新浪科技讯 1月19日上午消息，巨人网络旗下现象级爆款《超自然行动组》近日上线全新"AI大模型挑 战"，将AI大模型正式引入游戏核心玩法，面向用户全量开放。这也是国内首个在大 DAU 游戏中深度 融合AI大模型，并实现规模化落地的AI原生玩法。 在该玩法中，游戏内NPC"假人"由AI大模型实时驱动，不再只是固定脚本角色，而是以"玩家对手"的身 份直接参与对局。它们可以语音交流、模仿真人行为混入队伍，在关键时刻主动发起进攻，与真人玩家 正面对抗。上线一周后，AI参与对局数累计超过2500万。 据悉，为推动AI原生玩法在大DAU游戏中的规模化落地，巨人网络与阿里云、火山引擎、腾讯云等大 模型厂商展开合作，围绕模型能力适配、实时推理效率、高并发稳定性等核心问题进行联合探索。这也 使《超自然行动组》成为业内首个在大DAU级产品中，深度整合多家大模型能力并实现规模化应用的 落地样本。 责任编辑：杨赐 ...

1月19日消息，巨人网络（002558）近日在其现象级手游《超自然行动组》中上线全新"AI大模型挑战"，首次将AI大模型能力引入大DAU游戏的核心玩法 层，并面向全量用户开放。 这一设计显著提升了游戏的随机性与博弈体验，也迅速激发了玩家的讨论热情。社交平台上，围绕"AI以假乱真""和AI假人一起跳舞""被AI背刺"等内容的短 视频与话题持续发酵。不少玩家表示，这是第一次在大DAU游戏中，清晰感受到AI对玩法体验产生实质性影响。 据了解，在游戏中引入AI的核心目标并非替代玩家或制造难度，而是通过AI的参与，让游戏过程更具沉浸感与趣味性，使熟悉的玩法规则持续产生新的变 化与体验。 在阿里云、火山引擎、腾讯云等头部技术平台的AI能力与生态协同支持下，该玩法实现了AI大模型在高活跃用户规模游戏中的稳定运行与规模化落地，被 业内视为国内首个在大DAU产品中完成AI原生嵌入与验证的标志性案例。 在该玩法中，游戏内NPC"假人"由AI大模型实时驱动，不再只是按照固定脚本行动的角色，而是以"玩家对手"的身份直接参与对局。它们能够进行语音交 流、模仿真人玩家行为混入队伍，并在关键时刻主动发起进攻，与真人玩家正面对抗，让玩家在对 ...

Group 1 - The core viewpoint is that China's gaming user spending per capita has significant growth potential compared to foreign markets, with expected increases in average revenue per user (ARPU) driven by policy support, increased game supply, and macroeconomic recovery [1] - The gaming policy environment in China has improved, with a projected issuance of 1,771 game licenses in 2025, marking a 25% increase from 2024 and a 65% increase from 2023, indicating a stable and supportive phase for the industry [1] - The overseas market for self-developed games in China is expected to reach $20.455 billion in 2025, reflecting a year-on-year growth of 10.23%, supported by a systematic national strategy for cultural export [1] Group 2 - The domestic mini-program gaming market is projected to generate revenue of 53.535 billion yuan in 2025, representing a substantial year-on-year growth of 34.39% [2] - A new agreement between Apple and Tencent regarding a 15% commission on payments within mini-program games is expected to enhance the payment process, potentially increasing iOS mini-program user numbers and improving profit margins for gaming companies [2] - The WeChat mini-game platform is set to implement a new incentive policy for in-app purchases starting January 1, 2026, which will favor developers by adjusting revenue sharing from 70:30 to 80:20 [2] Group 3 - AI is transforming the entire game development process, reducing character animation production time by 40% and significantly improving marketing efficiency through AI-generated materials and targeted advertising [3] - AI is enhancing operational efficiency by providing intelligent customer service and improving material risk detection, thus streamlining the gaming experience [3] - New AI-driven gameplay experiences are being developed, such as "Endgame Duel" and the AI-native application "EVE," which integrate emotional dialogue and personalized immersive experiences [3]

Summary of Key Points from Conference Call Records Industry Overview - The media industry is currently experiencing overall weak performance, with the media index declining over 2.5% despite some segments showing investment potential [4][6] - Official media and state-owned enterprises, such as People’s Daily and Xinhua News, are gaining importance due to their high content weight, making them worthy of attention [4][12] Investment Opportunities - The gaming sector is expected to thrive in 2026, driven by multi-modal AI advancements. Companies like Kaixin Network and Century Huatong are anticipated to realize profits in 2026 [4][5] - The issuance of game licenses is expected to increase significantly in 2025, providing ample supply for the gaming industry. The total number of licenses issued in 2025 is projected to exceed 1,711, a 25% year-on-year increase [5][6] - Low-valuation gaming companies with solid fundamentals, such as Perfect World, Century Huatong, and Giant Network, are recommended for continued observation [4][5] Market Projections - The gaming market is projected to reach a peak of over 90 billion yuan in the third quarter of 2026, with an annual market size expected to hit 357 billion yuan [6] - The two-dimensional game market is anticipated to grow rapidly, potentially reaching 84.5 billion yuan by 2030, driven by a strong consumer base among post-2000 players [7] Performance of Chinese Companies - Chinese companies hold a significant position in the global mobile gaming market, with Tencent's Honor of Kings leading in revenue. Century Huatong's Endless Winter has seen explosive growth [6][8] - Chinese firms are achieving notable success in the two-dimensional game market, with several top titles developed or managed by them, such as "崩铁" and "恋与深空" [8] Trends in Game Development - The SLG (Strategy Game) category is performing well, particularly with the SLG + X model, which combines secondary gameplay to attract users. This trend is expected to continue [9] - The hybrid casual gaming segment has shown significant growth, with revenues doubling year-on-year in Q2 2025 and a staggering 114% increase in Q3 [9] Key Products and Companies to Watch - Notable upcoming products include new titles from Century Huatong, Shenzhou, Giant Network, and others, with significant IP launches expected in 2026 [10][11] Importance of Authoritative Media - In the current SEO to GO era, the reliability and accuracy of authoritative media have become crucial. The penetration rate of AI-generated content increases by 80% when information is cited by three or more authoritative sources [12] Risks for Investors - Investors should be aware of potential risks, including delays or quality issues with new game launches, international trade risks, industry regulatory risks, and the underperformance of AI technology implementation [13]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

Group 1 - Media concept stocks experienced a significant decline in the afternoon, with Yanshan Technology hitting the daily limit down, and Light Media dropping over 3% [1] - Other companies such as Focus Media, Giant Network, Kunlun Wanwei, and Shenzhou Taiyue also saw declines exceeding 2% [1] - The Media ETF fell approximately 5% due to market conditions [1] Group 2 - Some brokerages suggest that in the medium to long term, the media industry is expected to recover as content supply gradually resumes, AI technology continues to deepen, and supported by policy and consumer recovery expectations [2] - Companies in sectors such as film and television, gaming, and advertising marketing that show strong performance should be monitored [2] - There is also a recommendation to pay attention to companies involved in digital assets and those applying AIGC-related technologies [2]

Group 1 - The core viewpoint of the news is that Giant Network's stock experienced a decline of 3.94% on January 14, with a trading volume of 2.485 billion yuan, indicating a significant market reaction [1] - On January 14, Giant Network had a financing buy-in amount of 153 million yuan and a financing repayment of 220 million yuan, resulting in a net financing buy of -67.48 million yuan [1] - As of January 14, the total balance of margin trading for Giant Network was 654 million yuan, with a financing balance of 626 million yuan, accounting for 0.69% of the circulating market value, which is above the 60th percentile level over the past year [1] Group 2 - As of September 30, the number of shareholders of Giant Network increased by 21.47% to 61,000, while the average circulating shares per person decreased by 17.67% to 31,722 shares [2] - For the period from January to September 2025, Giant Network achieved an operating income of 3.368 billion yuan, representing a year-on-year growth of 51.84%, and a net profit attributable to shareholders of 1.417 billion yuan, up 32.31% year-on-year [2] - The total cash dividends distributed by Giant Network since its A-share listing amounted to 3.499 billion yuan, with 1.516 billion yuan distributed in the last three years [2]

Group 1 - The core viewpoint of the article is the launch of PixVerse R1 by Aishi Technology, which is described as the world's first universal real-time world model supporting up to 1080P resolution and enabling instant response [1] - PixVerse R1 advances video generation from "static output, waiting for completion" to "real-time interaction, continuous evolution," marking a significant shift in media formats [1] - The founder and CEO of Aishi Technology, Wang Changhu, emphasizes that PixVerse R1 focuses on "the now" with real-time generation, allowing for new forms of media such as AI-native games, interactive movies, and generative live-streaming e-commerce experiences [1] Group 2 - Aishi Technology was founded in April 2023 and has received support from various industry players and capital institutions during its development [1] - In September 2025, Giant Network participated in Aishi Technology's Series B financing round with a total investment of $60 million [1]

Core Insights - In 2025, the top 30 Chinese mobile game publishers generated $23.3 billion in global revenue, remaining stable compared to 2024, and accounting for 35% of the total revenue of the top 100 global mobile game publishers [1][38] - Tencent retained its position as the top publisher, while Diandian Interactive rose to second place, and Lemon Microfun entered the top five [1][38] - Florere Game was the only new entrant in the top 30, with its revenue increasing 20 times due to the success of two 4X strategy games [1][38] Publisher Performance - Tencent's flagship games, including "Honor of Kings" and "PUBG MOBILE," contributed to its continued dominance, with "Honor of Kings" achieving over $2 billion in revenue, a 5% increase year-on-year [3][11] - Diandian Interactive saw an 87% increase in global revenue, driven by the success of "Whiteout Survival," which generated $2.1 billion, a 45% increase from the previous year [11][18] - Lemon Microfun's revenue surged by 165%, propelled by the success of "Gossip Harbor," which saw a 242% increase in revenue [18][21] Game Highlights - "Whiteout Survival" maintained its position as the top-grossing overseas mobile game, while "Gossip Harbor" climbed to second place [2][11] - New entries in the overseas revenue top 30 included Diandian Interactive's "Kingshot" and Florere Game's "Last Z: Survival Shooter" [2][13] - "Delta Force" from Tencent experienced a 29-fold revenue increase, surpassing $500 million, and became a significant growth driver for the company [7][11] Market Trends - The global mobile game market revenue reached $82.3 billion in 2025, with a modest growth of 1.3% [1][38] - The strategy game segment saw a 20% increase in revenue, exceeding $20 billion, with significant contributions from 4X strategy games [26][38] - The casual gaming segment, particularly in the merging game category, experienced explosive growth, with revenues increasing by 95% [18][26] Conclusion - The performance of Chinese mobile game publishers in 2025 reflects a stable yet competitive landscape, with established players maintaining their positions while new entrants capitalize on emerging trends [38]

Core Viewpoint - The article highlights the success of Wuhan Weipai, a gaming company that has achieved significant growth in both domestic and international markets, particularly through its social board game "WePlay," which has garnered over 260 million downloads and generated more than 3.1 billion yuan in revenue since its launch in 2021 [6][8][12]. Group 1: Company Overview - Weipai is known for its game "Snake Battle," which has been popular for nearly a decade, transitioning from web to app and mini-program platforms [6]. - The company has expanded rapidly, reaching around 1,000 employees and moving to a new headquarters in Wuhan [8]. - Weipai's investor, Giant Network, has seen substantial returns from its investment in Weipai, with significant cash dividends reported in recent years [8][10]. Group 2: Product Performance - "WePlay" has maintained consistent growth, with a peak monthly revenue nearing 90 million yuan and a monthly active user (MAU) count reaching 34 million [15]. - The game has been compared to top products in the party game category, with its revenue primarily coming from international markets [15][21]. - Weipai's strategy includes frequent content updates and the introduction of popular new gameplay to keep the community engaged [15][16]. Group 3: Market Strategy - Weipai has successfully localized its offerings in various markets, such as the Middle East and Taiwan, by incorporating local games and cultural events into its platform [21][22]. - The company has achieved a significant portion of its downloads (approximately 48%) through organic growth rather than paid marketing [21]. - Weipai's expansion strategy has included targeting emerging markets, optimizing product experiences for lower-end devices, and ensuring accessibility for a broader user base [26]. Group 4: Business Lines - Weipai has developed multiple business lines, including casual games, social gaming platforms, and pure social applications, with notable products like "Jackaroo King" and "Qing Teng Zhi Lian" [31][35]. - The company has also engaged in investments and acquisitions to enhance its business scope, partnering with various developers in the gaming and social sectors [36]. - Over its ten years of operation, Weipai has grown from a small team to a substantial company, establishing a significant presence in the global market [37].