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.

来源：金吾财讯 星展银行将网易公允价值预估从170美元上调至200美元，将网易(09999)公允价值预估从264港元上调至 309港元。 金吾财讯 | 网易(NTES)涨超2%，截至发稿，报153.46美元。 消息面上，摩根士丹利分析师Yang Liu CFA维持网易买入评级，并将目标价从138美元上调至170美元。 ...

周三热门中概股多数上涨，纳斯达克中国金龙指数涨0.87%。网易涨超2%，理想涨超1%，富途涨超 4%，小鹏涨超2%，蔚来涨超4%，哔哩哔哩涨超2%。 来源：滚动播报 ...

十年前你在玩什么游戏？ 节前看动漫怀旧视频，偶然想起这个话题。 2015年，我还是一只刚入职一年多的菜鸟，停留在愣头青的水准。 现在来看，口碑是确实能杀死游戏的；氪金X件套是会被玩家抛弃的；至于抄袭，虽然玩家圈子一直有定论，但在行业内依旧说不出个所以然来。而东方 云云，不过是些许过眼云烟罢了，二次元同人早被国产二游占据了大半个江山。 2015年，我正式入坑手游没多久，还会为「作品性」而感动。 当时的我，依旧沉浸在入坑作《Deemo》的余音里，对这类小清新作品无比推崇。但转过头，工作中接触的国产手游越多，我越是被页转手、端转手疯狂 洗脑，被社交传播套餐、红点套餐、大厂X件套教做人，然后终于明白什么是「手游的规矩」。 现在的0.1折手游完美诠释了当年的经典手游长啥样 十年后再回头看，这些规矩大都换了个方式存在。比如红点套餐依旧坚挺，但平均力度稍弱了些；大厂X件套的含金量还在增多，不乏当年的新兴厂商玩 出自己的X件套；曾经流水动辄几十亿的数值卡牌，蜕变为了肉鸽+X、SLG+X、放置+X的形态，全球捞金…… 写稿子的时候，我总会钻牛角尖地提「某大作口碑反噬」「某氪金机制吃相太难看」「某游抄得太厉害」这种令从业者笑话的 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,857.70, down by 100.07 points or 0.37% as of October 7, 16:00 Eastern Time [1] - The index reached a high of 27,169.45 and a low of 26,849.11 during the trading session, with a trading volume of 47.63 million [1] - The HSI's 52-week high is 27,275.90 and the low is 18,856.77, indicating a trading range of 1.19% [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.069, down 0.75% from the Hong Kong market close [2] - Tencent Holdings closed at HKD 670.363, down 1.05% compared to the Hong Kong market close [2] Individual Stock Movements - Tencent Holdings (00700) saw a slight increase of 0.59% to HKD 677.500, but its ADR price was HKD 670.363, reflecting a decrease of 7.137 [3] - Alibaba Group (09988) decreased by 2.49% to HKD 180.500, with its ADR price at HKD 176.415, down by 4.085 [3] - HSBC Holdings (00005) increased by 0.91% to HKD 110.900, while its ADR price was HKD 110.069, down by 0.831 [3] - Other notable declines include Xiaomi Group (01810) down 2.09% to HKD 53.850 and JD.com (09618) down 2.14% to HKD 137.200 [3]

0.96%。 纳斯达克金龙中国指数收跌2.24%。热门中概股中，小马智行跌7.73%，阿特斯太阳能、满帮、百度至 少跌4.12%，金山云、阿里巴巴至少跌3.15%，B站、京东、名创优品、理想至少跌2.41%，晶科能源、 新东方、亚朵至少跌1.63%，中通快递、百胜中国、极氪、再鼎医药、蔚来至少跌1.19%，网易跌 格隆汇10月8日｜美股三大指数集体收跌，道指跌0.2%，纳指跌0.67%，标普500指数跌0.38%，热门科 技股多数下跌，特斯拉跌超4%，谷歌跌超1%，AMD涨超3%，英特尔涨超1%。加密货币概念、半导体 设备与材料跌幅居前，Strategy跌超8%，科休半导体跌超7%，科磊跌超4%，阿斯麦跌近4%，Coinbase 跌超2%。煤炭、日用消费板块走高，雅诗兰黛涨超4%，宝洁、金佰利涨超1%。 ...

除此之外，同期开展的CICF展会内容同样精彩纷呈，覆盖潮流消费与电竞赛事两大板块。另一方面， 万代南梦宫、bilibili、Bushiroad EXPO等众多热门品牌携IP限定周边与新品；瑞幸、肯德基等主题快闪 店上架联名餐饮；QDC耳机、铭瑄显卡等展示顶级外设，创新"游戏+次元+消费"体验；赛事端：英雄 联盟挑战赛、WEC2025 华立电竞总决赛、卡普空《街霸6》世界巡回赛，30+省市高手集结，还有 COSPLAY、宅舞等全国总决赛，8大赛区巅峰对决，上演视觉盛宴。 多元产业矩阵，市场生态焕新 本届展会以构建"多元内容矩阵"为目标，集结超1000个优质IP及7000余款文创产品，打造覆盖游戏体 验、文化展示、周边消费的特色场景。 腾讯、网易、三七互娱（002555）、华立科技（301011）、世宇科技、灵犀互娱、益世界、西山居、四 三九九、贪玩游戏、库洛游戏等多家知名游戏企业携众多游戏IP在本届展会亮相。企业多样化的内容展 示不仅丰富了展会内容供给，吸引大量观众驻足，更展现了广东游戏产业共生发展的生态格局。 沉浸游戏体验，深度互动升级 广东小游戏产业优势显著，2024年备案数量超7.7万款，占全国65%；今 ...

@前瞻经济学人APP 图表2:2025年中国游戏产业上市公司汇总 转自：前瞻产业研究院 行业主要上市公司：腾讯控股(00700.HK);网易(09999.HK);哔哩哔哩(09626.HK);友谊时光(06820.HK);中 手游(00302.HK);ST天润(002113.SZ);惠程科技(002168.SZ);游族网络(002174.SZ);天娱数科(002354.SZ);凯 撒文化(002425.SZ);恺英网络(002517.SZ);三七互娱(002555.SZ);巨人网络(002558.SZ);世纪华通 (002602.SZ);完美世界(002624.SZ);宝通科技(300031.SZ);星辉娱乐(300043.SZ);三五互联(300051.SZ);中青 宝(300052.SZ);顺网科技(300113.SZ);富春股份(300299.SZ);掌趣科技(300315.SZ);昆仑万维(300418.SZ);汤 姆猫(300459.SZ);迅游科技(300467.SZ);盛天网络(300494.SZ);盛讯达(300518.SZ);冰川网络(300533.SZ);大 晟文化(600892.SH); ...

Core Viewpoint - The majority of popular Chinese concept stocks experienced a decline on Friday, with the Nasdaq Golden Dragon China Index falling by 1.15% [1] Group 1: Stock Performance - NetEase and JD.com both dropped over 1% [1] - Ctrip fell by more than 2% [1] - Baidu saw an increase of over 1% [1] - Li Auto and Xpeng both declined by more than 3% [1] - NIO decreased by over 2% [1] - Futu Holdings rose by over 2% [1]