DataEye《2025年度手游APP买量数据报告》今日正式发布。 本报告聚焦手游APP赛道，报告从素材投放量、投放游戏数、投放趋势以及买量题材等多个维度观察国 内手游APP行业买量投流数据，为国内游戏从业者提供有价值的数据参考。 一.手游APP买量大盘 （一）手游APP投放素材量情况 手游APP素材量突破5162万，行业新投放格局形成。国内手游APP投放素材量连续三年增长，但增速快 速下滑。 从核心动因来看，人口红利耗尽导致买量边际效应递减、广告合规监管抬高投放门槛、厂商预算从"分 流对量"转向"集中提质"，再加上短剧、小游戏抢占手游APP投放资源，而 AI、漫剧等素材盛行导致审 查趋严（合规性压力加大），多重因素共同压低了素材量增速。 手游行业的买量竞争已从"数量战"转向"质量战"。目前市场愈发重视效能、合规以及创新，新的投放格 局已经形成。 （二）手游APP在投游戏数情况 在投游戏数同比增长17%，版号大增驱动优质供给。国内手游APP在投游戏数呈现2025年回升走势，全 年在投游戏数超过2.3万款，同比2024年增长超过17%，同时在投游戏数也超过2023年。 国内手游行业从低质供给过剩、中小厂商出清的 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the last week, and several films scheduled for release during the upcoming Spring Festival [22][24]. Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - Within the media sector, advertising and marketing led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Industry Key Data AI Applications - For the week of January 12 to January 18, 2026, the estimated iOS downloads for major AI applications were as follows: Deepseek at 238,700, Doubao at 2,100,900, Tencent Yuanbao at 807,000, and Qianwen Qimai at 1,233,700, with respective week-over-week changes of -14.52%, +0.87%, +2.27%, and +15.66% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, showing a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, were "Honor of Kings," "Peacekeeper Elite," "Crossfire: Gunfight King," "Endless Winter," and "Arknights: End of the World," with "Arknights" achieving over 30 million downloads globally [2][19]. - Upcoming game releases include "Survival 33 Days" by 37 Interactive Entertainment, scheduled for February 15, and "EVE," an AI companion product by a company invested in by Kying Network, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the weekly box office at 66.06 million yuan, accounting for 21.7% of the total [22][23]. - Four films have been scheduled for the Spring Festival, including "Fast Life 3" and "Silent Awakening" [24]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with particular attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing. Specific companies highlighted for investment include Giant Network, Kying Network, Perfect World, 37 Interactive Entertainment, Century Huatong, and others [3][27].

投资要点 业绩预告密集期，关注游戏板块强基本面验证和兑现 证券研究报告 | 行业点评 | 传媒 周报：AI 应用快速调整期后已基本企稳 ——行业点评报告 行业评级: 看好(维持) 上周周报我们提示阿里千问、字节春节、DeepSeek 新论文后版本迭代等的催 化，同时由于 AI 应用快速调整期后已基本企稳，我们认为短期（节前）继续关 注字节、阿里、DeepSeek、腾讯（最新公布腾讯元宝 10 亿红包春节活动）等催 化，长期（26 年全年）紧抓 AI 应用有价值的方向及游戏等稳健的配置机会。1 月最后一周预告密集期，关注游戏板块强基本面验证和兑现。 AI 应用行情进入调整期但大厂投入仍持续 AI 应用在进入快速调整期后，1 月 22 日前后市场表现已基本企稳。腾讯元宝 1 月 25 日公布，春节推出 10 亿现金红包活动。北京市人大会议 1 月 25 日指出， 将全面实施"人工智能+"行动，建设国家人工智能应用中试基地。字节扣子 2.0 正式发布 Skills 功能，支持用户通过自然语言将开源工具或业务流程封装为可复 用技能，推动 AI 应用从 Prompt 工程向 Skills 工程升级，大幅降低企业 AI ...

Group 1: Market Trends and Opportunities - The domestic mini-game market is still in a phase of rapid growth, showcasing significant potential [3] - The strategic value and ceiling of the SLG (Simulation Game) sector continue to break through, with a notable expansion in user base and market value [3] - The long-cycle value of casual games is becoming increasingly evident, driven by fragmented user demands [3] Group 2: Product Development and Strategy - The company has established a leading position in the mini-game market, with multiple mini-games under development, including IP products like "Dou Po Cang Qiong" [3] - The company’s overseas business has maintained stable revenue, with SLG being a core strategic focus, supported by a "lightweight" and "large theme" approach [3] - The company has over 10 self-developed products in its pipeline, focusing on mini-games and SLG development [3] Group 3: AI Integration and Efficiency - The company has achieved over 90% penetration of AI across its operations, significantly enhancing efficiency [4] - AI-driven automatic ad placements exceed 70%, with AI outperforming human operators in various aspects [4] - The company is investing heavily in AI technologies to improve existing business efficiency and secure future strategic advantages [5] Group 4: Talent Development and Organizational Structure - The company is moving towards a younger talent pool, with 80% of its core production team being post-90s generation [4] - The establishment of R&D centers in key talent hubs like Beijing and Shanghai aims to attract top talent and break geographical limitations [4] - The company emphasizes long-term thinking in its product strategies, focusing on longer product lifecycles across various game genres [4] Group 5: Future Goals and Market Positioning - The company aims to return to the top three in the overseas market for Chinese game developers within three years [5] - In the mini-game sector, the goal is to maintain the leading market position while developing headliner products in SLG and casual game categories [5] - The company seeks to achieve industry-leading levels in AI tool capabilities, focusing on unique and refined offerings [5]

游戏板块盘中上演V型反转，游戏ETF（159869）涨幅近1%。持仓股游族网络、富春股份、博瑞传播、 恺英网络等涨幅靠前。截至1月22日，游戏ETF（159869）规模已达141.73亿元，流动性良好。 2025-2026年，爆款新游频出。巨人网络长青游戏《超自然行动组》有望在春节创新高，新游戏《名将 杀》已于12月19日上线；三七互娱《生存33天》畅销榜已霸榜第一；恺英网络传奇盒子有望创造平台增 量，近期《EVE》正在二测有望在春节前上线；吉比特三国题材SLG新游《九牧之野》12月18日已上 线；完美世界重点游戏《异环》三测在即。 东方证券认为一方面在高端UE引擎使用的背景下，跨端重点项目供给将持续高增。另一方面，头部游 戏持续重度化使得 PC 端接入游戏使用体感更佳，近期中国市场诸多头部重点项目PC流水占总盘比例贡 献显著。 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，AI应 用含量全市场领先，有望受益于政策+产品周期+AI赋能等多重催化。 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the rapid commercialization of AI applications, with significant developments in AI shopping functionalities and the integration of AI into various platforms [3][29] - The gaming sector is experiencing a surge in user engagement and revenue, particularly during the holiday season, with several new game launches expected to perform well [4][32] Industry Overview - The gaming industry saw "逆战：未来" topping the iOS free game chart and "王者荣耀" leading the iOS revenue chart as of January 17, 2026 [10][14] - The report notes that the user base for mini-games has surpassed 100 million, with a significant increase in both daily active users (DAU) and monthly active users (MAU) [32] - The report indicates that the overall investment in mini-games has reached 1.44 billion CNY per day, with a notable increase in the number of games launched [32] AI Application Developments - The "千问" app has achieved over 100 million monthly active users within two months of launch, integrating with Alibaba's ecosystem to enhance user experience [29] - Google has partnered with Walmart to introduce AI shopping features, allowing consumers to search and purchase products directly through AI interfaces [29] Gaming Sector Performance - The report emphasizes the strong performance of new games during the holiday season, with several titles expected to exceed revenue expectations [4] - Companies like 心动公司 and 三七互娱 are highlighted for their successful game launches and anticipated performance during peak seasons [4][32]

港股AI板块迎来上市潮，智谱AI和MiniMax等相继登陆港交所。三七互娱通过基金间接投资"全球大模 型第一股"智谱AI，近期被推至聚光灯下。 开年以来，三七互娱股价已连续多日上涨，区间累计涨幅超20%。不止三七互娱，"港股GPU第一股"壁 仞科技、"中国AI最快IPO"MiniMax等背后，都有游戏产商的身影。AI在游戏领域的应用持续深化，为 行业带来新的发展机遇。 约15家！AI全产业链布局 1月8日，登陆港股的 "全球大模型第一股" 智谱AI，其背后也站着另一家游戏巨头——三七互娱。2023 年，三七互娱通过全资子公司增资嘉兴北晟恒沃基金，间接战略投资智谱AI。 AI正在重塑游戏行业。游戏，因其天然的交互属性和丰富的内容场景，也被业界视为大模型技术最关 键的应用落地和商业兑现领域之一。 除了智谱AI，三七互娱锚定国家战略导向，实现对AI产业链上下游优质企业的全景式布局。记者了解 到，在AIGC领域，三七互娱投资了智谱AI （AI大模型）、百川智能（AI大模型）、月之暗面（AI大模 型）、深言科技（AI文本应用）、硅心科技（代码AIGC）、宸境科技deepmirror（数字孪生AIGC引 擎）、Yahah ...

Core Insights - Sanqi Interactive Entertainment has emerged as a significant player in the mini-game market with its RPG "Survival for 33 Days," which has topped the sales charts on WeChat and Douyin, marking it as a breakout success for 2025 [1][3] - The game has disrupted the long-standing dominance of SLG and tower defense genres in the sales rankings, attracting attention from the capital market and leading to a surge in the company's stock price [3][4] Market Performance - As of January 5, 2026, Sanqi Interactive's stock reached a peak of CNY 25.96, with a trading volume of 453,000 hands and a market capitalization of CNY 574.3 billion [4] - The company has consistently produced successful titles across various genres, including idle games, SLG, and simulation management, with notable past successes like "Seeking the Dao" and "Heroes Have No Flash" [5][27] Game Analysis - "Survival for 33 Days" combines narrative, resource management, and combat, providing a compelling gameplay experience that resonates with players [8][9] - The game features a unique post-apocalyptic theme, simplifying complex mechanics to enhance player engagement and reduce barriers to entry [9][15] - The design prioritizes convenience and fast-paced gameplay, incorporating features like a clear mini-map and instant transport options, catering to the preferences of casual gamers [11][13] Product Strategy - Sanqi Interactive's approach involves micro-innovations on existing successful game models rather than creating entirely new gameplay concepts, allowing them to attract diverse user demographics [29][31] - The company employs a dual strategy of integrating both native mini-games and transitioning existing apps into mini-game formats, effectively maximizing user reach and revenue streams [33][35] Industry Position - Sanqi Interactive leads the mini-game sector, with 14 titles listed in the top 100 mini-game companies in China, showcasing its strong market presence and product output capabilities [27][28] - The company's ability to replicate successful game models efficiently positions it as a key player in the evolving gaming landscape, emphasizing the importance of systematic production over mere luck in creating hit games [35]

Core Viewpoint - The gaming sector in the A-share market has seen a significant rise, with an overall increase of over 60% in 2025, driven by policy support and market recovery [1][2]. Group 1: Market Performance - In 2025, several gaming companies such as Ice Glacier Network, Xunyou Technology, and Gigabit saw their stock prices double, while Century Huatong and Giant Network experienced nearly 300% growth [2]. - The total number of approved games reached 1,771 in 2025, a 25.07% increase from 1,416 in 2024, marking a historical high since the implementation of new regulations in 2018 [2][4]. Group 2: Policy Support - The revival of game approvals is attributed to a combination of factors, including relaxed policies and improved social attitudes towards the gaming industry [4]. - In April 2025, the government introduced three measures to support game development, including tax incentives and support for IPOs and mergers [5]. - The approval process for game licenses has been optimized, reducing the time to under a year, with some approvals taking as little as three months [6]. Group 3: Industry Trends - The gaming industry is witnessing a trend towards high-quality games, with leading companies significantly increasing their R&D expenditures. For instance, Century Huatong, Giant Network, and Gigabit reported R&D expenses of 76 million, 34 million, and 28 million yuan respectively, with growth rates exceeding 45% [7]. - The domestic gaming market's actual sales revenue reached 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68% [7]. - The user base grew by 1.35% to 683 million, indicating a historical peak, with increased user engagement and spending [10]. Group 4: Future Outlook - The gaming industry is expected to continue its upward trajectory, with a focus on innovative game types and the integration of AI in development and operations [20]. - The mobile gaming market is also expanding, with the mini-program gaming market revenue reaching 53.54 billion yuan in 2025, a significant increase of 34.39% [20]. - The competitive landscape is intensifying, prompting companies to invest in mergers and global market expansion, while maintaining a focus on domestic markets [22].

Core Viewpoint - The A-share market has seen a significant rise, particularly in the gaming sector, driven by the upgraded incentive policies for WeChat mini-games, which are expected to enhance developer returns and promote the growth of high-quality content in the industry [2][3][4]. Group 1: Market Performance - On the first trading day of 2026, gaming stocks experienced a notable increase, with companies like Sanqi Interactive Entertainment hitting the daily limit, and Century Huatong and Giant Network also seeing substantial gains [3]. - The mini-game market in China generated revenues of 53.535 billion yuan in 2025, marking a year-on-year growth of 34.39%, and accounting for 15% of the overall gaming market revenue [2][7]. Group 2: WeChat Mini-Game Policy Changes - Starting January 1, 2026, WeChat mini-games will benefit from a dual incentive system for new games, with a total incentive exceeding 100%, including a maximum of 4 million yuan for new game launch incentives [3]. - The new policy includes a "launch growth incentive," providing additional cash rewards for games that achieve certain revenue milestones within their first month [3][4]. Group 3: Company Strategies and Developments - Century Huatong plans to leverage the new WeChat mini-game policies to enhance its development in the mini-game sector, aiming to explore more niche categories beyond its current offerings [4]. - Sanqi Interactive Entertainment's mini-game "Survival for 33 Days" has topped the WeChat mini-game sales chart, showcasing the company's successful strategy in this segment [3]. Group 4: Industry Trends and Future Outlook - Analysts note that the growth of mini-games is a significant factor in the overall revenue and user base expansion in the Chinese gaming market, with Tencent's proactive measures to increase incentives reflecting the competitive landscape [7][8]. - The mini-game sector is expected to continue its rapid growth, with predictions of maintaining a medium to high-speed development trajectory in 2026, driven by the lightweight nature and diverse content of mini-games [8].