product launches expected to drive growth in 2026 [14] - Companies like Century Huatong and Perfect World are highlighted for their strong product pipelines and potential for revenue growth [18] Group 4: AI Developments - The report notes a growing concern about AI's impact on traditional industries, with a shift in market focus towards model technology pricing and capabilities [20] - The upcoming second quarter of 2026 is expected to see a new wave of model iterations, with domestic models catching up rapidly [20] Group 5: Advertising and Marketing - The advertising sector is seeing increased activity, with companies like Focus Media ramping up ad placements, particularly in consumer goods ahead of major events like the World Cup [18] - AI marketing is gaining traction, with companies like Titanium Technology preparing for an IPO, indicating strong growth potential in this area [19] Group 6: Media and Entertainment - The long video sector is stabilizing, with companies exploring new business avenues, while short video platforms like Kuaishou are benefiting from technological advancements [17] - The report emphasizes the importance of content production capabilities and project pipelines for companies in the film and television industry [19]

Group 1 - The media industry is expected to be driven by AI applications and IP ecosystems, with a positive outlook for fundamentals, maintaining a "leading the market - A" rating, and recommending Kunlun Wanwei, Shanghai Film, and Deyuan Network as key investment targets [1][3] - In 2025, the media industry achieved a cumulative index increase of 27.17%, ranking 9th among 31 primary sub-industries, with the gaming and television broadcasting sectors leading with increases of 60.50% and 20.80% respectively [1][21] - The industry generated revenue of 387.28 billion yuan and a net profit of 32.11 billion yuan in Q1-Q3 2025, representing year-on-year growth of 5.75% and 37.88% respectively, with notable profit growth in the film and gaming sectors at 108.5% and 88.6% [1][26] Group 2 - The AI sector is becoming a core growth engine, with global AI application MAUs exceeding 1.5 billion and domestic MAUs reaching 540 million in 2025, with a projected global market size of over $1.8 trillion by 2030, growing at a CAGR of 37.3% [2][40] - The film industry is expected to progress steadily in 2025, with total box office revenue reaching 51.82 billion yuan, a year-on-year increase of 21.65%, driven by animated films, particularly "Nezha: Birth of the Demon Child," which grossed 15.4 billion yuan [2][59] - The gaming industry continues its growth trend, with a record 1,711 game licenses issued in 2025, and domestic market revenue of 350.79 billion yuan, a year-on-year increase of 7.68%, while overseas revenue reached $20.45 billion, up 10.23% [3][21] Group 3 - The report highlights three core investment targets: Kunlun Wanwei, which maintains a leading position in AI technology; Shanghai Film, which is enhancing its market share in cinema operations and IP development; and Deyuan Network, which has a stable performance in classic IP and a rich pipeline of new products [3][21][57] - The gaming sector is benefiting from AI technology across all stages of development, with an application rate of 86.36%, leading to cost reductions and innovative gameplay experiences [3][21] - The report emphasizes the transition in the film industry from quantity to quality, with an increase in high-quality content supply expected for the 2026 Spring Festival [2][59]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603258 证券简称：电魂网络 公告编号：2026-005 杭州电魂网络科技股份有限公司 关于持股5%以上股东权益变动触及1%刻度、提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 大股东持股的基本情况 本次减持股份计划实施前，杭州电魂网络科技股份有限公司（以下简称"公司"）董事、副总经理胡玉彪 先生持有公司股份19,300,000股，占公司股份总数的7.91%。 ● 减持计划的实施结果情况 公司于2025年12月6日披露了《股东减持股份计划公告》（公告编号：2025-041），胡玉彪先生计划通 过集中竞价交易方式减持公司股份不超过2,438,967股，即不超过公司总股本的1.00%。 2026年2月13日，公司收到胡玉彪先生发来的《关于权益变动比例触及1%、提前终止减持计划暨减持股 份结果的告知函》，胡玉彪于2026年1月5日至2026年2月13日期间，通过集中竞价方式减持公司股份 2,400,000 ...

格隆汇2月13日丨电魂网络(603258.SH)公布，2026年2月13日，公司收到董事、副总经理胡玉彪先生发 来的《关于权益变动比例触及1%、提前终止减持计划暨减持股份结果的告知函》，胡玉彪于2026年1月 5日至2026年2月13日期间，通过集中竞价方式减持公司股份240万股，持有公司股份比例由7.91%变动 至6.93%。截至本公告披露日，本次减持计划已提前终止。 ...

证券代码：603258 证券简称：电魂网络 公告编号：2026-005 杭州电魂网络科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度、提前终 止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况 本次减持股份计划实施前，杭州电魂网络科技股份有限公司（以下简称"公 司"）董事、副总经理胡玉彪先生持有公司股份 19,300,000 股，占公司股份总数 的 7.91%。 减持计划的实施结果情况 其他情形：减持计划提前终止 | 股东名称 | 胡玉彪 | | --- | --- | | 减持计划首次披露日期 | 2025 年 12 月 6 日 | | 减持数量 | 2,400,000股 | | 减持期间 | 2026 年 1 月 5 日～2026 年 2 月 13 日 | | 减持方式及对应减持数 量 | 集中竞价，2,400,000 股 | | 减持价格区间 | 18.73～20.63元/股 | | 减持总金额 | 46,504,697.58元 | ...

Core Insights - The article highlights the growing global influence of Chinese video games, showcasing titles like "Black Myth: Wukong" and "Yanyun Sixteen Sounds" as cultural ambassadors for China, reflecting a shift in how Chinese games are perceived internationally [1][2] - The success of these games is attributed to their unique cultural elements, which resonate with foreign players and encourage them to explore Chinese culture [2][3] - The article emphasizes the supportive ecosystem in Hangzhou, where local policies and resources are fostering the growth of the gaming industry and encouraging companies to expand internationally [5][6][7] Group 1: Game Development and Cultural Impact - "Black Myth: Wukong" and "Yanyun Sixteen Sounds" are examples of how Chinese games are gaining popularity globally, with "Yanyun Sixteen Sounds" achieving over 15 million overseas players within a month of its release [2] - The cultural elements embedded in these games, such as "martial arts" and "jianghu," are intriguing to international players, prompting them to engage with Chinese philosophies and traditions [2][3] - "Nirvana in Fire" has successfully transformed historical narratives into interactive experiences, allowing players to immerse themselves in a living representation of ancient Chinese culture [3] Group 2: Industry Growth and Supportive Policies - Hangzhou's gaming industry has a long history of international expansion, with companies like Deyuan Network experiencing over a decade of growth and cultural export [4] - The local government has introduced supportive policies, such as subsidies for game development and localization, which are crucial for companies aiming to enter global markets [5][6] - The establishment of the Hangzhou (Yuhang) Gaming and E-sports Innovation Development Center has attracted numerous gaming companies, providing them with resources and support to navigate international challenges [7][8]

Group 1: Media Industry Growth - The media industry is expected to see continued growth driven by AI applications, with significant benefits for the gaming and film sectors due to the emergence of new game cycles and improved content supply [1] - In 2025, the media index increased by 27.17%, ranking 9th among 31 primary sub-industries, with gaming and television broadcasting sectors showing notable growth of 60.50% and 20.80% respectively [1] - The media industry achieved revenues of 387.28 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.75%, and a net profit of 32.11 billion yuan, up 37.88% year-on-year [1] Group 2: AI and Market Predictions - The global AI market is projected to exceed $1.8 trillion by 2030, with a compound annual growth rate (CAGR) of 37.3% [2] - The global market for Generative Engine Optimization (GEO) is expected to surpass $100 billion by 2030, with the Chinese market reaching 24 billion yuan [2] Group 3: Film Industry Outlook - The film industry is expected to maintain steady progress in 2025, supported by the release of blockbuster films during key periods [3] - The "manhua drama" format is emerging, with AI significantly enhancing production efficiency, and the domestic manhua drama market is anticipated to enter a high-growth phase starting in 2026 [3] Group 4: Gaming Industry Performance - The Chinese gaming market generated revenues of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%, with mobile games growing by 7.92% and PC games by 14.97% [4] - The overseas gaming market revenue reached $20.45 billion in 2025, marking a 10.23% increase year-on-year [4] - The gaming industry is expected to benefit from the steady launch of new products and improved competitiveness in overseas markets, leading to stable revenue growth [4]

资料来源：常闻 | 首选股票 | | 评级 | | --- | --- | --- | | 300418.SZ | 昆仑万维 | 买入-A | | 601595.SH | 上海电影 | 买入-A | | 603258.SH | 电魂网络 | 增持-A | 相关报告： 潘宁河 执业登记编码：S0760523110001 邮箱：panninghe@sxzq.com 林挺 执业登记编码：S0760524100003 邮箱：linting@sxzq.com 传媒 行业年度策略报告 领先大市-A(维持) AI 应用+IP 生态双轮驱动，行业基本面有望持续向好 2026 年 2 月 10 日 行业研究/行业年度策略 投资要点： 传媒业绩增速向上，AI、游戏驱动指数上涨。2025 年全年，传媒指数 累计上涨 27.17%，位于申万 31 个一级子行业的第 9 名。传媒子板块中，游 戏、电视广播涨幅分别为 60.50%、20.80%，涨幅较为领先。2025 年 Q1-Q3， 传媒行业实现营收 3872.78 亿元，同比+5.75%；实现归母净利润 321.09 亿元， 同比+37.88%。子板块中，影视、游戏行业板块利润表现 ...

" 从弃之可惜的「拖油瓶」，到炙手可热的「股价担当」，真的只 有一封解散信的距离。 " 作者丨胡家铭 编辑丨董子博 "还差几个小时，《心动小镇》的解散内部信，就会发到各个项目组人员手上"，一想到当时的情景，前心 动员工曼波还是会至今记得那种窒息感。 那是2023年中，心动网络的至暗时刻。股价从云端的113港元跌落至7.4港元/股，市值蒸发逾90%。 但在最后关头，一群由心动元老组成的"白骑士团"拦住了黄一孟。在那场漫长且激烈的博弈后，解散信被 撤回了。 生存的筹码是昂贵的。 黄一孟虽然收回了屠刀，却也开出了近乎苛刻的留存条件：《心动小镇》的项目组 可以保留，但人数从近100锐减到50人以下，且宣发资源近乎清零。一切只为研发，一切只为上线。如 此"铁血"不为其他，只为项目和公司的生存。 直到2026年，《心动小镇》终于在海外数十个国家登顶，新增用户超过1000万，公司股价也离前高不算 太远。《心动小镇》，算是彻底找回了场子。 项目海外多国登顶之后，外界看到的或许是"长期主义的胜利"。那些曾经力劝黄一孟留下项目的"白骑 士"们，或许也会心一笑，又回想起力劝黄一孟"刀下留人"的那个下午。 01 面对接连失利的新游和 ...