↑点击上面图片 加雪球核心交流群 ↑ 10月10日周五，美股市场突然闪崩，上演"黑色星期五"。导火索就是特朗普发布的一篇措辞激烈的长文。让我们一起看看发生了什么。 01 特朗普对华加征100%关税！ 周五纳指与标普500均创下短期最大单日跌幅。纳斯达克指数大跌3.56%，报22204.43点；标普500指数收跌2.71%，报6552.51点，均创4月10日以来最大单日跌幅。VIX恐慌指数大幅飙涨超31%。 -462.27 -1.73% -82.37 -0.87 上证指数 3897.03 -36.94 -0.94% 在ED/ 24313.5 -297.69 -1.2' ● 日经225 【】法国C/ 48088.80 -491.64 -1.01% 大型科技股普跌，万得美国科技七巨头指数跌3.65%。个股方面，亚马逊、特斯拉跌逾5%，英伟达跌近5%，苹果、脸书跌超3%，微软跌超2%，谷歌跌近2%。 7935.0 -106.31 -1.3: 大宗商品 COMEX黄金 COMEXH 4035.81 +63.21 +1.59% 47.43 +0.28 +0.59 布伦特原油 62.08 -3.14 -4.81% 美国天然 ...

北京时间10月10日深夜，全球金融市场全线重挫，美股三大指数直线跳水，跌幅持续扩大，道指一度暴跌超880点，截至收盘，道 指大跌1.9%，纳指暴跌3.56%，标普500指数暴跌2.71%。 美股遭遇"黑色星期五"。 北京时间10月10日深夜，美股三大指数全线跳水，截至收盘，纳指暴跌超3%，创4月以来最大单日跌幅；美股大型科技股集体重 挫。欧洲多国股市尾盘亦全线跳水，原油及加密货币也遭受重创，WTI原油暴跌超4%，比特币日内一度暴跌超13%，VIX恐慌指数 大幅飙涨超31%。 有分析指出，相关事态的不确定性导致风险资产全线下挫。另外，美国政府"停摆"事件升级，特朗普政府已开始对联邦雇员实施大 规模的永久性裁员，进一步加剧了市场紧张情绪。宏观数据方面，美国10月密歇根大学消费者信心指数初值为55，为5月以来最 低。 全球暴跌 美股大型科技股集体大跌，截至收盘，台积电ADR暴跌超6%，博通、特斯拉暴跌超5%，英伟达、亚马逊大跌超4%，苹果、Meta 大跌超3%，微软跌超2%，谷歌、甲骨文跌超1%。 在美股盘后，美国科技巨头股价继续走低，英伟达、特斯拉、甲骨文盘后跌幅均超2%，新思科技、Cadence盘后跌幅超3%。 ...

来源：滚动播报 周五热门中概股多数收跌，纳斯达克中国金龙指数跌6.1%。阿里跌超8%，拼多多跌超5%，网易跌超 3%，京东跌超6%，携程跌超1%，百度跌超8%，腾讯音乐跌超4%，富途跌超11%，小鹏跌超8%，蔚来 跌超10%，理想跌超3%，哔哩哔哩跌超9%。 ...

Core Insights - Hong Kong stock market has become a significant window for capturing China's growth dividends, with Hong Kong Stock Connect funds being a primary tool for investors to access this market without the need for currency exchange or separate accounts [1][2] Group 1: Investment Opportunities - Hong Kong Stock Connect funds allow investors to conveniently allocate to Hong Kong stocks without needing QDII qualifications or foreign exchange quotas [2] - The Hang Seng Index has a higher proportion of consumer discretionary and software services sectors compared to the Shanghai Composite Index, indicating a strong growth potential in these areas, particularly in new consumption and technology sectors [3] - The valuation of Hong Kong stocks is relatively low compared to other major global markets, with the Hang Seng Index's current price-to-book ratio at 51.32%, suggesting a high cost-performance ratio for investors [6] Group 2: Market Trends - Southbound capital has seen a cumulative net inflow of HKD 979 billion in 2025, a 21% increase compared to the entire year of 2024, with a focus on technology, pharmaceuticals, and consumer sectors [9] - The overall performance of Hong Kong stocks has been strong this year, driven by the revaluation of Chinese assets in sectors like new consumption, technology, and innovative pharmaceuticals [10] Group 3: Fund Selection Criteria - Investors should assess the risk characteristics of different Hong Kong Stock Connect funds to ensure alignment with their risk tolerance, noting that funds focused on technology and innovative pharmaceuticals typically carry higher risk [14] - It is essential to choose fund managers with extensive experience in Hong Kong investments to better capture investment opportunities [15] - Investors are encouraged to adopt a systematic investment approach, planning regular contributions to take advantage of market fluctuations [17][18]

Market Overview - US stock indices collectively declined overnight, with the Chinese concept index dropping by 2.03% [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down by 0.85%, the National Index down by 0.94%, and the Hang Seng Tech Index down by 1.4% [1] Sector Performance - Major technology stocks experienced a collective decline, with Alibaba, Baidu, and JD.com falling over 2%, and NetEase, Kuaishou, Meituan, and Xiaomi dropping over 1% [1] - Tencent saw a decrease of 0.96% [1] - Gold stocks led the decline in the non-ferrous metal sector, with China Gold International, Zijin Mining International, and Shandong Gold each falling nearly 4% [1] - Lithium battery stocks, automotive stocks, home appliance stocks, semiconductor stocks, Chinese brokerage stocks, and biopharmaceutical stocks also saw declines [1] Rising Stocks - Conversely, telecom equipment stocks, new consumption concept stocks, and rare earth concept stocks generally rose, with ZTE Corporation increasing by 3.4% and Jinli Permanent Magnet and Hu Shang Ayi rising over 2.4% [1] New Listings - Two new stocks debuted on the Hong Kong market, with Jinye International Group opening 500% higher, achieving an oversubscription rate of over 9030 times, marking the highest oversubscription rate for a new stock in Hong Kong history [1] - Zhida Technology opened 183% higher, with a global offering of 597.89 million shares, where the Hong Kong public offering accounted for 10% and international offering for 90% [1]

日本手游行业有着独特的发展脉络。 其中「手游」的前身应当叫做「社交游戏」，这是一种「通过社交网络账号登录、依托社交平台传播」的轻量化游戏，它可以简单比作网页手游。 这类游戏随着GREE、DeNA等本土SNS企业的崛起而自2007年后逐步兴盛，市场规模在5年内从49亿日元增长到3429亿日元（2.36亿元~165.13亿元），后 来又因为智能机的普及而在2012年后逐步走向衰落。 有从业者在2013年记录下了那个年代最后的疯狂：「那时候，成本2000万日元（约96万元）、月流水超过1亿日元（约480万元）的情况屡见不鲜，许多公 司纷纷涌入社交游戏开发领域，希望借此淘金。但从2012年开始，单个项目投入成本超过2亿、3亿日元的情况，已经是常态。」 「那些根本不想做游戏、不想让玩家享受游戏乐趣的人，却因为觉得赚钱而进入这个行业，并乐于在短时间内赚点快钱，这真是太可悲了。」野蛮资本入 局带来的影响是社交游戏泡沫的快速膨胀，并在短时间内将行业搅成了一锅粥。 于是很快，行业泡沫破裂造就了「成本飙升→风险提升→游戏失败率上升→大量人员失业→转行转外包」这样的连锁反应，并且智能手机的普及大幅加速 了这个连锁反应的进程，于是日 ...

此外，腾讯旗下《王者荣耀》等四款手游凭借稳定的用户基础与持续的内容运营，在9月中国App Store 手游收入榜单中表现突出，成功包揽榜单前四名，进一步彰显了中国头部手游产品在国内市场的强大号 召力。 整体来看，9月中国手游厂商在全球市场的收入占比与榜单入围数量均保持较高水平，头部企业通过产 品更新、玩法创新与海外市场拓展，不断提升核心竞争力，为中国手游产业的持续健康发展注入强劲动 力。 10月9日消息，据Sensor Tower商店情报平台最新发布的《2025年9月中国手游发行商全球收入排行榜》 显示，9月共有32家中国手游厂商成功跻身全球手游发行商收入榜TOP100，合计创收19.5亿美元，在同 期全球TOP100手游发行商总收入中占比达36.1%。 从具体企业表现来看，网易凭借多款手游的强势发力，稳固占据本期全球发行商收入榜第3名。其中，8 月末上线的《梦幻西游手游轻享服》通过创新优化玩法门槛、强化社交回流机制与科学调整消费节奏， 有效激活老玩家回归热情与新玩家付费潜力，9月收入较8月环比增长46%，成为拉动网易收入的重要力 量。另一款8月末推出的科幻射击新游《天命：群星》表现尤为亮眼，9月收入环比大幅 ...

来源：环球网 此外，腾讯旗下《王者荣耀》等四款手游凭借稳定的用户基础与持续的内容运营，在9月中国App Store 手游收入榜单中表现突出，成功包揽榜单前四名，进一步彰显了中国头部手游产品在国内市场的强大号 召力。 整体来看，9月中国手游厂商在全球市场的收入占比与榜单入围数量均保持较高水平，头部企业通过产 品更新、玩法创新与海外市场拓展，不断提升核心竞争力，为中国手游产业的持续健康发展注入强劲动 力。（纯钧） 从具体企业表现来看，网易凭借多款手游的强势发力，稳固占据本期全球发行商收入榜第3名。其中，8 月末上线的《梦幻西游手游轻享服》通过创新优化玩法门槛、强化社交回流机制与科学调整消费节奏， 有效激活老玩家回归热情与新玩家付费潜力，9月收入较8月环比增长46%，成为拉动网易收入的重要力 量。另一款8月末推出的科幻射击新游《天命：群星》表现尤为亮眼，9月收入环比大幅增长3倍，不仅 斩获本月美国手游收入增长榜冠军，还成功跻身中国出海手游收入增长榜第2名，成为网易本季度最具 市场爆发力的新作之一。 米哈游则借助旗下核心产品的版本更新实现业绩跃升。9月，米哈游《原神》《崩坏：星穹铁道》等作 品先后推出重磅更新内容，带 ...

Sensor Tower商店情报平台显示，2025年9月共32个中国厂商入围全球手游发行商收入榜TOP100，合计 吸金19.5亿美元，占本期全球TOP100手游发行商收入36.1%。 中国手游发行商收入TOP 30 腾讯(00700)战术射击手游《三角洲行动》于9月17日推出全新赛季"烈火冲天"，强势点燃玩家热情。游 戏当日即登顶中国iOS手游畅销榜，并连续多日稳居榜首。得益于赛季热度带动，《三角洲行动》9月 收入环比大涨76%，加之《王者荣耀》与《和平精英》等头部游戏的出色表现，腾讯稳居中国手游发行 商收入榜之首。 受多款手游强势表现带动，网易(09999)稳居本期发行商收入榜第3名。8月末上线的《梦幻西游手游轻 享服》通过降低玩法门槛、强化社交回流与优化消费节奏，成功激发老玩家回归热情与新玩家付费意 愿，游戏9月收入环比增长46%。同样于8月末推出的科幻射击新游《天命：群星》表现亮眼，9月收入 环比飙升3倍，不仅夺得本月美国手游收入增长榜冠军，还跻身中国出海手游收入增长榜第2名，成为网 易本季度最具爆发力的新作之一。 9月全球合成手游持续发力，柠檬微趣凭多款精品稳固全球市场表现，整体收入环比提升10%， ...

Summary of Key Points from Conference Call Records Industry Overview - The consumer industry is driven by both technology and consumption concepts, transitioning from traditional commerce to e-commerce, significantly enhancing supply chain efficiency [1][2][4] - The rise of e-commerce has disrupted traditional retail, with logistics cost reduction and changing shopping habits being key factors [1][5] - New retail and live-streaming e-commerce have emerged, creating opportunities for consumer goods companies through innovative models and traffic generation [1][8][9] Market Dynamics - The Chinese consumer market exhibits a stratified phenomenon, with significant differences in income levels, birth years, and consumption habits across regions [1][10][11] - Companies need to adopt STP (Segmentation, Targeting, Positioning) strategies to effectively market to diverse consumer groups, as demonstrated by Proya's successful market entry [1][12] - The market has shifted towards quality consumption, with approximately 390 million consumers in lower-tier cities becoming a new growth point [1][15] Investment Insights - Evaluating the market space of emerging industries or single products is crucial for making informed investment decisions in primary and secondary markets [1][18] - High ROE industries like food and beverage, and home appliances are more likely to produce "bull stocks," while industries with barriers, such as liquor, have long-term advantages [1][19][21] Consumer Behavior - The investment framework for the consumer industry requires interdisciplinary knowledge, including economics, finance, sociology, and psychology [2] - Consumer spending is influenced by population size and income levels, with a significant portion of savings remaining unspent due to changing future expectations [2] - Different consumer groups show distinct preferences, with urban consumers leaning towards high-end brands while lower-tier city consumers prefer cost-effective products [16][17] Industry Barriers and Management - Barriers in the consumer industry include brand, operational, technological, and policy barriers, with brand and operational barriers being particularly significant in general consumer goods [3][22] - A company's ability to create value is largely dependent on its management capabilities, which encompass both hardware (organizational structure) and software (corporate culture) [23] Trends and Future Outlook - The consumer industry is characterized as a "long slope, thick snow" type, indicating its potential for substantial growth and the emergence of large-cap companies [19] - The industry is expected to continue evolving with technological advancements, particularly in logistics and information flow, which have historically driven profitability in e-commerce [6][7] Conclusion - The consumer market in China is undergoing significant changes, with emerging trends in e-commerce, consumer behavior, and investment opportunities. Companies must adapt to these changes to capitalize on growth potential and navigate the competitive landscape effectively.