| 产业别 | | 传媒 | | --- | --- | --- | | A 股价(2026/1/5) | | 16.91 | | 深证成指(2026/1/5) | | 13828.63 | | 股价 12 个月高/低 | | 20.35/9.04 | | 总发行股数(百万) | | 1939.97 | | A 股数(百万) | | 1827.73 | | A 市值(亿元) | | 309.07 | | 主要股东 | | 完美世界控股 | | | | 集团有限公司 | | | | (22.32%) | | 每股净值(元) | | 3.65 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 20.1 -1.4 | 72.2 | 近期评等 2026 年 1 月 6 日 何利超 H70529@capital.com.tw 目标价(元) 20 公司基本资讯 上半年关注《异环》上线情况，下半年关注电竞赛事运营 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-07-15 | 14.38 | 买进 | | 产品组合 | | | --- | --- | | 游戏 ...

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].

来源：证券日报 作者：李豪悦 2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀游戏 涌现，得益于近两年版号数量的增长。据《证券日报》记者梳理，2025年，我国累计发放国产网络游戏 版号1676款，相比2024年的1306款同比增长28.33%。 值得一提的是，越来越多游戏厂商在申请游戏版号时，不再局限于移动端，而是增加客户端或主机端的 申请，实现多端并进。其中，2025年多端游版号数量达到了103款，相比2024年的94款同比增长 9.57%。 大厂纷纷布局多端游戏 2025年，多家上市公司及头部企业的核心游戏在申请版号时都增加了客户端或主机端。 例如，腾讯旗下的《王者荣耀世界》，在今年5月份的版号审批中变更信息，在原移动端版本基础上， 新增了客户端版本；完美世界旗下的《异环》，在5月份版号审批中，更是同时申报了移动端、客户端 和主机（PS5）三个类别；创梦天地的《幻幻灵之战》，在12月份的审批中，也同时申请了移动端、客 户端和主机（PS5）。 "当前来看，客户端和主机游戏在中国开始进入高速发展期，之后的市场规模大概率会越来越大。最重 要的原因是，2025年游戏厂 ...

Summary of Perfect World Conference Call Company Overview - **Company**: Perfect World - **Industry**: Gaming, specifically focusing on heavy games and open-world RPGs Key Points and Arguments - **Upcoming Game Release**: Perfect World’s new game "One Ring" is expected to launch in 2026, targeting a revenue of over 5 billion RMB in its first 12 months with a profit margin estimated between 30%-50%, potentially contributing 0.9-3 billion RMB in profit [2][3] - **Previous Success**: The predecessor "Honkai: Star Rail" generated 4 billion RMB in revenue over two years, indicating strong market potential for "One Ring" [2][4] - **Market Expectations**: The game has completed preliminary testing, with positive feedback on content richness and commercial potential, leading to high player anticipation for its Q2 2026 launch [2][6] - **Revenue Projections**: If "One Ring" launches in April or May 2026, it is projected to generate around 3 billion RMB in revenue, contributing 0.9-1.5 billion RMB in profit, with an overall net profit for the company expected to reach approximately 1.83 billion RMB, a significant increase from 2025 [7][9] - **Valuation Insights**: Current stock price corresponds to a 17x P/E ratio, with a target valuation of 20x, indicating potential for price appreciation [7][9] Additional Important Insights - **Game Features**: "One Ring" includes enhanced character diversity, graphics, and gameplay mechanics, such as urban activities and social features, which increase its commercial viability [2][8] - **Multiplayer Functionality**: The game features a "hand-in-hand running" mode that enhances interactivity and social engagement, attracting more users [10] - **Character Design**: High-quality character interactions and details, such as water effects and unique character designs, elevate the game's appeal [11] - **Map Design**: The game features a large and complex map design, allowing for high-altitude tasks and diverse gameplay experiences [13] - **Global Testing**: "One Ring" has begun overseas testing with support for multiple languages, indicating a strong international market strategy [14] - **Market Competition**: While there are concerns about competition, the game is positioned to capture market share due to its unique offerings and timing of release [15] - **Investment Timing**: Current market conditions and upcoming developments make Perfect World a compelling investment opportunity, especially with anticipated ETF adjustments [16]

Core Insights - The report from Zheshang Securities highlights the release of the promotional video for Perfect World's new game "Yihuan," emphasizing the new content and launch timeline [1] - The company, known for its expertise in heavy game development, has faced challenges in recent years, including being at the bottom of its product cycle, organizational restructuring, and divesting some traditional assets, which have impacted profit levels and stock prices [1] - Most of these issues have been resolved, and the development team behind "Huan Tower" is now focusing on the new title "Yihuan," indicating a favorable investment opportunity [1] Financial Projections - It is anticipated that "Yihuan" will generate a revenue of 5 billion yuan within 12 months post-launch, with projections of 3 billion yuan in 2026 and a profit margin expected to be between 30-50%, leading to a profit contribution of 900 million to 1.5 billion yuan [1] - The current stock price corresponds to P/E ratios of 37, 17, and 14 times, maintaining a "buy" rating [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 24 日 浙商早知道 2025 年 12 月 24 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 市场总览 ：wanghe@stocke.com.cn 重要推荐 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：12 月 23 日上证指数上涨 0.07%，沪深 300 上涨 0.2%，科创 50 上涨 0.36%，中证 1000 下跌 0.22%，创业板 指上涨 0.41%，恒生指数下跌 0.11%。 行业：12 月 23 日表现最好的行业分别是电力设备（+1.12%)、建筑材料（+0.88%)、电子（+0.58%)、有色金属（+0.42%)、 银行（+0.37%)，表现最差的行业分别是社会服务（-2.07%)、美容护理（-1.65%)、商贸零售（-1.6%)、国防军工（-1.42%)、 计算机（-1.05%)。 资金：12 月 23 日全 A 总成交额为 19214 亿元，南下资金净流入 6.11 亿港元。 【浙商大消费 钟烨晨】沪上阿姨（02589）公司深度 ...

Core Viewpoint - The media industry is at a critical juncture with the accelerated development of AI applications and an upward cycle in the entertainment sector, with expectations for strong performance in 2025 and continued strength in 2026 due to product and policy resonance [1][2]. Group 1: Industry Performance - The media index has seen a maximum increase of over 40% within the year, with the gaming sector leading the gains [1]. - The media index recorded its lowest point on January 13 and its highest on September 25, with a maximum decline of 6.42% and a maximum increase of 42.24%, resulting in an overall increase of over 50% from the lowest to the highest point [1]. - The gaming index exhibited the most remarkable performance with a maximum increase of 98.45%, while the film and cinema index benefited from the 2025 Spring Festival, achieving a maximum increase close to 50% [1]. Group 2: Financial Performance - In the first three quarters of 2025, the media industry maintained steady total operating revenue, with a nearly 40% year-on-year growth in net profit attributable to shareholders [1]. - The gaming sector's net profit attributable to shareholders grew nearly 90% year-on-year in the same period, serving as the main driver for the industry's growth [1]. Group 3: AI and Entertainment Trends - The rapid development of AI applications and the upward cycle of the entertainment industry represent a golden period, with AI now elevated to a national strategic level following the August 2025 issuance of the "Artificial Intelligence +" action plan by the State Council [2]. - Domestic IPs like "Nezha" and "Black Myth: Wukong" have gained popularity not only in China but also globally, showcasing the strong vitality of entertainment content forms born during the internet era [2]. Group 4: Future Outlook - The launch of multiple new games in 2025 has shown high traffic and revenue, which is expected to enhance the performance of related companies, with similar trends anticipated to continue into 2026 [3]. - The implementation of new regulations in the film and television sector, including adjustments to policies like "costume drama ratio" and "one drama, two stars," is expected to lead to a reversal in both policy and performance for the entertainment industry [3]. - The company recommends focusing on sectors such as gaming, film, AI applications, and IP due to the upward trend in the cultural and entertainment sector [4].

完美世界(002624) 报告日期：2025 年 12 月 23 日 证券研究报告 | 公司点评 | 游戏Ⅱ 《异环》三测宣传视频公布，重点关注新内容与上线档期 ——完美世界更新报告 投资要点 一句话逻辑 公司是一家以重度游戏开发见长的老牌游戏研发商，公司前期开发的《幻塔》口 碑营收双丰收，但近两年存在处于产品周期底部，组织架构调整，部分传统资产 出清等情况，导致利润水平和股价受到影响。如今上述问题大多已解决，《幻 塔》开发团队的重点新作《异环》将上线，我们认为公司已经进入合适投资时 点。我们看好《异环》在上线后给公司带来的营收利润增量，同时看好公司的长 线运营能力，提示重点关注。 超预期的逻辑 3）组织架构调整带来的产能效率提升 当前时间点，公司组织架构完善，开发和运营水平均有较大提升。具体说，公司 原以项目中心为主，下设游戏工作室，经过一段时间的调整后，全面调整为工作 室制，更加体现"产品为本"的研发思路，研发效率有望提升。 我们认为公司在《异环》流水上和未来长线运营能力上均有望超市场预期，具体 来说： 1）《异环》流水有望超市场预期 通过对《异环》游戏的实际体验以及市场反馈，我们首先认为《异环》是一款质 ...

从AI应用方面看，2025年8月《国务院关于深入实施"人工智能+"行动的意见》颁布，标志着AI已上升 至国家战略层面，"人工智能+"有望延续"互联网+"的热潮，造就新生态、新场景、新商业。再从文娱产 业来看，以"哪吒"、"黑神话：悟空"等为代表的本土IP不仅在国内深受消费者喜爱，更是在全球范围内 掀起热潮。而例如游戏、影视等互联网时期诞生的娱乐内容形式亦展现出极强的生命力，《超自然行动 组》、《无尽冬日》、《哪吒之魔童闹海》、《疯狂动物城2》等众多爆款文娱内容依旧在2025年发光 发亮，吸引众多玩家和观众深度参与其中。同时国家广播电视总局在8月出台新政，着力促进文娱产业 创新，为内容注入了新的生机和活力。 关注爆款游戏流水表现与广电新政落地情况 国泰海通发布研报称，传媒行业正处于AI应用加速发展和文娱产业周期向上的关键节点，2025年指数 表现较好，2026年在产品和政策的共振下有望延续强势。基于AI应用的发展进程及文化娱乐板块的周 期向上，该行重点推荐游戏、影视、AI应用、IP等板块。 国泰海通主要观点如下： 传媒指数年内最高涨幅超40%，游戏板块领涨 2025年1-11月传媒指数最低点的日期为1月13日， ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The domestic gaming market in China is projected to achieve an actual sales revenue of CNY 350.79 billion in 2025, reflecting a year-on-year growth of 7.68%. The market size for Q4 2025 is expected to reach CNY 94.76 billion, with a year-on-year increase of 9.24% [2][4]. - A new product cycle is underway as key new games from listed companies are being launched. Notable titles include Gigabit's "Nine Muses of the Wild" and Giant Network's "Famous Generals Kill," which have recently entered testing phases [6][4]. - The report suggests continued attention to investment opportunities within the gaming sector, highlighting companies such as Giant Network, Perfect World, and Tencent [6]. Summary by Sections Market Performance - The gaming market in China has reached a historical high in revenue, with mobile games generating CNY 257.08 billion (up 7.92%) and PC games reaching CNY 78.16 billion (up 14.97%) in 2025. The Q4 market size for mobile games is projected at CNY 67.38 billion (up 3.59%) [9][8]. - The user base for games has shown consistent growth over three years, with increases of 0.61%, 0.94%, and 1.35% from 2023 to 2025 [9]. New Product Cycle - The report emphasizes the impact of new game launches on Average Revenue Per User (ARPU), which is expected to rise from CNY 483.10 in 2024 to CNY 513.26 in 2025, marking a growth of 6.24% [9]. - The overseas market for self-developed mobile games from China is also thriving, with projected revenue growth of 11.14% and 13.16% for 2024 and 2025, respectively [9]. Policy Environment - Recent supportive policies for the gaming industry have been introduced, including initiatives to enhance the esports sector and promote original game development. These measures are expected to foster a more favorable environment for growth [9].