日经Gaming . 商业视角的日本游戏媒体。日经BP旗下。 编者荐语： 日经Gaming是2025年7月创刊的"以商业视点出发的游戏媒体"。日经BP利用在经营、技术、消费、营销 各领域培养的采访力、信息发布力，从商业角度出发，发布游戏及其周边产业的最新动向、商业模式。 以下文章来源于日经Gaming ，作者品田彩华 《原神》 已经迎来上线第六年。配合新版本"月之四"的发布，原神近期在日本多地推出了 大型线下活 动"月之所在（月の在処へ）" 。 隶属中国米哈游的品牌HoYoverse，为进入上线第6年的动画风开放世界RPG《原神》举办了名为"月之 所在"的大型线下活动，以此为新版本"月之四"发布 造势。 阅读更多内容请点击下方" 阅读原文 " （本文由日经BP提供） 三处会场中，东京东急歌舞伎町塔以展览、周边售卖、集章活动与联动餐饮等多条线同时展开。活动以 游戏最新上线的重磅角色 月神"哥伦比娅" 为核心， 打造一个能在现实中体验游戏世界观的场景 。这一 系列活动的反响如何呢？ ...

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly highlighting the growth potential driven by AI applications and content quality [1]. Core Insights - The media and internet industry index rose by 17.94% in January 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.65% [6][8]. - The film industry experienced a significant decline in box office revenue, with January 2026 box office at 1.965 billion yuan, down 69.15% year-on-year and 47.08% month-on-month [16][18]. - The gaming industry saw record-high user revenue, with actual sales revenue reaching 350.789 billion yuan in 2025, a year-on-year increase of 7.68% [30][34]. - The advertising market grew by 5.4% year-on-year in 2025, with notable increases in sectors such as telecommunications and personal goods [16]. - AI applications are rapidly advancing, with companies like Zhihui and Minimax listing in Hong Kong, indicating a strong market interest in AI commercialization [1][4]. Market Dynamics - The media industry index showed a strong performance in January 2026, with all sub-sectors experiencing growth, particularly advertising marketing, which rose by 35.73% [7][8]. - The film industry is expected to see a rebound in February 2026 due to the release of new films during the Spring Festival [25][29]. - The gaming market continues to expand, with a user base of 683 million, marking a historical high [30][34]. Sub-industry Data Tracking Film Industry - January 2026 saw a total of 41 films released, with a box office champion being "Zootopia" at 423 million yuan, accounting for 21.5% of the total box office [16][26]. - The average ticket price in January 2026 was 38.84 yuan, down 17.45% year-on-year [18]. Gaming Industry - The domestic mobile gaming market generated 257.076 billion yuan in revenue in 2025, a 7.92% increase year-on-year [30][34]. - The number of approved domestic game licenses increased significantly, with 177 games approved in January 2026, indicating a stable supply for the market [42][44]. Advertising Industry - The advertising market's total expenditure increased by 5.4% in 2025, with significant growth in sectors like telecommunications and IT products [16].

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 谷歌旗下自动驾驶企业Waymo宣布完成160亿美元融资 2月2日，谷歌旗下自动驾驶公司Waymo宣布完成160亿美元融资，公司估值在投后达1260亿美元，这成为自动驾驶领域近年来规 模最大的单笔融资之一。除了母公司Alphabet作为主要投资者继续支持外，本轮融资由Dragoneer投资集团（Dragoneer Investment Group）、DST Global和红杉资本（Sequoia Capital）领投，安德森·霍洛维茨基金（a16z）、穆巴达拉资本、贝塞默风 险投资、银湖资本、老虎环球基金及T. Rowe Price等机构跟投。Waymo披露，2025年公司年订单量同比增长超过两倍，达到 1500万次，截至目前累计订单量已超过2000万次。其无人驾驶出租车服务目前每周提供超过40万次出行。 雷军宣布小米十余篇论文入选ICLR 2026顶会 小米创办人，董事长兼CEO雷军在微博表示，小米团队多篇最新研究成果，入选人工智能领域国际顶级会 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views of the Report - The prices of various commodities in the chemical and agricultural sectors showed different trends on February 4, 2026, compared to the previous day [4]. - The macro - economic news includes rumors of VAT rate hikes in some industries, major corporate mergers and IPO plans, and policy directions in different fields [6][7]. - For different commodity futures, the market conditions are affected by supply - demand relationships, seasonal factors, and macro - economic factors, and corresponding trading strategies are proposed [11][13][15]. - In the stock market, A - shares showed a general upward trend on February 3, while欧美 stocks declined. Different sectors had different performances, and trading strategies are suggested for different investors [22][23]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - On February 4, 2026, most chemical futures showed price increases, such as natural rubber with a 0.803% increase, 20 - number rubber with a 0.955% increase, and asphalt with a 0.997% increase. Only PVC and caustic soda showed price decreases, with PVC down 0.335% and caustic soda down 0.863% [4]. 3.2 Macro - Economic News - Rumors of VAT rate hikes in the financial and Internet value - added service industries, especially in the game industry from 6% to 32%, turned out to be false [6]. - SpaceX merged with xAI, with the combined company valued at $1.25 trillion, and an expected IPO later this year [6]. - 30 provinces in China have set their GDP growth targets for 2026, with many economic powerhouses aiming for over 5% growth [6]. - Multiple commercial aerospace companies are in the process of going public, and they may list on the stock market intensively in the next one or two years [7]. - The Ministry of Industry and Information Technology emphasizes technological breakthroughs in future industries such as 6G, quantum technology, etc. [7]. - The Hong Kong Monetary Authority announced a financial technology promotion blueprint and will launch four flagship projects [7]. - There were disputes about OpenAI's attitude towards Nvidia's AI chips, but Nvidia's investment plan in OpenAI is still progressing [7]. - Different Fed officials have different views on interest - rate cuts. Waymo completed a new round of $16 billion in financing, with a post - investment valuation of $126 billion [8]. 3.3 Main Commodity Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The supply - demand situation is loose both at home and abroad. The domestic sugar price is expected to remain in a weak and volatile state. It is advisable to be cautious when short - selling and focus on short - selling opportunities after a rebound [11]. - **Corn**: The market faces seasonal selling pressure before the Spring Festival and weakening demand. The price is in a high - level volatile state. It is recommended to wait and see, with the upper pressure at 2275 yuan and the lower support at 2250 yuan [11]. - **Peanut**: The price is expected to continue to fluctuate at the bottom in the short term. The lower support levels are 8000 yuan and 7900 yuan, and the upper pressure is 8100 yuan [11]. - **Pig**: The supply of pigs is temporarily tightened before the Spring Festival, and the futures market is expected to remain volatile [11][13]. - **Egg**: The spot market is stable, and the futures market shows a pattern of near - term strength and long - term weakness, seeking downward support [13]. - **Jujube**: The price is expected to remain stable in the short term. The downstream demand is fragmented, and the futures market is seeking downward support [13]. - **Cotton**: The supply has a long - term bullish factor of expected yield reduction, but the high inventory suppresses the upward space. The price is expected to remain in a high - level volatile state. It is advisable to operate cautiously on the long side, with the support range at 14500 - 14600 yuan [13]. 3.3.2 Energy and Chemicals - **Caustic Soda**: The fundamentals are in an oversupply situation, and attention should be paid to the impact of supply - side changes on prices [13]. - **Coking Coal and Coke**: The prices of coking coal in the production areas have declined, and the replenishment of steel and coking enterprises is coming to an end. The prices are expected to fluctuate and run [13]. - **Log**: The price is expected to maintain a relatively strong and volatile state, but the upward space is limited. It is advisable to adopt a volatile trading strategy, with the upper pressure at 805 yuan and the lower support at 795 yuan [13][15]. - **Pulp**: The supply - demand situation is weak. The price is expected to be under pressure and run weakly in the short term. It is recommended to wait and see or try short - selling lightly when the price is high, with the upper pressure at 5300 yuan/ton and the lower support at 5250 yuan/ton [15]. - **Offset Printing Paper**: The supply - demand relationship is in a weak balance. It is recommended to wait and see. If the price effectively breaks below 4030 yuan, the downward space may be opened [16]. 3.3.3 Non - ferrous Metals - **Copper and Aluminum**: The copper price is under pressure due to market uncertainties and the rising US dollar index. The aluminum supply is increasing, the demand is showing signs of stabilization, and the inventory accumulation speed has slowed down, but the structural contradiction remains. The market sentiment has stabilized, and attention should be paid to macro - risks [18]. - **Alumina**: The fundamentals are in an oversupply situation, waiting for new market drivers [20]. - **Rebar and Hot - Rolled Coil**: The demand is weakening as the holiday approaches, and the steel prices are expected to be under slight pressure and run weakly [20]. - **Silicon Ferrosilicon and Manganese Silicon**: The overall fundamentals are relatively healthy, but the market lacks expected drivers. The prices are expected to run weakly with a narrowing range, and the cost provides certain support. It is advisable to have a callback - and - long - biased trading idea and pay attention to the macro - atmosphere [20]. - **Lithium Carbonate**: The price rebounded strongly after a sharp decline, showing strong support below. It is expected to maintain a high - level volatile state in the short term. It is recommended to wait and see, with the upper pressure at 151880 yuan and the lower support at 137520 yuan [20][22]. 3.3.4 Options and Finance - **Stock Index Options**: On February 3, A - shares showed a general upward trend, and different stock index futures and options had different performance indicators. Trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can hold short - wide - straddle positions to short - sell volatility. The stock market is likely to fluctuate in the two weeks before the Spring Festival, and attention should be paid to structural opportunities [22]. - **Stock Market**: A - shares closed higher on February 3, with active performance in some concept sectors. The欧美 stock market declined, and technology stocks were under pressure. The trading strategy is to participate in the rebound lightly when the price stabilizes after a sharp decline, not to chase the rise, and to realize profits when the price rises [22][23].

2026年以来，港交所的资本故事里反复出现一个熟悉的名字：米哈游。 1月9日，AI大模型公司MiniMax正式挂牌，米哈游作为早期投资者迎来投资体系内首个IPO。仅在八天前，卡牌潮玩公司Suplay于元旦递交上市申请，米哈 游是最大的外部股东。再往前看，社交平台Soul去年11月重启赴港IPO，米哈游同样位列重要股东。 更重要的是，二游赛道不再是米哈游的"后花园"，正在成为兵家必争之地。 一连串的资本事件，将这家游戏巨头隐藏的投资脉络牵引而出。不知不觉间，米哈游已直接投资近30家公司，资本版图从《原神》手办到AI大模型，从脑 机接口到核聚变。 以《原神》闻名世界的米哈游，至今仍未走上IPO之路，却已悄然通过资本之手，将自身对未来虚拟世界的想象送进了公开市场。 一家游戏公司竟将资本触角伸向如此多领域，甚至不经意间成为港股新经济叙事的重要推手。不急于上市的米哈游，究竟在下一盘怎样的大棋？ 庞大现金流下，游戏巨头的"紧箍咒" 如果只从财务表现的视角理解米哈游的投资动作，很容易忽视这家公司布局未来的紧迫性。 根据点点数据，米哈游2025年凭借《原神》《崩坏：星穹铁道》两款产品，全年游戏营收突破780亿元，净利润可能突 ...

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Market Overview - The Hang Seng Index closed at 26,835 points, up 0.2%, while the Hang Seng China Enterprises Index closed at 9,053 points, down 0.3%[1] - Total turnover in the Hong Kong stock market was HKD 335.2 billion, a decrease of 3.7% from the previous day's HKD 347.9 billion[1] - Sector performance varied, with materials, conglomerates, and industrial indices rising by 4.4%, 2.9%, and 2.8% respectively, while information technology, consumer discretionary, and telecommunications fell by 1.7%, 0.6%, and 0.1% respectively[1] Stock Performance - Leading blue-chip stocks included CSPC Pharmaceutical (1093 HK) and New Oriental (9901 HK), which rose by 8.1% and 6.4% respectively[1] - Kuaishou (1024 HK) and Baidu Group (9888 HK) were among the biggest losers, falling by 4.6% and 3.6% respectively[1] Industry Dynamics - The automotive sector is projected to see China National Heavy Duty Truck Group's total sales reach 450,000 units in 2025, a year-on-year increase of 25%[4] - The company expects to maintain a 39% market share, with heavy truck sales exceeding 300,000 units, leading global sales rankings[4] - The new energy heavy truck segment is anticipated to grow explosively, with a year-on-year increase of 230% expected in 2025[4] Pharmaceutical Sector - The pharmaceutical sector saw significant gains, with Insilico Medicine (3696 HK) surging 14.5% after announcing a milestone payment of HKD 39 million for a clinical trial[5] - The total collaboration agreement for the project is valued at USD 550 million, indicating potential for further milestone revenues as trials progress[5] Macro Economic Indicators - Hong Kong's retail sales in December 2025 increased by 6.6% year-on-year, slightly higher than the 6.5% increase in November[3] - South Korea's January CPI rose by 2.0%, lower than the 2.3% in December and below market expectations of 2.1%[3]

Group 1 - The core viewpoint of the news is that Fuchun Co., Ltd. has shown significant fluctuations in its stock performance and financing activities, indicating a mixed outlook for investors [1][2]. Group 2 - On February 3, Fuchun's stock rose by 3.48%, with a trading volume of 220 million yuan. The financing buy-in amount was 18.38 million yuan, while the financing repayment was 20.38 million yuan, resulting in a net financing buy of -2.00 million yuan [1]. - As of February 3, the total balance of margin trading for Fuchun was 326 million yuan, accounting for 6.63% of its market capitalization, which is above the 90th percentile level over the past year [1]. - The company had no shares repaid in short selling on February 3, with 3,300 shares sold short, amounting to 23,500 yuan at the closing price. The short selling balance was 291,600 yuan, which is below the 30th percentile level over the past year [1]. Group 3 - As of September 30, the number of shareholders for Fuchun was 47,700, a decrease of 26.11% from the previous period. The average circulating shares per person increased by 35.34% to 14,453 shares [2]. - For the period from January to September 2025, Fuchun achieved operating revenue of 288 million yuan, a year-on-year increase of 50.52%. However, the net profit attributable to the parent company was -9.21 million yuan, reflecting a year-on-year increase of 78.05% in losses [2]. - Since its A-share listing, Fuchun has distributed a total of 92.55 million yuan in dividends, with no dividends paid in the last three years [2]. Group 4 - As of September 30, 2025, among the top ten circulating shareholders, the Huaxia CSI Animation Game ETF held 15.86 million shares, an increase of 2.66 million shares from the previous period, while the Guotai CSI Animation Game ETF held 4.46 million shares, an increase of 483,900 shares [2].

Group 1 - On February 3, Zhangqu Technology's stock rose by 6.09%, with a trading volume of 1.449 billion yuan [1] - The company had a net financing buy of -10.26 million yuan on the same day, with a total financing and securities balance of 1.325 billion yuan [1] - The financing balance of Zhangqu Technology reached 1.319 billion yuan, accounting for 7.98% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of September 30, the number of shareholders of Zhangqu Technology decreased by 12.66% to 172,600, while the average circulating shares per person increased by 14.50% to 14,969 shares [2] - For the period from January to September 2025, the company reported a revenue of 534 million yuan, a year-on-year decrease of 17.88%, and a net profit attributable to shareholders of 76.56 million yuan, down 60.93% year-on-year [2] - Since its A-share listing, Zhangqu Technology has distributed a total of 249 million yuan in dividends, with no dividends paid in the last three years [2] Group 3 - As of September 30, 2025, the largest circulating shareholder of Zhangqu Technology is the Huaxia CSI Animation Game ETF, holding 78.2074 million shares, an increase of 13.3165 million shares from the previous period [3] - The Southern CSI 1000 ETF ranks as the third-largest circulating shareholder, holding 24.8886 million shares, a decrease of 267,500 shares [3] - The Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 18.4888 million shares, a decrease of 4.75882 million shares [3]

编辑：七三 2月4日早盘，日股任天堂一度跌近10%，公司此前公布的第三财季营业利润不及预期。 ...