| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 600.000 | +3.500 | 0.59% | TCEHY | 599.528 | -0.472 | | 2 | 阿里巴巴-W | 09988 | 144.500 | +1.200 | 0.84% | BABA | 143.326 | -1.174 | | 3 | 汇丰控股 | 00005 | 123.000 | +1.100 | 0.90% | HSBC | 123.376 | +0.376 | | 4 | 建设银行 | 00939 | 7.720 | +0.100 | 1.31% | CICHY | 7.695 | -0.025 | | 5 | 小米集团-W | 01810 | 39.360 | +0.780 | 2.02% | XIACY | 39.294 | -0.066 | | 6 | 友邦保险 | 0 ...

| NTES 网易 | | | | --- | --- | --- | | 139.340 ↑ +1.270 +0.92% | | 收盘价 12/29 16:00 美东 | | 142.000 ↑ 2.660 +1.91% | | 盘前价 12/30 04:51 美东 | | 一 7 24 4 8 8 8 日 0 | | ● 快捷交易 | | 最高价 139.340 | 开盘价 138.030 | 成交量 50.63万 | | 最低价 137.780 | 昨收价 138.070 | 成交额 7032.17万 | | 平均价 138.897 | 市盈率 17.30 | 总市值 882.3亿 (…) | | 振 幅 1.13% | 市盈率(静) 21.24 | 总股本 6.33亿 | | 换手率 0.14% | 市净率 3.955 | 流通值 488.85亿 | | 52周最高 158.899 委 比 -- | | 流通股 3.51亿 | | 52周最低 85.507 | 量 比 1.28 | 色 手 1股 | | 历史最高 158.899 股息TTM 2.946 | | 换股比率 5.00 | | 历史最低 - ...

网易(NTES.US)盘前涨1.91%，报142美元。消息面上，花旗发研报指，2025年中国游戏产业年会本月中 旬在上海举办，活动上发布了年度中国游戏产业报告，指出政策支持、创新与常青游戏驱动国内市场健 康增长、自研游戏拓展海外市场、生成式AI应用率提升、数字经济赋能、有效的未成年人保护措施， 以及人才发展等趋势，均推动今年中国游戏市场不断增长。展望明年，花旗相信中国游戏市场将在生成 式AI互动应用增加及吸引玩法推陈出新的驱动下，实现可持续增长，重申腾讯、网易及世纪华通为板 块首选股，均予"买入"评级，网易美股目标价161美元。 责任编辑：山上 美股频道更多独家策划、专家专栏，免费查阅>> ...

Core Insights - The gaming industry is entering a critical year-end phase as companies aim to boost annual performance with new game releases, including major players like Tencent, NetEase, and ByteDance [1][2] - December alone sees 13 new games set to launch, with a focus on classic IP adaptations and innovative gameplay to capture user attention amid fierce competition [2][3] Group 1: Major Players and Strategies - Major companies are leveraging classic IP adaptations to attract players, with Tencent releasing significant titles like "All-Star Awakening" and "Wangzhe Wanxiangqi" to capitalize on nostalgia and user familiarity [3][4] - Other leading firms, such as Lingxi Interactive and Kingsoft, are also focusing on classic IPs, with games like "Ragnarok: Rebirth" and "Goose Duck Kill" aiming to tap into established fan bases [4][5] Group 2: Innovation and Market Trends - The gaming market is witnessing a shift towards innovative gameplay and category diversification, particularly in life simulation games, which are gaining popularity among players [5][6] - Companies are increasingly integrating AI technology to enhance gameplay experiences, with features like NPC interactions and dynamic environments becoming more prevalent [8][9] Group 3: Upcoming Opportunities and Challenges - The year-end gaming releases are strategically aligned with the upcoming Spring Festival, as companies aim to leverage increased player engagement during this peak period [10][11] - Successful games during the Spring Festival are likely to establish a strong user base for long-term retention, making this period a critical test for new titles [14][15]

Market Overview - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Technology Index increasing by 1.74%, the Hang Seng Index by 0.86%, and the National Enterprises Index by 1.12% [1][2]. Technology Sector - Major technology stocks collectively rose, with Baidu surging nearly 9%, and NetEase and Xiaomi both increasing over 2%. Other notable gains were seen in JD.com, Tencent, Alibaba, and Meituan [5][6]. - Semiconductor stocks also experienced significant gains, led by InnoCare, which rose over 15%, while major players like SMIC increased by over 4% [7][8]. New Listings - Six new stocks were listed on the Hong Kong market, with notable increases including InnoSilicon up 24.66%, and Wuyiyi Vision up 29.9% [3]. Energy Sector - Oil stocks strengthened, with CNOOC rising nearly 4% as international oil prices surged due to heightened geopolitical risks. WTI crude surpassed $58 per barrel, and Brent approached $62 per barrel [14]. Entertainment Sector - The film and entertainment sector was active, with Emperor Culture Industries rising nearly 9%. The 2025 box office has already surpassed 5.3 billion yuan, marking a new high in recent years [13]. Wind Power Sector - Wind power stocks fell sharply, with Goldwind Technology dropping nearly 11%, alongside declines in other related companies [16][17]. AI and Robotics Sector - AI application companies like MaiFusTech saw significant gains, rising over 11% after announcing strategic partnerships with major tech firms [18][21]. - Robotics stocks also performed well, with Sanhua Intelligent Control increasing over 12% [11]. Investment Outlook - Analysts suggest that the Hong Kong market may continue to trend upward due to supportive domestic policies and a weaker US dollar. There is a focus on technology growth and high dividend strategies as potential investment opportunities [23].

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index closing with a 10-day winning streak, while the Shenzhen Component Index and the ChiNext Index rose by 0.49% and 0.63% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the third consecutive trading day, increasing by 3.8 billion yuan compared to the previous trading day [2] Sector Performance - The robotics sector saw significant gains, with multiple stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [3] - The AI glasses concept also showed strong performance, with stocks like New Xiang Micro rising nearly 10% and Yingpais rising over 7% [3] - AI-related stocks collectively surged, with over ten stocks in the AI, AI agents, and AIGC sectors hitting the daily limit, including Kute Intelligent and Baijia Qiancheng [3] Hong Kong Market - The Hong Kong stock market also showed strength, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by more than 2% [5] International Markets - The Japanese and South Korean stock markets closed early due to the New Year's holiday, with the Nikkei 225 Index down 0.37% but showing a strong annual performance, gaining over 10,000 points and up 26.18% for the year [7]

Core Insights - Soda Music has rapidly grown to 120 million monthly active users, closely approaching NetEase Cloud Music's 147 million, largely due to its integration with Douyin's traffic and resources [2][8] - The platform serves as a copyright music library for content platforms like Douyin, Jianying, and Xigua Video, positioning itself as a disruptor in the music market [2][5] - Despite its growth, Soda Music faces challenges in monetization, as its user acquisition strategy relies heavily on a free model, raising questions about long-term profitability [12][16] User Engagement and Growth - Soda Music's user base is significantly driven by Douyin, with 82.1% of its users coming from the platform [8] - The app's initial appeal was as a "music collection" tool for Douyin users, with a high percentage of trending songs being popular Douyin tracks [6][11] - Users appreciate the platform's free membership model, which allows them to access music without traditional subscription fees [9][11] Market Position and Strategy - The platform's music library includes a mix of Douyin hits, popular covers, classic tracks, and original works, including AI-generated music [11] - Soda Music's strategy involves leveraging AI to attract users, with a focus on creating a comprehensive ecosystem for music creation and monetization [11][12] - The platform's growth has raised concerns about its ability to sustain profitability given the high costs associated with copyright and operations [12][15] Competitive Landscape - The music industry is characterized by a strong head effect, making it difficult for new entrants like Soda Music to establish a stable commercial model [12][15] - Analysts suggest that Soda Music may struggle to attract core music users due to its reliance on a free model, which could undermine its competitive advantage [15][16] - The introduction of new music apps by ByteDance, such as Tomato Music, indicates a broader strategy to capture the music market, but also highlights the competitive pressures Soda Music faces [16]

智通财经APP获悉，瑞银发布研报称，网易-S(09999)有望符合港交所双重主要上市标准。据万得数据， 截至12月25日，网易香港上市股份的成交金额已占其全球(香港+ADR)成交金额的57%，高于港交所双 重主要上市交易迁移测试要求的55%门槛。瑞银重申网易"买入"评级，维持目标价288.6港元。 若网易如该行预期顺利获得双重主要上市地位，核心利好将是具备沪深港通纳入资格。但南向通纳入评 估时网易暂不符合"快速纳入规则"(目前要求为恒生指数前10大成分股)，因此预计纳入时间点大概在 2027年9月。 报告表示，南向投资者对网易兴趣浓厚，主要看好其强劲的网络游戏基本面，以及相较A股游戏公司更 具吸引力的估值水平。该行认为，网易若宣布启动双重主要上市流程，也将成为短期利好催化剂。以哔 哩哔哩-W(09626)为例，其宣布启动双重主要上市准备工作后一周内，股价表现跑赢MSCI中国指数12个 百分点。 基于对港交所相关规则的理解，并假设2025年剩余交易日网易美国市场成交量无大幅增长，该行认为， 网易有望在2026年推进港交所双重主要上市资格的合规工作，并大概于2027年初实现双重主要上市。 ...

瑞银发布研报称，网易-S(09999)有望符合港交所双重主要上市标准。据万得数据，截至12月25日，网 易香港上市股份的成交金额已占其全球(香港+ADR)成交金额的57%，高于港交所双重主要上市交易迁 移测试要求的55%门槛。瑞银重申网易"买入"评级，维持目标价288.6港元。 若网易如该行预期顺利获得双重主要上市地位，核心利好将是具备沪深港通纳入资格。但南向通纳入评 估时网易暂不符合"快速纳入规则"(目前要求为恒生指数前10大成分股)，因此预计纳入时间点大概在 2027年9月。 报告表示，南向投资者对网易兴趣浓厚，主要看好其强劲的网络游戏基本面，以及相较A股游戏公司更 具吸引力的估值水平。该行认为，网易若宣布启动双重主要上市流程，也将成为短期利好催化剂。以哔 哩哔哩-W(09626)为例，其宣布启动双重主要上市准备工作后一周内，股价表现跑赢MSCI中国指数12个 百分点。 基于对港交所相关规则的理解，并假设2025年剩余交易日网易美国市场成交量无大幅增长，该行认为， 网易有望在2026年推进港交所双重主要上市资格的合规工作，并大概于2027年初实现双重主要上市。 ...

2025.12.30 本文字数：3958，阅读时长大约6分钟 作者 |第一财经刘晓洁 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具 体到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九 定律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐 判断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 根据《2025年中国游戏产业报告》，今年国内游戏市场收入约3508亿 ...