中经记者 许心怡 吴可仲 上海报道 曾几何时，爆款小游戏就像流星，短时间内吸引大量玩家关注，但随后又迅速沉寂。 如今，越来越多的小游戏长期盘踞在榜单头部，已不再是"昙花一现"。据《中国经营报》记者统计，目 前的微信小游戏畅销榜TOP10中，有2款游戏的运营时间已经超过一年。 小游戏变得"长寿"的原因之一，是其采用了长期运营的App游戏模式，定期更新内容，提高玩家留存 率。对于游戏公司而言，在App和小游戏平台双端发行成为趋势。 "昙花一现"之困 2017年年底，微信小游戏《跳一跳》横空出世，不到一个月累计使用用户数量达到3.1亿，还在2018年 的微信公开课上成为微信创始人张小龙的开场演示项目。 根据第三方调研公司Quest Mobile的数据，2018年3月，《跳一跳》的累计活跃用户数量达到3.89亿，彼 时位列微信小程序用户规模榜单第一名，成为微信成功试水小游戏的项目之一。 多年过去，微信平台上的小游戏层出不穷，《跳一跳》逐渐被大部分玩家遗忘。 2021年1月，《合成大西瓜》出现，一周时间内玩家数量就接近6000万。这是一款玩法类似于《2048》 的游戏，玩家将相同水果合并成橘子、苹果、柠檬，最终合并成西 ...

证券之星消息，10月22日游戏板块较上一交易日上涨1.19%，ST华通领涨。当日上证指数报收于3913.76，下跌0.07%。深证成指报收于12996.61， 下跌0.62%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002602 | ST华通 | 19.10 | 5.00% | 174.68万 | | 33.19亿 | | 002174 | 游族网络 | 12.98 | 4.59% | 95.50万 | | 12.23亿 | | 300113 | 顺网科技 | 24.49 | 3.95% | 24.32万 | | 5.90/Z | | 300043 | 星辉娱乐 | 6.38 | 2.74% | 63.28万 | | 4.01亿 | | 002425 | ST凯文 | 3.93 | 1.55% | 11.34万 | | 4456.06万 | | 300052 | ST中青宝 | 12.03 | 1.52% | 6.68万 | | 8035.69万 ...

证券时报记者 吴志 文化产业是社会经济发展的重要支撑。影视、文旅、文创等业态既能直接创造产值，又能带动周边消费，打造新 的经济增长点；"文化+"赋能传统产业，则能推动相关产业结构升维，提升附加值。 "十四五"时期，我国文化产业实现繁荣发展。微短剧"从无到有"火遍全球；《哪吒之魔童闹海》登顶全球动画电影 票房榜；大型营业性演出市场高速增长；游戏产业收入规模创新高，出海已颇具规模，文化产业各细分领域活力 十足。 产业活力喷涌 "目前国内多家出版集团正与科技公司合作，引入AI智能审校系统。我们也在与相关企业合作测试AI客服，希望通 过AI客服提高工作效率，后续还会有更多围绕AI的智能应用场景尝试和应用。另外，直播带货和短视频'种草'，也 彻底改变了图书的销售渠道。"博库网副总经理周耀光说，出版这样一个看似传统的文化产业，如今已变得越来 越"新潮"。 类似的故事，近年来在多个文化细分产业中不断上演。AI技术的使用，颠覆了游戏开发运营流程，使其效率大幅 提升；使用AI生成技术制作的影视剧，已成为内容市场的重要补充。新技术催生了新产品、新模式，也让文化产 业变得更有活力与创造力。 微短剧就是近年来内容领域诞生的"新物种" ...

Market Overview - The gaming sector increased by 2.84% on October 21, with Youzu Interactive leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Youzu Interactive (002174) closed at 12.41, up 6.43%, with a trading volume of 953,200 shares and a turnover of 1.17 billion [1] - ST Huaton (002602) closed at 18.19, up 5.02%, with a trading volume of 1,414,900 shares and a turnover of 2.54 billion [1] - Giant Network (002558) closed at 40.10, up 4.02%, with a trading volume of 420,600 shares and a turnover of 1.66 billion [1] - Other notable performers include Kying Network (002517) up 4.00%, WenTou Holdings (600715) up 3.63%, and Jibite (603444) up 2.58% [1] Capital Flow Analysis - The gaming sector saw a net inflow of 965 million from institutional investors, while retail investors experienced a net outflow of 739 million [2] - Major stocks with significant net inflows include ST Huaton with 487 million and Giant Network with 135 million [3] - Conversely, Youzu Interactive experienced a net outflow of 645 million from retail investors [3]

| 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].

Core Insights - As of October 17, a total of 824 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is Dayu Ming, with 24 days, followed by Tianma Technology with 23 days [1] - The largest total net outflow amount is from Dongfang Wealth, with a cumulative outflow of 8 days totaling 8.996 billion yuan [1] Summary by Category Stocks with Longest Net Outflow - Dayu Ming has the longest net outflow at 24 days [1] - Tianma Technology follows with 23 days of net outflow [1] Stocks with Largest Net Outflow Amount - Dongfang Wealth has the highest net outflow amount of 8 days totaling 89.96 billion yuan [1] - Ganfeng Lithium is next with a 6-day cumulative net outflow of 3.64 billion yuan [1] - Shanghai Electric has a 6-day net outflow of 3.51 billion yuan [1] Stocks with Highest Net Outflow Proportion - Jingu Co. has the highest proportion of net outflow at 19.53% over the last 5 days [1] - Other notable mentions include ST Huatuo with 10.53% and Shanshan Co. with 19.31% [1] Performance of Affected Stocks - Dongfang Wealth has seen a cumulative decline of 9.86% [1] - Ganfeng Lithium has dropped by 8.97% over the same period [1] - Shanghai Electric has experienced a decline of 12.04% [1]

Core Insights - The article highlights the rapid growth of Chinese mobile games entering overseas markets, driven by supportive government policies and increasing participation from various game developers [1][5] - A list of top-performing Chinese mobile games in overseas markets is presented, showcasing their estimated revenues and the factors contributing to their success [2][4] Industry Overview - The overseas market has become a primary testing and launching ground for many small to medium-sized game developers [1] - The Chinese gaming industry has entered a period of explosive growth in international markets, particularly following regulatory changes in 2018 and 2021 [1][5] - The government has implemented policies to support the internationalization of the gaming industry, creating a favorable environment for overseas expansion [1] Performance Metrics - In the third quarter, ten games made it to the "Overseas Dark Horse List," with a total estimated revenue of $445 million (approximately ¥3.176 billion) [5] - Three games exceeded $60 million in estimated overseas revenue, indicating strong market performance [5] Top Games Analysis - **Kingshot** by Century Games topped the list with an estimated revenue of $153.5 million (approximately ¥1.095 billion) since its launch in February 2025 [4][6] - **Last Z: Survival Shooter** ranked second with an estimated revenue of $87.6 million (approximately ¥625 million) [7] - **杖剑传说** (Staff Sword Legend) debuted in third place with an estimated revenue of $63.2 million (approximately ¥451 million) [7][8] New Entrants - Four new games made their debut on the list, including **Lands of Jail**, **Destiny: Rising**, and **银与绯** (Silver and Crimson), showcasing the diversity of themes and gameplay styles [9][12] - **Lands of Jail** generated an estimated revenue of $29.3 million (approximately ¥209 million) [11] - **Destiny: Rising**, leveraging the popular IP, achieved an estimated revenue of $15.8 million (approximately ¥113 million) [12] Market Trends - The SLG (Strategy Game) genre is highlighted for its high retention rates and strong user loyalty, making it suitable for long-term operations [11] - The integration of diverse gameplay styles within SLG games is seen as a strategy to broaden user demographics and enhance monetization efficiency [11][14] - The article notes the growing popularity of two-dimensional games in overseas markets, emphasizing the need for unique themes and cultural elements to stand out [12][14]

Core Points - The gaming sector experienced a decline of 1.29% on October 16, with Mingchen Health leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - The table shows various gaming stocks with their closing prices, percentage changes, trading volumes, and transaction amounts, indicating mixed performance among individual stocks [1] - Notable declines include: - 37 Interactive Entertainment down 1.33% [1] - Glacier Network down 1.38% [1] - Yaoji Technology down 1.47% [1] - Conversely, ST Dazheng and ST Kaiwen showed slight increases of 0.99% and 0.26% respectively [1] Capital Flow - The gaming sector saw a net outflow of 833 million yuan from major funds, while retail investors contributed a net inflow of 628 million yuan [3] - Speculative funds recorded a net inflow of 205 million yuan [3]

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].