12月18日，2025游戏十强年度榜评选结果在2025年度中国游戏年会上揭晓。网易游戏获得2025年度优秀 游戏科技创新企业，世纪华通获优秀"走出去"游戏企业奖，腾讯天美J3工作室获得优秀游戏研发团队 奖，沐瞳科技获优秀游戏运营企业奖，世纪华通《无尽冬日》获优秀移动游戏奖、腾讯《三角洲行动》 获得优秀客户端游戏奖，网易《燕云十六声》获得优秀中华传统文化游戏奖，心动网络《心动小镇》获 优秀社会价值游戏奖、米哈游《崩坏：星穹铁道》获优秀游戏音乐设计奖、叠纸《无限暖暖》获优秀游 戏美术设计奖。（智通财经记者 范佳来） ...

关于报告的所有内容，请于公众『市场分析报告』阅读原文 《十大外资对2026年A股的建议》 兴业证券分析师梳理整合了包括摩根大通、高盛、瑞银等在内的十家国际主流机构对2026年A股的年度展望，旨在呈现外资视角下对中国资产的结构性共识 与配置逻辑，很有参考价值。 一、摩根大通 即将进入2026年，A股市场的变化趋势已逐渐清晰。以摩根大通为代表的外资机构认为，上市公司能否实现实实在在的"盈利"，将成为推动中国资产上涨的 核心动力。市场的关注点正从前期估值的普遍修复，转向企业业绩的兑现能力。 该机构预测，2026年沪深300指数有望达到5200点，这意味着相较于2025年12月的收盘价，存在约13%的上涨空间。对应的市场平均估值约为15.9倍市盈 率，而上市公司整体的每股收益（EPS）预计将增长15%。这一轮盈利复苏具有广泛基础，调查显示，超过三分之一的细分行业已经进入收入增长区间，盈 利前景得到上调的公司数量比例创下2020年以来的新高。 摩根大通将投资机会归纳为四条清晰的主线：抑制过度竞争（反内卷）、人工智能（AI）、全球化拓展（出海）以及国内需求的局部复苏。 抑制过度竞争（反内卷）：政策正直接对"低价倾销"等行 ...

据了解，今年的"游戏十强"与去年一致，涵盖产品与企业两大维度共10个奖项类别，全方位评选年度游 戏行业标杆。 网易游戏"击败"西山居、吉比特、巨人网络、叠纸科技等公司，荣获"优秀游戏科技创新企业"，同时旗 下游戏《燕云十六声》获得了"优秀中华传统文化游戏"奖项。"A股游戏王"世纪华通则获得了"优秀'走 出去'游戏企业"奖，同时旗下游戏《无尽冬日》还击败了《恋与深空》、《超自然行动组》等热门游 戏，获得了"优秀移动游戏"奖项。 （文章来源：南方都市报） 12月18日，由中国音数协游戏工委主办的"2025游戏十强年度榜"（以下简称"游戏十强"）评选结果在 2025年度中国游戏产业年会上揭晓。其中，腾讯游戏、网易游戏、世纪华通等三家公司，均获得两项奖 项，成为本届"游戏十强"活动的大赢家。 此外，沐瞳科技荣获"优秀游戏运营企业"，心动网络的《心动小镇》获"优秀社会价值游戏"奖，米哈游 《崩坏：星穹铁道》获优秀游戏音乐设计奖，叠纸的《无限暖暖》获优秀游戏美术设计奖。 根据中国音数协游戏工委于12月18日发布的评选结果，腾讯游戏年度热门大作《三角洲行动》获得"游 戏客户端游戏"，研发该游戏的腾讯天美J3工作室（"琳琅天 ...

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

Core Viewpoint - NetEase's battle royale game "Top Chase" will cease operations on February 26, 2026, with immediate effects on downloads, in-game purchases, and new user registrations as of December 17, 2023 [1][3]. Game Operation and Timeline - "Top Chase" was first listed in the import license list on December 24, 2022, and officially launched on July 24, 2025, marking less than six months of operation before the announcement of its shutdown [3]. - A non-stop update is scheduled for December 18, 2023, introducing new game modes and features [5]. Compensation and Benefits - Players will receive compensation in the form of points for unused in-game currency and membership services, which can be used in other NetEase games [7]. - Specific growth benefits for players who logged into "Top Chase" include various rewards in "Naraka: Bladepoint" and "Boundary" [8]. Development Team Background - The development team, Theorycraft Games, was established in 2020 and includes experienced members from major gaming companies like Riot Games and Bungie, contributing to high expectations for the game [7]. Gameplay Mechanics - "Top Chase" combines elements of MOBA, battle royale, and hero shooting, featuring a top-down shooting perspective and a rich skill system for player strategy [16]. Market Performance and Challenges - Despite receiving positive reviews pre-launch, with a nearly 90% approval rate on Steam, the game's performance has been described as average, with peak online players not exceeding 50,000 [18]. - The game faced challenges in keeping up with evolving player demands and market trends, leading to its eventual shutdown [19].

Financial Performance - In Q3 2025, the company reported revenue of 28,400 million (up 8.2%) and a net profit attributable to shareholders of 8,600 million (non-GAAP net profit of 9,500 million), both showing double-digit year-on-year growth [1] - The gross margin remained high, with a net profit margin of approximately 30%: operating cash flow net amount was 12,900 million, accounting for about 45% of revenue, and the ending net cash was 153,200 million, significantly higher than total liabilities of 53,500 million, indicating robust profitability and cash generation capability [1] Business Development - The gaming business generated approximately 23,300 million in revenue (up 11.8%, with a gross margin of about 69%), accounting for about 82% of total revenue; the revenue growth was driven by the success of titles like "Yanyun Sixteen Sounds" and "Marvel Showdown," along with the return of Blizzard games, leading to deferred revenue growth of 25% year-on-year and 15% quarter-on-quarter [1] - Cloud music revenue in Q3 was approximately 1,964 million (down 1.8%), with a gross profit of 695 million (up 8.3%); the company improved profitability by reducing copyright and promotion costs while increasing the proportion of subscription and digital album sales [1] - In the innovative business segment, Youdao reported Q3 revenue of approximately 1,600 million (up 3.6%), driven by A1 subscriptions and online marketing, significantly enhancing operating profit; however, revenue from innovative and other segments was about 1,400 million (down 18.9%), as businesses like Select and data intelligence are undergoing active restructuring [1] Profit Forecast - The company expects a revenue growth of 10.0% and a net profit growth of 9.2% for 2025, with corresponding price-to-earnings ratios for 2025-2027 projected at 17.41, 25.66, and 20.65 times, respectively [1]

Core Viewpoint - NetEase Youdao (DAO) has shown a significant increase in stock price and impressive financial growth, indicating a positive outlook for the company and its operations in the online education sector [1]. Financial Performance - As of September 30, 2025, NetEase Youdao reported total revenue of 4.344 billion RMB, reflecting a year-on-year growth of 1.36% [1]. - The net profit attributable to the parent company reached 59.1 million RMB, marking a substantial year-on-year increase of 7581.01% [1]. Company Overview - Youdao is a foreign holding company registered in the Cayman Islands, primarily operating through its domestic subsidiary, NetEase Youdao Information Technology (Beijing) Co., Ltd. [1]. - The company is recognized as a leading smart learning provider in China, focusing on user-oriented learning products and services [1]. - Youdao offers a wide range of online courses tailored to various age groups, subjects, learning goals, and interests, building on the popularity of tools like Youdao Dictionary and Youdao Translation [1]. - Established in 2006, Youdao is a subsidiary of NetEase, a prominent internet technology company listed on NASDAQ and the Hong Kong Stock Exchange [1].

Core Viewpoint - The 2025 China Digital Entertainment Conference will be held in Tianhe District, Guangzhou, focusing on the integration of digital culture and industry development [1][6]. Group 1: Conference Structure and Goals - The conference adopts an "One Conference, One Exhibition, One Carnival" model, aiming to create a platform for high-quality industry development [2][4]. - The main forum will feature discussions on digital entertainment industry trends, technological innovations, and development opportunities, involving government officials, industry leaders, and experts [2]. - The event aims to establish a comprehensive system for industry leadership, resource connection, and industrial empowerment, promoting a transition from scale growth to high-quality development in the digital entertainment sector [6]. Group 2: Industry Ecosystem in Tianhe District - Tianhe District is recognized for its robust digital culture industry ecosystem, with notable companies like NetEase and 37 Interactive Entertainment thriving in the area [7]. - The district has launched the "Coder Square" theme block to enhance the integration of culture and technology, transforming the area into a refined space for the animation and gaming industry [9]. Group 3: Economic Impact and Achievements - In 2024, Tianhe District is expected to have 1,164 cultural enterprises, generating revenue of 226.66 billion yuan, accounting for 37.5% of Guangzhou's total [10]. - The gaming sector alone achieved revenues of 65.35 billion yuan, reflecting a year-on-year growth of 10.1% [10]. - Local companies are leveraging digital technologies to enhance major sporting events, showcasing the integration of digital culture and social development [12]. Group 4: Global Recognition and Cultural Export - The game "Ming Chao" developed by Kuro Game won the "Players' Voice" award at TGA2025, highlighting the growing global influence of Chinese gaming [15][17]. - Tianhe District has been recognized as a national cultural export base, fostering key enterprises and projects that enhance cultural exports [17][18]. - The Guangdong government has introduced a comprehensive policy package to support high-quality development in the cultural industry, covering various sectors including film, animation, and gaming [20].

Core Viewpoint - The gaming industry is expected to experience robust growth driven by strong supply and demand dynamics, with profitability likely to continue rising in 2025 due to an increase in game approvals and innovative new titles from major companies like Tencent and NetEase [1][3]. Supply Side - The number of game approvals has significantly increased, with a 24% year-on-year growth in the total number of licenses issued from January to October this year, reaching 1,441, including 1,354 domestic licenses, which is a 26% increase [3][6]. - The approval process for game licenses has become more efficient, with the fastest approvals now taking less than three months, allowing companies to better plan their game launches [3][6]. - Policy support for the gaming industry has been strengthening, with national and local governments implementing measures to promote cultural exports and simplify approval processes [7][8]. Demand Side - The gaming sector is adept at capturing user time across various formats, from quick mobile games to immersive PC and console experiences, catering to diverse entertainment needs [9][10]. - The share of time allocated to gaming is expected to increase, with a projected rise in gaming hours in the first half of the year, driven by both established and new titles performing well [11][14]. Industry Trends - The gaming industry is witnessing a trend of increasing profitability, with revenue growth rates for major gaming companies reaching new highs, and net profit growth significantly outpacing revenue growth [18][20]. - Companies are focusing on high-quality projects and have established clearer competitive advantages, leading to higher project success rates [20]. - The integration of AI in game development and operations is enhancing efficiency, with AI being used for generating art assets and optimizing various processes [32]. Marketing and Distribution - Traditional user acquisition methods are declining, with a shift towards content-driven marketing strategies through social media and community platforms, which are proving to be more effective [23][25]. - The legal landscape is evolving, allowing developers to bypass traditional distribution channels, which could significantly enhance profit margins by reducing revenue sharing with platforms [30][31].

1、美股周二收盘，道指跌0.6%，标普500指数跌0.13%，纳指跌0.19%；特斯拉涨3%创历史新高，英伟 达涨近1%，Circle涨近10%；纳斯达克中国金龙指数收跌0.34%，网易跌近2%。 2、国际油价收跌， WTI原油 期货失守55美元/桶，日内跌幅达3.22%；布伦特原油失守59美元/桶，日内跌幅2.70%；上期所 原油期货夜盘收跌2.24%。 3、沪金主力合约夜盘收跌0.14%；金价在美国11月非农就业报告后出现一波 反弹行情。 4、美国11月失业率创4年新高，录得4.6%，失业人数为780万；11月季调后非农就业人口录 得6.4万人，高于预期；10月非农就业人数减少10.5万人，为2020年底以来最大降幅。 5、美国威胁拟对 欧盟公司就数字税问题采取反制，点名埃森哲、西门子和Spotify等企业，称若欧盟继续限制美国数字服 务提供商竞争力，将动用一切可用工具反制，可能考虑收取费用和限制对外服务。 6、特朗普将于当地 时间周三面试美联储理事沃勒，此前已面试前美联储理事凯文·沃什，两人是其最青睐的美联储主席候 选人；特朗普还将于美东时间周三晚上9点发表全国讲话，或预告新年政策。 7、美国至12月1 ...