南方财经全媒体记者 吴立洋 上海报道 时间转向6月，来看本周有哪些值得关注的游戏资讯。 行业动向方面，成都发布新政鼓励游戏电竞企业发展，地方政府对ACG产业的支持正不断加码。 国内公司方面，阅文3.25亿收购艺画开天股权，阅文控股股东腾讯也成为后者持股61.82%的最大股东； 西山居《解限机》宣布将于7月2日全球公测；《黑神话：悟空》后另一款备受关注的国产单机游戏《明 末：渊虚之羽》近日也发布了新预告片，游戏将于7月24日正式发售。 合规监管方面，继美国裁定苹果违法，强制要求其开放三方支付后，欧盟委员会公布了针对苹果的最新 裁决，并要求其在欧盟市场于30日内开放三方支付。 海外方面，拳头游戏进军实体卡牌ACG，《英雄联盟》IP旗下产品《符文战场》并确认将于今年发售； 《NIKKE》《剑星》韩国开发商Shift Up公布旗舰款新游《Project Spirit》；《宝可梦 Go》开发商 Niantic正式宣布以35亿美元出售游戏业务。 成都发布新政鼓励游戏电竞企业发展 近日，成都市人民政府新闻办公室召开数字文创产业系列政策新闻发布会。会上介绍了成都市推动数字 文创产业高质量发展系列政策的相关情况，并就影视、科幻 ...

今天分享的是：传媒行业2025情绪价值系列报告之短剧：短剧流水全球高企中小企业有望海外站稳高台 报告共计：19页 全球短剧市场高增长，中小企业海外发展潜力显著 国内市场：红果主导，长视频平台积极转型 2024年下半年起，以红果短剧为代表的独立APP开启高速增长，2025年Q1使用时长同比增长5.5倍。短剧凭借密集的"情绪钩 子"和较高的广告加载率，商业化效率显著。红果短剧的DAU月广告ARPU达29元，超越爱奇艺、芒果等长视频平台的会员 ARPU。国内市场在字节流量高压下，新兴独立短剧APP崛起难度大，但长视频平台如芒果超媒，若能稳住存量用户并拓展短剧 业务，仍有增长机会。此外，盗版对视频板块的分流影响渐增，尤其是付费剧集，需加强管控。 制片方方面，2025年国内新增平台众多，对上游内容尤其是独占内容的争夺激烈，短期将提高制片方的分账比例，提升利润 率，但长期平台仍具更高议价权。 海外市场：竞争格局更优，中小企业有望成寡头 海外市场呈现收入高增长与风险系数降低的平衡态势。头部平台如Reel Short所属的枫叶互动，2024年已实现净利润791万元，随 着平台进入稳定期，利润增长可期。字节旗下的Melolo上 ...

Group 1 - The core viewpoint of the report maintains the Non-IFRS net profit forecasts for 2025 and 2026 for the company, with a current price corresponding to 20.1x and 17.5x Non-IFRS P/E for those years, respectively [1] - The company has a target price of HKD 36, which corresponds to 25x and 21x Non-IFRS P/E for 2025 and 2026, indicating a potential upside of 21.4% [1] - Recent market interest in the IP economy has led the company to enhance its IP industry chain by acquiring a 26.67% stake in Yihua Kaitian [1] Group 2 - The company's IP derivative business is expected to accelerate, with a projected GMV of over RMB 500 million in 2024, including over RMB 200 million from card products [2] - The company has opened 8 offline stores in major cities and is expanding its sales network through distribution channels [2] - The company plans to focus on lightweight peripheral products and aims to enhance both GMV and profitability through its rich IP resources and a youthful team [2] Group 3 - The company has a rich reserve of projects from Xinli Media, including several series and films planned for 2025 and 2026 [3] - The expected profit for Xinli Media in 2025 is projected to be RMB 380 million, with online business expected to remain relatively stable [3] Group 4 - The company announced the acquisition of a 26.67% stake in Yihua Kaitian for a total consideration of RMB 325 million, increasing its ownership to 31.48% [4] - Yihua Kaitian specializes in animation and game development, with projected pre-tax losses of RMB 61 million and RMB 224 million for 2023 and 2024, respectively [4] - The acquisition is expected to enhance the company's capabilities across the entire IP value chain, from incubation to commercialization [4]

文 | 镜象娱乐，作者丨栗子酒 近日，阅文集团发布公告称，公司拟以3.25亿元收购艺画开天26.67%的股权，后者为热门动漫《灵笼》 的制作方。在此之前，阅文已经持有艺画开天5.17%的股权，此次交易完成后，阅文集团将合计持有艺 画开天约31.48%的股权。， 其中，阅文将从公司管理层（CEO阮瑞、联合创始人陈威、副总裁董相博）和员工持股平台处，以1.15 亿元收购11.89%的股权；从B站关联PE基金（杭州干杯、宁波干杯）处，以2.1亿元收购14.78%的股 权。相对应地，艺画开天创始人阮瑞及公司重要资方之一的B站，均在此次交易中有减持。 另外值得注意的是，阅文的控股股东腾讯也是艺画开天的股东之一。公告中称，由腾讯最终控制的林芝 利创拥有标的公司30.34%的股权，也就是说，此次交易完成后，经员工持股计划摊薄，腾讯系将合计 持有艺画开天61.82%的股权，艺画开天将正式归于腾讯旗下。 估值缩水一半，两年亏损近3亿 从市场的反应来看，阅文此次收购艺画开天的股权，争议颇多，一个重要原因即在于，艺画开天近两年 的业绩并不好看。 公告数据显示，2023年，艺画开天亏损6100万，2024年亏损进一步扩大至2.24亿 ...

★ 宏观动态 ★ 国务院印发《关于开展第四次全国农业普查的通知》 据新华社，国务院日前印发《关于开展第四次全国农业普查的通知》（以下简称《通知》）。根据《中华人民 共和国统计法》和《全国农业普查条例》规定，国务院决定于2026年开展第四次全国农业普查。《通知》指 出，第四次全国农业普查的对象是在中华人民共和国境内的农村住户，包括农村农业生产经营户和其他住户； 城镇农业生产经营户；农业生产经营单位；村民委员会；乡镇人民政府。普查的主要内容包括农业生产条件、 粮食和大食物生产情况、农业新质生产力情况、乡村发展基本情况、农村居民生活情况等。普查的标准时点为 2026年12月31日24时，时期资料为2026年年度资料。 央行将开展10000亿元买断式逆回购操作 央行公告，为保持银行体系流动性充裕，2025年6月6日，央行将以固定数量、利率招标、多重价位中标方式开 展10000亿元买断式逆回购操作，期限为3个月（91天）。 乘联分会：初步统计5月全国乘用车市场零售193万辆，同比增长13% 据乘联分会初步统计：5月1—31日，全国乘用车市场零售193万辆，同比去年5月增长13%，较上月增长10%， 今年以来累计零售88 ...

报告共计：30页 阅文集团AIGC探索：当人工智能成为网文创作的"副驾驶" 在数字内容产业高速发展的今天，人工智能正以前所未有的深度融入创作领域。阅文集团作为国内网络文学领域的领军者，其针对网文垂类开发的AIGC应 用实践，为行业提供了极具价值的参考样本。其核心战略可概括为：以AI为辅助工具赋能创作者，而非取代人类创意，推动网文创作进入人机协同新阶 段。 一、智能创作：打造网文作家的"全能助手" 阅文将智能创作定位为作家的"专业团队"，通过自研的"妙笔"系统，在多个维度提供强大支持： 精准捕捉"网文感" 传统AI生成内容常被诟病缺乏"网文感"。阅文通过专项模型训练突破瓶颈： 对200B级别模型进行增量预训练，针对性强化网文题材（如东方玄幻）的语言风格。 扩展文本处理能力（2K→32K），提升对长章节的指令遵循水平。 数据筛选上，通过高质量语料定义"网文感"，使生成内容在节奏、氛围、用词上贴近真实作品。 （对比案例：原始模型生成的对战场面平淡；妙笔模型则呈现"炸裂地面""鬼魅身法"等网文特色描写） 全方位创作辅助 "妙笔"系统覆盖创作全流程： 世界观构建：自动生成门派势力图谱、修炼境界体系、宝物道具设定，为作家 ...

Group 1 - The Hang Seng Index rose by 0.42%, gaining 98 points to close at 23,752 points, while the Hang Seng Tech Index increased by 0.92% [1] - Kuaishou-W saw a rise of over 4% due to the launch of its new 2.1 series model, with institutions optimistic about its profitability [1] - Jinli Permanent Magnet surged over 13% as overseas medium and heavy rare earth prices significantly increased, expected to gradually transmit to the domestic market [1] - Hongteng Precision rose over 13% as overseas AI leaders maintain positive capital expenditure plans, benefiting the company's AI business [1] - Xindong Company increased by 6.5% with the launch of the international version of "Yise," and institutions are optimistic about the company's performance growth [1] Group 2 - Weimob Group rose by 4.76% following the upgrade of its Weimob Guide Agent product, positioning the company to benefit from the development of WeChat e-commerce [2] - China National Nuclear Corporation (China Tongfu) increased by over 11% as its fluorine-18 betahistine injection entered Phase III clinical trials [3] - Tianli International Holdings rose nearly 12%, with institutions suggesting that private high school diploma institutions may continue to benefit from a long-term supply-demand gap in the industry [3] - Alibaba Pictures rose by 1%, with institutions optimistic about the sustained box office heat during the summer season, indicating long-term cash flow stability for its To C business [3] - Zhaoke Ophthalmology-B increased by 1.36% after receiving FDA approval for its new drug application for cyclosporine eye gel [3] - Reading Group rose by 5.72% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to release more value [3] - Giant Bio fell over 5.63%, having dropped nearly 28% from its previous high, facing ingredient controversies with its skincare brand [3] - Longpan Technology declined over 4% as it plans to issue shares at a nearly 9% discount, raising HKD 117 million [3]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 5, 2025 [1] - Xiaomi Group ranks 4th with a market capitalization of 1768.55 billion [3] - Pinduoduo follows in 5th place with a market capitalization of 1414.68 billion [3] Group 2 - Meituan is ranked 6th with a market capitalization of 1134.9 billion [3] - NetEase is in 7th place with a market capitalization of 805.55 billion [3] - JD.com ranks 8th with a market capitalization of 480.45 billion [4] Group 3 - Semiconductor Manufacturing International Corporation (SMIC) is ranked 9th with a market capitalization of 422.73 billion [4] - Li Auto is in 10th place with a market capitalization of 315.35 billion [4] - Kuaishou is ranked 11th with a market capitalization of 297.97 billion [4] Group 4 - Baidu ranks 12th with a market capitalization of 291.83 billion [4] - Tencent Music is in 13th place with a market capitalization of 274.16 billion [4] - Beike ranks 14th with a market capitalization of 224.29 billion [4] Group 5 - XPeng Motors is ranked 15th with a market capitalization of 193.88 billion [4] - ZTO Express is in 16th place with a market capitalization of 136.36 billion [4] - NIO ranks 17th with a market capitalization of 84.92 billion [4] Group 6 - New Oriental is ranked 19th with a market capitalization of 75.58 billion [4] - Vipshop is in 20th place with a market capitalization of 74.04 billion [4] - TAL Education ranks 21st with a market capitalization of 63.52 billion [4] Group 7 - Kingsoft ranks 22nd with a market capitalization of 58.61 billion [4] - Qifu Technology is in 23rd place with a market capitalization of 57.05 billion [4] - Kingdee International ranks 24th with a market capitalization of 56.89 billion [4] Group 8 - Wancloud Data is ranked 25th with a market capitalization of 50.52 billion [5] - China Civil Aviation Information Network is in 26th place with a market capitalization of 41.6 billion [5] - China Literature ranks 27th with a market capitalization of 38.54 billion [5] Group 9 - Meitu Inc. is ranked 28th with a market capitalization of 38.16 billion [5] - Autohome is in 30th place with a market capitalization of 29.14 billion [5] - Weibo ranks 31st with a market capitalization of 23.71 billion [5] Group 10 - iQIYI is ranked 33rd with a market capitalization of 15.99 billion [6] - Century Internet is in 34th place with a market capitalization of 15.66 billion [6] - Tiger Brokers ranks 35th with a market capitalization of 14.86 billion [6]

此外，阅文集团发布公告，宣布公司拟以3.25亿元收购《灵笼》系列动画制作方艺画开天26.67%的股 权。交易完成及员工持股计划实施后，阅文集团合计持有艺画开天约31.48%的股权 （此前阅文持有 5.17%股权）。 香港消费 ETF (513590) 提供便捷投资工具，该 ETF 可一键打包理想汽车、阅文集团、泡泡玛特等多只 优质港股消费类股票，帮助投资者高效布局港股消费板块，把握行业发展红利 。 数据显示，截至2025年5月30日，中证港股通消费主题指数(931454)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、小米集团-W(01810)、美团-W(03690)、比亚迪股份(01211)、泡泡玛特 (09992)、理想汽车-W(02015)、创科实业(00669)、快手-W(01024)、小鹏汽车-W(09868)，前十大权重股 合计占比76.06%。 港股消费板块早盘走势较为积极，新消费"三姐妹"延续涨势，泡泡玛特涨超1%，老铺黄金涨0.6%股价 站上1000港元，蜜雪集团高开。截至2025年6月5日 10:16，中证港股通消费主题指数(931454)强势上涨 1.21%，成分 ...

Group 1 - The core point of the article is that the Hong Kong stock of the company, Tencent-backed China Literature, surged over 7% following the announcement of its plan to acquire a 26.67% stake in a target company [1] Group 2 - The acquisition is expected to enhance the company's market position and expand its business operations [1] - The stock price increase reflects positive investor sentiment regarding the potential benefits of the acquisition [1] - The strategic move aligns with the company's growth objectives in the digital content industry [1]