近日，专注亚洲及中东游戏市场分析机构Niko Partners在接受thegamebusiness Podcast采访时发出了一个令人难以置信的言论，那就是即便是到了2025年， 依然有一些海外游戏厂商以及开发者仍然对中国市场充满畏惧。那么，这种畏惧的背后到底是出于什么原因呢？ 根据Niko Partners的CEO的话来看，海外厂商和开发者对中国市场的畏惧主要来源于，他们认为自己无法在中国市场取得成功。一方面，中国庞大的游戏 市场令他们感觉这是一个巨大的金矿；另一方面，他们感觉自己被排除在外，很难真正理解中国市场的规模和范围。 根据Niko Partners的市场研究报告显示，到2024年底，中国将拥有7.22亿游戏玩家，而这个数字是比美国人口的两倍都还要多。此外，2024年，中国视频 游戏市场价值492亿美元，同比增长3.6%。预计到2025年将升至507亿美元，并在2029年达到548亿美元。更重要的是，随着游戏市场的规模越来越大，中 国玩家的平均收入也在增加。综合以上几点，可以看出中国游戏市场是一个极具吸引力的市场。 对于海外厂商来说，他们的拿手好戏主机游戏在中国似乎才刚刚进入开始环节，所以这也是他们 ...

Core Insights - The latest rankings from Qimai Data reveal the top mobile games for September 2025, highlighting significant movements in both download and revenue charts [1][3] - "Fearless Covenant: Source Action," launched in August, has risen 6 places to claim the top spot in downloads, while "Honor of Kings" and "Delta Action" follow in second and third place respectively [1] - The revenue rankings remain dominated by "Honor of Kings" and "Peace Elite," with "Delta Action" moving up to third place [3] Download Rankings - A total of 9 new mobile games entered the download Top 30 in September, with "Clockwork Mobilization" emerging as a standout at Top 6 due to its unique content design and effective marketing strategy [1] - The action genre leads with 6 entries, followed by adventure games with 5 [3] - Tencent has the most representation with 10 games in the download rankings, while NetEase has 3 [3] Revenue Rankings - The revenue Top 30 features 5 new entries, including "My Garden World" and "Honkai: Star Rail" [3] - The action genre also dominates the revenue rankings with 7 entries, while role-playing and adventure genres each have 4 [3] - Tencent leads the revenue rankings with 11 games, while NetEase has 4 [3]

Core Insights - FUNFLY's "Last War: Survival Game" continues to lead global mobile game revenue, driven by active promotional events and monetization mechanisms [4][5] - "MONOPOLY GO!" and "Royal Match" have seen significant revenue growth due to tightly scheduled real-time operations and regular content updates [5][6] - Global mobile game spending reached approximately $6.6 billion in September 2025, with a month-over-month decline of 8% [6] - Netmarble's "Vampir" has gained notable revenue ranking, topping the Korean mobile revenue chart, while Tencent's shooting games also performed well [7] - NetEase's "Destiny: Stars" has made a strong impact in Western markets, ranking high in mobile shooting game revenue [8] - "Ludo King" topped the global download chart in September, benefiting from a successful event that enhanced player engagement [12][13] Revenue Performance - "Last War: Survival Game" maintained its top position through various player engagement activities, including discounts and competitive events [4] - "MONOPOLY GO!" achieved strong revenue performance through a series of themed events that enhanced player participation [5] - "Royal Match" ranked third globally due to consistent content updates and player-driven activities [5] Market Trends - The global mobile gaming market saw a total of approximately 3.86 billion downloads in September 2025, reflecting a 9% decrease from the previous month [12][14] - The United States remains the largest market for mobile gaming, accounting for $2.1 billion in revenue, followed by China and Japan [6][12] Emerging Titles - "Vampir" has successfully carved a niche in the MMORPG market with its unique dark fantasy theme and gameplay mechanics [7] - "Destiny: Stars" has resonated well with core players in major Western markets, indicating a strong demand for high-quality mobile shooting experiences [8] - "KAIJU NO. 8 THE GAME" has gained traction as a top-down RPG, appealing to fans of the original anime series [8] Download Rankings - "Ludo King" achieved the highest downloads in September, driven by a successful event that encouraged player customization [12] - "Free Fire" maintained its second position in downloads due to engaging content updates [13] - New titles like "Prison Escape Journey" and "Bike Wheelie: Elite Auto" have shown strong growth, highlighting the popularity of casual gaming in emerging markets [14]

Market Overview - The Dow Jones Industrial Average rose by 587.98 points, or 1.29%, closing at 46067.58 points, while the Nasdaq increased by 2.21% to 22694.61 points, and the S&P 500 gained 1.56% to 6654.72 points [1][5] - The market rebound was attributed to President Trump's softened stance on trade tensions, alleviating investor concerns [2][3] - Analysts expect S&P 500 companies to report an 8.8% year-over-year increase in earnings for the third quarter [3] Sector Performance - Broadcom's stock surged by 9.9% after announcing a partnership with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% rise in the Philadelphia Semiconductor Index [1][5] - Other tech stocks also performed well, with Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, and Apple up 1.0% [1] - The Nasdaq China Golden Dragon Index rose by 3.2%, with Alibaba and JD.com both increasing over 4% [1] Upcoming Financial Reports - Major U.S. banks, including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo, are set to release their quarterly earnings on Tuesday, which will be crucial for assessing market trends amid ongoing government shutdowns [2]

Market Overview - US stock market experienced a significant rise, with the Dow Jones increasing by 587.98 points (1.29%) to close at 46067.58 points, the Nasdaq rising by 2.21% to 22694.61 points, and the S&P 500 gaining 1.56% to 6654.72 points [2] - Broadcom's stock surged by 9.9% following the announcement of a partnership with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% increase in the Philadelphia Semiconductor Index [2] - Major tech stocks also saw gains, with Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, Apple up 1.0%, and Oracle up 5.1% after several brokerages raised its target price [2] Trade Tensions and Market Sentiment - President Trump's recent comments on trade tensions have eased investor concerns, stating "everything will be fine," which has positively impacted market sentiment [3] - Analysts suggest that the market is beginning to view the trade dispute as a negotiation strategy rather than a full-blown trade war, leading to a rebound in stock prices [4] Upcoming Earnings Season - The focus is shifting to the upcoming earnings season, with major banks like JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo set to report quarterly results [4] - Analysts expect an 8.8% year-over-year growth in earnings for S&P 500 companies in the third quarter [4] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil rising by 1.00% to $59.49 per barrel and Brent crude oil increasing by 0.94% to $63.32 per barrel [6] - Gold prices reached a new historical high, with COMEX gold futures for October delivery rising by 3.34% to $4108.60 per ounce [6]

Core Viewpoint - The article discusses the positive market reaction following President Trump's easing of trade tensions, which led to significant gains in major stock indices and specific technology stocks, particularly in the semiconductor sector due to a partnership between Broadcom and OpenAI [3][5]. Market Performance - The Dow Jones Industrial Average rose by 587.98 points, or 1.29%, closing at 46,067.58 points. The Nasdaq Composite increased by 2.21% to 22,694.61 points, while the S&P 500 gained 1.56%, ending at 6,654.72 points [3]. - Broadcom's stock surged by 9.9% after announcing a collaboration with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% rise in the Philadelphia Semiconductor Index [3]. Technology Sector Highlights - Major technology stocks saw significant increases: Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, and Apple up 1.0%. Oracle also rose by 5.1% as several brokerages raised its target stock price [3]. - The Nasdaq China Golden Dragon Index increased by 3.2%, with Alibaba and JD.com both rising over 4%, Baidu up 3.3%, Pinduoduo up 2.6%, and NetEase up 1.7% [3]. Trade Tensions and Market Sentiment - Recent trade tensions had caused the S&P 500 and Nasdaq to experience their largest weekly declines in nearly six months. However, Trump's recent comments have alleviated some investor concerns [4][5]. - Analysts suggest that the market's reaction indicates a shift in sentiment, with expectations of a potential agreement between the U.S. and China becoming more favorable [5]. Upcoming Earnings Season - The focus is shifting to the upcoming earnings season, with major banks like JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo set to report quarterly results. This earnings season is seen as a critical indicator of market trends and economic conditions [5][6]. Economic Indicators - Analysts expect a year-over-year earnings growth of 8.8% for S&P 500 companies in the third quarter [6]. - Federal Reserve officials are discussing the need for further interest rate cuts due to rising risks in the job market and the impact of trade tariffs on inflation [6]. Commodity Market - International oil prices saw slight increases, with WTI crude oil rising by 1.00% to $59.49 per barrel and Brent crude oil up by 0.94% to $63.32 per barrel [7]. - Gold prices reached a new historical high, with COMEX gold futures for October delivery rising by 3.34% to $4,108.60 per ounce [7].

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]

Core Viewpoint - Morgan Stanley has upgraded its rating for NetEase (NTES.US) from "Neutral" to "Overweight" for both H-shares and ADRs, with target prices raised to $190 for ADRs and HKD 295 for H-shares, reflecting optimism about the company's gaming pipeline through 2026 [1] Group 1: Financial Projections - Morgan Stanley's net profit forecasts for NetEase in 2026 and 2027 are 2% and 10% higher than market expectations, respectively [1] - The anticipated game "Infinity" is expected to launch in Q3 2026, with projected first-year revenue of RMB 12 billion, approximately half of the revenue generated by "Genshin Impact" during the same period [1] - Another highly anticipated RPG game, "Forgotten Sea," is expected to launch in the first half of 2026, with projected annual revenue of RMB 5 billion, contributing to a 12% compound annual growth rate in gaming revenue from 2026 to 2027 [1] Group 2: Market Position and Valuation - The potential inclusion of NetEase in the Hong Kong Stock Connect by 2026 is expected to further enhance the stock's valuation [1]

Core Insights - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) down nearly 2% as of October 13, despite a net inflow of 2.102 billion yuan over the past five trading days, bringing the total product scale to 10.936 billion yuan, indicating strong investor interest [1][2] Group 1: Market Performance - As of October 10, the gaming ETF (159869) has seen a net inflow of 2.102 billion yuan in the last five trading days, reflecting significant investor interest [1] - The total scale of the gaming ETF has reached 10.936 billion yuan, facilitating easy access for investors to A-share gaming leaders [1] Group 2: Company Rankings - The revenue rankings for Chinese mobile game publishers as of September 2025 show Tencent, DianDian Interactive, and NetEase in the top three positions, with MiHoYo entering the top five [1] - Tencent continues to lead the Chinese mobile game publisher revenue chart, driven by the new season of "Delta Action" and strong performances from "Honor of Kings" and "Peacekeeper Elite" [1] - MiHoYo's revenue increased by 33% month-on-month in September, propelled by major updates for "Genshin Impact" and "Honkai: Star Rail," allowing it to rank among the top five [1] Group 3: International Performance - DianDian Interactive maintains its leadership in mobile game exports, with "Whiteout Survival" and "Kingshot" ranking first and second respectively in September [2] - "Kingshot" saw a 5% month-on-month revenue increase, surpassing 100 million USD in a single month, with total global revenue exceeding 400 million USD since its launch in February [2] - "Whiteout Survival" has achieved cumulative global revenue exceeding 3.5 billion USD, reinforcing DianDian Interactive's leading position in the overseas strategy and survival game categories [2] Group 4: Industry Trends - The gaming sector is undergoing transformations driven by AI, content, and commercialization model changes, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

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]