21世纪经济报道 吴立洋 实习生涂玥 10月已经过半，来看看上周游戏行业有哪些值得关注的新动态。 国内公司方面，吉比特发布前三季度业绩预增公告，预计前三季度净利润超10亿；恺英网络"暖星谷梦 游记"亮相2025中国玩具展；韩国游戏开发商111%与中国全球性游戏发行商海彼网络计划在新加坡成立 合资公司。 合规监管方面，韩国游戏国内代理人制度即将落地实施。 海外方面，知名游戏制作人板垣伴信离世；马斯克宣布xAI将进军游戏领域；Web3 游戏工作室 Mythical Games 宣布获得战略投资。 10月15日，2025CTE中国玩具展在上海新国际博览中心开幕。恺英网络旗下治愈系AI潮玩品牌"暖星谷 梦游记"携AI智能玩偶"星之子"系列闪亮登场。 据介绍，作为恺英网络"AI+IP"战略在潮玩领域的重要落地成果，"暖星谷梦游记"以"智能玩偶+虚拟游 戏"的创新模式切入情感陪伴赛道，面向12-35岁热爱萌系文化、渴望情感陪伴的群体。 111%与海彼网络计划在新加坡成立合资公司 据外媒报道，10 月 14 日，韩国知名游戏开发商 111% 与中国全球性游戏发行商海彼网络（Habby）共 同宣布，双方计划在新加坡成立一家合 ...

传媒 2025 年 10 月 19 日 持续关注 AI 硬件新品发布及新游上线、运营活动 ——行业周报 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 生成式 AI 用户渗透率大幅提升，AI 硬件或迎密集发布期，继续布局 AI 应用 10 月 18 日，中国互联网络信息中心发布《生成式人工智能应用发展报告（2025）》， 报告显示，截至 2025 年 6 月，我国生成式人工智能用户规模达 5.15 亿人，较 2024 年 12 月增长 2.66 亿人，用户渗透率大幅提升至 36.5%，其中 40 岁以下中青年用 户，大专、本科及以上高学历用户占比分别达到 74.6%/37.5%，超过 90%的用户 会首先选择使用国产大模型。我们认为，国产大模型及生成式 AI 用户渗透率的 快速提升，为 AI 应用商业化打下坚实基础，同时中老年、下沉市场用户群体中 AI 应用渗透率还有较大提升空间。此外，10 月 16 日，谷歌更新 Veo 3.1，主打 更强叙事与音频控制、首尾帧与多图参考等精控，可合成多人物场景且音画同步； 同日阿里通义千问上线拥有"长记忆"的 Qwe ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - The report highlights the rising trend of "small happiness" self-consumption as a relative safe haven amid increasing risk aversion, with specific companies like Pop Mart and Damai Entertainment showing strong growth potential through innovative product offerings and expansion strategies [3][5]. - The gaming sector is experiencing significant adjustments, with major companies like Tencent and Century Huatong expected to maintain strong performance despite market volatility, while the AI video segment is emerging as a key area for growth [3][5]. Summary by Relevant Sections Consumer Sector - Pop Mart is ramping up production capacity and expanding product categories, with successful new IP launches and international expansion, achieving rapid sales growth during peak seasons [3]. - Damai Entertainment's core IP Chiikawa has seen high demand in mainland China, indicating strong market interest and potential for future growth [3]. Gaming Sector - Tencent Holdings is projected to have a market cap of 50,823 million RMB with a revenue growth of 13% year-on-year, while its PE ratio is expected to be 20 for 2025 [5]. - Century Huatong is also highlighted with a projected revenue increase of 21% year-on-year, indicating a positive outlook for its gaming products [5]. Cloud Computing and Entertainment - Alibaba's cloud computing segment is expected to grow at a rate of 11% year-on-year, with a market cap of 26,914 million RMB [5]. - Mango TV is anticipated to see a turnaround in its operations, benefiting from favorable policy changes in the long video sector [3]. AI and Technology - The report emphasizes the importance of AI in video production, with companies like Bilibili and Kuaishou positioned to leverage AI advancements for monetization [3]. - The technology sector has faced a 14% adjustment since October 2, but the report suggests that the fundamentals remain strong, driven by advancements in domestic models and chips [3].

Core Viewpoint - The article highlights the sustainable development path of Kaiying Network, emphasizing its commitment to AI innovation, cultural empowerment for overseas expansion, and shareholder returns amidst the transformation of the gaming industry during the "14th Five-Year Plan" period [1]. Group 1: Innovation and Product Development - Kaiying Network has increased its R&D investment, totaling 1.976 billion yuan from 2021 to 2024, focusing on a diverse product matrix including RPG, SLG, and anime genres [3]. - The company has revitalized its classic IP "Legend" and launched new titles like "Dragon Valley World," which quickly gained user popularity [3]. - Kaiying Network has multiple upcoming projects and has successfully obtained several game licenses, laying a solid foundation for future growth [3]. Group 2: AI and Cross-Industry Integration - The company has developed an AI tool platform "SOON" that significantly shortens game development cycles and enhances production efficiency [5]. - AI applications such as "Warm Star Valley Dream Journey" and "EVE," along with AI+hardware products like DPVR AI Glasses, have expanded new consumer scenarios beyond traditional gaming [5]. Group 3: Cultural Expansion and Revenue Growth - Kaiying Network has actively engaged in cultural trade, with overseas revenue accounting for an increasing share of total revenue, reaching 202 million yuan in the first half of 2025, a year-on-year increase of 59.57% [6]. - The company’s RPG title "MU Immortal" and strategy game "Nobunaga's Ambition: Path to the World" have been well-received by overseas users [6]. Group 4: IP Value and Cultural Promotion - The company leverages traditional Chinese culture for its overseas business, with projects like "Seasonal Customs" and adaptations of original IPs into various media formats [7]. - Kaiying Network's digital asset platform "Shiyuan Cube" utilizes digital and blockchain technology to promote traditional cultural IPs globally [7]. Group 5: Corporate Responsibility and Governance - Kaiying Network emphasizes the balance between economic performance and social responsibility, investing over 800 million yuan in share buybacks since 2019 and distributing a total of 1.212 billion yuan in cash dividends [8]. - The company has contributed over 15 million yuan to support education in underdeveloped areas and has logged over 7,000 hours of volunteer service [9]. - Kaiying Network has reduced carbon emissions by 10.22 tons over the past five years and actively participates in industry standard-setting for sustainable development [9].

Group 1 - The 2025 World VR Industry Conference will be held in Nanchang from October 19 to 20, focusing on major tech companies like Huawei, Apple, Alibaba, Xiaomi, and Lenovo, as well as leading AR glasses innovators such as XREAL and Rokid, showcasing the latest product technologies and innovative application scenarios [1] - As of October 17, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 1.68%, with mixed performance among constituent stocks; Kid King (301078) led with a rise of 2.36%, while Donghua Software (002065) fell by 4.17% [1] - The Online Consumption ETF (159793) has dropped by 2.02%, with the latest price at 1.07 yuan, but has seen a cumulative increase of 2.54% since the beginning of October 2025 [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index include Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024), with the top ten stocks accounting for 55.76% of the index [2] - The weight and performance of key stocks in the index show declines, with Tencent Holdings down by 1.05% and Alibaba-W down by 2.73%, indicating a challenging market environment for these major players [4]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [9]. Core Insights - The report highlights strong performance in the gaming and cloud computing sectors, with several companies expected to achieve significant year-on-year revenue growth in Q3 2025 [3][4]. - The gaming industry is anticipated to maintain high growth due to relaxed regulations and innovative game categories, with a total of 1,195 game approvals in the first nine months of 2025, a 25% increase year-on-year [3]. - Companies like Tencent and Giant Network are expected to drive growth through new product launches and enhanced operational capabilities [3][4]. Summary by Sections Gaming Sector - Companies such as Giant Network, Century Huatong, and G-bits are projected to experience high growth driven by product launches [3]. - The demand from younger consumers and the potential of AI to create new gaming experiences are key growth drivers [3]. - The report emphasizes the importance of differentiated competition rather than price wars in the gaming market [3]. Cloud Computing and Internet Media - Cloud computing revenues are accelerating, with major players like Tencent and Alibaba investing heavily in AI and cloud services [3][5]. - The report notes that the competition in instant retail is expected to peak in Q3 2025, which will significantly impact profitability expectations [3]. - Companies like Kuaishou are positioned to leverage AI to enhance content and advertising efficiency [3]. Other Industries - The long video and drama sectors are showing signs of recovery, with new policies expected to stimulate growth [3]. - The advertising market is experiencing structural growth, particularly in entertainment and technology sectors [3]. - Companies such as Kuaishou and Bilibili are recovering, while others like Mango Super Media and Focus Media are facing challenges in Q3 [3][4].

Group 1 - The core point of the article highlights the performance of the Zhongzheng 1000 Enhanced ETF (561590), which opened down 0.53% at 1.322 yuan on October 15 [1] - The top holdings of the ETF include Anji Technology, Huafeng Measurement and Control, and others, with varying performance; Anji Technology down 0.39%, Huafeng Measurement and Control down 0.57%, while Jingwei Hengrun and Jucheng Co. saw gains of 1.00% and 1.60% respectively [1] - The performance benchmark for the Zhongzheng 1000 Enhanced ETF is the Zhongzheng 1000 Index return, managed by Huatai-PB Fund Management Co., with a return of 32.94% since its inception on November 23, 2022, and a return of 1.16% over the past month [1]

Group 1 - The core viewpoint of the articles highlights the positive performance of the gaming and cultural media sector, particularly the increasing participation of Chinese companies in international markets, especially in Japan [1][2] - The China Securities Index for Hong Kong and Shanghai gaming and cultural media shows mixed performance among its constituent stocks, with notable gains from companies like DaMai Entertainment and ZhongGong Education [1] - The Gaming Media ETF has seen significant net inflows recently, totaling 5.06 million yuan over three days, indicating strong investor interest in the sector [1] Group 2 - The index tracks 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances, reflecting the overall performance of the gaming and cultural media theme in the Hong Kong and mainland markets [2] - As of September 30, 2025, the top ten weighted stocks in the index account for 56.63% of the total, with major players including Kuaishou-W, Tencent Holdings, and Bilibili-W [2] - The increasing engagement of Chinese game developers in international markets, particularly through high-quality projects and localized operations, is seen as a key growth driver for the industry [1]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 00700 | 腾讯控股 | 0.00% | 9.65% | | 09988 | 阿里巴巴-W | 0.74% | 9.25% | | 03690 | 美团-W | 0.60% | 8.37% | | 01024 | 快手-W | -1.49% | 6.05% | | 06618 | 京东健康 | 3.50% | 3.98% | | 002230 | 科大讯飞 | -0.20% | 3.88% | | 09626 | 昨週時頃-W | -3.24% | 3.52% | | 03888 | 金山软件 | -4.21% | 2.78% | | 002517 | 恺英网络 | 0.65% | 2.61% | | 002558 | 巨人网络 | 0.17% | 2.53% | 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港市场中选取50只主营业务涉及线上购物、数字娱乐、 在线教育以及远程医疗等 ...

中信建投认为，国际金价大涨的背后，主要是由美国政府停摆引发的短期波动、日本政治更迭带来的短期不确定性、美联储持续降息预期和全球央行持续购 金共同推动的。除却美联储处于降息通道带来的货币宽松外，国内正在推行的"反内卷"优化也是重要生产要素，提升各环节盈利能力和改善市场预期，有利 于金属价格上涨向下游的传导。 500质量成长ETF紧密跟踪中证500质量成长指数，中证500质量成长指数从中证500指数样本中选取100只盈利能力较高、盈利可持续、现金流量较为充沛且 具备成长性的上市公司证券作为指数样本，为投资者提供多样化的投资标的。 据Wind数据显示，截至2025年9月30日，中证500质量成长指数(930939)前十大权重股分别为华工科技(000988)、恺英网络(002517)、东吴证券(601555)、科达 利(002850)、恒玄科技(688608)、水晶光电(002273)、天山铝业(002532)、春风动力(603129)、杰瑞股份(002353)、金诚信(603979)，前十大权重股合计占比 22.61%。 截至2025年10月14日 10:00，中证500质量成长指数(930939)上涨0.61%， ...