在2025年出海手游收入榜中，点点互动的《Whiteout Survival》继续位居第一，年海外收入超过16.5亿 美元。榜单中共有8款产品为新入围，其中包括合成类游戏《Merge Cooking》（《合合大厨》）、策略 游戏《Lands of Jail》（《可狱不可囚》）等，显示出在成熟市场格局下，新品通过题材与玩法创新仍 能找到发展空间。 综合来看，2025年全球手游市场增速放缓，进入平稳发展期。中国厂商在稳固现有市场份额的同时，积 极在合成、玩法融合、垂直细分题材等领域进行探索与投入。通过长线运营、品类创新与精细化发行， 中国手游发行商在全球市场保持了整体竞争力，其发展重点正从规模扩张逐步转向对结构性增长机会的 把握。 融合玩法成为驱动传统品类增长的关键。2025年，全球策略手游收入同比增长20%，超过200亿美 元。"SLG（策略游戏）+X"的玩法融合趋势进一步明确。例如，Florere Game发行的《Last Z: Survival Shooter》（《生存射击》）结合了策略与射击元素，《Dark War:Survival》（《黑暗战争生存》）则强 化了叙事内容，两款产品均于2025年首次进入出 ...

（文章来源：每日经济新闻） 华源证券认为，小游戏有望逐步实现从碎片化消遣到中重度化及精品化的成长，日益繁荣的内容生态或 是游戏市场难得的增量空间，建议把握小游戏生态的成熟放量。同时，寒假和春节时点渐近：①大单品 +新管线游戏值得关注。大DAU产品包括《王者荣耀》《三角洲行动》《超自然行动组》等继续通过高 频内容更新迭代有望强化赛道优势，增强流水稳健性；②基于新产品周期陆续开启，部分公司可能存在 投资机会。同时，建议重视头部游戏公司在AI+陪伴+游戏化范式探索上的示范效应，相关产品表现如 果超预期有望推动相关上市公司的价值重估。 传媒ETF华夏（516190）紧密跟踪中证文娱传媒指数，其指数成分股与"GEO概念"高度重合，ETF具有 持仓透明、接近仓位的特点，当成分股大面积涨停，借道ETF上车是捕捉行业风口的好办法；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 市场第一，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块正受到政策利好+产品周期+AI赋能的 多重催化热潮，或可聚焦游戏赛道布局窗口。 1月12日，GEO强势领涨，AI产业链表现活跃， ...

Core Insights - The Chinese gaming industry experienced significant growth in 2025, with total market sales exceeding 350 billion yuan and user numbers surpassing 680 million, both reaching historical highs [1] - The year 2025 marked a shift towards recognizing new possibilities within the industry, moving away from overcrowded segments and allowing for the emergence of niche products [2] Industry Trends - The gaming sector saw a reduction in "copycat" behavior, leading to the rise of many previously overlooked genres, with notable successes such as "Search and Retreat" games [2] - The mini-game market generated revenues of 53.535 billion yuan in 2025, reflecting a substantial year-on-year growth of 34.39%, indicating a broadening demographic of gamers, including older adults [3] Company Performance - Key financial metrics for the company include a revenue of 4.075 billion yuan and a net profit of 1.583 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.70% and a stable gross margin above 83% [2] - The company has adopted a strategic focus on its core gaming business, emphasizing the importance of IP in ensuring product success and reducing costs in both development and marketing [4][5] Strategic Initiatives - The company has expanded its business model to include a user platform, highlighted by the launch of the "996 Legend Box," which caters to a dedicated community of fans and has achieved nearly 500,000 daily active users [5] - In 2026, the company plans to enhance its four business systems—development, publishing, investment + IP, and user platform—aiming for better synergy among these areas [6]

Group 1 - The gaming sector remains strong, with the gaming ETF (159869) rising approximately 1.2% as of January 8, driven by stocks such as Guomai Culture, Borui Communication, Perfect World, and others showing significant gains [1] - As of January 7, the ETF's scale reached 13.707 billion, providing investors with a convenient tool to invest in leading A-share gaming companies [1] - First Capital Securities anticipates that with the normalization of game approvals and industry recovery, gaming companies are increasing investment in new product development, expecting a concentrated launch period in 2026 [1] Group 2 - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are entering a stage of mass production, with gaming as a significant application area expected to benefit continuously [1][2] - BCIs can enable individuals with motor disabilities to experience gaming through "brain-controlled" interfaces and assist in rehabilitation for neurological conditions [1][2] - The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, positioning China among the top international players [2] Group 2 - Game companies are actively investing in the BCI field, with 37 Interactive Entertainment investing in Strong Brain Technology, the first unicorn in China's BCI sector, and developing a game for autism assistance that integrates BCI technology [2] - Century Huatong has established a research center with Zhejiang University focusing on brain-computer integration and other emerging fields [2] - Tom Cat plans to collaborate with various research institutions in 2024 to advance BCI, brain function data analysis, and digital game therapy [2] Group 3 - AI is significantly empowering the gaming industry, enhancing multi-modal capabilities and innovative integration forms, which may open new industry spaces [3] - The integration of AI in gaming has led to a 40% reduction in character animation production cycles and a significant decrease in prototype validation time [3] - The exploration of AI and gaming integration is expected to provide players with novel experiences and further expand industry development opportunities [3] Group 4 - The upcoming gaming season is anticipated to drive revenue growth through the launch of new games and updates to existing titles [4] - Notable upcoming events include anniversary celebrations and collaborations with popular IPs, which are expected to attract player engagement [4] - Investment opportunities in the gaming sector are highlighted, with a focus on companies like Giant Network, Xindong Company, and others benefiting from the seasonal demand [4]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

Stock Recommendations - Kage Precision Machinery (301338.SZ) shows significant performance growth with an EPS forecast of 2.10 for 2026, and a TTM PE of 63.46, indicating strong future potential[4] - Kingsoft Office (688111.SH) has a projected EPS of 4.57 for 2026, with a high TTM PE of 79.74, reflecting robust growth in its WPS personal business and software services[4] - Double Ring Transmission (002472.SZ) is expected to achieve an EPS of 1.85 in 2026, with a TTM PE of 34.01, supported by its leadership in precision gear for new energy vehicles[4] Market Performance - The monthly gold stock portfolio achieved a weighted return of 13.03%, outperforming the Shanghai Composite Index, which rose by 2.06%[12] - The best-performing stocks in December included Zhongtung High-tech with a return of 24.82% and Top Group at 22.49%[12] - The overall market indices showed positive growth, with the Shenzhen Component Index increasing by 4.17% and the ChiNext Index by 4.93%[12] Financial Metrics - Kingsoft Office has the highest market capitalization at 1422.28 billion RMB, while Kage Precision Machinery has a market cap of 93.75 billion RMB[17] - Kage Precision Machinery reported a remarkable net profit growth rate of 175.35%, indicating strong operational efficiency[17] - Giant Network (002558.SZ) reported a net profit of 1.417 billion RMB for the first three quarters, reflecting a year-on-year increase of 32.31%[5] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to market performance[6] - Individual companies face operational risks that could impact their financial stability and growth prospects[6]

行 业 研 究 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-01 2025-05 2025-09 传媒 沪深300 相关研究报告 《资本化或助力 AI 应用商业化加速， 继 续 关 注 新 游 — 行 业 点 评 报 告 》 -2025.12.29 《AI 与 IP 相融共生，共驱内容繁荣— 行业投资策略》-2025.12.26 《大厂加速模型升级，继续布局游戏 等 多 模 态 AI 应 用 — 行业周报》 -2025.12.21 聚焦大模型企业 IPO、模型迭代及游戏上新、更新 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 新游上线及老游运营活动密集展开，小游戏迎分成政策利好，继续布局游戏 在全新怪物"丑丑蛋"推出、珍宝阁上新（包含冬日限定道具礼包）及系列跨年 夜活动（如大厅和"摸金撤离"模式下的倒计时效果）、元旦活动的推动下，巨 人网络旗下《超自然行动组》近 7 日在 iPhone 游戏畅销榜排名最高升至第 16， 2025.12.29 ...

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 ...

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].