1月7日，多人在线社交推理手游《鹅鸭杀》正式启动全平台公测。 作为曾经风靡Steam端游的爆款游戏，《鹅鸭杀》国服回归直接席卷了社交媒体。当天，与《鹅鸭杀》 游戏相关的多个话题纷纷登上微博热搜。截至目前，微博上，"鹅鸭杀"话题讨论量达124.7万、阅读量 达17.8亿。 实际上，凭借端游积累的IP人气与两轮测试期的主播种草、口碑沉淀，《鹅鸭杀》手游全网预约用户于 公测前夕突破2000万，并登顶应用宝、小米等多渠道的预约榜。游戏在TapTap平台的评分持续稳定在 9.6分。据报道，1月7日，《鹅鸭杀》手游还未开服时，便登顶了iOS免费榜。 Steam官网显示，目前，《鹅鸭杀》最近测评收获732条特别好评。有玩家留言称，比狼人杀还好玩，特 别适合跟朋友组队玩；还有玩家表示，很怀念过去和朋友们一起"鹅鸭杀"，青春又回来了。 金山世游方面表示，研发团队针对此前Steam因服务器原因导致的网络访问不便、连接延迟较高等痛点 进行了优化，并针对测试中玩家反馈的行为分显示延迟、角色数量较少、新手引导较弱等痛点，进行了 多轮精细化迭代与操作适配调整。 同时，为帮助新玩家快速融入，游戏特别添加"单人跑图模式"。玩法创新方面，在经 ...

智通财经APP获悉，开源证券发布研报称，脑机接口是将人脑与外部设备连接实现信息交互的硬件，其 可用于让运动失能患者等过去难以体验游戏乐趣的群体实现"脑控"游戏，亦可配合游戏用于神经相关疾 病的康复训练，三七互娱(002555.SZ)、汤姆猫(300459.SZ)等国内游戏厂商均有积极布局脑机接口领域 研究或产学研工作。硬件的规模量产降本及植入过程的简便化，有望加速游戏、医疗等各类应用场景的 成熟；随技术进一步发展，脑机接口有望带来新的游戏控制交互体验，为游戏行业培育新增长点。 开源证券主要观点如下： 脑机接口或步入规模量产阶段，游戏作为重要应用场景有望持续受益 建议关注新游上线及老游运营活动，积极把握供需共振下景气度向上、且即将迎来寒假春节旺季、估值 性价比突出的游戏板块投资机会，标的上，重点推荐巨人网络(002558.SZ)、心动公司(02400)、恺英网 络(002517.SZ)、吉比特(603444.SH)、哔哩哔哩-W(09626)、神州泰岳(300002.SZ)、腾讯控股(00700)，受 益标的包括金山软件(03888)、世纪华通(002602.SZ)、三七互娱(002555.SZ)、汤姆猫(30 ...

凤凰网财经《公司研究院》 《鹅鸭杀》国服的强势回归，以一场席卷社交媒体的现象级预热拉开序幕：全网预约破2000万、热搜阅读量数亿、 玩家与主播集体狂欢，甚至衍生出穿搭教程与情感故事，使其俨然成为Z世代新一代"社交货币"。 然而，在这份高涨的期待与热度背后，其发行方金山世游背后的母公司金山软件却正陷入一场深层的业绩焦虑。 2025年前三季度，公司营收与净利润双双下滑，其中游戏业务收入大幅收缩，第三季度更是同比锐减近半。 在游戏业务承压、AI投入持续吞噬利润的多重挑战下，实际控制人雷军面临着如何平衡短期修复与长期战略的关键 命题。 《鹅鸭杀》的热度，能否真正转化为驱动金山未来的增长动能？ 01 《鹅鸭杀》霸榜热搜 《鹅鸭杀》国服手游的预热，在社交媒体上引发了现象级关注。游戏的全网预约量已突破2000万，其影响力在微博 上尤为凸显。 多个"鹅鸭杀"相关话题盘踞热搜榜，阅读量超过数亿。许多玩家和游戏主播纷纷发博，表达回归的兴奋。 游戏主播"芜湖大司马"宣布担任国服"金牌主理人"后，其经典梗"我回手掏"再次刷屏，成为游戏回归的象征性符 号。 与此同时，大量"鹅鸭杀穿搭"教程涌现，玩家们精心搭配"优雅鹅"、"酷炫鸭"等虚 ...

凤凰网财经《公司研究院》 《鹅鸭杀》国服的强势回归，以一场席卷社交媒体的现象级预热拉开序幕：全网预约破2000万、热搜阅读量数亿、玩家与主播集体狂欢，甚至衍生出穿搭 教程与情感故事，使其俨然成为Z世代新一代"社交货币"。 然而，在这份高涨的期待与热度背后，其发行方金山世游背后的母公司金山软件却正陷入一场深层的业绩焦虑。 2025年前三季度，公司营收与净利润双双下滑，其中游戏业务收入大幅收缩，第三季度更是同比锐减近半。 在游戏业务承压、AI投入持续吞噬利润的多重挑战下，实际控制人雷军面临着如何平衡短期修复与长期战略的关键命题。 《鹅鸭杀》的热度，能否真正转化为驱动金山未来的增长动能？ 01 《 鹅鸭杀 》 霸榜热搜 《鹅鸭杀》国服手游的预热，在社交媒体上引发了现象级关注。游戏的全网预约量已突破2000万，其影响力在微博上尤为凸显。 多个"鹅鸭杀"相关话题盘踞热搜榜，阅读量超过数亿。许多玩家和游戏主播纷纷发博，表达回归的兴奋。 与此同时，大量"鹅鸭杀穿搭"教程涌现，玩家们精心搭配"优雅鹅"、"酷炫鸭"等虚拟形象，展现个性。 游戏攻略也以更生活化的方式传播，"单独做任务时留个心眼，有人靠近先停手观察，可能是来刀你的 ...

Group 1 - The Hong Kong stock market experienced a decline in technology stocks, with the Hang Seng Technology Index falling by 1.5% [1] - Notable declines among major companies include Tencent Music down nearly 5%, Alibaba down over 3%, and BYD, Kuaishou, Xpeng Motors, NIO, Kingdee International, Tongcheng Travel, and Bilibili all down over 2% [1] Group 2 - Tencent Music's stock decreased by 4.72%, with a year-to-date decline of 2.03%, and a total market capitalization of 209.41 billion [2] - Alibaba's stock fell by 3.45%, with a year-to-date increase of 1.96%, and a total market capitalization of 2.78 trillion [2] - BYD's stock dropped by 2.82%, with a year-to-date increase of 1.10%, and a total market capitalization of 878.90 billion [2] - Kuaishou's stock decreased by 2.78%, with a year-to-date increase of 14.78%, and a total market capitalization of 319.98 billion [2] - Xpeng Motors' stock fell by 2.63%, with a year-to-date decline of 2.08%, and a total market capitalization of 148.53 billion [2] - NIO's stock decreased by 2.52%, with a year-to-date decline of 7.47%, and a total market capitalization of 93.39 billion [2] - Kingdee International's stock fell by 2.39%, with a year-to-date increase of 4.29%, and a total market capitalization of 49.20 billion [2] - Tongcheng Travel's stock decreased by 2.35%, with a year-to-date increase of 3.92%, and a total market capitalization of 54.81 billion [2] - Bilibili's stock fell by 2.33%, with a year-to-date increase of 8.55%, and a total market capitalization of 86.64 billion [2] - Tencent Holdings' stock decreased by 1.82%, with a year-to-date increase of 3.67%, and a total market capitalization of 5.66 trillion [2] - NetEase's stock fell by 1.75%, with a year-to-date increase of 4.94%, and a total market capitalization of 712.98 billion [2]

行 业 研 究 2026 年 01 月 05 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-01 2025-05 2025-09 传媒 沪深300 相关研究报告 《聚焦大模型企业 IPO、模型迭代及 游戏上新、更新—行业周报》-2026.1.4 《资本化或助力 AI 应用商业化加速， 继 续 关 注 新 游 — 行 业 点 评 报 告 》 -2025.12.29 《AI 与 IP 相融共生，共驱内容繁荣— 行业投资策略》-2025.12.26 游戏或为脑机接口/AI 重要应用场景，建议继续布局 ——行业点评报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 脑机接口或步入规模量产阶段，游戏作为重要应用场景，有望持续受益 巨人网络旗下《超自然行动组》将于 1 月 23 日迎来周年庆系列活动；1 月 3 日， 心动公司旗下《心动小镇》宣布将开启与"喜洋洋与灰太狼"IP 的新年联动， 并将于 1 月 24 日启用以"瑞雪迎春"为主题的新年版本，国际服版本《Heartopia》 也将于 1 月 ...

【报告导读】 1. 国内最早的互联网软件公司，先发优势明显。 2. WPS Office构筑核心护城河，AI驱动价值升级。 3. 网游短期承压，静待优化后拓新增长曲线。 核心观点 国内最早的互联网软件公司，先发优势明显：金山软件始创于1988年，是国内最早的互联网软件企业之一，主要涉及金山办公、西山居、金山世游等业务 线，联营公司金山云、猎豹移动。商业模式上已形成"办公软件及服务+网络游戏及其他"双轮驱动格局。2024年，办公软件业务收入51.21亿元，游戏业务 收入51.97亿元。公司毛利率长期维持在80%以上高位，财务结构稳健，现金流充沛。 WPS Office构筑核心护城河，AI驱动价值升级：WPS Office全球月活跃设备数（MAU）2025年9月已达6.69亿（同比+9%），累计付费用户数至4179万 （同比+10%）。以"AI、协作、国际化"为核心，公司推出WPS AI 3.0（WPS灵犀），通过AI语音助手、AIPPT、AI知识库、AI改文档、AI数据助手五大 应用矩阵，显著提升产品力与用户体验。WPS AI显著提升用户活跃与付费转化，B端WPS 365收入2025年Q3同比增71.61%，A ...

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]

Core Viewpoint - The forecast for Kingsoft's Q4 2025 performance indicates a potential decline in revenue and net profit, with expected revenue ranging from 2.555 to 3.504 billion yuan, reflecting a year-on-year change of -8.5% to 25.5%, and net profit expected between 307 to 761 million yuan, with a year-on-year change of -33.3% to 65.3% [1][8] Financial Performance Forecast - Q4 revenue forecast: 25.55 to 35.04 billion yuan, year-on-year change of -8.5% to 25.5% [1][8] - Q4 net profit forecast: 3.07 to 7.61 billion yuan, year-on-year change of -33.3% to 65.3% [1][8] - Average revenue forecast: 28.76 billion yuan, with a year-on-year growth of 3.0% [3] - Median revenue forecast: 28.35 billion yuan, with a year-on-year growth of 1.5% [3] Business Segment Insights - WPS Office: Global monthly active devices reached 669 million, with a total of 41.79 million paid users, and B-end WPS365 revenue increased by 71.61% year-on-year [4][5][11] - Gaming: The gaming segment is facing short-term challenges, with a 47.4% year-on-year decline in revenue primarily due to poor performance of the game "Jie Xian Ji" [6][12] - Overall company revenue is expected to decline by 17.0% year-on-year, with net profit down by 48.5%, attributed to poor gaming performance and increased marketing expenses [12] Future Growth Projections - Expected revenue for 2024: 5.121 billion yuan from office software and 5.197 billion yuan from gaming, maintaining a gross margin above 80% [4][11] - Projected revenue growth for 2025-2027: 10.568 billion yuan, 11.608 billion yuan, and 13.400 billion yuan, with growth rates of +2.43%, +9.83%, and +15.44% respectively [4][11]

Core Viewpoint - Galaxy Securities has initiated coverage on Kingsoft Corporation (03888) with a "recommended" rating, highlighting its strong position in the domestic office software market and promising prospects driven by AI integration and active changes in its gaming business [1] Financial Projections - The company is expected to achieve revenues of RMB 10.568 billion, RMB 11.608 billion, and RMB 13.4 billion for the years 2025 to 2027, with growth rates of 2.43%, 9.83%, and 15.44% respectively [1] - Earnings per share are projected to be RMB 1.00, RMB 1.11, and RMB 1.31 for the same years [1] AI Integration and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion rates, with B-end WPS 365 revenue increasing by 71.61% year-on-year in Q3 2025 [1] - The integration of AI is creating a feedback loop of data and product iteration, with accelerated subscription models and successful implementation of government AI products in central and local government agencies [1] Gaming Business Developments - The company is focusing on its IP "Jianxia Qinyuan," with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - Kingsoft 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] - However, the new game market is experiencing performance divergence, with Q3 revenues from online games and other businesses declining by 47% year-on-year, primarily due to revenue drops from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]