教育：K12 教培高景气维持，非学科合规优质供给稀缺，头部机构反馈暑期招生进展良好，看好头部机构持续扩 大市场份额。本周，高途透露正研发多款国际教育 AI 产品，创始人陈向东认为高质量留学时代已经到来。 奢侈品：宏观经济影响奢侈品销售表现，景气略有承压，部分产品创新能力优秀的品牌逆势高增。近日新秀丽更 换欧洲区总裁，Damien Mignot 此前任 Tumi 欧洲区副总裁兼总经理，关注后续变化。 咖啡茶饮：1）咖啡：高景气维持。需求端具备成瘾性&提频性，行业仍具备β性红利，门店仍处于增长周期。2） 茶饮：略有承压。短期景气度受平台外卖大战补贴波动，UE 受补贴改善叠加暑期旺季，门店供给加速增加，行业 竞争加剧，关注供需变化。 电商：略有承压。电商大盘增速放缓，行业竞争依旧激烈。即时零售成为新战场，近期淘宝闪购宣布启动 500 亿 元补贴计划，头部平台竞争激进补贴下，利润端或将受影响。 旅游消费及 OTA：京东宣布进军酒旅，但酒店供应链长且复杂，短期补贴对行业头部玩家及 OTA 高端酒店业务冲 击有限，关注 OTA 龙头低估值机会 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry as of July 6, 2025 [6]. Core Insights - The gaming industry shows strong resilience against macroeconomic headwinds, with a 18% year-on-year growth in Q1 2025, significantly outperforming the retail sales growth of 4.6% [9][20]. - The report emphasizes the shift from short-cycle games to long-cycle projects, indicating a more stable revenue stream for companies focusing on long-term development [10][43]. - Regulatory changes, particularly the acceleration of game license approvals, are expected to enhance supply and improve the operating environment for gaming companies [31][22]. Summary by Sections Domestic Market - The gaming industry in China is experiencing a robust growth trajectory, with total revenue reaching 857 billion, a 18% increase year-on-year, and mobile gaming revenue at 636 billion, growing by 20% [20]. - The report highlights the favorable policy environment that has led to an increase in the efficiency of game license approvals, with a notable rise in the number of licenses issued monthly [26][27]. - AI technology is driving the longevity of head games, with a focus on long-cycle game categories such as competitive and strategy games [33][43]. Overseas Market - Chinese gaming companies are expected to continue increasing their market share overseas, with the share of mobile games from Chinese developers rising from 22% in 2018 to 28% in 2024 [9]. - The report notes that the support for overseas expansion and the reduction of regulatory barriers will enhance the competitiveness of Chinese gaming products in international markets [2][2]. Industry Catalysts - Ongoing global litigation against Apple regarding its monopolistic practices is anticipated to lead to significant improvements in profit margins for gaming companies in China once regulatory changes are implemented [12][10]. - The transition from a focus on short-cycle games to long-cycle projects is expected to create a valuation differentiation between companies that excel in long-cycle game development and those that do not [10][43]. Investment Recommendations - The report suggests focusing on companies with advantages in gaming channels and long-cycle products, such as Xindong Company, Tencent Holdings, ST Huatuo, Giant Network, and Kaiying Network, which are expected to benefit from recent regulatory changes [4][14]. - Companies with significant project reserves for the year, including 37 Interactive Entertainment, G-bits, Perfect World, NetEase, and Shenzhou Taiyue, are also highlighted as potential investment opportunities [4][15].

Group 1 - Douyin launched the "2025 Summer Minor Protection Special Action" in Wuhan, establishing a collaborative mechanism with local authorities to protect minors during live streaming [1] - Douyin prohibits live streamers from inducing minors to make financial contributions and requires parental consent for minors aged 16 to 18 to broadcast [1] - Douyin has intercepted up to 400,000 instances of minor financial contributions daily and has suspended 15,000 accounts related to minor financial activities since 2025 [1][2] Group 2 - Douyin has facilitated refunds for 42,000 families regarding minor financial contributions and aims to streamline the refund process [2] - A report indicated that during the summer of 2024, 60% of surveyed minors did not engage in financial spending while online, with only 0.46% spending on live stream gifts [2] - Douyin plans to enhance its online and offline governance mechanisms and encourages parents to activate the minor mode on devices to restrict financial activities [2] Group 3 - Tencent announced a summer gaming restriction for minors, allowing them to play only on weekends for a total of 27 hours throughout the summer [3][7] - The gaming restriction aligns with national regulations aimed at preventing minors from excessive gaming [3] - NetEase also implemented similar gaming restrictions, allowing minors to play only during specific hours on weekends [7]

Group 1 - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 4, 2025 [1] - Alibaba leads the list with a market capitalization of approximately $259.36 billion [3] - Xiaomi and Pinduoduo follow, with market capitalizations of about $188.79 billion and $147.06 billion respectively [3] Group 2 - Meituan and NetEase rank sixth and seventh, with market capitalizations of $93.88 billion and $84.12 billion respectively [4] - Other notable companies include JD.com at $46.23 billion and Baidu at $29.68 billion [4] - The list includes a variety of companies from different sectors, such as Ideal Auto and Kuaishou, with market capitalizations of $27.77 billion and $32.88 billion respectively [4][5] Group 3 - The total market capitalization of the top 50 companies reflects the ongoing growth and competition within the Chinese technology sector [1] - The rankings are calculated based on the latest exchange rates, indicating the dynamic nature of the market [6] - Companies like NIO and Perfect World also feature in the rankings, showcasing the diversity of the industry [5][6]

Core Viewpoint - The S&P 500 and Nasdaq indices reached all-time highs, while the Chinese concept stocks showed mixed performance, with brain regeneration technology soaring nearly 122% [2][3][4]. Market Performance - On July 3, U.S. stock indices closed higher, with the Dow Jones up 0.77% at 44,828.53 points, the S&P 500 up 0.83% at 6,279.35 points, and the Nasdaq up 1.02% at 20,601.1 points, marking new historical highs for both the S&P 500 and Nasdaq [5][6][7]. - Major technology stocks mostly rose, with the Wande American Technology Seven Giants Index increasing by 1.03%. Amazon rose by 1.59%, Microsoft by 1.58%, and Nvidia by 1.33% [10]. Chinese Concept Stocks - Chinese concept stocks exhibited mixed results, with the Nasdaq Golden Dragon China Index up 0.4% and the Wande Chinese Technology Leaders Index down 0.98%. Notable declines included Xiaomi down 3.61%, Meituan down 2.56%, and Alibaba down 1.87% [12][13]. Legislative Developments - The U.S. House of Representatives passed the "Big and Beautiful" bill, which includes significant tax cuts and spending measures. The bill passed with 218 votes in favor and 214 against, and is expected to be signed into law by President Trump [18][19][21]. Economic Indicators - U.S. Treasury yields rose across the board, with the 2-year yield increasing by 9.92 basis points to 3.880%, and the 10-year yield rising by 6.30 basis points to 4.342%. This increase is attributed to strong labor market data, which diminished expectations for a Federal Reserve rate cut [22][23]. - Following the release of strong non-farm payroll data, gold prices fell, with spot gold down 0.92% to $3,326.085 per ounce [24]. Notable Stock Movements - Brain regeneration technology stocks surged nearly 122%, with a year-to-date increase of nearly 18,000% [15][17].

Group 1 - The Nasdaq Golden Dragon China Index saw a preliminary increase of 0.2% [1] - Popular Chinese concept stocks such as Xiaopeng Motors rose by 2.3% and NIO increased by 0.4% [1] - Major companies like NetEase, Baidu, New Oriental, Tencent, and Pinduoduo experienced declines of up to 0.6%, while Alibaba fell by 2% and Xiaomi dropped by 3.6% [1]

腾讯预计上线2款新产品，分别是低碳环保题材休闲益智游戏《碳碳岛》（在7月2日上线）和异世界多人角色扮演游戏《星痕共鸣》（定档于7月17日）。 网易则派出了重磅PC游戏《无主星渊》（预计在7月17日上线），这是一款星际飞船射击夺宝游戏，主打"搜打撤"玩法，在前不久的Steam新品节中，该 游戏试玩版上线后迅速拿下了全球试玩榜TO1，妥妥的"爆款潜力股" 。 游戏《无主星渊》获得版号后的宣传图 上述头部大厂及一众新作的轮番登场，无疑预示着今年暑期档将上演一场前所未有的"神仙打架"。然而，这场堪称史上"最卷"局面的形成，并非单纯的市 场巧合，其背后实则隐藏着一系列行业变革与市场力量的博弈。 可以说，2025年暑期档的"最卷"，既是玩家的一次游戏盛宴，也是对中国游戏厂商研发和运营能力的终极考验。 01 版号开闸放水 游戏版号作为游戏产品进入市场的"通行证"，其发放情况多少左右行业发展动向，曾几何时，版号的稀缺让无数游戏厂商夜不能寐。 2018年，全国注销、吊销的游戏公司数量仅为9705家。到了2019年，这一数字达到18710家，较2018年增长了92.79%。一度，行业内还流传着"广州科韵 路上的几千家游戏公司，已 ...

给大家带去的不便我们深感抱歉，阿公将为少量遇到该异常的农场主做以下修正： 再次抱歉，给大家添麻烦了！我们将为全体农场主送上"中级肥料x10"好礼，大家可在7月3日晚上通过游戏内邮件查收。一起为迎接农场夏季和畜牧玩法 做好准备吧！感谢大家的理解与支持！ 7月3日上午，网易游戏《蛋仔派对》发文回应早晨"蛋仔农场"仓库鱼类出售出现短暂异常现象： 气温攀升，农场夏季版本即将到来。忙着商店上新和筹备畜牧大业的田园阿公有点热昏头啦，导致7月3日早晨"蛋仔农场"仓库鱼类出售出现短暂异常，目 前该问题现已修复。 1）因异常卖鱼额外产生的异常农场币数量恢复至正常数量； 2）因使用异常农场币升级的建筑等级将恢复至正常等级，使用异常农场币升级的加工厂经验跟随等级恢复至正常； 3）通过正常出售/收获农作物获得的农场币及经验不受影响 。 据九派新闻报道，今年1月25日，《蛋仔派对》服务器就疑似崩溃过，有玩家表示，好友被清空，啥都玩不了，啥都不能干。 对此，网易《蛋仔派对》官方微博回复，今夜登岛的蛋仔太过热情，导致服务器出现了不稳定，问题修复后会尽快为大家发放补偿。 25日晚间，《蛋仔派对》官方发布《关于春节服务器异常的补偿公告》，宣布 ...

智通财经7月3日电，腾讯游戏发布了未成年人暑期限玩日历，7月1日-8月31日未成年玩家可以在每周 五、周六、周日的晚上20点-21点体验游戏，整个假期总计时长不超过27小时。而《网易游戏2025暑期 限玩日历》也显示，暑假期间未成年玩家可体验游戏不超过27小时，与腾讯游戏相同。 暑假未成年人限玩游戏不超过27小时 ...

暑期来临，网易游戏和腾讯游戏相继发布暑期未成年人游戏限玩日历。 3日，腾讯游戏发布了未成年人暑期限玩日历，7月1日-8月31日未成年玩家可以在每周五、周六、周日 的晚上20点-21点体验游戏， 整个假期总计时长不超过27小时 。 在防沉迷方面，腾讯游戏表示给家长推出了全套游戏账号管理工具，专治"不停玩""偷偷玩"。如家长可 以限制自己账号的单次游戏时长， 在"游戏临时开关"功能可以灵活设置单次游戏时长（如15分钟、1小 时等），超时后该账号将自动强制下线 。如果遇到孩子偷偷用家长账号玩游戏的情况，家长可以通过 人脸券强制弹出人脸识别验证。使用"人脸券"后，当孩子在非未成年游戏时间段冒用家长账号登录游戏 时，游戏就会自动弹出人脸识别验证提示。（该功能已在灰度开放中）。 《网易游戏2025暑期限玩日历》显示，暑假期间未成年玩家可体验游戏不超过27小时，与腾讯游戏相 同。 来源：中新经纬 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 热 搜第一！"最讨厌的功能终于取消了"，微信朋友圈有新变动 雷军回应友商"截胡"YU7 | 星期一 | 星期二 | 星期三 | 星期四 | 星期五 | 星期六 | 星期 ...