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Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - Asia IG names were unchanged to 2bps tighter in the morning, with flows favoring higher - yielding issues in greater Asia and LGFV spaces [3] - Macau's gaming industry had solid GGR growth in 2025, and the 2026 target seems conservative [6] - China's PMI signaled a temporary improvement, with expected GDP growth decline from 5% in 2025 to 4.8% in 2026, and potential policy stimulus [3][10][11][15] Summary by Related Catalogs Trading Desk Comments - ARAMCO 35s tightened 1bp, FABUH 30 widened 5bps last Friday [2] - Chinese IG names had spreads changes of 5bps tighter to 4bps wider, NWDEVL Perps rose 0.2 - 1.9pts, VDNWDL 9 Perp increased by 1.4pts [2] - The buy recommendation on NWDEVL 5.25 Perp and NWDEVL 8.675 02/06/28 was changed to neutral, and a buy on VDNWDL 9 Perp was initiated [2] - Lai Sun Development's Chairman made a profit of USD11.3mn from trading LASUDE 26, and LASUDE 26 was up by 0.8pt [2] - Various bonds in different regions and industries had price and spread changes, such as Macau gaming, Chinese properties, JP, and SE Asia [2] Last Trading Day's Top Movers - Top performers included VLLPM 9 3/8 07/29/29 with a 3.3 price change, NWDEVL 5 1/4 PERP with a 1.9 change [4] - Top underperformers included FTLNHD 11.88 09/30/27 with a - 0.9 change, COSL 2 1/2 06/24/30 with a - 0.9 change [4] Macro News Recap - S&P (+0.19%), Dow (+0.66%) and Nasdaq (-0.03%) were mixed last Friday, and Trump made a statement about Venezuela [5] - 5/10/30 year UST yield was higher, with 2/5/10/30 year yield at 3.47%/3.74%/4.19%/4.86% [5] Desk Analyst Comments - Macau Gaming - Macau's GGR in Dec'25 increased 14.8% yoy to MOP20.9bn, and cumulatively in 2025, it increased 9.1% to MOP247.4bn, 84.6% of 2019 level [6] - In 2025, tourist arrival was 40.1mn, up 15% yoy and exceeding the 2019 record [6] - Macau government's 2026 GGR target of MOP236bn seems conservative [6] - MPELs and STCITYs are top picks, WYNMAC'27 and '29 are yield - pick - up plays, and neutral on MGMCHIs, SANLTDs, and SJMHOLs [7] Desk Analyst Comments - China Economy - China's manufacturing PMI rebounded in December but recovery was fragile due to seasonality [10][11][12] - Demand improved with new orders expanding and export orders approaching expansion, deflation pressure eased [10][11][12] - Service PMI remained in contraction, construction PMI rebounded [11][13] - Growth is expected to be under pressure in early 2026, potentially triggering policy stimulus [11][14][15] - Expect a 50bp cut in RRR and a 10bp cut in LPR in 1Q26, an additional 10bp LPR cut in 3Q26, and broad fiscal deficit at 8.5% in 2026 [11][14][15] Offshore Asia New Issues - No new offshore Asia issues were priced on the last trading day [17] - Pipeline issues include BOC Aviation, Export - Import Bank of India, and Hyundai Capital America with various tenors and coupon rates [18] News and Market Color - Onshore primary issuances suspended last Friday during the New Year Holiday [21] - China will broaden fiscal spending in 2026 and prioritize domestic demand [21] - Multiple corporate events such as China Jinmao's redemption, CTF Services' acquisition lapse, and rating changes [21]

1月5日早盘，A股网络游戏概念保持强势，游戏ETF（159869）现仍涨近4%，持仓股中，三七互娱 涨停，恺英网络涨超7%，星辉娱乐、富春股份、迅游科技、巨人网络、冰川网络均涨超3%。游戏ETF （159869）近10个交易累计"吸金"达11.71亿元。截至12月31日，该ETF规模已达126.11亿元，为投资者 布局A股游戏龙头提供了便捷工具。 1月4日，腾讯旗下射击手游《三角洲行动》核心玩法更新"航天基地2.0"单项测试正式开服。S8赛 季体验服招募同步启动，玩家可通过官方渠道报名参与，招募截止时间为1月7日，预计1月中旬体验服 正式开测。此次双测试联动，既是对核心玩法的迭代优化，也为新赛季内容预热，引发行业广泛关注。 作为腾讯射击赛道的核心单品，《三角洲行动》此次航天基地2.0的深度更新，直接回应了此前玩家对 玩法创新性的质疑。若测试数据向好、用户留存回升，将有效修复市场对产品生命周期的担忧，为腾讯 游戏板块带来短期情绪催化，同时强化其在射击品类的头部地位，支撑业绩稳定性预期。 12月25日，国家新闻出版署公布了2025年12月游戏版号审批信息其中144款国产网络游戏与3款进口 网络游戏版号过审，7款游 ...

Group 1: Target - Target has struggled in the retail sector due to over-purchasing inventory during supply chain issues and involvement in political activities, leading to alienation of customers [3][4] - The stock has a P/E ratio of 12, indicating that its challenges may already be priced in, and analysts expect revenue growth to return in 2026 as the company makes strategic changes [4][5] - Target is a Dividend King with 54 consecutive years of dividend increases, currently offering a yield of 4.6%, which is significantly higher than the S&P 500 average of 1.1% [7][8] Group 2: Sea Limited - Sea Limited operates in Southeast Asia, with its main revenue driver being Shopee, the e-commerce leader in the region, alongside its fintech and gaming segments [9][10] - The stock has declined by approximately 35% since its September high due to competitive pressures, but analysts forecast a 33% revenue growth for the year, with a potential slowdown to 24% in 2026 [11][13] - The stock's forward P/E ratio of 37 appears reasonable given its growth potential, suggesting a strong position for future growth [13][14] Group 3: The Trade Desk - The Trade Desk has gained popularity among digital advertisers but faced a sell-off after missing revenue estimates in Q4 2024 and concerns about competition from larger advertisers [15][16] - Analysts project an 18% revenue growth for 2025, with the company showing a 20% revenue increase in the first nine months of 2025, indicating potential for exceeding expectations [17] - The stock has fallen over two-thirds from its previous highs, with a current trailing P/E of 43 and a forward P/E of 21, suggesting it may be oversold and poised for a rebound [18][19]

Group 1 - Truist lowered the price target on MGM Resorts from $47 to $45 while maintaining a Buy rating on the shares [1] - The target cut is attributed to "more conservatism" regarding the company's growth inflection on the Las Vegas Strip [1] - November Strip gross gaming revenue decreased by 1% year-over-year, mainly due to lower table and baccarat win [1] Group 2 - Truist also reduced estimates for Caesars (CZR) alongside MGM, citing "soft" Strip RevPAR [1] - Despite the challenges on the Strip, both MGM and Caesars are viewed as "inexpensive" stocks [1] - The issues faced on the Strip are considered "well known" by the market [1]

Group 1 - Sony has submitted a new patent for a real-time situational awareness gaming assistant that trains AI models using game recordings to provide targeted guidance for players stuck at difficult points in games [2] - OpenAI is at a critical juncture in 2026, needing to demonstrate a sustainable business model and clear profitability to investors after achieving a valuation in the hundred billion range [2] - Samsung SDS plans to invest 427.3 billion Korean Won in the construction of an artificial intelligence data center [2]

Core Insights - Retail investing reached unprecedented levels in 2025, driven by the democratization of financial tools, social media, and a significant influx of younger, tech-savvy market participants [1] Market Participation & Volume - Retail inflows into U.S. stocks reached a record high of approximately $308 billion in 2025, marking a 14% increase from the previous peak of $270 billion in 2021 [2] - Individual investors accounted for 20% to 25% of total U.S. equity trading volume on average, peaking at 35% in April 2025 during high volatility periods [4] - Retail investors added around $1.3 billion to the market daily during the first half of 2025, representing a 32.6% increase from the previous year [5] Demographics & Access - The age of entry into the market has significantly decreased, with 37% of 25-year-olds holding investment accounts in early 2025, compared to just 6% in 2015 [6] - Lower-income individuals have increased their investing activity fivefold over the last decade, with below-median income earners making up 31% of all monthly retail investors by May 2025 [6] - 36% of investors identified social media as a primary source for financial news, a 5-point increase since 2024 [7] Looking Ahead - In 2026, retail investors are expected to utilize professional-grade AI agents and benefit from a liquidity surge due to larger tax rebates, potentially increasing their trading volume [8] - Market strategists predict that retail investors will continue to be a significant presence in the market, having made profits in 2025 and showing a strong interest in trading stocks [8]

Core Viewpoint - The company is initiating coverage on Century Huatong with a "Buy" rating and a target price of 24.52 yuan, based on a 21X PE for 2026 [1] Group 1: Business Strengths - The core business advantage lies in its subsidiary, Diandian Interactive, which is a leader in the SLG game sector, particularly excelling in overseas markets with popular titles like "Whiteout Survival" and "Kingshot" [1][2] - The company has established a mature methodology for producing hit games, which includes strategies for user acquisition, modular gameplay reuse, and phased payment designs, enhancing the success rate of new projects [2] - The SLG genre is characterized by long life cycles and low post-launch operational costs, making it a highly profitable and sticky category, which is expected to drive sustained revenue growth [2] Group 2: IP Development and Collaboration - In 2023, the company secured a five-year cooperation agreement with a Korean copyright holder for the "Legend" IP, allowing for exclusive rights in mainland China, which is expected to contribute to revenue growth [3] - The collaboration with Tencent provides not only traffic and distribution support but also facilitates the continuous launch of hit products, further solidifying the company's position in the MMO sector [3] Group 3: Market Perspective - The company believes that the successful validation of the SLG genre serves as a core moat for navigating industry cycles, with head products consistently generating stable cash flow [4] - The competitive landscape for user acquisition is becoming more rational, and as SLG products enter the profit realization phase, the company's revenue and overall profitability are expected to improve [4] - Diandian Interactive's ability to innovate within the SLG genre and expand into casual gaming is anticipated to create a "dual-driven" growth pattern [4] Group 4: Financial Projections and Valuation - The company forecasts net profits attributable to shareholders of 57.55 billion, 86.06 billion, and 106.35 billion yuan for the years 2025 to 2027, respectively [5] - Comparable companies in the gaming sector have an average PE of 20.7X for 2026, and given the company's strong positioning in the X+SLG sector, a target valuation of 180.726 billion yuan is set, with a target price of 24.52 yuan [5]

Group 1 - Governor Gavin Newsom criticized President Donald Trump for making gaming more expensive due to rising chip prices and semiconductor tariffs [1][2] - Sony Group Corp. is reportedly delaying the launch of the PlayStation 6 gaming console because of concerns over increasing chip prices [2] - Nvidia Corp. and Advanced Micro Devices Inc. are considering raising prices of GPUs, which has been highlighted by Newsom's press office [3] Group 2 - The Trump administration has decided to maintain tariffs on semiconductor imports from China until June 23, 2027, with the exact tariff rate to be disclosed 30 days prior to implementation [4] - Chinese authorities have expressed strong opposition to the planned tariffs and are reviewing potential shipments of Nvidia's AI chips to China, raising concerns among U.S. policymakers [5] - Nvidia is facing strong demand for its H200 AI chips in China but is struggling with limited chip capacity and regulatory uncertainty, having received orders for over 2 million units for 2026 while only having 700,000 units available [6] Group 3 - ByteDance, the parent company of TikTok, is planning to invest over 100 billion yuan (approximately $14 billion) in acquiring Nvidia chips next year [7]

Core Viewpoint - The game "Yan Yun Shi Liu Sheng" by NetEase faced public criticism due to the anniversary costume "Fei Bai Cheng Shi," but regulatory authorities found no violations of relevant laws and regulations in the game's content [1][2]. Group 1 - The controversy originated from the launch of the "Fei Bai Cheng Shi" costume during the anniversary event on December 23, 2025, which some players found uncomfortable [2]. - On December 26, the game announced that the dyeing issue of the "Fei Bai Cheng Shi" appearance was addressed with the first batch of fixes completed by the early hours of December 25, restoring the dyeing function for the female version, while the male version is still under urgent repair [3]. - The game plans to enhance the quality and performance of the dyeing materials to resolve issues related to highlights and oily textures, and will introduce two additional crafting options for both male and female costumes in future updates to meet diverse player preferences [3].