Group 1 - The core viewpoint is that despite short-term volatility due to rising trade tensions, the long-term outlook for Chinese assets remains positive, with opportunities for investors to buy on dips [1][3][6] - The Nasdaq Golden Dragon China Index rose by 3.21%, with significant gains in various Chinese ETFs, indicating a strong rebound in Chinese stocks [2][6] - UBS reports that the MSCI China Index may find strong support around the 74 level, suggesting that investors are likely to buy on dips [6][7] Group 2 - Analysts from multiple firms believe that the current market environment differs from April, with a clearer "loose monetary + loose fiscal" policy, which may provide support for the market [3][4] - The long-term trend for A-shares is expected to remain bullish, driven by structural recovery in earnings and credit [4][7] - Foreign capital inflows into the Chinese stock market have rebounded significantly, with $4.6 billion net inflow in September, indicating renewed confidence from global investors [7][8] Group 3 - Goldman Sachs has raised its capital expenditure forecast for Tencent to 350 billion yuan, citing AI's positive impact on its business lines [8] - Alibaba's capital expenditure forecast has also been significantly increased to 460 billion yuan, with a positive outlook on its cloud revenue growth [8] - The overall sentiment among foreign investment firms is optimistic regarding the Chinese market, with many viewing recent stock price corrections as buying opportunities [6][7][8]

本报记者 李豪悦 中国游戏在全球电竞舞台影响力的提升，也不断推动国内电竞产业获得投资人青睐。 同花顺数据显示，截至10月13日收盘，A股电子竞技概念股年内涨幅为32.32%。《2025年1-6月中国电 子竞技产业报告》显示，2025年上半年，中国电子竞技产业持续发展，实现收入127.61亿元，同比增长 6.10%；截至6月份，中国电子竞技用户规模近4.93亿人。 EWC是沙特自2024年开始举办的全球性顶级电竞赛事，已成为中国电竞游戏彰显海外影响力的重要平 台。 "中国电竞产业已经在产品、赛事、直播、俱乐部等领域形成一条相对成熟的完整产业链。未来，赛事 门票、版权、IP授权以及文旅融合等，都有庞大潜力待挖掘。"广州艾媒数聚信息咨询股份有限公司 CEO张毅向《证券日报》记者表示。 沐瞳科技相关负责人向《证券日报》记者表示，中国电竞游戏参与全球竞争，为不同文化背景的玩家提 供了交流互动的平台。中国电竞游戏在全球舞台上的亮相，能够推动电竞产业发展，有助于完善电竞产 业链。从游戏研发、赛事运营，到电竞教育、衍生品开发等，都能得到进一步发展。 责任编辑：屠欣怡 目前来看，腾讯、沐瞳科技旗下均有游戏连续3年成为EWC正赛 ...

10月7日，拳头「英雄联盟IP」格斗游戏《2XKO》在PC平台开启了不删档公测。这款游戏于2019年EVO大赛（进化冠军系列赛，全球规模最大的格斗游 戏电子竞技赛事之一）期间首次曝出。 而在今年6月，由索尼发行、知名格斗游戏《罪恶装备》系列开发商Arc System Works开发的「漫威IP」格斗游戏《漫威斗魂》公布了预告，这款游戏将于 2026年登陆PS5及PC平台。 8月，腾讯魔方工作室的格斗游戏《异人之下》也结束了二测「百相测试」。 在主流论调里，街机时代叱咤风云的格斗游戏在如今已经是式微、小众的旧时代残党。这种论调也不能说错，即使是新世代最火的格斗游戏《街霸6》 Steam平台的日常最高在线也就4万左右。 什么是格斗游戏？ 与同是动作游戏分支的射击游戏不同，格斗游戏与其他动作游戏分支并不是那么泾渭分明。毕竟，拿枪射击和近身战斗很好区分，但如果同样是拳头战 斗，就很难去区分了。 即使是有着「游戏界奥斯卡」之称的TGA，也在2022年将《师父》提名为最佳格斗游戏。这让很多FTG玩家费解，即使它有搓招和博弈的设计，但它更像 3D版本的清版动作游戏，而非格斗游戏。 那么拳头、索尼、腾讯这些大厂为啥都扎堆做格 ...

Group 1 - Tencent's new game "Code GP" has launched a technical test recruitment, focusing on high mobility and solo shooting gameplay, with "爽打" (爽打) as a core competitive feature [1] - The game differentiates itself from Tencent's existing titles like "Exoborne" and "Code: Eclipse," representing a new self-developed project [1] - Despite having a first-mover advantage, "Code GP" faces challenges from increased competition in the genre and the balance between "爽打" and strategic elements affecting player retention [1] Group 2 - Youxing Network's first self-developed game "Star Tower Traveler" is set for public testing on October 20, featuring a lightweight operation system and strategic construction core [2] - The game aims to carve out a new niche in the crowded open-world anime game market, with a focus on controllable development costs and shorter recovery cycles [2] - The 2025 market for anime games shows signs of recovery, but past failures of titles like "White Night Extreme" and "Mist Realm Sequence" highlight industry risks [2] Group 3 - Ruyi Jingxiu's simulation game "Immortal World Master" is scheduled for its first test on October 23, combining popular elements of "infinite flow crossing" and "apocalyptic cultivation" [3] - The game seeks to differentiate itself in the competitive Xianxia genre through innovative storytelling and diverse gameplay [3] - Challenges include rising user acquisition costs and the need for frequent content updates to maintain player engagement, as seen in other titles that failed to sustain momentum [3]

| | 手部港股 | | 音港主板 | | | 创业板 | | 香港股票ADR | > | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | 1 | 腾讯控股 | 9 00700 | 639.000 | 12.500 | -1.92% | TCEHY | 635.081 | -3.919 | -0.61% | 81 | | 2 | 阿里巴巴-W | 09988 | 162.600 | -2.800 | -1.69% | BABA | 162.223 | -0.377 | -0.23% | 166 | | 3 | 汇丰控股 | 00005 | 102.600 | -0.900 | -0.87% | HSBC | 103.412 | +0.812 | 0.79% | 66 | | 4 | 建设银行 | 00939 | 7.320 | -0.020 | -0.27% | ...

| HK 01810 | 04.1 JIL | 21.1416 | +7.61 Z | | --- | --- | --- | --- | | 中芯国际 | 31.68 乙 | 18.82亿 | 50.50亿 | | HK 00981 | | | +12.86亿 | | 腾讯控股 | 26.66亿 | 18.03亿 | 44.69亿 | | HK 00700 | | | +8.63 乙 | | 来可未营体 HK 01347 | 17.99亿 | 12.39 乙 | 30.38亿 | | | | | +5.60 乙 | | 盈富基金 | 21.01亿 | 2683.27万 | 21.28亿 | | HK 02800 | | | +20.75亿 | | 美团-W | 9.741Z | 4.62亿 | 14.36亿 | | HK 03690 | | | +5.12 乙 | | 中兴通讯 | 8.33亿 | 5.35亿 | 13.68 乙 | | HK 00763 | | | +2.97 乙 | | 药明生物 | 4.28亿 | 6.96亿 | 11.24亿 | | HK 02269 | | | -2.68 Z- | ...

Group 1 - The "2026 Esports World Cup" (EWC) has announced 20 main event titles, with Tencent and Mutong Technology having a total of 7 games selected, and 4 more titles pending announcement, indicating potential for further inclusion of Chinese games [1] - EWC, hosted by Saudi Arabia starting in 2024, serves as a significant platform for showcasing the global influence of Chinese esports games [1] - Mutong Technology's representative stated that Chinese esports games provide a platform for interaction among players from diverse cultural backgrounds, which can drive the development of the esports industry and enhance the industry chain [1] Group 2 - Tencent and Mutong Technology have had games recognized as main event titles for three consecutive years at EWC [2] - Mutong's international event manager highlighted the recognition of "Victory Peak" as a core project, aiming to establish excellence standards and promote sustainable development in the global esports industry [2] - The increasing influence of Chinese games on the global esports stage is attracting investor interest in the domestic esports industry, with A-share esports concept stocks rising by 32.32% year-to-date as of October 13 [2] Group 3 - The Chinese esports industry achieved a revenue of 12.761 billion yuan in the first half of 2025, reflecting a year-on-year growth of 6.10%, with nearly 493 million users by June [2] - The Chinese esports industry has developed a relatively mature and complete industry chain across products, events, live streaming, and clubs, with significant potential in areas like ticket sales, copyrights, IP licensing, and cultural tourism integration [2]

风雨之后彩虹更美，游戏和中概互联继续坚定看好 20251013 摘要 多家游戏公司上半年收入表现亮眼，如凯英业绩增速快，ST 华通海外市 场表现优异，预计 2026 年利润将持续增长，游戏行业展现稳定性和长 期增长潜力。 中概互联板块及 AR 应用领域前景广阔，腾讯通过游戏业务支撑新业务， AI 应用成为新增长点。阅文集团利用 Sora two 生成视频或动漫，提升 IP 资产价值。美图在欧洲市场 AR 技术应用广泛。 中国游戏公司在全球范围内具备显著优势，吉比特、巨人网络等公司业 绩增速远超 Take-Two 和 Roblox 等国际同行，中国游戏公司应获得更 高溢价。 腾讯在 AI 应用方面潜力巨大，包括 Agent、腾讯会议 AR 功能，以及阅 文集团通过 Sora two 生成内容。这些创新提升用户体验，增加商业价 值，可能带来 IP 资产重估收益。 对汇量、美图、阅文等公司未来四季度持乐观态度，这些公司在 AR 应 用方面有显著进展，心动网络表现稳定，预计传媒板块数据良好，且不 受贸易战影响。 Q&A 如何看待当前游戏板块的表现及未来发展前景？ 当前游戏板块整体表现强劲，尽管经历了一些调整，但仍处于 ...

Core Viewpoint - On October 13, Kingsoft Software made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 19.32 billion HKD and a net buy of 2.86 billion HKD, closing up 13.82% [2][3]. Group 1: Trading Activity - The total trading volume of active stocks on the Hong Kong Stock Connect on October 13 was 1080.35 billion HKD, accounting for 47.59% of the day's total trading amount [2]. - Alibaba-W had the highest trading volume at 322.98 billion HKD, followed by SMIC and Xiaomi Group-W with trading volumes of 177.21 billion HKD and 153.23 billion HKD, respectively [2]. - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 15 times, indicating strong interest from Hong Kong Stock Connect funds [2]. Group 2: Individual Stock Performance - Kingsoft Software's trading volume was 19.32 billion HKD, with a net buy of 2.86 billion HKD, marking its first appearance on the active list in a month [2][3]. - The stock closed at 36.56 HKD, reflecting a daily increase of 13.82% [3]. - Other notable stocks included Tencent Holdings with a trading volume of 136.00 billion HKD and a net sell of 24.45 billion HKD, and SMIC with a trading volume of 177.21 billion HKD and a net sell of 5.24 billion HKD [2].

Core Points - The Hang Seng Index fell by 1.52% on October 13, closing at 25,889.48 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 19.804 billion [1] - The total trading volume for the Stock Connect on October 13 was HKD 227.017 billion, with a net buy of HKD 19.804 billion [1] - Active stocks in the Shanghai Stock Connect included Alibaba-W, which had the highest trading volume at HKD 22.610 billion, followed by SMIC and Xiaomi Group with HKD 12.670 billion and HKD 9.133 billion respectively [1] - The top net buy stock was the Tracker Fund of Hong Kong, with a net inflow of HKD 5.208 billion, despite its closing price dropping by 1.56% [1] - Tencent Holdings had the highest net sell amount at HKD 3.308 billion, with a closing price decrease of 1.92% [1] Trading Activity Summary - In the Shenzhen Stock Connect, Alibaba-W led with a trading volume of HKD 9.688 billion, followed by Xiaomi Group and SMIC at HKD 6.189 billion and HKD 5.050 billion respectively [2] - The Tracker Fund of Hong Kong recorded a net buy of HKD 2.075 billion, while the highest net sell was for Innovent Biologics at HKD 0.515 billion, with a closing price drop of 4.20% [2] - The trading data for the top active stocks included significant fluctuations in net buy and sell amounts, indicating varied investor sentiment [2]