Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

在人才培养方面，金山创新推行 "产教融合" 模式，构建 "企业 - 高校 - 生态" 三赢格局。通过与武汉 13 所高校携手，共建 "工程师训练营""前置训练营 + 四好程序员" 等培养体系，以真实项目为驱动开展高 强度实训，四年来已培养近 4000 名专业人才，年均输送 400 余名适配研发人才。 未来，金山将持续加大研发投入，深度融入湖北国家科技创新中心建设，进一步深化产学研协同创新， 以更扎实的科技创新实力、更完善的人才培养体系，为武汉打造 "世界光谷"、实现高质量发展注入持 久动能。 图为武汉金山软件园 金山集团供图 近日，"智启珞珈・Python 金山营" 结课答辩在武汉大学举行，集中展现了金山软件集团与高校产教融 合的丰硕成果。作为软件行业排头兵，金山自 2017 年落户武汉以来，以科技创新为核、产教融合为 翼，持续深化 "万人研发中心" 建设，为武汉高质量发展注入强劲动能。 武汉高校云集、人才富集，成为金山布局的重要支点。响应 "百万校友资智回汉" 号召，金山武汉总部 聚焦软件开发、互联网服务等优势业务，目前金山与小米在汉员工已突破 9500 人，正向 "万人研发中 心" 目标稳步迈进。旗下金山 ...

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]

Group 1 - The stock of Tongdao Liepin (06100) rose by 10.17%, reflecting market recognition of its "AI recruitment strategy" and "financial stability" [1] - The restaurant sector saw significant gains, with Haidilao (06862) up 7.7%, Jiumaojiu (09922) up 5.38%, and Helens (09869) up 6.67%, driven by demand recovery since early 2023 [1] - Voice Technology (02495) surged over 10% after announcing a share issuance of 6.73 million shares at HKD 46.3 each, with approximately 50% of the proceeds allocated for R&D [1] Group 2 - Alibaba-W (09988) increased by nearly 5%, following announcements at the 2025 Cloud Summit regarding changes to hardware infrastructure in response to new market demands [1] - Hua Hong Semiconductor (01347) rose over 5.3% after announcing a plan to acquire approximately 97.5% of Huali Micro for CNY 8.268 billion [2] - Jiufang Zhitu Holdings (09636) saw an increase of nearly 8%, attributed to active market trading with a daily turnover reaching CNY 3.6 trillion [2] Group 3 - Jingtai Holdings (02228) rose over 5.5%, with a month-to-date increase of nearly 50%, following the successful dual approval of its incubated company ReviR's innovative drug RTX-117 [2] - Xun Ce (03317) briefly rose over 6%, reaching a new high of HKD 68, due to a strategic cooperation framework agreement with Jinyong Investment [2] - Alibaba Health (00241) surged over 14.2%, with a month-to-date increase exceeding 30%, following the announcement of a milestone solution in the infant vascular tumor treatment field [3] Group 4 - Bitcoin rose over 2.5%, reaching USD 93,500, with Bitcoin-related stocks also increasing, including MSTR up 6.63% and COIN up 4% [4] - GCDT, a green decarbonization technology company, saw its stock price surge 25% after its IPO, which aims to raise approximately USD 10 million for factory construction and debt repayment [4] - Lithium giant Albemarle (ALB.US) rose 4.46%, with analysts noting a reduction in concerns over its balance sheet as it achieves leverage optimization [4] Group 5 - Gold concept stocks showed mixed performance, with AngloGold Ashanti (AU.US) up 1.11% and Barrick Mining (B.US) up 1.39%, while some others declined [5] - Google (GOOGL.US) increased by 1.24% following a significant partnership with Apple to advance AI technology, with Google's Gemini model becoming a core support for future Apple devices [5] - Payment concept stocks continued to decline, with major banks also falling, amid concerns over potential impacts from proposed credit card interest rate caps [6] Group 6 - Intel (INTC.US) and AMD (AMD.US) saw initial gains of 7.33% and 6.39%, respectively, after KeyBanc Capital Markets upgraded their ratings to "overweight" [6] - Rezolve AI (RZLV.US) fell 9.23% despite raising its long-term revenue forecast, indicating significant commercialization progress [7] - Satellogic (SATL.US) declined 1.11% after a previous surge, following the announcement of a contract for two high-resolution satellites [7]

Core Viewpoint - Kingsoft Software's stock price increased by 6.23%, currently at HKD 33.42, with a trading volume of HKD 375 million [1][4] Group 1: Game Launch and Performance - On January 7, Kingsoft's subsidiary, Kingsoft Game, launched the mobile game "Goose Goose Duck" for full platform public testing [1][4] - As of January 13, the game has gained over 10 million new users within six days of launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1][4] Group 2: Financial Performance and Market Strategy - According to a report from Galaxy Securities, Kingsoft Software focuses on the "Jianxia Qinyuan" IP, with the PC game "Jian Wang 3" maintaining vitality through continuous operations [1][4] - The cross-platform version "Jian Wang 3 Wujie" has shown significant user return after its launch [1][4] - The company is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1][4] - However, the new game market shows performance divergence, leading to short-term pressure on earnings [1][4] - In the third quarter, revenue from online games and other businesses decreased by 47% year-on-year, primarily due to declining revenues from existing games like "Jie Xian Ji," while newly launched games are still in the early stages of market influence [1][4]

Group 1 - The core point of the article highlights that Kingsoft Corporation (03888) experienced a stock price increase of over 5%, reaching HKD 33.02, with a trading volume of HKD 271 million [1] - On January 7, Kingsoft's subsidiary, Kingsoft Game, launched the mobile game "Goose Goose Duck" for full platform public testing [1] - By January 13, it was reported that "Goose Goose Duck" gained over 10 million new users within six days of launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1] Group 2 - Galaxy Securities released a research report indicating that Kingsoft focuses on the "Jianxia Qinyuan" IP, with the PC game "Jianwang 3" maintaining vitality through continuous operations [1] - The cross-platform version "Jianwang 3 Wujie" has shown significant user return after its launch [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market shows performance divergence, leading to short-term pressure on earnings [1] - In the third quarter, revenue from online games and other businesses decreased by 47% year-on-year, primarily due to declining revenues from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

Core Viewpoint - Kingsoft Corporation (03888) saw its stock price increase by over 5%, reaching HKD 33.02 with a trading volume of HKD 271 million, following the launch of its mobile game "Geese and Ducks" [1] Group 1: Game Launch and Performance - The mobile game "Geese and Ducks," developed by Kingsoft's subsidiary Kingsoft Game, officially launched its full-platform public beta on January 7 [1] - As of January 13, the game has gained over 10 million new users within six days of its launch, with peak online users surpassing historical records on Steam, estimated between 700,000 to 1,000,000 [1] Group 2: Financial Performance and Market Strategy - According to a report from Galaxy Securities, Kingsoft focuses on the "Jianxia Qinyuan" IP, with the PC game "Jianwang 3" maintaining its vitality through continuous operations [1] - The cross-platform version "Jianwang 3 Wujie" has shown significant user return after its launch [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market shows performance divergence, leading to short-term pressure on earnings, with a 47% year-on-year decline in revenue from online games and other businesses in Q3, primarily due to decreased revenue from existing games like "Jiexianji" [1]

January 11, 2026 10:00 PM GMT Kingsoft Corp Ltd | Asia Pacific Company Visit Takeaways The new game's debut popularity was beyond management's expectation. Despite internal adjustment for the games segment, the company expects a better 2026 thanks to existing game pipeline. Office business revenue growth should be higher but margin will be lower in 2026. Games: Kingsoft Office: Kingsoft Cloud: | M January 11, 2026 10:00 PM GMT | | Update | | --- | --- | --- | | Kingsoft Corp Ltd Asia Pacific | Morgan Stanle ...

Group 1 - The mobile game "Goose Duck" officially launched its full platform public beta on January 7, generating significant buzz on social media, with discussions reaching 1.247 million and a reading volume of 1.78 billion on Weibo [2] - The game achieved over 20 million pre-registrations before the public beta, topping various app store pre-registration charts, and maintained a stable rating of 9.6 on TapTap [2] - The game received 732 positive reviews on Steam, with players expressing nostalgia and enjoyment of the gameplay [2] Group 2 - The development team at Kingsoft Game has made optimizations based on player feedback from previous tests, addressing issues such as server connectivity and gameplay experience [3] - New gameplay modes and characters have been introduced, including "Super Golden Water Bell" and "8-Person Knife Fight," along with new roles exclusive to the Chinese server [3][4] - Original costumes, emojis, and personalized actions have been added to enhance player customization and experience [4] Group 3 - Kingsoft Software, the parent company, has shifted its strategy from short-term game releases to long-term IP operation since 2022 [5] - Despite the success of "Goose Duck," Kingsoft Software reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue of 7.065 billion yuan, down 8.34% year-on-year [5] - The CEO attributed the revenue drop to reduced contributions from existing games and the early-stage development of new titles [5] Group 4 - Industry analysts suggest that Kingsoft Game serves as an effective testing platform for new games, with the potential for "Goose Duck" to fill a gap in party game experiences [6] - Continuous innovation in gameplay and content is essential for maintaining player interest and avoiding a peak immediately after launch [6]

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are entering a stage of mass production, with gaming as a significant application area expected to benefit continuously [1][2] - BCIs can enable individuals with motor disabilities to experience gaming through "brain-controlled" interfaces and assist in rehabilitation for neurological conditions [1][2] - The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, positioning China among the top international players [2] Group 2 - Game companies are actively investing in the BCI field, with 37 Interactive Entertainment investing in Strong Brain Technology, the first unicorn in China's BCI sector, and developing a game for autism assistance that integrates BCI technology [2] - Century Huatong has established a research center with Zhejiang University focusing on brain-computer integration and other emerging fields [2] - Tom Cat plans to collaborate with various research institutions in 2024 to advance BCI, brain function data analysis, and digital game therapy [2] Group 3 - AI is significantly empowering the gaming industry, enhancing multi-modal capabilities and innovative integration forms, which may open new industry spaces [3] - The integration of AI in gaming has led to a 40% reduction in character animation production cycles and a significant decrease in prototype validation time [3] - The exploration of AI and gaming integration is expected to provide players with novel experiences and further expand industry development opportunities [3] Group 4 - The upcoming gaming season is anticipated to drive revenue growth through the launch of new games and updates to existing titles [4] - Notable upcoming events include anniversary celebrations and collaborations with popular IPs, which are expected to attract player engagement [4] - Investment opportunities in the gaming sector are highlighted, with a focus on companies like Giant Network, Xindong Company, and others benefiting from the seasonal demand [4]