孙怡 腾讯研究院资深研究员 本文为《数字出版研究》2025年第4期刊首语 中华优秀传统文化系民族之根魂，纵观历史，文化创新与文明演进，总与科技的突破相伴而行。如今我 们正见证着千年文脉与数智变革交汇激荡，这场历史性的相逢，将为文明的赓续带来怎样的深刻变革？ 文化传承与创新的数字化、要素化和全球化变革，不仅是技术的考题，更是时代的叩问。 守护珍贵而脆弱的文化遗产，本质上是一场与时间侵蚀的赛跑。当古建面临暴雨险情、甲骨文尚有三千 余字未识、非遗传承人悄然老去，数字技术正以前所未有的方式，有效融入考古、修复与活化的全链 条，为这些濒临失传的记忆构建起跨越时空的"数字基因库"。从甲骨文智能缀合到三星堆文物AI虚拟修 复，再到非遗戏曲的数字新生，大量实践表明，新一代信息技术和前沿交叉技术正推动文化遗产保护突 破既有范式，实现提质增效。科技的意义已远不止于一时抢救，更在于永续的传承和守护。 更重要的是，文化遗产的外溢效应日益凸显，深度融入社会经济大循环。传统文化资源正高效转化为生 产要素，通过沉浸式技术、新型文化装备与创新表达，形成"资源—产品—产业"价值链，催生出文旅消 费的新业态。以游戏《黑神话：悟空》引爆山西古建文 ...

2025年，被视为"游戏大年"。国内游戏市场收入3507.89亿元，市场规模和用户规模均创新高。大量自研游戏也登上全球舞台，并正逐步成长为具有辨识度 的"文化名片"。 出海成绩亮眼的背后，是国内游戏厂商不断调整运营策略与研发思路。业内专家表示，AI依然是今年游戏产业的发展重点，有望成为多家公司海外市场拓 展的核心引擎。 "在全球经济波动、竞争加剧的背景下，我国游戏企业积极应对，展现出不凡的实力与韧性。"中国音像与数字出版协会第一副理事长、游戏工委主任委员张 毅君说。 精品化已成为全球游戏产业的共同方向。中国音像与数字出版协会理事长孙寿山表示，2025年被视为"游戏大年"，中国游戏正逐步成长为具有辨识度的"文 化名片"，成为世界读懂中国的重要窗口。 手游细分赛道跑出多匹"黑马" 中国游戏出海亮眼的成绩单背后，手机游戏细分赛道今年涌现多匹"黑马"，成为拉动增长的重要力量。行业数据显示，今年11月，共有33家中国厂商入围全 球手游发行商收入榜百强，合计收入达19.5亿美元，在百强总收入中占比35.8%，创下年内新高。 点点互动（北京）科技有限公司是其中增速尤为突出的一匹"黑马"。据全球知名移动应用市场研究机构App ...

Company Overview - Tencent Holdings (700.HK) current stock price is HKD 632, with a market capitalization of HKD 5.769 trillion[4] - The stock has a 52-week high of HKD 683 and a low of HKD 360.3[4] AI Initiatives - Tencent launched the "AI Application and Online Tools Mini Program Growth Plan," providing 100 million tokens and six months of free cloud development to lower entry barriers for developers[6] - The introduction of the "Generate PPT" feature in Tencent's AI assistant ima.copilot enhances productivity and aims to capture a significant market share in the B2B SaaS sector[8] Gaming Performance - Tencent remains the global leader in mobile game revenue, with "Honor of Kings" generating over USD 2 billion in 2025, while "Delta Action" saw a 2900% year-on-year revenue increase, surpassing USD 500 million[7] - The gaming segment demonstrates strong resilience, with a robust pipeline of new and existing titles supporting future earnings[7] Investment Strategy - MiniMax, a major investment by Tencent, recorded an oversubscription of HKD 253.3 billion, with a subscription rate of 1209 times, indicating strong market interest[9] - Tencent holds a 2.37% stake in MiniMax, reinforcing its dual strategy of self-development and investment in the AI sector[9] Valuation Metrics - Tencent's estimated target price is HKD 790, with a 24PE ratio for 2024 and a projected CAGR of 17.4%[11] - The company's net asset value per share is HKD 141.85, indicating a solid financial foundation[4]

每经记者｜杨建 每经编辑｜肖芮冬 ｜2026年1月7日 星期三｜ NO.5 2026年我国将开展新一轮找矿行动 1月6日，据央视财经报道，自然资源部透露，"十四五"期间，我国新一轮找矿突破战略行动取得新成 效，全面完成"十四五"找矿目标，新发现10个大型油田、19个大型气田，铀、铜、金、锂、钾盐资源量 大幅增长。其中，辽宁大东沟金矿探明量1444.49吨。2026年，我国将继续开展新一轮找矿突破战略行 动，严厉打击违法开采战略性矿产资源行为。自然资源部表示，"十五五"期间，我国将进一步完善战略 性矿产资源的勘查、生产、供应、储备与销售统筹衔接体系，制定提高勘探、开发、储备能力方案。 NO.6 2026年全国广播电视工作会议：推动微短剧精品化发展 NO.1 星河动力将于近期择机发射"谷神星一号海射型"商业运载火箭 1月6日，星河动力航天通过官方公众号发布重磅消息，官宣了最新商业火箭发射任务，将于近期择机实 施"谷神星一号海射型（遥七）"商业运载火箭发射任务。同时，星河动力航天还同步发布了此次任务的 专属徽章。作为民营航天领域的中坚力量，此次"望海潮"任务若顺利实施，星河动力航天或将成为2026 年首家完成发射的 ...

游戏电竞，正逐渐从虚拟空间走入城市发展的现实考量。 2025年12月，上海宣布将推出"游戏沪十条"，计划每年安排5000万元专项扶持资金，系统构建产业生 态；广州紧随其后，发布"十八条措施"，明确力争2030年跻身全球电竞最具影响力城市行列；更早之 前，深圳在当年11月便锚定"中国游戏出海第一城"目标，发布三年行动计划。 一线城市相继发布专项政策，背后是希望结合游戏电竞产业的特点，推动其在经济发展、技术驱动与文 化出海等领域发挥独特作用。 杭州的《黑神话：悟空》艺术展持续火热； BLAST Dota2大满贯赛走出欧洲，来到成都。 据中国音数协联合专业机构估算，2025年由游戏直接及间接拉动的经济总规模超过1.2万亿元。 各地扶持政策的推出，显然希望这一数字持续增长。 从技术角度看，游戏电竞应当成为驱动技术应用的试验场。 从经济角度看，游戏电竞产业展现出经济潜能。 中国音数协常务副理事长兼秘书长敖然此前表示："游戏产业早已超越单一的娱乐范畴，正在逐步构建 起融汇文化与科技、助力千行百业发展的新经济力量。" 游戏产业与外部产业环境深度互动，持续拓展影响范围，形成三个价值圈层。敖然指出，包括游戏研 发、发行、运营在 ...

游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF(159869)跟踪中证动漫游戏指数，反映动 漫游戏产业A股上市公司股票的整体表现，关注游戏ETF(159869)布局机会。 2025年全球手游收入总量同比增长0.5%，共有8款产品全球分成后收入突破10亿美元。其中，《王者荣 耀》再次蝉联榜首，《Whiteout Survival》(无尽冬日)年度收入增幅约50%，成为10亿美元梯队的增长冠 军。 中原证券（601375）认为，2025年国内游戏产业继续保持稳步增长，市场规模和用户规模再创新高，行 业供需两旺，游戏板块基本面改善以及产品周期兑现带来高景气度，AI技术加速渗透带来的研发、运 营等效率的降本增效在报表端或逐步验证。 1月6日盘中，游戏板块持续走强，游戏ETF(159869)现涨超0.5%。持仓股中，三七互娱（002555）、吉 比特（603444）、名臣健康（002919）、奥飞娱乐（002292）、国脉文化（600640）等涨幅靠前，完美 世界（002624）、迅游科技（300467）、冰川网络（300533）等小幅回调。游戏ETF(159869)近10个交 易累计"吸金"达13.06亿 ...

证券研究报告 传媒 行业定期报告 hyzqdatemark 2026 年 01 月 04 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com DeepSeek 发布框架新论文，微信小游戏更新 IAP 新政 投资评级： 看好（维持） ——传媒互联网行业周报（2025.12.29-2026.1.4） 投资要点： 联系人 板块表现： 本周观点：2025 年 12 月 31 日，DeepSeek 发布一篇梁文锋署名的论文：提出 mHC（Manifold-Constrained Hyper-Connections, 流形约束超连接）架构，通 过将超连接的残差空间投影到双随机矩阵流形上，成功解决扩展残差宽度带来的 训练不稳定性。同时配合内核融合与通信重叠等工程优化，以仅 6.7%的额外开 销实现 ...

Core Viewpoint - The article discusses the performance and market dynamics of China's top internet companies in 2025, highlighting a clear differentiation among them in terms of market capitalization, profitability, and strategic direction as they transition from rapid expansion to a focus on quality growth [5][14]. Group 1: Market Capitalization and Rankings - The top 10 internet companies in China by market capitalization at the end of 2025 show stability in rankings, with Tencent, Alibaba, and Pinduoduo maintaining their positions, while other companies like Xiaomi and NetEase have seen upward movement [6][12]. - Tencent leads with a market cap of $728.7 billion, followed by Alibaba at $351.6 billion and Pinduoduo at $161.6 billion, with significant year-to-date stock price increases of 45%, 77%, and 17% respectively [9][10]. - The second tier includes Xiaomi, NetEase, and Meituan, with Xiaomi's market cap at $131.5 billion and a stock price increase of 14%, while Meituan's market cap has decreased by 32% [11][13]. Group 2: Revenue and Profitability Trends - Revenue growth is observed across the top companies, with only Baidu experiencing a slight decline, while Xiaomi leads with a 32.5% revenue increase [18]. - Profitability shows a stark contrast, with companies like Alibaba, Meituan, and JD.com facing pressure due to high marketing costs, particularly in the competitive food delivery sector, leading to "increased revenue without increased profit" [18][19]. - In contrast, companies like Tencent and NetEase have maintained strong profit margins through their gaming and social media ecosystems, with Tencent's gaming revenue exceeding $180 billion in the first three quarters of 2025 [20]. Group 3: Emerging Players and Market Dynamics - The mid-tier companies ranked 11th to 20th have shown significant stock price increases, indicating market recognition of their potential, with Giant Network leading with a 245% increase [23][24]. - Companies like Tencent Music and Kingsoft Office are highlighted as having potential for upward movement into the top tier, driven by their stable business models and market opportunities [25]. - The article emphasizes that while the top tier remains stable, the mid-tier companies are crucial to watch for future market shifts, as they may capitalize on emerging trends and niche markets [26].

Investment Rating - The report maintains an "Outperform" rating for the media industry relative to the CSI 300 index [1] Core Insights - The media industry is experiencing a significant improvement in policy environment and accelerated AI application, which is expected to enhance both valuation and performance [6][15] - The gaming sector continues to grow steadily, with the domestic market size and user base reaching new highs, driven by strong supply and demand dynamics [7][16] - The animation film sector has shown exceptional performance, contributing nearly 50% to the total box office, with major titles like "Nezha 2" and "Zootopia 2" leading the box office rankings [11][16] Summary by Sections Investment Recommendations - Focus on sectors with high growth potential driven by improved policy and AI applications, particularly in gaming, animation films, and advertising [6][15] - Key companies to watch include Gigabit, Kying Network, and Perfect World in gaming, as well as Light Media and Wanda Film in the film sector [16] Market Review - As of December 26, 2025, the media index fell by 3.78%, underperforming compared to the growth of the ChiNext index and CSI 300 [17][18] - Only the gaming sector saw a slight increase of 1.18%, while other sectors, including internet advertising and social media, experienced significant declines [17][20] Industry News - The domestic gaming market is projected to generate actual sales revenue of 350.79 billion yuan in 2025, marking a year-on-year growth of 7.68% [45][46] - The animation film sector's box office exceeded 500 billion yuan for the year, with animation films accounting for a substantial portion of the total revenue [11][16] Monthly Data - In November 2025, the domestic film market generated a box office of 3.55 billion yuan, a year-on-year increase of 89.29% [26][27] - The total number of viewers reached 114.7 million, reflecting a 20.27% increase compared to the previous year [27][29]

Group 1: Industry Overview - The media industry has experienced a cumulative increase of approximately 24% in 2025, driven by strong earnings and the impact of AI on profitability [15][16][17] - AI is enhancing the profitability of the media sector, potentially driving long-term growth and a prosperous content ecosystem [16][18] Group 2: AI and Its Applications - Continuous iteration and upgrades of large models by domestic and international tech giants are laying the foundation for a thriving AI application ecosystem [35][36] - The gaming industry is witnessing robust supply and demand, with a significant increase in the issuance of game licenses, totaling 1,532 in 2025, a 29% year-on-year increase [41][42] - AI is transforming the game development process, improving efficiency and innovation in gameplay design and narrative structure [53][54] Group 3: Sector-Specific Insights - The gaming sector's revenue grew by 24% year-on-year in 2025, with a notable 29% increase in Q3 alone, driven by new game releases and strong user engagement [23][25] - The film industry saw a 9% increase in revenue year-on-year, with a remarkable 110% increase in net profit, largely attributed to successful IP content like "Nezha 2" [24][31] - The advertising and marketing sector experienced a 6% revenue growth year-on-year, with a 14% increase in net profit in Q3, supported by AI-driven cost optimization [28][33] Group 4: Investment Recommendations - Recommended companies in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, which are well-positioned to benefit from the ongoing AI integration [4][41] - In the film sector, companies like Mango Super Media and Shanghai Film are highlighted as key players benefiting from supportive policies and AI tools [4][24] - For the marketing sector, recommended companies include Huimai Technology and Inertia Media, which are expected to gain from AI advancements [4][28] Group 5: IP Expansion and Capitalization - The expansion of IP companies into overseas markets is becoming a core growth driver, with a focus on diversifying product categories [39][40] - Capitalization efforts are accelerating the growth of IP companies, with notable recommendations including Reading Group and Aofei Entertainment [39][40]