Core Insights - The 二次元 (2D) gaming market is experiencing significant decline, with over 20 games expected to cease operations or updates by 2025, indicating a severe contraction in the industry [1][27] - The 二次元 mobile game market's actual sales revenue is projected to be 282.81 billion yuan in 2025, reflecting a year-on-year decrease of 3.64% [3][7] - The market is undergoing a major reshuffle, with traditional companies focusing on next-generation products while many smaller developers face closure [6][39] Market Trends - The 二次元 gaming sector has seen a drop in the number of new successful titles, with only 14 games entering the iOS top 10 in 2025 compared to 20 in 2024 [9][22] - Established titles like 《原神》 and 《崩坏：星穹铁道》 are showing signs of decline, with fluctuations in their rankings on the iOS charts [12][14] - The market is increasingly dominated by a few top products, leading to a "head product solidification" phenomenon [7][26] Company Dynamics - Major companies like 米哈游 and 网易 are adapting by focusing on high-quality content and exploring new gameplay mechanics to retain player interest [40][42] - The closure of several high-profile games, such as 《白夜极光》 and 《机动都市阿尔法》, highlights the challenges faced by even well-known developers [31][32] - The trend of "game shutdowns" has intensified, with many mid-tier games failing to meet market expectations and subsequently ceasing operations [27][38] Future Outlook - The 二次元 market is at a critical juncture, with 2026 expected to bring a wave of new products that could redefine the landscape, moving away from the "百团大战" (hundred-group war) to a more competitive environment among a few top teams [50][51] - The industry's evolution is driven by changing player expectations, with a growing demand for unique experiences and innovative business models [39][45] - The upcoming product releases in 2026 are anticipated to be more sophisticated, focusing on unique gameplay and differentiated offerings to capture market share [47][48]

大型蓝筹股涨跌不一，汇丰控股收报122.589港元，较香港收市涨0.57%；腾讯控股收报598.176港元，较香港收市涨0.28%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价( | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 596.500 | -6.500 | -1.08% | TCEHY | 598 | | 2 | 阿里巴巴-W | 09988 | 143.300 | -2.700 | -1.85% | BABA | 744 | | 3 | 汇丰控股 | 00005 | 121.900 | -1.900 | -1.53% | HSBC | 122 | | 4 | 建设银行 | 00939 | 7.620 | +0.060 | 0.79% | CICHY | 7 | | 5 | 小米集团-W | 01810 | 38.580 | -0.640 | -1.63% | XIACY | 38 | | 6 | 友邦保险 | 01299 | 82.200 ...

扬子晚报网12月29日讯（记者 姜天圣）12月29日，网易游戏《第五人格》发布公告，称将在2026年3月 停止在小米平台运营，届时玩家将无法通过小米端口登录游戏；在2025年12月29日，游戏已关闭小米平 台的下载入口，同时停止游戏充值、新用户注册，并同步角色资产找回。 亲爱的访客: 感谢您一直以来给予《第五人格》小米渠道版本手机游戏的支持与厚爱!《第五人格》小米 值版本手机游戏将于2025年12月29日10 时停止游戏充值及新用户注册,并同时开启小米角色资 在找回服务,现将相关事项通知如下: 1、2025年12月29日10时:关闭游戏在小米平台的下载入口,玩家将无法下载游戏,同时停 止游戏充值、新用户注册,并同步开启角色资产找回服务,请跟随官方指引进行资产找回,继续您 的游戏体验; 2、2026年3月2日15时:正式停止游戏在小米平台的运营,玩家将无法通过小米端口登录游 戏及相关服务。 感谢一直以来支持《第五人格》小米渠道版本手机游戏的广大玩家,自本公告发布之日起至 2026年3月2日15时,现有玩家在小米渠道游戏账号中尚未消耗的游戏资源仍可继续使用。以上所 述,还请您周知并相互转告,如有任何疑义,请随时与 ...

题图｜虎嗅拍摄 许多企业负责人希望借助 AI 智能体来达成 "业务升级" 的目标。然而，AI 智能体并非只是一个即插 即用的功能模块，它更像是一场人机协同模式的深度再造。 若缺乏精准的场景定位、数据沉淀和反馈机制，AI 智能体的部署不仅难以释放技术价值，反而可能 造成流程梗阻。 真正实现 "智能体原生" 的企业运作，意味着从任务拆解到角色分工、再到决策链路的全盘优化：你 的核心需求是否清晰？自主执行与人工监督如何平衡？在多智能体协同的未来，组织如何筑牢核心竞 争力？ 若这些问题尚未梳理清楚，而仅将 AI 智能体视为 "替代人力" 的捷径，它可能带来的不是赋能，而 是内耗。 近期《AI无悖论》节目邀请中欧国际工商学院管理学副教授杨蔚、网易集团副总裁阮良与衔远科技 Frontis AI 联合创始人兼首席执行官任成元，探讨大厂 AI 落地实战，分享从游戏、电商到智能体应 用的洞见： l 当 AI 从技术概念走向企业实战，智能体如何重塑业务流程、组织形态与人机关系？ l AI 时代的企业组织形态变革，会对传统企业的管理层级与权力分配带来哪些颠覆性影响？ l 在人机角色反转趋势下，如何平衡 AI 执行效率与人类创新的价 ...

Core Viewpoint - NetEase is undergoing significant personnel changes, with the retirement of Ding Yingfeng, a key figure in the gaming division, amid challenges in sustaining growth and competition in the gaming industry [2][4][8]. Group 1: Personnel Changes - Ding Yingfeng, the Executive Vice President and head of the gaming division, will retire on December 31, 2025, but will continue as a consultant [2][3]. - Ding has been with NetEase since 2002 and has played a crucial role in the development of iconic games like "Fantasy Westward Journey" [3][4]. - There are speculations that Hu Zhipeng, head of the Lei Huo division, may succeed Ding Yingfeng [5][6]. Group 2: Industry Context - The gaming industry is experiencing a shift in personnel management strategies, moving from rewarding historical contributions to focusing on current capabilities and immediate outputs [4][6]. - NetEase is facing growth challenges, with a lack of new blockbuster games, while competitors like Tencent are achieving significant revenue growth [8][10]. - In Q3 2025, NetEase reported a net income of 28.4 billion yuan, an 8.2% year-on-year increase, but its revenue growth has been slowing compared to competitors [8][10]. Group 3: Strategic Needs - Analysts suggest that NetEase needs to implement three key strategies: rebranding the industry image, addressing internal issues, and developing new blockbuster games [10]. - The success of "Egg Party" is fading, and the company has struggled to launch new successful titles, which is critical for its future growth [10].

Core Viewpoint - NetEase Cloud Music's 2025 annual listening report has sparked controversy among users who question the accuracy of the data presented, with many claiming discrepancies in their listening habits and the reported statistics [2][11]. User Feedback and Concerns - Users have expressed dissatisfaction with the annual report, claiming it includes songs they have never listened to and misrepresents their listening history, leading to frustration and confusion [4][13]. - Some users reported that the customer service responses felt automated and unhelpful, with complaints about the inability to modify the generated annual summary [4][13]. Official Response - NetEase Cloud Music's customer service stated that the data for the 2025 annual report is collected from January 1 to December 20 and includes all valid listening data across platforms, emphasizing that the report cannot be modified once generated [5][14]. - The company has introduced an upgrade allowing users to manually adjust their "Artist of the Year," "Song of the Year," and "Album of the Year" from the top five in each category, although the original data remains unchanged [5][14]. Financial Performance - NetEase reported a net income of 28.4 billion yuan for Q3 2025, a year-on-year increase of 8.2%, while the net income for NetEase Cloud Music reached 2 billion yuan, reflecting a decline of 1.8% year-on-year, marking the fourth consecutive quarter of revenue decline for the music service [6][15]. Market Competition - The competitive landscape for online music platforms is intensifying, with Tencent Music reporting a total revenue of 8.46 billion yuan in Q3 2025, a year-on-year increase of 20.6%, and a net profit of 2.48 billion yuan, up 27.7% [7][16]. - New entrants like Soda Music are rapidly gaining market share, with active users reaching 12 million, surpassing competitors and closing in on NetEase Cloud Music's 14.7 million active users [7][16]. Industry Challenges - Traditional online music platforms like Tencent Music and NetEase Cloud Music face significant threats from free music platforms, which, despite lacking premium content, attract a large user base [8][17]. - Analysts emphasize the importance of music copyright in the competitive landscape, noting that NetEase has struggled to keep pace with Tencent in this area, highlighting the need for innovative content strategies to remain relevant [8][17].

With U.S. stock futures trading slightly lower this morning on Monday, some of the stocks that may grab investor focus today are as follows:NetEase Inc. (NASDAQ:NTES) disclosed that Yingfeng Ding will retire from his position as executive vice president and head of the Interactive Entertainment Group, a part of NetEase’s online games division, according to Benzinga Pro. NetEase shares gained 0.7% to close at $138.07 on Friday.Obook Holdings Inc. (NASDAQ:OWLS) is projected to report H1 earnings results after ...

Core Viewpoint - NetEase's executive vice president Ding Yingfeng will retire on December 31, 2025, after 23 years with the company, and will continue as an advisor in 2026 [2][3] Group 1: Leadership Changes - Ding Yingfeng has been instrumental in the success of flagship games and has significantly contributed to the company's R&D and operational capabilities [3] - Following Ding's retirement announcement, several key executives have left the company, including the producer of "World Beyond" and the head of the tenth division, indicating a period of internal turmoil within NetEase Games [4][5] - The head of the "Onmyoji" division, Jin Tao, also left, having led the development of popular games [5] Group 2: Organizational Restructuring - In March 2025, NetEase announced significant personnel changes, promoting Hu Zhipeng to executive vice president and Cheng Long to senior vice president [5] - The restructuring aims to address organizational vitality and break the "big company disease" by replacing long-serving core executives with younger talent to bring fresh perspectives [7][8] - The company's strategy is shifting from a broad approach to a more focused one, concentrating resources on core products and halting the development of several projects [9]

Core Viewpoint - UBS research report indicates that NetEase is likely to meet the dual primary listing criteria of the Hong Kong Stock Exchange, with its Hong Kong trading volume reaching 57% of its global trading volume as of December 25, surpassing the 55% threshold set by the exchange [1] Group 1 - NetEase is expected to begin preparations for meeting the requirements for dual primary listing status next year, with a potential conversion by early 2027 [1] - If successful in obtaining dual primary listing status, NetEase could qualify for inclusion in the Hong Kong Stock Connect program, with a possible inclusion date in September 2027 if it does not meet the fast-track criteria [1] - The announcement to initiate the dual primary listing process may serve as a short-term positive catalyst for the company [1] Group 2 - UBS maintains a "Buy" rating on NetEase's U.S. stock with a target price of $185, and a target price of HKD 288.6 for its Hong Kong stock [1] - The firm continues to be optimistic about NetEase's top-tier research and development capabilities and its long-standing gaming operations [1] - Anticipation for a new game cycle in the second half of next year is also highlighted as a positive factor for the company [1]

12月29日消息，港股三大指数集体上涨。截至午间收盘，恒生指数涨0.26%，报25886.75点，恒生科技 指数涨1.60%，国企指数涨0.77%。盘面上，科网股普涨，网易、美团涨超2%，百度、联想、快手、哔 哩哔哩涨超1%；汽车股走强，蔚来涨超6%；脑机接口概念普涨，心玮医疗涨超10%；纸业股涨幅居 前，玖龙纸业涨超4%。 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 但生科技指数 | NY | 5587.24 | +1.60% | | 800700 | | | | | 国企指数 | ี | 8983.59 | +0.77% | | 800100 | | | | | 恒生指数 | 200 | 25886.75 | +0.26% | | 800000 | | | | 汽车股走强，蔚来涨超6%。方正证券发布研报称，中央经济工作会议及财政部明确优化"两新"政策， 多地遴选以旧换新平台企业。据媒体披露，2026年国补将延续，单车最高补3万元，聚焦淘汰老旧高排 放车辆，同时提升新能源补贴与混动车型纯电续航门槛。 脑机接口概念普涨，心玮医疗涨超10%。光大证券发布 ...