Core Viewpoint - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a decline of 6.48% over the past month, but has increased by 3.86% over the last three months and 1.65% year-to-date [2] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2622.85 points [1] - The index reflects the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Hong Kong 300 Index [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted companies in the H300 Leisure Index are Tencent Holdings (12.0%), NetEase-S (11.48%), Kuaishou-W (10.64%), Baidu Group-SW (10.57%), Yum China (9.36%), Trip.com Group-S (8.2%), Meituan-W (7.81%), Galaxy Entertainment (5.15%), China Resources Beer (3.1%), and Haidilao (2.79%) [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100.00% allocation [2] Group 3: Sector Allocation - The sector allocation of the H300 Leisure Index includes Leisure Services (39.89%), Digital Media (38.67%), Cultural Entertainment (12.69%), Alcohol (7.30%), and Marketing & Advertising (1.45%) [2] Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Viewpoints - The report emphasizes the importance of the progress of AI companion products and the upcoming cycles of new game products, suggesting a focus on the launch timelines of these games [3][4] - The integration of AI with gaming is highlighted as a potential area for innovation, particularly in mobile internet where user experience and commercialization are currently weaker [4][5] - The report suggests that leading gaming companies exploring AI+gaming paradigms may demonstrate significant effects, potentially leading to a revaluation of related listed companies [4] Summary by Sections Gaming Sector - The release of the 3D AI boyfriend product "EVE" by the company "Natural Selection" is noted, with internal testing set to begin soon [3][4] - The report recommends focusing on the integration of simulation and nurturing games with AI elements, as this could lead to breakthroughs in user engagement and monetization [4] - Key companies to watch include Tencent, NetEase, and Perfect World among others [4] AI Application Direction - The report discusses the MCP protocol led by Anthropic, which aims to standardize AI model interactions with various data sources and tools, potentially accelerating the AI agent ecosystem [5] - Companies that embrace new technologies and have advantages in data, users, and application scenarios are recommended for continued observation [5] Smart Hardware and Multi-modal Models - The report indicates a trend towards the combination of smart hardware and multi-modal large models, with major players like ByteDance and Xiaomi increasing their investments [6] - Opportunities in AI-driven upgrades in industries such as toys, education, and home goods are highlighted [6] Card and Trendy Toys - The report notes that the card game company "KAYOU" has submitted an IPO application, with 2024 revenues reported at 10.057 billion yuan and adjusted net profits at 4.466 billion yuan, indicating high sector vitality [8] - Companies involved in card games and trendy toys are recommended for continued focus [8] Marketing Direction - The report mentions that Focus Media plans to acquire 100% of New Trend Media, which will enhance its media resource coverage and competitive capabilities [8] Film Sector - The report highlights the upcoming reduction in the import of American films, with a focus on promoting high-quality domestic films [9] - Companies involved in the production and distribution of key films are recommended for observation [9] Internet Sector - The report notes the active trading in Hong Kong stocks, with a focus on AI and cloud businesses, suggesting that leading companies like Tencent and Alibaba may see a revaluation in the context of AI development [10] Market Review - The report provides a market review indicating that from April 21 to April 25, 2025, the Shanghai Composite Index increased by 0.56%, while the media sector ranked 25th among all industries with a slight decline of 0.11% [10][15]

以下文章来源于36氪出海 ，作者36氪出海 Manus获超5亿融资，资金用于全球化 小米汽车在欧洲设研发和设计中心 多点数智布局东南亚 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 小米汽车在欧洲设研发和设计中心 小米汽车正稳步推进欧洲布局。在德国慕尼黑，小米建立了一个汽车研发中心，目前，该研发中心规模不足50人，主要成员均为管理层及业务专家。知情人 士消息称，小米汽车慕尼黑研发中心目前没有大规模的招聘需求，定位是精英团队。除了小米SU7 Ultra纽北限量版的继续研发外，该团队还将参与小米后 续全系车型的性能调校工作。在研发业务之外，小米汽车也有意进行一些海外销售业务的筹备工作。此消息向小米汽车求证，小米官方确认了欧洲研发中心 的存在，但否认了欧洲销售体系。(36氪） Manus母公司完成超5亿元融资，聚焦中东、日本等海外市场开拓 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 据彭博社报道，Manus的母公司蝴蝶效应（Butterfly Effect）于近日完成75 ...

Company Developments - Xiaomi Auto is establishing a research and design center in Munich, Germany, with a current team of fewer than 50 members, focusing on elite talent and performance tuning for future models [2] - Manus's parent company, Butterfly Effect, has completed a $75 million financing round, raising its valuation to nearly $500 million, with plans to expand into international markets including the U.S., Japan, and the Middle East [2] - Digital retail service provider Multi-Point Intelligence is actively expanding into overseas markets, collaborating with local retailers in Southeast Asia and Europe, with international business accounting for 8.5% of total revenue, a 27.9% increase year-on-year [4] - Anker Innovations opened its first independent experience store in Europe in Belgrade, Serbia, showcasing a range of innovative products [5] - DAS Solar has begun construction on a 3GW photovoltaic module factory in France, with a total investment of approximately €109 million [6] - Pop Mart reported a 475%-480% year-on-year increase in overseas revenue for Q1 2025, with overall revenue growth of 165%-170% [6] - Kunlun Wanwei's annual report shows AI business annualized revenue of $140 million, making it the fastest-growing Chinese AI company in overseas revenue [6] - DJI Agriculture's overseas shipment volume increased by 45% year-on-year in Q1 2025, with significant growth in Latin America and Africa [6] - Transsion Holdings reported a 10.31% increase in revenue for 2024, with net profit growth of only 0.22% due to increased market expansion and product upgrade investments [6] - iQIYI plans to aggressively expand into overseas markets and enter the content e-commerce sector [6] - NIO's Firefly model will enter 16 countries across five continents this year [6] - Jidu Auto announced plans to expand into the Americas and Africa in 2025 [6] - BYD aims for 800,000 vehicle sales in overseas markets by 2025 [6] - Leap Motor plans to achieve local production in Europe by 2026 [6] - Avita plans to enter over 50 countries this year, with a focus on expanding its sales channels [6] - SAIC Group will launch 17 new overseas models in the next three years [6] Macro Policies & Industry Data - The U.S. Department of Commerce announced final anti-dumping and countervailing duties on solar cells from four Southeast Asian countries, with rates as high as 3,500% for some Cambodian companies [14] - In the first quarter of 2025, China exported 1.54 million vehicles, a year-on-year increase of 16% [14] - The Shanghai government aims to cultivate 40 high-potential overseas enterprises by 2025 [14] - Guangdong province is implementing measures to stabilize foreign trade and support enterprises in capturing orders [14] - Hong Kong plans to strengthen cooperation with ASEAN countries to explore more business opportunities [15] Investment & Financing - Chasing Technology's 3D printing project "Atomic Reshape" has secured tens of millions in financing, focusing on market expansion in Europe and the U.S. [17] - AI hardware company Future Intelligence has completed a Pre A+ round of financing, planning to enter North America, Japan, and Europe this year [17] - Lawn Mower Technology has completed a Pre-A round of financing, focusing on product delivery and market expansion in Europe and the U.S. [18] - Pan Ding International has raised tens of millions in C round financing to enhance its operations in emerging markets [18] - Core Medical has secured over $100 million in D round financing to support its international strategy [19] - Yiatong Logistics has completed several hundred million yuan in strategic financing to accelerate its global market expansion [19] - AI agent developer Sip Technology has received strategic investment from Blue Ribbon Beer to enhance its product matrix [19]

" 在网易游戏度过了令人难以置信的十二年。 " 作者丨胡家铭 编辑丨董子博 雷峰网获悉，今日午间，网易游戏全球投资与合作部总裁Simon Zhu（朱原）在领英上发布告别信，官宣 离开网易。 另一篇告别信显示，朱原于上周四返回杭州，与李日强进行"无缝交接"。李日强在网易内部算得上"元老 级"人物，早期加入网易负责负责《大话西游2》《梦幻西游》的市场营销，推动《梦幻西游》成为国产网 游标杆； 朱原于2012年加入网易，初期接手的第一个项目为《英雄三国》，后续主要负责海外产品引进，并晋升为 网易游戏全球投资与合作部总裁。他分管全球投资、合作及海外第一方工作室，大部分时间常驻西雅图。 在告别信中，朱原表示， "在网易游戏度过了令人难以置信的十二年后，我将带着与第一天加入时同样的 热情，为这段旅程画上句点。从事游戏行业是一种殊荣。我热爱这个行业，并相信它的未来将由那些能够 释放创造力的开拓者塑造——尤其是那些有机会突破界限、为玩家带来精彩创新体验的人。这种信念始终 指引着我前行。 感谢多年来信任我的开发者、领导者、同事和合作伙伴们。"Game On, Break Free"凝聚了这十二年的奋 斗历程。网易是我职业生涯的 ...

Group 1 - Hong Kong tech stocks saw a pre-market increase, with NetEase (09999.HK) and Bilibili (09626.HK) rising over 4% [1] - Alibaba (09988.HK) and Baidu (09888.HK) both increased by more than 2% [1] - Tencent Holdings (00700.HK) experienced a nearly 2% rise [1]

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]

内容概要：近年来，在游戏IP价值释放、国漫产业崛起和Z世代文化认同等多重动能驱动下，中国IP经 济（谷子经济）迎来爆发式增长，正式迈入千亿级产业赛道。2024年作为行业发展的关键节点，被业界 公认为"谷子经济元年"，市场规模突破性达到1689亿元，同比激增40%以上，展现出强劲的发展潜力。 从市场构成来看，已形成以二次元实体衍生品（45%）、IP授权商品（30%）和数字藏品（25%）为支 柱的产业结构，其中国产游戏IP表现尤为亮眼，《原神》《崩坏》等头部作品衍生品贡献超三分之一市 场份额。受益于核心消费群体规模扩大（泛二次元用户达5.03亿）和消费升级趋势，预计到2030年市场 规模将突破3300亿元，未来五年复合增长率稳定在15%左右，标志着我国文化消费进入IP驱动的新发展 阶段。 上市企业：泡泡玛特（09992.HK）、奥飞娱乐（002292.SZ）、华立科技（301011.SZ）、阅文集团 （00772.HK）、名创优品（09896.HK）、腾讯控股（00700.HK）、网易（09999.HK） 相关企业：浙江卡游动漫有限公司、北京乐自天成文化发展股份有限公司、杭州拾尔光年文化创意有限 公司、广州脑动网 ...

智通财经APP获悉，4月21日，国家新闻出版署公布新一批网络游戏版号审批情况，4月共118款国产游 戏获批，同时有9款进口网络游戏获得版号，合计发放版号127款。其中，国产游戏包括腾讯的《命运扳 机》和网易的《极限战场》等；进口网络游戏包括由腾讯运营的《流放之路：降临》、由中手游运营的 《书境传奇》以及创梦天地的《合了个花园》等。 2025年1月至4月，分别有123款、110款、129款和127款游戏拿到版号，合计已经有489款游戏获批。目 前，单月游戏版号数量基本稳定在100款以上。游戏版号的稳定发放，为头部企业新品的持续布局提供 了确定性保障。 从头部公司业绩表现来看，腾讯2024年全年营收6603亿元，同比增长8%。游戏业务年度收入为1977亿 元，同比增长约9.9%。其中本土市场游戏收入增长约10%至1397亿元，游戏业务收入增长主要得益于 《无畏契约》《火影忍者》《金铲铲之战》《英雄联盟手游》的收入增长，以及《地下城与勇士：起 源》《三角洲行动》的新收入贡献。 网易2024年第四季度净收入为267亿元，2024年全年净收入达1053亿元，研发投入175亿元，研发投入强 度达16.6%。得益于《永劫无 ...