智通财经APP获悉，网易-S(09999)尾盘涨超4%，截至发稿，涨3.72%，报217.4港元，成交额13.77亿港 元。 消息面上，近日，由国产引擎打造的武侠开放世界游戏《燕云十六声》在海外市场持续掀起热潮。上线 两周，全球玩家超900万，斩获Steam全球畅销榜第二，好评率近90%。继11月15日PC端全球上线获得 佳绩后，其移动端乘胜追击，定档12月12日登陆iOS与Android平台。截至12月11日，海外版移动端预约 量已突破500万。 据了解，《燕云十六声》采用网易耗时10年自研的"弥赛亚引擎"，该引擎拥有20多项专利技术，在执行 效率、能耗控制等方面表现优异。其不仅实现PC与移动端流畅跨端互通，支撑起开封城等宏大场景与 上万名AI NPC的实时生态，更以精细物理渲染呈现服饰绣花、光影流转等细节。游戏中超过一万个AI NPC拥有独立生活日程与个性，"AI捏脸"功能支持照片或声音生成专属角色，引发玩家创作热潮。 ...

据了解，《燕云十六声》采用网易耗时10年自研的"弥赛亚引擎"，该引擎拥有20多项专利技术，在执行 效率、能耗控制等方面表现优异。其不仅实现PC与移动端流畅跨端互通，支撑起开封城等宏大场景与 上万名AI NPC的实时生态，更以精细物理渲染呈现服饰绣花、光影流转等细节。游戏中超过一万个AI NPC拥有独立生活日程与个性，"AI捏脸"功能支持照片或声音生成专属角色，引发玩家创作热潮。 消息面上，近日，由国产引擎打造的武侠开放世界游戏《燕云十六声》在海外市场持续掀起热潮。上线 两周，全球玩家超900万，斩获Steam全球畅销榜第二，好评率近90%。继11月15日PC端全球上线获得 佳绩后，其移动端乘胜追击，定档12月12日登陆iOS与Android平台。截至12月11日，海外版移动端预约 量已突破500万。 网易-S(09999)尾盘涨超4%，截至发稿，涨3.72%，报217.4港元，成交额13.77亿港元。 ...

Market Overview - Hong Kong stocks opened positively with the Hang Seng Index up by 0.9%, the National Enterprises Index up by 0.88%, and the Hang Seng Technology Index up by 1.02% [1] - The market sentiment remains cautious, with expectations that the index will continue to fluctuate between 25,200 and 26,200 points [3] Company Updates - Zijin Mining (02899) saw a rise of 3.51%, while China Hongqiao (01378) increased by 3.32%, JD Health (06618) by 3.2%, Sands China (01928) by 2.36%, and NetEase (09999) by 1.91% [1] - Conversely, Henderson Land Development (00012) fell by 1.03%, Li Ning (02331) by 0.75%, and Hansoh Pharmaceutical (03692) by 0.65% [1] Bond Issuance - Zhaojin Mining (01818) opened high at 1.97% and announced the issuance of technology innovation convertible bonds amounting to 800 million RMB, which is 53.3% of the planned issuance of up to 1.5 billion RMB. The bonds have a two-year term and a coupon rate of 2.2% [1] Shareholder Activity - Leap Motor (09863) opened up by 1.63% as the Chairman and CEO Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 2.1506 million H shares at an average price of approximately 50.51 RMB, totaling over 100 million RMB. This increases their combined holdings to 23.75% of the total issued shares [2] - Red Star Macalline (01528) opened down by 0.84% after shareholders Taobao Holdings and New Retail Fund reduced their holdings by 30.616 million H shares, representing 0.7% of the current total share capital [2]

近日，中国图象图形学学会（CSIG）正式公布2025年度科学技术奖评选结果。其中，由网易（杭州）网络有限公司与天津大学、中国科学技术大学、中 国航天科工集团第四研究院十七所共同合作的项目《基于强化学习的智能决策关键技术及应用》，荣获学会"2025年度中国图象图形学学会科技进步奖-一 等奖"，产学研协同创新再结硕果。《逆水寒》便是项目落地场景之一，作为网易旗下人工智能实验室，网易伏羲深度参与《逆水寒》在图形技术与人工 智能领域的探索，以游戏AI的创新实践助力数字文娱作品突破"游戏"边界，获得国家级学术权威认可。 关于《基于强化学习的智能决策关键技术及应用》项目介绍 本获奖项目系统开展了基于强化学习的智能决策关键技术攻关，聚焦"奖励质量低、经验复用难、环境波动大"三大关键挑战，提出了基于时空分解的奖励 信号生成、基于自监督学习的经验表征提取、以及基于演化-强化学习的策略模型优化三项创新技术，在策略性能、学习效率、跨任务泛化方面实现能力 突破，达到国际领先水平。 | | 中国图象图形学学会 | 请输入要搜索的内容 Q | | --- | --- | --- | | | | CHINA SOCIETY OF IMAG ...

12月12日，摩根大通发表报告指，预期网易明年仍有更多上行空间，主要受多款新游戏驱动，并将其列 为中国数码娱乐板块的首选股，美股和港股目标价分别为190美元和295港元，评级"增持"。该行目前预 测明年在线游戏收入年增15%。 《燕云十六声》国际市场的成功，对网易以及中国游戏开发商而言都是一座重要里程碑，有利未来其他 面向国际市场的3A大作如《ANANTA》。 同时，该行认为网易很有可能在明年纳入港股通，目前网易 估值明显低于中国主要游戏同业，一旦纳入港股通，预期将触发进一步估值重评。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

摩根大通发表报告指，预期网易明年仍有更多上行空间，主要受多款新游戏驱动，并将其列为中国数码 娱乐板块的首选股，美股和港股目标价分别为190美元和295港元，评级"增持"。该行目前预测明年在线 游戏收入年增15%。《燕云十六声》国际市场的成功，对网易以及中国游戏开发商而言都是一座重要里 程碑，有利未来其他面向国际市场的3A大作如《ANANTA》。 同时，该行认为网易很有可能在明年纳 入港股通，目前网易估值明显低于中国主要游戏同业，一旦纳入港股通，预期将触发进一步估值重评。 ...

Core Insights - The article highlights the ongoing trend of Chinese gaming companies successfully expanding into overseas markets, with large firms optimizing classic titles and smaller firms innovating to break through [2][10] - The "Evergreen List" and "Potential Evergreen List" are introduced, showcasing games that have maintained strong performance in international markets [2][10] Group 1: Evergreen Games - In November, 26 games made it to the "Evergreen List," an increase of 3 titles from October, with notable entries including "Gossip Harbor," "PUBG MOBILE," and "Puzzles & Survival" [2][9] - The total estimated revenue for these 26 games in November reached approximately $299 million, equivalent to about 2.11 billion yuan, with 9 games exceeding $10 million in revenue [2][9][10] Group 2: Potential Evergreen Games - The "Potential Evergreen List" features 14 games, with a decrease of 4 titles from October, indicating a competitive landscape [2][10] - "Whiteout Survival" led the list with an estimated revenue of $86.21 million (approximately 609 million yuan) in November, followed by "崩坏:星穹铁道" and "Top Heroes," each surpassing $20 million [10][11] Group 3: Industry Trends and Support - The gaming industry faces challenges due to global economic pressures, but there are supportive policies from various cities in China aimed at facilitating game exports [11] - The adoption of AI technologies is helping to reduce costs and improve efficiency in game development and marketing strategies, providing a more sustainable path for Chinese games in international markets [11]

《梦幻》畅玩版增强玩家活跃度，《燕云》出海欧美市场好评如潮：Q3游戏及相关增值服务收入同比 增长11.8%至233.3 亿元。手游业务得益于《梦幻西游》和《燕云十六声》等新老游戏产品流水新高， 收入同比增长6.6%。其中《燕云》上线欧美市场后玩家好评如潮。端游业务受益暴雪回归带来更丰富 的游戏内容，收入同比增长33.4%。展望2026年，公司将上线冒险RPG 游戏《遗忘之海》。未来储备产 品包括《无主星渊》、《代号无限大》、《归唐》》等。本季度递延收入同比增长25.3%达194.7 亿 元，公司游戏流水的确认周期在3-6 个月，后续两个季度将逐步释放利润。预计2025 年公司游戏及增至 服务收入有望同比增长12.4%达940 亿元。 有道连续五个季度实现盈利，游戏广告收入同比增长超50%：Q3 有道收入16.3 亿元，同比增长3.6%， 学习服务/智能设备/在线营销业务分别同比-16.3%/-22.1%/+51.1%达6.4/2.5/7.4 亿元。经营利润2827 万 元，连续五个季度实现盈利。公司跟网易及其他游戏厂商在广告内容上的合作驱动游戏广告收入同比超 增长50%，海外广告收入增长超100%。 云音乐丰 ...

Group 1 - The Hang Seng Index opened up by 0.66% on December 11 [1][2] - The Hang Seng Tech Index increased by 0.55% [1][2] - Companies such as Midea Group, Alibaba, NetEase, and Bilibili saw their stock prices rise by over 1% [1][2]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]