开源证券发布研报称，维持心动公司(02400)"买入"评级，心动公司宣布港元回购计划，展现发展信 心。核心游戏《心动小镇》及《火炬之光：无限》通过新活动、IP联动与赛季更新驱动流水增长，储备 新作《RO2》也受关注。公司预计TapTap平台有望借助多款高关注度游戏上线实现用户拓展，并通过广 告算法优化与ADN业务驱动增长，看好其游戏与平台业务的长期潜力。 1月5日，公司公告拟在5个月内回购不超过4亿港元股份，彰显长期发展信心。寒假、春节旺季将至，核 心产品《心动小镇》国内流水有望提升.《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小 马宝莉》，其全球预约人数已超百万;储备游戏《仙境传说RO：守护永恒的爱2》(简称《RO2》)1月17 日线下测试；该行看好老游戏节庆活动、区域拓展及新游上线驱动游戏增长。 2026年待上线高关注度手游、端游众多，有望助TapTap拓圈，叠加广告算法持续改进，TapTap有望维持 高增。该行亦看好基于TapTap领先算法布局的ADN业务的广阔空间。基于《伊瑟》国服上线后表现， 该行下调2025-2027年归母净利润预测至15.07/20.06/23.87(前值17.10/ ...

智通财经APP获悉，开源证券发布研报称，维持心动公司(02400)"买入"评级，心动公司宣布港元回购计 划，展现发展信心。核心游戏《心动小镇》及《火炬之光：无限》通过新活动、IP联动与赛季更新驱动 流水增长，储备新作《RO2》也受关注。公司预计TapTap平台有望借助多款高关注度游戏上线实现用户 拓展，并通过广告算法优化与ADN业务驱动增长，看好其游戏与平台业务的长期潜力。 2025年11月29日，《心动小镇》新展演带动内地iOS游戏畅销榜排名升至第14。1月3日，游戏官宣新年 联动"喜羊羊与灰太狼"，计划1月8日上架全新展演、后续推出累计登录福利并将于1月24日启用以"瑞雪 迎春"为主题的新年版本，该行认为活跃用户奖励、系列活动及联名有望提升活跃玩家数及ARPU，驱 动流水增长。 《火炬之光：无限》历久弥新，据Sensor Tower公众号，2025年10月推出的SS10赛季"叠界"推动月收入 增长632%，七麦数据显示10月内地iOS游戏畅销榜排名最高达第26(除上线的2023年外最高)。2025年12 月29日，公司宣布将收购《火炬之光》系列IP，经典IP衍生布局有望贡献业绩增量。 储备游戏中，开放世界 ...

Core Viewpoint - Huawei is participating in the 2025 China International Information and Communication Exhibition with the theme "Accelerating Towards an Intelligent World," showcasing advancements in 5G-A, F5G-A, AI, and other areas, emphasizing the new business and experiences AI brings to various scenarios [1][3]. Group 1: Personal and Family Scenarios - In personal scenarios, the integration of AI is leading to a reality where "everyone has an intelligent assistant," with applications evolving to meet diverse consumer experiences and preferences [3]. - The concept of "AI housekeeper" is becoming prevalent in family settings, transforming homes into intelligent centers that provide proactive services across entertainment, health, education, and security [4]. - Operators are leveraging data to transition from "single-point intelligence" to "full-scenario seamless connections," enhancing user experiences by integrating various smart services into daily life [4]. Group 2: Enterprise and Industry Applications - AI is being adopted across various industries, with operators utilizing AI to enhance marketing efficiency, reduce downtime, and optimize management processes [5]. - The demand for AI in enterprises is shifting from localized intelligence to comprehensive digital transformation, creating significant computational needs [5]. - Operators are positioned as integrated service providers, offering foundational connectivity, computational resources, and AI applications to support industry-wide digital transformation [5]. Group 3: Technological Infrastructure and Market Trends - Operators are building a robust digital foundation for society and industries through collaborative advancements in connectivity technologies like 5G-A and F5G-A [6]. - The deployment of 5G-A networks is accelerating, with over 50 networks globally in commercial use and more than 30 million users in China [6]. - As consumer demands evolve, operators are transitioning from traffic-based business models to experience-based models, unlocking diverse commercial opportunities [6].

Core Insights - The article discusses Huawei's launch of the AI UBB solution aimed at transforming ultra-broadband networks to stimulate new business growth through AI technology [1][7] - The solution encompasses four main components: AI FAN, AI OTN, AI WAN, and ADN, providing end-to-end coverage from home networks to carrier networks [1][3] Group 1: AI UBB Solution Components - AI FAN upgrades home gateways to a unified AI entry point, enabling seamless interaction through various modalities such as voice and video [3][4] - AI OTN enhances carrier networks by providing high-quality transport capabilities through intelligent analysis of business flow characteristics, ensuring low latency and high bandwidth [4][5] - AI WAN focuses on the precise identification of AI business types, including encrypted streams, and offers differentiated service packages to ensure optimal user experience [5][6] Group 2: Technological Advancements - The evolution of general artificial intelligence is accelerating, with significant advancements in large models and multi-modal capabilities, leading to a dramatic reduction in inference costs by approximately 100 times over the past two years [3] - The shift from traditional networks to intelligent networks is facilitated by the integration of edge computing and AI technologies, enhancing the overall performance and security of broadband services [6][7] Group 3: Strategic Vision - Huawei aims to collaborate with the industry to establish unified standards for AI UBB, fostering a mature application ecosystem and exploring new business models [7] - The ultimate goal is to achieve a high level of automation in network management, significantly reducing the need for manual intervention in network operations [7]

Core Viewpoint - The AI UBB (Ultra-Broadband) solution launched by Huawei aims to fully reconstruct broadband networks using AI technology, enhancing user experience and driving new business growth in the telecommunications industry [1][3][9]. Group 1: AI UBB Solution Overview - Huawei's AI UBB solution consists of four main components: AI FAN, AI OTN, AI WAN, and ADN, designed to cover home networks, bearer networks, and intelligent management systems [1][4]. - The solution leverages end-to-end device intelligence and capability enhancement to provide an optimal experience for AI applications, facilitating high-quality computing and efficient interconnectivity [1][4]. Group 2: AI FAN - AI FAN upgrades home gateways to serve as unified AI entry points, enabling seamless interaction through voice, video, and gestures [5]. - It supports the transition from gigabit to multi-gigabit networks, specifically upgrading from 10G PON to 50G PON technology to meet the demands of high-bandwidth applications [5]. Group 3: AI OTN - AI OTN enhances the quality of service for AI applications by providing low latency and flexible bandwidth allocation, addressing the needs of local computing centers [6]. - It utilizes AI analysis to proactively sense business types and SLA requirements, ensuring differentiated service guarantees [6]. Group 4: AI WAN - AI WAN employs AI flow perception models to accurately identify and manage various AI business types, including encrypted streams, ensuring high throughput and zero packet loss [8]. - It incorporates built-in security engines in routers to detect and mitigate threats in real-time, achieving comprehensive network security [8]. Group 5: ADN - ADN is built on a three-layer AI collaborative architecture centered around agents, facilitating the transition of UBB networks to higher levels of intelligence [9]. - The architecture aims to automate fault handling, network optimization, and experience assurance, significantly reducing the workload of operational staff [9]. Group 6: Industry Implications - The acceleration of general artificial intelligence presents unprecedented opportunities for the ultra-broadband industry, prompting Huawei to collaborate with industry partners to establish unified standards and explore new business models [9][10].