弹性板块带动，指数涨幅明显。2025年初，受DeepSeek及春节档电影大盘超预期带来的业绩催化，指 数在2月走出第三次阶段性高点，随后指数有所回探；Q2-Q3游戏板块在新产品周期开启带来的业绩增 量的不断驱动下走出独立行情，带动整体行业指数上行。截至2025年11月14日，传媒板块年内涨跌幅为 26.0%，对比沪深300的年内涨跌幅为17.6%，其中游戏板块年内涨幅达57.2%。 港股互联网 智通财经APP获悉，中国银河证券发布研报称，展望2026，业绩驱动+AI赋能仍是传媒互联网行业增长 的核心驱动力。建议关注AI投入不断增加、多重利好长期加持的港股互联网核心资产、AI赋能不断深 化的AI应用及产业链相关相关子板块，以及优质内容不断产出、业绩释放确定性较高的内容板块。 中国银河证券主要观点如下： 2025年传媒行情回顾 内容为基，AI赋能游戏与影视行业作为内容板块，优质内容的生产是行业的核心。2025年以来，行业 内涌现出相当数量的优质作品，在这些优质内容的加持下，相关公司有望实现长期价值增长。此外，游 戏与影视剧作为文化出海的内容载体，也是文化出海的"探路者"。目前，国产游戏和国产影视剧在海外 市场均已 ...

Core Insights - In October, 166 domestic game licenses were approved, marking a significant development in the gaming industry in China [1] - Notably, NetEase was absent from this round of approvals, indicating potential challenges for the company [1] - Meituan has entered the gaming sector, reflecting a diversification strategy and increased competition in the market [1] Summary by Categories Industry Developments - The approval of 166 game licenses represents a positive trend for the domestic gaming industry, suggesting a recovery and growth potential [1] - The entry of new players like Meituan into the gaming market may intensify competition and innovation [1] Company-Specific Insights - NetEase's absence from the list of approved licenses raises concerns about its current market position and future growth prospects [1] - Meituan's involvement in gaming could lead to new business opportunities and partnerships, potentially reshaping the competitive landscape [1]

浙商证券（601878）认为，游戏公司现仍为项目制，但项目周期已远远超过过去数年的平均水平，这是 由于我国的游戏市场已逐步成熟，玩家审美水平已有较高提升，板块整体已由过去的"渠道为王"转向当 前时间点的"以质取胜"，游戏公司产品线多呈现"少而精"的特点，单个游戏的生命周期明显增加。另 外，当前时间点较为火爆的品类SLG(含"SLG+X")从品类本身来看亦为长线运营品类。在一定程度上摆 脱项目制标签后，板块估值有望提升。 10月22日，国家新闻出版署公布2025年10月份国产网络游戏审批信息，共有159款国产游戏获得版号。 进口网络游戏版号同步更新，7款进口网络游戏获得版号。 江海证券认为，游戏板块现金流好，政策支持力度持续加大，且AI游戏研发持续深化；近期游戏板块 调整明显，估值已有一定吸引力，持续看好游戏板块投资机会。 ...

Group 1 - In September 2025, the National Press and Publication Administration approved 145 domestic game licenses and 11 import licenses, indicating a stable supply side for the gaming industry [1] - The approval of major titles is concentrated, with leading companies focusing on advantageous sectors while mid-tier companies explore differentiated themes [1] - The continued relaxation of license issuance is expected to enhance the short-term prosperity of the gaming industry and lay the foundation for product reserves and long-term R&D innovation [1] Group 2 - The domestic dairy industry is entering a new phase of deep processing, transitioning from "drinking milk" to "consuming dairy products" [2] - Future production capacity is expected to exceed 700,000 tons, driven by low milk prices and downstream cost reduction demands [2] - The B-end deep processing demand is projected to exceed 26 billion yuan, with high demand growth driven by baking, ready-to-drink beverages, and Western fast food [2]

Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index fell by 0.39%, the Shenzhen Component Index rose by 0.26%, and the ChiNext Index decreased by 0.75% [1] Sector Performance - The gaming, chemical fiber, and fertilizer sectors showed strong gains, while small metals, medical services, and bioproducts sectors faced declines [1] - Major capital inflows were observed in optical electronics, gaming, and power grid equipment sectors [1] ETF Performance - Agricultural, gaming, and chemical ETFs performed well, likely influenced by recent news [2] - The National Development and Reform Commission (NDRC) is initiating central frozen pork reserves to stabilize the pig market, with the average pig-to-grain price dropping below 6:1, entering a warning zone [2] - China Galaxy Securities predicts a downward trend in pig prices year-on-year for 2025, with stable operations expected throughout the year, highlighting the importance of quality pig farming companies [2] Gaming Industry Insights - The gaming industry continues to show high prosperity, with 166 domestic games approved in August, indicating sustained growth [2][3] - AI technology is expected to enhance applications in the gaming sector, with multi-modal AI models and agent tools likely to drive further development [3] Chemical Industry Developments - Multiple titanium dioxide companies have announced price increases, with domestic prices rising by 500-800 yuan per ton, signaling a potential recovery in the chemical sector [4] - The "anti-involution" policy is seen as a significant guiding principle for the manufacturing sector, aiming to eliminate unfair competition and stabilize the chemical industry [4]

Group 1: Market Performance - AI computing sector shows mixed performance with leading stocks like Cambricon, Shenghong Technology, and Industrial Fulian adjusting, while Tianfu Communication surges and Cambridge Technology hits the daily limit [1] - Huawei concept stocks are active, with Tuo Wei Information reaching the daily limit just 6 minutes after market open, achieving a trading volume of 4.956 billion yuan [2] - Near midday, semiconductor, consumer electronics, and internet finance sectors rally, pushing the Shanghai Composite Index up by 0.11%, Shenzhen Component Index up by 0.73%, and ChiNext Index up by 0.21% [1] Group 2: Company Earnings Reports - Tuo Wei Information reports a 24.42% year-on-year decline in revenue to 1.306 billion yuan for the first half of the year, but a significant increase in net profit by 2262.83% to 78.81 million yuan [2] - Tianfu Communication's revenue for the first half of the year reaches 2.456 billion yuan, a 57.84% increase, with net profit at 899 million yuan, up 37.46% [4] - Huafeng Technology sees a remarkable 128.26% increase in revenue to 1.105 billion yuan, surpassing last year's total revenue, and reports a net profit of 151 million yuan, recovering from a loss of 17.93 million yuan in the previous year [4] Group 3: Gaming Sector Developments - The gaming sector experiences a significant rise, with stocks like 37 Interactive Entertainment hitting the daily limit and other companies like Iceberg Network and Kaiying Network also seeing substantial gains [6] - The National Press and Publication Administration announces approval for 166 domestic games and 7 imported games, indicating a positive regulatory environment for the gaming industry [8] - Policies supporting the gaming industry, including initiatives for overseas expansion and resource integration, are being implemented in various provinces, enhancing the global competitiveness of domestic games [8] Group 4: Industry Outlook - Zhonghang Securities highlights three driving forces for the gaming sector: continuous policy support, industry recovery, and accelerated AI implementation [9] - The domestic gaming market is expected to reach new highs in scale and user data in the first half of 2025, with stable industry demand [9] - AI technology is anticipated to reshape game development and operations, leading to cost reduction and content upgrades, with more AI-native games expected to emerge [9]

Group 1: Market Performance - AI computing power stocks showed mixed performance, with leading stocks like Cambricon, Shenghong Technology, and Industrial Fulian adjusting, while Tianfu Communication surged and Cambridge Technology hit the daily limit [1] - Huawei concept stocks were active, with Tuo Wei Information's stock hitting the daily limit just 6 minutes after market open, achieving a trading volume of 4.956 billion yuan [1][2] - By midday, the semiconductor, consumer electronics, and internet finance sectors rallied, pushing the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.73%, and the ChiNext Index up by 0.21% [1] Group 2: Company Earnings Reports - Tuo Wei Information reported a revenue of 1.306 billion yuan for the first half of the year, a year-on-year decrease of 24.42%, but a net profit of 78.81 million yuan, a significant increase of 2262.83% [2] - Tianfu Communication's revenue reached 2.456 billion yuan, a year-on-year increase of 57.84%, with a net profit of 899 million yuan, up 37.46% [3] - Huafeng Technology's revenue was 1.105 billion yuan, a year-on-year increase of 128.26%, surpassing the previous year's total revenue, with a net profit of 151 million yuan compared to a loss of 17.93 million yuan in the same period last year [4] Group 3: Gaming Industry Developments - The gaming sector saw significant gains, with multiple leading stocks experiencing price increases [5] - The National Press and Publication Administration approved 166 domestic games and 7 imported games in August, indicating a positive regulatory environment for the gaming industry [8] - Policies supporting the gaming industry's international expansion have been introduced, including measures from Guangdong and Zhejiang provinces aimed at enhancing global competitiveness and promoting original games [8] Group 4: Future Outlook - Analysts suggest that the gaming sector is driven by policy support, industry recovery, and accelerated AI implementation, which are expected to enhance performance in the short term [9] - The domestic gaming market is projected to reach new highs in scale and user data by the first half of 2025, with AI applications expected to reshape development and operational processes [9]

Group 1: Rare Earth - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources released interim measures for total quantity control management of rare earth mining and smelting separation on August 22 [1] - The new management measures indicate a comprehensive upgrade in the regulatory level and scope of rare earth production control, potentially leading to a tightening of supply and an increase in rare earth prices [1][1] - Analysts predict that the domestic rare earth supply will continue to be tight, driving prices upward [1] Group 2: Innovative Pharmaceuticals - China's pharmaceutical industry ranks second globally, with approximately 30% of innovative drugs under research [2] - Since the 14th Five-Year Plan, 387 children's drugs and 147 rare disease drugs have been approved for market, addressing the medication needs of key populations [2] - Analysts believe that the rise of innovative drugs is sustainable, with significant potential for individual products and companies with leading technology platforms [2] Group 3: Photovoltaics - The China Photovoltaic Industry Association issued an initiative to strengthen industry self-discipline and maintain fair competition, urging downstream enterprises to optimize bidding rules [3] - Analysts expect that the photovoltaic industry will see a recovery in long-term profitability as supply-side policies progress and as the industry addresses current challenges [3][3] - The adjustment of polysilicon prices is anticipated to be accepted by the downstream market, leading to a return of component prices to cost levels [3] Group 4: Carbon Emissions - The Central Committee and the State Council released opinions on promoting green and low-carbon transformation and strengthening the national carbon market [4] - By 2027, the national carbon trading market is expected to cover major industrial sectors, with a significant increase in carbon emission quota prices from 46.60 yuan/ton in 2021 to 91.82 yuan/ton in 2024 [4][4] - The total transaction volume of carbon emission quotas reached 1.89 billion tons in 2024, with a total transaction value of 18.114 billion yuan, marking a new annual high [4] Group 5: Storage - Huawei is set to launch a new AI SSD on August 27, aimed at addressing traditional SSD shortcomings in the AI field [5] - The new SSD is expected to enhance data efficiency, which is crucial for enterprise productivity in the era of AI [5] - Analysts highlight the importance of high-performance storage in the training and inference processes of large models, positioning Huawei as a key player in the infrastructure of computing power [5] Group 6: Brain-Computer Interface - A multi-center clinical trial for brain-machine interface technology focusing on precise diagnosis and treatment of hydrocephalus has been initiated by top medical institutions in China [6] - This project marks a significant advancement in brain-machine interface technology, expanding its applications beyond traditional areas [6] - The integration of brain-machine interface technology into medical services has been facilitated by recent policy support from the National Medical Insurance Administration [6] Group 7: Forestry - The People's Bank of China and other regulatory bodies issued a notification to support high-quality development in forestry through financial measures [7] - The forestry sector is evolving beyond traditional timber production to include carbon sink development and ecological tourism [7] - The industry is expected to cover various fields, employing over 100 million people and contributing significantly to the economy [7]

Core Viewpoint - The Chinese gaming industry is entering a rapid growth phase, with domestic games gaining recognition on international platforms, as highlighted during the ChinaJoy and CDEC events in Shanghai [1] Group 1: Industry Growth and Challenges - The gaming industry needs to balance the contradiction between "performance high ground" and "value low ground," as current valuations in the capital market are significantly lower than those in the "new consumption" sector [1] - The gaming sector is a key driver for technologies like artificial intelligence and cloud computing, but the positive value of this contribution requires broader social recognition [3] Group 2: Emotional and Brand Value - There is a need to balance "emotional value" and "brand value," as the gaming industry must elevate emotional experiences into lasting cultural and social recognition [4] - The example of Japanese gaming brands illustrates the potential for cultural penetration, while Chinese games still have a long way to go in establishing globally recognized cultural symbols [4] Group 3: Human-Machine Collaboration - The emergence of AI necessitates a rethinking of human-machine collaboration, focusing on creativity and the ability to pose complex questions rather than just basic responses [5] - The gaming industry should enhance development efficiency through AI tools while maintaining sustainable originality in content creation [5]

Core Viewpoint - The report from CITIC Securities indicates that A-share gaming companies are gradually entering a new product cycle, driven by the issuance of game licenses and the launch of diverse products, which is expected to lead to sustained growth in related companies' performance [1] Group 1 - In July, 127 domestic games and 7 imported games received licenses, marking a normalization in the issuance of game licenses [1] - The new product cycle is anticipated to benefit companies with a rich product reserve, highlighting the importance of product diversity in driving performance [1] - The report also emphasizes the potential of AI to empower the gaming industry, suggesting a focus on companies that leverage AI technology [1]