夏拓强调，AI的核心价值并非替代人类创意，而是通过承接重复性工作，让开发者聚焦核心创意环 节。"人的角色，将从'写方案'转向做选择和判断。而随着AI工具的发展，它不止改变'可以做什么'，也 在改变'如何高效地做'。" 在谈到产业未来发展时，夏拓表示，游戏产业的新质生产力既体现在技术创新带来的效率提升，更体现 在文化产业与科技融合产生的创新价值。 夏拓披露，依托大模型的强大生成能力，三七互娱单季度可产出超50万张2D美术素材，提效幅度超过 80%；AI音视频生成条数单季度突破1万条，极大缩短了内容制作周期；AI代码已覆盖四大场景，准确 率达80%，节约人力30%。 12月18日，由中国音数协游戏工委主办的中国游戏产业年会上，三七互娱AI Lab负责人、高级算法专家 夏拓表示，AI技术对游戏产业的变革并非单点赋能，而是通过重构生产关系实现全链路效率革命。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the online gaming index, with notable gains from companies such as Giant Network and G-bits, which both rose over 4% [1] - Other companies in the sector, including New Xunda, 37 Interactive Entertainment, and Aofei Entertainment, also experienced upward movement in their stock prices [1] Group 2 - The article reports on the performance of the online gaming industry, indicating a positive trend in stock prices for key players [1] - The overall market sentiment appears to be favorable for the online gaming sector, as evidenced by the collective rise in stock values [1]

（文章来源：每日经济新闻） | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 516010 | 游戏ETF | 1.423 | 0.028 | 2.01% | | 159869 | 游戏ETF | 1.434 | 0.028 | 1.99% | | 516770 | 游戏ETF华泰柏瑞 | 1.485 | 0.028 | 1.92% | 游戏概念股走强，巨人网络涨超3%，三七互娱、吉比特涨超2%。 有券商表示，在全球视角下，游戏市场正处于上升周期，不论从营收的角度还是玩家数量角度，在未来都将保持长期 乐观增长态势。另外，DeepSeek强大的生成能力或显著提高游戏开发效率，并可生成更能满足用户需求的虚拟角色、 地图、剧情等内容，丰富游戏玩法，培育付费场景。 受盘面影响，游戏ETF涨约2%。 ...

12月18日，2025年中国数字文娱大会在广州市天河区羊城创意产业园拉开帷幕。本届大会由中国文化娱 乐行业协会、广州市天河区人民政府等共同主办，以"新技术新模式新业态"为主题，搭建共建共享平 台，会期共三天（12月18日-20日），创新采用"一会一展一嘉年华"模式。 "一会一展一嘉年华" 大会现场，AI影像、人形机器人、数字大屏等前沿技术化为可感、可玩的互动装置。同时，羊城晚报 报业集团主导建设的"岭南文化大模型"亮相，作为全国首个文化领域的多模态推理大模型，聚焦岭南非 遗数字化保护与传承，为文化的数字化转型提供核心引擎。 目前，天河区拥有国家音乐产业基地、国家数字服务出口基地、国家文化产业示范基地等文化领域 的"国字号"招牌，并集聚了羊城创意产业园、广州盛达电子信息创新园、万鹏高新技术企业孵化基地等 9个市级以上的文化产业示范园区，形成"国家级引领、省级示范、市级支撑"的梯度化园区体系。 这些平台共同为数字文化企业提供了超过55万平方米的优质发展空间，培育了一批领军企业和"隐形冠 军"茁壮成长。网易、酷狗、三七互娱（002555）、荔枝等国内数字文化领域的巨头在此扎根，其中， 年营收超百亿的互联网企业达到4 ...

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

Core Viewpoint - The company Sanqi Interactive Entertainment (002555.SZ) announced an investment plan through its wholly-owned subsidiary Anhui Taiyun Investment Management Co., Ltd. into the Di'ao Weihu Shan (Jiaxing) Equity Investment Partnership (Limited Partnership), which will focus on the AI industry chain [1] Group 1 - Anhui Taiyun plans to invest up to 50 million RMB in the Di'ao Weihu Shan Fund, which has a target subscription scale of 300 million RMB, not exceeding 400 million RMB [1] - The remaining capital will be contributed by other partners, with the final amount depending on actual fundraising conditions [1] - The fund is managed by Shanghai Hushan Investment Management Co., Ltd., appointed by the general partner Suzhou Hushan Investment Center [1]

Core Viewpoint - The 2025 China Digital Entertainment Conference will be held in Tianhe District, Guangzhou, focusing on the integration of digital culture and industry development [1][6]. Group 1: Conference Structure and Goals - The conference adopts an "One Conference, One Exhibition, One Carnival" model, aiming to create a platform for high-quality industry development [2][4]. - The main forum will feature discussions on digital entertainment industry trends, technological innovations, and development opportunities, involving government officials, industry leaders, and experts [2]. - The event aims to establish a comprehensive system for industry leadership, resource connection, and industrial empowerment, promoting a transition from scale growth to high-quality development in the digital entertainment sector [6]. Group 2: Industry Ecosystem in Tianhe District - Tianhe District is recognized for its robust digital culture industry ecosystem, with notable companies like NetEase and 37 Interactive Entertainment thriving in the area [7]. - The district has launched the "Coder Square" theme block to enhance the integration of culture and technology, transforming the area into a refined space for the animation and gaming industry [9]. Group 3: Economic Impact and Achievements - In 2024, Tianhe District is expected to have 1,164 cultural enterprises, generating revenue of 226.66 billion yuan, accounting for 37.5% of Guangzhou's total [10]. - The gaming sector alone achieved revenues of 65.35 billion yuan, reflecting a year-on-year growth of 10.1% [10]. - Local companies are leveraging digital technologies to enhance major sporting events, showcasing the integration of digital culture and social development [12]. Group 4: Global Recognition and Cultural Export - The game "Ming Chao" developed by Kuro Game won the "Players' Voice" award at TGA2025, highlighting the growing global influence of Chinese gaming [15][17]. - Tianhe District has been recognized as a national cultural export base, fostering key enterprises and projects that enhance cultural exports [17][18]. - The Guangdong government has introduced a comprehensive policy package to support high-quality development in the cultural industry, covering various sectors including film, animation, and gaming [20].

证券代码：002555 证券简称：三七互娱 公告编号：2025-060 三七互娱网络科技集团股份有限公司 关于拟向帝奥微湖杉（嘉兴）股权投资合伙企业（有限合伙） 投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 二、主要拟合作方基本情况介绍 1、普通合伙人：苏州湖杉投资中心（有限合伙） 企业名称：苏州湖杉投资中心（有限合伙） 1 一、本次对外投资概述 1、三七互娱网络科技集团股份有限公司（以下简称"公司"、"本公司"或"三七互 娱"）之全资子公司安徽泰运投资管理有限公司（以下简称"安徽泰运"）拟向帝奥微湖杉 （嘉兴）股权投资合伙企业（有限合伙）（以下简称"帝奥微湖杉基金"、"本合伙企业"、 "本基金"）进行投资，帝奥微湖杉基金是由苏州湖杉投资中心（有限合伙）（以下简称"苏 州湖杉"）发起设立，普通合伙人苏州湖杉委托上海湖杉投资管理有限公司（以下简称"上 海湖杉"）为帝奥微湖杉基金管理人。 2、帝奥微湖杉基金目标认缴总规模为人民币3亿元，但不超过4亿元，最终以实际募集 情况为准。公司全资子公司安徽泰运拟作为有限合伙人以自有资金出资不超过5,000万元， ...

三七互娱(002555.SZ)公告，公司全资子公司安徽泰运投资管理有限公司("安徽泰运")拟向帝奥微湖杉(嘉 兴)股权投资合伙企业(有限合伙)("帝奥微湖杉基金")进行投资，帝奥微湖杉基金目标认缴总规模为3亿 元，但不超过4亿元，公司全资子公司安徽泰运拟作为有限合伙人以自有资金出资不超过5000万元。本 次投资帝奥微湖杉基金后，帝奥微湖杉基金将投资于AI产业链相关企业。 ...

Group 1 - The core point of the article is that Sanqi Interactive Entertainment (002555.SZ) announced an investment by its wholly-owned subsidiary Anhui Taiyun Investment Management Co., Ltd. into the Diao Wei Hu Shan (Jiaxing) Equity Investment Partnership (Limited Partnership) with a target subscription scale of 300 million yuan, not exceeding 400 million yuan [1] - Anhui Taiyun plans to invest up to 50 million yuan as a limited partner using its own funds [1] - The Diao Wei Hu Shan Fund will focus on investing in companies related to the AI industry chain [1]