Core Viewpoint - The article discusses the impact of a rumor regarding potential tax rate adjustments on the gaming industry, which led to significant fluctuations in stock prices for major gaming companies like Tencent and NetEase. However, the credibility of the rumor is questioned by industry experts and analysts [2][4][5]. Group 1: Market Reactions - On February 3, gaming stocks experienced a sharp decline, with Tencent dropping over 6% and NetEase falling more than 3% during intraday trading. However, by the end of the day, A-share gaming stocks rebounded, with Century Huatong and Jiubang Technology both rising over 2% [2]. - The gaming index (BK1406) increased by more than 3.4% by the end of the trading day, with several stocks, including Shunwang Technology, seeing significant gains, with a rise of 13.8% [2][3]. Group 2: Tax Rumor Analysis - A rumor suggested that the financial and internet value-added services, including in-game purchases and advertising, might face a tax rate increase from 6% to align with the 32% rate of the liquor industry, which could compress profit margins for companies like Tencent [4]. - Industry insiders have largely dismissed the rumor as lacking credibility, with Century Huatong stating they have not received any related information and that their operations remain normal [5]. - Analysts argue that the proposed tax increase from 6% to 32% is unlikely, as many companies already operate within a tax rate range of 15%-25%, and such a tax adjustment would require extensive legislative processes [5][6]. Group 3: Legal and Policy Considerations - The article highlights that the rumor is based on a misunderstanding of tax classifications, as the 32% rate applies to consumption tax, while the gaming and internet services are subject to value-added tax (VAT) at 6% [8]. - Current tax regulations, as outlined in the VAT law effective from January 1, 2026, specify three tax rates: 13%, 9%, and 6%, with financial and modern services falling under the 6% category [8][10]. - Analysts from Huachuang Securities emphasize that any tax increase would likely be passed on to consumers, contradicting the government's current focus on promoting consumption and economic growth [10].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by over 10% [5][40]. Core Insights - The media industry saw a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the success of new products from Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications in marketing and content services, particularly in the context of the GEO restructuring and commercialization efforts [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Company Forecasts and Ratings - Key companies with "Outperform" ratings include: - Kaiying Network (24.92 CNY, market cap 532 million CNY, EPS 1.01 for 2025E) [5][38] - G-bits (455.00 CNY, market cap 328 million CNY, EPS 22.92 for 2025E) [5][38] - 37 Interactive Entertainment (26.52 CNY, market cap 587 million CNY, EPS 1.38 for 2025E) [5][38] Important Data Tracking - The box office for the week of January 26 to February 1 reached 257 million CNY, with top films including "Zootopia 2" (41 million CNY, 16.0% market share) and "Water Pipe" (63 million CNY, 13.8% market share) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were Point Interactive's "Whiteout Survival," Lemon Micro's "Gossip Harbor: Merge & Story," and Point Interactive's "Kingshot" [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for investment opportunities, particularly in companies that are expected to benefit from AI-driven marketing and product cycles [4][36].

Core Viewpoint - The credibility of rumors regarding potential tax rate adjustments for the gaming and internet value-added services industry is considered low by industry insiders [1][4][6]. Market Reaction - On February 3, a rumor caused significant fluctuations in the gaming stock market, with Tencent's shares dropping over 6% and NetEase's shares falling more than 3% at one point. However, by the end of the trading day, A-share gaming stocks rebounded, with Century Huatong and Jiubang Technology both rising over 2% [1]. - The gaming index (BK1406) increased by more than 3.4%, with notable gains from companies like Shunwang Technology, which surged by 13.8% [1][2]. Tax Rumor Details - A rumor suggested that the gaming and internet value-added services sectors might face a tax rate increase from 6% to align with the 32% rate applicable to the liquor industry, which could compress profit margins for companies like Tencent [3]. - Industry analysts have expressed skepticism about the feasibility of such a tax increase, citing the complexity of revenue structures in large companies and the existing tax rates already being in the 15%-25% range [4][5]. Industry Response - Various industry representatives have denied receiving any information regarding the rumored tax changes, with Century Huatong stating that their operations remain normal [4]. - Analysts from Dolphin Investment Research and other firms have indicated that the market reaction is likely an overreaction to the rumors, emphasizing that significant tax changes would require extensive procedural groundwork [5][6]. Legal and Policy Considerations - Legal experts and analysts have pointed out that the rumor lacks a solid legal basis, as the current tax structure is defined by the Value-Added Tax Law, which specifies three tax rates: 13%, 9%, and 6% [6][7]. - The current policy focus is on stabilizing growth and supporting innovation, making a broad tax increase counterproductive to government objectives [8].

Core Viewpoint - Recent rumors regarding potential increases in value-added tax (VAT) rates for industries such as gaming and finance have been circulating on various online platforms, suggesting that the gaming industry's VAT could rise from 6% to 32%. However, these rumors have been confirmed to be untrue by industry experts and insiders [1]. Summary by Relevant Sections - The implementation of the new VAT law and its regulations will take effect on January 1, 2026, with the aim of ensuring legislative consistency and clarity in tax policies for industries including gaming and finance [1]. - Experts indicate that recent announcements from the financial and tax authorities have clarified VAT policies, confirming that there will be no adjustments to the VAT rates for the gaming and finance sectors [1]. - The claim that the gaming industry's VAT rate could increase to 32% is unfounded, as the current VAT law specifies a maximum rate of 13%, making the 32% figure nonexistent and further validating the lack of credibility in the rumors [1].

Core Viewpoint - Recent rumors regarding potential adjustments to the value-added tax (VAT) rates for industries such as gaming and finance have been circulating on various online platforms, suggesting a possible increase in the gaming industry's VAT rate from 6% to 32%. However, these rumors have been confirmed to be unfounded by experts and industry insiders [1]. Summary by Relevant Sections - **VAT Policy Clarification**: Starting from January 1, 2026, the new VAT Law and its implementation regulations will come into effect in China. Recent announcements from the financial and tax authorities aim to ensure the coherence of the tax system following the enactment of the VAT Law, with clear regulations on applicable tax rates for industries including gaming and finance [1]. - **Expert Opinions**: Industry insiders have stated that the rumors regarding tax rate adjustments lack credibility. The current VAT Law specifies that the maximum VAT rate is 13%, and the suggested rate of 32% does not exist within the legal framework, further discrediting the circulating rumors [1].

中银国际发表报告，预期网易去年第四季核心游戏收入按年增长6%，经调整净利润额为84亿元，分别 较目前市场预期低5%及9%。该行认为，公司将持续执行在游戏研发及营运提升其资源利润及分配效率 的优化措施，核心的创新能力及全球化愿景维持不变，并预期公司2026年业绩将随着大型新游戏在今年 下半年的逐步推出上线而加速，同时对其在激烈的市场竞争中核心长青游戏的稳定营运有信心。基于公 司较大机会增加去年第四季的派息规模，以及2027年因港交所新规而进入港股通的潜在预期，维持"买 入"评级，港股及美股目标价分别降至250港元及160美元。 ...

Core Viewpoint - Recent rumors regarding potential increases in value-added tax (VAT) rates for industries such as gaming and finance have been deemed unfounded by experts and industry insiders [1]. Industry Tax Policy - Starting January 1, 2026, the new VAT Law of the People's Republic of China and its implementation regulations will come into effect [1]. - Recent announcements from the financial and tax authorities have clarified VAT policies, ensuring legislative consistency and stability for industries including gaming and finance [1]. Tax Rate Clarification - The current VAT law specifies that the maximum VAT rate is 13%, contradicting claims that the gaming industry's rate could rise from 6% to 32% [1]. - Industry insiders have confirmed that there have been no adjustments to the VAT policies for the gaming and finance sectors, reinforcing the credibility of the current tax structure [1].

大厂开启2026春节AI应用流量大战，AI应用催化行情，2月3日，影视ETF（516620）涨超3%。 中信建投指出，大厂已开启2026春节AI应用流量大战，腾讯元宝启动10亿元现金红包活动，预计千 问、豆包的春节运营活动也将逐步启动。谷歌世界模型Genie 3发布，我们认为不会"颠覆"游戏行业， 反而利好那些玩法创新力强、用户需求洞察深刻，但制作能力普通甚至落后的中小型CP。后续催化不 断，包括DeepSeek、字节、阿里均将于春节期间发布新版大模型，以及ChatGPT等通用AI应用商业化进 展。 影视ETF（516620）跟踪的是中证影视指数（930781），该指数从沪深市场中选取涉及视频、直播、游 戏、电影等符合新技术和新消费趋势的上市公司证券作为指数样本，以反映中国影视内容制作及传播行 业的整体表现。成分股覆盖影视动漫制作、电视广播、视频媒体等领域，行业配置上以通信服务为主， 其次为可选消费与信息技术。 （文章来源：每日经济新闻） ...

Group 1 - Tencent's "QQ Classic Farm" will officially return on February 6, 2023, and will be available on both QQ and WeChat [1] - The game was originally launched in 2009 and reached a peak online user count of 120 million in 2010 [1] - "QQ Classic Farm" retains the core gameplay from the original 2009 version, including planting, stealing crops, and raising animals, allowing players to relive the "stealing crops" fun on mobile devices [1] Group 2 - The article highlights that players can connect their farms in real-time, regardless of distance, enhancing the social aspect of the game [1]

Core Insights - The global AI application landscape is rapidly evolving, with significant advancements in overseas intelligent agents and world models, such as Clawdbot and Google's Project Genie, which enhance interactive virtual environments for gaming and VR applications [1] - Domestic competition for AI entry points and multimodal applications is intensifying, with companies like Tencent and Xindong launching initiatives to create AI-driven social spaces and game development tools, respectively [1] - The AI landscape is reshaping entry dynamics, with high-quality data and specialized knowledge being crucial for leveraging AI in specific industry scenarios [1] - The upcoming Spring Festival is expected to boost activity in the gaming sector, particularly among younger audiences and high DAU (Daily Active Users) games [1] Industry Overview - The gaming ETF (516010) tracks the anime and gaming index (930901), which selects listed companies involved in anime production, game development, publishing, and related industry chains to reflect the overall performance of the sector [1]