Core Viewpoint - The report from CITIC Securities indicates that the biggest expected divergence in 2026 will stem from the balance between external and internal demand, with a trend towards imposing tariffs on external demand and subsidizing internal demand, marking an important beginning this year [1][7]. Market Overview - The market is expected to experience a higher probability of upward movement after the New Year, given the relatively low funding enthusiasm at the end of last year and the prevailing sentiment of wanting to see market growth [1][8]. - The overall market sentiment is currently restrained, with many investors waiting for the right entry point, suggesting limited potential for significant market corrections in the absence of major unexpected risks [8]. Investment Strategy - The company recommends adopting a mindset focused on "earning performance money rather than expecting valuation money" for mid-term investments, favoring sectors with lower heat and concentration but increasing attention and catalysts, such as chemicals, engineering machinery, electric power equipment, and new energy [1][10]. - There is a cautious approach towards high prosperity and high heat sectors that have seen stagnant stock prices, while new industry themes like commercial aerospace are expected to continue to evolve and warrant ongoing attention [1][10]. Performance Analysis - In 2025, the median return for actively managed public funds tracked by CITIC Securities was 28.2%, ranking third over the past decade, with a significant disparity in returns between the top and bottom deciles [2]. - The overall performance of the A-share and Hong Kong stock markets in 2025 can be divided into five phases, with notable fluctuations driven by external factors such as tariff impacts and AI application narratives [3][4]. Structural Market Dynamics - The significant money in the structural bull market in 2025 primarily came from the correction of expected divergences and performance growth, particularly in the context of external and internal demand dynamics [4]. - The report highlights that the market's perception of external demand has shifted from optimism to caution, with geopolitical factors influencing expectations throughout the year [7]. Future Outlook - The anticipated structural adjustments in trade policies, including increased tariffs and stricter export controls, indicate a shift in China's approach to external trade, aiming to balance external and internal demand [7]. - The report emphasizes that the market may struggle to quickly price in these significant structural changes, which could serve as both a source of expected divergence and potential performance growth [7].

Core Viewpoint - The gaming industry, valued at $190 billion, is facing a crisis as development costs for AAA titles soar, leading to burnout among developers. AI innovations, particularly through Li Feifei's "world model," are set to revolutionize game development by significantly increasing efficiency and reducing costs [1][20]. Group 1: Industry Challenges - The development of high-profile games like MiHoYo's "Genshin Impact" and "GTA 6" has become increasingly burdensome, with annual operational costs exceeding $200 million and lengthy development cycles [1]. - AAA game development costs can reach billions, creating a stagnation in creativity and innovation within the industry [1][20]. Group 2: AI Innovations - Li Feifei's World Labs is introducing a "world model" that enables AI to understand and reconstruct 3D physical spaces, drastically improving development speed by four times [3][4]. - AI-generated complex 3D environments can be created with minimal input, allowing developers to focus on creativity rather than technical constraints [6][11]. Group 3: Future of Game Development - The traditional game engines, reliant on complex coding and predefined rules, are being replaced by AI systems that understand physical interactions intuitively [9][12]. - As AI tools mature, the barriers to game development will lower, enabling more individuals to create personalized gaming experiences without extensive technical knowledge [15][17]. Group 4: Emotional and Creative Implications - The democratization of game creation through AI could lead to a resurgence of creativity, allowing developers to focus on enjoyment and exploration rather than technical limitations [21][22]. - Concerns exist regarding the potential for low-quality content flooding the market as the cost of creating virtual worlds approaches zero, raising questions about the future of artistic integrity in gaming [20].

世纪华通（002602）(002602.SZ)发布公告，公司拟使用自有资金或自筹资金以集中竞价交易方式回购 部分已发行的人民币普通股(A股)股票，用于实施股权激励或员工持股计划，回购股份的资金总额不低 于人民币3亿元(含)，不超过人民币6亿元(含)，回购股份的价格不超过人民币25.97元/股(含)。 ...

智通财经APP讯，世纪华通(002602.SZ)发布公告，公司拟使用自有资金或自筹资金以集中竞价交易方式 回购部分已发行的人民币普通股(A股)股票，用于实施股权激励或员工持股计划，回购股份的资金总额 不低于人民币3亿元(含)，不超过人民币6亿元(含)，回购股份的价格不超过人民币25.97元/股(含)。 ...

北京商报讯（记者 程靓）1月4日，浙江世纪华通集团股份有限公司（简称"世纪华通"）发布公告称， 世纪华通拟使用公司自有资金或自筹资金以集中竞价交易方式回购部分已发行的人民币普通股（A股） 股票，用于实施股权激励或员工持股计划。回购价格不超过25.97元/股，回购资金总额不低于3亿元， 不超过6亿元。回购期限为自公司董事会审议通过本回购方案之日起12个月内。 ...

Core Viewpoint - The market is experiencing a structural bull market driven by a significant re-evaluation of China's technological capabilities and the complexities of US-China relations, alongside resilient external demand and an explosion in AI inference demand [1][2][3] Group 1: Market Performance and Expectations - In 2025, the median return of actively managed public funds is projected to be 28.2%, ranking third in the past decade and sixth in the last twenty years [1][12] - The overall market performance can be divided into five phases, with the total return of the CSI All A Shares Index at 27.7% and the Hang Seng Tech Index at 23.4% for the year [2][13] - The first phase shows a brief market excitement before the Spring Festival, while the second phase sees a significant rally in the Hang Seng Tech Index due to a shift in narrative regarding China's autonomous technology [2][13] Group 2: Structural Bull Market Dynamics - The "big money" in the structural bull market comes from substantial expected differences and performance growth, primarily driven by the correction of pessimistic expectations regarding external demand and the AI industry's evolution [3][14] - The market's perception of external demand shifted from pessimism to optimism throughout the year, culminating in a consensus on external demand exposure by year-end [3][14] - The AI industry's demand surge has filled gaps during transitional phases, leading to significant valuation recoveries for key companies [4][14] Group 3: Liquidity and Market Dynamics - Incremental liquidity is viewed as a result of the expected difference and performance realization, rather than a primary driver of market growth [5][15] - The net inflow of ETFs was 230.6 billion yuan for the year, indicating that liquidity does not directly correlate with market index increases [5][15] - The market is not lacking in funds but rather in investable assets and imaginative space [5][15] Group 4: Future Expectations and Strategies - The largest expected difference for 2026 will stem from balancing external and internal demand, with a trend towards taxing external trade and subsidizing domestic demand [6][16] - The market sentiment at the end of 2025 was relatively restrained, suggesting a higher probability of upward market movement in early 2026 [7][17] - Investment strategies should focus on sectors with lower heat and concentration but increasing attention and catalysts, such as chemicals, engineering machinery, and renewable energy [9][19]

每经AI快讯，1月4日，世纪华通（002602）(002602.SZ)公告称，公司拟使用自有资金或自筹资金以集 中竞价交易方式回购部分已发行的人民币普通股(A股)股票，用于实施股权激励或员工持股计划。回购 价格不超过25.97元/股，回购资金总额不低于3亿元，不超过6亿元。回购期限为自公司董事会审议通过 本回购方案之日起12个月内。 ...

世纪华通公告称，公司于2025年12月31日召开董事会，审议通过以集中竞价交易方式回购股份预案。回 购资金不低于3亿元、不超6亿元，回购价不超25.97元/股，用于股权激励或员工持股计划。按上限测 算，预计回购约2310.36万股，占总股本0.3135%；按下限测算，预计回购约1155.18万股，占0.1567%。 回购期限为12个月。公司提示了资金筹措、股价超上限等风险。 ...

Core Insights - The global mobile gaming market is projected to grow steadily, with total revenue increasing by 0.5% year-on-year and total downloads rising by 4.6% in 2025, indicating a continuous expansion of market size [2][4]. Group 1: Company Performance - Century Huatong's game "Whiteout Survival" has shown remarkable performance, ranking 4th in global mobile game revenue for 2025, with a strong annual growth rate of approximately 50%, making it the top growth champion in the $1 billion revenue tier [1][4]. - "Kingshot," another title from Century Huatong, debuted in 2025 and achieved a revenue ranking of 14th, becoming the only new game to make it to the top 30 revenue list for the year [1][6]. Group 2: Market Dynamics - The top 30 global mobile games list includes 8 titles that surpassed $1 billion in revenue, showcasing the competitive landscape of the mobile gaming industry [2]. - "Whiteout Survival" has established a solid foundation in key markets such as the United States, Japan, and South Korea, with revenue in Japan experiencing a doubling growth [4][6]. Group 3: Strategic Insights - Century Huatong's success is attributed to its data-driven "research, operation, and development" integrated system, which has created a competitive and differentiated product matrix, enhancing overseas business quality and efficiency [7]. - The company aims to transition towards a platform-oriented model, expanding its product matrix and deepening its global layout to provide more high-quality gaming experiences for players worldwide [7].

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in gaming and social entertainment media, with companies like Bilibili and Tencent outperforming the market [3][4][8] - The report emphasizes the potential of AI applications and the gaming sector, predicting continued industry growth in 2026 [14][19][22] Group 1: Internet Sector - E-commerce: The report notes that the national subsidy policy for 2026 is expected to be slightly better than anticipated, although recent e-commerce performance remains weak [19][20] - Social Entertainment Media: Bilibili and Tencent's advertising performance continues to exceed market expectations, with Tencent's gaming fundamentals improving [19][20] - Internet Healthcare: JD Health and Alibaba Health are leveraging their platform advantages to deepen cooperation with upstream pharmaceutical manufacturers, leading to strong revenue and profit growth [20] Group 2: Media Sector - Gaming: The report remains optimistic about the gaming sector's performance driven by fundamentals, recommending leading companies such as Tencent and NetEase [22][23] - Advertising: The report discusses recent adjustments by Focus Media regarding its acquisition of New Wave, reflecting concerns about growth impacts from reduced investment [23][24] - Publishing: Some publishing companies are facing negative impacts from educational reforms, leading to delays in revenue recognition [24] Group 3: Key Company Analysis - Tencent Holdings: The company reported a revenue of 192.9 billion RMB for Q3 2025, with a year-over-year increase of 15% [29] - Kuaishou: The company achieved a total revenue of 35.6 billion RMB in Q3 2025, with a year-over-year increase of 14% [30] - Bilibili: The company reported total revenue of 7.685 billion RMB in Q3 2025, with a year-over-year increase of 5% [31]