Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

12月26日凌晨，《燕云十六声》发布消息回应称，当前，外观"飞白成诗"的染色异常问题已于25日凌晨 进行了首批修复，现女款外观已恢复染色功能，男款仍在紧急修复中。后续，《燕云十六声》将进一步 提升染色布料的质感和表现，解决高光异常、材质油感的问题。并将尽快完成男款修复并开放染色。 "此外，我们也收到了不同游侠关于时装个性化的建议和反馈，为了满足大家对该外观的多样需求，带 给大家更丰富随心的搭配选择，我们将在后续更新中为'飞白成诗'的男女时装各自增加2套裁造方案。" 今天，《新快报》通过浙江政务服务网APP"浙里办"咨询了杭州市滨江区主管机构，也证实了相关回复 属实。 该事件源于2025年12月23日《燕云十六声》在周年庆版本中推出的"飞白成诗"时装，其呈现风格让一些 玩家感到不适。 近日，网易旗下《燕云十六声》游戏因为因周年庆时装"飞白成诗"陷入舆论风波。但针对相关网友举 报，监管部门回应称："未发现该游戏公司运营的《燕云十六声》游戏内有违反我国相关法律法规的内 容。" ...

不知不觉间，我们已经迎来了2025的最后一天。 今年的最后一个月似乎没有以往来得这么热闹，不少厂商已经把目光放在了明年。而当我们回顾过去一年时，会感觉今年倒也算充实，仅从国内厂商的角 度来讲，单机产品自不必多说，它们依旧在茁壮成长。 而偏商业的游戏里，今年已经有众多未上线产品进行了多轮测试，也是让大伙都眼前一亮。但从另一方面来讲，以我个人的体感而言，能够对市场格局带 来较大改变的新品数量却不及去年，大多数拥有亮眼成绩的都是老产品在发力。 腾讯这边总体上来讲相对比较好去概括，在今年关停项目上主要突出在两个方向，一是新老汰换，二是缩减代理。 总体上来看，腾讯今年所砍掉的产品里，有不少是已经上了年纪的产品，比如《QQ超市》《雪鹰领主》《仙剑奇侠传Online》《七雄争霸》《王牌 NBA》这几款产品，就属于上了年纪的那一批，大多数运营时间长达8年，有的甚至还要更长，比如《QQ超市》就长达14年。 而有新产品进来，就会有老产品离去，今年一年中我们见证了不少产品的离开，给圈子和外界都留下了很深的印象，于是我决定拉一遍表格，去统计那些 在今年有停运、停更情况的产品，其总数高达117款，当然由于一年内产品众多，我也只能做不完 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The total supply of game licenses continues to increase, with a significant rise in new products expected in 2026. The number of game licenses issued in 2025 reached 1,771, a 25.07% increase from 1,416 in 2024, marking a new high since the regulations were established in 2018 [8] - The approval process for imported game licenses has been optimized, with the average number of licenses issued per batch increasing from approximately 80 in 2023 to 160 in the second half of 2025, indicating a supportive policy environment [8] - The number of cross-platform headlining games has significantly increased, with 1,729 mobile games, 159 client games, 19 web games, and 8 console games licensed in 2025. The growth of cross-platform products is expected to continue, driven by high-end engine usage [8] - The gaming market is expected to see intense competition in genres such as simulation, RPG, and open-world games in 2026, with a notable presence of low ARPU (Average Revenue Per User) games that may exhibit stronger resilience against deflationary pressures [8] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on companies with a reserve of cross-platform headlining projects and those with a strong portfolio of enduring games that have high daily active users (DAU) but low ARPU. Recommended stocks include Tencent Holdings (00700, Buy), NetEase (09999, Buy), and others [3] Industry Dynamics - The gaming industry is experiencing a robust growth trajectory, with a notable increase in the number of game licenses and an improved business environment for game developers due to policy support [8]

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 [17]. Core Insights - The report highlights significant advancements in AI gaming, particularly with the introduction of playable AI NPCs by Ubisoft, which allows players to interact with AI teammates in a dynamic gaming environment [3]. - The emergence of commercial products based on AI world models, such as Marble by World Labs and Tencent's mixed reality model, showcases the potential for creating immersive 3D worlds using generative AI [4]. - The development of AI game creation tools, like YouTube's Playables Builder, is democratizing game development by enabling users to create games without programming knowledge [4][5]. Summary by Sections AI NPC Development - Ubisoft launched a playable demo of AI NPCs named "Teammates," where players can command AI teammates using natural language, powered by Google's Gemini and Ubisoft's middleware [3]. AI World Models - Companies like Google DeepMind and Tencent are advancing in AI world models, with Tencent's mixed reality model allowing users to create interactive worlds from text or images [4]. AI Game Creation Tools - YouTube is testing an AI game creation tool, Playables Builder, which allows users to create games using simple text and media inputs, currently in testing phases in select markets [4]. - The AI game creation platform SOON by Kaiying Network integrates generative AI to streamline complex game development processes, significantly lowering technical barriers and costs [5]. Investment Recommendations - The report suggests focusing on companies related to gaming, including Tencent, NetEase, Bilibili, Giant Network, and others, as potential investment opportunities [6].

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 600.000 | +3.500 | 0.59% | TCEHY | 599.528 | -0.472 | | 2 | 阿里巴巴-W | 09988 | 144.500 | +1.200 | 0.84% | BABA | 143.326 | -1.174 | | 3 | 汇丰控股 | 00005 | 123.000 | +1.100 | 0.90% | HSBC | 123.376 | +0.376 | | 4 | 建设银行 | 00939 | 7.720 | +0.100 | 1.31% | CICHY | 7.695 | -0.025 | | 5 | 小米集团-W | 01810 | 39.360 | +0.780 | 2.02% | XIACY | 39.294 | -0.066 | | 6 | 友邦保险 | 0 ...

| NTES 网易 | | | | --- | --- | --- | | 139.340 ↑ +1.270 +0.92% | | 收盘价 12/29 16:00 美东 | | 142.000 ↑ 2.660 +1.91% | | 盘前价 12/30 04:51 美东 | | 一 7 24 4 8 8 8 日 0 | | ● 快捷交易 | | 最高价 139.340 | 开盘价 138.030 | 成交量 50.63万 | | 最低价 137.780 | 昨收价 138.070 | 成交额 7032.17万 | | 平均价 138.897 | 市盈率 17.30 | 总市值 882.3亿 (…) | | 振 幅 1.13% | 市盈率(静) 21.24 | 总股本 6.33亿 | | 换手率 0.14% | 市净率 3.955 | 流通值 488.85亿 | | 52周最高 158.899 委 比 -- | | 流通股 3.51亿 | | 52周最低 85.507 | 量 比 1.28 | 色 手 1股 | | 历史最高 158.899 股息TTM 2.946 | | 换股比率 5.00 | | 历史最低 - ...

网易(NTES.US)盘前涨1.91%，报142美元。消息面上，花旗发研报指，2025年中国游戏产业年会本月中 旬在上海举办，活动上发布了年度中国游戏产业报告，指出政策支持、创新与常青游戏驱动国内市场健 康增长、自研游戏拓展海外市场、生成式AI应用率提升、数字经济赋能、有效的未成年人保护措施， 以及人才发展等趋势，均推动今年中国游戏市场不断增长。展望明年，花旗相信中国游戏市场将在生成 式AI互动应用增加及吸引玩法推陈出新的驱动下，实现可持续增长，重申腾讯、网易及世纪华通为板 块首选股，均予"买入"评级，网易美股目标价161美元。 责任编辑：山上 美股频道更多独家策划、专家专栏，免费查阅>> ...

从《拳皇》IP改编的卡牌游戏，到主打宇宙种田玩法的新作；从正版《鹅鸭杀》手游，到《王者荣耀》衍生的自走棋产品，这个年末上线的每一款新游， 都背负着厂商冲刺业绩、抢占用户心智的双重目标。 这场年末狂欢的背后，是游戏行业存量竞争日益激烈的大背景。Steam年度报告显示，2025年全球新游数量飙升至1.9万款，但玩家花在新作上的时间仅占 总游戏时长的14%。 玩家越来越挑剔，厂商冲业绩的心情越来越迫切，这场年末对决早就不是单纯的产品比拼，而是对厂商IP运营、玩法创新、营销能力和长线运营功底的综 合考验。谁能在这场厮杀中突围，不仅会决定2025年的业绩排名，更可能影响未来一年的行业竞争格局。 离2025年收官不足两天，距离农历马年春节也不足两个月，游戏行业的"年末冲刺战"已经进入白热化阶段。 为了冲击年度业绩，国内游戏厂商纷纷拿出压箱底的作品。腾讯、网易、B站、灵犀互娱、金山等大厂动作频频，Tech星球独家获悉，字节跳动也悄悄加 入战局，成立全新子公司棱晶互娱，专攻小游戏赛道，旗下的自走棋小游戏《伙伴冲冲冲》已正式上线。 据《游戏日报》统计，光12月就有13款新游计划上线，腾讯、灵犀互娱、金山世游等一众厂商悉数入局， ...

Market Overview - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Technology Index increasing by 1.74%, the Hang Seng Index by 0.86%, and the National Enterprises Index by 1.12% [1][2]. Technology Sector - Major technology stocks collectively rose, with Baidu surging nearly 9%, and NetEase and Xiaomi both increasing over 2%. Other notable gains were seen in JD.com, Tencent, Alibaba, and Meituan [5][6]. - Semiconductor stocks also experienced significant gains, led by InnoCare, which rose over 15%, while major players like SMIC increased by over 4% [7][8]. New Listings - Six new stocks were listed on the Hong Kong market, with notable increases including InnoSilicon up 24.66%, and Wuyiyi Vision up 29.9% [3]. Energy Sector - Oil stocks strengthened, with CNOOC rising nearly 4% as international oil prices surged due to heightened geopolitical risks. WTI crude surpassed $58 per barrel, and Brent approached $62 per barrel [14]. Entertainment Sector - The film and entertainment sector was active, with Emperor Culture Industries rising nearly 9%. The 2025 box office has already surpassed 5.3 billion yuan, marking a new high in recent years [13]. Wind Power Sector - Wind power stocks fell sharply, with Goldwind Technology dropping nearly 11%, alongside declines in other related companies [16][17]. AI and Robotics Sector - AI application companies like MaiFusTech saw significant gains, rising over 11% after announcing strategic partnerships with major tech firms [18][21]. - Robotics stocks also performed well, with Sanhua Intelligent Control increasing over 12% [11]. Investment Outlook - Analysts suggest that the Hong Kong market may continue to trend upward due to supportive domestic policies and a weaker US dollar. There is a focus on technology growth and high dividend strategies as potential investment opportunities [23].