从外部角度来看，2025年的确是女性向市场潜力加速释放的一年。伽马数据上月发布的《女性向游戏调研报告》中写道：「女性向游戏近年来成为游戏产 业增长最快的赛道，展现出显著的商业潜力与市场拉动作用。2024年中国女性向游戏市场规模达80亿元，同比提升124.1%，增速远超行业平均水平。」 可是大概在赛道内部的厂商和团队，才知道这个领域现在有多难做。玩家对视觉效果的技术力期待越来越高、对舆论越来越敏感、对文案质量的要求越来 越严格……这一赛道的「赌」，在于有太多意外是难以控制的。 与此同时，资本方面又尚未跟上市场认知。游戏新知曾采访过的一个女性向独立游戏团队，就在为产品寻找发行合作方时遇到了很大阻碍。她们接触了不 少意向合作方，但感觉到「因为整个国内市场其实没有一家发行或投资是专精女性向用户的，所以他们的思维比较局限。……他们过往了解的用户群体、 他们的发行经验都不能复刻到我们的游戏上来，所以他们提出的一些方案就容易和我们聊不到一起去。」 一款游戏创造近半收入 | | | | TOP女性向游戏2025年iOS收入 | | | | --- | --- | --- | --- | --- | --- | | | | | ...

《52页二次元游戏研报：米哈游原神余响仍在，鹰角完美网易引领二游新一轮主升浪》报告着重剖析如下问题：二次元游戏品类发展到何种阶段？大盘增 长为何陷入停滞？现阶段二次元大世界产品沿哪些方向演进？二次元游戏玩法选型、养成模式、商业化、社交设计的痛点是什么？如何破局？二次元用户 偏好出现什么变化？ 核心要点1：米哈游《原神》周期结束，网易鹰角完美米哈游有望引领新一轮二游繁荣周期 经济学家尼古拉·康德拉季耶夫提出康波周期理论。每个周期大约50到60年，会经历繁荣、衰退、萧条和复苏四个阶段，期间夹杂着多个小周期波段。推 动周期变化的核心因素包括但不限于技术、人口、政策、战争等。 细分到游戏行业、品类赛道，我们能够发现明显的周期性属性。比如街机、PC/主机、手机等终端硬件，带动游戏产业呈现周期性剧烈波动。聚焦至细分 游戏品类，无论是射击、MMO还是二次元品类，它们的每个周期大约在6年左右。鉴于游戏行业每款产品研发周期大致在3年左右，这意味着两代产品， 构成了一个品类循环周期。 我们认为，2026年二次元赛道将正式跨越米哈游《原神》周期，转向由网易鹰角完美米哈游等厂商，引领的全新二次元繁荣周期。有三点看点：第一、游 戏卖点 ...

金吾财讯 | 纳斯达克中国金龙指数升逾2%，热门中概股普遍拉升，哔哩哔哩涨6.74%，百度涨6.59%， 万国数据涨4.98%，金山云涨4.14%，名创优品涨4.06%；跌幅方面，传奇生物跌10.76%，网易、瑞幸咖 啡跌近3%，亚玛芬体育跌1.63%。 金吾财讯 | 纳斯达克中国金龙指数升逾2%，热门中概股普遍拉升，哔哩哔哩涨6.74%，百度涨6.59%， 万国数据涨4.98%，金山云涨4.14%，名创优品涨4.06%；跌幅方面，传奇生物跌10.76%，网易、瑞幸咖 啡跌近3%，亚玛芬体育跌1.63%。 ...

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

Group 1 - The global market risk appetite has significantly decreased following President Trump's renewed tariff threats towards Europe, leading to a sell-off in major stock indices [2][3] - The Dow Jones Industrial Average fell by 870.74 points, a decline of 1.76%, closing at 48,488.59 points; the S&P 500 dropped by 143.15 points, down 2.06%, at 6,796.86 points; and the Nasdaq Composite decreased by 561.07 points, a 2.39% drop, ending at 22,954.32 points, marking the worst single-day performance since October 10 of the previous year [2] - Major tech stocks experienced declines, with Nvidia down 4.32%, Apple down 3.45%, and Microsoft down 1.16%, among others [2] Group 2 - The CBOE Volatility Index (VIX), often referred to as the "fear index," rose to a two-month high, reflecting increased market anxiety [3] - Trading volume on U.S. stock markets reached approximately 20.6 billion shares, significantly above the 20-day average of 17.01 billion shares, indicating concentrated selling pressure [3] - Analysts suggest that the current geopolitical tensions regarding tariffs are more of an emotional shock rather than a fundamental change that would trigger a deep market correction [3] Group 3 - The global bond market is also experiencing spillover effects, with upward pressure on some European government bonds due to potential increases in defense spending [4] - The yield on the U.S. 10-year Treasury note reached a high of 4.313%, the highest since late August, closing at 4.287% after a rise of 5.6 basis points [5] - Market expectations for interest rate cuts by the Federal Reserve have been adjusted downward, with projections for a reduction of approximately 47 basis points in 2026, down from 53 basis points at the end of the previous year [5] Group 4 - Netflix reported fourth-quarter revenue of $12.1 billion, exceeding market expectations of $11.97 billion, with adjusted earnings per share of $0.56, also slightly above forecasts [6] - The company anticipates full-year revenue for 2026 to reach between $50.7 billion and $51.7 billion, with expectations for advertising revenue to potentially double in the future [6] - Following the announcement, Netflix's stock price fell by 4.9% in after-hours trading, influenced by merger financing and market sentiment [7] Group 5 - Gold prices surged significantly, with spot gold rising approximately 2% to $4,757.33 per ounce, reaching a historical high of $4,756.93 during the session [7] - Silver prices experienced a slight decline of 0.3%, settling at $94.38 per ounce, after hitting a record high of $95.87 [7] - Oil prices showed volatility, with light crude oil futures for February delivery rising by $0.90 to $60.34 per barrel, a 1.51% increase [8]

Core Viewpoint - Goldman Sachs reports that the Chinese gaming and entertainment sector experienced significant stock price increases in 2025, with mid to large-cap stocks rising by 50% to 80% compared to the Hang Seng China Enterprises Index's 26% [1] Group 1: Market Performance - The strong performance continued into early 2026, with some stocks increasing by as much as 30% compared to related indices' growth of approximately 3-5% [1] - The price increase is attributed to a combination of valuation expansion and earnings per share growth [1] Group 2: Future Outlook - For 2026, Goldman Sachs outlines key themes and debates for the sector, indicating that the risk-reward profile remains attractive but is more alpha-driven [1] - The firm prefers companies with new growth potential, such as those benefiting from AI application penetration and accelerated overseas expansion [1] Group 3: Competitive Landscape - Companies that still have compound growth and profit expansion potential amid increasing competition, particularly with ByteDance raising competitive concerns, are favored [1] - Core buy stocks selected by Goldman Sachs include Tencent, NetEase, Kuaishou, Bilibili, and Tencent Music [1] Group 4: Stock Ratings - Goldman Sachs maintains a "Buy" rating on Tencent, adjusting the target price from HKD 770 to HKD 752 [1]

Group 1 - U.S.-based Universal Music Group has entered into a partnership with Chinese music streaming service NetEase Cloud Music [1]

Core Insights - The article emphasizes the significance of AI in investment decisions, particularly in the context of Chinese internet companies and their overseas revenue potential [2][3]. Group 1: Overseas Revenue of Chinese Internet Companies - Chinese internet companies have an average overseas revenue exceeding 10%, with Pinduoduo leading at 35% [3]. - Companies like Tencent and Alibaba have low to high teens percentages of overseas revenue, indicating a growing trend towards international markets [3]. Group 2: Cloud Computing Sector - Alibaba Cloud and Tencent Cloud are rapidly expanding their international presence, with Alibaba planning new business regions in Brazil, France, and the Netherlands, and Tencent deploying services in 22 regions globally [4]. - Morgan Stanley projects that Alibaba Cloud's revenue growth will exceed 40% by FY2027, while Tencent's enterprise service revenue is expected to grow by 25% by FY2026 [5]. Group 3: Autonomous Driving Services - Baidu's autonomous driving service, "Luobo Kuaipao," is a leader in the sector, achieving over 250,000 weekly orders in fully autonomous mode as of Q3 2025, and has expanded to 22 cities including Dubai and Switzerland [7]. - Despite its leadership, Morgan Stanley anticipates that Baidu's revenue from this service will remain low and require continued investment [9]. Group 4: AI Models and Applications - Alibaba's Tongyi Qianwen model has gained significant traction globally, becoming the most downloaded AI model with over 700 million downloads by January 2026 [11]. - Kuaishou's Keling is expected to generate substantial revenue from overseas markets, with projections indicating an 80% year-on-year growth to reach $270 million by 2026, driven by B2B customer expansion [14].

2025年国内游戏行业和用户规模都出现了平稳增长。在市场环境逐渐走向稳定的同时，游戏行业似乎又兴起了一阵创业潮。 明星游戏人创业 去年有一批从业者带着大厂爆款的光环创业，这批创业公司在新品面世之前就赚足眼球。当中还有不少初创公司都悄悄拿到了融资，这也反映出即使是在 当下的投资环境里，优质的CP方依旧相当抢手。 广州风澜游戏在去年1月成立，目前公司已经有近100人，在研一款硬核星际题材的SLG《代号：Space》。截至去年12月，游戏开发了不到一年时间，不 过《代号：Space》已经计划在3月份开启首次测试。据描述，玩家在游戏中可以为舰船配装武器、搭配舰长、与涉外文明作战。 风澜游戏创始人覃宇清曾是字节跳动朝夕光年Gaia工作室成员，此前也曾参与网易《率土之滨》、莉莉丝《万国觉醒》等SLG项目。另外前字节跳动广州 工作室旗下UGC项目《JungoJam》的制作人戴俊毅也在去年加入了风澜游戏。 风澜游戏和《三国：谋定天下》研发商华娱网络也有比较密切的关系。 据覃宇清在公众号中表述，其在2022年曾将所有存款借给了B站接手前、还未测试过的《三国：谋定天下》。去年4月份，风澜游戏也获得了华娱网络的 投资，后者持股10 ...

Core Insights - Morgan Stanley's report on Chinese tech stocks presents an optimistic outlook for AI development by 2026, driven by both supply and demand factors [1] - The overseas expansion of internet companies is highlighted as a crucial strategy to address macroeconomic, competitive, regulatory, and geopolitical risks [1] Company Preferences - The report lists preferred stocks with an "overweight" rating, including Tencent, Alibaba, Pinduoduo, Tencent Music, NetEase, BOSS Zhipin, Manbang, Meituan, Trip.com, Tongcheng Travel, TAL Education, and Beike [1]