证券研究报告|传媒 [Table_Title] 谷歌发布 Nano Banana2 图像生成模型，完 美世界《异环》定档 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行Table_Summary] 业核心观点： 上周（2.24-2.27）传媒行业（申万）下跌 5.10%，居市场第 31 位，跑输 沪深 300 指数 6.18pct，跑输创业板指数 6.15pct。年初至今，传媒行业 （申万）累计涨幅 7.63%。上周完美世界旗下幻塔工作室研发的二次元开 放世界 RPG《异环》官宣 4 月 23 日全平台上线。我们认为当前国内二次 元开放世界赛道已步入红海竞争、格局白热化阶段，用户时长与预算持 续向头部集中，行业竞争壁垒显著抬升，《异环》上线后将直面《原神》 《鸣潮》等成熟头部产品的压力，同时与《明日方舟：终末地》等重磅新 品同场竞技，产品实际成色仍有待市场充分检验。但《异环》亦具备鲜明 差异化优势，有望凭借 GTA 式开放世界与二次元框架的创新融合，打破 市面二次元开放世界竞争格局，后续上线表现及用户接受度值得重点跟 踪；AI 方面，谷歌发布 Nano B ...

证券研究报告|传媒 [Table_Title] 谷歌发布 Nano Banana2 图像生成模型，完 美世界《异环》定档 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行Table_Summary] 业核心观点： 上周（2.24-2.27）传媒行业（申万）下跌 5.10%，居市场第 31 位，跑输 沪深 300 指数 6.18pct，跑输创业板指数 6.15pct。年初至今，传媒行业 （申万）累计涨幅 7.63%。上周完美世界旗下幻塔工作室研发的二次元开 放世界 RPG《异环》官宣 4 月 23 日全平台上线。我们认为当前国内二次 元开放世界赛道已步入红海竞争、格局白热化阶段，用户时长与预算持 续向头部集中，行业竞争壁垒显著抬升，《异环》上线后将直面《原神》 《鸣潮》等成熟头部产品的压力，同时与《明日方舟：终末地》等重磅新 品同场竞技，产品实际成色仍有待市场充分检验。但《异环》亦具备鲜明 差异化优势，有望凭借 GTA 式开放世界与二次元框架的创新融合，打破 市面二次元开放世界竞争格局，后续上线表现及用户接受度值得重点跟 踪；AI 方面，谷歌发布 Nano B ...

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - In February, 152 game licenses were approved, with 146 domestic and 6 imported games passing the review. Key products include Tencent's "Snow in the World" and others. As of February, 334 game licenses have been approved in 2026, indicating a stable issuance rhythm and a solid foundation for healthy industry development [2][20] - The rapid development of AI applications, combined with a recovery in entertainment consumption, presents investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors. Beneficiaries include Tencent, Alibaba, and others [21][6] Sub-industry Data Film Industry - The top three films by box office this week are "Flying Life 3" with 94,822.7 thousand yuan, "Biao Ren: Wind Rising in the Desert" with 34,787.9 thousand yuan, and "Silent Awakening" with 26,230.1 thousand yuan [22][23] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle." The top three Android games by popularity are "Heartbeat Town," "Diver Dave," and "Minecraft: Mobile Edition" [24][25] TV Series Industry - The top three TV series by broadcast index are "Taiping Year," "Eliminate Evil," and "Love in the Pure Era," with indices of 80.3, 79, and 78.8 respectively [26][27] Variety and Animation - The top variety show is "Now Departing Season 3" with a broadcast index of 69.6, followed by "The Strongest Brain Season 13" and "Hello Saturday 2026" [28][29] - The top three animations by viewership index are "Happy Hammer," "Xian Ni," and "Beyond Time," with indices of 288.1, 234.4, and 229.5 respectively [30]

证券研究报告|行业研究周报 [Table_Date] 2026 年 3 月 1 日 [Table_Author] 分析师：赵琳 邮箱：zhaolin@hx168.com.cn SAC NO：S1120520040003 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 2 月 152 款游戏版号落地，Anthropic 指控国 产模型"蒸馏" [Table_Title2] 传媒行业周报系列 2026 年第 8 周 [Table_Summary] ►市场行情回顾 2026 年第8周（实际交易日为 2026.2.23-2026.2.27）上证 指数上涨 1.98%，沪深 300 指数上涨 1.08%，创业板指数上 涨 1.05%。恒生指数上涨 0.82%，恒生互联网指数下跌 2.49%，行业落后恒生指数 3.31pct。SW 传媒指数下跌 5.1%，跑输创业板指数 6.15pct，在申万一级 31 个行业涨 跌幅排名中位列第 31 位。子行业中影视、游戏和广告营销 位 列 前 三位，分别为上涨 4.26%、上涨 0.37%和下跌 0.17%。 ►核心观点&投资建议 2 月 152 款游戏版号落地， ...

新京报贝壳财经讯（记者韦英姿）2月27日，国家新闻出版署公布2026年2月份国产网络游戏审批信息， 共下发146款国产游戏的版号，其中灵犀互娱的《森林乐消消》、莉莉丝的《塔塔冒险队》等均在列。 另外，还有11款进口游戏获得版号，其中包括金山世游运营的《愤怒的小鸟：经典归来》《愤怒的小 鸟：梦幻爆破》。 ...