Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The report highlights a positive outlook on AI applications and cultural exports, particularly focusing on sub-sectors such as gaming, IP, short dramas, marketing, and publishing [5][36]. - The media industry (Shenwan) saw a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12][36]. - The advertising and marketing segment led the growth with a 4.70% increase, while other segments like publishing and digital media experienced declines [12][36]. Market Performance - The media industry (Shenwan) increased by 0.21% during the week of January 26 to February 1, 2026, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector showed the highest growth at 4.70%, followed by the film and cinema sector at 2.49%, while publishing, digital media, gaming, and television broadcasting saw declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12][36]. Industry Key Data AI Applications - Tencent's "Yuanbao" app reached the top of the domestic Apple free app chart, with a significant week-on-week download increase of 97.76% [2][17]. - The weekly token call volume for the OpenRouter platform increased by 10%, reaching 8.25 trillion tokens [2][17]. Gaming - The top five mobile games on the iOS platform as of January 31, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - A total of 182 games received approval in the first batch of licenses for 2026, including 177 domestic and 5 imported games [19][22]. Film and Television - The total box office for domestic films during the week of January 26 to February 1, 2026, was 283 million yuan, with "Zootopia 2" leading the box office [28][30]. - Six films have been scheduled for release during the Spring Festival, indicating a robust upcoming film slate [29][30]. Investment Recommendations - The report recommends focusing on AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Companies highlighted for investment include Giant Network, Kuaishou, and Perfect World, among others [5][36].

《黑神话：悟空》《哪吒2》冲击波尚未远去，"中国制造"的武侠世界又要登场。2月1日，《金庸群侠 传》系列游戏及相关动画电影宣告将推出。一个个具有鲜明中国文化特色的原创IP，借着新技术新业态 的"东风"，持续引发关注热潮。 给中国IP插上技术"翅膀" 北京怀柔，原创世代动作捕捉基地。八极拳传人吴连枝挥笔泼墨，在宣纸上写下"金庸群侠传"几个苍劲 大字。 这个占地2000平方米的专业场地，能以亚毫米级精度捕捉演员每一个细微动作，同时支持10余人的肢体 与面部动态捕捉，再转录到游戏场景中。 数字技术与经典武侠融合，勾勒出一幅全新的江湖画卷。 《金庸群侠传》创作团队通过扫描技术复刻国内百余处古迹建筑，营造江南春雨、中原酷暑、关陇清 秋、西域寒冬的场景，在虚拟世界中深度解码中华文化。 《金庸群 侠传》游戏场景氛围图。（受访者供图） 近年来火爆出圈的文化IP，往往以创新技术为媒介，放大中华优秀传统文化的光芒。 《黑神话：悟空》依托3D实时渲染技术，精细复原云冈石窟、应县木塔等文物古迹。《哪吒2》通过动 态水墨渲染引擎，在影片中融入敦煌壁画、永定土楼等文化元素。 "很多经典作品有着足够强大的故事内核，以新技术为载体，可助力释 ...

新华社北京2月1日电 题：跟紧"悟空""哪吒"！"科技+文化IP"持续发力 新华社记者董瑞丰、刘祯 给中国IP插上技术"翅膀" 北京怀柔，原创世代动作捕捉基地。八极拳传人吴连枝挥笔泼墨，在宣纸上写下"金庸群侠传"几个苍劲大字。 这个占地2000平方米的专业场地，能以亚毫米级精度捕捉演员每一个细微动作，同时支持10余人的肢体与面部动态捕 捉，再转录到游戏场景中。 数字技术与经典武侠融合，勾勒出一幅全新的江湖画卷。 《金庸群侠传》创作团队通过扫描技术复刻国内百余处古迹建筑，营造江南春雨、中原酷暑、关陇清秋、西域寒冬的 场景，在虚拟世界中深度解码中华文化。 《金庸群侠传》游戏场景氛围图。（受访者供图） 《黑神话：悟空》《哪吒2》冲击波尚未远去，"中国制造"的武侠世界又要登场。2月1日，《金庸群侠传》系列游戏及 相关动画电影宣告将推出。一个个具有鲜明中国文化特色的原创IP，借着新技术新业态的"东风"，持续引发关注热潮。 从巴黎卢浮宫旁门店前的长队，到美国数十家线下门店，LABUBU诠释了中国原创潮玩IP的潜力。然而，业内人士也 指出，中国高制作水准和强品牌影响力的IP占比仍较低。从文化符号向商业品牌升级，中国原创IP ...

Investment Rating - The report maintains a rating of "Buy" for Suplay, with a focus on its strong market position and growth potential in the collectible card industry [4]. Core Insights - Suplay is positioned as the leading company in China's collectible non-combat card market, with a market share of 3.2% as of 2024, significantly surpassing its closest competitors [10][28]. - The global market for entertainment products is projected to grow from USD 44.8 billion in 2019 to USD 82.2 billion in 2024, with a compound annual growth rate (CAGR) of 12.9% [28]. - The non-combat collectible card market is expected to reach USD 12 billion by 2024, with a CAGR of 19.5% from 2019 to 2024, and is projected to grow to USD 25.7 billion by 2029 [28][33]. - In China, the non-combat collectible card market is anticipated to grow to RMB 6.2 billion in 2024, with a CAGR of 24.5% from 2019 to 2024, and is expected to reach RMB 16.5 billion by 2029 [28][33]. Summary by Sections Company Overview - Suplay, founded in 2019, is the leading player in China's collectible non-combat card market, focusing on global expansion and promoting Chinese cultural IP [6][10]. - The company achieved revenues of RMB 281 million and RMB 283 million in 2024 and the first three quarters of 2025, respectively, representing year-on-year growth of 92% and 40% [6][15]. - Adjusted net profits for the same periods were RMB 65 million and RMB 86 million, with increases of 306% and 82% year-on-year [6][15]. Industry Analysis - The global entertainment product market is expanding rapidly, with significant growth in the non-combat collectible card segment, which is driven by IP globalization and increasing consumer engagement [28][39]. - The competitive landscape in China's non-combat collectible card market is relatively fragmented, with the top five companies holding a combined market share of 6.8% [28][39]. - Suplay's unique position as the only Chinese brand among the top five global collectible non-combat card brands highlights its competitive advantage [10][39]. Business Model - Suplay operates a dual-engine product strategy, focusing on both collectible and consumer-grade products, leveraging its strong IP portfolio to enhance brand engagement [51][48]. - The company has established a structured IP development and commercialization framework, successfully integrating both proprietary and licensed IP into its product offerings [59][60]. - Revenue from collectible products is expected to grow significantly, with projections indicating a strong increase in sales volume and average revenue per unit [49][52].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the last week, and several films scheduled for release during the upcoming Spring Festival [22][24]. Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - Within the media sector, advertising and marketing led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Industry Key Data AI Applications - For the week of January 12 to January 18, 2026, the estimated iOS downloads for major AI applications were as follows: Deepseek at 238,700, Doubao at 2,100,900, Tencent Yuanbao at 807,000, and Qianwen Qimai at 1,233,700, with respective week-over-week changes of -14.52%, +0.87%, +2.27%, and +15.66% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, showing a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, were "Honor of Kings," "Peacekeeper Elite," "Crossfire: Gunfight King," "Endless Winter," and "Arknights: End of the World," with "Arknights" achieving over 30 million downloads globally [2][19]. - Upcoming game releases include "Survival 33 Days" by 37 Interactive Entertainment, scheduled for February 15, and "EVE," an AI companion product by a company invested in by Kying Network, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the weekly box office at 66.06 million yuan, accounting for 21.7% of the total [22][23]. - Four films have been scheduled for the Spring Festival, including "Fast Life 3" and "Silent Awakening" [24]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with particular attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing. Specific companies highlighted for investment include Giant Network, Kying Network, Perfect World, 37 Interactive Entertainment, Century Huatong, and others [3][27].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the week of January 19-25, 2026, and several films scheduled for release during the upcoming Spring Festival [22][23]. Summary by Sections Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - The advertising and marketing sector led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Key Industry Data AI Application Data - For the week of January 12-18, 2026, the estimated iOS downloads for major AI applications showed varied performance, with Deepseek down by 14.52% and Tencent's Yuanbao up by 2.27% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, reflecting a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Tomorrow's Ark: The End of Days" entering the top five shortly after its release [2][19]. - Upcoming game releases include "Survival 33 Days" set for February 15 and "EVE," an AI companion app, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the week with a box office of 66.06 million yuan [22][23]. - Four films have been scheduled for the Spring Festival, indicating a strong pipeline for theatrical releases [22][23]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing [3][27]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, among others [3][27].

如今，我常带着外国友人穿行在景德镇的老作坊间，听御窑千年故事，感受窑火燃烧温度，看瓷土如何 化作瓷胚。当我看到外国友人围着精致的粉彩驻足流连、惊叹不已时，我愈加笃定：只要怀揣真诚，这 份温润瓷韵便能跨越山海、直抵人心。为此，我们精心设计国际研学活动，让外国友人也能亲手操作， 感受陶瓷之美。 文化出海的道路并非坦途，但我们不能退缩，我们的底气源自文化自信以及国家相关谋划。"十五五"规 划建议提出，鼓励更多文化企业和优秀文化产品走向世界。陶瓷产品出海首先要做到陶瓷文化出海、瓷 都故事出海。我们规划在加拿大开启陶瓷直播销售，筹备建立海外仓与非遗集合馆，让景德镇陶瓷走向 更广阔的舞台。 几年前，我带着几件陶瓷小摆件到国外，温润的质感、雅致的纹路引起了许多外国朋友的兴趣。但他们 中的许多人并不知道景德镇陶瓷。从此，我在心里埋下了传播瓷文化的种子。 2023年，我回国打理企业事务，重新走遍景德镇的老窑与新坊。燃烧不熄的千年窑火，温润细腻的高岭 土坯，代代相传的精湛瓷艺，瓷都故事绵延千年，精彩动人。而作为瓷都人的我，要肩负起传递瓷都故 事的文化使命，让世界听见中国陶瓷的故事。 2024年，我正式开启讲好陶瓷故事的工作，或是 ...

Core Viewpoint - Digital cultural creativity has become a significant engine for cultural export, and there is a strong recommendation for collaboration between Beijing and Hong Kong youth to develop digital cultural products that effectively tell Chinese and Beijing stories [3]. Group 1 - The complementarity between Beijing and Hong Kong in creative design, traditional cultural understanding, and international communication can enhance the development of digital cultural products [3]. - Current support for cultural products is primarily focused on physical products, such as museum derivatives, with a lack of specialized incubation for digital cultural products [3]. - Issues such as differences in copyright protection systems and high barriers to overseas channel access hinder the ability of Beijing's digital cultural products to leverage Hong Kong's international advantages for export [3]. Group 2 - A proposal to establish a joint incubation platform for digital cultural creativity between Beijing and Hong Kong is suggested [3]. - The recommendation includes hosting an annual "Beijing-Hong Kong Youth Digital Cultural Creativity Export Incubation Camp" to select quality teams and provide free incubation services [3]. - The incubation process would support projects through three phases: idea development, product design, and achieving overseas first orders, with funding released in stages [3]. Group 3 - A suggestion to create a "fast track" for copyright registration between Beijing and Hong Kong is made, allowing for a single application to be recognized in both regions, significantly reducing registration time and costs [4]. - The establishment of a green channel for cross-border e-commerce between Hong Kong and Beijing is recommended, along with the creation of a guide for digital cultural products to facilitate their export [4]. - The aim is to lower the barriers for Beijing's digital cultural products to utilize Hong Kong channels for international expansion [4].

来源：环球网 2026年1月23日上午，第四届香港国际文化创意博览会（以下简称"香港文博会"）新闻发布会（北京 站）于北京时间博物馆成功举办。来自文化、艺术、科技、产业及国际交流等多个领域的嘉宾、媒体齐 聚一堂，共同展望香港文博会这一文化交流平台的广阔前景。 香港文博会自创办以来已成功举办三届，累计吸引超百个国家和地区参与，成为推动中华优秀传统文化 与国际文化交流对接的重要桥梁。在过往三届展会取得显著成效的基础上，第四届香港文博会将以更高 规格、更广维度，进一步发挥香港作为"超级联系人"和"中外文化艺术交流中心"的独特优势，全力打造 文化出海标杆平台。 据了解，第四届香港文博会将于2026年5月15至18日，在香港亚洲国际博览馆隆重举行，本届特设8大主 题场馆涵盖数字创意馆、文旅视听馆、文化产业综合馆、国际IP文创潮玩展、主宾省馆、大湾区文化艺 术馆、国际文旅贸易馆及多彩演艺馆，另外还将首次开设香港国际AI电影节、现代水墨展年展、嘉年 华等一系列丰富多元的主题活动，致力构建一个具有国际影响力、产业推动力与文化辐射力的综合性文 创盛会，为中国文化"走出去"提供重要支点。 会上多位重要嘉宾发表致辞。第十三届全国政 ...