Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

①美国三大股指全线收跌，道指跌0.63%报48063.29点，标普500指数跌0.74%报6845.5点，纳指跌0.76% 报23241.99点； ⑧伦敦基本金属多数下跌，LME期锡跌3.54%报40470.0美元/吨，LME期铜跌0.49%报12496.5美元/吨， LME期镍跌0.46%报16750.0美元/吨，LME期铅跌0.22%报2005.5美元/吨，LME期铝涨0.57%报2997.0美 元/吨，LME期锌涨0.06%报3126.0美元/吨； ②热门中概股普跌，阿里巴巴跌0.52%，拼多多跌0.39%，网易跌2.01%，携程跌0.57%，百度跌1.30%， 京东跌0.03%； ⑨美债收益率集体上涨，2年期美债收益率涨2.67个基点报3.475%，3年期美债收益率涨3.65个基点报 3.536%，5年期美债收益率涨5.19个基点报3.725%，10年期美债收益率涨5.49个基点报4.175%，30年期 美债收益率涨4.67个基点报4.852%； ③大型科技股集体下跌，蔚来跌超7%，网易跌2%，百度跌超1%；哔哩哔哩微涨； ⑩英国10年期国债收益率跌2.3个基点报4.473%。 ④欧洲主要股指收盘小幅 ...

1月1日热门中概股普跌，纳斯达克中国金龙指数（HXC）收跌1.13%。 上涨股当中（按市值从高到低），台积电涨1.45%，日月光半导体涨0.44%，华住酒店集团涨0.15%，哔 哩哔哩涨0.16%。 下跌股当中（按市值从高到低），阿里巴巴跌0.52%，拼多多跌0.39%，网易跌2.01%，携程跌0.57%， 百度跌1.30%，京东跌0.03%，中华电信跌0.17%，腾讯音乐跌0.74%，富途控股跌0.64%，联电跌 1.32%，小鹏汽车跌4.65%，贝壳跌0.57%，理想汽车跌1.97%，中通跌1.07%，蔚来跌7.27%，满帮跌 2.01%，中国新城农村跌0.22%，BOSS直聘跌0.34%，唯品会跌1.83%，新东方跌0.90%。 美股周三小幅收低。标普500指数录得连续第四个交易日下滑。三大股指在2025年均录得涨幅，其中标 普500指数上涨16.4%。 道指跌303.77点，跌幅为0.63%，报48063.29点；纳指跌177.09点，跌幅为0.76%，报23241.99点；标普 500指数跌50.74点，跌幅为0.74%，报6845.50点。 标普500指数录得连续第四个交易日下跌。尽管如此，该指数 ...

12月26日凌晨，《燕云十六声》发布消息回应称，当前，外观"飞白成诗"的染色异常问题已于25日凌晨 进行了首批修复，现女款外观已恢复染色功能，男款仍在紧急修复中。后续，《燕云十六声》将进一步 提升染色布料的质感和表现，解决高光异常、材质油感的问题。并将尽快完成男款修复并开放染色。 "此外，我们也收到了不同游侠关于时装个性化的建议和反馈，为了满足大家对该外观的多样需求，带 给大家更丰富随心的搭配选择，我们将在后续更新中为'飞白成诗'的男女时装各自增加2套裁造方案。" 今天，《新快报》通过浙江政务服务网APP"浙里办"咨询了杭州市滨江区主管机构，也证实了相关回复 属实。 该事件源于2025年12月23日《燕云十六声》在周年庆版本中推出的"飞白成诗"时装，其呈现风格让一些 玩家感到不适。 近日，网易旗下《燕云十六声》游戏因为因周年庆时装"飞白成诗"陷入舆论风波。但针对相关网友举 报，监管部门回应称："未发现该游戏公司运营的《燕云十六声》游戏内有违反我国相关法律法规的内 容。" ...

不知不觉间，我们已经迎来了2025的最后一天。 今年的最后一个月似乎没有以往来得这么热闹，不少厂商已经把目光放在了明年。而当我们回顾过去一年时，会感觉今年倒也算充实，仅从国内厂商的角 度来讲，单机产品自不必多说，它们依旧在茁壮成长。 而偏商业的游戏里，今年已经有众多未上线产品进行了多轮测试，也是让大伙都眼前一亮。但从另一方面来讲，以我个人的体感而言，能够对市场格局带 来较大改变的新品数量却不及去年，大多数拥有亮眼成绩的都是老产品在发力。 腾讯这边总体上来讲相对比较好去概括，在今年关停项目上主要突出在两个方向，一是新老汰换，二是缩减代理。 总体上来看，腾讯今年所砍掉的产品里，有不少是已经上了年纪的产品，比如《QQ超市》《雪鹰领主》《仙剑奇侠传Online》《七雄争霸》《王牌 NBA》这几款产品，就属于上了年纪的那一批，大多数运营时间长达8年，有的甚至还要更长，比如《QQ超市》就长达14年。 而有新产品进来，就会有老产品离去，今年一年中我们见证了不少产品的离开，给圈子和外界都留下了很深的印象，于是我决定拉一遍表格，去统计那些 在今年有停运、停更情况的产品，其总数高达117款，当然由于一年内产品众多，我也只能做不完 ...

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 [17]. Core Insights - The report highlights significant advancements in AI gaming, particularly with the introduction of playable AI NPCs by Ubisoft, which allows players to interact with AI teammates in a dynamic gaming environment [3]. - The emergence of commercial products based on AI world models, such as Marble by World Labs and Tencent's mixed reality model, showcases the potential for creating immersive 3D worlds using generative AI [4]. - The development of AI game creation tools, like YouTube's Playables Builder, is democratizing game development by enabling users to create games without programming knowledge [4][5]. Summary by Sections AI NPC Development - Ubisoft launched a playable demo of AI NPCs named "Teammates," where players can command AI teammates using natural language, powered by Google's Gemini and Ubisoft's middleware [3]. AI World Models - Companies like Google DeepMind and Tencent are advancing in AI world models, with Tencent's mixed reality model allowing users to create interactive worlds from text or images [4]. AI Game Creation Tools - YouTube is testing an AI game creation tool, Playables Builder, which allows users to create games using simple text and media inputs, currently in testing phases in select markets [4]. - The AI game creation platform SOON by Kaiying Network integrates generative AI to streamline complex game development processes, significantly lowering technical barriers and costs [5]. Investment Recommendations - The report suggests focusing on companies related to gaming, including Tencent, NetEase, Bilibili, Giant Network, and others, as potential investment opportunities [6].

每经AI快讯，12月31日，纳斯达克中国金龙指数高开低走，收跌0.26%。百度涨超4%，蔚来涨超3%， 网易涨近1%；京东跌近2%，金山云跌近1%。 ...

格隆汇12月30日｜纳斯达克中国金龙指数盘初涨超0.5%，百度涨5.75%，蔚来涨3.88%，小鹏汽车涨 3.51%，网易涨2.36%，世纪互联涨1.28%。 ...

Flash | 28 Dec 2025 22:55:28 ET │ 13 pages China Internet Read-Through from CNG 2025 Online Gaming Industry Report CITI'S TAKE CNG published its 2025 Online Gaming Report during the 2025 China Online Gaming Industry Conference in Shanghai on Dec 19. CNG identified seven trends that contributed to record China gaming market in 2025: 1) high-quality development with supportive policy; 2) healthy domestic market growth with innovation and evergreen operations; 3) robust growth in overseas market for self-devel ...

在年末最后几个交易日缺乏明显催化剂的背景下，周二股市难以凝聚动能，美元维持跌势，在岸人民币 一举突破7关口。白银和黄金则在从历史高位大幅回落后重新企稳。 截至发稿，道指期货跌0.06%，标普500指数期货跌0.07%，纳指期货跌0.10%。 欧洲与亚洲股市相关指标小幅波动。周二是包括德国、日本和韩国在内的多个股市今年的最后一个交易 日。 欧洲斯托克600指数今年上涨16%，不断刷新历史高位，并在以美元计价的表现上超越标普500指数。银 行板块领涨，年内大涨65%，有望创下自1997年以来最大年度涨幅，主要受益于强劲盈利表现以及慷慨 的股东回报。 标普500指数期货基本持平，此前美国基准股指连续两个交易日下跌。 全球股市乐观跨年 尽管近期行情表现平淡，全球股市仍有望实现连续第三年年度上涨。MSCI全球股票指数2025年累计上 涨约21%，并有望录得2019年以来最佳年度表现。 新加坡SGMC Capital高级合伙人Mohit Mirpuri表示："这轮回撤更像是健康的整理，而非趋势发生变 化。" 从历史规律看，投资者在迈入新一年之际有理由保持乐观。彭博汇编数据显示，在过去10个年份的1 月，该指数平均上涨1. ...