2025 年 Q4 SW 传媒行业指数下降 4.92%，资金活跃度略微降低，但保 持在较高水平。从 2025 年 Q4 的基金重仓配置情况看，SW 传媒行业回 落至低配状态，以 SW 传媒行业重仓为基准，游戏板块受到市场关注， 维持超配，基金重仓配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置回落转为低配，游戏板块仍为市场关注重点。2025 年 Q4 SW 传媒行业的适配比例为 1.63%，基金重仓比例为 1.22%，低配比 例为 0.41%。以 SW 传媒行业重仓为基准，游戏板块维持超配，超配比 例上涨 3.59pct 至 40.26%，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 看，2025 年 Q4 SW 传媒行业的前十大重仓股分别为巨人网络、世纪华 通、恺英网络、分众传媒、三七互娱、完美世界、吉比特、神州泰岳、 光线传媒、昆仑万维，游戏行业占据 8 席。从前十大重仓股的行情表现 来看，2025 年第四季度，除三七互娱的股价实现上涨外，其余九只股 价均出现下跌。其中，吉比特与恺英网络的股价跌幅尤为显著，分别下 跌了 24.58%和 22.12%。 证券研 ...

Core Viewpoint - MINISO is focusing on the rapid growth of its proprietary IP "YOYO" and is developing a humanoid robot that will be available for purchase, integrating AI with its IP as part of its future strategy [1] Group 1 - The 2026 Global Partner Conference was held in Guangzhou on January 30, where MINISO's founder Ye Guofu delivered a speech [1] - The company is currently developing a humanoid robot under the "YOYO" brand, which is expected to be sold for several tens of thousands [1] - MINISO aims to integrate AI with its IP as a key part of its future strategy [1]

1月30日，名创优品MINISO 2026全球合作伙伴大会在广州举行。名创优品创始人叶国富在发表演讲时 表示，公司孵化的自有IP"YOYO"增长很快，并表示："我们现在正在开发'YOYO'的人形机器人，未来 每家花个几万买个人形机器人，'YOYO'陪伴你终身。如何把AI和IP融合在一起，这是我们下一步的战 略。" 每经记者｜王帆 每经编辑｜王帆 ...

华鑫证券研报指出，奥飞娱乐2025年归母净利润0.6~0.8亿元，扭亏为盈，扣非净利润0.4~0.6亿元，扭 亏为盈。公司历经2018年游戏版号因子带来的主业波动到2020-2022年内外压力测试业绩承压，2023年 公司业绩扭亏为盈，但2024年宏观经济波动下减值测试致利润承压，轻装后2025年归母净利润扭亏为 盈，展望2026年，已推出员工持股计划护航业务推进，伴随公司新品供给及AI+IP双轮驱动有望助推公 司业绩再上台阶，AI加持下有望赋予公司在手IP不同形式的生命力，通过创造新内容、构建新场景、触 发新消费助力其IP商业价值再放异彩，进而维持"买入"投资评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company aims to build an IP matrix driven by quality content, focusing on a "youth-oriented" strategy to enhance commercial value through IP operations [2] - The company is strategically positioned in niche markets, with potential growth in card games, building blocks, and plush toys, benefiting from collaborations with major brands [3] - The integration of AI with IP is a key focus, with the launch of AI-powered plush toys showcasing the company's innovative capabilities [4] - Profit forecasts indicate a recovery trajectory, with expected revenues of 28.70 billion and 30.74 billion for 2026 and 2027 respectively, alongside a return to profitability [5][10] Summary by Sections Investment Rating - The company is rated as "Buy" [1][8] Business Strategy - The company emphasizes high-quality content as a critical factor for success across different market cycles, establishing a comprehensive IP matrix that caters to various age groups [2] - The focus on young consumers is evident, with initiatives aimed at activating engagement and expanding the fan base [2] Market Positioning - The company is actively participating in the trendy toy market through its "Unlimited Play" brand strategy, collaborating with notable companies to launch popular products [3] Technological Integration - The company is leveraging AI technology to enhance its product offerings, including the introduction of AI companion plush toys, which reflects its adaptive supply chain capabilities [4] Financial Forecast - Revenue projections for 2026 and 2027 are set at 28.70 billion and 30.74 billion respectively, with net profits expected to reach 1.46 billion and 2.01 billion [5][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company aims to leverage high-quality content as a key driver for its IP matrix, focusing on a "youth-oriented" strategy to enhance commercial value and engage younger audiences [2][4] - The company is strategically positioned in niche markets, with plans to expand its product offerings in card games, building blocks, and plush toys, benefiting from collaborations with major brands [3][4] - The integration of AI technology is expected to enhance the company's IP expressions and product offerings, exemplified by the launch of AI-powered plush toys [4][8] Financial Forecast - The company forecasts revenues of 2.87 billion and 3.07 billion yuan for 2026 and 2027, respectively, with net profits projected at 146 million and 201 million yuan [5][10] - Earnings per share (EPS) are expected to be 0.10 yuan in 2026 and 0.14 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 91.3 and 66.2 [5][10] - The company anticipates a significant recovery in net profit, with a growth rate of 116.4% in 2026 and 37.9% in 2027 [10]

Core Insights - The rise of "manhua drama" represents a transformation of traditional animation into short video formats, catering to the entertainment needs of modern young audiences with a focus on quick, engaging content [1][2] - The unique production model of manhua drama, characterized by lower costs and shorter production cycles, differentiates it from traditional animation and live-action short dramas, allowing for a diverse range of content [1][2] - The integration of AI technology in the production process has significantly reduced costs and improved efficiency, enabling a scalable growth phase for the industry [3][5] Group 1: Market Performance and User Engagement - Manhua dramas have achieved significant viewership, with 80 works surpassing 10 million views and over 10 works exceeding 100 million views, indicating strong market potential [1] - The overlap between paying users of manhua dramas and short dramas is only 38%, suggesting that manhua dramas attract a substantial number of new paying users [2] - The appeal of manhua dramas lies in their ability to resonate emotionally with users, enhanced by community interactions and a low-cost, fast-paced payment model [2] Group 2: Technological Advancements and Production Efficiency - AI tools have drastically reduced the production costs of manhua dramas, with costs dropping from 2000-5000 yuan per minute to 1000-2500 yuan, achieving a reduction of up to 50% [3] - The introduction of platforms like "Manhua Assistant" and "Dream Maker 2.0" has further streamlined the creative process, allowing creators to focus on narrative and aesthetics [5] - The evolution of AI technology is reshaping the production logic, enabling creators to generate high-quality content with less manual effort [5] Group 3: Industry Challenges and Future Directions - The manhua drama industry faces challenges such as content homogenization, copyright disputes, and the need for content safety, which could hinder sustainable growth [6][7] - AI is currently viewed as a supportive tool in scriptwriting, lacking the capability to create complex narratives independently, which highlights the need for human creativity in the production process [7] - The increase in copyright infringement cases related to AI-generated content necessitates the establishment of a comprehensive copyright governance system within the industry [8]

Core Insights - The article discusses the rapid global expansion of Chinese online literature, highlighting the emergence of a multi-polar growth pattern with significant contributions from Latin America, North America, and Eurasia [1][11] - The CEO of a leading Chinese online literature company emphasizes the transition from merely translating content to establishing a global co-creation ecosystem that integrates IP into various cultural industries [1][15] Group 1: Global Expansion of Online Literature - By 2025, online literature is expected to enter a phase of rapid global proliferation, with Latin America's rise creating a new market dynamic [1] - Brazil's user base has surged, becoming the third largest globally, with monthly active users increasing nearly eightfold compared to the previous year [11] - The growth in Latin America is driven by AI-powered multilingual translation, which facilitates cultural exchange and market entry [11][13] Group 2: Business Strategy and Growth Drivers - The company identifies "蓄能" (energy accumulation) as a key theme for 2025, benefiting from external cultural consumption trends and internal capabilities [3] - The focus for 2026 will be on diversifying growth engines rather than relying on a single source, with short dramas and derivative products expected to accelerate [6] - The company aims to create a collaborative ecosystem for short dramas, leveraging a strong IP reserve and top-tier creators [7] Group 3: IP Development and Localization - The company is committed to a dual strategy of deepening its own IP while collaborating with external IPs to create a win-win ecosystem [9] - A systematic capability has been established for product development, supply chain coordination, and marketing across various channels [10] - The approach to localization emphasizes maintaining the original cultural essence while adapting to local preferences, supported by a comprehensive terminology database [12] Group 4: Future Trends and Challenges - The transition from being a "source of Chinese IP" to a "source of global IP" is marked by the ability to cultivate local ecosystems and integrate into international industry chains [15] - Current barriers include cross-cultural understanding, localization depth, and the complexities of global copyright protection [15] - Future growth points are expected to focus on local market deepening, accelerated industry chain development, and enhanced offline experiences [16]

Core Viewpoint - The article discusses the rapid globalization of Chinese online literature, highlighting the transition from merely translating content to creating a collaborative global ecosystem for IP development and cultural exchange [1][2]. Group 1: Global Expansion of Online Literature - The "2025 China Online Literature Going Global Trend Report" indicates that online literature will experience rapid global proliferation, with Latin America emerging as a significant market alongside North America and Eurasia [1]. - The CEO of Yuewen Group, Hou Xiaonan, outlines three phases of internationalization: 1.0 focused on content translation, 2.0 on establishing overseas platforms, and 3.0 on global co-creation [1][2]. Group 2: Growth Drivers and Market Dynamics - In 2025, the growth of online literature is driven by cultural consumption upgrades, the maturation of new formats like short dramas and comic adaptations, and the improvement of the cultural export industry [4]. - The article notes that the keyword for 2025 is "accumulation," reflecting both external environmental changes and the internal release of accumulated capabilities [4]. Group 3: Future Trends and Innovations - For 2026, the focus will shift from speed to stability and depth, with short dramas and comic adaptations expected to accelerate growth [5]. - The article emphasizes the importance of a diversified growth engine rather than relying on a single business model, with a focus on high-quality content and expanding themes [5]. Group 4: Collaborative Ecosystem and IP Development - Yuewen Group aims to create an open and win-win ecosystem for derivative products, balancing the development of proprietary IP with collaborations with top industry IPs [7]. - The company has established systematic capabilities across product development, supply chain coordination, and multi-channel marketing, aiming for integrated operations between content and merchandise [8]. Group 5: Regional Market Strategies - The article highlights the significant growth in the Latin American market, particularly in Brazil, where monthly active users surged by nearly 800% [9][10]. - Strategies for different regions include localized IP selection and accurate translation to maintain cultural integrity, with a focus on emotional narratives that resonate with local audiences [9][10]. Group 6: Future Growth Points - The future of Chinese online literature is expected to focus on deepening local market penetration, accelerating industry chain development, and expanding offline experiences and consumption [15].

Investment Rating - The report maintains a "Buy" investment rating for Wanda Film [1] Core Insights - Wanda Film is focusing on enhancing its content and leveraging AI and IP to deepen its entertainment space strategy [5][6] - The company has a robust content pipeline for 2026, with various films and series scheduled for release, indicating strong content reserves [4] - The integration of technology in cinema experiences is expected to attract users and transform theaters into cultural social platforms [4] Summary by Sections Market Performance - The report highlights the performance of Wanda Film compared to the CSI 300 index, indicating a relative performance trend [2] Business Operations - Wanda Film has completed an investment in the interactive entertainment brand "Pailifang," which will enhance its cinema offerings and social engagement [5] - The company is actively embracing AI and IP innovations, including the launch of a digital rights platform and the development of AI interactive chips for toys [6] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 140.3 billion, 153.1 billion, and 166.9 billion yuan respectively, with net profits expected to reach 9.78 billion, 12.67 billion, and 15.20 billion yuan [7][10] - The earnings per share (EPS) are forecasted to be 0.46, 0.60, and 0.72 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 24.5, 18.9, and 15.7 [7][10]