证券研究报告 | 行业点评报告 2026 年 01 月 30 日 26 年首月发放 182 款版号，大幅超过 25 年月均 148 款 游戏行业 1 月版号点评 TMT 及中小盘/传媒 1 月 26 日，国家新闻出版署公布了 177 款国产版号、5 款进口版号。177 款国产 版号中，其中"移动"类 101 款，"移动-休闲益智"类 64 款，"移动、客户端"10 款，"客户端"2 款；5 款进口版号中，"移动"4 款，"客户端"1 款。同时还发布 了 14 款游戏的审批变更信息。 ❑ 风险提示：游戏上线时间不及预期；流水不及预期等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 2251.6 | 2.0 | | 流通市值（十亿元） | 2071.2 | 2.0 | 行业指数 相关报告 1、《传媒互联网行业周报—阿里千 问做出重大更新，泡泡玛特持续回购》 2026-01-29 2、《互联网行业周报—春节 AI 应用 活动陆续上线，关注大厂布局情况》 2026-01-29 3、《AI 应用研究感思 ...

Core Viewpoint - Century Huatong, a leading gaming company in A-shares, forecasts significant growth in revenue, profit, and cash flow by 2025, with net profit expected to increase by up to 475% year-on-year [2][3]. Financial Performance - The estimated net profit for 2025 is projected to be between 5.55 billion and 6.98 billion yuan, representing a year-on-year growth of 357% to 475% [3]. - The net profit after deducting non-recurring gains is expected to be between 5.8 billion and 6.33 billion yuan, with a growth rate of 252.97% to 285.22% compared to the previous year [3]. - Basic earnings per share are forecasted to be between 0.77 yuan and 0.97 yuan, up from 0.17 yuan in the previous year [3]. Product Performance - The past two years have been significant for Century Huatong, launching several hit products, including the phenomenon-level game "Whiteout Survival," which has achieved new highs three years post-launch [4]. - The new hit "Kingshot" ranks third in the Chinese mobile game overseas market, while "Tasty Travels: Merge Games" has entered the top 15 [4]. Market Position - According to Sensor Tower, Century Huatong's subsidiary, Didi Interactive, ranks second in global revenue among mobile game publishers, surpassing major competitors like NetEase and Mihayou, with a projected global revenue growth of 87% in 2025 [5]. - The game "Whiteout Survival" is expected to see a 45% increase in revenue to 2.1 billion USD (approximately 14.6 billion yuan) in 2025, maintaining its position as the top-grossing overseas mobile game for 24 consecutive months [5]. Stock Performance - As of January 29, Century Huatong's stock rose approximately 1% to 18.86 yuan per share, with a total market capitalization of 139 billion yuan, making it the highest-valued gaming company in A-shares [5]. - The stock price has increased from 5 yuan per share to 17 yuan per share, reflecting a cumulative growth of about 240% [5]. - Since the beginning of 2026, the stock has risen by over 10% [5]. Industry Context - The Chinese gaming industry is entering a phase of stock competition, with increasing polarization, but companies with blockbuster products can still stand out [6].

Core Viewpoint - Century Huatong (002602.SZ), a leading player in the A-share gaming sector, forecasts significant growth in revenue, profit, and cash flow by 2025, with net profit expected to increase by up to 475% year-on-year [2][3]. Financial Performance - The projected net profit for 2025 is estimated to be between 5.55 billion and 6.98 billion yuan, representing a year-on-year growth of 357.47% to 475.34% [3]. - The net profit after deducting non-recurring gains and losses is expected to be between 5.8 billion and 6.33 billion yuan, indicating a growth of 252.97% to 285.22% compared to the previous year [3]. - Basic earnings per share are projected to be between 0.77 yuan and 0.97 yuan, up from 0.17 yuan in the previous year [3]. Product Performance - The past two years have been significant for Century Huatong, launching multiple hit products, including the phenomenon-level game "Whiteout Survival," which has seen renewed success three years post-launch [4]. - The new hit game "Kingshot" ranks third in the Chinese mobile game overseas market, while "Tasty Travels: Merge Games" has entered the top 15 [4]. - According to Sensor Tower, Century Huatong's subsidiary, Diandian Interactive, ranks second in global revenue among mobile game publishers, surpassing major competitors like NetEase and miHoYo, with a projected global revenue growth of 87% in 2025 [4]. Market Position - As of January 29, Century Huatong's stock price increased by approximately 1% to 18.86 yuan per share, with a total market capitalization of 139 billion yuan, making it the highest-valued gaming company in the A-share market [6]. - The stock price has risen from 5 yuan to 17 yuan per share, reflecting a cumulative increase of about 240% [6]. - The gaming industry in China is experiencing intensified competition, with resources increasingly concentrating among leading firms, yet companies with blockbuster products continue to thrive [7].

Core Viewpoint - Tencent and miHoYo were awarded the "14th Five-Year High-Quality Development Outstanding Contribution Award" for their significant contributions to the economic development of the Xuhui District during the 14th Five-Year Plan period (2021-2025) [1][2]. Group 1: Company Contributions - miHoYo has contributed a total of 15 billion yuan in taxes during the 14th Five-Year Plan period (2021-2025) [3]. - The founder of miHoYo, Liu Wei, expressed gratitude for the supportive business environment in Xuhui, highlighting the district's commitment to fostering innovation and entrepreneurship [2][4]. Group 2: Business Environment - Xuhui District is recognized for creating a business-friendly environment characterized by "no disturbance unless necessary" and "responsive to requests," which has positively impacted local entrepreneurs [2][4]. - The district's efforts in providing a warm and supportive atmosphere for businesses have been acknowledged by miHoYo, reinforcing the importance of local government support in fostering economic growth [2][4].

Group 1: Industry Developments - China plans to develop more "Space+" future industries, focusing on commercial aerospace and related applications, with initiatives including space resource development and space tourism [1] - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, targeting key areas such as transportation, home services, and inbound consumption [3][4] Group 2: Company News - Guizhou Moutai denied rumors of participating in SpaceX's Series A financing, with its stock closing at 1437.72 CNY per share, up 8.61%, and a market cap exceeding 1.8 trillion CNY [2] - Jiangbolong expects a net profit of 1.25 billion to 1.55 billion CNY for 2025, representing a year-on-year growth of 150.66% to 210.82% due to rising storage prices driven by AI server demand [2] - BlueFocus anticipates a net profit of 180 million to 220 million CNY for 2025, recovering from a loss of 290 million CNY in the previous year, supported by growth in overseas business [3] - Sichuan Gold forecasts a net profit of 420 million to 480 million CNY for 2025, a year-on-year increase of 69.23% to 93.4%, attributed to increased sales of gold concentrate and rising gold prices [7] - Green Harmony expects a net profit of 115 million to 130 million CNY for 2025, reflecting a growth of 104.74% to 131.45%, driven by the recovery in the industrial robot market and expansion in overseas markets [8] - Shengyi Technology predicts a net profit of 3.25 billion to 3.45 billion CNY for 2025, with an increase of 87% to 98% due to rising sales of copper-clad laminates [9] - China Shipbuilding anticipates a net profit of 7 billion to 8.4 billion CNY for 2025, representing a growth of approximately 65.89% to 99.07%, driven by improved operational efficiency and high-value ship deliveries [10] - Century Huatong expects a net profit of 5.55 billion to 6.98 billion CNY for 2025, a significant increase of 357% to 475%, supported by continuous revenue growth and successful overseas expansion [11]

1月30日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股资讯一览： 3、中国航天科技集团作为我国商业航天器及应用产业链"链长"单位，将在"十五五"期间围绕发展商业航天 国家战略部署，发挥中央企业战略引领、生态构建等职能，带动产业链上中下游企业共谋新发展、共建新 能力、共筑新生态，实施五大工程。其中，包括实施未来产业发展培育工程，谋划推动太空数智基础设 施、太空资源开发、太空交通管理、太空旅游等新领域发展。 4、民政部发布《关于进一步推进民政科技创新的指导意见》，其中提出，广泛应用人形机器人、脑机接 口、人工智能等前沿技术，开展失能失智预防和抗衰老、生活照料和康复护理、精神慰藉和社会参与促 进、安全风险监测和紧急救援、老年宜居环境建设和适老化改造等方面关键技术装备研发，推动助餐助 行、二便护理、进食穿衣、助洁助浴、移乘转运、康复训练、心理干预、情感陪伴、监测预警、应急响应 等产品研发集成、安全化和规模化应用。推动大语言模型、脑机接口等技术在残疾儿童康复领域的应用， 加强脑瘫、孤独症等残疾儿童康复技术和设备研发。 5、美国贸易代表日前在达沃斯表示，在可能举行的中美领导人会晤之前，中美双方有机会开启新一轮 ...

立中集团：子公司获铝合金车轮项目定点 预计项目周期内销售金额约13.7亿元 英联股份：子公司江苏英联与LG化学签署联合实验室（核心股）战略协议 加速布局全球锂电创新材料 市场 【重要事项】 兆易创新：拟使用5亿元A股募集资金向全资子公司及全资孙公司增资 以实施DRAM募投项目 泽璟制药：注射用ZG005与含铂化疗联用获得药物临床试验批准通知书 【业绩】 兆易创新：2025年净利同比预增46%左右 福田汽车：2025年净利同比预增1551%左右 北摩高科：2025年净利润同比预增1076%-1262% 崇达技术：子公司普诺威拟投资10亿元建设端侧功能性IC封装载板项目 东鹏饮料：拟投资11亿元在成都设立生产基地 华菱钢铁（核心股）：子公司华菱涟钢投资4.5亿元实施焦化厂6m焦炉原地大修项目 中国铝业：公司及力拓拟通过合资公司收购巴西铝业68.596%股权，代价约合人民币62.86亿元；合资公 司中公司附属公司持股67%，收购完成后目标公司将成为公司附属公司 复星医药（核心股）：控股子公司药品重酒石酸去甲肾上腺素注射液获注册批准 新诺威：控股子公司巨石生物及关联方与阿斯利康签署战略合作与授权协议，涉及创新多肽分子 ...

Core Viewpoint - Century Huatong expects a significant increase in net profit for 2025, projecting a growth of 357.47% to 475.34% compared to the previous year, driven by strong performance in multiple game products [1] Financial Performance - The company anticipates consolidated operating revenue of approximately 38 billion yuan for 2025, representing a year-on-year increase of about 68% [1] - Expected net profit attributable to shareholders is projected to be between 5.55 billion and 6.98 billion yuan, with a year-on-year growth of 357.47% to 475.34% [1] - The non-recurring net profit is forecasted to be between 5.8 billion and 6.33 billion yuan, indicating a year-on-year increase of 252.97% to 285.22% [1] - Operating cash flow is expected to grow by over 70% year-on-year [1] Market Position and Product Performance - Century Huatong is recognized as one of the fastest-growing gaming companies globally over the past three years, achieving continuous revenue growth for 12 consecutive quarters since 2023 [1] - The company has doubled its net profit year-on-year for two consecutive years, setting new historical highs [1] - Key products contributing to this growth include: - "Whiteout Survival," which has entered the global mobile game "1 billion USD revenue club," ranking fourth in global mobile game revenue for 2025 and first in China's mobile game overseas revenue [1] - "Kingshot," which has emerged as the third in China's mobile game overseas revenue [1] - "Endless Winter," which maintains rapid revenue growth as a leading product in the SLG category [1] - New product "Beng Beng Kingdom," which is showing a continuous growth trend [1]

早 报 精 选 1、加快培育服务消费新增长点！国办印发工作方案。 2、i茅台就"抢购外挂"发布声明：已收集证据，保留追责权利。 3、中英双方在英国首相斯塔默访华期间达成一系列积极成果，其中，中方将威士忌酒进口关税税率由10%降至5%。 4、中国人民银行行长潘功胜1月28日会见了来访的高盛集团董事长兼首席执行官苏德巍。双方就全球经济金融形势、中国宏观经济 政策、中美经贸关系等议题进行了交流。 5、招金黄金、中国黄金、西部黄金发布公告提示风险。 宏 观 新 闻 1、 国务院办公厅日前印发《加快培育服务消费新增长点工作方案》，其中提到，研究稳妥扩大单方面免签、过境免签、区域性免签 政策适用范围。其中还提到，鼓励地方结合消化存量房地产等政策落实，支持旅居项目用地和服务设施建设。 2、商务部昨日举行例行新闻发布会。有记者提问称：美国贸易代表日前在达沃斯表示，在可能举行的中美领导人会晤之前，中美双 方有机会开启新一轮经贸谈判。新闻发言人何咏前表示，中方愿与美方共同维护好、落实好两国元首重要共识，用好中美经贸磋商机 制，管控分歧、推进合作，促进中美经贸关系稳定、健康、可持续发展。 5、外交部发言人郭嘉昆昨日主持例行记者会。 ...

Market Overview - In January, A-shares and Hong Kong stocks experienced a general upward trend, with major A-share indices rising, particularly the Sci-Tech 50, which increased by 15.8% [4] - The Hong Kong market also showed a positive trend, with the Hang Seng Index rising by 5.8% and the Hang Seng Technology Index by 4.3% as of January 27, 2026 [4] A-share Insights - The recommendation for investors is to maintain a stable position and hold stocks through the holiday, anticipating a new market trend post-Spring Festival [5] - The upcoming spring market is expected to be promising, with potential positive news in both policy and fundamentals over the next few months [5] - Focus areas include growth sectors such as humanoid robots, AI industry chain, gaming, and film, alongside cyclical sectors benefiting from strong commodity prices and policy support [5] Hong Kong Stock Insights - The overall trend in the Hong Kong market remains positive due to earnings recovery, improved liquidity, low valuations, and policy support [6] - The market is transitioning from being driven by funds to being driven by performance, with a structural rebound expected in the first quarter [6] Investment Strategy - The strategy suggests capturing structural opportunities amidst market volatility, focusing on the AI industry chain and defensive assets like non-ferrous metals, chemicals, and insurance for stable returns [7]