来源：市场资讯 （来源：ETF智选） 之前跟大家分享过，9月份一般来讲是轮动比较剧烈的时候。 随着今天盘中大幅跳水，后续大盘可能会有一定的调整，继续出现高低切换。 而就在最近，商务部等部门发布了《关于扩大服务消费的若干政策措施》，提出五方面19条举措，包括：开展"服务消费季"系列促消费活动，支持优质消 费资源与知名IP跨界合作，因地制宜延长热门文博场馆、景区营业时间，优化预约方式，鼓励推行免预约，优化学生假期安排，完善配套政策等，希望能 够增加优质服务供给，更好满足人民群众多样化服务消费需求。 其中基础服务也就是公用事业，没有太多的弹性空间。生产性服务实际上不是我们一般说的服务业，也排除了。 重要的主要是消费性服务。 这里面有较大提升空间的，一个是旅游，一个是影视游戏，一个是医疗服务（特别是养老）。 这三项其实前两年也一直在推，但是力度不够大。最近这个政策出来之后，对这几个行业可能就会有比较大的正面促进作用。 这两年通过国补，实体物品的消费需求有了比较大的改善，尤其是在小家电这块。 但是，家电毕竟属于耐用消费品，一般消费者很少会在短期内有多次复购行为。这种补贴引发的消费要想再进一步扩大规模，可能有一定的难度。 ...

证券研究报告 | 2025 年 09 月 11 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|强化货币财政协同效应——政策与大类资产配置周观察》 财政部与中国人民银行联合工作组召开第二次组长会议。本次会议双方一 致认为财政政策与货币政策的协同发力，为应对当前复杂多变的市场环 境、推动经济持续回升向好提供了有力保障。1、权益：A 股方面，9 月 首周三大指数微幅调整，其中上证综指、深证成指和中证 100 指数回落 超过 1%，但创业板依旧上涨 2.35%。万得微盘股指数 9 月首周涨 0.46%。9 月首周南向资金净流入超过 300 亿元。2、固收：央行上周整体净回笼资 金 12047 亿元（含国库现金）。9 月以来后流动性依旧维持宽裕，DR007 维持在 1.5%以下，9 月 5 日最低下探至 1.4 ...

Core Viewpoint - The company reported a significant turnaround in its financial performance for the first half of 2025, driven by game publishing and content investment, achieving a net profit of 1.228 billion yuan compared to a loss in the previous year [1] Financial Performance - Total revenue for H1 2025 reached 2.206 billion yuan, marking a year-on-year increase of 20% [1] - The gross profit margin was 50.9%, a decrease of 17.8% year-on-year [1] - Operating profit stood at 1.336 billion yuan, reflecting a year-on-year increase of 114% [1] - Other income from fair value changes in financial assets amounted to 480 million yuan, a significant recovery from a loss of 900 million yuan in the same period last year [1] - Adjusted net profit was 1.303 billion yuan, representing a year-on-year increase of 140% [1] Business Segments - Revenue from the gaming segment was 1.21 billion yuan, an increase of 40% year-on-year [1] - Online streaming revenue was 406 million yuan, down 55% year-on-year [1] - Content production revenue reached 570 million yuan, up 19% year-on-year, with a segment profit of 647 million yuan compared to a loss of 310 million yuan in the previous year [1] Content Pipeline and Strategic Investments - Upcoming films include "You Have a Cloud Like You" scheduled for release on August 29, along with several other titles in the pipeline [2] - The company has strategic investments in multiple blue ocean sectors, including acquisitions of 100% of Youai Entertainment and 30% of Yonghang Technology [2] - The gaming portfolio includes successful titles such as "Red Alert OL" and "QQ Dance," with over 6 billion yuan in revenue from "Red Alert OL" since its launch [2] - The company is focusing on expanding its self-developed and published games, as well as investing in IP derivatives and cross-border payment solutions [2]

Core Viewpoint - The article discusses the evolution and innovation within traditional IPs in the gaming and film industries, highlighting the importance of sincerity and creativity in developing new projects based on established cultural icons [1][2]. Group 1: Traditional IP Development - The release of "Black Myth: Wukong" has led to the announcement of a new project, "Black Myth: Zhong Kui," showcasing the ongoing exploration of traditional Chinese IPs [1]. - Successful cultural works, such as "Nezha 2," have significantly impacted the box office and global recognition, demonstrating the potential of traditional IPs [1]. - The article emphasizes that both large productions and smaller, innovative projects can coexist and thrive within the traditional IP landscape [1]. Group 2: Market Dynamics and Audience Expectations - The CEO of Game Science, Feng Ji, expresses a desire to create a new game rather than merely expanding existing content, indicating a shift towards fresh narratives and gameplay [2]. - The article points out that while traditional IPs have a built-in audience, there is a risk of audience fatigue from superficial adaptations, necessitating genuine creativity [2]. - The market rewards creators who innovate and respect the traditional IPs, as evidenced by the success of projects like the "Nezha" series and "Black Myth" games [2]. Group 3: Time and Quality in Creation - The development timelines for projects like "Nezha 1" to "Nezha 2" and "Black Myth: Wukong" reflect a commitment to quality and respect for the creative process, rather than rushing to market [3].

Core Insights - The competition among video streaming platforms for male audiences has intensified, with adaptations of popular male-oriented IPs often failing to meet expectations [1] - The rise of interactive live-action games has created a stable content avenue, with a diverse range of themes and improved production quality expected by 2025 [3] - Male audiences have developed more refined tastes, seeking complex emotional experiences rather than simplistic narratives [4] Group 1: Industry Trends - The interactive live-action game genre has seen significant growth, with successful titles like "捞女游戏" (later renamed "情感反诈模拟器") showcasing the potential for diverse storytelling [3][5] - The genre is evolving beyond traditional romance themes, incorporating elements of social issues and complex character dynamics [6][10] - Historical-themed interactive games, such as "明末·伐定天下," are gaining traction, indicating a shift towards more ambitious storytelling and production values [11][25] Group 2: Audience Preferences - Male audiences are increasingly discerning, valuing plot pacing, character depth, and gameplay mechanics, which reflects a shift in consumption patterns [4][20] - The success of titles like "捞女游戏" demonstrates that players appreciate nuanced character interactions and emotional complexity [5][6] - The interactive format allows players to engage with narratives that are otherwise difficult to experience in real life, enhancing the appeal of these games [4][20] Group 3: Market Dynamics - The interactive live-action game market is becoming a viable alternative for content creators in the face of challenges in traditional media [20] - The genre is attracting a dedicated male audience, with established consumption habits forming around these interactive experiences [20] - Future developments in the genre may include adaptations of popular web novels, which could further align with male audience preferences [25]

Core Viewpoint - Wanda Film's gaming business is performing well, with the upcoming release of "Transformers: New Era" expected in Q4 after obtaining its license on June 23 [1] Group 1: Business Performance - The gaming business of the company is reported to be in good operational condition [1] - "Transformers: New Era" has received its license and is currently undergoing testing and adjustments [1] Group 2: Future Projects - The company has several upcoming projects in the pipeline, including "JoJo's Bizarre Adventure," "Full-Time Mage" from Yuewen, "I Am a Singer: Melody Reboot" adapted from Shanghai Animation Film Studio, and an arcade adaptation of "Cai Jing" [1] - All these projects are progressing as planned and are expected to launch both domestically and internationally [1]

Group 1 - The company reported that its gaming business is performing well, with the game "Transformers: New Era" having obtained its license on June 23 and is currently undergoing testing and debugging, expected to launch in Q4 both domestically and overseas [2] - Other projects in development include the classic anime "JoJo's Bizarre Adventure," "Full-Time Mage" from Yuewen, "I Am a Singer: Melody Reboot" adapted from Shanghai Animation, and an arcade adaptation of "Cai Jing," all progressing as planned [2]

Group 1 - Perfect World has experienced a decline for four consecutive trading days, with a cumulative drop of -5.85% [1] - The company operates in three main sectors: Perfect World Film, Perfect World Games, and Perfect World Esports [1] - Four funds under Xingquan Global Fund have entered the top ten shareholders of Perfect World, with notable increases in holdings during the second quarter of this year [1] Group 2 - Xingquan He Run Mixed A Fund has a year-to-date return of 10.61%, ranking 2847 out of 4501 in its category [1] - Xingquan Business Model Mixed (LOF) A Fund has a year-to-date return of 13.30%, ranking 2338 out of 4501 [1] - Xingquan He Yi Mixed (LOF) A Fund has a year-to-date return of 23.93%, ranking 360 out of 2289 [1] - Xingquan New Vision Open-end Mixed Fund has a year-to-date return of 12.53%, ranking 883 out of 2289 [1] Group 3 - The fund managers for the mentioned funds include Xie Zhiyu, Qiao Qian, and Xue Yiran, with Xie Zhiyu having extensive experience in fund management [6][8][9] - Xingquan Global Fund Management Co., Ltd. was established in September 2003 and is co-owned by Xingye Securities Co., Ltd. and Global Life Insurance International Company [9]

Core Insights - CreateAI has officially launched its motion capture base in Beijing, which is the largest in Asia and features 130 advanced devices, marking a significant development in the motion capture industry in China [1][2] - The transition from autonomous driving to content creation reflects a strategic pivot for CreateAI, which aims to leverage its technological expertise in AI for the film and gaming sectors [4][5] - The motion capture base addresses the resource shortage in Northern China, enhancing the capabilities for high-quality motion capture in various applications, including film, gaming, and digital heritage [2][3] Company Overview - CreateAI, previously known as TuSimple, rebranded in December 2024 to focus on generative AI technologies, particularly in animation and gaming content [4][5] - The company has retained most of its core team during the transition, with a new focus on building a robust ecosystem for two-dimensional content [5] - CreateAI's product, Animon.ai, has gained popularity in Japan, showcasing the potential of AI in lowering the barriers for animation creation [5] Industry Context - The motion capture technology has become a standard in commercial gaming and is increasingly utilized in the cultural and entertainment industries [2] - The new base supports advanced features such as sub-millimeter capture accuracy and simultaneous multi-person tracking, which significantly reduces production cycles [2] - AI's role in film and game production is evolving from a supportive tool to a core component, enhancing efficiency and creativity in the industry [6]

Group 1 - The stock price of Wento Holdings closed at 2.35 yuan on August 6, 2025, reflecting an increase of 0.86% from the previous trading day [1] - The trading volume for the day was 285,521 hands, with a total transaction amount of 67 million yuan [1] - The stock opened at 2.32 yuan, reached a high of 2.37 yuan, and a low of 2.31 yuan during the trading session [1] Group 2 - Wento Holdings is primarily engaged in film production and game development [1] - The company has announced the establishment of the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center in collaboration with other investors, with a total fund size of 400 million yuan [1] - The fund will focus on equity investment and asset management activities [1]