据Sensor Tower披露的7月出海手游收入榜，点点互动"大爆款"《Whiteout Survival》继续占据榜 首，同时其新游《Kingshot》延续上市以来强劲的增长态势跃至收入榜TOP2，柠檬微趣旗下女性向经 营+合成手游《Gossip Harbor》居于第三位。未来神州泰岳两款新游戏：模拟经营+SLG的《Stellar Sanctuary》、文明题材+塔防玩法的《Next Agers》或面临不小的市场竞争压力。 "厂商力压SLG手游出海，在于这类游戏基本全球通用，打法大多易学难精，且一旦上手，黏性极 高。"互联网产业分析师张书乐在接受记者采访时指出，但不可忽视的是，SLG游戏的体验同质化程度 极高，也使得在全球市场上很容易变成"红海"竞争。 与游戏业务一样下滑的还有AI/ICT运营管理业务和其他业务，分别同比下滑1.67%、20.96% ，营收 分别为5.34亿元、1466.18万元；物联网/通讯业务、创新业务本期均实现增长，营收分别为5468.35万 元、5355.19万元。 具体来看，神州泰岳游戏业务收入主要来全资子公司壳木游戏，产品以SLG（策略类）手游为主， 主打精品化和长线运营。作为国 ...

证券研究报告 | 2025年08月25日 传媒互联网周报 优于大市 《黑神话》第二部作品发布预告片， "广电 21 条"发布 本周重要数据跟踪：点点互动表现亮眼，暑期档票房景气。1）本周（8 月 17 日-8 月 24 日）电影票房 9.74 亿元。票房前三名分别为《浪浪山小妖怪》 （2.90 亿元，票房占比 30.9%）、《南京照相馆》（2.30 亿元，票房占比 24.5%）、《捕风追影》（1.67 亿元，票房占比 17.8%）；2）综艺节目方面， 《花儿与少年同心季》、《披荆斩棘 2025》、《喜剧之王单口季第 2 季》、 《地球超新鲜》和《新说唱 2025》排名居前；3）游戏方面，2025 年 7 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：业绩周期向上，中长期持续看好 AI 应用及 IP 潮玩。1）基本面 底部改善，关注游戏、广告媒体、影视等板块，把握个股α。游戏板块 自下而上把握产品周期及业绩表现，推荐恺英网络、巨人网络、姚记科 技、心动公司等标的；媒体端关注经 ...

Group 1: Media Industry Analysis - The domestic short drama industry has matured, transitioning from chaotic growth to standardized development, with a shift in profit models from IAP to IAA, and a move from mini-programs to independent apps targeting overseas markets [3] - The market size for short dramas is projected to reach 50.4 billion yuan by 2024, surpassing box office revenues for the first time, with a user base of 666 million and an increasing share of the IAA model [3] - The short drama industry has a short payback period and encompasses content production, distribution, and consumption, with significant growth in anime short dramas primarily targeting Generation Z [3] Group 2: Emerging Markets for Chinese Enterprises - Chinese companies are accelerating their expansion into emerging markets such as Africa, Central Asia, the Middle East, and Latin America amid ongoing US-China tariff disputes [4] - Brand globalization is becoming a core focus, with trends indicating a shift towards younger global markets and a positive image of Chinese technology [4] - The characteristics of five major regional markets vary, with Africa emerging as a new blue ocean requiring localization strategies [4] Group 3: Gaming Industry Insights - The Chinese gaming industry is experiencing accelerated overseas expansion, supported by various local policies, with 25 evergreen games generating approximately 11.6 billion yuan in overseas revenue in the first half of 2025 [5] - Notable games like PUBG MOBILE and Genshin Impact have monthly revenues exceeding 100 million yuan, while potential games like Whiteout Survival are showing strong performance [5] - Future trends in gaming exports may include mixed casual games, female-oriented titles, and the integration of AI technology [5] Group 4: AI Industry and Brazil - The relationship between China and Brazil has deepened since 1974, with China being Brazil's largest trading partner, focusing on agricultural products, minerals, and machinery [6] - Chinese enterprises are actively investing in Brazil's infrastructure, agriculture, and energy sectors, with a report highlighting opportunities and challenges in the Brazilian market [6] - The 2025 BRICS summit will focus on AI governance, with Chinese AI companies like DeepSeek driving global collaboration [6] Group 5: Chinese Milk Tea Brands Going Global - Chinese milk tea brands are making significant inroads into overseas markets, becoming a cross-cultural "social currency" [7][8] - Brands like Tea Yan Yue Se are utilizing e-commerce to enter the North American market, avoiding traditional brick-and-mortar strategies [8] - The global ready-to-drink tea market holds substantial potential, with e-commerce providing a low-cost, rapid feedback mechanism for brands [8] Group 6: Automotive Industry Expansion - In the first half of the year, China exported 3.083 million vehicles, with 1.06 million being new energy vehicles, marking a 75.2% increase [9] - The China Association of Automobile Manufacturers predicts total exports could exceed 7 million vehicles for the year, with a shift towards technology output [9] - The industry is calling for "high-quality exports" to avoid chaotic competition, particularly in the European market [9] Group 7: Brand Expansion Strategies - Wangzai Milk has successfully expanded overseas, with a unique English name "HOT-KID," generating nearly 1.2 billion yuan in overseas revenue in the 2023 fiscal year [16] - The brand's strategy focuses on retaining unique characteristics while adapting to local markets, achieving significant brand recognition [16] - The recent popularity of "HOT-KID" has generated buzz in domestic marketing, showcasing the brand's innovative vitality [16] Group 8: E-commerce and Supply Chain Strategies - Dingdong Maicai is prioritizing overseas expansion, starting with Saudi Arabia and collaborating with local retailers to enhance supply chain capabilities [21] - The company aims to leverage China's rapid development in agriculture and supply chain to address market gaps in overseas regions [21] - Dingdong's approach emphasizes collaboration and technology support rather than direct consumer sales, differentiating its strategy from domestic operations [21]

Core Insights - In July, several Chinese mobile games performed exceptionally well in overseas markets, with Century Huatong's two games topping the revenue chart [1][3] - The strategy game "Kingshot" achieved a 34% month-on-month revenue increase, surpassing $200 million in total global revenue [1][3] - The success of these games is attributed to innovative gameplay and effective operational strategies [1][3] Group 1: Performance of Key Games - "Kingshot" by Century Huatong's Didi Interactive continued its strong growth, ranking second in the overseas mobile game revenue chart [1][3] - The merging game "Tasty Travels: Merge Game" saw a 52% month-on-month revenue increase, entering the revenue chart at 29th place [3] - Florere Game's "Last Z: Survival Shooter" experienced a 44% revenue increase, reaching 7th place in the revenue chart [4] Group 2: Impact of Updates and IP Collaborations - miHoYo's "Honkai: Star Rail" launched a new version, resulting in a 290% increase in overseas revenue and climbing to 4th place in the revenue chart [5][7] - Tencent's "PUBG MOBILE" saw a 27% revenue increase due to a new version featuring a Transformers collaboration, returning to 3rd place in the revenue growth chart [7] - The game "Gossip Harbor" by Lemon Microfun significantly increased its advertising efforts, leading to an 84% rise in downloads and reaching 7th place in the download chart [12] Group 3: New Game Releases - The new game "Persona 5: Phantom Night" debuted in July, entering the revenue chart at 23rd place due to strong player engagement [8] - "Silver and Scarlet," a new title by Mutong Technology, achieved 4.5 times the revenue of the previous month, marking a significant entry into the global market [8] - Other notable new games include "Staff Sword Legend" and "Douluo Dalu: Soul Hunting World," which also made their first appearances in the revenue chart [8]

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet sector [6][44]. Core Insights - The media sector experienced a weekly increase of 1.52%, outperforming both the CSI 300 index (-2.27%) and the ChiNext index (-0.97%) during the week of August 4-8 [1][13]. - Key performers included Guomai Culture, Yidian Tianxia, Shanghai Film, and Insai Group, while Lan Sheng Co., ST Fanli, ST Zhongqingbao, and Xiangyuan Cultural Tourism saw significant declines [1][13]. - The report highlights the release of GPT-5 by OpenAI, which features a unified system architecture and enhanced multimodal capabilities, marking a significant advancement in AI technology [2][17]. - The film box office for the week reached 1.496 billion yuan, with the top three films being "Nanjing Photo Studio" (646 million yuan, 43.4% market share), "Wang Wang Mountain Little Monster" (391 million yuan, 26.2%), and "Dongji Island" (175 million yuan, 11.7%) [3][19]. Summary by Sections Industry Performance - The media sector's performance ranked 4th among all sectors for the week, with a notable increase of 1.52% [1][14][15]. Key Developments - The report emphasizes the importance of AI applications and IP trends, particularly in gaming, advertising media, and film sectors, suggesting a positive outlook for these areas [4][40]. Company Recommendations - Recommended stocks include: - Gaming: Kaiying Network, Giant Network, Yaoji Technology, and Xindong Company - Media: Focus on advertising growth from economic recovery, recommending companies like Focus Media and Bilibili - Film: Highlighting potential improvements in supply and content, recommending Wanda Film and Light Media [4][40]. Market Data - The report provides insights into the performance of various media segments, including films, TV shows, and games, indicating a recovery in box office performance and strong mobile game revenues [3][19][27].

Group 1 - The A-share market opened positively on August 7, with all three major indices rising slightly, indicating a stable market sentiment [1] - The PEEK materials concept and the shipbuilding sector showed strong performance, while the gaming sector experienced fluctuations but eventually turned positive [1] - IDC's latest report highlights a strong growth trend in China's consumer gaming PC market, with a projected year-on-year growth rate of 24.3% for gaming laptops by Q2 2025, driven by demand from university students and core gamers [1] Group 2 - Guosen Securities notes an improving trend in the fundamentals of the media and gaming industries, emphasizing the need to focus on product cycles and performance in the gaming sector [2] - The recent ChinaJoy exhibition attracted 743 participating companies, with foreign investment accounting for 31.8%, reflecting the industry's growing popularity [2] - Significant advancements in AI technology are driving innovation in the gaming sector, with new features and models enhancing content creation and output speed [2]

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][39]. Core Views - The media sector has shown a positive performance with a 1.11% increase, outperforming both the CSI 300 (-1.75%) and the ChiNext Index (-0.74%) during the week [12][39]. - The report highlights the significant box office performance during the summer season, with total box office exceeding 60 billion yuan, led by the film "Nanjing Photo Studio" [2][19]. - The report emphasizes the upward trend in the performance cycle, particularly in AI applications and IP-driven products, suggesting a favorable outlook for the industry [4][39]. Summary by Sections Industry Performance - The media sector's performance for the week (July 28 - August 1) was an increase of 1.11%, ranking third among all sectors [12][14]. - Notable gainers included Guomai Culture, Yidian Tianxia, Shanghai Film, and Beijing Culture, while losers included Lansheng Co., Xinhua Media, and ST Fanli [12][39]. Key Highlights - ChinaJoy opened with high attendance, featuring 743 participating companies, of which 31.8% were foreign [2][18]. - The gaming sector is highlighted with the release of new AI functionalities and models, such as Grok's "Imagine" feature and Kimi K2 Turbo, which significantly improved output speed [2][16][17]. - The report tracks significant box office data, with "Nanjing Photo Studio" leading with a box office of 10.23 billion yuan, accounting for 62.9% of the total for the week [3][19]. Investment Recommendations - The report suggests focusing on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [4][39]. - It also highlights the potential in high-dividend, low-valuation state-owned publishing sectors and the growing demand for IP-driven products and AI applications [4][39]. Company Earnings Forecasts - Key companies such as Kaiying Network, Fenzhong Media, and Mango Super Media are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 and 2026 [5][42].

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][39]. Core Views - The media sector has shown a positive performance with a 1.11% increase, outperforming both the CSI 300 (-1.75%) and the ChiNext Index (-0.74%) during the week of July 28 to August 1 [12][39]. - The report highlights the significant box office performance during the summer season, with total box office revenue surpassing 60 billion yuan, led by the film "Nanjing Photo Studio" [2][19]. - The report emphasizes the upward trend in the performance cycle, particularly in AI applications and IP (Intellectual Property) trends, suggesting a favorable outlook for these areas in the medium to long term [4][39]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors for the week, with notable gains from companies like Guomai Culture, Yidian Tianxia, Shanghai Film, and Beijing Culture [12][14]. - The report notes that the top three films for the week were "Nanjing Photo Studio" (1.023 billion yuan, 62.9% market share), "Xitai" (144 million yuan, 8.8% market share), and "Lychee of Chang'an" (124 million yuan, 7.6% market share) [3][19]. Key Developments - The report mentions the opening of ChinaJoy, with 743 companies registered, including a 31.8% foreign participation rate, indicating strong interest in the gaming and digital entertainment sectors [2][18]. - New AI features and products were highlighted, including Grok's new video generation capability and the release of Kimi K2 Turbo, which significantly increased output speed [2][16][17]. Investment Recommendations - The report suggests focusing on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology for gaming; Focus Media and Bilibili for media; and Wanda Film and Huace Film for film content [4][39]. - The report also emphasizes the potential of high-dividend, low-valuation state-owned publishing companies and the growing demand for IP-driven products, recommending companies like Pop Mart and Zhejiang Wenlian [4][39].

Group 1 - Wei Wei, known for "bottom fishing" in ST stocks, purchased 22.6173 million shares of Century Huatong for approximately 279 million yuan at an average price of 12.35 yuan per share, which is below the current market price of 12.89 yuan as of August 1 [2][3] - Century Huatong's net profit for the first half of the year is expected to be between 2.4 billion to 3 billion yuan, representing a year-on-year growth of 107.2% to 159% [2] - The stock price of Century Huatong has increased significantly, with a cumulative rise of 150.78% in the first half of the year [2][8] Group 2 - The auction for Century Huatong shares started at a price of approximately 194 million yuan, with Wei Wei's final bid being 279 million yuan after 31 rounds of bidding [3] - Wei Wei's previous investment in Shanshan Co. yielded a profit of over 26% within a month, indicating his successful investment strategy [4] - In the second quarter, 101 funds held shares in ST Huatong, an increase of 77 funds from the previous quarter, with a total holding value of nearly 2.7 billion yuan [9] Group 3 - Century Huatong's business segments include internet gaming, AI cloud data, and automotive parts manufacturing, with gaming contributing 76.33% of its revenue [6] - The company faced regulatory scrutiny for financial misreporting from 2018 to 2022, leading to penalties and a risk warning on its stock [7] - The gaming segment has seen significant growth, with the subsidiary Point Interactive generating approximately 150 billion yuan in revenue in 2024, a 155% increase year-on-year [8]

Core Viewpoint - Wei Wei, a well-known capital "hunter," successfully acquired approximately 22.62 million shares of ST Huatuo (002602) for 279 million yuan through judicial auction, indicating a strategic investment approach in the current market environment [1][6][9]. Group 1: Auction Details - The auction for ST Huatuo shares involved 31 rounds of bidding, with a starting price of 249 million yuan and a final price of 279 million yuan, reflecting a premium of 12.04% over the starting price [6][7]. - The auction attracted nine participants, with Wei Wei showing a clear intent to win by placing the first bid at the starting price [6][7]. - The final price per share was approximately 12.35 yuan, slightly below the closing price of 12.75 yuan on the auction day [1][9]. Group 2: Company Performance - ST Huatuo has shown significant stock performance, with a price increase of over 300% in the past year and a cumulative increase of nearly 150% this year, positioning it among the top performers in the A-share market [9]. - The company aims to become a leading global digital technology firm, focusing on internet gaming, AI cloud data, and automotive parts manufacturing [11]. - For the first half of 2025, ST Huatuo expects a net profit of 2.4 billion to 3 billion yuan, representing a year-on-year growth of 107.20% to 159.00% [12]. Group 3: Recent Acquisitions by Wei Wei - A month prior to the ST Huatuo acquisition, Wei Wei purchased 13 million shares of Shanshan Co. at 8.42 yuan per share for a total of 109 million yuan, currently showing a profit of approximately 20% [4][15]. - Wei Wei is recognized for his strategic investments in various companies through judicial auctions and private placements, with a notable presence in the market [15][16]. - As of the first quarter of 2025, Wei Wei's publicly held shares are valued at around 2 billion yuan, involving 20 A-share listed companies [17].