停运公告 扬子晚报网9月26日讯(记者姜天圣)9月24日，网易游戏《射雕》在官方账号发布停运公告，称网易公司 与明河社就《射雕三部曲》IP之合作期即将结束，及游戏运营策略的调整，《射雕》游戏将于2025年11 月24日15时终止运营。 在补偿方案中，网易官方表示，《射雕》玩家的网易邮箱/手机账号中尚未使用的收费金锭(特指玩家通 过法定货币充值获得的金锭)，网易将以等额点数的方式存储于玩家网易邮箱/手机账号里以作为补偿， 玩家可继续在网易公司旗下的其他相关游戏中使用该点数；此外，9月24日前登录过《射雕》账号的玩 家，可以在其他几款网易游戏中获一些游戏道具。 据悉，《射雕》在2024年3月公测上线1.0版本，后续游戏持续在美术风格、武学系统等方面进行优化， 2025年3月上线2.0版本，获得了一些游戏行业媒体的肯定。"回到数值MMO的舒适区后，《射雕》已经 是一款合格的MMO类产品……甚至在很多玩法上都很有特色。" 公开资料显示，《射雕》是一款由网易游戏开发的武侠冒险RPG游戏，2022年12月16日正式开启"铁血 丹心"封测。2024年3月28日开启公测。2025年3月13日正式上线其经过"回炉重制"的2.0 ...

Core Insights - The All-China Federation of Industry and Commerce announced the "Top 500 Private Enterprises in R&D Investment" and "Top 500 Private Enterprises in Invention Patents" lists for 2025, with Zhejiang province leading in both categories [1] - Zhejiang had 95 companies listed for R&D investment and 115 for invention patents, marking an increase of 8 and 15 companies respectively compared to the previous year, maintaining its position as the top province in China [1] - In August, Zhejiang also topped the lists for "Top 500 Private Enterprises in China," "Top 500 Private Manufacturing Enterprises," and "Top 100 Private Service Enterprises," achieving a "Grand Slam" with 107, 109, and 20 companies respectively [1] R&D Investment - Zhejiang province has 95 companies recognized for their R&D investment, an increase of 8 from the previous year, which is the highest in the nation [1] - The focus on R&D investment indicates a strong commitment to innovation among private enterprises in Zhejiang [1] Invention Patents - The province boasts 115 companies listed for invention patents, with an increase of 15 companies from the previous year, also the highest in the country [1] - This growth in patent filings reflects the increasing emphasis on intellectual property and innovation within the region [1] Company Listings - Notable companies from Zhejiang that made it to the lists include: - Zhejiang Rongsheng Holding Group Co., Ltd. - Zhejiang Dahua Technology Co., Ltd. - NetEase (Hangzhou) Network Co., Ltd. - Wanxiang Group Corporation - Chint Group Co., Ltd. [3][4][5][6][7] - The diversity of industries represented, from technology to manufacturing, highlights the robust economic landscape of Zhejiang [3][4][5][6][7]

Core Viewpoint - UBS maintains an optimistic stance on Chinese stocks, particularly favoring A-shares due to their relative valuation attractiveness, which is at a 30% discount compared to the MSCI World Index and aligns with historical averages [1] Industry Preferences - UBS is bullish on the AI theme, A-share brokerage firms, and high-dividend stocks [1] - The firm selectively supports the "anti-involution" theme, showing preference for sectors such as solar energy, chemicals, and lithium batteries [1] Preferred Stocks - UBS has listed its top picks for Chinese stocks, including A-shares such as Huatai Securities, Northern Huachuang, Yutong Bus, Kingsoft Office, Yangtze Power, and Small Commodity City, all rated as "Buy" [1] - For H-shares, the preferred stocks include China Mobile, Tencent, CRRC, and BYD, also rated as "Buy" [1] - ADRs highlighted by UBS include NetEase, Alibaba, and Global Data, all receiving a "Buy" rating [1]

在休闲纸牌这个大类别里，各类玩法分支不可谓不众多，具体的游戏形式以及载体更是可以从手游、PC追溯到桌游，诞生于1971年的"UNO（优诺 牌）"玩法便是其中之一，其在国内虽然热度一般，但在海外尤其是欧美却拥有着较高的普及度，由于规则简单易上手、节奏轻快且充满变数，更是做到 全年龄段玩家的覆盖且男女比例较为平均。 然而，尽管《UNO!™》依然保持着相当"旺盛的生命力"，但随着产品周期的不断后移，寻找"接棒者"也开始愈发重要。 就在9月17日，美泰163正式在全球170多个国家及地区上线了第二款UNO游戏——《UNO Wonder》，当天便登上35个区域市场iOS游戏免费榜TOP20（其 中位于美国第2、德国第6、丹麦第7），预计可能成为新的长线爆款。 拥有这样一系列优势的UNO玩法自然逃不过手游化的浪潮，而目前强势把持这一细分赛道龙头位置的游戏厂商则是网易投资创立的合资公司——美泰163 （Mattel163），该公司旗下的《UNO!™》是正版IP授权的首款手游产品，运营近7年，当前月流水依然稳定在2500万元以上。 那么《UNO Wonder》具体的市场数据和玩法究竟如何？其从初期测试到正式上线经历了怎样的迭 ...

Core Insights - The Tokyo Game Show (TGS) 2025 has set a record with over 1,100 exhibitors and more than 4,100 booths, marking the largest scale in its history [3] - Chinese game developers showcased significant advancements, with many titles gaining attention even before reaching the main venue [5][6] - The event highlighted the growing competitiveness of Chinese games in the global market, particularly in the anime-style game sector [9][10] Group 1: Event Scale and Attendance - TGS 2025 is the largest ever, with over 1,100 exhibitors and 4,100 booths, indicating a substantial increase in participation [3] - The number of attendees has also surged, with long queues observed before the event's opening [3] Group 2: Chinese Game Developers' Performance - Chinese games have made a strong impression at TGS 2025, with titles like "Endless Winter" and "Infinite" prominently displayed [5][6] - The success at both TGS and Gamescom 2025 suggests that Chinese developers are now capable of competing on a global scale [8][9] Group 3: Upcoming Titles and Market Trends - Many new titles are set to launch in 2026, indicating a potentially explosive year for the anime game market [10][11] - Notable games like NetEase's "Infinite" generated significant interest, with long wait times for hands-on experiences [13][15] Group 4: Diverse Game Offerings - The event featured a variety of genres beyond anime games, with Tencent showcasing titles like "Fate Trigger" and "Chasing Kaleido" [25][27] - Other popular titles included "Tomorrow's Ark: End of the World" and "Dual Spiral," which also attracted considerable attention [19][23] Group 5: Cultural Impact and Market Penetration - The presence of Chinese games at TGS reflects a broader trend of increasing cultural exchange and market penetration in Japan [45][47] - The success of titles like "Nirvana in Fire" and "Fifth Personality" demonstrates the appeal of Chinese games to Japanese audiences [41][43]

Core Insights - The article highlights the stable approval process for domestic game licenses in China, with a significant increase in the number of licenses issued in 2025 compared to the previous year [1][3] - The gaming market in August 2025 showed stable performance, with notable revenue contributions from high-quality products, indicating a positive outlook for game development companies [2][3] Group 1: License Approval and Supply - On September 24, 2025, the National Press and Publication Administration approved 145 domestic games and 11 imported games, indicating a robust supply of game licenses [1] - The total number of domestic game licenses issued in 2025 has reached 1,195, significantly higher than the 959 licenses issued in the same period last year, with an average monthly issuance of 132.8 licenses [1] Group 2: Market Performance - In August 2025, the domestic gaming market generated revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% due to a high base from the previous year [2] - Mobile game revenue was 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decrease of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decline of 1.11% but a year-on-year increase of 17.59% [2] Group 3: Investment Outlook - The stable approval rhythm for game licenses and the rich supply of game products lead to a favorable investment outlook for companies with strong content reserves and solid fundamentals [3]

Core Viewpoint - Tencent and NetEase have announced restrictions on gaming time for minors during the upcoming National Day and Mid-Autumn Festival holidays in 2025, in compliance with regulations from the National Press and Publication Administration aimed at preventing minors from becoming addicted to online games [2][5]. Tencent Gaming Restrictions - Tencent's gaming restrictions for minors will be in effect from September 26-27 and October 1-8, allowing access to games only from 20:00 to 21:00 on these dates [4]. - On other weekdays and during the adjusted workday on September 28 and October 11, gaming will be prohibited for minors [4]. NetEase Gaming Restrictions - NetEase has also set similar restrictions, allowing minors to play games from 20:00 to 21:00 during the National Day and Mid-Autumn Festival holidays from October 1 to 8, as well as on October 10 and 12 [6]. - Minors will not be able to access games on September 28 and October 11, which are designated as workdays [6].

Core Viewpoint - Tencent and NetEase have announced restrictions on gaming hours for minors during the upcoming National Day and Mid-Autumn Festival holidays, reflecting ongoing regulatory measures in the gaming industry in China [1][3]. Group 1: Tencent Gaming Restrictions - Tencent's gaming restrictions for minors will be in effect from September 26-27 (Friday, Saturday) and October 1-8 (National Day and Mid-Autumn Festival), allowing access only from 8 PM to 9 PM. Other weekdays and the adjusted workday on September 28 (Sunday) and October 11 (Saturday) will be prohibited gaming periods [3]. Group 2: NetEase Gaming Restrictions - NetEase's restrictions state that minors can play games from 8 PM to 9 PM on October 1-8 (National Day and Mid-Autumn Festival) and on October 10 and 12 (Friday, Sunday). However, gaming will be prohibited on September 28 (Sunday, a workday) and October 11 (Saturday, a workday) [3].

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].

Investment Rating - The report assigns an "Increase" rating for the gaming industry, indicating a positive outlook compared to the CSI 300 index, with expected growth exceeding 15% [13]. Core Insights - In September, a total of 145 domestic games received approval, contributing to a total of 1,195 domestic game licenses issued this year, significantly higher than the 959 licenses issued in the same period last year [6][8]. - The gaming market in August showed stability, with a total revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% [6][8]. - The report highlights the strong performance of leading products, such as Tencent's "Delta Action," which reached 30 million daily active users in September, and the anticipated revenue of over 300 million yuan for the new game "Valorant: Energy Action" in its first month [6][8]. Summary by Sections Game License Approvals - In September, 145 domestic games and 11 imported games received approval, with notable titles from Tencent, NetEase, and others included in the list [6][8]. - The approval rate for domestic game licenses has increased, with an average monthly issuance of 132.8 licenses in 2023, up from 88.8 in 2021 and 108.8 in 2022 [6][8]. Market Performance - The gaming market's revenue for August was 29.263 billion yuan, with mobile games generating 21.521 billion yuan and client games 6.563 billion yuan [6][8]. - The report notes that client games are experiencing growth due to cross-platform products, which enhances their profitability compared to mobile games [6][8]. Investment Recommendations - The report recommends companies with strong content reserves and solid fundamentals, including Kain Network, 37 Interactive Entertainment, Giant Network, Perfect World, and others [6][8]. - Specific stock recommendations include Kain Network (28.94 yuan), 37 Interactive Entertainment (22.49 yuan), and Giant Network (44.87 yuan), all rated for "Increase" [7][8].