智通财经APP获悉，Sensor Tower发布2025年9月全球手游收入与下载量排行榜TOP10。《Last War: Survival Game》登顶2025年9月全球手游收入榜。 《MONOPOLY GO! 》紧随其后位列第2，《Royal Match》位列第3。《Whiteout Survival》和《王者荣耀》也成功跻身前五。 根据 Sensor Tower 的"应用表现洞察"数据，FUNFLY旗下的《Last War: Survival Game》持续位居全球手游收入榜首。《MONOPOLY GO!》和《Royal Match》均上升两位，分列第2、3位。《Whiteout Survival》和《王者荣耀》则共同跻身前五。 9月《Last War: Survival Game》持续通过其轮换活动日程来推动玩家消费。玩家社区和数据显示，热门促销等关键变现机制保持活跃，包括"自定义周通行 证"、"特殊训练通行证"和"全面动员"，为英雄碎片、资源和装备提供了深度折扣。同时，"联盟对决VS"等周期性PvP和联盟竞技活动也提供了排行榜奖励和 英勇徽章。此外，"将军试炼"、"僵尸围城"和"军备竞赛"等核心活动 ...

编辑 | 格蕾丝 道指涨近600点！特朗普立场软化美股高开高走 在美国总统特朗普就贸易紧张局势发表缓和言论缓解投资者担忧，博通及其他芯片制造商股价上涨推动 下，周一美股高开高走。截至收盘，道指涨587.98点，涨幅1.29%，报46067.58点，纳指涨2.21%，报 22694.61点，标普500指数涨1.56%，报6654.72点。 博通大涨9.9%，官宣与OpenAI达成合作，将为这家初创公司生产首款自研人工智能芯片。受此推动， 费城半导体指数大涨近5%， 美光科技暴涨逾6%，英伟达升2.8%。 其他明星科技股中，特斯拉涨5.4%，谷歌涨3.0%，亚马逊涨1.7%，Meta涨1.5%，苹果涨1.0%。甲骨文 涨5.1%，多家券商上调了这家人工智能云服务公司的目标股价。 纳斯达克中国金龙指数大涨3.2%，阿里巴巴、京东涨超4%，百度涨3.3%，拼多多涨2.6%，网易涨 1.7%。 市场概述 新一轮贸易摩擦的担忧导致上周标普500指数和纳斯达克综合指数录得近半年来最大单周跌幅。 不过，美国总统特朗普在上周末的表态中语气有所缓和，他称 "一切都会好起来"。美国财政部长贝森 特（Scott Bessent）周一 ...

2025.10.14 本文字数：1306，阅读时长大约2分钟 作者 |第一财经 樊志菁 在美国总统特朗普就贸易紧张局势发表缓和言论缓解投资者担忧，博通及其他芯片制造商股价上涨推动 下，周一美股高开高走。 截至收盘，道指涨587.98点，涨幅1.29%，报46067.58点，纳指涨2.21%，报22694.61点，标普500指数涨 1.56%，报6654.72点。 博通大涨9.9%，官宣与OpenAI达成合作，将为这家初创公司生产首款自研人工智能芯片。受此推动， 费城半导体指数大涨近5%， 美光科技暴涨逾6%，英伟达升2.8%。 其他明星科技股中，特斯拉涨5.4%，谷歌涨3.0%，亚马逊涨1.7%，Meta涨1.5%，苹果涨1.0%。甲骨文 涨5.1%，多家券商上调了这家人工智能云服务公司的目标股价。 纳斯达克中国金龙指数大涨3.2%，阿里巴巴、京东涨超4%，百度涨3.3%，拼多多涨2.6%，网易涨 1.7%。 新一轮贸易摩擦的担忧导致上周标普500指数和纳斯达克综合指数录得近半年来最大单周跌幅。 不过，美国总统特朗普在上周末的表态中语气有所缓和，他称 "一切都会好起来"。美国财政部长贝森 特（Scott Be ...

2025.10. 14 本文字数：1306，阅读时长大约2分钟 作者 | 第一财经 樊志菁 在美国总统特朗普就贸易紧张局势发表缓和言论缓解投资者担忧，博通及其他芯片制造商股价上涨推 动下，周一美股高开高走。 截至收盘，道指涨587.98点，涨幅1.29%，报46067.58点，纳指涨2.21%，报22694.61点，标 普500指数涨1.56%，报6654.72点。 费城联储主席鲍尔森（Anna Paulson）发表上任后首次讲话时表示，由于贸易关税推动通胀的幅度 不太可能达到预期水平，而就业市场面临的风险正不断上升，因此美联储应进一步降息。"基于我对 关税与通胀的看法，货币政策应聚焦于平衡实现充分就业与维持物价稳定所面临的风险，这意味着需 将政策立场转向更中性的水平。" 博通大涨9.9%，官宣与OpenAI达成合作，将为这家初创公司生产首款自研人工智能芯片。受此推 动，费城半导体指数大涨近5%， 美光科技暴涨逾6%，英伟达升2.8%。 其 他 明 星 科 技 股 中 ， 特 斯 拉 涨 5.4% ， 谷 歌 涨 3.0% ， 亚 马 逊 涨 1.7% ， Meta 涨 1.5% ， 苹 果 涨 1.0%。甲 ...

Core Insights - The article emphasizes the importance of Post-Training as a transformative approach in AI, moving beyond simple model optimization to creating specialized intelligent engines tailored to specific business needs [1][4] - The evolution of Post-Training technology is highlighted, showcasing a shift from Supervised Fine-Tuning (SFT) to Reinforcement Learning (RL) methodologies, which better align with complex business requirements [2][4] Summary by Sections Post-Training Evolution - The initial approach in the industry was SFT, which allowed models to learn specific domain knowledge and dialogue styles [2] - However, SFT was insufficient for teaching models complex value judgments and strategic choices, which are critical in real business scenarios [3] - The focus has shifted to RL, evolving from human-dependent methods (RLHF) to automated systems (RLVR) and the innovative use of Natural Language Rewards [4][5] Implementation Pathway - The article outlines a four-step pathway for enterprises to implement Post-Training effectively, addressing challenges such as data quality, high labeling costs, and defining reward signals [5][8] - Successful case studies from companies like Zhihu, AutoHome, and Weibo illustrate practical applications of these steps, showcasing improvements in data quality and model performance [7][8] Step 1: Data Preparation - High-quality data is identified as the cornerstone of successful Post-Training, with companies spending 60-70% of their time on data preparation [10] - Zhihu and AutoHome have developed methods to enhance data quality through pre-labeling and structured data utilization, respectively [11][13] Step 2: Model Selection - Choosing the right base model is crucial, with many companies opting for the Tongyi Qianwen series due to its performance and support for Post-Training [14][16] - The model's architecture and open-source ecosystem facilitate easier implementation of Post-Training techniques [15][18] Step 3: Reward Mechanism Design - The design of a reward mechanism is essential for aligning model outputs with business objectives, transitioning from human feedback to automated verification systems [24][25] - Companies like Yingmi Fund are exploring ways to integrate expert decision-making frameworks into their models to enhance performance [26] Step 4: Evaluation System - A robust evaluation system is necessary to measure the effectiveness of Post-Training, with Yingmi Fund developing benchmarks to assess model performance in real-world scenarios [27][28] - Successful implementations have led to significant improvements in model accuracy and business outcomes, as seen in the case of Baifeng Cloud and Quark [30][32] Conclusion - The article concludes that the true competitive advantage in AI lies in how companies leverage their unique data and business insights through Post-Training to create proprietary intelligent engines [32]

| NTES 网易 | | 03 | | --- | --- | --- | | 146.910 ↓ -4.730 -3.12% | | 收盘价 10/10 16:00 美东 | | 151.900 + 4.990 +3.40% | | 盘前价 10/13 04:12 美东 | | 二 24 24 2 8 8 0 目 ♥ 自选 | | 4 快捷交易 | | 最高价 156.440 | 开盘价 154.440 | 成交量 147.29万 | | 最低价 145.240 | 昨收价 151.640 | 成交额 2.19亿 | | 平均价 148.779 | 市空室 19.70 | 总市值 930.23亿 … | | 振 幅 7.39% 市盈率(静) 22.81 | | 总股本 6.33亿 | | 市净率 4.436 换手率 0.42% | | 流通值 515.41亿 | | 52周最高 159.550 委 比 -- | | 流通股 3.51亿 | | 52周最低 73.887 量 比 4.17 | | 色 主 1股 | | 历史最高 159.550 股息TTM 2.791 换股比率 5.00 | | | | 历史 ...

游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映 动漫游戏产业A股上市公司股票的整体表现，关注游戏ETF（159869）布局机会。 （文章来源：每日经济新闻） 消息面上，2025年9月中国手游发行商收入榜单公布，腾讯、点点互动、网易仍位列前三，米哈游进入 前五。根据SensorTower的统计，腾讯在《三角洲行动》全新赛季的带动下，加之《王者荣耀》和《和 平精英》等头部游戏的出色表现，继续位居中国手游发行商收入榜首。点点互动、网易、柠檬微趣名次 保持不变，米哈游在《原神》、《崩坏：星穹铁道》等多款产品重磅版本更新的带动下，9月收入环比 增长33%，排名进入前五。此外，江娱互动、沐瞳科技、壳木游戏、灵犀互娱等排名均有提升。 点点互动延续手游出海龙头，《Whiteout Survival》和《Kingshot》蝉联冠亚军。根据SensorTower的统 计，9月《Kingshot》陆续推出"Gen4Pets"、"MerchantEmpire"等一系列创意活动，有效激发玩家活跃与 消费热情，单月收入环比再涨5%，突破1亿美元，自2月上线以来全球累计收入已超4亿美元 ...

Core Insights - The Chinese mobile gaming market has experienced significant ranking shifts among publishers in September, with over half of the top 30 publishers showing fluctuations in their rankings [1][2][3] - Tencent remains the leader in the market, but its growth momentum has weakened, while Point Cloud Interactive has solidified its second position with strong performances from its titles [2][4] - The middle-tier publishers are seeking breakthroughs, with miHoYo's resurgence driven by the 5th anniversary of "Genshin Impact" and new updates [4][5] - Emerging companies like Muto Technology are rapidly rising, showcasing the dynamic nature of the market [5][6] Group 1: Head Publishers - Tencent continues to hold the top position, but its growth has slowed due to a lack of new major events, despite stable performance from older titles [2][3] - Point Cloud Interactive has strengthened its position with two blockbuster games, "Whiteout Survival" and "Kingshot," achieving significant revenue growth [2][3] - The competition among top publishers is intensifying, with slight changes in product strength impacting rankings [2][6] Group 2: Middle-Tier Publishers - miHoYo's revenue increased by 33% in September due to the 5th anniversary of "Genshin Impact," allowing it to rise to the fifth position in the rankings [4][5] - The performance of other middle-tier publishers like Giant Network has declined due to reliance on single products, highlighting the risks involved [4][5] - New products and updates are crucial for maintaining competitive positions among middle-tier publishers [4][6] Group 3: Emerging Publishers - Muto Technology has seen explosive growth with its new game "ACECRAFT," achieving a 439% increase in overseas downloads and a 527% rise in revenue [5][6] - The success of new titles is critical for emerging publishers to establish themselves in the competitive landscape [5][6] - The strategic focus on specific genres and markets has proven effective for companies like Muto Technology and Florere Game [6][7] Group 4: Market Trends - The overall revenue share of Chinese publishers in the global top 100 mobile game publishers increased to 36.1% in September, reflecting the industry's vitality [7][8] - Continuous content updates and strategic global market positioning are essential for maintaining and improving rankings [7][8] - The competitive landscape is characterized by a mix of established leaders, striving middle-tier players, and rapidly rising newcomers [7][8]

10月11日，有网友发文称，使用新办理的手机号注册网易云音乐时，通过短信验证码直接登录了歌手李 玟的账号。 登录后，该网友还能在账号后台看到粉丝们发来的怀念私信。登录后界面显示：账号名为"李玟"，拥有 26.1万粉丝、2枚徽章。收件箱内有大量未读粉丝私信，内容多为近期（2025年9月-10月）的悼念留 言，如"永远爱你""Coco，回来好不好"等。 针对此事，网易云音乐客服表示存在此类情况。原因为原账号用户在手机号停用后未及时解绑，该号码 经运营商回收并二次销售后，被新用户获得，就会出现账号的"继承"。客服表示，具体情况需要进一步 登记核实。10月11日中午询问时，发帖网友称"网易云音乐官方已经来电告知解绑了。" （齐鲁晚报·齐鲁壹点客户端编辑 武秀英 综合智通财经、网易云官方客服） ...

Summary of NetEase, Inc. Conference Call Company Overview - **Company**: NetEase, Inc (NTES.O) - **Industry**: China Internet and Other Services - **Current Price Target**: Increased from US$151.00 to US$170.00, representing a 14% upside from the current stock price of US$149.59 as of October 7, 2025 [1][7][32] Key Titles and Growth Potential - **Key Titles in Pipeline**: - **Ananta**: An ACG urban-theme open-world RPG game - **Sea of Remnants (SOR)**: An ocean adventure RPG game - **Growth Strategy**: Focus on fewer but larger titles, with Ananta and SOR being the top two in the pipeline according to management expectations [2][3] Revenue Scenarios for New Titles - **Projected Grossing for Ananta**: - Low Case: Rmb5 billion - Middle Case: Rmb10 billion - High Case: Rmb15 billion - **Projected Grossing for Sea of Remnants**: - Low Case: Rmb3 billion - Middle Case: Rmb5 billion - High Case: Rmb8 billion - **Comparison with Peers**: - Genshin Impact: ~Rmb30 billion - FWJ: ~Rmb18-20 billion - Where Winds Meet: ~Rmb7 billion - **Base Case Expectation**: Both titles reaching the middle level could imply an additional Rmb15 billion in game revenue by 2027 compared to 2025 [3][11] Launch Timing and Market Impact - **Launch Timing**: One title expected before summer 2026 and the other in late 2026, with potential staggered launches for PC and mobile versions [4] - **Impact of Delays**: 1-2 quarters of delay could significantly affect 2026 growth but may not impact long-term value [4] Financial Projections and Adjustments - **Revenue Revisions**: - 2026-27 game revenue revised up by 3-7% due to new title contributions and FWJ PC performance - Non-GAAP profit forecasts increased by 1.5% and 6.4% for 2026 and 2027, respectively [5][30] - **Earnings Estimates**: - Adjusted EPS for 2026-27 increased by 1.5% and 6.4% [30] - Revenue for 2026 projected at Rmb122,269 million, up from Rmb115,477 million in 2025 [7][31] Valuation and Market Position - **Valuation Method**: Sum of the Parts (SOTP) valuation leading to a new price target of US$170, driven by earnings estimate revisions and an increased game P/E to 16x [32][34] - **Market Capitalization**: Approximately US$95.93 billion with 641 million shares outstanding [7] Additional Insights - **Peer Comparison**: NetEase's P/E ratio is 14.2 for 2025E, compared to Tencent's 22.8 and Bili Bili's 42.9, indicating a relatively attractive valuation [22] - **Revenue Growth**: Expected CAGR of 8% from 2025 to 2027 based on the base case scenario for new titles [11] This summary encapsulates the key points from the conference call, focusing on NetEase's strategic direction, financial projections, and market positioning.