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]

金山软件（03888）午前股价上涨6.23%，现报33.42港元，成交额3.75亿港元。 1月7日，金山软件旗下金山世游发行的《鹅鸭杀》手游正式启动全平台公测。1月13日消息，金山世游 宣布，《鹅鸭杀》手游上线6日新增用户突破千万，同时最高在线人数已超越Steam端历史峰值，行业预 估在70W-100W之间。 银河证券发布研报称，金山软件以《剑侠情缘》IP为核心，端游《剑网3》通过连续营运保持活力，其 全平台互通版本《剑网3 无界》上线后用户回流显著。公司积极拓展科、二次元等新品类，并推动游戏 出海，以突破对传统武侠品类的依赖，但新游市场表现存在分化，短期业绩承压。第三季网络游戏及其 他业务收益按年下降47%，主要由于《解限机》等现有游戏收益回落，新上线游戏仍处于市场影响力建 设初期。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 金山软件（03888）午前股价上涨6.23%，现报33.42港元，成交额3.75亿港元。 1月7日，金山软件旗下金山世游发行的《鹅鸭杀》手游正式启动全平台公测。1月13日消息，金山世游 宣布，《鹅鸭杀》手游上线6日新增用户突破 ...

消息面上，1月7日，金山软件旗下金山世游发行的《鹅鸭杀》手游正式启动全平台公测。1月13日消 息，金山世游宣布，《鹅鸭杀》手游上线6日新增用户突破千万，同时最高在线人数已超越Steam端历史 峰值，行业预估在70W-100W之间。 银河证券发布研报称，金山软件以《剑侠情缘》IP为核心，端游《剑网3》通过连续营运保持活力，其 全平台互通版本《剑网3 无界》上线后用户回流显著。公司积极拓展科、二次元等新品类，并推动游戏 出海，以突破对传统武侠品类的依赖，但新游市场表现存在分化，短期业绩承压。第三季网络游戏及其 他业务收益按年下降47%，主要由于《解限机》等现有游戏收益回落，新上线游戏仍处于市场影响力建 设初期。 智通财经APP获悉，金山软件(03888)早盘涨超5%，截至发稿，涨4.96%，报33.02港元，成交额2.71亿港 元。 ...

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 ...

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 ...

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]