服务业扩能提质 编者按 日前召开的中央经济工作会议在部署2026年经济工作重点任务时提出"清理消费领域不合理限制措施，释放服务消费潜力""制定服务业扩能提质行动方 案""有序扩大服务领域自主开放""鼓励支持服务出口，积极发展数字贸易、绿色贸易"等。国家统计局12月15日发布的数据显示，1—11月份，全国服务业 生产指数同比增长5.6%。1—10月份，规模以上服务业企业营业收入同比增长7.6%。服务业平稳增长，现代服务业发展持续向好，将持续引领我国经济行 稳致远。 产业微评 ■夏金彪 服务消费作为现代经济结构优化升级的重要标志，正日益成为推动经济高质量发展的重要内生动力。近期召开的中央经济工作会议对明年经济工作重点任 务作出部署，明确提出"清理消费领域不合理限制措施，释放服务消费潜力"。 目前，我国经济已由高速增长阶段转向高质量发展阶段，服务消费在满足人民日益增长的美好生活需要、优化经济结构、促进就业等方面发挥着越来越重 要的作用。服务消费不仅涵盖餐饮、旅游、教育、医疗、养老等民生领域，还延伸至数字服务、体育赛事、文化娱乐等新兴业态，成为拉动经济增长 的"新引擎"。 数据显示，在2013—2023年的11年间， ...

证券研究报告|传媒 [Table_Title] 2025 年游戏市场收入与用户规模达新高 点，移动端市场仍占主导地位 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 2025 年 12 月 19 日，2025 年度中国游戏产业年会举办，会上对外发 布《2025 年中国游戏产业报告》。 投资要点： 国内游戏市场 2025 年市场收入与用户规模达新高点。2025 年，国 内游戏市场实际销售收入 3507.89 亿元，同比增长 7.68%，用户规模 6.83 亿，同比增长 1.35%，两者保持连续增长态势，同为历史新高 点。主要原因在于：一是移动游戏品质提升，新品市场表现出色；二 是多款头部长青游戏创新玩法、优化运营；三是小程序游戏增长强 劲；四是产品多端互通，玩家数量得以扩张。 从细分市场来看： （1）移动端市场仍占主导地位，长青产品及新产品共同发力带动规 模实现新突破。2025 年，国内移动游戏市场实销收入 2570.76 亿元， 同比增长 7.92%，规模又有新突破，占总体市场规模 72.39%。主要 由于《王者荣耀》 ...

《无畏契约》中国发行产品负责人文森 新浪数码讯 12月22日消息，近日，2025 App Store Awards 年度游戏《无畏契约：源能行动》的创作团 队在广州天环 Apple Store 进行了一场 Today at Apple 分享活动。拳头游戏《无畏契约》中国发行产品负 责人文森和《无畏契约：源能行动》主美术郑虎在活动中分享了角色、地图、玩法等方面的幕后故事分 享，以及无畏契约手游在 iPhone 和 iPad 设备上的优质体验。 《无畏契约手游》凭借完美复刻端游《无畏契约》的战术射击核心，同时适配移动端操作习惯，简化操 作的同时保留战术博弈的深度，首发即登顶 App Store 游戏排行榜，深受 iPhone 和 iPad 用户的肯定， 目前无畏契约国内手机端月活用户已经突破 5000万。 文森重点介绍了游戏设计和体验方面的特点。在游戏设计方面，《无畏契约手游》推出来自中国的角色 ——山城决斗者壹决和华夏守护者贤者，他们在角色造型和技能上都体现了中国元素。他还笑言，为了 提高自己的竞技水平，特别购入了 iPhone 17 Pro Max，并在 A19 Pro 芯片和 VC 均热板的加持下获得了 刷 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [8]. Core Insights - The commercialization of AI applications by ByteDance and the acceleration of MaaS (Model as a Service) may compel major internet companies like Alibaba, Tencent, and Baidu to expedite their AI strategies and monetization efforts [1]. - The demand for self-indulgent consumption among the post-90s and post-00s generations is expected to continue growing, with gaming and music sectors showing resilience despite market fluctuations [1]. - The gaming sector is anticipated to rebound quickly, driven by the upcoming Spring Festival and the global expansion of gaming applications [1]. - Companies with high-frequency data demonstrating growth certainty for 2026 are likely to see early rebounds in their stock performance [1]. Summary by Sections AI and Internet Media - ByteDance's AI application commercialization and partnerships are expected to enhance its market position, with the daily token usage surpassing 50 trillion [1]. - The market share of ByteDance's Volcano Engine in the MaaS segment is projected to reach 49% by the first half of 2025 [1]. - Major competitors are urged to accelerate their AI cloud strategies and monetization efforts in response to ByteDance's advancements [1]. Gaming Sector - The gaming industry is poised for growth, particularly with the Spring Festival approaching, which is expected to boost user engagement and revenue [1]. - Key recommended stocks include Giant Network, which is expected to see increased revenue and daily active users, and 37 Interactive Entertainment, noted for its high dividends and low PE ratio [1]. Music and Other Entertainment - The music subscription model shows strong user retention and cash flow potential, with NetEase Cloud Music still in its growth phase [1]. - The collectible toy market, represented by Pop Mart, has shown significant revenue growth, driven by product innovation and market expansion [1]. Advertising and Media - Focus on advertising sustainability remains, with the acquisition of New Wave expected to enhance bargaining power within the industry [1]. - The advertising sector is projected to maintain growth despite competition from e-commerce and local services [1].

1.中环环保：拟向特定对象募资不超3亿元 用于补充流动资金和偿 中环环保12月14日发布公告称，本次向特定对象发行股票的对象为公司实际控制人刘杨，向特定对象发 行股票数量不超过4379.56万股（含本数），占本次发行前公司总股本的9.51%，向特定对象发行股票的 价格为6.85元/股，募集资金总额不超过3亿元（含本数），扣除发行费用后的募集资金净额将全部用于 补充流动资金和偿还银行贷款。 2.华塑股份：股东拟合计减持不超2%公司股份 华塑股份12月16日发布公告称，股东安徽皖投工业投资有限公司（以下简称"皖投工业"）持有公司 9.59%股份；建信金融资产投资有限公司（以下简称"建信金融"）持有公司5.11%股份。皖投工业、建 信金融拟通过集中竞价方式分别减持公司股份数量不超过3594.74万股，即不超过公司总股本的1%。 3.三七互娱：拟向帝奥微湖杉基金投资不超过5000万元 三七互娱12月17日发布公告称，公司全资子公司安徽泰运拟向帝奥微湖杉（嘉兴）股权投资合伙企业 （有限合伙）进行投资，出资额不超过5000万元。该基金目标认缴总规模为3亿至4亿元，将投资于AI 产业链相关企业。此次投资不涉及募集资金，不构 ...

Group 1 - The Hong Kong stock technology sector is currently experiencing a phase of recovery, supported by the central economic work conference's directives and the Hong Kong Monetary Authority's interest rate cuts following the Federal Reserve [1] - The technology sector is expected to maintain its leading role through 2026, with significant investment value in internet-weighted assets [1] - Active developments in AI and IP fields are noted, with OpenAI's release of GPT-5.2 enhancing the value chain from Q&A to delivery, and Disney's strategic partnership with OpenAI serving as a landmark example in the content industry of the AI era [1] Group 2 - The film industry is expected to maintain momentum with a rich lineup of key films for the New Year and Spring Festival, including major releases like "Avatar 3," which is likely to sustain industry interest [1] - Opportunities are emerging in the gaming sector during its adjustment period, with China's gaming export ecosystem gaining global recognition for quality [1] - Overall, the technology sector's growth logic remains clear in the medium to long term, driven by AI empowerment, content innovation, and improved policy environment [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-themed listed companies that are tradable through the Stock Connect [1] - The index includes 30 representative technology leading securities, selected through quantitative methods, covering core areas such as information technology and electronic components, while balancing hardware manufacturing and software services [1] - The index systematically reflects the overall performance of the entire technology industry chain in the Hong Kong stock market [1]

市场研究部证券研究报告 2025 年 12 月 22 日 国内市场综述 震荡攀升 上涨延续 周五（12 月 19 日）大盘震荡攀升，上涨延续。截至 收盘，上证综指收于 3890.45 点，上涨 0.36%；深成 指收于 13140.21 点，上涨 0.66%；科创 50 上涨 0.2%； 创业板指上涨 0.49%，万得全 A 成交额共 17487 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 27 个上涨，其中消 费者服务、商贸零售及轻工制造涨幅居前，仅有银行、 煤炭及电子小幅收跌。概念方面，海南自贸港、乳业 及核聚变等指数表现活跃。 海外市场综述 美股三大指数全线收涨，英伟达涨近 4% 周五（12 月 19 日），美国三大股指全线收涨，道指 涨 0.38%，标普 500 指数涨 0.88%，纳指涨 1.31%。英 伟达涨近 4%，波音涨近 3%，领涨道指。万得美国科技 七巨头指数涨 1.2%，谷歌涨超 1%，苹果涨 0.54%。中 概股多数上涨，小马智行涨近 12%，禾赛科技涨超 7%。 新闻精要 1. 三部门联合发布《互联网平台价格行为规则》 2. 公募新发数量创近 4 年新高 总募集规模 ...

在全球经济波动、竞争加剧的背景下，中国游戏企业凭借创新实力与应变能力，展现出强劲发展韧性。 游戏产业多项数据创历史新高 12月19日，2025中国游戏产业年会在上海召开。此次大会上发布的《2025年中国游戏产业报告》显示，中国游戏产业实现稳步增长，核心数据均创历史新 高。2025年，国内游戏市场实际销售收入预计达3507.89亿元，同比增长7.68%；用户规模增至6.83亿，同比增长1.35%。 细分市场呈现"强者恒强、新兴崛起"的分化格局。主机游戏市场延续高速增长态势,实销收入83.62亿元,同比激增86.33%,连续三年保持爆发式增长。小程序游 戏成为最大亮点,收入达535.35亿元,同比增长34.39%,内购与广告变现双轨并行推动规模扩容。 出海业务同样表现亮眼，自研游戏海外市场实际销售收入达204.55亿美元，同比增长10.23%，规模已连续6年超1000亿元人民币。在全球经济波动、竞争加 剧的背景下，中国游戏企业凭借创新实力与应变能力，展现出强劲发展韧性。 作为年会核心亮点，上海正式发布"游戏沪十条"，围绕产业发展关键领域推出系统性支持政策，每年扶持资金总额达5000万元，旨在构建具有全球影响力的 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [3][11]. Core Insights - ByteDance's AI application commercialization and MaaS (Model as a Service) are expected to accelerate, potentially forcing major internet companies like Alibaba, Tencent, and Baidu to expedite their AI strategies and monetization efforts [3]. - The demand for self-indulgent consumption among the post-90s and post-00s demographics is outpacing the overall domestic demand, with a focus on gaming, music, and trendy products [3]. - The gaming sector is anticipated to rebound quickly due to the upcoming Spring Festival, driven by younger audiences and a decline in global app store bargaining power [3]. Summary by Sections Industry Overview - ByteDance's advancements in AI and cloud services are likely to challenge competitors to enhance their AI capabilities and monetization strategies [3]. - The market remains optimistic about the growth of self-indulgent consumption, particularly in gaming and entertainment sectors, despite concerns over product cycle fluctuations [3]. Gaming Sector - The gaming industry is expected to see significant growth during the Spring Festival, with key products like Giant Network's "Supernatural" projected to achieve new highs in revenue and daily active users [3]. - Recommended stocks include Giant Network, 37 Interactive Entertainment, and Bilibili, with a focus on companies with new product reserves and low PE ratios [3]. Other Consumption Areas - In the music sector, subscription models are showing strong user retention and cash flow, with NetEase Cloud Music still in its growth phase [3]. - For trendy products, Pop Mart's revenue from single IPs has shown significant growth, supported by product innovation and market expansion [3]. Advertising Sector - Focus on the sustainability of advertising investments in the internet sector, with potential growth from acquisitions and high dividend yields providing a safety margin [3].

点击蓝字，关注我们 1 . 中原建业(09982)于2024年4月2日暂停买卖，时隔逾20个月复牌，今早一度飙升近64%，截至发 稿，涨41.82% 。消息面上，12月19日晚，中原建业发布公告称，已履行复牌指引，主要包括刊发所 有尚未刊发的财务业绩，并解决任何审计修订。 今日上午港股 2 . 机器人概念股今日普涨， 极智嘉-W(02590)涨5.81%，德昌电机控股(00179)涨4.96%，优必选 (09880)涨2.86%，三花智控(02050)涨2.36% 。消息面上，人形机器人行业近期催化频出。12月14日， 优必选与国际半导体巨头美国德州仪器达成战略合作，全年订单总金额突破13亿。 3 . 锂业股早盘继续走高， 天齐锂业(09696)涨5.31%，赣锋锂业(01772)涨4.84% 。 消息面上，12月22 日早，广期所碳酸锂主力合约再涨近5%，现报115300元/吨。据期货日报，江西省宜春招标网发布 《江西省宜丰县圳口里-奉新县枧下窝锂矿采矿项目环境影响评价第一次环评信息公示》，对宜春时 代新能源矿业有限公司的江西省宜丰县圳口里-奉新县枧下窝锂矿采矿项目进行第一次环评信息公 示。 4. 黄金股涨 ...