Group 1 - The AI social platform Moltbook has gained significant popularity overseas, featuring 1.5 million AI agents engaging in discussions across thousands of forums, mimicking human social patterns [1][3] - Tencent's AI platform Yuanbao launched a cash red envelope activity on February 1, leading to a surge in downloads, topping the iPhone app rankings on the same day [2][3] - The advancements in large model reasoning and multi-modal capabilities indicate a strong foundation for human-like interactions in AI social platforms, suggesting a pathway from niche applications to broader social engagement [1][3] Group 2 - Google announced the public testing of its world model Genie3, allowing users to create real-time interactive virtual worlds through natural language dialogue, enhancing game development accessibility [4] - The launch of Taptap Maker by Xindong Company enables game creators to develop games directly within a chat interface, significantly lowering the barriers to game development [4] - The gaming sector is expected to benefit from AI advancements, with recommendations to focus on companies with strong platform attributes, including Xindong Company and others [4]

Industry Dynamics - The first batch of game licenses for 2026 has been officially issued, totaling 182 games, including 177 domestic games and 5 imported games, marking a high value for recent years [3][4] - Notable games that received licenses include NetEase's "Yao Yao Chess," 37 Interactive's "Douluo Dalu: Qicheng," and Giant Network's "Moonlight Night: Master Duel" [4] Company Updates - NetEase's "Yanyun Sixteen Sounds" won multiple awards at the 2025 TapTap Annual Game Awards, including Best Game and Best Narrative [5] - Century Huatong forecasts a revenue of approximately 38 billion yuan for 2025, representing a year-on-year growth of about 68%, with net profit expected to surge by 357.47% to 475.34% [6] - Perfect World anticipates turning a profit in 2025, projecting a net profit of 720 million to 760 million yuan [7] - Gigabit expects a net profit of 1.69 billion to 1.86 billion yuan, a year-on-year increase of 79% to 97% [8] - Glacier Network predicts a turnaround with a net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan in the previous year [9] - Electric Soul Network forecasts a loss of 160 million to 230 million yuan for 2025, marking its first annual loss since going public [10] - NetEase's Montreal studio has reportedly undergone layoffs, primarily affecting the quality assurance department [11] Overseas and Compliance - Valve, the parent company of Steam, is facing a collective lawsuit in the UK, accused of abusing its dominant position in the PC gaming market, with claims for damages amounting to 6.56 billion pounds (approximately 62.40 billion yuan) [12] - Google has launched a new interactive world AI creation tool, Project Genie, which allows users to generate playable 3D environments [13] - Ubisoft plans to lay off up to 200 employees at its Paris headquarters following a restructuring announcement [14]

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Stock Recommendations - The recommended stocks for February 2026 include: - Daotong Technology (688208.SH) with an expected EPS growth of 28.14% and a PE ratio of 34.98[2] - Kaiying Network (002517.SZ) with an expected EPS growth of 27.56% and a PE ratio of 24.92[2] - Huitong Co., Ltd. (688219.SH) with an expected EPS growth of 33.31% and a PE ratio of 12.59[2] - Yinlun Co., Ltd. (002126.SZ) with an expected EPS growth of 36.66% and a PE ratio of 36.89[2] - Aikedi (600933.SH) with an expected EPS growth of 18.08% and a PE ratio of 19.18[2] - Hongyuan Electronics (603267.SH) with an expected EPS growth of 50.66% and a PE ratio of 54.53[2] Market Performance - The Guoyuan monthly stock portfolio achieved a weighted return of 9.60% in January 2026, outperforming the Shanghai Composite Index which rose by 3.76%[12] - The best-performing stocks in January included: - Kaige Precision Machinery with a return of 42.21%[12] - Tongling Nonferrous Metals with a return of 37.60%[12] Risk Factors - Potential risks include overseas policy risks across various industries and operational risks specific to individual companies[6]

Genie3真的利空游戏吗？ ①Genie3定义了一种新的可交互内容，但是很难称之为游戏。 由于技术限制，过往游戏基本是唯一的可交互式内容；而Genie3能做到的事情是让用户"走进图片（step into a picture)"，创造了一种可交互式内容的新形式，而非做游戏。 游戏核心要素是可玩性，通过一系列玩法机制，让用户产生多巴胺；一个成功的商业游戏，还要搭配社区运营、 活动运营、商业化体系搭建等多个环节，是一个系统化的工程。 30日晚谷歌公测世界模型Genie3，用户可以通过图片上传（可选）+提示词输入，创造环境并控制角色自由活 动。 周五晚美股游戏产业链大跌，Unity（引擎+广告）-24%，Roblox（UGC平台）-13%，Take-Two（研发商）-8%，市 场交易AI颠覆游戏产业链的叙事。 观点：开拓了一种新的可交互内容范式，但无法颠 Genie3真的利空游戏吗？ 30日晚谷歌公测世界模型Genie3，用户可以通过图片上传（可选）+提示词输入，创造环境并控制角色自由活 动。 周五晚美股游戏产业链大跌，Unity（引擎+广告）-24%，Roblox（UGC平台）-13%，Take-Two（研发商） ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid development of AI applications in social media, gaming, and marketing, with significant growth potential in user engagement and monetization opportunities [3][4] - The emergence of AI social platforms like Moltbook and Tencent's Yuanbao indicates a shift towards more interactive AI-driven social experiences, which could lead to increased user traffic and revenue generation through various channels [3] - The gaming sector is expected to benefit from advancements in AI tools, such as Genie3 and Taptap Maker, which lower the barriers for game development and enhance content diversity [4] Industry Data Overview - The report notes that "Fashion Department City" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [10] - The film "Zootopia 2" achieved the highest box office revenue for the week, with a total of 4.453 billion yuan [20] - The gaming sector saw a high volume of game approvals in January, with "Supernatural Action Group" achieving over 10 million daily active users [23] Industry News Summary - Major AI models are entering a phase of intensive updates, with significant advancements in AI social, gaming, and film sectors [23] - Alibaba's Qwen3-Max-Thinking model has been released, boasting over a trillion parameters and achieving performance comparable to leading international models [24] - OpenAI launched Prism, a workspace designed for researchers, integrating various tools for collaborative scientific writing [25] - Kimi's K2.5 model supports visual understanding and code capabilities, enhancing user interaction with AI [26]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - Google's experimental research prototype, Project Genie, and TapTap's AI game creation agent are expected to reshape the game development chain and build a new content ecosystem. The integration of AI is anticipated to enhance the gaming industry significantly [2][4]. - The core competitive advantages in the gaming industry remain IP, quality content, gameplay innovation, and platform capabilities. Companies that actively embrace AI and possess mature game development capabilities are viewed positively [2][4]. - The gaming sector is expected to experience a strong product cycle and performance certainty through 2026, with a focus on investment opportunities in the gaming sector [2][4]. Summary by Sections Event Description - Google has officially launched Project Genie, an experimental research prototype powered by Genie 3, which allows users to create and explore interactive 3D environments based on text prompts or uploaded images. This technology represents a significant breakthrough in AI world simulation [9]. - TapTap has introduced the AI game creation agent "TapTap Manufacturing," which aims to lower the technical barriers for game creation, promoting a "zero-threshold creation" era. This product allows creators to develop and launch games through natural language dialogue without leaving the chat interface [9]. Investment Recommendations - The report expresses optimism about the long-term empowerment of the gaming industry by AI, with a focus on new game releases and industry catalysts. The gaming sector's product cycle and performance certainty through 2026 are expected to remain strong, highlighting investment opportunities in companies such as Giant Network, Kaixin Network, Perfect World, and Tencent [2][9].

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for February 2026 [6]. Core Insights - The report identifies several companies across different segments of the technology industry, including electronics, communications, computing, and media, suggesting a diversified investment approach [6]. - Key companies recommended include: - Electronics: Dongshan Precision, Lanke Technology - Communications: Wolong Materials, Haige Communications - Computing: Zhongkong Technology, Haiguang Information - Media: Kaiying Network, Giant Network [6]. Summary by Category Electronics - **Dongshan Precision**: Positioned for growth due to AI technology advancements, with a focus on optical communication and PCB sectors. The acquisition of Solstice Optoelectronics enhances its market position [9]. - **Lanke Technology**: Expected to benefit from the growth in AI servers and memory interface chips, with a projected increase in DDR5 penetration rates [10]. Communications - **Wolong Materials**: Strong in traditional materials and expanding into new energy products, with significant profit growth expected from 2025 to 2027 [10]. - **Haige Communications**: Focused on commercial aerospace and satellite communication, with anticipated profit recovery post-2025 [10]. Computing - **Zhongkong Technology**: Emphasizes industrial AI transformation, leveraging its self-developed industrial model TPT to enhance customer ROI and operational efficiency [11]. - **Haiguang Information**: A leader in high-end CPUs and DCUs, expected to see significant growth driven by domestic demand for AI computing [12]. Media - **Kaiying Network**: Anticipates new game launches in 2026, with a strong pipeline of products expected to drive revenue growth [13]. - **Giant Network**: Positive performance from existing games and new releases, with ongoing AI integration in gaming expected to enhance user engagement [13]. Financial Projections - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for the recommended companies, indicating expected growth in profitability from 2024 to 2027 [14].

Investment Rating - The report assigns an "Overweight" rating for the industry [4] Core Insights - The media index (Shenwan) increased by 0.21%, ranking 10th among 31 industries, outperforming the CSI 300 index which rose by 0.08% [8] - The report suggests investing in vertical segments with high growth potential, recommending companies such as Wanda Film, Perfect World, and Mango Super Media [8] Summary by Sections DeepSeek Model Release and Spring Festival Film Schedule - DeepSeek launched a new document recognition model, DeepSeek-OCR2, which significantly enhances image recognition capabilities through a novel "Causal Flow" visual reasoning logic [9] - As of now, six films have been scheduled for the 2026 Spring Festival, showcasing a diverse range of genres including drama, comedy, crime, action, martial arts, and animation [15] Industry and Company News - The report highlights key developments in AI and the internet, including Alibaba's AI chip launch and Tencent's AI-powered input method [20] - In the cinema sector, the film "Star River Dream" has been officially scheduled for the 2026 Spring Festival [22] - The gaming industry is also active, with Nintendo announcing a classic game library for its Switch Online service [22] Company Performance and Recommendations - The report provides a valuation table for recommended companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with all recommended companies rated as "Overweight" [16][17] - Notable companies include: - Wanda Film: Market cap of 250.03 billion, PE of 19.41 for 2024 [16] - Perfect World: Market cap of 365.49 billion, PE of 44.86 for 2024 [16] - Mango Super Media: Market cap of 532.40 billion, PE of 32.36 for 2024 [16]

Group 1 - The company, Kaiying Network, reported that as of January 20, 2026, the total number of shareholders is 66,686 [2]