证券研究报告 | 2026年01月08日 本周重要数据跟踪：元旦档期拉动票房，点点互动持续表现亮眼。1）本周 （12 月 29 日-1 月 4 日）电影票房 10.73 亿元。票房前三名分别为《疯狂动 物城 2》（2.82 亿元，票房占比 26.2%）、《阿凡达 3》（2.68 亿元，票房 占比 24.9%）、《匿杀》（1.95 亿元，票房占比 18.1%）；2）综艺节目方面， 《现在就出发第 3 季》、《现在就出发第 2 季》、《开始推理吧第三季》、 《奔跑吧天路篇》和《奔跑吧第九季》排名居前；3）游戏方面，2025 年 11 月中国手游收入前三名分别为点点互动《Whiteout Survival》、点点互动 《Kingshot》和柠檬微趣《Gossip Harbor：Merge&Story》。 投资建议：把握游戏板块超跌布局机会，关注 AI 应用及影视院线。1）持续 看好游戏、IP 潮玩景气周期；游戏板块近期调整赋予良好机会，结合产品周 期及业绩表现，推荐巨人网络、恺英网络、吉比特等标的；IP 潮玩重点推荐 泡泡玛特；媒体端关注经济底部向上可能（分众传媒等）；2）关注内容政 策转向与 AI 应用机会；影视 ...

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 ...

刚刚，Sensor Tower商店情报平台发布2025年12月中国手游产品在海外市场收入及下载量排行榜，报告 仅统计应⽤商店IAP预估值，不包括⼴告变现收⼊和中国地区第三方安卓渠道收入。 12月出海手游收入榜 点点互动王牌力作 《Whiteout Survival》12月下旬推出圣诞主题活动，多重联动玩法和海量福利层层解 锁，强势点燃全球玩家消费热情，助力游戏稳坐出海手游收入榜冠军宝座。Sensor Tower 最新数据显 示，截至2025年12月《Whiteout Survival》全球累计收入突破40亿美元，再创出海手游商业价值新高 度。 柠檬微趣《Gossip Harbor》本月收入再度上涨7%，创历史新高，摘得出海手游收入榜亚军。12月双档 活动轮番上阵：圣诞主题"Once Upon a Snowglobe"碰撞新年狂欢"End-of-Year Errands"，以创新玩法与 丰厚奖励持续激活玩家热情，稳坐全球合成手游赛道头把交椅。 12月《使命召唤手游》以密集更新引爆海外市场：11日游戏开启六周年庆典，同步上线第11赛季"全球 行动"，引入备受期待的新模式"DMZ: 禁区"；12日重磅推出与《街头霸 ...

Core Insights - The report highlights Century Huatong's (002602) strategic acquisitions and its position as the largest gaming company in A-shares, driven by successful IP operations and the growth of its SLG (Simulation Game) segment [11] - The projected net profits for Century Huatong from 2025 to 2027 are expected to be 5.4 billion, 8.2 billion, and 10.1 billion CNY, reflecting significant growth rates of 345%, 52%, and 23% respectively [11] - A relative valuation method assigns a target market value of 172.2 billion CNY for Century Huatong in 2026, with a "Buy" rating recommended [11] Company Analysis - Century Huatong has successfully integrated acquisitions of companies like Seven Cool, Tianyou, and Point Interactive, enhancing its revenue scale and market presence [11] - The report emphasizes the potential of Point Interactive's SLG and casual gaming segments, which are expected to drive future growth [11] - The success of Point Interactive is attributed to its innovative product development and effective user acquisition strategies, positioning it as a leader in the SLG 3.0 phase [11] Industry Insights - The report discusses the broader gaming industry trends, particularly the growth of casual gaming in Western markets, which is expected to create new revenue streams for companies like Century Huatong [11] - The gaming market is projected to see significant expansion, with the SLG market alone expected to reach approximately 8 billion USD by 2024, predominantly driven by Chinese game developers [11] - The report identifies key trends in the gaming industry, including the evolution of game mechanics and user engagement strategies that enhance monetization and user retention [11]

Group 1: Real Estate Industry - The core viewpoint is that the official launch of commercial real estate REITs marks a significant step towards a new development model in the real estate sector, with policies expected to accelerate the growth of C-REITs [2] - The introduction of 30 REITs-related policies by the CSRC and stock exchanges is seen as a catalyst for expanding asset classes and enhancing efficiency, which could lead to a revaluation of related assets and companies [2] - Companies deeply involved in commercial real estate and management services are expected to benefit significantly from this development [2] Group 2: Financial Services Industry - The recent guidelines from the central bank and financial regulatory authority aim to reduce the pricing cap for small loan companies, which may lead to a rapid industry cleanup [3] - The guidelines require small loan companies to stop issuing loans with comprehensive financing costs exceeding 24% immediately and to gradually lower pricing to within four times the one-year LPR by the end of 2027 [3] - The impact of these guidelines on the broader financial technology sector will depend on whether banks and consumer finance companies follow suit [3] Group 3: Transportation Industry - The outlook for January indicates a seasonal decline in passenger and cargo volumes, but there are positive signs for airline profitability and oil transportation demand [5] - The airline sector is expected to see improved revenue levels due to steady demand growth and favorable oil prices, while oil transportation rates may rise due to geopolitical tensions [5] - Recommendations include focusing on specific stocks in the airline and oil transportation sectors, as well as logistics and express delivery companies [5] Group 4: ETF Market - By the end of 2025, the total scale of ETFs in China surpassed 6 trillion yuan, with a significant increase driven by stock ETFs, which saw a 42% growth [5] - There is a notable divergence in the performance of broad-based ETFs and thematic industry ETFs, with the latter experiencing continued inflows [5] Group 5: Key Companies - Century Huatong is covered for the first time with a "buy" rating and a target price of 24.52 yuan, driven by its leadership in SLG games and strong performance in overseas markets [6] - New and emerging companies like Xinhecheng and Huaming Equipment are also highlighted for their growth potential and strategic initiatives, with target prices set at 38.24 yuan and 29.5 yuan respectively [10][12] - The report emphasizes the importance of product innovation and market expansion for companies like Sanqi Interactive Entertainment and China Jushi, which are expected to benefit from new game launches and incentive plans [8][9]

2026 年 01 月 06 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 1 期 观点精粹: 最新报告摘要 拟发行可转债用于重庆铬盐新基地，新工艺推动铬绿工艺+产能双升--振华股份/化学原料(603067/212202) 公 司点评 赎回新规落地，多少家固收卖方看多债市？--债券研究周报 回购股份彰显信心，关注新产品测试表现--世纪华通/游戏Ⅱ(002602/217204) 公司点评 证券研究报告 铬绿是金属铬的直接原料，金属铬在各种类型的高温合金中有着重要的应用，通过在高温下形成保护性表面膜， 提高合金的抗氧化、抗碳化和抗硫化性。受益于近年来军用、民用飞机及燃气轮机等高端装备的需求增长，高 温合金市场规模有望快速提升，有效拉动金属铬以及上游原材料铬绿的市场需求。民丰化工于业界首创"维生 素 K3 联产铬绿"工艺路线，以维生素 K3 副产的含铬废液为原料制备高品质铬绿，实现了维生素生产过程中 铬元素的高值化综合利用，近年来已取得显著的环保成效和经营业绩。项目实施后民丰化工铬绿产能将得到提 ...

近日，游戏行业权威媒体Games Industry.biz整合Newzoo、Sensor Tower、ICO Partners、GfK、Circana等 多家第三方市场研究机构核心数据，发布《2025年全球游戏行业报告》。报告中2025年全球手游行业发 行商收入前十榜单亮点显著，共新晋4家企业。其中，世纪华通（维权）旗下Century Games表现尤为抢 眼——从2024年的未上榜状态，一跃升至全球第三；其旗下策略手游《Kingshot》凭借强劲的市场爆发 力，斩获"2025年全球新移动游戏收入冠军"。 | Top Games Publishers | | Top Games | | | --- | --- | --- | --- | | byRevenue | | by Revenue | | | 1. Tencent | $8.75bn | 1. Last War: Survival | $2.12bn | | 2. Scopely | $2.96bn | 2. Whiteout Survival | $1.33bn | | 3. Century Games | $2.73bn | 3. Honor o ...

业务层面，世纪华通构建起核心IP焕新与海外爆款引领的双轮驱动格局，成效显著。其中，作为国内业 务"压舱石"的盛趣游戏，持续深耕长青IP发展，2025年推出的《传奇新百区-盟重神兵》《龙之谷世 界》等"端改手"IP产品，精准契合市场需求，收获玩家广泛认可；同时，《传奇世界》《彩虹岛》《永 恒之塔》等核心IP的多端互通版本正加速研发，为后续增长储备充足动能。在私域流量运营领域，盛趣 游戏同样成效突出，通过直播、社群运营等多元举措持续激活存量用户，为进一步深挖IP价值奠定了坚 实基础。 海外市场布局上，世纪华通持续彰显领跑实力。爆款产品《Whiteout Survival》延续了2024年的优异表 现，不仅在SLG赛道上持续领跑，还稳居全球手游收入榜第4位，较上年排名上升4位，成功跻身10亿美 元收入梯队并成为该梯队增长冠军。此外，公司全新上线的策略手游《Kingshot》快速崛起，成功跻身 2025年全球手游收入榜第14位，成为年度唯一上榜的新游，与《Whiteout Survival》协同发力，彰显了 世纪华通在全球手游赛道的核心竞争力。 此次摘得4项"金茶奖"大奖，是行业对世纪华通2025年综合实力与发展成就 ...

Group 1: Macro Insights - The New Year's holiday saw a significant increase in travel and consumption, with daily cross-regional personnel flow up 19.5% year-on-year and average consumer spending rising over 30% compared to last year [2][3] - The manufacturing PMI showed a seasonal rebound, indicating a recovery in exports and manufacturing activity [2] - Real estate transactions remain low, but there is a call for stronger policy support to stabilize the market [2] Group 2: Oil and Energy Sector - The geopolitical situation in Venezuela has shifted dramatically, with the U.S. taking control of the oil industry, which may have far-reaching implications for global geopolitics and trade [3] - The potential for market-driven investments in Venezuela's oil sector could reshape the energy landscape in the Americas [3] Group 3: Investment Strategy - The spring market is expected to continue its upward trend, supported by improved PMI data and favorable liquidity conditions [6][9] - The focus for investors should be on thematic investments in sectors like commercial aerospace, humanoid robots, and domestic computing power [6] - A balanced approach is recommended, with an emphasis on high-dividend stocks and cyclical sectors such as consumer goods and energy [6] Group 4: Transportation Sector - During the New Year's holiday, the number of cross-regional travelers reached 595 million, with a daily average increase of 19.62% year-on-year, driven by a low base from the previous year [16] - The railway sector experienced the highest growth rate at 52.6%, indicating strong demand for rail travel [16] Group 5: Consumer Sector - The New Year's holiday saw a steady increase in consumer spending, with total spending reaching 847.89 billion yuan, a 6.3% increase year-on-year [17] - The report highlights structural opportunities in the consumer sector, particularly in domestic brands, AI-enabled technology consumption, and emotional spending [17] Group 6: Real Estate Sector - The emphasis on managing expectations in the real estate market has increased, with a focus on stabilizing market sentiment [18] - There is optimism for investment opportunities in well-managed real estate companies and high-dividend property management firms [18] Group 7: Chemical Industry - The polycarbonate (PC) industry is expected to enter a favorable cycle due to strong demand from the electric vehicle sector and limited new capacity additions [19] - The industry is projected to achieve high operating rates of 87% to 95% from 2025 to 2027, indicating a positive outlook for key players [19] Group 8: Technology Sector - The CES 2026 event is anticipated to shift focus towards AI-driven technologies, marking a significant transition in the consumer electronics landscape [20] - The report suggests that AI applications will be a key area to watch, with implications for various sectors including automotive and industrial applications [20] Group 9: Fixed Income Market - The bond market is expected to face mixed conditions, with short-term trading opportunities arising from new public fund sales regulations [13] - The report suggests a focus on short-term strategies and flexible operations in response to market dynamics [14]

Core Viewpoint - The company is initiating coverage on Century Huatong with a "Buy" rating and a target price of 24.52 yuan, based on a 21X PE for 2026 [1] Group 1: Business Strengths - The core business advantage lies in its subsidiary, Diandian Interactive, which is a leader in the SLG game sector, particularly excelling in overseas markets with popular titles like "Whiteout Survival" and "Kingshot" [1][2] - The company has established a mature methodology for producing hit games, which includes strategies for user acquisition, modular gameplay reuse, and phased payment designs, enhancing the success rate of new projects [2] - The SLG genre is characterized by long life cycles and low post-launch operational costs, making it a highly profitable and sticky category, which is expected to drive sustained revenue growth [2] Group 2: IP Development and Collaboration - In 2023, the company secured a five-year cooperation agreement with a Korean copyright holder for the "Legend" IP, allowing for exclusive rights in mainland China, which is expected to contribute to revenue growth [3] - The collaboration with Tencent provides not only traffic and distribution support but also facilitates the continuous launch of hit products, further solidifying the company's position in the MMO sector [3] Group 3: Market Perspective - The company believes that the successful validation of the SLG genre serves as a core moat for navigating industry cycles, with head products consistently generating stable cash flow [4] - The competitive landscape for user acquisition is becoming more rational, and as SLG products enter the profit realization phase, the company's revenue and overall profitability are expected to improve [4] - Diandian Interactive's ability to innovate within the SLG genre and expand into casual gaming is anticipated to create a "dual-driven" growth pattern [4] Group 4: Financial Projections and Valuation - The company forecasts net profits attributable to shareholders of 57.55 billion, 86.06 billion, and 106.35 billion yuan for the years 2025 to 2027, respectively [5] - Comparable companies in the gaming sector have an average PE of 20.7X for 2026, and given the company's strong positioning in the X+SLG sector, a target valuation of 180.726 billion yuan is set, with a target price of 24.52 yuan [5]