超颖电子（603175）(603175.SH)1月6日晚间发布公告，为进一步扩大生产规模，从而加强公司的海外 生产能力，公司拟对AI算力高阶印制电路板(PCB)扩产项目进行变更，投资金额由14.68亿元调整为 33.15亿元，资金来源于自有资金或自筹资金。 2025年前三季度，超颖电子主营收入33.78亿元，同比上升10.71%。对此，超颖电子称，公司营收增长 主要是AI技术革新及数据中心升级带动通信、存储等领域的客户PCB需求量提升。 超颖电子表示，项目的变更能够满足潜在客户更强劲的高端PCB产品需求及材料升级需要，更有利于进 一步扩大生产规模，从而加强公司的海外生产能力，提高公司在海外的市场地位，助力公司业绩增长， 盈利能力提升；对完善公司海外供应链体系、提升海外交付能力、深化与国际客户的战略合作关系具有 重要意义。 实际上，超颖电子已多次向泰国超颖增资。2025年12月，超颖电子发布公告称，向二级全资子公司泰国 超颖增资1亿美元或等值外币。 AI技术革新带动营收增长 超颖电子成立于2015年，主营业务是PCB的研发、生产和销售。超颖电子于10月24日在上海证券交易所 主板成功上市。 泰国超颖再获增资 根 ...

并且，九安智能所瞄准的智能安防赛道，也是近些年增长明确的蓝海——据Statista数据，2029年全球民用安防市 场规模预计达390亿美元，智能安防摄像机市场规模将增至242亿美元；中国市场中，2029年智能安防摄像机规模 预计达50亿美元，用户数量将突破2亿人，36.4%的渗透率虽居全球首位，但仍有充分的扩容空间。 有分析指出，物联网云平台、AI技术革新、"平安城市"政策扶持等因素，以及智能家居生态的渗透，均是赛道的 长期驱动力。 但在赛道头部，九安智能或将直面行业巨头的挤压——作为安防行业绝对龙头的海康威视，不仅在B端安防市场 占据主导地位，更通过拆分C端业务孵化出萤石网络（以下简称"萤石"）并完成独立上市，后者成为海康布局智 能家居赛道的核心平台。 开源证券研报分析称，萤石的AIoT生态体系依托海康的安防视觉技术基础，持续投入AI算法研发；萤石财报显 示，2025年上半年家居摄像机营收达15.48亿元，出货量连续多季度稳居全球第一，市场份额达12.4%，同期云平 年复合增长率超15%的智能安防赛道中，一家深耕智能视觉领域近20年的企业冲向创业板。 2025年末，广东九安智能科技股份有限公司（以下简称"九 ...

前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ①AI手机、眼镜催动技术革新，公司前瞻布局短期支撑2025年千万级订单的导入，长期瞄准品牌客户千亿 级别的市场需求空间； ②收购年产9亿套的老牌精密轴承制造商，分析师强call公司有望推动双方在机器 人领域的合作，并实现产业资源协同。 ...

（文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从市场中选取涉及动漫制作、游戏开发 及相关产业链的上市公司证券作为指数样本，以反映数字娱乐产业相关上市公司证券的整体表现。动漫 游戏指数聚焦于内容创作、发行及衍生品开发等环节，行业配置上侧重文化传媒和信息技术领域，充分 体现了市场对创新娱乐形式的关注与认可。 国信证券指出，AI技术革新持续推动行业变革。李飞飞团队推出的Marble3D世界模型支持多模态输入 生成可交互3D虚拟环境，可灵2.5 Turbo模型在视频生成效果上显著提升，月之暗面开源Kosong框架优 化AI代理开发效率，这些技术突破为影视、游戏、动漫等内容生产提供新工具。游戏领域，点点互动 旗下《Whiteout Survival》等产品表现突出。AI应用加速落地将重构内容生产流程，影视行业供给端改 善与游戏板块新品周期形成共振。 ...

Group 1 - The gaming sector showed strong performance on November 18, with the gaming ETF (159869) rising nearly 1.5%, driven by leading stocks such as Fuchun Co., Giant Network, and others [1] - As of November 17, the gaming ETF (159869) reached a scale of 11.242 billion, providing investors with a convenient tool to invest in A-share gaming leaders [1] - The Shenzhen Nanshan District announced a support policy for the gaming and esports industry, offering rewards up to 100 million for qualifying companies [1] Group 2 - Huachuang Securities noted that the current valuation of the gaming sector has entered a reasonable range, with gaming remaining a high-value entertainment consumption option [1] - The gaming industry is expected to maintain high prosperity due to a product gap from leading mobile game companies and continuous innovation from mid-tier companies [1] - Long-term fundamentals of the gaming industry are positive, driven by AI technology innovation, content ecosystem upgrades, and evolving commercialization models [1]

Group 1 - The gaming sector experienced a slight pullback on November 11, with the gaming ETF (159869) declining nearly 1%, opening up low-position layout opportunities [1] - As of November 10, the gaming ETF (159869) had a product scale of 11.554 billion yuan, facilitating investors to easily allocate to A-share gaming leaders [1] - Perfect World was awarded "Outstanding Overseas Game Publisher of the Year" at the GTC2025 Global Traffic Conference for its game "Persona 5: Phantom of the Night," which topped the iOS free charts in major markets like the US, Japan, and South Korea [1] Group 2 - The gaming sector reported a revenue growth of 27.1% year-on-year and a significant net profit increase of 111% in Q3 2025, becoming a core driver of the media industry [1] - The profit margin of the sector rose to 17.8%, indicating strong profitability elasticity [1] - Leading companies like Gigabit saw net profit growth exceeding 300%, while Perfect World successfully turned losses into profits, reflecting robust internal growth dynamics within the sector [1] Group 3 - The long-term outlook for the gaming sector remains positive, driven by AI technological innovation, content ecosystem upgrades, and the evolution of commercialization models [2] - The gaming ETF (159869) closely tracks the CSI Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2]

Group 1 - The gaming sector showed fluctuating performance on November 11, with the gaming ETF (159869) slightly rising. Key stocks like Guomai Culture, Youzu Network, and Giant Network saw significant gains, while Huali Technology, Perfect World, and others experienced declines. As of November 10, the gaming ETF's product scale reached 11.554 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - The official announcement from "Peace Elite" regarding the first "Peace Elite Women's Competitive Showcase" in collaboration with Xiaohongshu Games is set for November 15. The event will feature 16 qualified hosts and 28 participants competing in various segments, including a game-themed transformation show and talent displays. This collaboration aims to innovate the traditional competitive model and expand the female user market, enhancing brand diversity [1] - Open-source securities highlighted the strong performance of leading mobile games overseas, with companies like Xindong and Century Huatong achieving significant revenue growth through successful game operations and content updates. The industry is experiencing sustained upward momentum, and the gaming ETF (159869) closely tracks the China Securities Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2] Group 2 - The gaming sector is expected to maintain long-term growth driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models. This growth trajectory is supported by the positive performance of new and existing games, as well as the successful testing and sales of multiple new titles [2]

Core Insights - The gaming sector is experiencing a positive trend with significant growth in both revenue and profit, driven by policy support and strong product performance [1][2] Industry Summary - The gaming industry reported a revenue of 30.362 billion yuan, marking a year-on-year increase of 28.6% and a quarter-on-quarter growth of 9.48% [1] - Profit surged by 112% year-on-year to 5.777 billion yuan, with profit margins improving to 19% [1] - Over half of the companies in the sector achieved performance growth, indicating a broad-based recovery [1] - The issuance of domestic game licenses in 2025 has already surpassed the total for the previous year, providing strong momentum for continued growth [1] Investment Recommendations - Companies with rich product reserves are recommended, including Kying Network, Giant Network, G-bits, and 37 Interactive Entertainment, along with Perfect World, which has potential for performance reversal [1] - Firms with strong overseas expansion strategies, such as Shenzhou Taiyue, are highlighted for investment [1] - Companies actively engaging in AI developments, including Yaoji Technology and Zhejiang Shuju Culture, are also recommended [1] - Overall, the gaming sector is seen as having significant investment value due to favorable policies, product cycles, AI empowerment, and overseas growth opportunities [1]

Group 1 - The gaming sector is experiencing a downward trend, with several popular stocks showing significant adjustments, including ShengTian Network and ShunNet Technology, which fell over 7%, and Giant Network and Kaiying Network, which dropped over 5% [1] - The gaming ETF (159869) is down more than 3%, providing a potential opportunity for medium to long-term investment [1] - As of October 29, the gaming ETF (159869) has a product scale of 11.259 billion yuan, facilitating investors to easily allocate to leading A-share gaming companies [1] Group 2 - Kaiying Network's short drama "Hot Blood Era" is set to launch on Tencent Video during the National Day holiday in 2025, showcasing the company's "AI + IP" strategy in the trendy toy sector [2] - The "Warm Star Valley Dream Journey" brand, featuring AI smart dolls, targets the emotional companionship market, appealing to the 12-35 age group interested in cute culture [2] - The gaming sector is expected to grow long-term, driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models [2]

Core Insights - ChaoYing Electronics officially listed on the Shanghai Stock Exchange on October 24, with a closing price increase of 397.6%, reaching 84.99 CNY per share and a market capitalization of 37.14 billion CNY [1] - The company issued 52.5 million shares, raising 0.897 billion CNY, primarily for working capital, bank loan repayment, and the second phase of high-layer and HDI projects [1] Company Overview - Founded in 2015, ChaoYing Electronics specializes in the R&D, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, consumer electronics, and communications [1] - The company ranks 23rd among PCB manufacturers in China according to the China Electronic Circuit Industry Association for 2024 and is among the top ten global suppliers of automotive electronic PCBs [1] Financial Performance - Revenue figures for ChaoYing Electronics from 2022 to 2024 are projected at 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, respectively, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [1] - For the first three quarters of 2025, the company reported revenue of 3.378 billion CNY, a year-on-year increase of 10.71%, driven by demand in communication and storage sectors due to AI technology advancements [2] Product and Market Segmentation - The main revenue sources for ChaoYing Electronics are four, six, and eight-layer boards, with their share increasing from 90.67% in 2022 to 93.33% in 2024, particularly for higher-priced eight-layer and above boards [2] - Automotive electronics represent the primary application area, contributing 64.17%, 71.23%, and 68.61% of revenue from 2022 to 2024 [2] - The company primarily sells overseas, with international sales accounting for 81.89%, 81.67%, and 82.77% of total revenue during the same period, with Asia making up about half of this [2] Customer Concentration - Sales to the top five customers accounted for 49.22%, 51.59%, and 44.99% of the main business revenue from 2022 to 2024, indicating a significant customer concentration [2]