Core Viewpoint - In January 2026, the National Press and Publication Administration approved a total of 177 domestic online games, including notable titles such as "Dimension War Chronicle" and "Douluo Continent: Journey" [1]. Group 1: Game Approvals - A total of 177 games were approved in January 2026 [1]. - Notable approved games include "Dimension War Chronicle," "Douluo Continent: Journey," and "Night Round: Master Duel" [1]. Group 2: Game Categories - The approved games include various categories such as mobile, casual, and puzzle games [3][5]. - Specific titles in the mobile-casual category include "Shadow Bow General," "Super Omission," and "Balloon: Street Blood Throw" [5][7]. Group 3: Publishing and Operating Companies - The games are published and operated by various companies, including Tianjin New Creation Technology Co., Ltd., and Shanghai 37 Interactive Entertainment Technology Co., Ltd. [3][5]. - The approval documents include specific registration numbers for each game, indicating compliance with regulatory standards [3][5].

| 序号 | 名称 | 申报类别 | 出版单位 | 运营单位 | 批复 | | --- | --- | --- | --- | --- | --- | | 1 | 彩虹六号: 攻势 | 客户端 | 华东师范大学电子音 | 上海纳原信息技术有 | 国新 | | | | | 像出版社有限公司 | 限公司 | [2026 | | 2 | 彩虹岛:爱丽丝之境 | 移动 | 四川数字出版传媒有 | 上海述心网络科技有 | 国新 | | | | | 限公司 | 限公司 | (2026 | | 3 | 愤怒的小鸟:经典归 | 移动 | 成都金山数字娱乐科 | 成都金山世游卓立科 | 国新 | | | 来 | | 技有限公司 | 技有限公司 | (2026 | | 4 | 愤怒的小鸟:梦幻爆 | 移动 | 成都金山数字娱乐科 | 成都金山世游卓立科 | 国新 | | | 破 | | 技有限公司 | 技有限公司 | [2026 | | 5 | 秘境夺金 | 移动 | 上海科学技术文献出 | 上海冬瑞信息技术有 | 国新 | | | | | 版社有限公司 | 限公司 | [2026 | 智通财经APP获悉，1月26日，国家新闻出 ...

| 序号 | 名称 | 申报类别 | 出版单位 | 运营单位 | | --- | --- | --- | --- | --- | | 1 | 彩虹六号: 攻势 | 客户端 | 华东师范大学电子音 上海纳原信息技术 | | | | | | 像出版社有限公司 | 限公司 | | 2 | 彩虹岛:爱丽丝之境 | 移动 | 四川数字出版传媒有 | 上海述心网络科技 | | | | | 限公司 | 限公司 | | 3 | 愤怒的小鸟：经典归 | 移动 | 成都金山数字娱乐科 | 成都金山世游卓立 | | | 来 | | 技有限公司 | 技有限公司 | | র্য | 愤怒的小鸟：梦幻爆 | 移动 | 成都金山数字娱乐科 | 成都金山世游卓立 | | | 破 | | 技有限公司 | 技有限公司 | | 5 | 秘境夺金 | 移动 | 上海科学技术文献出 | 上海冬瑞信息技术 | | | | | 版社有限公司 | 限公司 | 每经AI快讯，1月26日，国家新闻出版署公布2026年1月份进口网络游戏审批信息，共5款游戏获批。 ...

Group 1 - The National Press and Publication Administration announced that 177 domestic online games were approved in January 2026 [1]

Group 1 - Company A operates a mobile game that introduced a free trade feature allowing players to buy and sell virtual items using in-game currency [1] - Player Ding engaged in off-platform transactions for virtual items, purchasing 3,200 magic stones for 100 yuan, and later incurred a loss of 690,000 yuan through further trading [1] - The court ruled that Ding violated the game's user agreement by trading outside of Company A's approved platforms, thus he bears the responsibility for his losses [1] Group 2 - Virtual game accounts and assets are recognized as property rights under the law, and users have the right to protect their virtual assets from illegal infringement [2] - The court found that Company A fulfilled its contractual obligations by warning users and taking measures against unauthorized trading, leading to the dismissal of Ding's claims [2] - The nature of online games is to provide entertainment, and the trading of virtual items is often prohibited in user agreements, which can lead to account bans and loss of assets [2] Group 3 - The trading of virtual items can lead to significant financial risks due to their reliance on market consensus and operational rules, unlike tangible assets [3] - Game operators must justify actions that may lead to player losses, such as freezing accounts or deleting items, otherwise they may face liability for infringement [3] - If losses occur due to players' failure to protect their virtual assets or due to illegal intrusions, game operators typically do not bear responsibility [3]

Core Viewpoint - Hangzhou aims to become a leading high-quality development hub for the national cultural "New Three Samples" and a demonstration site for cultural exports by 2026 [1][3] Group 1: Cultural "New Three Samples" - The cultural "New Three Samples," represented by online literature, online films, and online games, have become significant carriers for Chinese culture to go global [3] - During the 14th Five-Year Plan period, Hangzhou ranked first among similar cities in China with 31 key national cultural export enterprises and 688 licensed online dramas, including 491 online animations, accounting for 31% of the national total [3][5] - The cultural "New Three Samples" from Hangzhou have reached over 1 billion overseas users [5] Group 2: Quality Improvement and Technological Innovation - The focus is shifting from scale expansion to quality enhancement in the cultural "New Three Samples" due to advancements in digital technology [5] - Zhejiang Huace Film & TV Co., Ltd.'s "National Color Model" has been recognized as a key AI+Culture model, significantly improving overseas distribution efficiency by reducing costs by 50%-60% [5] Group 3: Government Support and Initiatives - The newly established cultural "New Three Samples" overseas audiovisual industry service center in Hangzhou aims to address language barriers, cross-border service shortcomings, and overseas rights protection issues [5] - Hangzhou has released measures to promote the overseas expansion of online literature, online dramas, and online games, including five major actions and 18 specific initiatives to build a comprehensive support system [6] Group 4: Regional Development and Collaboration - Various districts in Hangzhou are competing in the cultural sector, with initiatives like the first computing power town and significant funding for cultural technology integration [8] - The West Lake District is focusing on AI-driven content creation and has proposed measures to foster a favorable industrial ecosystem [8] Group 5: Talent Development and Policy Recommendations - Experts suggest enhancing international cultural exchange activities and cultivating a talent pool skilled in international languages and narratives to better align cultural exports with local customs and regulations [9] - Recommendations include providing upfront subsidies for scriptwriting in online short dramas and establishing a "green review channel" to alleviate financial pressures on creative teams [9] Group 6: Future Cultural Platforms - By 2026, Hangzhou plans to strengthen national cultural and technology integration demonstration bases and short video bases, guiding the healthy development of new cultural formats such as online literature, online games, and esports [10]

Core Insights - The game "Yan Yun Shi Liu Sheng" has achieved remarkable success in the global market, with over 15 million overseas players within a month of its launch, highlighting a shift from "Chinese products going global" to "Chinese narratives going global" [2][3][4] Group 1: Game Performance and Cultural Impact - "Yan Yun Shi Liu Sheng" reached 500,000 players within 40 minutes of its PC and PS launch and topped the App Store free game charts in over 50 markets within 24 hours of its mobile launch [2] - The success of "Yan Yun Shi Liu Sheng" is part of a broader trend, with another game, "Black Myth: Wukong," projected to sell over 28 million copies and generate sales of 9 billion yuan by the end of 2024 [2][4] - The games reflect a new phase in China's gaming industry, focusing on telling Eastern stories through a cultural lens rather than merely catering to Western aesthetics [4][5] Group 2: Government Support and Business Environment - The success of "Yan Yun Shi Liu Sheng" is attributed to Hangzhou's favorable business environment and comprehensive industrial ecosystem, which includes talent attraction and innovation support policies [6][19] - Hangzhou has implemented various supportive policies for the gaming industry, including financial incentives and streamlined processes for game approvals, contributing to a significant increase in the number of games approved [20][28] - The city has established key platforms and international exchange events to support technology development and international exposure for gaming projects [21] Group 3: Cultural Heritage and Modern Expression - Hangzhou's rich cultural heritage, including Song Dynasty culture and other historical resources, provides a unique foundation for game development, allowing creators to draw inspiration from local history [22][23] - "Yan Yun Shi Liu Sheng" incorporates extensive historical research, recreating significant cultural artifacts and events, thus creating an interactive digital museum of Chinese culture [23][24] - The games have successfully bridged cultural gaps, allowing global players to engage with Chinese narratives and traditions, transforming them into a universal language of understanding [24] Group 4: Real-World Impact and Future Directions - The success of these games has extended beyond the virtual realm, positively impacting local tourism and the esports industry, aligning with Hangzhou's policies to integrate gaming with cultural tourism [25][26] - High-profile esports events are being organized in Hangzhou, enhancing the city's global influence and driving related industry growth [26] - The experiences from "Yan Yun Shi Liu Sheng" and "Black Myth: Wukong" provide valuable insights for China's cultural export strategy, emphasizing the importance of cultural identity and technological innovation in the gaming sector [27][28]

Group 1 - Mingchen Health's stock increased by 5.14%, reaching 26.59 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 1.49%, resulting in a total market capitalization of 70.87 billion CNY [1] - Mingchen Health, established on December 14, 1994, and listed on December 18, 2017, is based in Shantou, Guangdong Province. The company specializes in the research, production, and sales of health care products, including shampoos, conditioners, shower gels, gel water, and skincare products [1] - The revenue composition of Mingchen Health is as follows: 76.84% from online games, 23.09% from daily chemical products, and 0.07% from other sources [1] Group 2 - Guotai Fund's Guotai Zhongzheng Animation Game ETF (516010) entered the top ten circulating shareholders of Mingchen Health, holding 1.2948 million shares, which accounts for 0.49% of the circulating shares. The estimated floating profit today is approximately 1.6832 million CNY [2] - The Guotai Zhongzheng Animation Game ETF (516010) was established on February 25, 2021, with a current scale of 30.01 billion CNY. Year-to-date returns are 11.68%, ranking 767 out of 5542 in its category; the one-year return is 61.36%, ranking 666 out of 4256; and since inception, the return is 59.5% [2] Group 3 - The fund manager of Guotai Zhongzheng Animation Game ETF (516010) is Huang Yue, who has been in the position for 4 years and 353 days. The total asset scale of the fund is 35.78 billion CNY, with the best fund return during his tenure being 50.08% and the worst being -57.08% [3]

Group 1 - The new regulations on civil cases that took effect on January 1, 2023, include provisions for virtual property, addressing important aspects of digital economy governance [1] - The rise of self-media and e-commerce has led to disputes over rights and obligations among partners, emphasizing the need for clear agreements regarding asset division and account management [3] - Virtual property in online games is recognized as having economic value, and users have legal rights to their accounts and virtual assets, which can be protected through legal means [4] Group 2 - The legal framework stipulates that parties must fulfill contractual obligations, and failure to do so can result in liability for damages, highlighting the financial responsibilities involved in virtual property transactions [5] - Game operators may be held liable for losses incurred by players due to improper actions, such as freezing accounts or deleting virtual items, unless they can justify their actions [6] - Digital collectibles, linked to blockchain technology, are emerging as a new form of asset but are also associated with risks such as fraud and market speculation, necessitating cautious investment approaches [9][10]

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 792 HKD [6][5][28] Core Insights - Tencent is expected to achieve a revenue growth of 13% year-on-year in Q4 2025, with adjusted net profit increasing by 16% to 643 billion RMB. The revenue growth is driven by gaming, advertising, and fintech, with expected increases of 16%, 20%, and 9% respectively [1][5][24] - Key catalysts for Tencent in the medium term include the launch of multiple new games, improvements in advertising efficiency due to AI, and the introduction of AI tools for mini-program development on WeChat [1][3][4] Summary by Sections Gaming Business - Tencent's gaming revenue is projected to grow by 16% in Q4, with the new game "Counter-Strike: Future" expected to generate 3.5 to 7 billion RMB in its first year. The game fills a gap in the PVE shooting genre and has already attracted over 10 million players shortly after launch [2][12][16] Advertising Business - Advertising revenue is anticipated to increase by 20% in Q4, driven by budget increases from long-tail advertisers and efficiency gains from AI. WeChat's advertising capabilities are evolving, with new features enhancing social commerce [4][19] Fintech and AI Mini-Programs - Fintech revenue is expected to grow by 9%, supported by a robust performance in social retail. AI mini-programs are projected to expand significantly in 2026, with a 108% increase in monetization scale and a 75% rise in eCPM in 2025 [3][19] Financial Forecast and Valuation - Revenue forecasts for Tencent have been slightly adjusted downwards for 2025-2027, with expected adjusted net profits of 263.1 billion, 299.4 billion, and 342.5 billion RMB respectively. The target price corresponds to a PE ratio of 21.6 for 2026 [5][24][28]