Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]

Group 1 - The core investment theme post-Spring Festival revolves around "price increases" and "revaluation of physical assets," particularly in resource, chemical, and midstream manufacturing sectors, leveraging China's pricing power amid global uncertainties [1][2] - The technology sector, particularly driven by AI, remains a key focus, with sub-sectors like computing power, applications, and robotics expected to remain active due to industrial catalysts [1][2] - The recovery of export chains, non-bank financials, and certain consumer and real estate chains are seen as important supplements to market trends under the backdrop of internal and external demand recovery [1] Group 2 - CITIC Securities emphasizes that price increases are a core configuration clue for Q1, with a focus on sectors like chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to undervalued insurance and brokerage stocks [2] - Historical data indicates that February and the period around the Spring Festival are strong for market movements, with small-cap stocks showing a 100% probability of rising from the Spring Festival to the Two Sessions [3] - Guojin Securities highlights the importance of balancing global physical assets against Chinese assets, recommending commodities like copper, aluminum, and oil, as well as sectors with global comparative advantages like equipment exports and domestic manufacturing [4] Group 3 - Industrial sectors experiencing structural price increases due to supply-demand gaps are primarily in midstream materials and manufacturing, with a focus on chemicals, steel, and high-end manufacturing [5] - The potential for recovery in the export chain is noted, particularly in industries with significant exposure to the U.S. market that will benefit from reduced tariffs [5] - The policy uncertainty surrounding tariffs and trade is expected to favor gold as a risk hedge, with market participants anticipating potential shifts in U.S. trade policy [6] Group 4 - Attention is drawn to the post-holiday inventory replenishment in commodities, with a continued positive outlook on technology applications, particularly in semiconductors and AI [7] - Quantum technology is highlighted as a sector receiving dual catalysts from policy and technological advancements, with significant developments in quantum key distribution networks [8] - The AI industry revolution is identified as a key investment theme, focusing on computing power, storage, and applications, with a strong emphasis on the performance of high-growth sectors [9] Group 5 - Localized opportunities are expected in AI applications linked to overseas trends and robotics associated with the Spring Festival, with a cautious approach to market movements anticipated [10] - The current bull market logic remains intact, with a recommendation for investors to maintain confidence despite short-term volatility, focusing on sectors with high securities ratios [11]

Group 1: Travel Industry - Sanya's airports are expected to handle a peak passenger flow of over 232,000 during the Spring Festival, with flights to major cities like Beijing and Shanghai sold out, and business class tickets nearing 10,000 yuan [2] - The Civil Aviation Administration of China has approved multiple flight increases, adding over 110 flights from Haikou to popular destinations [2] Group 2: Technology and Consumer Electronics - Apple plans to launch the iPhone Fold and iPhone 18 Pro in July, with the Fold expected to be priced around 15,000 yuan, potentially making it the most expensive iPhone ever [3] - Apple is set to hold an event on March 4, where it may unveil several new products, including the M5 Pro/Max MacBook Pro and the iPhone 17e [10] Group 3: Film Industry - China's film box office is projected to exceed 8 billion yuan in 2026, making it the highest-grossing single market globally, with the Spring Festival box office already surpassing 5.5 billion yuan [3] Group 4: Corporate Developments - Zhiyuan issued an apology regarding the GLM Coding Plan, acknowledging issues with transparency and user upgrade mechanisms, and has opened refunds for affected users [4][5] - Kimi's revenue in the past 20 days has surpassed its total revenue for the previous year, driven by a surge in global paid users and API calls, leading to a valuation of 100-120 billion yuan [9] Group 5: Financial Performance - JianTao Group expects a profit increase of over 165% for the year ending December 31, 2025, with profits projected to exceed 4.32 billion HKD due to strong demand for copper-clad laminates and related materials [14] - Wuliangye has distributed over 76.8 billion yuan in dividends over the past five years, with a planned dividend payout ratio of 70% for 2024 [7]

Industry Environment - The automotive industry is entering a new phase of "systematic overseas expansion," with the release of the "Automotive Data Export Security Guidelines (2026 Edition)" aimed at establishing a convenient mechanism for cross-border data flow and reducing risks [3][4] - China's gaming industry is experiencing significant growth in overseas revenue, projected to reach $20.455 billion by 2025, driven by cultural empowerment and the success of traditional cultural IPs [5] - The lithium battery industry is showing signs of recovery, with technological innovations and overseas expansion driving growth, as companies like CATL explore new applications and markets [6] - Uzbekistan is emerging as an attractive investment destination for Chinese companies due to its rich natural resources and favorable economic policies, with a projected GDP growth rate of 7.7% by 2025 [7] - The Chinese energy storage battery sector is seeing a surge in overseas orders, particularly in Africa, where demand for renewable energy solutions is high [9] - Chinese humanoid robot companies are accelerating their global expansion, leveraging a mature domestic supply chain and exploring various international markets [10] - The Chinese film and television industry is transitioning from "single hit" productions to a more systematic approach, with significant growth in international viewership [11] - The global Z generation is expected to become the largest consumer group by 2026, influencing the overseas strategies of Chinese brands [12][13] - The cross-border e-commerce sector is facing challenges such as tariff impacts and rising costs, with a projected growth rate of 8.8% in 2025 [14] Key Brand Dynamics - JD.com is testing its European online retail brand Joybuy in the UK, focusing on categories like baby products and toys, while enhancing its logistics network [15] - Airwallex has completed a $330 million Series G funding round, enhancing its capabilities in cross-border payments and financial services [16] - Chinese beauty brand Maogeping is looking to replicate the success of Pop Mart in the Hong Kong market, focusing on cultural uniqueness and high-end positioning [17] - Southeast Asia's market is shifting towards brand value, with TikTok Shop showing significant growth, prompting brands to adapt their strategies [18] - Chinese consumer brands are rapidly expanding overseas, with KKV and others opening numerous stores in Singapore, emphasizing quality and experience [20] - Anta Sports has acquired a 29.06% stake in PUMA for approximately $12.278 billion, aiming to revitalize the brand amid its recent struggles [21] - The integration of traditional Chinese medicine with technology is driving new paradigms for cultural export, as seen in the global tour of the "Early Sleep Doll" IP [22] - Mixue Ice Cream is expanding internationally with a low-price strategy, significantly increasing its overseas store count and outperforming competitors [23][24] - Xiangpiaopiao is undergoing a strategic transformation to address declining profits, focusing on ready-to-drink products and international expansion [25] - Chengdu's humanoid robot "Deng Ba" is set to enter the global market, showcasing advanced technology and a comprehensive ecosystem [26] - The outdoor equipment market is growing, with Le Xin Outdoor planning to list on the Hong Kong Stock Exchange, capitalizing on the rising male consumer segment [27]

Recent Events - On January 17, 2026, players noticed that the "GTA6" playlist on Rockstar Games' official YouTube channel was updated three days prior, leading to speculation that a third trailer may have been uploaded privately, with expectations of an official release soon [1] - The first trailer for the game was released in December 2023, followed by a second trailer in May 2025 [1] Company Project Progress - "GTA6" is scheduled to launch on PS5 and Xbox Series XS platforms in November 2026, barring any delays [2] - The market response, pre-sale data, and initial reviews surrounding the official release of this highly anticipated title could significantly impact the attention towards the related companies [2] Industry Sector Situation - The gaming industry is experiencing intensified competition, with revenue growth from major players like Tencent and NetEase, alongside an influx of cross-industry capital into interactive entertainment and gaming segments [2] - As a heavyweight product, the progress of "GTA6" may influence the overall sentiment within the gaming sector [2]

2026 年 02 月 22 日 春晚节点重燃 AI 传媒有望承接 AI 应用新场景 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 2.4 | 20.8 | 31.0 | | 沪深 300 | -1.3 | 4.6 | 17.1 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 相关研究 1 、 《 传 媒 行 业 点 评 报 告 ： Seedance2.0 推动 AIGC 进入卡尔达 肖夫指数》2026-02-10 2、《传媒行业周报：从春节档到 AI 春晚迎 2026 年新篇章关注 AIGC》 2026-02-08 3、《传媒行业周报：迎2026春节档 看 AI 春晚》2026-01-25 ▌本周观点更新 2026 年春晚是 AI 含量高浓度的一年，也是 AI 应用的重要分 水岭与节点，春晚后，AI 的竞争也将更加热烈，各家持续推 出 ...

Group 1 - A-shares experienced a rise before the holiday, with the Shanghai Composite Index up 0.41%, the Shenzhen Component Index up 1.39%, and the ChiNext Index up 1.22% [1] - After the Spring Festival, the A-share market is expected to trend upwards due to policy expectations, liquidity support, and industry trends, with a focus on policy-driven opportunities [1] - Key sectors to watch include non-competitive concepts benefiting from improved supply-demand dynamics, such as precious metals, oil and petrochemicals, and basic chemicals [1] - The AI and robotics sectors are anticipated to show structural highlights post-holiday, driven by increased attention during the Spring Festival [1] Group 2 - The Spring market is expected to continue, with price increases being a core focus for the first quarter, as AI technology leads to a significant expansion in code generation [2] - Industries are categorized based on physical dependency and regulatory barriers, indicating a widening gap in returns between beneficiaries of physical scarcity and those affected by code expansion [2] - The A-share market is less impacted by AI disruptions compared to US and Hong Kong markets, maintaining a positive sentiment for continued investment [2] Group 3 - The media sector is poised to benefit from new AI applications, with 2026 being a pivotal year for AI integration in media, enhancing digital marketing and content generation [3] - The Spring Festival showcased AI's potential, leading to increased public awareness and interest in technology applications within the media sector [3] Group 4 - A "red envelope market" is anticipated post-holiday, driven by external uncertainties and a favorable exchange rate for the Chinese yuan, which may enhance long-term investment in Chinese assets [4] - The technology sector is expected to see a boost from various catalysts released during the Spring Festival, raising expectations for a tech-driven market [4] Group 5 - The market is currently in a strong oscillation phase, with mixed signals from overseas markets, indicating a cautious approach to trading [5] - The A-share market is expected to experience a trendless opening post-holiday, with a focus on sectors like AI applications and robotics that have shown potential [6] - A "systematic slow bull" opportunity is still favored, with recommendations to hold positions in relatively undervalued sectors such as securities, building materials, and banks [6]

Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [12] Core Insights - The gaming sector's overall valuation has rebounded to historical midpoints, driven by performance growth, policy optimization, and the application of AI. Long-term products and a rich product pipeline are crucial for enhancing performance certainty and boosting sector valuations [4][6] - The valuation of the gaming sector is currently around 31x TTM P/E, which is approximately at the 64th percentile historically over the past decade. The sector has seen a significant recovery from historical lows, although internal structural differentiation is notable [19][20] - The future outlook for the gaming industry remains strong, with AI and gameplay innovations expected to drive continuous growth, suggesting that the industry's mid-to-long-term valuations may align more closely with leading overseas firms [10][28] Summary by Sections Current Valuation Position - As of January 31, 2026, the gaming sector's P/E ratio (TTM excluding negative values) is approximately 31x, with a historical percentile of around 64%. The overall valuation has recovered from historical lows, but there is significant internal differentiation among companies [19][20] Overseas Valuation Drivers - High-quality IP and platform capabilities are core supports for the valuations of leading overseas gaming companies. These companies benefit from longer development histories and less regulatory impact, providing a key reference for domestic valuations [7][28] LTV and Pipeline - Long-term products and a rich product pipeline are critical for enhancing performance certainty and boosting sector valuations. High LTV products can improve cash flow stability, leading to valuation premiums. The shift from "chasing hits" to "nurturing evergreen titles" is expected to align gaming companies' valuations with those of stable growth consumer stocks or platform companies [8][60] Valuation Review - The gaming industry's valuation center has historically been influenced by the resonance of technology, policy, and performance cycles. Current upward momentum is supported by advancements in AI, stable policy environments, and ongoing performance improvements from new game launches [9][20] Mid-to-Long-Term Outlook - The Chinese gaming market still has significant growth potential in user base and niche markets. The application of new technologies like AI is expected to transform gameplay and business models, providing strong support for industry valuations [10][30]

Investment Rating - The investment rating for the media industry is "Positive" (maintained) [1] Core Insights - The report highlights significant growth in AI applications and user engagement during the Spring Festival, with major platforms like Doubao, Qianwen, and Yuanbao achieving substantial user interaction and commercial activity [3][34] - The anticipated release of the game "Yihuan" shows strong pre-launch interest, with over 25 million reservations, indicating its potential to become a blockbuster title [4] - The report suggests continued investment in AI-related sectors, particularly in advertising, e-commerce, social media, entertainment, and education, with specific recommendations for companies like Gravity Media, Worth Buying, and Kuaishou [3] Industry Data Overview - The game "Goose Duck Kill" ranked first in the iOS free game chart, while "Honor of Kings" topped the iOS revenue chart as of February 21, 2026 [11][15] - The film "Fast Life 3" achieved a box office of 2.273 billion yuan in the week ending February 21, 2026, leading the weekly box office rankings [22] - The report notes that the A-share media sector performed well in the first week of 2026, with the film sector showing particularly strong performance [8] Industry News Summary - The report discusses the rapid iteration of large models in AI, with significant advancements in AI applications during the Spring Festival, leading to increased user education and engagement [26] - Major AI models such as Qwen-Image-2.0 and GLM-5 have been released, showcasing improvements in capabilities and performance metrics [27][28] - The report emphasizes the importance of user engagement during the Spring Festival, with Doubao achieving 1.9 billion interactions and Yuanbao surpassing 50 million daily active users [33]

Group 1 - The core viewpoint of the report is that NetEase (09999, NTES.US) has demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] - The gaming business continues to be driven by a dual strategy of "long-term operation of classic IPs + global breakthroughs in new games," with AI technology enhancing efficiency and player engagement throughout the development, gameplay, and operational processes [1] - Non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 2 - Looking ahead, the company has a strong pipeline of quality titles such as "Sea of Oblivion" and "Infinite," with a synergistic advantage formed by globalization, multi-platform, and AI integration, highlighting long-term growth potential [1] - The firm maintains a "Buy" rating for NetEase, assigning a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR in the US market and HKD 234 per share in the Hong Kong market [1]