智通财经APP获悉，周五，美股三大指数齐跌。恒生指数ADR下跌，按比例计算，收报26581.34点，较香港收市跌263.62点或0.98%。 大型蓝筹股多数下跌，汇丰控股收报128.695港元，较香港收市涨0.15%;腾讯控股收报612.833港元，较香港收市跌0.76%。 | 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) | 较浅 较港股升跌 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0) 00700 | 617.500 | -4.500 | -0.72% | TCEHY | 612.833 | -4.667 | | 2 | M-BBBB08 | 09988 | 166.200 | +1.600 | 0.97% | BABA | 161.200 | -5.000 | | 3 | 汇丰控股 | 00005 | 128.500 | +0.300 | 0.23% | HSBC | 128.695 | +0.195 | | 4 | 建设银行 | 0093 ...

中经记者 许心怡 吴可仲 上海报道 一些大DAU（日活跃用户数）游戏正在UGC（用户生成内容）模式上发力——向玩家开放游戏内的美 术资产、音乐、玩法等，并提供易上手的编辑器，供玩家挥洒创意。 游戏厂商此举可以将一部分研发工作分摊给广大玩家，由他们创造出海量玩法，从而解决游戏内容研发 遇到的增长瓶颈问题。不仅如此，由玩家参与创意，还能激活社交传播，进一步完善商业模式。 在海外，不乏Roblox、《我的世界》等发展成熟的UGC平台。而此类平台未能在中国获得同样的人 气。不过，DataEye研究院负责人刘尊向《中国经营报》记者表示，UGC平台的模式在大DAU游戏中有 可能实现。在他看来，大DAU游戏自带庞大用户基数，并且国内游戏厂商已逐步完善扶持体系，解决 了此前创作者面临的工具和收益问题。 拓展玩家创作边界 2025年10月，《原神》在游戏内推出UGC模式"千星奇域"——玩家可以使用编辑器"千星沙箱"，调用 《原神》中海量的玩法功能与资产，在《原神》内创建自己的小游戏，供其他玩家游玩。 截至2026年1月3日，"千星奇域"模式吸引了超过3万名创作者，累计创作的地图关卡总游玩人次超过1.5 亿。这些UGC内容中，既 ...

Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index down 0.29% at 26,844.96 points, the Hang Seng Tech Index down 0.11% at 5,822.18 points, the National Enterprises Index down 0.5% at 9,220.81 points, and the Red Chip Index down 0.34% at 4,139.41 points [1] Company News - Tencent Holdings (00700.HK) repurchased 1.017 million shares for HKD 636 million at a price range of HKD 619-632 [2] - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 148 million at a price range of HKD 37.86-37.92 [3] - Six Fortune Group (00590.HK) reported a retail value increase of 26%, retail income increase of 17%, and same-store sales increase of 15% in Q3, exceeding expectations [3] - China Southern Airlines (01055.HK) reported a 11.89% increase in passenger capacity and a 19.28% increase in cargo capacity for December 2025 [6] Industry Insights - Tianfeng Securities noted that the Hong Kong stock market has a basis for short-term valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [7] - The firm suggested a focus on technology and consumer sectors that are relatively undervalued [7] - According to Huatai Securities, the market is experiencing a shift towards a bullish sentiment, with historical data indicating a high probability of price increases following a period of panic [8] - Industry recommendations include prioritizing leading companies in the AI sector and exploring opportunities in insurance, banking, energy, and new consumption areas [8]

长城证券（002939）发布研报称，相较国外游戏用户付费情况，我国游戏用户人均付费仍存在较高增长 空间。根据Gamelook，2025年预计美国每个付费玩家每年的游戏支出将达到324.9美元;日本玩家2024年 人均游戏消费为2144元人民币。向后展望，我国游戏用户ARPU上行有望主要受益于(1)政策鼓励游戏精 品化程度提升，带动游戏用户付费率以及付费意愿上行;(2)版号放量发放背景下，游戏供给提升将持续 提振游戏行业需求侧;(3)宏观经济持续修复，游戏作为可选消费，有望受益于人均可支配收入增长。 长城证券主要观点如下： 风险提示：行业政策风险;行业竞争加剧;经济恢复不及预期;新品上线进度不及预期。 2025年，国内小程序游戏市场收入535.35亿元，同比大幅增长34.39%，在高基数基础上维持高速增长。 苹果与腾讯于2025年11月达成微信小游戏及小程序内的支付抽取15%的佣金的协议，小程序游戏支付端 规范化程度有望提升。此前苹果端小程序游戏支付链路较长，因此很多苹果用户倾向于选择App端，对 于游戏公司而言APP端30%的苹果分成比例高于小程序端的15%。该行认为在支付链路顺畅后，iOS小 程序用户数预计 ...

《2025中国授权行业趋势报告》也透露，上半年，游戏IP作为被授权方，TOP10选手就完成了47次授权合作，同比增长56%；而非游戏APP作为被授权 方，TOP10 APP更是联手游戏IP搞了132场联动，同比激增149%。数据背后，是品牌方们挤破头想借游戏IP"年轻化"，以及游戏IP急于"破圈"拉新的迫切 心态。 过去的2025年，毫无疑问又是游戏IP丰收的一年。 《2025年中国游戏产业报告》显示，国内游戏市场实际销售收入3507.89亿元，同比增长7.68%；用户规模6.83亿，同比增长1.35%。同为历史新高点。中 国数字娱乐产业IP主要类型衍生品市场规模753亿元，同比增长62.8%。可见这一年里，游戏IP们不仅在内卷中求生，更在联名中找到了增长的新引擎。 据此，雷报扒遍了过去一年的联名记录，发现2025年仅29款主流游戏IP就疯狂落地了近400场联名合作（人工统计存在误差）。相当于平均每天都有1起以 上的新联动上线，狂热程度简直让人瞠目结舌。 | | | | | 2025年9-10月(国庆档为主)游戏IP联名情况盘点 | | | | --- | --- | --- | --- | --- | -- ...

中国经济网北京1月16日讯（记者 马先震） 河南广播电视台都市频道微博12日发布《10岁孙女充蛋仔派 对花掉爷爷看病钱》。河南赵先生近日称，1月5日早上，突然看到银行的消费信息，才知道孩子竟将给 瘫痪在床的爷爷准备的5千多看病钱充进了游戏"蛋仔派对"里。赵先生说，为了给老人看病已经借了不 少钱了。他按照游戏公司要求上传各种材料，申请退款，却迟迟没有回复。 手机渠道商客服回应，现在退款流程已经启动，但是不支持全额退款。面对这样的结果赵先生无法接 受。赵先生的孩子表示，登录游戏时并没有输入身份证号和姓名，而是直接进入游戏页面。对此，蛋仔 派对游戏方客服解释，渠道手机或可以直接通过ID登录游戏。目前，经过沟通，双方已达成一致。 公开资料显示，《蛋仔派对》的应用运营商为杭州网易雷火科技有限公司。 中国经济网致电网易游戏了解详情，网易方面表示主要是手机渠道商的问题，或许有自己的登录规则。 天眼查工商信息显示，杭州网易雷火科技有限公司(曾用名：杭州雷火网络有限公司)，成立于2009年， 位于浙江省杭州市，是一家以从事软件和信息技术服务业为主的企业。企业注册资本1000万人民币，实 缴资本1000万人民币。 2020年5月 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,783.18, down by 216.63 points or 0.80% as of January 14, 16:00 Eastern Time [1] - The index reached a high of 26,918.58 and a low of 26,724.89 during the trading session, with a trading volume of 82.41 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.501, up by 0.39% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 632.594, down by 0.06% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 633.000, with an increase of HKD 5.500 or 0.88%, but its ADR price is HKD 632.594, showing a decrease of HKD 0.406 [3] - Alibaba Group (09988) latest price is HKD 169.000, up by HKD 9.100 or 5.69%, with an ADR price of HKD 165.595, down by HKD 3.405 [3] - HSBC Holdings (00005) latest price is HKD 127.000, up by HKD 0.600 or 0.47%, with an ADR price of HKD 127.501, up by HKD 0.501 [3] - Other notable movements include Meituan (03690) down by 3.24% and Ctrip Group (09961) down by 6.49% [3]

Group 1: Market Overview - In December 2025, the media sector (Shenwan Media Index) declined by 1.60%, underperforming the CSI 300 Index by 3.88 percentage points, ranking 25th among 31 industries [4][18][23]. - The current TTM-PE for the Shenwan Media Index is 45.8x, which is at the 69.7th percentile over the past five years, indicating a relatively high valuation [4][23][27]. - Notable stock performances in December included gains from Sanrenxing (30%), Baina Qiancheng (25%), and Guangxi Guangdian (19%), while ST Fanli and Zhejiang Wenlian saw declines of 20% and 19% respectively [4][28][29]. Group 2: Gaming Sector - In December 2025, a total of 144 domestic games and 3 imported games were approved, with a cumulative issuance of 1,772 game licenses in 2025, representing a year-on-year increase of 25.1% [4][38]. - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a growth of 7.7%, with mobile and client games expected to reach 257.1 billion and 78.2 billion yuan respectively, growing by 7.9% and 15.0% [4][39][46]. - The self-developed games' overseas revenue is expected to reach 20.5 billion USD in 2025, with a year-on-year growth of 10.2% [4][49]. Group 3: Film and Television Sector - The total box office in December 2025 reached 3.712 billion yuan, a significant increase of 58.0% year-on-year, primarily driven by the success of "Zootopia 2" [4][59]. - The top five films in December by box office included "Zootopia 2" (2.097 billion yuan), "Avatar 3" (774 million yuan), and "The Amazing Heist 3" (380 million yuan) [4][66]. - In the drama market, "The Big Businessman" led with 754 million views, followed by "Old Uncle" and "Tang Dynasty Mystery" with 667 million and 567 million views respectively [4][75]. Group 4: AI Applications - The global GEO market is expected to reach 24 billion USD by 2026 and 100 billion USD by 2030, with the domestic market projected to reach 11.1 billion yuan by 2026 [6]. - GEO is reshaping the flow of traffic and content service ecosystems, transitioning from "list links" to "direct answers," which compresses intermediary value and amplifies the value of content sources [6][7]. - The application of AI is anticipated to enhance the overall valuation of the sector, with a focus on gaming and publishing industries benefiting from strong new product cycles [7].

Core Viewpoint - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,787.80, down 0.23% from the previous close, indicating a mixed performance in the Hong Kong stock market [1]. Group 1: Market Performance - The Hang Seng Index closed at 26,787.80, down 60.67 points or 0.23% [1]. - The index reached a high of 26,950.81 and a low of 26,739.26 during the trading session, with a trading volume of 52.77 million shares [1]. - The average price for the session was 26,845.04, with a 52-week high of 27,275.90 and a low of 19,335.70 [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 127.188, up 0.62% compared to the previous close [2]. - Tencent Holdings closed at HKD 624.864, down 0.42% from the previous close [2]. - Alibaba Group saw a price increase of 3.63%, closing at HKD 159.900 [3]. - Other notable performances include AIA Group up 0.84% at HKD 84.400 and China Construction Bank up 1.17% at HKD 7.810 [3].

"好好的武侠游戏，为什么要给女性角色设计这么裸露的服装？"近日，网易游戏旗下游戏《燕云十六声》上线的周年庆新时装因过于暴露引发玩家不满。官 方两次回应被指敷衍无诚意。 南都N视频记者梳理发现，引发争议的"飞白成诗"时装对应的游戏角色年龄设定为16岁，属于未成年人范畴。而根据游戏官网标识，《燕云十六声》适龄级 别为"16+"，即建议16岁及以上用户使用。不少玩家担忧，此类服装设计可能对未成年用户产生不良引导。还有玩家指责游戏官方违背了初心，用"擦边"打 法"赚快钱"。 有专家指出，游戏"擦边"设计，往往反映出其在玩法创新与竞争力上的不足，是"不自信"的表现。建议相关部门出台更为详尽的游戏内容审查标准以及更明 确的内容分级标准。 《燕云十六声》陷"擦边"争议 官方以"bug"回应被指避重就轻 2025年12月底，网易游戏旗下武侠游戏《燕云十六声》为周年庆推出多款新时装。其中，全新套装"飞白成诗"女款设计被大量玩家批评服饰暴露，"像情趣 内衣"。部分玩家发布的游戏内截图显示，该款时装采用了绑带抹胸、网格超短裙、胯部蝴蝶结、透明薄纱等元素。在部分染色效果下，隐私部位的服装材 质透明度变得更高，导致游戏角色身体大面积裸 ...