游戏行业半年报总结及展望：游戏为何"焕发新 生"20250911 2025 年上半年，17 家核心游戏公司收入增速平均值为 12%-18%，二 季度加速明显。腾讯和网易受益于头部游戏表现，增速创 2022 年来新 高；心动、ST 华通、巨人、吉比特等中型公司增速也超过 20%，主要 来自老游戏运营和新游戏带动。 上半年游戏公司利润端表现亮眼，扭亏及利润高增公司数量增加。ST 华 通和吉比特收入增速分别为 80%和 100%，利润增速超 80%和 20%。 三七互娱和完美世界通过控费降本实现利润增长。业绩增长主要由收入、 毛利率提升及期间费用率下降驱动。 二季度游戏板块毛利率从 2023 年一季度的 65%提升至 69%，主要原 因是运营效率提升、新游戏贡献及用户向官方渠道转移。研发费用率从 2023 年一季度 48%降至 2025 年二季度 29%，管理费用率也下降，AI 技术应用是研发费用率下降的重要因素。 2025 年上半年，国内自研网络游戏市场收入达 1,405 亿元，同比增长 19%，为 2021 年来新高。版号供给增加，从 2023 年的 80 多款增至 的亮眼表现。头部公司和一批中型公司共同呈现出 ...

Core Insights - Anthropic has announced a complete ban on the use of its AI programming tool Claude Code by companies with over 50% ownership by Chinese entities, which is expected to accelerate the development of domestic AI programming tools [1][2] - Claude Code processes nearly 200 million lines of code weekly and generates an annual revenue of approximately $500 million [1] - Domestic companies such as Tencent, DeepSeek, and Alibaba are actively developing AI programming tools, with Tencent's CodeBuddy Code recently entering public testing [1][2] Company Developments - DeepSeek V3.1 has gained significant attention in the international developer community for its performance in AI programming [1] - Tencent's CodeBuddy Code supports multiple formats including plugins, IDE, and CLI, allowing developers to automate the entire development and operations process using natural language [1][2] - Over 90% of Tencent's engineers are currently using CodeBuddy, resulting in an average coding time reduction of over 40% [2] Industry Trends - The ban by Anthropic highlights the risks of over-reliance on foreign AI services, prompting a push for a more robust domestic AI service ecosystem [2] - The emergence of domestic AI programming tools is seen as a counter to the dominance of OpenAI, with a growing demand for self-sufficient and controllable tools in the market [2]

（万港元） 2025.09.11 87.40 633.000 624.000 55048.01 2025.09.10 86.60 638.500 628.500 55042.11 2025.09.09 88.30 627.500 619.000 55099.18 2025.09.08 89.70 618.500 605.500 55052.28 2025.09.05 91.30 608.500 597.000 55076.23 2025.09.04 92.50 605.000 591.000 55058.44 2025.09.03 91.60 612.500 596.500 55071.50 2025.09.02 91.30 608.000 599.500 55035.42 2025.09.01 91.00 609.500 601.500 55047.65 2025.08.29 91.90 605.000 594.500 55030.00 2025.08.28 92.70 598.500 590.500 55084.98 2025.08.27 90.90 614.500 596.000 55028.60 20 ...

（文章来源：证券时报网） 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额43.57亿港元；其次是中芯国 际、信达生物，成交金额分别为31.32亿港元、25.38亿港元。以净买卖金额统计，有9只股为净买入，净 买入金额最多的是信达生物，净买入8.47亿港元，该股收盘下跌2.51%。净卖出金额最多的是腾讯控 股，净卖出2.29亿港元，收盘股价下跌0.63%。（数据宝） 9月11日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 807479.68 | 294622.95 | 0.35 | | 03690 | 美团-W | 港股通(沪) | 618384.12 | -93589.06 | -5.06 | | 00981 | 中芯国际 | 港股通(沪) | 491038.39 | 41745.30 | 4.97 | | 09988 | 阿里巴巴-W | 港股通(深) | 435748.00 | 7 ...

Market Overview - On September 11, the Hang Seng Index fell by 0.43% with a total southbound trading volume of HKD 172.21 billion, including buy transactions of HKD 95.60 billion and sell transactions of HKD 76.61 billion, resulting in a net buy of HKD 18.99 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 68.48 billion, with buy transactions of HKD 39.70 billion and sell transactions of HKD 28.78 billion, leading to a net buy of HKD 10.92 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading volume of HKD 103.74 billion, with buy transactions of HKD 55.91 billion and sell transactions of HKD 47.83 billion, resulting in a net buy of HKD 8.07 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading volume of HKD 124.32 billion and a net buy of HKD 37.30 billion, closing with a price increase of 0.35% [1][2] - Other notable stocks included Meituan-W and SMIC, with trading volumes of HKD 84.52 billion and HKD 80.43 billion, respectively [1] - Tencent Holdings had the highest net sell amount of HKD 11.51 billion, closing down by 0.63% [1][2] Continuous Net Buying and Selling - Alibaba-W and SMIC were the only two stocks with continuous net buying for more than three days, with Alibaba-W having a total net buy of HKD 371.43 billion over 15 days and SMIC with HKD 15.76 billion over 3 days [2] - Stocks with continuous net selling included Kangfang Biotech, Tencent Holdings, and Meituan-W, with total net sell amounts of HKD 17.48 billion, HKD 14.61 billion, and HKD 10.28 billion, respectively [2]

Core Insights - Tencent Meeting has launched the "AI Hosting" feature, integrating Tencent Yuanbao AI Assistant to provide intelligent meeting and recording services, marking a significant step towards automation in the video conferencing sector [1][2] - The AI Hosting feature allows users to automatically participate in meetings and generate complete meeting minutes, addressing pain points for users dealing with multiple concurrent meetings, business trips, and urgent tasks [1] Group 1 - The AI Hosting feature enables users to select the option from the meeting list on Tencent Meeting's homepage, allowing the AI assistant to record meeting content without the user's physical presence [1] - This feature supports simultaneous hosting of multiple meetings, overcoming the technical limitation of a single account participating in only one meeting at a time [1] - For frequent business travelers, the AI Hosting function offers pre-configuration options, ensuring that key information is not missed when meetings start [1] Group 2 - From a technical perspective, Tencent Yuanbao performs core functions such as voice recognition, content understanding, and document generation during meetings [2] - After meetings, users can interact with Yuanbao for in-depth inquiries about key points and task assignments, extending the functionality from passive recording to active service [2] - The launch of the AI Hosting feature reflects the trend of enterprise video conferencing products moving towards intelligent transformation, addressing the industry's focus on improving meeting efficiency and reducing repetitive tasks [2]

腾讯正站在AI变现的新起点，微信生态的社交-交易-AI深度融合，有望为公司带来千亿级别的增量收入和盈利空间。 据追风交易台最新消息，摩根大通最新研报显示，随着微信将交易功能与AI智能体和消费者洞察深度结合，腾讯有望在2030年实现高达4,260亿元 的AI相关增量收入，带来10%-56%的盈利上行空间。 这一评估基于社交、交易和生成式AI融合所形成的三个层次价值创造模式。核心逻辑在于，AI将极大提升微信生态内的流量转化效率，使腾讯在 电商和本地生活服务领域的议价能力显著增强，进而占据商家线索生成预算的更大份额。 该投行维持腾讯"增持"评级，将目标价上调至685港元，基于19倍的2026年预期市盈率。分析师认为，社交应用引入生成式AI将进一步强化其在网 络活动中的流量来源角色。 微信生态的交易基础：流量与支付闭环 微信已成为中国最具影响力的社交与交易平台。2024年，微信电商及本地生活服务的GMV（成交总额）约为3万亿元，占中国社会消费品零售总 额的6%。 摩根大通认为，这一规模尚未充分反映AI赋能的增量空间。微信小程序、支付体系和高频社交互动，构建了天然的流量与交易闭环，为AI变现奠 定坚实基础。 摩根大通预 ...

美高梅中国(02282.HK)：斥资1624.63万港元回购100万股，回购价16.04-16.45港元。 中广核新能源(01811.HK)：前8月发电量约12850.5吉瓦时，同比减少1.6%；8月份发电量1543.7吉瓦时，同比减少5.7%。 智通财经9月11日讯（编辑 冯轶 汤赞淇）智通财经为您带来今日港股重要公告 1）公司要闻 新天绿色能源(00956.HK)：前8月发电量987.87万兆瓦时，同比增加10.55%；8月份发电量78.48万兆瓦时，同比增加23.53%。 远洋集团(03377.HK)：前8个月协议销售额为164.4亿元，同比减少25.9%；8月份协议销售额约为17亿元，同比减少17.5%。 合生创展集团(00754.HK)：前8月合约销售金额约99.02亿元，同比减少15.6%；8月合约销售金额约3.34亿元，同比减少38.4%。 越秀交通基建(01052.HK)：前7月广州北二环高速路费收入累计约6.03亿元，同比减少0.7%。 华油能源(01251.HK)：附属与中关村科技租赁订立融资租赁协议。 日清食品(01475.HK)：拟3068万元竞得珠海地块，拟用于作建设新生产设施。 鲁 ...

证券日报网讯红棉股份9月11日在互动平台回答投资者提问时表示，新仕诚公司与腾讯公司的物业租赁 合同正常履行。 （文章来源：证券日报） ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 43.57 亿元 | +7.84 亿元 | | 中芯国际(00981) | 31.32 亿元 | +5.15 亿元 | | 信达生物(01801) | 25.38 亿元 | +8.47 亿元 | | 康方生物(09926) | 24.18 亿元 | +3.65 亿元 | | 美团-W(03690) | 22.68 亿元 | +8.39 亿元 | | 石药集团(01093) | 21.59 亿元 | +2.67 亿元 | | 腾讯控股(00700) | 17.39 亿元 | -2.29 亿元 | | 百济神州(06160) | 17.30 亿元 | +8.27 亿元 | | 三生制药(01530) | 16.52 亿元 | +2.15 亿元 | | 中国生物制药(01177) | 16.02 亿元 | +3.24 亿元 | 智通财经APP获悉，2025年9月11日当天，阿里巴巴-W(09988)、美团-W(03690)、中芯国际(00981)位居 沪港通（南向 ...