Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The gaming sector has shown resilience in the current macroeconomic environment, with strong performance from both listed and non-listed companies during the Spring Festival period, confirming the ongoing logic of a significant product year in 2026 [7] - Notable games such as "Goose Goose Duck" have dominated the App Store charts, while companies like Century Huatong and Perfect World have seen impressive pre-registration numbers and revenue growth for their upcoming titles [2][3][5] - The overall industry sentiment is improving, with non-listed companies also achieving remarkable results, as seen with "Blue Archive" and "Arknights" celebrating significant anniversaries and experiencing substantial revenue increases [4] Summary by Sections Company Performance - Tencent's games have shown comprehensive growth, with "Goose Goose Duck" topping charts and "Dark Zone Breakthrough" reaching over 230 million registered users [7] - Century Huatong's "Yihuan" has surpassed 25 million pre-registrations, outperforming titles like "Genshin Impact" in pre-launch interest [3] - Giant Network's "Supernatural Action Group" has achieved a daily active user (DAU) count exceeding 10 million, benefiting from the holiday season [3] Revenue Growth - Tencent's "Honor of Kings" saw a 105% month-on-month revenue increase to $220 million, while "Peacekeeper Elite" surpassed $110 million in revenue during January [7] - Non-listed games like "Blue Archive" and "Arknights" reported global revenue increases of 220% and 122%, respectively, in January [4] Investment Recommendations - The report recommends focusing on Perfect World due to the strong pre-registration numbers for "Yihuan" and suggests monitoring companies like Tencent, Huya, Century Huatong, Giant Network, and Kingsoft for their product lines [5]

Group 1 - The core issue involves investor claims against Nuotai Bio (688076) due to false statements leading to ongoing legal proceedings [1][5] - The Shanghai Financial Court has accepted the case for investor claims against Nuotai Bio, with further claims being processed [1][5] - Nuotai Bio's 2021 annual report was found to contain false records, including a reported revenue of 30 million yuan from a technology transfer that lacked commercial substance, inflating total revenue by 30 million yuan and profit by 25.95 million yuan, which accounted for 20.64% of the reported profit [1][5] Group 2 - Investors who purchased Nuotai Bio shares between April 28, 2022, and October 24, 2024, and sold or held shares after October 24, 2024, are eligible to file claims [2][6] - The law firm is also handling claims for Century Huatong (002602), with a recent filing submitted to the Shaoxing Intermediate People's Court [2][6] - Century Huatong was found to have false records in its annual reports from 2018 to 2022, including fabricated software copyright transfer transactions and premature revenue recognition [3][7] Group 3 - Investors who bought Century Huatong shares between April 27, 2019, and July 25, 2023, and sold or held shares after July 25, 2023, can initiate claims [4][8] - The law firm has a history of successfully representing investors in similar cases, with many having received compensation [4][8]

Group 1 - Tian Sheng New Materials received a notice from the CSRC regarding a case of suspected information disclosure violations, potentially involving undisclosed related party transactions for the fiscal year 2023 [1] - The company has not yet received a final conclusion from the CSRC regarding the investigation, and the outcome will be determined by the CSRC's findings [1] - Investors who purchased Tian Sheng New Materials stock before February 6, 2026, and sold or held it afterward may be eligible for compensation [1] Group 2 - Century Huatong received an administrative penalty decision from the CSRC, revealing false records related to goodwill in annual reports from 2018 to 2022 [2] - The company was found to have fabricated software copyright transfer transactions or prematurely recognized revenue, leading to false records in annual reports for 2020-2021 [2] - Investors who bought Century Huatong stock between April 27, 2019, and July 25, 2023, and sold or held it afterward may also initiate claims for compensation [2]

Core Viewpoint - Tian Sheng New Materials and Century Huatong are facing legal actions due to violations of information disclosure regulations, leading to potential compensation claims for affected investors [1][2][4]. Group 1: Tian Sheng New Materials - On February 6, 2026, Tian Sheng New Materials received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws, particularly concerning undisclosed related party transactions for the year 2023 [1][3]. - The company has not yet received a final conclusion from the CSRC regarding the investigation, and the outcome will depend on the CSRC's findings [3]. - Investors who purchased Tian Sheng New Materials stock before February 6, 2026, and sold or continued to hold it afterward may be eligible to initiate compensation claims [4]. Group 2: Century Huatong - On November 6, 2024, Century Huatong announced it received an administrative penalty decision from the CSRC, revealing false records in its annual reports from 2018 to 2022 regarding goodwill and fictitious software copyright transfer transactions [2][4]. - Investors who bought Century Huatong stock between April 27, 2019, and July 25, 2023, and sold or continued to hold it afterward are also eligible to file compensation claims [5]. - The legal team is actively pursuing further claims and has already achieved compensation for some investors in previous cases [4][5].

Core Viewpoint - The article focuses on the analysis of companies that have reported earnings forecasts for 2025, highlighting those with analyst reports indicating "better than expected" performance based on specific keywords in the report titles [1][34]. Annual Report Forecast Disclosure Situation - As of February 11, 2026, over 2900 A-share companies listed before October 1, 2025, have disclosed their 2025 annual report forecasts [2][35]. - Among different indices, the median year-on-year net profit growth rate for the CSI 300 index constituents is the highest at 50.00% [7][35]. - The cyclical sector shows a relatively high median year-on-year net profit growth rate of 25.56%, while the consumer sector has a low median growth rate of -43.43% [7][35]. - High median year-on-year net profit growth rates are also observed in the non-bank financial, non-ferrous metals, and steel sectors [11][35]. - Hot concept indices with high public fund holdings, such as the optical chip index and optical circuit switch index, have median year-on-year net profit growth rates exceeding 100% [15][35]. - Representative industry-themed ETFs tracking indices like CS new energy vehicles, new energy batteries, and rare earth industries also show high median year-on-year net profit growth rates [18][35]. Annual Report Forecast Performance Exceeding Expectations - The proportion of companies exceeding expectations in the CSI 300 index is the highest at 4.76% [3][36]. - The financial sector has the highest proportion of companies exceeding expectations [3][36]. - In the CITIC first-level industries, the banking and textile sectors have a higher proportion of companies exceeding expectations [26][36]. - Hot concept indices with high public fund holdings, such as the Ningde Times industry chain index, also show a high number of companies exceeding expectations [27][36]. - Among representative industry-themed ETFs, indices like new energy batteries and technology leaders have a higher number of companies exceeding expectations [29][36]. Selected Companies with Exceeding Expectations - Based on the analysis of annual report forecasts and analyst comments, companies such as TCL Technology and Century Huatong are identified as having exceeded expectations for their 2025 annual report forecasts [36][36].

Group 1 - MSCI announced the results of its February index review, adding 37 stocks to the MSCI China Index, including notable A-shares and Hong Kong stocks [1] - The MSCI China Index is significant as it is part of the MSCI Global Standard Index series, which means stocks included will attract substantial passive fund tracking [1] - The adjustments are based on objective quantitative indicators such as market capitalization and liquidity, with four annual reviews scheduled [1] Group 2 - The MSCI Global Standard Index added 63 stocks and removed 61, with the largest new additions being AST SpaceMobile, Coherent Corp, and FTAI Aviation [2] - Adjustments will take effect after the market closes on February 27, 2026, with passive funds likely to adjust their positions at the end of the trading day to minimize tracking error [2] - Historical data shows that newly added A-shares to the MSCI China Index typically achieve stable excess returns between the announcement and the effective date of the adjustments [2] Group 3 - Institutions expect international funds to further increase their holdings in Chinese assets in 2026, with a slight increase in the overweight level of Asian investment funds towards Chinese stocks [3] - UBS identified that 143 out of 800 tracked active overseas funds had no exposure to Chinese stocks as of Q4 2025, indicating potential inflows of $16 billion if these funds reallocate to benchmark weights [3] - Active foreign institutional investors are selectively buying sectors such as internet, insurance, renewable energy, and industrials, while showing caution towards automotive and healthcare sectors [3]

证券代码：002602 证券简称：世纪华通 公告编号：2026-012 浙江世纪华通集团股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决议案的情况。 2、根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》的有关规定，上市公司回购专用账户中的股份不享有股 东会表决权，在计算股东会股权登记日的总股本时应扣减已回购股份，并以此为 准计算股东会决议的表决结果。截至股权登记日，公司回购股份专用证券账户内 存有 27,528,300 股股票，故本次股东会表决权总股数为 7,343,154,022 股。 3、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、召开时间： 现场会议时间：2026 年 2 月 11 日（星期三）下午 14:30； 网络投票时间：2026 年 2 月 11 日；其中通过深圳证券交易所交易系统进行 网络投票的具体时间为 2026 年 2 月 11 日上午 9:15-9:25，9:30-11:30 和下午 1:0 ...

北京市中伦（深圳）律师事务所 关于浙江世纪华通集团股份有限公司 2026 年第一次临时股东会的 法律意见书 $$\underline{{{-}}}\,\mathbf{O}\,\underline{{{-}}}\,\mathbf{\lambda}\,\mathbf{\acute{e}}\,\underline{{{-}}}\,\mathbf{H}$$ 北京市中伦（深圳）律师事务所 关于浙江世纪华通集团股份有限公司 2026 年第一次临时股东会的 法律意见书 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席会议 人员的资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股东 会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对会议 审议的议案内容以及该等议案所表述的事实或数据的真实性及准确性发表意见。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确 ...

Market Overview - The A-share market experienced a strong rally on February 9, with major indices rising across the board and over 4600 stocks increasing in value, indicating active trading sentiment [1][12] - A total of 99 stocks hit the daily limit up, with high-end manufacturing sectors emerging as the primary focus for capital [1] Sector Performance - The high-end manufacturing sector, particularly the electrical equipment industry, showed significant activity, with 17 stocks reaching the limit up, outperforming other sectors [1] - The market displayed a preference for "arbitrage" rather than "creating new trends," with institutions and retail investors not forming a cohesive strategy [2] Key Investment Themes - The core investment themes identified include photovoltaic technology, AI applications, and nuclear fusion, with a notable focus on technology leaders rather than mere capacity expansion [1] - The CPO (Co-Packaged Optics) concept surged by 7.20%, driven by multiple factors including policy support, technological breakthroughs, and increased overseas demand [10][11] Capital Flow Analysis - Significant capital inflow was observed in the communication sector, which rose by 5.17% with nearly 20 billion yuan entering the market, reflecting strong investor interest [5][6] - The top five stocks receiving major capital inflows were primarily in the communication and AI sectors, with NewEase and Tianfu Communication leading the way [7][9] Stock Performance - The stock performance analysis indicated that 79 stocks reached the first limit up, while only 10 advanced to the second limit up, showing a cautious approach from investors [4] - The CPO concept stocks, which have a high weight in the ChiNext 50 index, contributed to a 2.95% increase in the ChiNext 50 ETF, enhancing the attractiveness of the sector [12]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [47]. Core Insights - In Q4 2025, the SW Media Industry Index decreased by 4.92%, with a slight reduction in capital activity, yet it remains at a high level. The fund's heavy allocation in the media sector has shifted to an underweight status, while the gaming sector continues to attract market attention and remains overweight [1][2][10]. - The gaming sector occupies a significant portion of the top ten heavy stocks, indicating high market interest. Among the top ten heavy stocks, eight are from the gaming industry, with notable declines in stock prices for most, except for one stock that saw an increase [2][24]. Summary by Sections 1. Capital Activity - The SW Media Industry Index closed at 819.69 points at the end of Q4 2025, down from 862.14 points at the beginning of the quarter, reflecting a 4.92% decline. The average daily trading volume was 51.09 billion yuan, a decrease of 5.20 billion yuan from the previous quarter [10]. 2. Industry Allocation Status - The allocation ratio for the SW Media Industry in Q4 2025 was 1.63%, with a fund heavy allocation ratio of 1.22%, indicating a low allocation of 0.41%. This reflects a shift from overweight to underweight status [13][16]. - The number of heavy allocation stocks accounted for 50.77% of the total, showing a slight decrease in concentration, ranking 14th among all primary industries [17]. - The gaming sector maintained an overweight status with a 40.26% allocation, while other sub-sectors remained underweight [35][39]. 3. Fund Concentration - The concentration of fund heavy stocks decreased slightly, with the top five, ten, and twenty stocks accounting for 68.74%, 85.72%, and 97.33% of the total fund heavy stock value, respectively, indicating a high concentration in leading stocks [3][43]. 4. Investment Recommendations - Given the current fund allocation and valuation levels in the SW Media Industry, it is suggested to focus on leading companies in the gaming sector, particularly those with rich game license reserves and applications in AI [45].