Investment Rating - The report maintains an "Outperform" rating for the media sector [3] Core Insights - The media sector outperformed the market in January, with the Shenwan Media Index rising by 17.94%, surpassing the CSI 300 Index by 16.29 percentage points, ranking second among 31 sectors [4][22] - The number of game approvals remains high, with 177 domestic games and 5 imported games approved in January, reflecting a year-on-year increase of 33.8% [4][31] - The report highlights the potential for growth in the gaming market, projecting a revenue of CNY 350.79 billion in 2025, a 7.7% increase year-on-year [35] - The upcoming Spring Festival is expected to boost box office revenues, with seven films scheduled for release, including "Fast Life 3," which has generated significant interest [66][72] Summary by Sections 1. Media Sector Market Review - In January, the media sector ranked second among 31 sectors, with a TTM-PE of 49.9x, placing it in the 98.8th percentile over the past five years [22][27] 2. Gaming - The report notes a sustained high level of game approvals, with 182 game licenses issued in January 2026, marking a 33.8% year-on-year increase [31] - The gaming market is projected to generate CNY 350.79 billion in 2025, with mobile and client games expected to see revenues of CNY 257.1 billion and CNY 78.2 billion, respectively, reflecting growth rates of 7.9% and 15.0% [35][41] 3. Film and Television - January's total box office was CNY 1.964 billion, down 69.2% year-on-year, primarily due to fewer new releases [55] - The Spring Festival is anticipated to drive box office recovery, with a nine-day holiday expected to boost ticket sales [66][67] 4. AI Applications - The report emphasizes the rapid development of AI applications, particularly with the introduction of Seedance 2.0, which enhances video generation capabilities [86][100] - The competition for AI application traffic during the Spring Festival is expected to intensify, with major players launching promotional campaigns [6][86]

Group 1: Market Overview - In January 2026, the media sector (Shenwan Media Index) rose by 17.94%, outperforming the CSI 300 Index by 16.29 percentage points, ranking second among 31 industries [4][22] - The current TTM-PE of the Shenwan Media Index is 49.9x, positioned at the 98.8th percentile over the past five years, indicating high valuation levels [4][22] - Notable stock performances included BlueFocus, TianDi Online, TianLong Group, and YiDianTian, while GuiGuang Network, Hubei Broadcasting, and ShengTong Shares saw declines [4][27] Group 2: Gaming Sector - In January 2026, a total of 177 domestic games and 5 imported games were approved, with the cumulative issuance of game licenses reaching 182, a year-on-year increase of 33.8% [29][31] - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.7% [35] - Mobile and client games are expected to generate actual sales revenues of 257.1 billion yuan and 78.2 billion yuan respectively in 2025, with growth rates of 7.9% and 15.0% [41] Group 3: Film and Television Sector - The total box office in January 2026 was 1.964 billion yuan, a year-on-year decrease of 69.2%, primarily due to fewer new releases [55] - The upcoming Spring Festival period will feature 7 films, with "Fei Chi Ren Sheng 3" being the most anticipated, potentially boosting box office recovery during the 9-day holiday [66][72] - In January, the top-performing series included "Punishment 2" with 1.131 billion views, followed by "Pride" and "Xiao Yao" [74] Group 4: AI Applications - Seedance 2.0 has gained attention in the video generation field, enhancing the commercial potential of AI-generated content [86] - The competition for AI application traffic during the Spring Festival is intensifying, with major players like Yuanbao and Qianwen launching promotional campaigns [6] - The integration of AI applications is expected to drive growth in the gaming and IP toy sectors, with a focus on product cycles and performance during the holiday season [6]

Group 1: Market Overview - In January 2026, the media sector (Shenwan Media Index) rose by 17.94%, outperforming the CSI 300 Index by 16.29 percentage points, ranking second among 31 industries in Shenwan's first-level classification [4][22]. - The current TTM-PE of the Shenwan Media Index is 49.9x, which is at the 98.8th percentile of the past five years, indicating high valuation levels [4][22]. - Notable stock performances include BlueFocus, Tiandi Online, Tianlong Group, and Yidian Tianxia with significant gains, while Guigang Network, Hubei Broadcasting, and Beijing Culture experienced declines [4][27]. Group 2: Gaming Sector - In January 2026, a total of 177 domestic games and 5 imported games were approved, with the cumulative issuance of game licenses reaching 182, a year-on-year increase of 33.8% [29][31]. - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.7% [35]. - Mobile and client games are expected to generate actual sales revenues of 257.1 billion yuan and 78.2 billion yuan respectively in 2025, with growth rates of 7.9% and 15.0% [41]. Group 3: Film and Television Sector - The total box office in January 2026 was 1.964 billion yuan, a year-on-year decrease of 69.2%, primarily due to fewer new releases [55]. - The upcoming Spring Festival period is expected to boost box office performance, with seven films scheduled for release, including "Fast Life 3," which has generated significant pre-release interest [66][72]. - The top-performing series in January included "Punishment 2" with 1.131 billion views, followed by "Pride" and "Xiaoyao" [74]. Group 4: AI Applications - The Seedance 2.0 model has made significant advancements in video generation, allowing for the creation of "director-level" audio and video content, which is expected to catalyze the AI comic series market [86][96]. - The competition for AI application traffic during the Spring Festival is intensifying, with major players like Yuanbao and Qianwen launching aggressive marketing campaigns [6][86]. - The integration of AI applications is anticipated to reshape the content service ecosystem, with a focus on companies like Zhejiang Wenlian and Huimai Technology [6][86]. Group 5: Investment Recommendations - The investment outlook remains positive for AI applications, gaming, and IP toys, with expectations of multiple catalysts during the Spring Festival [6]. - Recommended stocks for January include Giant Network, Kyeing Network, Bilibili, Kunlun Wanwei, and Zhongwen Online, with February recommendations maintaining a similar focus [6].

Core Viewpoint - The competition for game traffic during the 2026 Spring Festival is intensifying, with 23 new games set to launch between February 2 and 16, marking a shift from "stock game competition" to "ecological reconstruction" in the gaming industry [1][4]. Group 1: New Game Launches - A total of 23 new games will be released, including titles from various genres such as RPG, card strategy, open-world, and simulation [4]. - Notable new games include "Little Nightmares" by Heartfire Games, "Pam's Battle Diary" by Lilith Games, and "Survival 33 Days" by 37 Interactive Entertainment [4]. - Most of the new games are from small to medium-sized developers, while major companies like Tencent and NetEase have games in testing phases [4]. Group 2: Enhanced User Benefits - Major gaming companies are upgrading holiday-specific gameplay and benefits to extend user engagement [5]. - Tencent's "League of Legends Mobile" has launched a New Year celebration with significant discounts and exclusive skins, while "Peace Elite" has introduced new version experiences and themed rewards [5]. - NetEase's "Nirvana in Fire" has been offering free monthly cards and various in-game rewards since late January [5]. Group 3: Shift in User Demand - User demand is shifting towards "immersive experiences," prompting companies to provide richer content and benefits to meet diverse needs [6]. - The market competition is evolving from a focus on single product dimensions to a comprehensive ecological competition [6]. Group 4: Cross-Industry Collaborations - Cross-industry collaborations are becoming a norm, with games increasingly integrating into offline life [7]. - Tencent's "Delta Action" is partnering with Haidilao to launch themed packages and promotions during the Spring Festival [7]. - NetEase's "Egg Party" has collaborated with RT-Mart to create interactive treasure hunt activities and custom cakes, appealing to younger consumers [8]. Group 5: Consumer Engagement Strategies - The integration of game IP into physical consumption is creating a closed loop of "content + scene + consumption" [8]. - The aim of cross-industry collaborations is to attract potential user groups and stimulate consumption through both online and offline channels [8].

NO.2腾讯《逆战：未来》PC版先遣测试招募启动 NO.1莉莉丝代理《帕萌战斗日记》国服开启预约 12月17日，莉莉丝游戏宣布代理的手游《帕萌战斗日记》，正式在TapTap、好游快爆等国内核心游戏渠 道启动预约。这款由北京乌撒尔研发的作品，其海外版本《Palmon: Survival》已实现累计超2亿元收 入，国服于2025年6月顺利拿下游戏版号，此次预约开启标志着其正式进入国内市场冲刺阶段。 12月17日消息，腾讯旗下经典产品续作《逆战：未来》正式启动PC版本先遣品鉴测试招募，招募周期 为12月16日至12月19日，受邀玩家将于12月23日率先体验游戏内容。作为承载着千万玩家情怀的IP续 作，此次PC端测试招募标志着游戏双端布局进入关键验证阶段。 NO.3沐瞳《银与绯》半周年庆12月25日启幕 （文章来源：每日经济新闻） 12月17日消息，沐瞳科技宣布旗下暗黑哥特幻想卡牌手游《银与绯》半周年庆典将于12月25日正式开 启。作为沐瞳首款核心向二次元产品，此次庆典推出全新盛装皮肤"圣咏调律"，搭配多重福利活动，为 玩家带来内容更新与福利回馈双重惊喜。 ...

Group 1 - The National Press and Publication Administration approved 147 domestic online games in June 2025, breaking the previous record of 130 games approved in May 2025 [1] - A total of 766 domestic online games have received approval from January to June 2025, representing a year-on-year increase of 21.97% compared to 628 games in the same period of 2024 [1] - Among the approved games in June, 61 are categorized as casual and puzzle games, accounting for 41% of the total approved games [1] Group 2 - In June, 11 imported games also received approval, maintaining a steady update frequency of one per month for imported games this year [1] - Notable game developers such as Kaineng Network and Lilith Games received approvals for their titles, including "Douluo Dalu: Soul Master Battle" and "Pameng Battle Diary" respectively [1] - Tencent and NetEase both secured approvals for their games, with Tencent obtaining licenses for "Crossfire: Rainbow" and "Tactical Squad: Dawn Assault" [2]