板块观点与关注标的：1）游戏：重点关注 ST 华通、巨人网络、吉比特、恺英网 络、神州泰岳、完美世界、心动公司等；2）影视：芒果超媒、华策影视、欢瑞世 纪等；3）IP：创源股份、上海电影、华立科技、姚记科技等；4）AI：豆神教育、 盛天网络、荣信文化、中文在线、易点天下、视觉中国、盛通股份、焦点科技、 世纪天鸿、佳发教育等；5）教育：学大教育、粉笔、天立国际控股等；6）港股： 关注【阿里巴巴】【腾讯控股】【泡泡玛特】【快手】【网龙】，产业爆发在即 的【阜博集团】。 【9 月游戏版号发放，共 156 款游戏获批】9 月 24 日，国家新闻出版署发布《2025 年 9 月游戏版号审批信息》，共 156 款游戏获批，其中国产 145 款、进口 11 款。 此次获批游戏涵盖多类型、多平台，众多知名厂商作品在列。国产游戏中，米哈 游《崩坏：因缘精灵》、腾讯萨罗斯网络《归环》、网易《星绘友晴天》、三七 互娱《无尽黑夜》等备受关注。进口游戏方面，《超级洞洞乐》《潜水员戴夫》 等获得版号。本次审批结果反映出进口游戏引进节奏持续稳定，同时部分国产游 戏版号过审数量阶段性增长，行业动态趋于活跃。 【DeepSeek 最新模型 D ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed Core Insights - The absence of the iPhone 17 Air in the Chinese market due to regulatory issues significantly impacts its shipment outlook, despite its global popularity [1][28] - Luxshare's increased assembly share for the iPhone 17 Air indicates Apple's trust in its processes, but the lack of sales in China and high tariffs on exports to the U.S. may limit its advantages [6][34] - The semiconductor industry is undergoing a transformation driven by AI, with a shift in value towards advanced packaging and substrates, and a forecasted growth in ASICs outpacing GPUs [12][44] Summary by Sections iPhone 17 Air Market Dynamics - The iPhone 17 Air's eSIM-only design prevents its sale in China, limiting its market potential [3][31] - Luxshare's initial order share for the iPhone 17 Air is higher than before, but the actual benefits may be constrained due to the model's absence in China [2][30] - The U.S. tariffs on exports from China add significant cost pressures, potentially compressing Luxshare's profits [4][32] Semiconductor Industry Trends - AI investments are reshaping the semiconductor supply chain, leading to a convergence of design and manufacturing processes [42][43] - TSMC is expected to remain the primary manufacturer for AI chips, with a projected 80-90% of AI chips being produced there in the next 5-10 years [45] - The importance of packaging and substrates is rising, with companies like Ibiden and Shinko benefiting from increased demand and investment [46][48] Competitive Landscape - NVIDIA's partnership with Intel raises questions about the future of PC chip collaborations, but MediaTek remains confident in its ongoing relationship with NVIDIA [35][38] - The competitive dynamics in the AI chip market are shifting, with fabless companies like Qualcomm and Broadcom expanding their roles [44][46] - The lack of a "killer app" in the smart glasses market indicates that while demand exists, the technology and ecosystem are not yet mature enough for widespread adoption [20][52]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [5]. Core Insights - The company has successfully integrated AI capabilities into various applications, significantly enhancing user experience and operational efficiency. The AI native application "Yuanbao" has become one of the top three in terms of daily active users (DAU) in China [1]. - The company has launched the "Tencent Cloud Intelligent Agent Strategy" to enhance its AI solutions, introducing nearly 600 new features and over 12 mainstream models to improve decision-making and execution capabilities across various industries [2]. - The integration of AI into SaaS applications has led to substantial productivity improvements, with over 40% of new code generated by AI and a 34% increase in monthly delivery rates for programmers [3]. - The company's international business is experiencing high double-digit growth, with a significant increase in the number of global customers, indicating a strong push towards globalization [4]. Summary by Sections AI Integration and Development - The company has enhanced its AI application "Yuanbao," which has become a leading AI native application in China, with a significant increase in user engagement across multiple platforms [1]. - The introduction of the Tencent Cloud Intelligent Agent Strategy aims to create a robust ecosystem for AI applications, with a focus on improving the accuracy and reliability of AI-driven processes [2]. - The company has released over 30 new models in the past year, focusing on low-cost models to accelerate industry adoption, with the Tencent Mixed Yuan 3D model achieving high popularity in the open-source community [3]. SaaS and Productivity Enhancements - AI capabilities have been integrated into core SaaS applications, resulting in a notable increase in efficiency, with AI generating a significant portion of new code and improving task review processes [3]. - The accuracy of AI in contract compliance checks has improved significantly, reducing risks and speeding up the review process [3]. Global Expansion - The company's international business has seen substantial growth, with a doubling of global customer numbers and a strong preference for Tencent Cloud among leading internet and gaming companies [4]. - The company is focused on enhancing its global infrastructure and service capabilities to support its international strategy [4].