2025 年 06 月 27 日 开源晨会 0627 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-06 2024-10 2025-02 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 银行 | 1.01 | | 通信 | 0.773 | | 国防军工 | 0.552 | | 社会服务 | 0.423 | | 石油石化 | 0.273 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 汽车 | -1.374 | | 非银金融 | -1.199 | | 医药生物 | -1.046 | | 美容护理 | -1.037 | | 钢铁 | -0.756 | 数据来源：聚源 wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【非银金融】券商中报向好叠加公募欠配，看好板块机会——行业点评报告 -20250625 综上，提经济、稳股市政策态度延续，货币政策适度宽松，证券行 ...

Core Viewpoint - The stock price of Giant Network has surged by 29.43% over six trading days, reaching a two-year high, driven by expectations of AI technology integration in gaming and improved industry policies [2][3]. Group 1: Company Performance - Giant Network's stock rose by 7.50% on June 16, closing at 20.92 yuan per share, with significant capital inflow and increased financing balance indicating strong market confidence [2][3]. - The company has established an AI laboratory with over 100 personnel, applying generative AI to enhance game development processes, which is expected to improve operational efficiency [3][6]. Group 2: Industry Trends - The gaming industry is experiencing a policy environment improvement, with a 20% increase in the number of approved game licenses in May, boosting market confidence and product launch expectations [4]. - AI technology is anticipated to reduce game development costs by over 30%, enhancing the return on investment for gaming projects, positioning companies with AI advantages for higher market premiums [3][4]. Group 3: Market Dynamics - The influx of capital into high-performing growth stocks is evident, with a 34% increase in financing balance for Giant Network over the past three months, reflecting investor optimism about future stock price increases [3][8]. - The upcoming summer season is expected to drive demand in the gaming sector, with major titles like "Honor of Kings" and "Honkai: Star Rail" leading the charge [4][8]. Group 4: Ecosystem Support - Chongqing's development of a digital economy ecosystem, including digital content and AI, provides a supportive environment for digital entertainment companies [5][7]. - Collaborations with local tech firms, such as the partnership with China Electronics Technology Group for AI chip solutions, enhance Giant Network's capabilities in AI application [6][7].

私服、"外挂"等始终困扰着游戏产业，对游戏产业的健康发展和游戏企业的正常经营都有着不利影响。 近年来，国内主流游戏企业纷纷加大力度打击侵犯游戏产品知识产权相关行为，并取得一系列成果。 证券时报记者获悉，近日，A股公司巨人网络（002558）配合执法部门侦破一起《原始征途》游戏私服 案件，成功抓获11名犯罪嫌疑人，涉案金额近100万元。这是继此前捣毁川渝私服直播团伙之后，巨人 网络在《征途》IP打击私服专项行动的又一成果。 据了解，2025年1月，巨人网络在巡查中发现《原始征途》私服线索后立即报案。经执法部门缜密侦 查，锁定位于湖南张家界、湖南岳阳、浙江台州的三个私服代理工作室。今年3月底，执法部门赶赴当 地，一举抓获11名犯罪嫌疑人。目前案件正在进一步侦办中。 游戏私服不仅极大地侵害游戏厂商合法权益，更严重破坏市场秩序。今年5月，国家版权局、工业和信 息化部、公安部、国家互联网信息办公室四部门联合启动打击网络侵权盗版"剑网2025"专项行动，聚焦 6个主要方面开展重点整治，其中就包括动漫及游戏领域版权整治。 A股游戏龙头世纪华通今年5月21日披露，公司近期在知识产权保护方面接连斩获两大成果。 公司先是协同文化 ...

Technology Sector - Xiaomi won a lawsuit against Juhaokang Technology, receiving compensation of 550,000 yuan for commercial defamation [2] - Apple is considering raising iPhone prices later this year, with a strategy to bundle price increases with new features and designs [3] - Honor has established a new AI division and completed a personnel restructuring plan called "Eagle Plan," with 45% of key positions being adjusted [4] - Huawei is set to hold a product launch event on May 19 for the nova 14 series and new HarmonyOS computers [5] - Giant Network is collaborating with ByteDance's Volcano Engine to enhance AI capabilities in its games [6] Financial Performance - JD Group reported Q1 revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, with net profit of 10.9 billion yuan [11] - Tencent Music's Q1 total revenue was 7.36 billion yuan, with online music service revenue growing by 15.9% to 5.8 billion yuan [12] - Huya's Q1 total revenue reached 1.51 billion yuan, with a net profit of 24 million yuan [14] Automotive Industry - Nissan announced a restructuring plan aiming to cut 20,000 jobs and reduce its production facilities from 17 to 10 by the 2027 fiscal year [16][17] - NIO has filed a lawsuit against a media outlet for defamation, seeking 10 million yuan in damages [18] - CATL signed a cooperation memorandum with Changan Mazda to develop smarter and more efficient electric vehicles [19] - Geely established a new consulting company in Ningbo with a registered capital of 10 million yuan [20] Real Estate Sector - Vanke has successfully repaid a USD 423 million bond that matured on May 12 [21] - Sunac China announced a hearing for its offshore debt restructuring plan scheduled for September 15, 2025 [22] Consumer Sector - Subway plans to accelerate its expansion in China, aiming to reach 1,000 stores by August, with a sales increase of over 30% year-on-year [26] - Come on, a snack brand, responded to consumer complaints about product quality, stating they would take responsibility if issues were confirmed [27] Media and Entertainment - Light Media reported that its IP operation business contributed several hundred million yuan in revenue in Q1, with ongoing sales from various merchandise [28]

Core Insights - Giant Network announced a collaboration with ByteDance's Volcano Engine in the AI sector, integrating the Doubao large model into the social deduction game "Space Kill" to enhance its AI-native gameplay [1] - The partnership aims to leverage Volcano Engine's machine learning platform to provide efficient large model training and computational resources for the iterative optimization of Giant Network's self-developed large models [1][3] Group 1: AI Integration and Development - The games "Original Journey" and "Space Kill" are also utilizing DeepSeek-R1 through Volcano Ark to enhance game interaction experiences with full-stack AI services [3] - Giant Network has positioned itself as a leader in embracing the AI wave, having built comprehensive AI foundational capabilities centered around self-developed large models over the past two years [3] - The company has established an efficient AI production chain across various domains including image, video, voice, code, text, and strategy, achieving an industrialized AI pipeline and a multi-modal full matrix layout [3] Group 2: Strategic Partnerships and Investments - Giant Network is expanding its upstream and downstream collaborations and investment strategies, deepening AI cooperation with Alibaba Cloud to enhance AI applications in gaming scenarios and computational ecosystem construction [3] - The company participated in the latest financing round of the AI image generation startup LiblibAI, becoming an investor and planning to establish closer cooperation with the Liblib community [3] - Future plans include continued collaboration with Volcano Engine to explore new paradigms of game content and interaction based on the Doubao large model and Jimeng AI [4]

5月7日，中国执行信息公开网信息显示，巨人投资有限公司（以下简称巨人投资）、紫晶置业投资管理 有限公司出现一则被执行人信息，执行标的金额达4.9亿余元，执行法院为北京金融法院，立案日期为 2025年5月6日。 巨人投资作为知名企业家史玉柱旗下的核心投资平台，这一消息引发市场广泛关注。目前，该案件详细 背景尚未完全披露，《每日经济新闻》记者就此事联系巨人网络（002558.SZ，股价14.69元，市值 284.21亿元），但截至发稿未获回复。 近年来，史玉柱及其关联公司在资本市场动作频频，同时也面临一定的债务压力并卷入一些金融担保案 件。公开资料显示，自2021年起，史玉柱便因帮人担保屡遭股权冻结，涉及巨人投资、珠海巨人高科 技、珠海绅士新技术等多家公司。 史玉柱资本版图承压 天眼查信息显示，巨人投资成立于2001年4月，法定代表人为史玉柱，注册资本约1.17亿元人民币，经 营范围涵盖实业投资、资产管理及投资管理等。股权结构显示，史玉柱持股约97.9%，牛金华持股约 2.1%。紫晶置业投资管理有限公司则是一家以房地产投资为主的企业，此次与巨人投资一同被列为被 执行人，显示双方可能存在共同的债务或担保关系。 史玉 ...

业 及 产 业 行 业 研 究 / 行 业 点 评 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 06 日 游戏加速、影视高增，出版利润率 恢复 看好 ——A 股传媒 2024 及 25Q1 总结 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 证 传媒 相关 ...

证券研究报告·行业深度报告·传媒 传媒行业深度报告 24Q4&25Q1 业绩综述：25Q1 板块整体优于 市场预期，影视及游戏行业表现亮眼 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 出版报刊：教育出版监管影响收入，所得税政策变动产生一次性影响。 2024 年、2025Q1 出版报刊行业收入同比下降 2%及 4%，教育出版领域 的监管政策对相关企业产生了影响，一般图书出版领域整体平稳。2024 年、2025Q1 归母净利润分别同比下降 34%及同比增长 34%，行业归母 净利润的波动主要与递延所得税资产/负债的变动有关,而毛利和费用变 化幅度不大。考虑到财务稳健性及股息率，推荐：南方传媒、山东出版， 建议关注中原传媒、中南传媒、凤凰传媒、长江传媒、皖新传媒等；其 他出版方面，推荐中文在线，建议关注果麦文化等。 2025 年 05 月 05 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 执业证书：S0600517110002 021-60199793 zhoulj@dw ...

丨证券研究报告丨 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 25Q1《原始征途》小游戏贡献显著增量，新游 及 AI 布局积极推进 报告要点 [Table_Summary] 巨人网络披露 2025 年一季报，公司 25Q1 实现营收 7.24 亿（同比+3.94%/环比+2.75%），归 母净利润 3.48 亿（同比-1.29%/环比-1.76%），扣非净利润 3.62 亿（同比-10.45%/环比+3.95%）。 公司核心产品表现稳健，25Q1《原始征途》小程序游戏贡献显著增量。《超自然行动组》《五千 年》等数款储备新游积极推进，公司实现游戏+AI 全面布局，积极关注新游进展及 AI 赋能情况。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 巨人网络（002558.SZ） cjzqdt11111 [Table_Title 25Q1《原始征途》小游戏贡献显著增量，新游 ...

休闲竞技赛道持续创新。《球球大作战》报告期内实现流水显著增长，核心用户留存创近年新高， ARPU 及付费渗透率同比大幅提高，单月流水创五年新高；上线小程序版本，全年累计注册用户达300 万+，DAU 达20 万，为APP 端积累大量潜在用户。《太空杀》继续深耕国内市场，先后与奥特曼、猪 猪侠、名侦探柯南等知名IP 联动，积极探索"游戏+AI"，先后推出"推理剧场""残局挑战""内鬼挑战"等 AI 原生游戏玩法，数百万玩家参与体验，广受好评；《太空杀》海外版《Super Sus》24 年收入续创新 高，同比增长超50%，巩固了东南亚及南美社交推理头部游戏品牌的地位，并稳步向欧美拓展。其他品 类及储备方面，《月圆之夜》联网模式收入占比持续提升，流水体量同比显著增长，单机和联机均在预 研新玩法，预计25H1 开启测试；自研多人组队游戏《超自然行动组》年初已开启不删档付费测试，计 划年内正式上线；中国历史题材SLG《五千年》及休闲竞技类策略对抗游戏《口袋斗蛐蛐》均已取得版 号。 全方位拥抱AI 浪潮。2 月14 日公司宣布与阿里云的合作将围绕游戏场景应用方向持续深化。AI 技术研 发层面，巨人网络AI 实验室与阿里云 ...