Group 1 - The AI concept stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for companies such as Lion Group, which surged over 44%, and Zhipu, which rose nearly 17% [1][2] - A significant number of AI industry chain companies have been listed in the Hong Kong market since the beginning of 2026, sparking a new wave of AI investment enthusiasm and potentially leading the industry into an expansion cycle [1][2] - Open Source Securities has indicated that leveraging capital markets to enhance financing capabilities will benefit the industry by increasing investment in model research and development, thereby driving demand for computing power and accelerating the commercialization of AI applications [1] Group 2 - Institutions are increasingly optimistic about the new track of "Generative Engine Optimization" (GEO) within the AI sector, which is seen as a catalyst for the current market trend [1] - AI search is gradually transforming user decision-making paths, with implications for digital marketing, e-commerce, and the content and experience economy, all of which are expected to provide real-world scenarios for large models [1]

随着技术迭代与应用场景的不断丰富，AI技术在游戏领域的应用已从概念验证进入规模化落地阶段。 作为领先的全球化IP游戏运营商，中手游旗下坐拥《仙剑奇侠传》等国民级经典IP。凭借丰富的IP储 备、成熟的自主研发和联合研发能力，公司有望率先享受技术红利，开启新一轮的价值增长周期。 据悉，2026年中手游将持续探索"AI+游戏"的深度融合，并在游戏玩法的变革与创新上做更多试验，不 断提升产品品质，后续进展值得持续关注。 今日，中手游(00302.HK)股价异动拉升，盘中一度涨超6%，成交量同步放大，市场关注度显著升温。 值得注意的是，今日市场相关板块表现活跃，以IP运营为核心的阅文集团等公司亦同步走强。分析人士 指出，此次股价异动正值AI技术加速落地、深度赋能内容产业的关键节点，一定程度上反映出投资者 对AI技术驱动下IP内容产业的成长预期正持续强化。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中手游科技集团有限公司 本月底法定/註冊股本總額： USD 500,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00302 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | ...

Core Viewpoint - The Hong Kong stock market saw a collective surge in mobile game stocks, indicating a positive trend in the sector [1] Group 1: Stock Performance - Blueport Interactive rose over 10% [1] - Zhongjiu Mobile and Tanwan increased by over 6% [1] - NetEase and Feiyu Technology both saw gains of over 5% [1] - Boya Interactive climbed over 4% [1] - Friendship Time and Tencent both grew by over 3% [1] - NetDragon, Kingsoft, Bilibili, ZhiJianYueDong, and Seventh Avenue all experienced increases of over 2% [1]

港股游戏板块个股中手游(0302.HK)今日股价出现明显异动，盘中大幅上涨5.41%。 本文源自：金融界AI电报 ...

近年来，中手游持续深化对《仙剑奇侠传》IP生态的构建与运营，积极拓展动画、影视、衍生品等多元 内容形态，成效正逐步显现。市场观察人士认为，随着《仙剑奇侠传四》重制版进入实质性开发阶段， 以及动画等衍生内容的持续输出，其带来的用户反馈、流量效应以及潜在的商业收益，将持续影响市场 对中手游及"仙剑奇侠传"IP价值的评估。IP生态的价值释放，有望为中手游打开新的增长空间。 作为国产经典IP的代表，《仙剑奇侠传》借助前沿技术重塑与多元内容形态改编，正持续释放其深厚的 品牌价值与商业潜力，引发行业与用户群体的高度关注。12月29日，由虚幻引擎5(UE5)全面打造的《仙 剑奇侠传四》重制版正式发布首支预告，迅速在社交媒体和游戏社区引发热议。12月30日，系列首部官 方授权动画《仙剑奇侠传三》在腾讯视频全网独播，上线前预约量即突破100万人次，开播后迅速登顶 平台动漫热搜榜。 责任编辑：栎树 12月31日，港股游戏板块个股中手游(0302.HK)今日股价出现明显异动，盘中大幅上涨5.41%。市场分析 认为，此次股价走高，或与近期中手游旗下核心IP《仙剑奇侠传》在"影视+游戏"双线连续释放重磅利 好消息、市场关注度与价值预期 ...

Core Insights - The classic IP "The Legend of Sword and Fairy" (referred to as "Xianjian") has released significant updates, including a trailer for the remastered version of "Xianjian 4" and the premiere of the official animation "Xianjian 3" [1][3] Group 1: Game Development - The remastered version of "Xianjian 4" utilizes Unreal Engine 5 (UE5) to reconstruct scenes and character models, significantly enhancing visual quality and interactive experience while preserving the essence of the original storyline [3] - The remastered version aims to meet the emotional expectations of long-time players and inject new technological vitality into the IP [3] Group 2: Animation and Content Distribution - The animation "Xianjian 3" seeks to balance nostalgia and innovation, leveraging Tencent Video's distribution capabilities to reach a broad user base, laying the groundwork for long-term content output [5] - The pre-launch reservation for "Xianjian 3" exceeded 1 million, and it quickly ranked on the platform's anime trending list after its release [1] Group 3: IP Management and Strategy - Since 2021, Zhongyou Mobile has secured the global complete rights to the "Xianjian" IP and has engaged in strategic partnerships across various fields to enhance the IP's value [5] - The company is actively developing multiple projects for the IP, including short dramas and films, indicating a long-term and diversified approach to IP adaptation [5] - As the gaming industry shifts to a phase of stock competition, classic IPs with high recognition and emotional resonance are becoming key assets for companies to build long-term competitiveness [5]

Core Insights - The core viewpoint of the article emphasizes that the overseas expansion of Chinese gaming companies, particularly CMGE, is becoming essential due to the competitive nature of the domestic mobile gaming market. CMGE's overseas revenue reached 235 million yuan in the first half of 2025, accounting for 30.8% of total revenue, marking a 33.2% year-on-year growth [1][9]. Group 1: Overseas Expansion Strategy - CMGE's overseas strategy follows a clear "domestic-foreign" progression, where products are first validated in the Chinese market before being systematically introduced to culturally similar overseas regions [3][11]. - The game "New Sword and Fairy: Swinging Sword to Ask for Love" achieved over 8 million pre-registrations and generated over 200 million yuan in its first month domestically before launching in Hong Kong, Macau, and Taiwan, topping the free and sales charts in those regions [3][11]. - Another product, "New Legend of the Condor Heroes: Blood and Heart," maintained a leading position domestically before launching overseas five months later, achieving rapid success in the Hong Kong, Macau, and Southeast Asian markets through localized adaptations [3][11]. Group 2: Product Development and Localization - CMGE's approach is not merely about replicating successful products but involves deep adaptation of content, pacing, and marketing strategies to fit regional characteristics, thereby forming a reusable and refined overseas expansion model [4][12]. - The adaptation of the top national comic IP "Dou Po Cang Qiong: Peak Showdown" successfully integrated into users' daily lives, achieving high rankings in multiple regions after its overseas launch [4][12]. Group 3: Industry Trends and Future Challenges - Despite success in culturally similar markets, CMGE faces challenges in expanding into Western markets, where preferences lean towards original IPs and open-world gameplay, necessitating fundamental innovations in product design and cultural expression [6][13]. - The industry is evolving towards a hybrid monetization model centered on "free download + ad monetization," which now accounts for over half of global gaming revenue. CMGE is reportedly developing numerous IAA products for overseas validation [6][13][14]. - Future product launches include "Three Kingdoms: Heroes of the Flames" in multiple Asian markets, with plans for further expansion into Vietnam and South Korea, highlighting the need for CMGE to respond flexibly to global market dynamics [6][14]. Group 4: Overall Assessment - CMGE's 30.8% growth in overseas revenue is a rational outcome based on its regional deepening, IP operation, and gradual expansion strategy, reflecting a broader trend in the globalization of the Chinese gaming industry [8][16].

Core Insights - The core viewpoint of the article is that the overseas expansion of Chinese gaming companies, particularly CMGE, has transitioned from an optional strategy to a necessity as the domestic mobile gaming market enters a phase of stock competition. CMGE's overseas revenue has significantly increased, indicating a successful shift in strategy [1][3]. Group 1: Financial Performance - CMGE's overseas publishing revenue reached 235 million yuan, accounting for 30.8% of total publishing revenue, a substantial increase from 14.1% in the same period last year, representing a year-on-year growth of 33.2% [1]. - The company has achieved notable success in various overseas markets, particularly in culturally similar regions such as Hong Kong, Macau, Taiwan, and Southeast Asia [4][15]. Group 2: Localization Strategy - CMGE employs a "domestic verification, overseas publishing" strategy, initially testing products in the Chinese market before launching them in culturally similar overseas regions, which has proven effective [4][9]. - The localization efforts go beyond mere language translation, delving into local customs and user habits, allowing for precise control over localized operations [4][10]. Group 3: Successful Products - The game "New Legend of Sword and Fairy" achieved over 8 million pre-registrations in China and generated over 200 million yuan in its first month, leading to its successful launch in Hong Kong, Macau, and Taiwan [6]. - "True Three Kingdoms" has seen significant success in various markets, including a rapid ascent to the top of the iOS free charts in Japan shortly after its release [8]. - The "Douluo Continent" series has also followed a successful path, achieving top rankings in both domestic and Southeast Asian markets [9]. Group 4: Technological Integration - CMGE has begun integrating AI technology into its overseas marketing efforts, including areas such as storyline generation and multilingual text conversion, aiming to enhance development efficiency and reduce costs [11][24]. Group 5: Market Adaptation and Future Strategies - The company recognizes the need to adapt its strategies to address potential limitations in its current approach, particularly in rapidly evolving global markets [17][18]. - CMGE is exploring hybrid monetization models, which have gained traction in the gaming industry, to enhance its adaptability in overseas markets [20][23]. - The company aims to balance regional depth with global expansion, focusing on creating a systematic and replicable approach to product design and localization strategies [18][25].

在"游戏经济"生态规模突破1.2万亿元的2025年，品牌差异化、用户忠诚度与长期价值创造能力，已取代单纯的流量争夺，成为衡量企业核心竞争力的关键 标尺。 近日，中手游在格隆汇"金格奖·年度卓越公司榜单"中荣获"年度品牌价值奖"，这一聚焦品牌差异化、知名度、客户忠诚度等多维度评估的奖项，不仅是对 其行业地位的认可，更印证了其战略布局与游戏行业高质量发展趋势的契合。 可以说，中手游拥有的IP在知名度和粉丝基础上的优势，使其在游戏开发与商业化运作中具备天然的差异化竞争力，这也是其品牌价值能够持续提升的核心 逻辑。 回溯今年游戏行业发展脉络，政策优化与版号充足构筑了产业稳健增长的基础。《2025年中国游戏产业报告》显示，今年国内游戏市场实际销售收入达 3507.89亿元，同比增长7.68%，用户规模突破6.83亿。 在此背景下，中手游的品牌价值提升是其立足IP核心、布局全球化与轻量化赛道、践行技术创新的综合成果，这也为其在资本市场获得认可提供坚实支撑。 IP生态筑底，构建品牌价值护城河 在游戏行业价值重构的过程中，优质IP已成为连接文化内核与商业价值的核心载体，也是中手游品牌价值的根基所在。 今年恰逢"仙剑奇侠传"I ...