12月23日，港股三大指数午后持续走低，恒生科技指数一度跌至1%，最终收跌0.69%，恒生指数、国企指数由涨转跌，分别下跌0.11%及0.29%，市场情绪 谨慎。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生科技指数 800700 | ma | 5488.89 | -37.94 | -0.69% | | 恒生指数 | whiles | 25774.14 | -27.63 | -0.11% | | 800000 | mini | | | | | | | 8913.83 | -25.85 | -0.29% | | 国企指数 800100 | Marine | | | | 盘面上，大型科技股涨跌不一，风电股全天维持强势，建材水泥股、内银股多数上涨。金价在创下历史新高后，黄金、铜、铝等有色金属股呈现高开低走行 情，手游股、军工股、机器人概念股、半导体芯片股集体低迷。 | 行业热力图 √ | 领涨板块 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The article highlights the strong performance of the Hainan stock sector, with several companies experiencing significant gains, while also noting the impact of criminal allegations on specific firms [3][7]. Market Performance - The A-share market opened with all three major indices rising: Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.05%, and ChiNext Index up 0.14% [5][6]. - The Hang Seng Index opened up 0.29%, with notable gains in companies like WuXi AppTec, Meituan, and NetEase, while Kuaishou faced a decline of over 3% due to a cyber attack [9][10]. Sector Highlights - The Hainan Free Trade Zone concept stocks continued to perform well, with companies like Hainan Airlines Group and Hainan Rui Ze achieving three consecutive trading limit increases [3]. - Other active sectors included dairy, photovoltaic, gold, and cybersecurity, while sectors like nuclear fusion and computing hardware saw adjustments [7]. Individual Stock Movements - Companies such as Jiangsu Construction and Xiangyuan Cultural Tourism opened lower by 5.9% and 3.78%, respectively, following criminal allegations against their actual controller [7][8].

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 0.2%, with most popular Chinese concept stocks rising, indicating a positive market sentiment towards these companies [1]. Group 1: Stock Performance - Qihoo 360 Technology saw a rise of 3.24% [1] - Trip.com Group increased by 2.23% [1] - Companies such as Zai Lab, Pinduoduo, and Beike all rose by over 1.5% [1] - NetEase, JD.com, and Bilibili experienced gains of less than 1% [1]

Core Insights - The female-oriented gaming market in China has shown significant growth, with a market size reaching 8 billion yuan in 2024, representing a year-on-year increase of 124.1%, indicating strong commercial potential and cultural influence [1][10] - Despite the growth, the market faced challenges in 2025, including content controversies, public relations crises, and industry changes that impacted development and growth [1][9] Market Performance - The top female-oriented games in 2025 include "Light and Night of Love" by Tencent, which has shown stable performance and even surpassed "Love and Deep Space" in revenue in November 2025, with an estimated income of 49.09 million yuan, reflecting a 125.42% increase [4][5] - "Love and Deep Space" faced multiple controversies, including player dissatisfaction and security issues, leading to a significant revenue drop of 39.40% to 48.36 million yuan in November 2025 [2][5] - "World Beyond" experienced a public relations crisis due to price increases and a loss of player trust, resulting in a significant decline in its market position, although it showed signs of recovery with a strong update in December 2025 [6][7] Industry Dynamics - The competitive landscape of the female-oriented gaming market has shifted, with previous leaders like "Code Kite" and "World Beyond" falling behind, while "Love and Deep Space" remains resilient despite controversies [9] - The market still has growth potential, as there is a significant demand for emotional engagement among young, educated female players, with over 60% of players being single and seeking emotional support through gaming [10] - Upcoming titles like "Under the Night" and "Code Sol" are generating interest, with "Under the Night" already in its second testing phase and receiving positive feedback, indicating potential for future success in the market [11][12]

Group 1 - The revised "Public Security Administration Punishment Law" will take effect on January 1, 2026, increasing penalties for disseminating obscene information [2][3] - The new law clarifies that using information networks, telephones, and other communication tools to spread obscene information is punishable, regardless of whether it occurs in public groups or private chats [5] - Penalties include detention of 10 to 15 days and fines up to 5,000 yuan for serious cases, while lighter cases may incur detention of up to 5 days or fines between 1,000 and 3,000 yuan [5] Group 2 - The law aims to correct the public misconception that private dissemination of obscene information is merely a moral issue [5] - Even sending inappropriate photos or videos in private chats can lead to legal consequences if reported and verified [6]

与"劫杯"同规格打造的"劫日派对"，则在卓悦中心·节日大道同步上演。活动现场设置了人气角色"宁红 夜"实体雕塑、趣味互动摊位、好礼兑换点以及周边贩售区等多元场景，为商圈聚拢超高人气，让卓悦 中心成为上周末深圳福田CBD最热门的网红打卡地标。 赛事与城市消费的深度联动成为本届嘉年华的一大亮点。据悉，本届"劫杯"深化与银联的战略合作，观 众凭赛事门票即可解锁南山商圈美食折扣、景点联票等专属权益。观赛之余，观众既能打卡岭南美食、 探访湾区地标，感受地道城市文化氛围，也能在"观赛-品味-游览"的复合场景中，深度体验深圳的多元 魅力。 12月22日，为期4天的"2025永劫无间嘉年华"在深圳落下帷幕。本届嘉年华创新采用"全球电竞赛事+沉 浸式街区派对"双主场模式，以2025《永劫无间》世界冠军赛总决赛（简称"劫杯"）为核心，同步举办 首届超大型嘉年华"劫日派对"，通过"数字内容激活实体消费"的创新路径，为粤港澳大湾区文旅产业注 入新动能。 作为嘉年华的核心环节，12月20日至21日，网易主办的2025"劫杯"在深圳南山区春茧体育馆正式开赛。 来自全球各大赛区的顶尖战队齐聚鹏城，为全球观众献上了一场场精彩激烈的巅峰对决。 ...

格隆汇12月22日｜中金发表内地在线平台行业报告表示，近期市场整体情绪转低带来板块整体出现回调 格局，当下板块整体估值已处于均值和25分位之间。从基本面来看，板块整体业绩稳健，广告、游戏等 主要赛道仍有健康增速，重点公司例如腾讯等依然表现出利润率提升经营杠杆。此外，该行认为AI仍 处于高速发展状态，且相对于海外科技巨头激进资本开支，国内互联网公司投入更加实际，自然也更加 可持续，该行仍然认为AI将成为未来部分互联网公司重要增量机遇。整体来看，基本面稳健，AI潜力 仍在，但估值在降低，该行认为板块吸引力在增强。综合来看，核心推荐腾讯控股，建议关注快手、网 易、赤子城科技、哔哩哔哩。 ...

进入2025年Q4，自走棋赛道竞争局势正愈演愈烈，让人梦回2019年Q1。 彼时，巨鸟多多推出《Dota2游廊自走棋》掀起了一股厂商"下棋打牌"热。头部厂商腾讯网易自研、发行两手都抓，一方面在已上线老牌游戏中添加自走 棋玩法，如《逆水寒》《英雄联盟》《阴阳师》等。另外一方面，各大自研群开始立项测试自走棋新品，如天美《Chess Rush》等。中小厂商也不甘示 弱，像龙渊网络、英雄游戏、电魂网络等，争先推出自走棋手游产品。 时隔六年，国内市场再度掀起了自走棋热。我们认为，它可被视为自走棋下半场的里程碑节点。原因有二：首先，自走棋赛道从增量市场，转变成了存量 市场，头部产品虹吸效应显著。其次，参赛选手从中小厂商为主，大厂为辅，转向了腾网米大厂之间的小圈子竞争。 在自走棋下半场，厂商比拼的或许不单单只是玩法的认知，而是集团对自走棋赛道的战略定位/定力。玩法部分，我们会在后面详细介绍。先简单聊下自 走棋赛道的战略定位，我们认为腾网米持续加注自走棋赛道，本质是争夺大DAU赛道话语权，类似常年围绕枪车球品类打架。 它锚定的核心用户为两类人群即大学生这类泛休闲用户跟30+这类云玩家（弃坑重度竞技的端手游玩家）。它是往下渗透 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in social entertainment media and internet healthcare, while noting challenges in e-commerce and short video segments [4][11]. E-commerce - The report indicates a decline in the year-on-year growth rate of physical e-commerce sales as per the National Bureau of Statistics, suggesting a weak overall sales outlook for Q4 [4][15]. - Alibaba's AI application, Qianwen, has integrated with Gaode Map, marking a significant step in its ecosystem [12]. Social Entertainment Media - Bilibili and Tencent's advertising performance continues to outperform the market, with Tencent's gaming fundamentals showing upward momentum [4][16]. - Tencent's new game, "Delta Action," is expected to become a major title alongside "Honor of Kings" and "Peacekeeper Elite" [4][16]. Internet Healthcare - JD Health and Alibaba Health are leveraging their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][16]. Short Video - The report notes a recent decline in stock prices for AI application-related companies due to market sentiment, but maintains a positive outlook on Kuaishou's core business stability [4][16]. IP and Trendy Toys - Pop Mart's new flagship store in Shanghai is expected to enhance interactive space and expand its presence, with new IPs like 1001moons and supertutu being launched [4][16]. Long Video - The report suggests monitoring investment opportunities in iQIYI and Mango TV, as regulatory changes are expected to improve the long video sector's commercial model [4][17]. Music Streaming - TME and NetEase Music reported stable performance in Q3, although concerns about competition have led to a valuation adjustment [4][18]. Gaming Sector - The domestic gaming industry remains highly prosperous, with continued recommendations for leading companies like Tencent and NetEase, and a focus on companies with improving product trends [4][19]. Advertising - Focus Media has shown strong growth in non-recurring revenue, with a significant increase in advertising spending from internet advertisers in Q3 [4][19]. Publishing - Some publishing companies are facing challenges due to negative impacts from educational reforms, leading to delays in revenue recognition [4][19]. Film and Television - The report highlights the potential for recovery in the long video industry, with a focus on companies with strong production capabilities and project pipelines [4][20]. AI Applications - The report emphasizes the importance of AI in various sectors, including advertising and healthcare, suggesting a growing trend towards AI integration in business models [4][20].

12月19日至21日，2025广州文化产业交易会在中国进出口商品交易会展馆D区（17.2-20.2馆）成功举办。这场文旅产业盛会，以"湾区联世界，文旅创未 来"为主题，用"科技+文化+贸易"的融合范式，全面开启文旅深度融合与产业创新的新篇章，为文旅融合发展注入新动能，也为中华文化"走出去"搭建了更 广阔的舞台。 广州文交会从2017年创办至今，已从区域展会成长为链接全球、推动产业交易、引领行业趋势的重要文化产业平台，这背后既是广州作为千年商都的开放基 因传承，也是粤港澳大湾区发挥门户优势的生动实践。2025广州文交会走过八载光阴，这场文旅盛会为湾区文化产业带来什么？ 科技赋能 重塑文旅体验 "十五五"规划建议提出"推进文化和科技融合"的发展要求，在本届文交会上得到生动实践。今年，广州文交会文旅装备展区被打造成沉浸式体验的"造梦空 间"：VR/AR互动装置、全息投影、数字光影等最新技术集中呈现，静态的文化资源转化为可感可互动的动态场景，充分展现文化科技融合的魅力。 广州新起典文旅科技推出极具创新的3D沉浸式多模态空间产品——"万象视界"，将中国上古神话《山海经》中的自然认知、神话意象转化为趣味生动的科 普体验， ...