市 场 研 究 研报精选 食饮重仓比例持续下降，除酒类外的细分板块重仓比例回升 1 月游戏版号过审 182 款，腾讯《彩虹六号：攻势》强化 FPS 细分赛 道 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 01 月 28 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收涨，截止收盘，沪指收涨 0.18%，深成指收 涨 0.09%，创业板指收涨 0.71%。沪深两市成交额 28947.28 亿元。申 万行业方面，电子、通信、国防军工领涨，煤炭、农林牧渔、钢铁领 跌；概念板块方面，培育钻石、汽车芯片、国家大基金持股概念涨幅 居前，动物疫苗、禽流感、煤炭概念跌幅居前。港股方面，恒生指数 收涨 1.35%，恒生科技指数收涨 0.5%；海外方面，美国三大指数涨跌 不一，道指收跌 0.83%，标普 500 收涨 0.41%，纳指收涨 0.91%。 【重要新闻】 【2025 年全国规上工业企业利润总额同比增长】国家统计局公布数 据显示，2025 年全国规模以上工业企业实现利润总额 7.4 万亿元， 同比增长 0.6%，扭 ...

Core Insights - The report highlights the overall positive trend in the A-share market, with various sectors such as finance, semiconductors, and aerospace showing strong performance, while some sectors like coal and pharmaceuticals lag behind [5][8][12] - The report emphasizes the importance of macroeconomic data and policy changes in guiding investment strategies, suggesting a balanced approach to portfolio allocation [7][11][33] Domestic Market Performance - The Shanghai Composite Index closed at 4,139.90 with a slight increase of 0.18%, while the Shenzhen Component Index closed at 14,329.91, up by 0.09% [3] - The average price-to-earnings ratio for the Shanghai Composite and ChiNext Index stands at 16.93 and 53.33 respectively, indicating a favorable long-term investment environment [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [4] Industry Analysis - The report discusses the media sector, noting a decrease in fund holdings in Q4 2025, with a significant focus on the gaming sub-sector, which remains highly favored among institutional investors [13][16] - The automotive industry is projected to achieve record production and sales in 2025, driven by policies encouraging vehicle upgrades and a strong demand for electric vehicles [31][33] Investment Recommendations - The report suggests focusing on sectors with strong fundamentals and high dividend yields, such as traditional engineering machinery and shipbuilding, while also highlighting opportunities in emerging technologies like humanoid robots and AI applications [17][18][22] - Specific companies to watch include major players in the gaming sector and those involved in AI applications, as they are expected to benefit from favorable market conditions and technological advancements [16][27]

AI工具已深度融入中国厂商的日常运营流程，46%的AI助手交互聚焦于报表查看与数据解读，有效应对 营销规模扩大与数据碎片化带来的挑战。AppsFlyer游戏业务产品总监亚当·斯马特(Adam Smart)表示， AI提升了游戏产品与营销内容触达市场的速度和规模，当前营销成功的关键在于高效解读海量碎片化 信号并快速行动。 （文章来源：中国新闻网） 数据显示，2025年全球游戏应用获客支出达250亿美元，同比增长3.8%。尽管美国市场仍占据全球半壁 江山，但预算流向同比下降5%，而土耳其、印度等新兴市场成为增长主力，分别实现29%和19%的同比 增长。 在此背景下，中国出海厂商逆势突围，不仅在Android平台表现突出，更在美、英、德、法等竞争激烈 的西方主流市场取得显著增长，展现出强劲的市场竞争力。AI技术的全面渗透成为中国厂商出海的重 要助力。2025年，在AI内容创作支持下，游戏厂商素材产出规模大幅提升，头部厂商每季度制作的素 材版本数量达2400–2600个，同比增长25%–30%。 中新社北京1月27日电营销云平台AppsFlyer27日在北京发布的《2026游戏App营销现状报告》显示， 2025年中 ...

"1"是紧紧抓住扩大有效投资这个关键。今年澄迈投资目标设定为8%，确保全年新开工项目不低于200 个、完成投资不低于200亿元。澄迈人民比较关心的县医院老城分院、全民健身中心、澄迈中学高中部 等一大批重点项目将全面开工建设。 省人大代表，澄迈县委副书记、县长徐涛表示，2026年，澄迈将锚定"两个高于"奋斗目标，以"1+5"为 工作总抓手，全力争取年度目标实现。 "5"是聚焦"五大攻坚战""五个主导产业""五大出海场景"全面发力。第一个"5"是打好"五大攻坚战"：春 节后第一时间将召开三级干部大会，全面打响老城科技新城"二次创业"、乡村产业振兴、招商引资等五 大攻坚战，全力冲刺一季度"开门红"。第二个"5"是做优做强"五大主导产业"：秉持"抓龙头、建场景、 育生态"的产业发展理念，推动数字经济核心产业稳定增长，要站稳千亿规模。油服产业营收力争迈上 200亿元的新台阶。制造业的产值力争突破160亿元。第3个"5"是深耕"五大出海赛道"：进一步扩大游 戏、跨境电商等在内的五大出海场景业务规模，要迭代升级出海公共服务平台，确保海外注册的用户 （海外游戏玩家）总量突破2000万，游戏出海总体营收规模突破45亿元。 ...

Core Viewpoint - The Shijingshan District aims to upgrade its development strategy during the "15th Five-Year Plan" period, focusing on transforming planning into reality and enhancing integration among industries, particularly in information technology and modern finance, while fostering emerging sectors like artificial intelligence and science fiction [1][2]. Group 1: Development Strategy - The core logic of development will evolve from "breaking old to establish new" to "from planning to reality and from aggregation to integration" [2]. - The goal for the "15th Five-Year Plan" is to upgrade from "physical space aggregation" to "industrial cluster ecology," creating a complete ecological chain for artificial intelligence [2][3]. - Investment of 3.8 billion yuan will be allocated for 28 key projects to enhance connectivity and integrate ecological, cultural, and industrial functions [3]. Group 2: Industry Focus - Information technology and modern finance are the district's primary industries, with a shift from "scale expansion" to "capability enhancement" planned for the "15th Five-Year Plan" [4]. - Strategies include strengthening the foundation of the information technology sector and fostering innovation in the modern finance sector through the establishment of an insurance innovation demonstration zone and a digital RMB pilot area [4]. Group 3: Emerging Industries - The district will cultivate emerging sectors like artificial intelligence and science fiction, aiming to create a diverse innovation matrix [5]. - Key initiatives include establishing the "Beijing Future Digital Space Innovation Experimental Zone" and promoting technology commercialization [5][6]. Group 4: Urban Development Projects - The "Two Parks and One River" initiative will transition from planning to execution, with projects like the revitalization of the Shilu Canal and the creation of large-scale art installations along the Yongding River [7][8]. - The district plans to enhance the waterfront area with new commercial facilities and recreational spaces, promoting a vibrant urban environment [8]. Group 5: Sports and Cultural Integration - The district aims to leverage its status as a "Double Olympic Zone" to convert sports events into economic and urban development opportunities [9][10]. - Future plans include hosting various sports and cultural events to drive tourism and local consumption, enhancing the overall value chain of events [9][10]. Group 6: Historical and Cultural Preservation - The district emphasizes the importance of preserving its industrial heritage while transforming into a modern urban area, with initiatives to protect historical sites like the Modekou Cultural Heritage District [11].

Core Insights - The National Press and Publication Administration announced the approval of 182 game licenses in January 2026, including 177 domestic and 5 imported games, maintaining a relatively high issuance level [1] - In 2025, a total of 1,771 game licenses were issued, significantly surpassing the 1,416 licenses in 2024, marking the highest issuance since 2019 [1] - Major companies such as Tencent, NetEase, and others received approvals for key products, including Tencent's "Rainbow Six: Siege" and NetEase's "Yao Yao Chess" [1] Group 1 - The January 2026 approvals included significant titles from major gaming companies, indicating a robust market for both domestic and imported games [1] - Tencent's "Rainbow Six: Siege" is a tactical shooter developed by Ubisoft and is part of Tencent's strategy to enhance its gaming portfolio through partnerships [2][4] - The approval of "Angry Birds: Classic Return" and "Angry Birds: Dream Blast" by Kingsoft's subsidiary marks a strategic partnership aimed at reintroducing the franchise to the Chinese market [4] Group 2 - Tencent's investment of €1.16 billion in Ubisoft's subsidiary Vantage Studios grants it a 26.32% stake, integrating key IPs like "Assassin's Creed" and "Rainbow Six," which helps alleviate Ubisoft's financial pressure [4] - The "Rainbow Six: Siege" team is focused on creating a fair competitive environment and enhancing local services for the Chinese market, indicating a commitment to localization and community engagement [4] - Kingsoft's strategic partnership with Rovio aims to facilitate the exclusive distribution and operation of the "Angry Birds" series in China, highlighting the importance of collaboration in the gaming industry [4]

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [1][37]. Core Insights - The report highlights a decrease in the allocation of public funds to media sector heavyweights, with a total market value of 40.569 billion yuan at the end of Q4 2025, down 31.70% from Q3 2025 [6][10]. - The gaming sector continues to see increased allocation, with a market value of 30.206 billion yuan, representing 74.46% of the total media sector allocation, marking a 1.14 percentage point increase [11][15]. - The report notes a concentration of investments in top gaming companies, with eight out of the top ten heavyweights being gaming firms, reflecting a strong institutional focus on this segment [20][21]. Summary by Sections Heavyweight Stock Allocation - The allocation of public funds to media heavyweight stocks has decreased, with a total market value of 40.569 billion yuan, down 18.825 billion yuan from Q3 2025, resulting in a 31.70% decline [6][10]. - The allocation ratio for media heavyweights is approximately 1.22%, down 0.56 percentage points from the previous quarter [10][11]. Gaming Sector Performance - The gaming sector's market value stands at 30.206 billion yuan, accounting for 74.46% of the total media sector allocation, with a 40.09% overweight ratio, the highest recorded [11][15]. - The top three sectors by market value are gaming, advertising, and film exhibition, with gaming showing the most significant allocation increase [11][15]. Individual Company Insights - The top ten media heavyweights include companies like Giant Network, Century Huatong, and Kaineng Network, with gaming companies dominating the list [20][23]. - Notable changes in the top ten include Mango Super Media dropping out and Kunlun Wanwei entering the list [20][21]. Hong Kong Stock Preferences - In the Hong Kong market, Tencent Holdings remains the largest heavyweight with a market value of 94.525 billion yuan, despite a decrease of 12.287 billion yuan [33][34]. - Meituan and Damai Entertainment have shown significant increases in both market value and the number of funds holding their stocks [33][34]. Investment Recommendations - The report suggests focusing on high-growth segments such as AI applications and gaming, which are expected to benefit from favorable policies and strong market demand [35][36]. - Recommended companies for investment include 37 Interactive Entertainment, Perfect World, Kaineng Network, and others [35][36].

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [1][37]. Core Insights - The report highlights a decrease in the allocation of public funds to media sector heavyweights, with a total market value of 40.569 billion yuan at the end of Q4 2025, down 31.70% from Q3 2025 [6][10]. - The gaming sector continues to see increased allocation, with a market value of 30.206 billion yuan, representing 74.46% of the total media sector allocation, marking a 1.14 percentage point increase [11][15]. - The report notes a concentration of investment in top gaming companies, with eight out of the top ten heavyweights being gaming firms, reflecting a high level of institutional interest [20][21]. Summary by Sections Heavyweight Stock Allocation - The allocation of public funds to media heavyweights has decreased, with a total market value of 40.569 billion yuan, down 188.25 billion yuan from Q3 2025, resulting in a 31.70% decline [6][10]. - The allocation ratio for the media sector is approximately 1.22%, down 0.56 percentage points from the previous quarter [10][11]. Gaming Sector Performance - The gaming sector's market value is 30.206 billion yuan, accounting for 74.46% of the total media allocation, with a 40.09% over-allocation ratio, the highest recorded [11][15]. - The top three heavyweights in the media sector are gaming, advertising, and film exhibition, with the gaming sector showing the most significant over-allocation [11][15]. Individual Company Focus - The top ten heavyweights in the media sector include major gaming companies such as Giant Network, Century Huatong, and Kaineng Network, with a notable shift in rankings from Q3 2025 [20][23]. - The report indicates a divergence in individual stock allocations, with some previously high-performing companies seeing reduced allocations, possibly due to profit-taking [35][36]. Investment Recommendations - The report suggests focusing on high-growth segments such as AI applications and gaming, which are expected to benefit from favorable policies and upcoming product launches in 2026 [35][36]. - Recommended companies for investment include 37 Interactive Entertainment, Perfect World, Kaineng Network, and others [35][36].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603444 | 吉比特 | 451.38 | 2.82% | 1.38万 | 6.11亿 | | 002558 | 巨人网络 | 47.33 | 2.42% | 41.99万 | 19.45 亿 | | 600892 | *ST大晟 | 3.93 | 2.08% | 11.06万 | 4319.94万 | | 300315 | 掌趣科技 | 5.98 | 0.67% | 140.33万 | 8.28亿 | | 002517 | 恺英网络 | 24.81 | 0.53% | 32.50万 | 7.98亿 | | 300418 | 昆仑万维 | 54.33 | 0.39% | 85.12万 | 45.92亿 | | 002425 | 凯撒文化 | 4.00 | 0.25% | 23.39万 | 9293.58万 | | 002624 | 完美世界 | 17.38 | 0.23% | 39.86万 | 6.83亿 | | 002919 | 名臣健康 | ...

Policy Updates - Beijing's Shijingshan District plans to build a game museum branch and aims for the gaming industry's revenue to reach 31 billion yuan by 2026 [1] - The Beijing Municipal Bureau of Economy and Information Technology will support the intelligent transformation of game software in 2026, enhancing AI capabilities and assisting game engine technology [1] - Huairou District announced support for the esports gaming industry during a cultural tourism development conference, signing agreements with major companies [1] - Shanghai's government issued measures to promote the gaming and esports industry, including rewards for original games and AI-native games [1] - Xuhui District aims to strengthen the gaming industry chain and enhance cultural soft power as part of its development plan [1] - Haizhu District in Guangzhou will provide up to 5 million yuan in support for the gaming industry, focusing on innovation and international expansion [1] Industry Insights - The Chinese esports industry generated 29.331 billion yuan in revenue in 2025, with a year-on-year growth of 6.4% and a user base exceeding 495 million [2] - The actual sales revenue of esports games reached 170.051 billion yuan, marking an 18.96% increase [2] - The 2025 report highlighted Shanghai, Chengdu, and Chongqing as the top cities for hosting offline esports events [2] Events and Activities - The 21st China Game Industry Annual Conference will be held in Jiangxi, focusing on high-quality development paths for the gaming industry [4] - The 13th Golden Tea Awards attracted over 600 gaming companies, providing a platform for industry recognition and collaboration [5] - The 2026 Beijing IP Licensing Expo will take place from May 29 to 31, aiming to integrate IP with various industries [5] - Global Game Jam 2026 in China will occur from January 30 to February 1, encouraging participants to develop game demos within 48 hours [5]