Core Insights - The chairman of Giant Network, Shi Yuzhu, expressed satisfaction with the growth in player numbers for the "Journey" IP, which has outpaced revenue growth over the past two years, indicating the team is on the right track [2] - Shi emphasized the importance of focusing on player experience rather than just revenue, highlighting three key aspects for future development: being engaging, enjoyable, and sustainable [2] - The company aims to enhance its appeal to younger players by adjusting art styles, simplifying gameplay, and improving communication regarding game rules and features [2] Company Strategy - Shi Yuzhu rated the team's performance at 80 out of 100, indicating a strong foundation but recognizing the need for further improvement in game enjoyment [2] - The company plans to prioritize the development of games that not only last for 20 years but also thrive, with expectations for significant improvements in gameplay and player growth in the coming years [2] - Future game versions and products will involve direct player feedback, with Shi committing to engage with the games personally to understand player opinions [2]

Group 1 - OpenAI has tightened regulations on its AI video generation application Sora to prevent deepfake content, collaborating with actor Bryan Cranston and the SAG-AFTRA union [1] - As of October 20, 2025, the CSI Online Consumption Theme Index (931481) rose by 1.47%, with notable increases in stocks such as Bilibili-W (6.88%) and Kuaishou-W (3.04%) [1] - The CSI Online Consumption ETF (159793) increased by 1.60%, reaching a latest price of 1.08 yuan, and has seen a cumulative rise of 10.95% over the past three months [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Online Consumption Theme Index accounted for 55.76% of the index, including Alibaba-W, Tencent Holdings, and Kuaishou-W [2] - The weight and performance of key stocks in the index include Tencent Holdings (1.35%), Alibaba-W (3.03%), and Meituan-W (1.60%) [4]

Core Insights - The chairman of Giant Network, Shi Yuzhu, emphasized that the growth in player numbers for the "Zhengtu" IP has significantly outpaced revenue growth over the past two years, which he considers a major achievement for the team [1] - Shi Yuzhu expressed a focus on enhancing player experience rather than solely prioritizing revenue, highlighting the importance of attracting younger players and ensuring the game is enjoyable and engaging [1] Summary by Categories Company Performance - The player growth for the "Zhengtu" game has exceeded revenue growth, indicating strong team performance in expanding the user base [1] - Shi Yuzhu rated the team's overall performance at 80 out of 100, reflecting satisfaction with their efforts while also indicating room for improvement [1] Strategic Focus - The company aims to prioritize player experience, focusing on three key aspects: being playable, enjoyable, and sustainable [1] - Shi Yuzhu's return to the development front in late 2022 has reinforced the emphasis on these strategic priorities [1]

Core Insights - The chairman of Giant Network, Shi Yuzhu, expressed satisfaction with the growth in player numbers for the "Journey" IP, which has outpaced revenue growth over the past two years [2] - Shi emphasized the importance of focusing on player experience rather than just revenue, highlighting the need for games to be engaging, fun, and durable [2] - He rated the team's performance at 80 out of 100, indicating that while there has been significant progress, there is still room for improvement [2] Company Performance - The growth in player numbers for the "Journey" IP has significantly exceeded revenue growth, which Shi considers a positive indicator of the team's efforts [2] - Shi believes that the game must prioritize player experience, stating that the focus should be on making the game enjoyable and sustainable [2] - The company has experienced a resurgence in recent years, and Shi is optimistic about the future, expecting substantial improvements in gameplay and player growth [2] Future Outlook - Shi Yuzhu expressed a commitment to enhancing the game's quality over the next twenty years, aiming for both longevity and excellence [2] - He plans to engage with new versions and products personally to gather player feedback and ensure a better gaming experience [2] - The chairman is confident that the collaborative effort between developers and players will lead to significant advancements in the game's appeal [2]

北京商报讯(记者魏蔚)10月20日，巨人网络（002558）董事长史玉柱在征途IP二十周年庆上指出，过去 两年征途"人数的增长远远超过收入的增长"，这是他对团队最满意的地方，说明团队走在了正确的方向 上，"我觉得能打个80分，60分及格，80分算优秀，但是我还给他扣掉20分，我觉得未来他们的提升空 间还是挺大的。"史玉柱认为，一个游戏不应该过于在乎收入，应该更多在乎人数，在乎玩家的体验， 这也是他于2022年底回归研发一线后即提给团队的要求。 ...

新浪科技讯 10月20日晚间消息，巨人网络董事长史玉柱现身为征途IP二十周年寄语，他指出过去两年 征途"人数的增长远远超过收入的增长"，这是他对团队最满意的地方，说明团队走在了正确的方向上。 总体上，他为团队和产品的表现打80分，希望团队未来重视年轻玩家，过好"会玩、好玩、耐玩"这三 关。 第三，耐玩。一款游戏很容易玩一段时间就开始觉得无聊，所以耐玩这个很难，但是又是必须要做的， 最主要的还是要想办法在玩家友谊性的、对抗性的互动上进一步强化，在随机性上进一步强化，能让明 天玩的内容和今天玩的内容、方式每天都有不同的变化，同一个功能玩起来过程是不一样的，这个还是 需要继续打磨的。 谈及年轻玩家，史玉柱强调和研发团队多次探讨，对年轻玩家要予以高度重视，并提出三个具体的优化 建议。 第一是美术风格，年轻玩家和老玩家对美术风格的感觉是不一样的，研发需要中间找一个平衡点；第二 就是要简单，现在年轻人的生活节奏很快，一款游戏过于复杂他是玩不了的，所以要能上手，就像傻瓜 版本一样，没有任何人教他，他自己就能很顺利地上手；第三，年轻玩家对游戏的兴趣点和老玩家也是 有些区别的，所以这个也是要跟玩家充分沟通之后，对一些规则、功能 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002174 | 游族网络 | 11.66 | 5.42% | 64.57万 | | 7.41亿 | | 600892 | *ST大晟 | 4.14 | 5.08% | 10.68万 | | 4364.55万 | | 002517 | 恺英网络 | 23.74 | 4.12% | 52.68万 | | 12.58亿 | | 300052 | ST中青宝 | 11.85 | 3.04% | 9.67万 | | 1.14亿 | | 002425 | ST凯文 | 3.82 | 2.69% | 9.70万 | | 3683.39万 | | 002624 | 完美世界 | 17.02 | 2.65% | 29.14万 | | 4.95 亿 | | 300467 | 迅游科技 | 23.42 | 2.58% | 3.64万 | | 8532.19万 | | 300533 | 冰川网络 | 38.28 | 2.35% | 7.54万 | | 2 ...

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].

Group 1 - The report highlights that national top-level policies are guiding the rapid development of six key areas in "AI+ applications" as outlined in the State Council's opinion released on August 26, 2025 [2][8] - The six key areas include "AI+" in scientific technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [2][8] - By 2027, it is expected that AI will be widely integrated into these six areas, with the application penetration rate of new intelligent terminals exceeding 70% [9] Group 2 - The report identifies 50 representative stocks across A-shares, Hong Kong stocks, and US-listed Chinese companies that are actively engaged in "AI+ applications" within the six key areas [3] - Key recommended stocks include: - Shuanghuan Transmission (002472.SZ) for AI+ industrialization and intelligent robotics - Orbbec (688322.SH) for AI+ hardware - Shengye (6069.HK) for AI+ supply chain finance [3] - Stocks to watch include: - Xindong Company (2400.HK) for AI+ gaming - Huazhu Gaoke (688433.SH) for AI+ intelligent manufacturing - Guodun Quantum (688027.SH) for AI+ quantum technology [3] Group 3 - The report elaborates on the "AI+" scientific technology direction, which includes accelerating scientific discovery processes, driving innovation in technology research and development models, and innovating social science research methods [12][17][24] - Specific companies mentioned in the "AI+" scientific technology sector include: - iFlytek (002230.SZ) focusing on AI core technology and applications in various fields [13] - Zhongke Shuguang (603019.SH) emphasizing AI-driven digital infrastructure [13] - BGI Genomics (688114.SH) integrating AI into life sciences [13] Group 4 - The "AI+" industrial development direction aims to cultivate new intelligent native models and promote the intelligent transformation of traditional industries [28] - Companies highlighted in this sector include: - Daotong Technology (688208.SH) for AI+ automotive diagnostics [30] - Dingjie Smart (300378.SZ) for AI+ manufacturing digitalization [30] - Huichan Co., Ltd. (688500.SH) for AI+ data intelligence [30] Group 5 - The "AI+" consumer quality enhancement direction focuses on expanding service consumption scenarios and improving the quality of life services [49] - Companies in this area include: - Xindong Company (2400.HK) for AI+ gaming [51] - Giant Network (002558.SZ) integrating AI into core gaming products [51] - Perfect World (002624.SZ) utilizing AI tools in game development [51]

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]