2月27日，游戏板块早盘持续攀升，游戏ETF（159869）现涨近1.5%，截至发稿，盘中成交额已突 破6.7亿元。持仓股中，顺网科技、浙数文化、完美世界、冰川网络、盛天网络等涨幅居前；神州泰 岳、迅游科技、华立科技等跌幅居前。 =浙商证券指出，2026年春节假期前后，游戏板块不论是港美股上市公司还是A股上市公司及非上 市公司，旗下游戏运营数据均有较好表现或突破，彰显当前宏观经济环境下游戏板块的韧性以及2026年 游戏产品大年逻辑的持续兑现。行业整体景气度提升，非上市公司表现同样亮眼，多款游戏运营数据创 新高。 例如，腾讯控股旗下多品类游戏运营数据全面高增，《暗区突围》全球注册用户突破2.3亿并进入 畅销榜前列，《王者荣耀》《和平精英》等存量游戏通过内容更新实现收入环比高增；完美世界《异 环》预约数破2500万；世纪华通在休闲类游戏布局收获初现，相关游戏流水显著增长；《鹅鸭杀》春节 期间霸榜免费游戏榜单。这体现了行业产品大年逻辑的持续兑现。 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，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块 ...

浙商证券指出，2026年春节假期前后，游戏板块不论是港美股上市公司还是A股上市公司及非上市 公司，旗下游戏运营数据均有较好表现或突破，彰显当前宏观经济环境下游戏板块的韧性以及2026年游 戏产品大年逻辑的持续兑现。行业整体景气度提升，非上市公司表现同样亮眼，多款游戏运营数据创新 高。例如，腾讯控股旗下多品类游戏运营数据全面高增，《暗区突围》全球注册用户突破2.3亿并进入 畅销榜前列，《王者荣耀》《和平精英》等存量游戏通过内容更新实现收入环比高增；完美世界《异 环》预约数破2500万；世纪华通在休闲类游戏布局收获初现，相关游戏流水显著增长；《鹅鸭杀》春节 期间霸榜免费游戏榜单。这体现了行业产品大年逻辑的持续兑现。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及游戏开发运 营、动漫制作及衍生品销售等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的 整体表现。 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。 ...

Seedance2.0 引市场关注，春节档票 房不及预期 ——传媒行业月报 传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 联系人：李智 ⚫ 行情回顾与估值表现：截至 2026 年 2 月 25 日，2 月传媒指数下跌 3.73%，在 30 个一级行业组合中排名第 30，跑输同期上证指数 （+0.71%）4.45pct，跑输同期沪深 300 指数（+0.63%）4.36pct， 跑输同期创业板指（+0.25%）3.99pct。 子板块中，互联网广告营销板块下跌11.56%，游戏板块下跌4.25%， 出版板块下跌 0.04%，影视板块上涨 0.16%。 2026 年 2 月 1 日 ...

浙商证券指出，2026年春节假期前后，游戏板块不论是港美股上市公司还是A股上市公司及非上市公 司，旗下游戏运营数据均有较好表现或突破，彰显当前宏观经济环境下游戏板块的韧性以及前期强调的 2026年游戏产品大年逻辑的持续兑现。行业整体景气度提升，多款游戏运营数据创新高，例如腾讯控股 旗下多品类游戏运营数据全面高增，《鹅鸭杀》霸榜；非上市公司的产品在日本市场表现强势，全球收 入激增。这体现了产品大年逻辑的持续兑现。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及动漫制作、游戏 开发、平台运营及衍生品业务等动漫游戏产业链的上市公司证券作为指数样本，以反映动漫游戏相关上 市公司证券的整体表现。 （文章来源：每日经济新闻） ...

2月25日，金山集团董事长雷军及高管团队在北京亲自为金山员工发开工红包。期间，《鹅鸭杀》的IP 玩偶也出现在人群里，雷军还笑着给它递上了红包。 随后，#雷军鹅鸭杀互动#话题冲上微博热搜。 据悉，《鹅鸭杀》是今日爆火的一款手游，由金山世游独家代理、虎牙联合发行，上线仅6日新增用户 便突破千万，同时最高在线人数（PCU）已超越Steam端历史峰值。 值得一提的是，2月24日，雷军还和小米高管团队一起，给小米员工发开工红包，并发文祝福大家新一 年红红火火，万事大吉！ 责任编辑：王翔 2月25日，金山集团董事长雷军及高管团队在北京亲自为金山员工发开工红包。期间，《鹅鸭杀》的IP 玩偶也出现在人群里，雷军还笑着给它递上了红包。 随后，#雷军鹅鸭杀互动#话题冲上微博热搜。 值得一提的是，2月24日，雷军还和小米高管团队一起，给小米员工发开工红包，并发文祝福大家新一 年红红火火，万事大吉！ 责任编辑：王翔 据悉，《鹅鸭杀》是今日爆火的一款手游，由金山世游独家代理、虎牙联合发行，上线仅6日新增用户 便突破千万，同时最高在线人数（PCU）已超越Steam端历史峰值。 ...

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 ...

Core Viewpoint - The article provides a forecast for Kingsoft Software's Q4 2025 performance, indicating a revenue decline in gaming but growth in office software, highlighting a structural differentiation in business performance [4]. Group 1: Gaming Business - The gaming revenue is expected to decline by 29% year-on-year in Q4 2025, primarily due to the high base effect of the core product "Jian Wang 3" and the underwhelming performance of the new game "Jie Xian Ji" [5]. - For the full year of 2025, gaming revenue is projected to decrease by 27% to 3.8 billion yuan [5]. - The new game "E-Duck Kill," set to launch in 2026, shows strong social attributes and potential, with 5 million new users on the first day of public testing and over 10 million within six days [5]. Group 2: Office Business - The office business is anticipated to grow by 15% year-on-year in Q4 2025, driven by three main business lines [6]. - The personal business segment, with WPS Office achieving 669 million monthly active devices, shows a significant increase in user engagement, particularly on PC [6]. - WPS365 is expected to continue high double-digit revenue growth due to its integrated "collaboration + AI" advantages [7].

Investment Rating - The report maintains a "Buy" rating for Kingsoft Corporation (3888.HK) [5] Core Insights - Kingsoft is expected to experience a structural differentiation in its performance, with gaming business under pressure while office software shows strong growth driven by AI and digital transformation [1][3] - The gaming revenue is projected to decline by 29% year-on-year in 4Q25, while the office business is anticipated to grow by 15% year-on-year in the same period [2][3] - The company has a strong cash position and significant undervaluation of its core equity holdings, providing a safety net against short-term performance fluctuations [1] Summary by Sections Revenue and Profit Forecast - For 4Q25, Kingsoft's revenue is expected to be 2.6 billion RMB, a year-on-year decline of 5% but a quarter-on-quarter increase of 9% [1] - The operating profit margin is projected to improve to 19% quarter-on-quarter, aligning with an annual operating profit margin of approximately 19% for 2025 [1] Gaming Business Outlook - The gaming segment is forecasted to see a revenue drop of 27% year-on-year for 2025, totaling 3.8 billion RMB [2] - The new game "Goose Duck" is expected to drive recovery in 2026, having shown strong user engagement with 5 million new users on its first day of public testing [2] Office Business Performance - The office software segment is expected to benefit from the deepening of digital transformation in government and enterprises, with WPS Office achieving 669 million monthly active devices [3] - The integration of AI features is anticipated to enhance user engagement and conversion rates, contributing to sustained revenue growth [3] Valuation and Financial Metrics - The report revises the net profit forecast for 2025 to 1.29 billion RMB, down from a previous estimate of 2.07 billion RMB, while introducing a 2027 net profit forecast of 1.6 billion RMB [4] - The company is seen to have a high safety margin due to its robust cash reserves and significant equity undervaluation, suggesting potential for performance rebound post-2026 [4]

Group 1: Film Industry - The Spring Festival period will feature 8 films across various genres, including comedy, crime, fantasy, martial arts, animation, and documentary, with a total of 1.29 million pre-release views, surpassing the 1.15 million and 0.95 million views from 2023 and 2024 respectively [1][2] - The film "The Silent Awakening" leads in pre-release interest with 780,000 views, followed by "Fast Life 3" and "The Bounty Hunter" [1] - The Central Radio and Television General Station will release the Spring Festival Gala mascot "Qiji Chicheng," with plans for a multi-platform digital asset distribution during the gala [1] Group 2: Gaming Industry - The game "Yihuan" is set to launch on May 15, with a high anticipation score of 9.0 on TapTap, indicating strong interest [2] - Several social games will host Spring Festival events, including "Supernatural Action Group" and "Duck Duck Goose," which are expected to enhance user engagement and increase daily active users (DAU) [2] Group 3: AI Industry - Multiple large models, including Alibaba's Qwen 3.5 and Baidu's models, are expected to be released around the Spring Festival, indicating a period of intensive iteration in the domestic AI sector [3] - Major internet companies are leveraging high user activity during the Spring Festival to accelerate AI commercialization, with significant cash giveaways planned [3] - Anthropic has launched the Cowork AI Agent for knowledge workers and introduced 11 industry-specific plugins, expanding its capabilities into general office tasks [4] Group 4: Investment Opportunities - Suggested companies to watch in the film sector include Bona Film Group [4] - In the gaming sector, companies such as Kying Network, Giant Network, and G-bits are highlighted as potential investment opportunities [4]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [54]. Core Viewpoints - The report highlights that during the Spring Festival, the media industry is experiencing increased exposure, particularly in film, gaming, and AI developments. Eight films are scheduled for release during the Spring Festival, with a diverse range of genres, and the cumulative interest in these films is higher than in previous years [9][52]. - The gaming sector is expected to see revenue growth due to various operational activities during the Spring Festival, particularly for social games [5]. - In the AI sector, multiple leading models are anticipated to release updated versions, and major internet companies are leveraging high user engagement during the Spring Festival to accelerate AI commercialization [6][9]. Summary by Sections Film Industry - Eight films are set for release during the Spring Festival, including titles like "The Silent Awakening" and "Racing Life 3." The cumulative interest for these films has reached 1.29 million, surpassing the previous years' figures [4][9]. - The top three films in terms of cumulative interest are "The Silent Awakening" (780,000), "Racing Life 3" (590,000), and "The Bounty Hunter: Winds Rise in the Desert" (520,000) [52]. Gaming Industry - The game "The Ring" is expected to launch on May 15, with high anticipation reflected in its ranking on the TapTap pre-registration list [5]. - Several social games are launching Spring Festival events, which are expected to enhance daily active users (DAU) and revenue [5]. AI Industry - The report notes a significant iteration period for domestic large models, with several expected releases around the Spring Festival, including Alibaba's Qwen 3.5 and Doubao 2.0 [6]. - Major internet companies are implementing promotional activities, such as cash red envelopes, to boost user engagement and accelerate AI commercialization [6][9]. Key Companies to Watch - In the film sector, companies like Bona Film Group are recommended for attention [9]. - In gaming, companies such as Kingnet, Giant Network, and G-bits are highlighted as potential investment opportunities [9].