Core Viewpoint - Galaxy Securities has initiated coverage on Kingsoft Corporation (03888) with a "recommended" rating, highlighting its strong position in the domestic office software market and promising prospects driven by AI integration and active changes in its gaming business [1] Financial Projections - The company is expected to achieve revenues of RMB 10.568 billion, RMB 11.608 billion, and RMB 13.4 billion for the years 2025 to 2027, with growth rates of 2.43%, 9.83%, and 15.44% respectively [1] - Earnings per share are projected to be RMB 1.00, RMB 1.11, and RMB 1.31 for the same years [1] AI Integration and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion rates, with B-end WPS 365 revenue increasing by 71.61% year-on-year in Q3 2025 [1] - The integration of AI is creating a feedback loop of data and product iteration, with accelerated subscription models and successful implementation of government AI products in central and local government agencies [1] Gaming Business Developments - The company is focusing on its IP "Jianxia Qinyuan," with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - Kingsoft is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market is experiencing performance divergence, with Q3 revenues from online games and other businesses declining by 47% year-on-year, primarily due to revenue drops from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

Group 1 - The core point of the news is that Perfect World Co., Ltd. experienced a decline of 1.1% in its stock price, reaching 16.22 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 31.466 billion CNY [1] - Perfect World, established on August 27, 1999, and listed on October 28, 2011, is primarily engaged 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 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 - From the perspective of fund holdings, one fund under Bosera Fund has a significant position in Perfect World, with the Bosera CSI 500 Enhanced ETF (159678) increasing its holdings by 5,600 shares in the third quarter, totaling 47,900 shares, which accounts for 1.25% of the fund's net value, ranking as the fourth-largest holding [2] - The Bosera CSI 500 Enhanced ETF (159678) was established on February 13, 2023, with a latest scale of 73.2515 million CNY, achieving a year-to-date return of 39.94%, ranking 1134 out of 4189 in its category, and a one-year return of 36.07%, ranking 1168 out of 4188 [2]

12月30日，巨人网络大宗交易成交687万股，成交额3.02亿元，占当日总成交额的19.22%，成交价43.92元，较市场收盘价 43.92元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-30 | 002558 | 巨人网络 | 43.92 | 617.00 | 27,098枫构专用 | | 平安证券股份有限 | | | | | | | | | 公司深圳蛇口招商 | | | | | | | | | 路招商大厦证券营 | | | | | | | | | 게 물 | | 2025-12-30 | 002558 | 巨人网络 | 43.92 | 70.00 | 3,074.4 机构专用 | | 中信证券股份有限 | | | | | | | | | 公司北京总部证券 | | | | | | | | | 皇不是 | ...

智通财经APP获悉，瑞银发布研报称，网易-S(09999)有望符合港交所双重主要上市标准。据万得数据， 截至12月25日，网易香港上市股份的成交金额已占其全球(香港+ADR)成交金额的57%，高于港交所双 重主要上市交易迁移测试要求的55%门槛。瑞银重申网易"买入"评级，维持目标价288.6港元。 若网易如该行预期顺利获得双重主要上市地位，核心利好将是具备沪深港通纳入资格。但南向通纳入评 估时网易暂不符合"快速纳入规则"(目前要求为恒生指数前10大成分股)，因此预计纳入时间点大概在 2027年9月。 报告表示，南向投资者对网易兴趣浓厚，主要看好其强劲的网络游戏基本面，以及相较A股游戏公司更 具吸引力的估值水平。该行认为，网易若宣布启动双重主要上市流程，也将成为短期利好催化剂。以哔 哩哔哩-W(09626)为例，其宣布启动双重主要上市准备工作后一周内，股价表现跑赢MSCI中国指数12个 百分点。 基于对港交所相关规则的理解，并假设2025年剩余交易日网易美国市场成交量无大幅增长，该行认为， 网易有望在2026年推进港交所双重主要上市资格的合规工作，并大概于2027年初实现双重主要上市。 ...

瑞银发布研报称，网易-S(09999)有望符合港交所双重主要上市标准。据万得数据，截至12月25日，网 易香港上市股份的成交金额已占其全球(香港+ADR)成交金额的57%，高于港交所双重主要上市交易迁 移测试要求的55%门槛。瑞银重申网易"买入"评级，维持目标价288.6港元。 若网易如该行预期顺利获得双重主要上市地位，核心利好将是具备沪深港通纳入资格。但南向通纳入评 估时网易暂不符合"快速纳入规则"(目前要求为恒生指数前10大成分股)，因此预计纳入时间点大概在 2027年9月。 报告表示，南向投资者对网易兴趣浓厚，主要看好其强劲的网络游戏基本面，以及相较A股游戏公司更 具吸引力的估值水平。该行认为，网易若宣布启动双重主要上市流程，也将成为短期利好催化剂。以哔 哩哔哩-W(09626)为例，其宣布启动双重主要上市准备工作后一周内，股价表现跑赢MSCI中国指数12个 百分点。 基于对港交所相关规则的理解，并假设2025年剩余交易日网易美国市场成交量无大幅增长，该行认为， 网易有望在2026年推进港交所双重主要上市资格的合规工作，并大概于2027年初实现双重主要上市。 ...

数据显示，南方基金旗下1只基金位居完美世界十大流通股东。南方中证500ETF（510500）三季度新进 十大流通股东，持有股数1992.99万股，占流通股的比例为1.09%。根据测算，今日浮盈赚取约338.81万 元。 12月30日，完美世界涨1.04%，截至发稿，报16.46元/股，成交1.07亿元，换手率0.36%，总市值319.32 亿元。 资料显示，完美世界股份有限公司位于北京市朝阳区望京东路1号院4号楼完美世界A座，成立日期1999 年8月27日，上市日期2011年10月28日，公司主营业务涉及网络游戏的研发、发行和运营；电影的制 作、发行及衍生业务；电视剧的制作、发行及衍生业务；艺人经纪服务及相关服务业务。主营业务收入 构成为：PC端网络游戏50.18%，移动网络游戏26.23%，电视剧及短剧20.29%，游戏相关其他业务 1.85%，影视相关其他业务0.50%，其他(补充)0.48%，主机游戏0.47%。 从完美世界十大流通股东角度 截至发稿，罗文杰累计任职时间12年256天，现任基金资产总规模1702.51亿元，任职期间最佳基金回报 156.46%， 任职期间最差基金回报-47.6%。 风险提 ...

资料显示，厦门吉比特网络技术股份有限公司位于福建省厦门软件园二期望海路4号101室，成立日期 2004年3月26日，上市日期2017年1月4日，公司主营业务涉及专业从事网络游戏创意策划、研发制作及 商业化运营。 12月30日，吉比特涨1.28%，截至发稿，报428.92元/股，成交1.45亿元，换手率0.47%，总市值309.00亿 元。 前海联合泓鑫混合A（002780）基金经理为张勇。 截至发稿，张勇累计任职时间8年276天，现任基金资产总规模5578.46万元，任职期间最佳基金回报 13.32%， 任职期间最差基金回报-36.87%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，新疆前海联合基金旗下1只基金重仓吉比特。前海联合泓鑫混合A（002780）三季度持有股 数3000股，占基金净值比例为3.05%，位居第八大重仓股。根据测算，今日浮盈赚取约1.62万元。 前海联合泓鑫混合A（002780）成立日期201 ...

Core Viewpoint - Caesar Culture has successfully removed the risk warning after rectification but continues to face financial losses, indicating ongoing challenges in its business performance [2][5]. Financial Performance - In the first three quarters of 2025, Caesar Culture reported revenue of 420 million yuan, a year-on-year increase of 28.62%, but incurred a net loss of 108 million yuan, a decline of 12.49% compared to the previous year [2][6]. Regulatory Issues - A year ago, Caesar Culture was penalized for inflating revenue, resulting in a fine of 4 million yuan and warnings issued to several executives [3][4]. - The company was found to have reduced bad debt provisions by 15.55% of its reported profit in 2021, amounting to 15.2467 million yuan [3]. Business Strategy - The company is focusing on its core business by continuing product development and optimizing its product structure to improve overall performance [7]. - Caesar Culture has a significant reserve of IP resources, including popular titles like "One Piece" and "Saint Seiya," which it aims to leverage for growth [7]. Asset Management - To support its operations, Caesar Culture has been mortgaging or selling non-core real estate assets, with plans to sell properties valued at 255 million yuan [8]. - As of September 2025, the company's investment properties were valued at 327 million yuan, reflecting a strategic shift to focus on its gaming business [8].

新京报讯（记者张静姝）近日，北京市石景山区人民检察院（以下简称"石景山区检察院"）召开知识产 权检察新闻发布会，通报了近年来石景山检察院受理的知识产权案件相关情况，并通报了典型案例。 编辑 甘浩 某网络科技有限公司依法享有某网络游戏的出版运营权及相关计算机软件著作权。2023年4月，行政机 关接到该公司举报，称有侵权人擅自架设并运营该游戏的私服，导致其用户流失，造成经济损失数百万 元。依托行刑衔接工作机制，行政机关与石景山区检察院会商后，将案件移送公安机关立案侦查。 校对 赵琳 经查，2017年3月至2023年8月间，胡某某在未取得授权的情况下，从网络获取该游戏软件源代码，为滕 某某、李某某等人提供技术支持，非法复制、发行该网络游戏，并通过运营私服牟利，涉案金额共计80 余万元。司法鉴定表明，该私服游戏与官方正版游戏构成实质性相似。审查起诉阶段，4名被告人主动 赔偿被侵权企业损失，并取得书面谅解。 2023年12月27日，石景山区检察院以涉嫌侵犯著作权罪对胡某某等4人提起公诉。2024年5月29日，石景 山区法院作出一审判决，以侵犯著作权罪判处胡某某等人有期徒刑三年至一年六个月不等，均适用缓 刑，并处罚金共计 ...

Group 1 - The core viewpoint of the news is that the number of intellectual property infringement cases in Shijingshan District is rapidly increasing, reflecting the growing risks associated with the rising innovation and intellectual property holdings in the market [1] - From October 2021 to September 2025, the Shijingshan District Prosecutor's Office has accepted and reviewed 48 cases involving 63 individuals for intellectual property crimes, and has accepted and reviewed 52 cases involving 64 individuals for prosecution [1] - Copyright infringement cases dominate the statistics, with 43 cases involving 50 individuals, making up the majority of cases in the district, while trademark infringement cases also occur, with 9 cases involving 14 individuals [1] Group 2 - The Shijingshan District Prosecutor's Office has handled civil intellectual property cases, including copyright contract disputes and trademark infringement disputes, focusing on supervising behaviors that violate high consumption restrictions [2] - During the same period, the office processed 9 administrative intellectual property cases and issued prosecutorial opinions to relevant administrative agencies for 10 individuals who were not prosecuted, ensuring administrative penalties were applied [2] - The office also accepted and reviewed 6 public interest litigation cases in the intellectual property field, including 1 administrative public interest litigation case and 5 criminal incidental civil public interest litigation cases, primarily related to the sale of counterfeit registered trademark products [2]