Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - The rise of Clawbot, an open-source AI gateway, indicates a significant shift in AI integration into workflows, allowing users to control tasks via messaging apps, enhancing user privacy and flexibility [2][19] - The stable issuance of 182 game licenses in January reflects consistent regulatory policies, boosting market confidence and catering to diverse player needs [3][20] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumer stimulation and employment stability 2) The gaming industry, supported by policy incentives and technological advancements 3) The film and cultural tourism sectors, which are expected to recover due to consumer policies [20] Industry Data Film Industry - Top three films by box office for the week include "Return to Silent Hill" with 24.397 million yuan, "Zootopia 2" with 23.501 million yuan, and "Water Pipe" with 22.594 million yuan [21][22] Gaming Industry - Top three iOS games are "Honor of Kings," "Delta Force," and "Peacekeeper Elite," while the top three Android games are "Heart Town," "Arknights: End of the World," and "Goose Goose Duck" [23][24] TV Series Industry - The top three TV series by viewing index are "The Peaceful Year," "Small Town Big Events," and "The Sun Shines on Me," with indices of 78.1, 76.8, and 75.9 respectively [25][26] Variety and Animation - The top variety show is "Sounding Far 2025," followed by "Sound of Life: Chinese Flow Season" and "Please Pay Attention to the Universe," while the top animation is "Immortal Reversal" with a viewing index of 237.8 [27][29]

Core Insights - The issuance of game licenses in January 2026 remains high, with a total of 182 licenses approved, marking a 33.82% increase compared to January 2025 [2] - The supply side continues to release, indicating a stable trend towards normalization of license issuance, and the industry's recovery is ongoing [1] Industry Events - On January 26, 2026, the National Press and Publication Administration announced the approval of 177 domestic games and 5 imported games for January [1] - The domestic game licenses approved in January 2026 are the second highest since November 2025, with notable titles including "Douluo Dalu: Qicheng" by 37 Interactive Entertainment and "Rainbow Six: Siege" by Tencent [2] Market Focus - "Rainbow Six: Siege" is highlighted for its tactical shooting gameplay, which differentiates it in the competitive FPS market, supported by Tencent's ecosystem for community and esports development [3] - The FPS market in China is described as highly competitive, with Tencent and NetEase both having established strong product offerings in this segment [3]

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 ...

Market Strategy - The market is experiencing a volume contraction while showing signs of recovery, with the semiconductor chip industry chain strengthening [5][8] - The overall A-share market index increased by 0.14%, with the Shanghai Composite Index rising by 0.18% and the Sci-Tech 50 Index leading with a 1.51% increase [8][9] - The semiconductor chip industry is supported by increased capital expenditure from TSMC, rising AI demand, and a strengthened domestic substitution logic due to trade uncertainties [10] Economic Insights - In 2025, the total profit of industrial enterprises above designated size in China is projected to reach CNY 73,982 billion, reflecting a year-on-year growth of 0.6% [18][19] - The People's Bank of China conducted a reverse repurchase operation of CNY 4,020 billion at an interest rate of 1.40% [20][21] - By the end of 2025, the entrusted investment scale of the basic pension insurance fund is expected to exceed CNY 2.98 trillion [23][24] Industry Dynamics - The EU has introduced policies to promote the recycling of regenerated plastics, requiring member states to ensure that 30% of materials in specific beverage bottles are made from recycled plastics by 2030 [27][28] - In 2025, China's shipment of cathode materials is expected to reach 4.987 million tons, with a total output value of CNY 274.39 billion, marking a year-on-year growth of 30.9% [29][30] - A coalition of multiple countries has signed the Hamburg Declaration to deliver 100GW of offshore wind power through large-scale joint projects [31][32] Company Tracking - China Merchants Securities (600999.SH) anticipates a 2025 net profit growth of 18.43%, with total revenue expected to reach CNY 24.9 billion [37][38] - Zhongsheng Pharmaceutical (002317.SZ) forecasts a net profit of CNY 260-310 million in 2025, representing a year-on-year increase of 186.91% to 203.62% [40][41] - Leksin Medical (300562.SZ) expects a net profit growth of 32.00% to 38.52% in 2025, with projected profits between CNY 81 million and 85 million [42][43] - Dongfang Securities (600958.SH) projects a 67.8% increase in net profit for 2025, with total revenue expected to reach CNY 15.34 billion [44][45] - Weijie Chuangxin (688153.SH) anticipates a net profit of CNY 45 million in 2025, marking a turnaround from losses [46][48] - Xiamen Tungsten (688778.SH) expects a net profit of approximately CNY 755 million in 2025, reflecting a growth of 41.83% [49][50]

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]

Economic Data - In 2025, China's total retail sales of consumer goods are expected to exceed 50 trillion yuan for the first time, reaching 50.1 trillion yuan, with a growth rate of 3.7% and a contribution rate of consumption to economic growth at 52%, an increase of 5 percentage points [6] - The number of motor vehicles in China is projected to reach 469 million by 2025, with 356 million being cars, and the number of drivers expected to reach 559 million, including 525 million car drivers [17] Trade and Policy - The U.S. announced an increase in tariffs on certain goods from South Korea to 25% due to the lack of approval from the South Korean parliament on a prior trade agreement [4] - The U.S. threatened to impose a 100% tariff on goods imported from Canada if Canada reaches a new trade agreement with China [5] - The Ministry of Commerce of China plans to expand market access and open up sectors such as telecommunications, healthcare, and education by 2026 [7] Financial and Investment - The People's Bank of China emphasized the need for proactive assessment of systemic financial risks and maintaining the stability of financial markets and the overall financial system [10] - The People's Bank of China will support the Hong Kong Monetary Authority in increasing the scale of RMB business funding arrangements from 100 billion yuan to 200 billion yuan [11] Corporate Developments - Shanghai-based AI startup StepFun completed over 5 billion yuan in Series B+ financing, setting a record for the largest single financing in the Chinese AI sector in the past 12 months [28] - Li Tong Electronics expects a net profit increase of 996.83% to 1240.57% in 2025, driven by profitability in its computing power business [35] - China Rare Earth anticipates a net profit of 143 million to 185 million yuan in 2025, marking a turnaround from a loss of 287 million yuan in the previous year [37] - Dongfang Risen expects a net loss of 2.3 billion to 2.9 billion yuan in 2025, despite a growing global photovoltaic installation market [54]