Core Insights - Game Science released the first gameplay video of "Black Myth: Wukong," focusing on the theme of "cooking ghosts" and showcasing technical details related to Chinese culinary processes rather than combat demonstrations [1][3] - The video was specifically recorded for the Spring Festival and is not related to the actual game storyline, as clarified in the pinned comment [1][3] - CEO Feng Ji expressed a light-hearted approach to the video release, encouraging viewers to enjoy the unique blend of surprise and curiosity rather than overanalyzing it [1][3] Company and Industry Summary - The gameplay video emphasizes atmosphere and technical quality, highlighting the importance of visual and thematic elements in game development [1][3] - Feng Ji's comments reflect a broader industry trend of integrating cultural elements into gaming, particularly during festive seasons, to enhance engagement [1][3] - The mention of AI video generation technology, specifically praising the capabilities of Seedance 2.0, indicates the company's interest in leveraging advanced technologies while also acknowledging potential challenges such as misinformation [1][3]

Core Viewpoint - The newly released gameplay video for "Black Myth: Zhong Kui" by Game Science is described as a "New Year short film" rather than a traditional game trailer, focusing on a cooking scene rather than gameplay elements [1][3]. Group 1: Video Release and Reception - The video quickly gained popularity, reaching over one million views on Bilibili within an hour and trending fourth on Weibo [3]. - The official statement clarified that the video was specifically recorded for the Year of the Horse Spring Festival and is unrelated to the game's actual storyline [3]. Group 2: Video Content and Artistic Direction - The video showcases a woman cooking, with notable attention to detail in lighting and character expressions, featuring mythical creatures during the cooking process [5]. - Game Science's art director, Yang Qi, shared that the inspiration for the video came from a story in "Zi Bu Yu," leading to the creative decision to depict "cooking ghosts" instead of more graphic representations [5][6]. Group 3: Development Context and Future Prospects - The release of "Black Myth: Zhong Kui" follows the success of "Black Myth: Wukong," which was a significant milestone in the gaming industry, creating high expectations for future projects [6]. - The development timeline for "Black Myth: Wukong" was six years, suggesting that "Black Myth: Zhong Kui" may also take considerable time before its release [7].

Core Viewpoint - The stock price of Perfect World experienced significant fluctuations, with a cumulative increase of over 20% during the period from February 5 to February 9, 2026, attributed to the announcement of a turnaround in financial performance and the upcoming testing of a new game [1][3]. Group 1: Stock Performance and Trading Activity - Perfect World’s stock price deviated significantly, with a cumulative increase of over 20% during three consecutive trading days [1]. - The actual controller, Chi Yufeng, reduced his holdings by 1.247 million shares during the stock price fluctuations, with an estimated value exceeding 20 million yuan [1]. - The stock trading activity was characterized by a high trading volume, with a record turnover of 4.69 billion yuan on February 10, 2026, marking a new high since its listing [5]. Group 2: Financial Performance and Future Prospects - On January 30, 2026, Perfect World announced a forecast indicating a turnaround in profitability, with expected net profit ranging from 830 million to 870 million yuan for the year 2025 [3]. - The company plans to recognize an asset impairment provision of approximately 260 million to 290 million yuan, which is expected to reduce the net profit attributable to shareholders by 250 million to 280 million yuan [3]. - The anticipated release of the supernatural urban open-world RPG game "Yihuan" in early February 2026 is expected to significantly impact the company's future growth [3].

Core Viewpoint - ByteDance's AI video generation model Seedance 2.0 has gained significant attention both domestically and internationally, leading to a surge in AI application themes in the A-share market [1][4]. Market Overview - On February 10, the A-share market exhibited a fluctuating trend with noticeable structural differentiation. AI application themes saw widespread increases, particularly in sectors such as short drama games, cultural media, online games, virtual humans, and cybersecurity, while the photovoltaic industry experienced a pullback [1]. - The Shanghai Composite Index closed at 4122.34, down 0.02%, and the Shenzhen Component Index closed at 14206.26, also down 0.02% [2]. Cultural Media Sector - The cultural media sector experienced a significant surge, with multiple stocks hitting the 20% limit up, including Readkey Culture, Jiecheng Co., Rongxin Culture, Light Media, and Chinese Online. Other stocks like Happiness Blue Sea rose over 10% [4][5]. - The cultural media index rose by 6.76%, indicating strong market performance [5]. AI Video Technology Impact - Seedance 2.0 is expected to lead the way in the short content field, such as AI comic dramas and short dramas, by significantly reducing production costs and shortening production cycles. This advancement is anticipated to drive industry capacity expansion [6]. - The model's capabilities include self-storyboarding, multi-modal references, audio-visual synchronization, and multi-camera narrative capabilities, which are expected to enhance video usability and lower production costs [6]. Gaming Sector Performance - The gaming sector also saw widespread gains on February 10, with stocks like Wento Holdings and Perfect World reaching their daily limits [8]. - The gaming index increased by 4.71%, reflecting positive market sentiment [9]. Regulatory Environment and Market Growth - In January 2026, 182 game licenses were issued, continuing a trend of normalized issuance since 2025, indicating regulatory support for the industry's healthy development. The gaming market's actual sales revenue is projected to reach 350.79 billion yuan in 2025, marking a 7.68% year-on-year growth [9][10]. - The gaming sector is expected to benefit from AI applications, with both established and new games leveraging AI to enhance user engagement and content creation [10]. Hong Kong Market Trends - The Hong Kong market mirrored the A-share surge, particularly in cultural media and innovative drug services, with notable gains in stocks like WuXi Biologics and WuXi AppTec [11].

Core Insights - The AI application in the media and gaming sectors is driving significant market activity, with various ETFs experiencing substantial gains, particularly the Film ETF which saw a limit-up increase [1] - ByteDance's launch of the AI video generation model Seedance 2.0 has sparked interest in AI-related stocks, although the model's ability to reference real human materials has been temporarily suspended for optimization [2] - The domestic gaming market is projected to continue its growth, with a notable increase in the number of game licenses issued, indicating a robust pipeline for future products [3] Group 1: ETF Performance - The Film ETF has increased by 10.03% year-to-date, with an estimated scale of 238 million [2] - The Gaming ETF has seen a rise of 6.68% year-to-date, with an estimated scale of 3.537 billion [2] - The Media ETF has grown by 5.87% year-to-date, with an estimated scale of 11.47 billion [2] Group 2: Market Trends - The pre-sale box office for new films during the 2026 Spring Festival has exceeded 86 million, indicating strong consumer interest [3] - The number of domestic game licenses issued in January increased by 33 compared to the previous month, and by 54 compared to the same period last year, suggesting improved approval processes [3] - The actual sales revenue of the domestic gaming market is projected to reach 350.79 billion in 2025, a year-on-year increase of 7.68% [3] Group 3: Industry Analysis - The gaming sector is expected to maintain a high growth trajectory, with the mobile gaming market projected to generate 257.08 billion in revenue, up 7.92% year-on-year [3] - The SW Media sector's allocation has shifted, with the gaming segment seeing an increase in overweight positions to 40.26% [4] - The revival of PC gaming and the increasing budget for mobile game development are expected to enhance the market's product offerings [5]

Group 1 - The market experienced slight fluctuations with the three major indices showing minor declines, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.02%, and the ChiNext Index down by 0.14% [1] - Over 2800 stocks in the market saw declines, indicating a broad market weakness [1] - The media sector showed strong performance, with multiple stocks such as Reading Culture, Jiecheng Co., and Rongxin Culture hitting the daily limit up, and related ETFs also reaching historical highs [1] Group 2 - The film and television sector saw significant gains, with the film and television industry index rising by 11.62%, and other related sectors like short drama games and cultural media also showing positive growth [2] - The Seedance 2.0 video model from ByteDance is currently in internal testing, allowing users to create short videos with advanced features, which may drive further interest in the media sector [3] Group 3 - Jiecheng Co., Zhongwen Online, and Rongxin Culture all experienced a 20% increase in stock price, reflecting strong investor interest in the media and entertainment space [4] - The commercial aerospace sector saw a new stock, Electric Science and Technology Blue Sky, surge by over 564.73% on its first trading day, indicating high volatility and investor enthusiasm in this emerging industry [5]

Market Overview - The market experienced a slight adjustment with all three major indices showing minor declines, with the Shanghai Composite Index at 4122.34 points, down 0.02%, and a trading volume of 580 billion [1] - The Shenzhen Component Index closed at 14206.26 points, also down 0.02%, with a trading volume of 813.6 billion, while the ChiNext Index fell 0.14% to 3328.02 points, with a trading volume of 403.6 billion [1] Sector Performance - The media sector saw significant gains, with stocks such as Reading Culture, Jiecheng Co., and China Film hitting the daily limit [2] - The dye and PCB concepts also showed activity, with Hai Xiang Pharmaceutical achieving three consecutive limits and Nanya New Materials reaching historical highs [2] - Conversely, the commercial aerospace sector faced declines, with companies like Feiwo Technology and Xunhao Shares experiencing significant drops [2] Individual Stock Movement - Over 2800 stocks in the market experienced declines, indicating a broad market downturn [3] Institutional Insights - CITIC Securities noted significant fluctuations in gold prices, attributing this to market concerns over the Federal Reserve's independence and changes in the Iranian situation, suggesting that the market may have overestimated the hawkish stance of the new Fed Chair [4] - Galaxy Securities highlighted the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic substitution, indicating investment opportunities in related listed companies [4] Industry News - The demand for AI is causing a price surge in the components industry, with MLCC prices rising nearly 20% in South Korea, and expectations for continued increases in the short term [5] - The MLCC industry is anticipated to see a bifurcated market by 2026, with high-end products benefiting from AI demand while mid-to-low-end products face challenges [5] Regulatory Developments - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, focusing on supporting quality listed companies and enhancing the regulatory framework for innovative tech firms [6] Investment Trends - As of 2026, the A-share ETF market is witnessing a shift in capital flow, with traditional broad-based ETFs seeing outflows while sectors like chemicals, communications, and non-ferrous metals are attracting investments [7] - The performance forecasts of listed companies are aligning with these investment trends, indicating a focus on AI, price increase chains, and international expansion as key investment themes [7]

记 者丨张 嘉 钰 编 辑丨黎 雨 桐 2 月 1 0 日，A 股 三 大 指 数 震 荡， 截 至 午 盘，沪 指 跌 0.0 2 %，深 成 指 跌 0.0 2 %，创 业 板 指 跌 0.1 4 % 。 北 证 5 0 指 数 盘 中 跌 超 1 % 。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4122.34 | 14206.26 | 1800.35 | | -0.75 -0.02% -2.18 -0.02% +3.49 +0.19% | | | | 万得全A | 创业板指 | 北证50 | | 6808.04 | 3328.02 | 1530.42 | | -0.47 -0.01% -4.75 -0.14% -11.08 -0.72% | | | | 沪深300 | 中证500 | 中证A500 | | 4719.81 | 8290.05 | 5897.52 | | +0.75 +0.02% -21.24 -0.26% -1.70 -0.03% | | | | 中证1000 | 深证100 | 中证红利 | ...

Policy Updates - Beijing is accelerating the construction of the Future Digital Space Innovation Experimental Zone, with the unveiling of the "Shougang Park eSports Center" and the launch of a 5,400 square meter gaming eSports incubator [1] - Shanghai's information transmission, software, and information technology services industry is projected to grow over 22% by 2025, reaching a scale of 1.7297 trillion yuan, making it the third largest industry in the city [1] - The Pudong District is integrating eSports into its cultural and tourism activities, with plans for a "National eSports Carnival" as part of its development matrix [1] - During the Shanghai Two Sessions, representatives suggested supporting the "New Three Samples" (online literature, online games, online films) for cultural export [1] - Zhejiang Province emphasizes cultural "New Three Samples" for international influence during its 14th Five-Year Plan [1] Industry Insights - In January 2026, 177 domestic games and 5 imported games received approval from the National Press and Publication Administration, maintaining a high level of game approvals [2] - The first AI virtual idol in China, Yuri, received identity certification, indicating a growing trend in AI integration within the gaming and eSports sectors [2] - Guangzhou's internet gaming service revenue exceeded 56.8 billion yuan in 2025, with a year-on-year growth of 18.8%, highlighting the sector's rapid development [2] - The Guangzhou Game Industry Service Center has been established to support the lifecycle development of gaming companies [2] Events and Initiatives - Douyin Mini Games launched a cash incentive policy for Q1 2026, offering up to 40% cash rewards for game consumption [3] - The INDIE Live Expo, Asia's largest independent game festival, is scheduled for April 25, 2026, providing a platform for independent game developers [4] - The 2026 AGF Asia Game Fair will take place from October 2 to 5 in Guangzhou, featuring over 1,000 IPs and 7,000 cultural products [4] - The Fourth Sci-Fi Planet Competition is open for global project submissions, with a total prize pool of 1.75 million yuan, including 600,000 yuan for the sci-fi game category [4]

中国经济网北京2月10日讯 市场今日早间横盘震荡，三大指数小幅下跌。截至午间收盘，上证指数报4122.34点，跌幅0.02%；深证成指报14206.26点， 跌幅0.02%；创业板指报3328.02点，跌幅0.14%。 板块方面，影视院线、文化传媒、游戏等板块涨幅居前，机场航运、贵金属、白酒等板块下跌。 A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | 总成交量（万手）▼ | 总成交额（亿元）▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌多 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 影视院线 | 11.62 | 2635.34 | 312.24 | 39.28 | 20 | O | | 2 | 文化传媒 | 5.33 | 4926.09 | 737.97 | 54.94 | 79 | ব | | 3 | 游戏 | 4.45 | 1695.66 | 267.50 | 30.05 | 22 | 1 | | ব | 黑色家电 | 2.34 | 137.53 | 15.99 | -4.33 | ਰੇ | O | | 5 | ...