Investment Rating - The report rates Tencent, NetEase, Nintendo, Capcom, and Sony as "Outperform" while Bandai Namco, Konami, Square Enix, and Nexon are rated as "Market-Perform" [10][13][14]. Core Insights - The global video gaming industry is projected to generate US$205 billion in revenue for 2024, reflecting a 2.7% decline year-on-year, with a forecasted growth of 4.7% to US$215 billion in 2025, driven by the anticipated launch of the Switch 2 and a return of PlayStation to first-party game publishing [3][11][17]. - The industry is experiencing a significant shift in pricing strategies, with major companies like Nintendo and Microsoft raising game prices, which is expected to positively impact revenue for both platform owners and content creators [4][60][61]. - The report highlights the ongoing debate regarding Xbox's potential exit from console hardware, suggesting a shift towards subscription and cloud gaming models [5][14][101]. Revenue Estimates - The report estimates that global video gaming revenues reached US$205 billion in 2024, with mobile gaming accounting for US$108 billion, console gaming at US$54.1 billion, and PC gaming at US$42.8 billion [19][20][17]. - The console gaming sector is expected to rebound in 2025, particularly with the launch of the Switch 2, which is anticipated to drive significant growth [11][24]. Pricing Trends - The report notes that the pricing of new games has been stagnant for years, with the recent increases to US$80 being a long-overdue adjustment to align with inflation and production costs [61][64]. - Multi-game subscription services are also seeing price increases, with PlayStation Plus raising its base tier price to approximately US$70 [63][67]. AI in Gaming - The report discusses the growing role of AI in video game development, highlighting its potential to enhance productivity and gameplay quality, with companies like Tencent and Krafton leading the way in AI adoption [7][70][71]. - There is a notable divide in attitudes towards AI within the industry, with some developers embracing it while others remain cautious [87][89]. Competitive Landscape - The report emphasizes that the availability of skilled labor in Asia allows top developers in Japan, Korea, and China to gain market share from larger Western peers [13]. - The report suggests that Microsoft's transition from a console-centric model to a focus on subscription and cloud gaming is likely, given the challenges faced by the Xbox hardware [14][101].

hyzqdatemark 2025 年 06 月 08 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 证券研究报告 传媒 行业定期报告 游戏、电影、潮玩等新产品周期催化仍具弹性 投资评级： 看好（维持） ——传媒互联网行业周报（2025.6.2-2025.6.8） 投资要点： 本周观点：暑期大档期临近，重视优质内容产品周期的开启，新品强势表现在目前 市场仍具备较强弹性交易机会。关注新品游戏测试和上线表现，关注暑期档影片定 档、宣发和票房表现，关注卡牌、潮玩等新品上架、运营和售卖表现。 联系人 板块表现： 游戏方面：优质产品上线表现对公司弹性贡献仍较为突出，例如友谊时光的派对游 戏产品《暴吵萌厨》5 月 28 日上线后，带动友谊时光市值表现强势拉升，由【心动 公司】研发的策略回合制 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 8 日 [Table_Title] [Table_Title] DeepSeekR2 发布预期升温，英伟达有望研发全新中 国特供芯片 传媒行业周报系列 [Table_Title2]2025 年第 22 周 ► 市场行情回顾 [Table_Summary] 2025 年第 22 周（实际交易日为 2025.6.3-2025.6.6）上证指 数上涨 1.13%，沪深 300 指数上涨 0.88%，创业板指数上涨 2.32%。恒生指数上涨 2.16%，恒生互联网指数上涨 3.46%，行 业领先恒生指数 1.3pct。SW 传媒指数上涨 2.59%，领先创业板 指数 0.27pct，在申万一级 31 个行业涨跌幅排名中位列第 6 位。子行业中影视、互联网服务和广电位列前三位，分别为上 涨 12.91%、上涨 3.94%和上涨 3.29%。 ► 核心观点&投资建议 DeepSeek 发布 R1 更新，R2 模型发布预期升温。据腾讯新闻， 近期 DeepSeek 更新 R1 模型，此次更新基于半年前的 DeepSeek V3 Base 模型，通过 ...

一系列事件暴露了游戏营销环节的腐败温床，广告代理商在推广过程中存在返点、回扣等"潜规则"，为贪腐提供了空 间。 网易游戏反腐这一年：增长失速，员工压力山大 据凤凰网科技，2025年，网易游戏陷入前所未有的反腐风暴，成为内部贪腐的重灾区。这场风暴背后，是网易游戏业务 的深层危机：增长停滞、爆款游戏制造方法失效、内部派系斗争激烈。 网易创始人丁磊亲自收权，打破山头文化，并引入复杂的管理流程，试图扭转颓势。但这一系列举措也带来了员工压力 增大、项目被边缘化等问题。 据网易内部通报，多名高管和员工因涉嫌贪腐被公安机关刑事立案，涉案合同金额高达20亿元，实际涉案金额估计在8 亿-10亿元。其中，网易游戏市场部总经理向浪及多名渠道中心员工被带走调查，涉及27家公司被列入永不合作清单。 网易游戏的增长引擎已明显失灵。2024年第三季度，游戏及相关增值服务营收为201亿元，占网易总收入近80%，但同 比减少4.2%，与腾讯游戏的差距扩大。2025年第一季度，营收虽增至209亿元，但净利润预计在68.86亿至75.67亿元之 间，低于去年同期的78.86亿元，显示增长乏力。 对此，丁磊自2023年起重归一线，深度参与日常管理， ...

Industry Rating - The report rates the internet industry as "Leading" [1] Core Insights - The report highlights that Tencent's domestic revenue increased by 800 million CNY (4%) year-on-year, primarily driven by "Honor of Kings" and new game releases [1] - NetEase's mobile game revenue showed a slight decline of 100 million CNY (2%) year-on-year, but new game contributions offset the impact of high base effects [1] - The overall performance of top mobile games remained stable, with a year-on-year increase of 6% from January to May 2025, aligning with expectations [4][6] Summary by Sections Investment Rating - Tencent and NetEase are both rated as "Buy" with respective price-to-earnings ratios of 17.2 and 15.6 for 2025 [5][41] Revenue Performance - Tencent's domestic mobile game revenue reached a new high of nearly 5 billion CNY in May, with "Delta Action" contributing significantly [1][14] - NetEase's "Yanyun Sixteen Sounds" achieved a record high revenue close to 300 million CNY in May [17] New Game Releases - Tencent and NetEase are set to release multiple new games in June, including "Final Fantasy 14: Crystal World" and "Marvel Secret War" [5][32] Market Trends - The report notes that Tencent's overseas revenue decreased by 860 million CNY (15%) year-on-year, primarily due to high base effects from "Brawl Stars" [21] - In contrast, NetEase's overseas revenue increased by 150 million CNY (29%), benefiting from contributions from "Peak Speed" and new releases [21] Valuation Overview - The report provides a valuation summary for key gaming companies, indicating Tencent's market capitalization at approximately 599.6 billion CNY and NetEase at around 79.8 billion CNY [41]

近期美国监管政策持续加码，地缘局势紧张态势加剧，中概股回归话题再度升温。香港特区政府通过制 度优化和互联互通升级等措施，致力于巩固其作为中概股回归"首选地"的核心地位。港股市场中，阿里 巴巴、京东、网易等头部企业已率先完成双重上市或第二上市，中小市值中概股也将陆续跟进这一趋 势。 目前多数头部中概股已实现赴港上市目标。在市值排名前四分之一的中概股中，已有73%的中概股实现 两地上市格局。其中45%的企业已完成双重主要上市，26%的企业实现在港二次上市。 从行业分布特征来看，中概股主要集中在新消费、科技以及中高端制造三大领域。新消费板块中，零售 业占比达到54%，消费者服务占比为6%，生物制药占比为5%。 香港财经事务及库务局副局长陈浩濂近日透露，自2018年上市制度改革启动以来，已有33家中概股企业 选择在香港上市。这些企业的总市值在全部中概股市值中占比超过七成，显示出回归潮的显著规模效 应。 尽管业界对港股市场在容量、流动性及估值折价等方面的短板仍有担忧，但这种状况正在发生积极变 化。近期港元汇率频繁触及强方兑换保证水平，香港金管局多次实施干预措施，反映出资金大量涌入的 强劲态势。随着6月港股通扩容和流动性 ...

| 25 | | 唯品会 | 74.5 | | | --- | --- | --- | --- | --- | | 26 | | 用友网络 | 65.5 | 11 | | 27 | | 好未来 | 63.58 | 1 ↑ | | 28 | | 同程旅行 | 62.37 | 1 t | | 29 | | 昆仑万维 | 59.76 | 1 1 | | 30 | | 金山软件 | 59.23 | 11 | | 31 | | 深信服 | 58.37 | 5 t | | 32 | | 金蝶国际 | 57.79 | | | 33 | | 奇富科技 | 57.78 | 1 1 | | 34 | | 润和软件 | 57.55 | -1 + | | 35 | 0.14 | 柏楚电子 | 56.76 | | | 36 | | 拓维信息 | 55.2 | 1 t | | 37 | | 中国软件 | 52.97 | 2 ↑ | | 38 | | 万国数据 | 52.96 | | | 39 | Ch Butt | 常山北明 | 50.74 | 1 1 | | 40 | | 恺英网络 | 49.75 | 1 t | | 41 | 2) ...

Investment Rating - The report maintains a "Buy" rating for key companies in the internet and education sectors, including Alibaba, Tencent, Meituan, JD.com, and others, indicating a positive outlook for their performance in the second half of 2025 [4][11]. Core Insights - The report emphasizes that investment opportunities in the internet sector will depend on the operational performance of various sub-industries, competitive dynamics, and the progress of AI development. Companies with strong performance certainty, reasonable valuations, and robust business and technological barriers are favored [1][11]. - The report suggests that while major players like Alibaba and Tencent are expected to perform well, there are also opportunities in undervalued quality companies like Meituan and JD.com, which may have turnaround potential despite current uncertainties [11]. Summary by Sections Local Services - The report notes that the food delivery market is projected to reach nearly 2 trillion yuan, with market share expected to remain at Meituan: Ele.me 6:3. The impact of subsidy investments on platform profits is highlighted, with potential adjustments in strategies post-618 shopping festival [10][11]. E-commerce - National subsidies are expected to continue benefiting JD.com in Q3, although high base effects may impact growth in Q4. The report anticipates that the market has already priced in the slowdown in JD.com's growth rates [10][11]. OTA (Online Travel Agency) - OTA platforms are expected to maintain revenue growth rates of 15-20%, primarily driven by hotel bookings. The competitive environment is described as orderly, with cautious subsidy rates and high monetization rates [10][11]. Gaming - Tencent is focusing on flagship games and expanding its evergreen game product line, while NetEase is expected to see strong growth in PC games. The report anticipates a recovery in mobile game revenue in the second half of the year [10][11]. Entertainment - The report highlights the commercial growth potential of the music industry, with a ranking of growth potential across various entertainment sectors. Tencent Music and NetEase Cloud Music are noted for their strong growth certainty [10][11]. AI Development - The report discusses the acceleration of AI applications driven by technological breakthroughs, with a focus on cloud service providers. It suggests that companies like Alibaba Cloud and Tencent Cloud are well-positioned to benefit from this trend [10][11]. Education - The report indicates that companies like TAL Education and New Oriental are approaching historical low valuations, with potential for performance recovery. The demand for K12 and university education remains strong [10][11].

从中证香港互联网指数持仓样本的行业来看，可选消费占比39.29%、通信服务占比38.32%、信息技术 占比18.76%、医药卫生占比3.07%、金融占比0.56%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。如果在香港市场新上市互联网 公司发行市值超过100亿美元且在全部样本公司中排名前二十，将在其上市第十一个交易日快速纳入指 数。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算 与维护细则处理。 金融界6月5日消息，上证指数高开震荡，中证香港互联网指数 (港股互联网，931638)报1284.19点。 数据统计显示，中证香港互联网指数近一个月上涨0.94%，近三个月下跌1.66%，年至今上涨19.85%。 据了解，中证香港互联网指数从香港市场选取30只涉及互联网相关业务的上市公司证券作为指数样本， 以反映香港市场互联网主题上市公司证券的整体表现。该指数以2016年1 ...

存量时代运营为王。 作者 | 王毓婵 编辑 | 乔芊 杨轩 "我们保卫了上海！这是属于全世界玩家的胜利！" 一位玩家在《绝地潜兵2》的Steam评论区 激情留言 。 但这次胜利，也戏剧性地酿出了一场"史诗级运营事故"。 根据游戏设定，5月20日，光能族入侵了超级地球。超级地球一共有七座 赛博大 都市， 对应着 纽 约、上海、 瑞典 等7座现实中的城市。 开战两天，几座城市相继沦陷，只有上海在中国玩家们的 努力下苦 撑，并等来了美国玩家们"放弃纽 约、转战上海"的 驰援 ，迎来了"中美大团结"。 今年5月，这场享誉太平洋两岸的战争以激昂的开头和不足的结局再次证明：一款游戏为什么"成也运 营，败也运营"。 运营之于一款游戏，正变得空前重要 。 腾讯公司2024Q1业绩会上，首席战略官詹姆斯·米歇尔说："如果一款应该是常青树的游戏停滞不 前，问题通常不在于游戏本身，而在于运营游戏的团队。我们需要改变团队，有时改变的是心态，有 时改变的是人。" "有正确的人运营游戏，就能获得正确的结果。"米歇尔说。 游戏公司中的运营分很多种， 跟玩家们（特别是手游玩家们）离的最近的，是" 玩家运营"。 但是打赢"上海保卫战"后，《绝 ...