传媒互联网周报 优于大市 DeepSeek V4 将发布，持续看好 AI 应用 行业下跌 4.44%，跑输沪深 300，跑输创业板指。本周（2.24-2.27）传媒行 业下跌 4.44%，跑输沪深 300（1.08%），跑输创业板指（1.05%）。其中涨 幅靠前的分别为中信出版、友车科技、ST 华闻、中体产业等，跌幅靠前的分 别为博纳影业、光线传媒、横店影视、幸福蓝海等。横向比较来看，本周传 媒板块在所有板块中涨跌幅排名第 29 位。 谷歌 Nano Banana2 上线，DeepSeek V4 将在下周发布。1）Nano Banana 2 图像生成模型正式上线，带来 2K 默认分辨率和文字渲染能力的大幅提升；2） 2 月 28 日报道，深度求索（DeepSeek）将于下周发布全新多模态大语言模型 V4，是继 2025 年 1 月 R1 推理模型发布后的首次重大更新；3）OpenAI 与亚 马逊达成多年期深度合作，根据协议，亚马逊将向 OpenAI 投资 500 亿美元， 首期投入 150 亿美元，未来还将根据特定条件追加 350 亿美元。亚马逊将在 云计算、数据存储方面为 OpenAI 提供坚实的技术支持， ...

Core Insights - The article provides an overview of the top 30 Chinese non-gaming and gaming companies in terms of overseas revenue for January 2026, highlighting trends and performance in the mobile application market [1][2][6]. Non-Gaming Companies - ByteDance and YY Group continue to lead the overseas revenue rankings, despite a slight decline in revenue [2][3]. - Ruqi Software returned to the third position, with its app "PictureThis" experiencing a revenue increase of over 52.2% due to successful holiday marketing campaigns [3][4]. - Companies like 合合信息 and iQIYI saw minor revenue growth, benefiting from holiday effects on their office tools and streaming applications [4]. - Daily Yoga's revenue increased by over 50.4% due to a successful New Year campaign focused on "Chair Yoga" [4][5]. - Several companies at the lower end of the ranking, such as Appxy and 大华科技, experienced slight revenue growth [5]. Gaming Companies - The gaming market showed increased activity in January, with top companies maintaining their positions, including 点点互动, Tencent, and 柠檬微趣 [6][8]. - 点点互动's game "Tasty Travels: Merge Game" achieved an estimated revenue of over $16 million, reinforcing its leading position [7][8]. - 悠星网络's games celebrated anniversaries, leading to significant revenue increases of 139.3% and 75.9% for its titles [8]. - 新游 "明日方舟：终末地" from 鹰角网络 made a strong return to the rankings, achieving notable revenue in its first weeks [8][9]. - 心动网络's new game "Heartopia" saw a revenue increase of over 147.9% due to effective marketing strategies [9].

信达国际发布研报称，给予心动公司(02400)"买入"评级，公司自研游戏《心动小镇》国际版1月上线后 表现强劲，下载量和流水亮眼，为业绩增长奠定基础。现有长青游戏收入稳健，新作《伊瑟》等储备充 足，持续贡献增量。TapTap平台通过算法优化推动收入和毛利率提升，PC版及后续重磅新游有望进一 步扩大生态。公司已启动股份回购，市场对其盈利增长预期乐观，短期内存在发布盈喜公告的可能。 信达国际主要观点如下： 《心动小镇》国际版1月上线，下载量及流水表现亮眼 集团自研的生活模拟游戏《心动小镇》于1月8日上线国际版。根据AppMagic发布的1月全球手游下载排 行榜，《心动小镇》首次入榜即位列第11位，全球下载量超1,200万，主要来自美国、日本、韩国、泰 国等。《心动小镇》国际服(包括AppStore及GooglePlay)1月的预估流水达6,000万元人民币，而TapTap的 流水尚未计算在内。从地区收入占比来看，日本最高，其次为韩国及美国。数据显示《心动小镇》市场 接受度高，为未来长期营运及2026年业绩增长奠定基础。 稳定的存量游戏及潜力新作，有望推动业绩持续增长 集团2025年上半年业绩胜预期，收入同比增长3 ...

個股推介 心動公司(2400.HK) 2026 年 2 月 26 日星期四 《心動小鎮》國際版 1 月上線，下載量及流水表現亮眼 集團自研的生活模擬遊戲《心動小鎮》於 1 月 8 日上線國際版。根據 AppMagic 發布的 1 月全球手遊下載排行榜，《心動小鎮》首次入榜即 位列第 11 位，全球下載量超 1,200 萬，主要來自美國、日本、韓國、 泰國等。《心動小鎮》國際服(包括 AppStore 及 GooglePlay)1 月的預 估流水達 6,000 萬元人民幣，而 TapTap 的流水尚未計算在內。從地區 收入佔比来看，日本最高，其次為韓國及美國。數據顯示《心動小鎮》 市場接受度高，為未來長期營運及 2026 年業績增長奠定基礎。 穩定的存量遊戲及潛力新作，有望推動業績持續增長 集團 2025 年上半年業績勝預期，收入按年增長 39%至 30.8 億元人民 幣，經調整溢利增長 206%至 8.5 億元人民幣，分別較市場預測高 14% 及 74%，主要由於遊戲及 TapTap 平台增長超預期。集團擁有多個長 青遊戲產品，包括《仙境傳說 M：初心服》、《心動小鎮》、《火炬之 光：無限》等，用戶基礎穩定， ...

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日传媒板块大幅回调，影视ETF（516620）收跌超7%，游戏ETF（516010）收跌超4%。影视下 跌的核心原因是2026年春节档票房大幅不及预期，此前市场对春节档票房和AI应用方向反应较为剧 烈，节后预期修正压力集中释放。游戏ETF下跌则主要受指数中接近10个百分点的影视权重股拖累，游 戏行业自身基本面并无明显利空，春节期间游戏流水数据整体健康，或可逢跌关注。 春节档票房 ...

Summary of Conference Call Records Industry Overview: Gaming Industry Key Companies and Highlights - **Century Huatong**: Achieved notable rankings in the global mobile game export list for January, with "Whiteout Survival" at second, "Kingshot" at third, "TTM" at tenth, and "Truck Star" at twenty-ninth. The company has a high overseas game revenue share, with new games "TTM" and "Truck Star" showing significant growth in December and January [1][2] - **Giant Network**: The game "Supernatural Action Group" is expected to innovate during the Spring Festival, with a daily active user (DAU) surpassing 100 million by January 31. The new game "Famous Generals Kill" was launched on December 19 [2] - **37 Interactive Entertainment**: The mini-program game "Survival for 33 Days" has consistently ranked in the top five, with the RO in Hong Kong and Macau launched on January 15. The company has a rich pipeline of new products [2] - **Kongzhong Network**: The "Legend Box" is expected to create platform growth, and the AI companion application "EVE" is scheduled for launch on March 14 [2] - **G-bits**: Launched a new Three Kingdoms-themed SLG game "Nine Muwu" on December 18 [2] - **Perfect World**: The key game "Yihuan" has completed its third test with high ratings on Bilibili and Taptap [2] - **Xindong Company**: Launched "Xindong Town" overseas on January 8 and "Diver Dave" on February 6 [2] Market Opportunities - **Overseas Expansion and Female Market Growth**: The Chinese market is projected to generate sales revenue of 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, with a user base of 679 million, up 0.72% year-on-year [2] - **Global Market Trends**: The mobile gaming market is shifting from user growth to consumption power enhancement, with projected revenues of $81.7 billion in 2024, reaching a three-year high. Chinese self-developed games are expected to generate $9.5 billion in overseas revenue in the first half of 2025, an 11% year-on-year increase [3] - **Female-oriented Games**: The market size for female-oriented games is expected to reach 8 billion yuan in 2024, with a growth rate of 124.1%, significantly outpacing the overall market [3] Policy and Technological Impact - **Regulatory Environment**: By 2025, the issuance of domestic game licenses is expected to exceed 140 per month, with a shift towards industry support and encouragement for game exports and gaming as a new consumption driver [3] - **AI and Technology Integration**: The application of AI in gaming has progressed significantly since 2023, enhancing product development and advertising efficiency. Emotional companion games are highlighted as a promising direction for AI gaming, with a focus on "EVE" from Kongzhong Network [3][4] - **Investment in Emerging Technologies**: Companies like 37 Interactive Entertainment and Century Huatong are investing in brain-machine interface technologies, while Giant Network collaborates with Volcano Engine on AI NPCs [4]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the impact of multi-modal technology on the short drama and comic drama industries, highlighting significant growth potential and cost reduction opportunities through AI tools [1][5][6]. Company Insights ByteDance - ByteDance launched the AI video generation model CDS 2.0, which supports multi-modal content creation by allowing users to upload text, images, videos, and audio, enhancing the creative process and operational efficiency [1][4]. Shanghai Film - Shanghai Film holds a 70% stake in Shanghai Yuan, which possesses 30 live-action and 30 animated IPs, including classics like "Havoc in Heaven" and "Nezha Conquers the Dragon King." This positions the company well for future content development and commercialization [1][7]. Meitu - Meitu expects a 60% to 66% year-on-year growth in non-GAAP net profit for 2025, reaching between 940 million to 970 million RMB, driven by rapid growth in imaging and design businesses, as well as an increase in overseas subscription users [1][12][13]. Xindong Company - Xindong introduced the zero-code game development tool TapTap Maker, allowing users to create games through natural language interaction. Nearly 200 AI-generated games have been launched, which could significantly enhance the company's valuation [1][15][16]. Perfect World - Perfect World's upcoming game "Yihuan," a two-dimensional open-world game, is expected to launch in May 2026. It features enhanced character design and gameplay, aiming to become a new profit growth point following successful titles like "Genshin Impact" [1][18]. Huatuo Company - Huatuo's core business focuses on SLG games, with a significant emphasis on the overseas casual gaming market. Their new title "Tasty Travels" has already entered the top ten in overseas revenue rankings, indicating strong growth potential [1][19]. Market Trends - The short drama market is projected to expand significantly, with a current market size of 20 billion RMB, driven by AI tools that lower production costs and enhance capacity [1][6]. - Multi-modal technology is expected to accelerate the industrialization of the comic drama sector, increasing the importance of IP adaptations [1][3][5]. Investment Opportunities - Companies such as Shanghai Film, Meitu, Xindong, Perfect World, and Huatuo are highlighted as key investment opportunities due to their innovative approaches and strong market positions [1][20]. Additional Insights - The development of multi-modal video generation is anticipated to increase demand for cloud computing resources due to high token consumption rates in video production [1][10]. - Tool platforms like Meitu are leveraging their engineering capabilities to enhance product competitiveness without necessarily developing their own large models [1][11]. - The rise of AI in content creation is expected to create new revenue opportunities, particularly in copyright protection and content monetization [1][14].

生活模拟游戏，开启混战。 2026年刚开头，沐瞳在2025年底曝光的《代号Lovania》开启首测，成为新一年首款与公众见面的生活模拟新游。它凭借内置"白噪音"系统、手绘水彩肌 理感和大世界玩法，带来了不少新鲜感，也焕新了玩家对"治愈"的感受。上线不到1个月，《代号Lovania》的TapTap玩家预约数达到近40万。 《代号Lovania》开头动画颇为精美 同一时期，腾讯《粒粒的小人国》也宣布即将开启首测。不难看出，今年将是生活模拟游戏混战的一年。 2024年底上线的《心动小镇》是率先突围的生活模拟游戏之一。近日，随着最新服装及家具套装上线，《心动小镇》冲上国服游戏畅销榜第7名，日韩第2 名。点点数据显示，截至目前，游戏在iOS、Google双端营收已超过2亿元。 不仅是《心动小镇》，腾讯、网易、米哈游等大厂也纷纷在这两年"亮剑"，引发生活模拟游戏热潮。 《心动小镇》近日在韩国登上游戏畅销榜第2名 热潮背后存在隐忧。部分产品成绩难达预期，呈现出"迅速上线，迅速停服"的趋势。如《米姆米姆哈》，上线几个月，开发商趣糖网络就开始大规模裁 员；2026年1月，趣糖网络向法院提交了破产重组申请。 扎根模拟经营游戏制作 ...

Core Viewpoint - The A-share market shows mixed performance with significant gains in the AI application and film sectors, while the photovoltaic, real estate, and consumer sectors are weakening. The film and gaming ETFs are experiencing substantial increases in value, indicating strong investor interest in these areas [1][4][9]. ETF Performance - A total of 847 ETFs rose in value today, with the Film ETF and Gaming ETF seeing daily increases of 9.98% and 5.56%, respectively. The Nikkei ETF led the cross-border varieties [1][2]. - The Film ETF managed by Xuanwei has a trading volume turnover rate of 260.42%, while the other Film ETF managed by Guotai has a turnover rate of 312.02%, reflecting intense trading activity [2][4]. - The Gaming ETF managed by Huatai saw a daily increase of 5.56%, with key stocks like Light Media and Ao Fei Entertainment hitting the daily limit [9]. Sector Analysis - The film sector is experiencing a surge, with the total box office for the 2026 Spring Festival surpassing 1 billion yuan, reaching 1.05 billion yuan. Popular films include "Flying Life 3" and "Panda Plan: Tribal Adventure" [4]. - The gaming sector is also showing strong performance, driven by positive market sentiment following the successful testing of "Yihuan" by Perfect World and the upcoming launch of "Heart Town" by Xindong Company [9][10]. Fund Flows - On February 9, the A-share market saw a strong upward trend, with a net outflow of over 2.8 billion yuan from the overall stock ETFs. The top inflow sectors included the CSI 500 Index and CSI 1000 Index, indicating a shift in investor focus [12][13]. - The CSI 500 ETF recorded a net inflow of 27.3 billion yuan, highlighting its appeal among investors as a core broad-based index reflecting mid to small-cap stocks in the A-share market [15].

Market Overview - On February 10, 2026, A-shares showed mixed performance with the three major indices fluctuating. The AI application and film sectors experienced a surge, while the photovoltaic, real estate, and consumer sectors weakened [1] - A total of 847 ETFs rose in the market, with the film and gaming ETFs seeing significant increases of 9.98% and 5.56%, respectively [1] ETF Performance - The top-performing ETFs included: - Film ETF (159855.SZ) with a rise of 9.98%, estimated scale of 270 million, and a turnover rate of 260.42% [2] - Gaming ETF (159869.SZ) increased by 5.56%, with an estimated scale of 139.25 billion [2] - Conversely, 468 ETFs declined, with the satellite, real estate, and photovoltaic ETFs leading the losses [2][3] Film Sector Insights - The film sector saw a remarkable rally, with the CSI Film Index (930781) soaring by 9.25%. Major stocks like Jiechuan Co. and Huayi Brothers hit the daily limit [5] - The Silver华 Film ETF (159855) reached its daily limit with a 9.98% increase, while the Guotai Film ETF (516620) rose by 9.48%. Both ETFs experienced significant capital inflows [5][6] Gaming Sector Insights - The gaming sector also performed well, with the Animation and Gaming Index (930901) rising by 5.26%. Key stocks such as Light Media and Aofei Entertainment reached their daily limits [12][13] - The top gaming ETFs included: - 华夏 Gaming ETF (159869) with a 5.56% increase and an estimated scale of 2.93 billion [15] - 华泰柏瑞 Gaming ETF (516770) with a 5.22% increase [14] Fund Flow Analysis - On February 9, the A-share market saw a strong rally, with a net outflow of over 28 billion across all stock ETFs. The top inflow sectors included the CSI 500 Index, which saw a net inflow of 27.3 billion [16] - The CSI 500 ETF was highlighted as a core broad-based index reflecting mid to small-cap stocks in the A-share market [19]