Core Insights - The article discusses the long-term investment strategy of 37 Interactive Entertainment in hard technology sectors, emphasizing the extended timeframes for technology commercialization compared to gaming products [1][2][3] Investment Strategy - 37 Interactive Entertainment has made significant moves in the capital market, including investing up to 50 million yuan in the Diao Weihu Shan Fund to enhance its artificial intelligence industry chain [1] - The company's investment portfolio spans various cutting-edge technologies, including lithium niobate films, brain-computer interfaces, large models, XR glasses, and more, indicating a broad focus on foundational computing power and advanced technologies [1][3] Management Perspective - The management of 37 Interactive Entertainment, particularly Chairman Li Weiwei, has expressed a strong belief that AI is a core necessity for current success, transitioning from an optional trend to a mandatory component [2] - The company aims to deepen its integration of technology into entertainment, moving from a focus on hit games to establishing a standardized mechanism for stable revenue generation through technological empowerment [3][9] Industry Context - The article highlights a shift in the gaming industry from creative competition to technological advancement, necessitating companies to develop their own technological foundations rather than relying on external suppliers [9] - The investment strategy has evolved from a focus on gaming entertainment to a broader emphasis on hard technology and its integration with entertainment, driven by advancements in human-computer interaction [11]

Market Overview - On the first trading day of 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, while the Shenzhen Component Index increased by 2.24% and the ChiNext Index by 2.85%. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion yuan. The leading sectors included media, pharmaceuticals, and electronics, while oil and petrochemicals, banking, and transportation lagged behind [2][7] - The Hong Kong Hang Seng Index saw a slight increase of 0.03%, closing at 26347.24 points, while the U.S. major indices all closed higher, with the Dow Jones Industrial Average rising by 1.23% to a record high of 48977.18 points [2][7] Important News - Premier Li Qiang emphasized the need to enhance innovation and development advantages during his research in Guangdong, advocating for the improvement of industrial ecosystems and the exploration of effective business models for new technologies such as robots and drones [3][8] - A joint announcement from nine departments, including the Ministry of Commerce, implemented actions to promote green consumption, focusing on enhancing the supply of green products and encouraging the purchase of electric vehicles and certified green appliances [3][8] Industry Insights Media Industry - The New Year's Day box office exceeded 740 million yuan, marking a significant increase of 61.01% compared to the previous year. The extended holiday period allowed for a diverse range of films to cater to audience preferences, with major sequels leading the box office [9][10] - The total number of screenings during the New Year's holiday reached 1.417 million, with a notable increase in audience attendance, particularly on January 1, which saw a 14.20% year-on-year increase [10][12] - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office resilience, contributing significantly to the overall market performance [12] Gaming Industry - In December 2025, a total of 147 game titles received approval, with 144 domestic and 3 imported games. The total number of game approvals for the year reached 1771, a 25.07% increase from 2024 [13][14] - The game "Seven Realms Dream" is highlighted for its unique "national style" theme and innovative gameplay mechanics, indicating a competitive landscape in the MMO sector for 2026 [14][15] Tourism Industry - The 2026 New Year's holiday saw 142 million domestic trips and total spending of 847.89 billion yuan, benefiting from the extended holiday period compared to the previous year [16][17] - The tourism market experienced a boost due to various factors, including the popularity of winter sports, the appeal of Hainan's free trade zone, and increased interest in outbound travel [18][19] - The outlook for 2026 remains positive, with expectations for further growth in the tourism sector driven by favorable policies and consumer confidence [19]

Core Viewpoint - The gaming sector presents investment opportunities due to the upcoming peak season and favorable supply-demand dynamics, as highlighted by Kaiyuan Securities [1] Group 1 - The gaming sector is expected to experience an upward trend in prosperity driven by new game launches and ongoing operations of existing games [1] - The upcoming winter vacation and Spring Festival are anticipated to boost demand in the gaming industry [1] - The valuation of the gaming sector is considered attractive, providing a compelling investment case [1]

消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 心动公司(02400)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 心动公司（02400）早盘高开逾4%，截至发稿，股价上涨4.23%，现报69港元，成交额2284.37万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 心动公司（02400）早盘高开逾4%，截至发稿，股价上涨4.23%，现报69港元，成交额2284.37万港元。 消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股 ...

消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 智通财经APP获悉，心动公司(02400)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

Group 1 - The A-share market opened strong on Monday, with the Shanghai Composite Index returning above 4000 points, driven by sectors such as insurance, medical services, semiconductors, and electronic components [1][2] - The market is supported by the increasing attractiveness of RMB assets, expectations for early-year credit issuance, and positive changes in corporate earnings structures, particularly from advanced manufacturing and overseas enterprises [1] - There is a prevailing expectation that the Federal Reserve will continue its rate-cutting cycle into 2026, contributing to a more accommodative global liquidity environment [1] Group 2 - The A-share market is anticipated to maintain a slight upward trend, with investors encouraged to increase risk appetite and actively participate in the market to seize thematic investment opportunities during the "spring market" [1][2] - The domestic innovative drug market is expected to have significant growth potential in the medium to long term, despite a major adjustment anticipated at the end of 2025 [2]

Group 1 - The report highlights that the company plans to issue convertible bonds to raise up to 878 million RMB for investment in new projects, including a 5000 tons/year vitamin K3 and 74,000 tons/year chromium green project, and a 500,000 tons/year sulfuric acid and 50,000 tons/year chromium powder project [3][5] - The innovative "vitamin K3 co-production chromium green" process is expected to break the production bottleneck of chromium green, utilizing chromium-containing waste from vitamin K3 production to create high-quality chromium green, thus enhancing environmental performance and operational results [5][6] - The company has successfully acquired land for the new project in Chongqing, with a total investment of approximately 3 billion RMB, which will significantly drive long-term growth [7][8] Group 2 - The report indicates that the chromium market is experiencing a bullish cycle, with the average price of metallic chromium rising from 67,500 RMB/ton to 82,000 RMB/ton, and chromium oxide green prices increasing from 29,500 RMB/ton to 36,500 RMB/ton [9][10] - The downstream demand for chromium is expected to grow due to the increasing needs in high-temperature alloys used in military and civilian aircraft, gas turbines, and other high-end equipment, which will further boost the market demand for chromium and its raw materials [5][10] - The company is projected to benefit from the chromium market cycle, with revenue forecasts for 2025, 2026, and 2027 estimated at 43.63 billion RMB, 66.42 billion RMB, and 72.52 billion RMB, respectively, alongside net profits of 6.04 billion RMB, 11.96 billion RMB, and 13.70 billion RMB [11]

Market Overview - The market opened strongly, with the ChiNext Index leading the gains, and the Shanghai Composite Index returning above 4000 points, recording twelve consecutive days of gains. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion, an increase of 501.1 billion compared to the previous trading day. The Shanghai Composite Index rose by 1.38%, the Shenzhen Component Index by 2.24%, and the ChiNext Index by 2.85% [1]. Industry Insights - CITIC Securities highlighted that the nuclear fusion sector is entering a period of intensive catalytic release, with significant technological advancements expected to drive a synchronized market trend between domestic and international markets early next year. The long-term growth trend of the industry has been established, with domestic capital expenditure progressing steadily and overseas developments likely to exceed expectations [2]. - Open Source Securities noted that gaming could serve as a significant application scenario for brain-computer interfaces (BCIs) and AI. The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, enabling previously disabled individuals to engage in gaming through brain control. Elon Musk's Neuralink plans to mass-produce BCI chips by 2026, with a streamlined and automated implantation process expected to accelerate the maturity of various application scenarios, including gaming and medical rehabilitation [3]. - CITIC Construction Investment pointed out that the AI medical sector is expected to see continuous progress in policy, technology, products, and applications by 2025. The application of AI in healthcare is anticipated to expand from large hospitals to grassroots and individual levels, enhancing medical device functionality, interpreting test results, assisting clinical decision-making, and health management. The ongoing support from national policies and industry technologies is likely to accelerate the implementation of AI medical applications, presenting investment opportunities in the sector [4].

Group 1 - The core viewpoint emphasizes the investment opportunities in the gaming sector due to the upcoming new game launches and operational activities for existing games [1] - The gaming industry is expected to experience an upward trend in demand, particularly with the approaching winter vacation and Spring Festival peak season [1] - The valuation of the gaming sector is highlighted as being cost-effective, making it an attractive investment option [1]