Market Overview - The A-share market experienced a narrow fluctuation on February 10, with mixed performance across the three major indices. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component increased by 0.02%, and the ChiNext Index fell by 0.37% [1] - The total trading volume in the A-share market was 2.12 trillion yuan, a decrease of 145.5 billion yuan compared to the previous trading day. Out of 3,157 stocks, 2,222 rose while 3,157 declined [1] Sector Performance - The sectors that saw significant gains included film and television, short drama games, Sora concept (text-to-video), intellectual property protection, cultural media, mobile games, AI predictions, and online games [1] - Conversely, sectors that experienced declines included precious metals, liquor, cultivated diamonds, photovoltaic equipment, zinc, gold concepts, perovskite batteries, duty-free shops, and horse racing concepts [2] AI Video Generation Impact - ByteDance's AI video generation model, Seedance 2.0, has gained significant attention for its ability to create high-quality videos from text or images in just 60 seconds. This innovation is expected to reshape the content production industry by reducing costs and production cycles [6] - The introduction of Seedance 2.0 is anticipated to accelerate the development of the short drama and animation sectors, which are currently facing challenges such as high costs and long production times. The model's capabilities are expected to lower production costs and increase industry capacity [7] Market Sentiment and Predictions - As the Lunar New Year approaches, investors are faced with the decision to hold stocks or cash. Historical data suggests a tendency for the Shanghai Composite Index to rise around the holiday period, with 7 out of the last 10 years showing gains [8] - Multiple institutions express optimism regarding the market's performance around the New Year, with a prevailing recommendation to "hold stocks for the holiday." This sentiment is supported by recent policy measures aimed at enhancing market confidence and liquidity [9] - Current valuation levels indicate that the overall A-share index price-to-book ratio has dropped to 1.90, which is at the historical median level. Earnings forecasts suggest a shift in focus from valuation to profitability, with certain sectors like technology manufacturing showing positive trends [10]

Core Viewpoint - The A-share market experienced slight declines with a notable structural divergence, highlighted by a surge in the media sector driven by refinancing policy optimization and breakthroughs in AI video technology [1][3] Market Performance - The major indices in the A-share market showed minor declines, with the Shanghai Composite Index down 0.02% to 4122.34 points, and total trading volume around 1.39 trillion yuan, indicating cautious trading behavior [1][2] - The media sector led the gains with a 5.34% increase, while traditional sectors like food and beverage, real estate, and retail faced declines [2] Sector Analysis - The media sector's strong performance is attributed to supportive policies, particularly the optimization of refinancing policies that favor "light asset, high R&D investment" companies, enhancing their financing environment [3] - AI technology advancements, particularly the attention on ByteDance's AI video generation model Seedance 2.0, are expected to revolutionize production tools in the media industry, leading to significant efficiency and cost improvements [3] Capital Flow - There was a significant net inflow of over 1 billion yuan into the network gaming sector, indicating that the media sector's rise is supported by institutional and large-cap funds rather than just retail speculation [4] - The Hong Kong market showed strong performance, particularly in the innovative drug sector, with the Hang Seng Index up 0.58% and the Hang Seng Tech Index up 0.96%, reflecting a cross-market investment strategy focusing on growth certainty [4] Future Outlook - The structural divergence in the market is expected to continue, with sectors like media and technology benefiting from policy support and technological catalysts, while consumer and real estate sectors may remain under pressure until clear recovery signals emerge [5] - The Hong Kong market, especially the tech and innovative drug sectors, may outperform the A-share market due to improving external conditions and performance progress [5]

Core Viewpoint - The return of QQ Farm has sparked significant interest and engagement on social media, reminiscent of its initial launch period, indicating a revival of nostalgic gaming experiences in a modern context [2][14]. Group 1: Game Features and Mechanics - The revived QQ Farm retains its simple mechanics of planting, harvesting, and interacting with friends, which were the core attractions of the original game [14]. - The game introduces elements of competition and strategy, such as stealing crops from friends, which enhances the social interaction aspect and adds a layer of excitement [15][16]. - Players are experiencing a heightened sense of engagement due to the game's mechanics, which encourage both cooperation and rivalry among friends [15][16]. Group 2: Social Dynamics and Nostalgia - The return of QQ Farm has created a unique social atmosphere where players reconnect and engage in playful competition, reminiscent of earlier social interactions from a decade ago [11][18]. - The game serves as a platform for rekindling friendships and social connections that may have faded over time, highlighting the importance of light-hearted social gaming in today's digital landscape [18]. - The nostalgia associated with QQ Farm is drawing in not only older players but also younger generations, creating a cross-generational appeal that enhances its popularity [18].

营造清朗网络空间 徐汇区人民法院知识产权庭副庭长于是指出，网络游戏产业内出现的诋毁性虚伪信息具有"低成 本"与"高损害"的失衡特质。法人名誉权侵权与商业诋毁之间有很大概率会出现请求权基础上的竞合， 而且这两条路径并非泾渭分明，也没有严格意义上的优劣之分。实践中可以将商业诋毁案件维权的关键 要点有机拆解成行为的竞争性、信息的虚伪性、指向的特定性，以及损害的可能性，并基于这四项核心 要件开展进一步维权。 徐汇公安分局网安支队管理组警长李斌分享了支队在打击涉企谣言方面的实践。针对涉企网络"黑嘴"、 舆情敲诈等问题，支队结合"净网""砺剑"等专项行动，对利用网络散布谣言、诋毁商誉、攻击企业负责 人的行为依法处理，对辟谣后仍发布谣言的违法人员予以重点打击，消除影响。他表示，支队还依 托"守沪e站"、网安警务室等警企对接平台，拓宽涉企谣言反映渠道，并督导平台压实主体责任，及时 屏蔽、删除涉企不实信息，切实保障企业合法权益，营造清朗网络空间。 面对上述痛点、难点，行业各方应当如何协同，对诽谤与拉踩行为进行有效治理？研讨会上，来自司法 界与学术界的专家们也立足各自视角给出了极具价值的建设性建议。 本报记者 孙云 新的困境与挑 ...

Group 1 - Perfect World shares increased by 5.45%, reaching 18.76 CNY per share, with a trading volume of 857 million CNY and a turnover rate of 2.63%, resulting in a total market capitalization of 36.394 billion CNY [1] - The company, established on August 27, 1999, and listed on October 28, 2011, is based in Beijing and primarily engages in the development, publishing, and operation of online games, as well as film and television production and related services [1] - The revenue composition of Perfect World includes 50.18% from PC online games, 26.23% from mobile online games, 20.29% from television series and short dramas, 1.85% from other game-related businesses, 0.50% from other film-related businesses, 0.48% from other sources, and 0.47% from console games [1] Group 2 - Nord Fund has a significant holding in Perfect World, with the Nord Strategy Select Fund (007152) owning 55,000 shares, accounting for 4.98% of the fund's net value, making it the fifth-largest holding [2] - The Nord Strategy Select Fund was established on May 23, 2019, with a current size of 18.1115 million CNY, yielding a year-to-date return of 2.98% and a one-year return of 25.67% [2] - The fund manager, Hao Xudong, has a tenure of 10 years and 214 days, with a total fund size of 290 million CNY, achieving a best return of 115.84% and a worst return of -6.12% during his tenure [3]

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 腾讯控股 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Games keep strong momentum》的报告，腾讯预计将继续交出稳健业绩，2025 年第四季度总收入和调整后 Ebit 同比大幅增长。 分析指出，网络游戏有望带来积极惊喜并实现同比增长，得益于常青游戏的稳健表现以及新爆款游戏《三角洲行动》 的推动。尽管宏观环境疲弱，广告业务预计仍将同比增长，主要受广告技术升级和交易增长的支撑。随着毛利率扩张， 利润预计将继续快于收入增长。分析指出，腾讯在 2026 年有望维持双位数的游戏增长和广告增长，并被视为全球拥 有最优 ...

wumiancaijing.com 最热的泛财经新闻，都在这儿了。 重要提醒！！！为防失联，请"星标"我们！进入无冕财经公众号，点击右上角"..."，再" "，以便您及时接收每篇推送~ 本文由无冕财经（wumiancaijing）整理发布 资讯整理：海棠葉 编辑：程程 设计：岚昇 元宝红包链接被微信屏蔽 跌近4%，腾讯控股已连续4个月下跌 折腾了三天，微信还是封了元宝的红包链接。 2月1日0点，腾讯正式开启"上元宝，分10亿"活动，此后有众多网友发帖称，微信群和朋友圈被元宝红包刷屏。 随着元宝红包的爆火，也有外界质疑腾讯"双标"。因为根据微信平台的规则，此类通过利益诱导用户进行分享、传播的行为原本就会被严厉打击，而腾讯 自家的AI产品红包却能在微信中广泛分享。 对此，微信通过官方公众号"微信安全中心"发布《关于第三方诱导分享行为的打击公告》，表示，经研判，对元宝的违规链接进行处置，限制其在微信内 直接打开，相关处置措施即日生效。 微信公关总监"粥姨"发文表示："用户体验第一，一视同仁。"并配上了一张表情包"我发起疯来自己都打"。 / ▲微信公关总监发文，图源网络 元宝是腾讯AI to C的主攻手，而春节红包是 ...

2月4日，由世纪华通（002602.SZ）旗下盛趣游戏运营的《最终幻想14》（以下简称为FF14）与国内知名黄金珠宝品牌老凤祥合作推出的爱梅特赛尔克纪 念金卡，正式在盛趣游戏商城上线售卖。这款定价999元、限量490份的"黄金谷子"藏品，凭借高人气角色爱梅特赛尔克的独特魅力和稀缺属性，发售后迅 速被"光之战士"们抢购一空。 《FF14》爱梅特赛尔克纪念金卡 "黄金谷子"风潮下的跨界合作 "黄金谷子"一词，源于二次元圈层的"谷子文化"，它从"Goods"延伸而来，是黄金材质与动漫游戏IP相结合，兼具情绪价值、收藏属性与保值潜力的新兴 消费品类。近年来，随着黄金价格的稳步攀升与ACG文化影响力的持续扩大，这种相对于传统的吧唧、立牌更具保值属性的"黄金谷子"迅速走红，成为年 轻人消费新宠。据中国珠宝玉石首饰协会数据显示，2025年IP黄金类商品成交金额同比增长超294%，年轻群体对"能晒、能囤、能保值"的黄金类周边需 求显著提升。而此次《FF14》与老凤祥合作推出联名纪念金卡，正是这一趋势下的全新尝试。 人气角色加持 承载跨次元情感 爱梅特赛尔克是《FF14》5.0版本"暗影之逆焰"中塑造得极为成功的核心角色，也是 ...

Core Viewpoint - The implementation of the new policy in Changzheng Town aims to enhance the synergy between industry and talent development, supporting the construction of the Yangtze River Delta innovation belt and fostering high-quality regional economic growth [4][5][6]. Group 1: Policy Upgrades - The new policy expands support from "single-point talent support" to a systematic approach of "industry-talent collaborative development," targeting enterprises, institutions, and talents aligned with regional industrial development [5][6]. - Specific support measures for the gaming industry have been enhanced, including six detailed initiatives such as venue provision, industry scale expansion, and qualification recognition [6][8]. - The funding intensity has shifted from "basic support" to "systematic empowerment," with increased financial assistance for startups and specific incentives for recognized high-tech enterprises [6][7]. Group 2: Talent Development - Changzheng Town has successfully attracted 220 high-level talents, significantly contributing to regional development [9]. - The town has organized numerous events to connect with young talents, successfully recruiting teams from prestigious universities [12]. - The establishment of national-level specialized and innovative "little giant" enterprises has increased, showcasing the town's robust industrial foundation and innovation capabilities [12]. Group 3: Infrastructure and Support Systems - The Bochuang Building in the Xintai Center is designed to provide a comprehensive support system for innovation, including office space and financial assistance for startups [8]. - The "免申即享" mechanism simplifies the application process for enterprises, allowing them to receive rewards automatically for qualifying projects [7]. - Enhanced housing support for high-level talents includes significant financial subsidies for home purchases and rental assistance for doctoral students [7][9]. Group 4: Future Outlook - Changzheng Town aims to leverage its strategic location and resources to create a comprehensive hub for industry incubation, talent aggregation, and a favorable business environment [15]. - The focus will be on bridging the gap from laboratory innovations to industrialization, fostering a sustainable ecosystem for innovation and development [15].

该行轻微降网易2025至27年收入预测约1%，以反映管线倾侧于今年下半年及明年；并降2025至27年盈 测约3%，以反映在高基数下利润率扩张放缓。高盛重申对网易"买入"评级，H股目标价由266港元微降 至264港元，美股目标价由170美元微降至169美元。 高盛发表研报指，网易近期股价压力可能源于市场对近期游戏流水增长放缓、2025年第四季度及2026年 第一季度的利润率面临高基数，以及近期Genie 3/AI游戏创作工具潜在影响的担忧。对于即将公布的 2025年第四季度业绩，高盛预计，网易在线游戏收入将按年增长9%，调整后息税前利润(EBIT)按年增 长10%。该股目前交易于预测2026年市盈率14倍，低于其过去五年历史平均水平，该行认为其估值倍数 进一步下调的空间有限。 网易-S(09999.HK)拟2月10日举行董事会会议以审批年度业绩 网易-S(09999.HK)：料Q4平稳过渡 关注股 东回报与全球化进展 大行评级丨高盛：重申对网易"买入"评级，微降收入及盈利预测 大行评级丨花 旗：网络游戏股遭抛售并不合理，重申对腾讯、网易美股"买入"评级 相关事件 ...