每经AI快讯，12月2日，部分明星中概股美股盘前走低，小鹏汽车盘前跌4%，阿里巴巴跌1.4%，哔哩哔 哩跌1.3%。 ...

格隆汇12月2日｜小鹏汽车盘前跌4%，阿里巴巴跌1.4%，哔哩哔哩跌1.3%。 ...

梁晓健 腾讯研究院 特约作者 播客流行几年后，视频播客又火了。 今年B站等平台上出现了不少视频播客节目，比如《鲁豫漫谈》、于谦的《多新鲜呐》，以及罗永浩主 理的《罗永浩的十字路口》，并且播放量非常可观。B站发布的《视频播客出圈计划营销合作规划》显 示，2025年第一季度，其视频播客的观看时长达259亿分钟，同比增长超过270%，用户规模超过4000 万。 视频播客没有严格的定义，可以说视频播客就是在录制播客的同时，把现场的画面也拍下来。播客之所 以受欢迎，是因为它能提供陪伴感，可以在用户做家务、通勤时陪着听。 那创作者为什么还要"画蛇添 足"加上画面？动辄一个多小时的视频内容，受众又为什么愿意看？ 媒介的"复归" 和播客一样，视频播客也是先在国外流行，之后再逐渐进入国内视野。 早在2013年，美国著名播客节目The Joe Rogan Experience就开始上传视频版播客，但几年后才有更多 创作者开始制作"有画面"的播客节目。他们通常在固定布置的录音空间里对谈，对谈者也不面对观众， 镜头只是用来记录现场氛围。 2020 年前后，Spotify 全面投入视频播客生态，并签下Joe Rogan的节目版权，这一 ...

护核纪元 护核纪元 本次更新将引入全新的生物群落"断路器秘境"供玩家探索，新增多种敌人类型及巨型机械首领"萨哈巴尔"。此次"虚空与伏特"版本将通过更刺激的动作体 验、自动化主题装备及毁灭性新武器，进一步丰富《护核纪元》的世界。 护核纪元 玩家可以使用新式火焰喷射器与强力迷你炮挺进虚空战场，同时着手打造高级自动化工作台——这座全新的制作台将引入多款新工具，助力各位探险家们 更高效地管理地下生活。 扬子晚报网12月1日讯(记者姜天圣)近日，由B站代理的多人联机沙盒冒险游戏《护核纪元》在独立游戏发布会INDIE Live Expo上，正式公布了全新重磅版 本"虚空与伏特"。本次更新将作为免费内容推出，为玩家带来充满动作元素的全新自动化玩法。所有已购买《护核纪元》的玩家均可免费体验此次大规模 更新。同时，为庆祝新版本更新，游戏官方也将分别在12月和明年1月推出-40%的折扣优惠。 护核纪元 玩家还可以通过机器人农场臂与种子提取机全面升级农场，利用物品收集器自动拾取战利品，并借助传送带分拣器、粉碎机、焚化炉、生物捕获器等各类 新设备打造全自动化系统。 关于《护核纪元》 《护核纪元》是一款屡获殊荣的多人联机沙盒冒险游戏， ...

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]

11月27日晚间，国家新闻出版署发布《2025年11月份国产网络游戏审批信息》，合计发放184个版号，包括178款国产网络游戏获版号，6款进口网络 游戏获版号。 另外，还有7款游戏审批信息发生变更，包括腾讯游戏《和平精英》新增客户端、电魂网络旗下《梦塔防》新增客户端等。 来源：B站官网 需要注意的是，精灵捉宠游戏赛道竞争相当激烈。行业代表《宝可梦》系列之外，各大游戏厂商均在此有所布局，包括米哈游《崩坏：因缘精灵》、 网易《灵兽大冒险》、FunPlus《伊莫》、蛮啾《蓝色星原：旅谣》等。 《星砂岛》则出自金山与西山居投资的Seed Lab工作室，是一款海岛题材的种田模拟游戏。该游戏此前曾先后亮相XBOX科隆发布会与东京电玩展发 布会，预计于2026年2月发售，确认登陆PS5、Xbox、PC平台。 不可忽视的是，生活模拟品类同样火热。此前9月，"腾网米"三家巨头就先后切入这一赛道。9月23日，米哈游旗下生活模拟新游《星布谷地》更新了 其官方社交平台的图标，并迅速于11月开启了首轮测试；9月24日，腾讯旗下银之心工作室（SGRA）研发的生活模拟治愈游戏《粒粒的小人国》正式首 曝；网易雷火旗下全新宇宙生活模拟游戏《星 ...

机构：华安证券 研究员：金荣/赵浦轩 互联网内容行业竞争加剧；商业化不及预期；用户增长不及预期；内容质量不及预期，宏观经济不及预 期等。 10 月上线新游《逃离鸭科夫》，首月销量超300 万份，最高在线人数超30 万，后续有望移植至手游及 主机端。新游储备方面，《三国：百将牌》预计26 年一季度上线，作为轻度轻氪游戏，快节奏及低消 费满足年轻用户游戏需求，有望在年轻人群内打开市场。 核心用户群体推动社区发展，打开广告变现潜力三季度，公司核心用户指标均创新高，实现DAU1.17 亿，yoy+9%；MAU 达3.76 亿，yoy+8%。用户日均使用时长同比增加6min 至112min，月付费用户数达 3500 万，yoy+17%。优质内容及社区体验不断推动用户数量的稳定增长，高活用户提升广告的商业价 值。 投资建议 预计25/26/27 年公司实现收入301.8/337.2/364.4 亿，前次预测值分别为300.8/331.2/361.5 亿元，实现经调 整归母净利润22.3/36.0/44.2 亿，前次预测值25/26/27 年分别为21.1/29.6/38.9 亿元。维持"买入"评级。 风险提示 25Q3业 ...

Core Viewpoint - The article discusses the approval of 184 gaming titles in November 2025, indicating a stable trend in the issuance of gaming licenses in China, with a notable increase in domestic game approvals compared to previous years [3][6]. Group 1: Approval Statistics - A total of 184 gaming licenses were issued in November 2025, comprising 178 domestic and 6 imported games [3][4]. - The number of domestic game licenses approved has shown a phase-wise increase, reaching a new high this month, continuing the stable trend observed throughout the year [4][6]. - As of November 2025, a total of 1,624 gaming licenses have been issued, with 1,532 being domestic and 92 imported, surpassing the total of 1,416 licenses issued in 2024 [6]. Group 2: Industry Impact - The regular issuance of gaming licenses is seen as a positive development for the gaming industry, particularly as the proportion of multi-platform products increases, prompting domestic companies to accelerate their global distribution and cross-terminal experiences [6]. - The upcoming traditional peak season for the gaming market at the end of the year is expected to drive further growth in industry performance, with the concentration of new game launches likely to enhance fourth-quarter results [6]. Group 3: Notable Titles - Notable games included in this batch of approvals are Perfect World's "Dream New Zhu Xian: Light Enjoy," Bilibili's "Shining! Lume," and other titles from major developers like Kingsoft and G-bits [5].

从近一年的每月版号下发数量来看，国产版号的过审数量在阶段性增长，并在这个月再创新高，延续了今年游戏行业版号发放的稳定态势。而进口游戏版号 的下发频率从过去的每两月一发转变为今年开始的每一月一发。 具体到这次发布的游戏版号，知名的厂商或产品有完美世界《梦幻新诛仙：轻享》、B站的《闪耀吧！噜咪》、完金山旗下西山居的《星砂岛》、吉比特旗 下雷霆游戏的《再世仙途》、四三九九《造梦西游之黎尤浩劫篇》等。 11月27日，国家新闻出版署发布了《2025年11月份国产网络游戏审批信息》。本批次版号共计184款，其中国产游戏版号178个，进口游戏版号6个。 | 序号 | 名称 | 申报类别 | 出版单位 | İ | | --- | --- | --- | --- | --- | | 1 | 暗黑烈刃 | 移动 | 上海声像电子出版 社 | 上海跃 | | 2 | 暗影奇迹 | 移动 | 北京百度多酷科技 有限公司 | 北京依 | | 3 | 傲视天下 | 移动 | 上海锦游网络技术 有限公司 | 上海晓 不 | | 4 | 霸者之光 | 移动 | 上海锦游网络技术 有限公司 | 上海藤 | 2025年已下发游戏版号1624个， ...

Core Insights - The emergence of "manhua drama" as a new content form is rapidly gaining traction, driven by AI technology, low production costs, and high efficiency [1][8][19] - Major platforms are aggressively entering the manhua drama space, with significant financial incentives for creators [2][6][7] Group 1: Market Growth and Trends - By the first half of 2025, the cumulative number of manhua dramas is expected to reach 3,000, with a compound growth rate of 83% and a market scale projected to exceed 20 billion yuan [2][12] - Platforms like Douyin and Kuaishou are leading the charge, with Douyin offering up to 750,000 yuan in guaranteed revenue for top-tier works [2][3][6] Group 2: Incentive Policies - Douyin's incentive policy includes a base guarantee of 5,000 yuan per minute for S+ level works, with top-tier productions earning between 10,000 to 30,000 yuan per minute [3][6] - Other platforms, such as iQIYI and Bilibili, are also implementing generous revenue-sharing models, with iQIYI offering up to 100% for high-quality content [6][7] Group 3: AI Technology Impact - AI technology is revolutionizing the production of manhua dramas, allowing for a significant reduction in production time and costs, with costs dropping by 50% to 70% [13][17] - The use of AI tools enables creators to produce a complete manhua drama in as little as three days, achieving an industrialized production standard [16][19] Group 4: Audience Engagement - Manhua dramas are attracting a predominantly male audience, with 86% of users being male, thus providing a new growth point for platforms traditionally focused on female viewers [12][19] - Successful manhua dramas often feature unique and imaginative storylines, appealing to viewers' desire for novel content [10][12] Group 5: Challenges and Considerations - The industry faces challenges such as content homogenization and the need for regulatory compliance, as evidenced by the recent removal of a popular AI-generated drama due to content violations [18][19] - Ensuring content diversity and maintaining quality while leveraging AI technology will be critical for the sustainable growth of the manhua drama sector [19]