Core Insights - Century Huatong's investment strategy extends beyond gaming, focusing on long-term value creation through technology integration and innovation [1][10] - The gaming industry is increasingly recognized for its economic and technological contributions, with China's core gaming industry nearing a trillion yuan in scale [3][12] - The company emphasizes the dual role of gaming as both an entertainment medium and a technological incubator, facilitating advancements in AI and other high-tech fields [4][13] Investment Philosophy - Chairman Wang Ji advocates for a vision of using technology to change the world, positioning gaming as a platform for technological experimentation and application [5][14] - The company's investment approach is characterized by a long-term perspective, focusing on core technological trends rather than short-term profits [6][15] Technological Integration - Century Huatong's technology investments span multiple sectors, including AI, robotics, and aerospace, with projects aimed at enhancing infrastructure and driving innovation [7][15] - The company has achieved significant returns from its investments, such as over 600 million yuan in gains from its stake in Moer Thread [6][15] Future Outlook - The convergence of gaming and technology is expected to create new opportunities, with gaming serving as a critical entry point into the virtual world [9][18] - As AI and semiconductor technologies advance, gaming is poised to play a central role in connecting various industries and applications, potentially unlocking new growth avenues for Century Huatong [9][18]

"非常实用！对我们报送太有帮助了！"1月26日，由广东省网络数据安全与个人信息保护协会、广东省 游戏产业协会联合主办的"未成年人个人信息保护合规审计报送专题辅导会（游戏专场）"在广州举行， 与会企业代表纷纷为活动点赞。此次活动精准对接广东游戏企业的合规需求，旨在助力企业切实履行未 成年人网络保护主体责任，推动全省游戏产业在合规轨道上实现高质量发展。 1月26日，"未成年人个人信息保护合规审计报送专题辅导会（游戏专场）"在广州举行。 国家互联网信息办公室2025年12月29日发布《关于报送未成年人个人信息保护合规审计情况的公告》， 明确要求处理未成年人个人信息的个人信息处理者，需于每年1月底前报送上一年度相关合规审计情 况。 作为全国游戏产业的核心阵地，广东游戏产业实力领跑全国。数据显示，2025年，广东游戏产业年收入 占国内游戏市场营收规模的80.85%，上市公司数量和投融资事件数量均位居全国第一。对于蓬勃发展 的广东游戏企业而言，未成年人个人信息处理是经营中的特殊业务场景，做好合规审计报送工作十分关 键。1月26日，广东省网络数据安全与个人信息保护协会联合广东省游戏产业协会响应游戏企业需求， 特别组织行业专 ...

格隆汇1月28日｜吉比特公告，预计2025年度实现归属于上市公司股东的净利润169,000万元到186,000万 元，与上年同期相比，将增加74,508万元到91,508万元，同比增加79%到97%。2025年度归属于上市公 司股东的净利润和归属于上市公司股东的扣除非经常性损益的净利润均较2024年度同比增加，主要系 2025年上线的《杖剑传说（大陆版）》《问剑长生（大陆版）》《杖剑传说（境外版）》《道友来挖 宝》等新产品贡献增量利润。 ...

南财智讯1月28日电，吉比特公告，预计2025年全年归属于上市公司股东的净利润为16.90亿元—18.60亿 元，同比预增79.00%—97.00%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为 16.50亿元—18.00亿元，同比预增88.00%—105.00%；主要变动原因为：2025年度归属于上市公司股东 的净利润和归属于上市公司股东的扣除非经常性损益的净利润均较2024年度同比增加，主要系2025年上 线的《杖剑传说（大陆版）》《问剑长生（大陆版）》《杖剑传说（境外版）》《道友来挖宝》等新产 品贡献增量利润。 ...

每经AI快讯，1月28日，吉比特（603444）(603444.SH)公告称，吉比特预计2025年度归属于上市公司股 东的净利润为16.90亿元至18.60亿元，同比增加79%到97%。 ...

证券之星消息，1月28日游戏板块较上一交易日下跌1.28%，巨人网络领跌。当日上证指数报收于4151.24，上涨0.27%。深证成指报收于14342.9， 上涨0.09%。游戏板块个股涨跌见下表： 从资金流向上来看，当日游戏板块主力资金净流出2.44亿元，游资资金净流入4074.63万元，散户资金净流入2.03亿元。游戏板块个股资金流向见 下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300418 | 昆仑万维 | 4 2.73 Z | 4.97% | 4547.85万 | 0.83% | -3.19 Z | -5.80% | | 300002 神州泰岳 | | 1.72亿 | 12.46% | -3185.68万 | -2.31% | -1.40 Z | -10.15% | | 002624 | 完美世界 | 8113.91万 | 10.04% | 1262.45万 | 1.56% | -9376.36万 ...

Group 1 - The core point of the article is that Youzu Interactive (游族网络) has formed a strategic partnership with domestic GPU manufacturer Sunrise (曦望) to explore the integration of domestic AI computing power into game development processes, aiming to create a self-controlled, practical "game AI computing power solution" for the industry [1] - Sunrise is a domestic AI computing chip company that has evolved from the chip department of SenseTime, focusing on high-performance GPUs and multimodal inference chips, with a significant investment of 2 billion in R&D over eight years [1] - Youzu Interactive has invested in Sunrise, holding approximately 0.21% of the company, indicating its commitment to AI and gaming technology [2] Group 2 - Youzu Interactive, established in 2009 and listed in 2014, has been focusing on a "global card + " strategy, with products like the "Youth Three Kingdoms" series, and has expanded its business across multiple countries and regions [2] - The company has shown a clear intention to transform its operations, recently partnering with Century Internet, a Nasdaq-listed company, to leverage their strengths in AI applications and computing infrastructure for a green computing project in Inner Mongolia [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-01-28 | 002558 | 巨人网络 | 47.33 | 25.00 | 1,183.25光大证券股份有限 | 光大证券股份有限 | | | | | | | 公司宁波柳汀街证 | 公司宁波柳汀街证 | | | | | | | 券营业部 | 券营业部 | 1月28日，巨人网络大宗交易成交25万股，成交额1183.25万元，占当日总成交额的0.56%，成交价47.33元，较市场收盘价 44.81元溢价5.62%。 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating a positive outlook compared to the market [1]. Core Insights - The media index rose by 16.19% as of January 26, 2026, outperforming major indices such as the Shanghai Composite Index (+4.13%) and the CSI 300 Index (+1.66%) [3][13]. - The report highlights the strong performance of sub-sectors, particularly the internet marketing sector, which surged by 43.70%, followed by publishing (+11.68%), gaming (+10.79%), and film (+8.73%) [3][14]. - The current price-to-earnings (PE) ratio for the media sector stands at 31.71, significantly above the average of 25.90 for 2023, indicating a high valuation relative to historical levels [4][19]. Summary by Sections Investment Recommendations - The report suggests focusing on two main themes: improving policy environment and accelerated AI application, which are expected to enhance both valuation and performance in high-growth sub-sectors [5][11]. - Specific recommendations include: 1. **Gaming Sector**: Anticipated steady growth in the domestic gaming industry, with a focus on companies like Gigabit, Kaixin Network, and Perfect World [12]. 2. **Film Sector**: Attention on the upcoming Spring Festival film releases, which are expected to significantly impact the performance and valuation of the film sector, with companies like Light Media and Wanda Film highlighted [12]. 3. **Defensive Positioning**: State-owned publishing companies are recommended for their low valuations and high dividend yields, with a focus on Zhongyuan Media [12]. Market Review - As of January 26, 2026, the media index's performance ranked second among 30 industry groups, with 134 out of 139 stocks rising [3][16]. - The report notes a significant increase in the number of stocks outperforming the market, with top gainers including BlueFocus and Liwen Technology [16][18]. Industry News - The report discusses regulatory developments, including a nationwide initiative to address "AI-modified" video content, which may impact content creation and distribution practices [20]. - It also highlights the ongoing competition among major internet companies to capture AI traffic, which is expected to drive user growth and expand commercial opportunities in various content areas [11][22]. Monthly Data - The domestic film market saw a box office of 37.13 billion yuan in December 2025, marking a year-on-year increase of 58.00% [24]. - The gaming market achieved a sales revenue of 350.79 billion yuan in 2025, reflecting a growth of 7.68% year-on-year, with user numbers reaching 683 million [42][43].

Market Overview - On January 28, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.27% to 4151.24 points, the Shenzhen Component Index increasing by 0.09% to 14342.89 points, while the ChiNext Index fell by 0.57% to 3323.56 points [1] - The gold concept sector continued to rise, with strong performances also seen in phosphate chemicals, scarce resources, and minor metals, while sectors such as TOPCon batteries, perovskite batteries, and space station concepts experienced declines [1] Fund Manager Changes - On January 28, 26 fund managers experienced changes in their positions, with a total of 545 fund products having manager changes in the past 30 days (December 29 to January 28) [3] - On the same day, 38 fund products announced fund manager departures, involving 6 fund managers. The reasons for these changes included personal reasons, completion of agency roles, and job changes [3] Fund Manager Performance - Fund manager He Jiaqi from Huaxia Fund currently manages assets totaling 15.184 billion yuan, with the highest return product being Huaxia Dingli Bond A (002459), achieving a return of 104.14% over 9 years and 71 days [4] - Fund manager Sun Meng from Huaxia Fund manages assets of 14.764 billion yuan, with the highest return product being Huaxia Zhisheng Value Growth A (002871), which achieved a return of 162.46% over 5 years and 318 days [5] Fund Manager Appointments - On January 28, 64 fund products announced new fund manager appointments involving 21 fund managers [5] - Notable new appointments include Sun Meng as the manager for Huaxia Dingli Bond A and Huaxia Dingli Bond C [5] Fund Research Activity - In the past month (December 29 to January 28), Bosera Fund conducted the most company research, engaging with 47 listed companies, followed by Huaxia Fund, Guotai Fund, and Southern Fund, which researched 47, 38, and 38 companies respectively [8] - The chemical products industry was the most researched sector, with 205 instances, followed by the automotive parts industry with 176 instances [8] Individual Stock Research - The most researched stock in the past month was Dajin Heavy Industry, with 67 fund management companies participating in the research. Dajin Heavy Industry specializes in offshore wind power equipment [9] - In the last week (January 21 to January 28), Dajin Heavy Industry remained the top researched company, followed by Sanqi Interactive Entertainment and Xingchen Technology, with 42 and 23 fund institutions respectively [9]