Core Viewpoint - The game "Yan Yun Shi Liu Sheng" by NetEase faced public criticism due to the anniversary costume "Fei Bai Cheng Shi," but regulatory authorities found no violations of relevant laws and regulations in the game's content [1][2]. Group 1 - The controversy originated from the launch of the "Fei Bai Cheng Shi" costume during the anniversary event on December 23, 2025, which some players found uncomfortable [2]. - On December 26, the game announced that the dyeing issue of the "Fei Bai Cheng Shi" appearance was addressed with the first batch of fixes completed by the early hours of December 25, restoring the dyeing function for the female version, while the male version is still under urgent repair [3]. - The game plans to enhance the quality and performance of the dyeing materials to resolve issues related to highlights and oily textures, and will introduce two additional crafting options for both male and female costumes in future updates to meet diverse player preferences [3].

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%。 ...

Summary of the China Online Gaming Industry Report Industry Overview - The report discusses the **China Online Gaming Industry** and highlights trends and market performance for 2025, as presented by CNG during the 2025 China Online Gaming Industry Conference in Shanghai on December 19, 2025 [1][2]. Key Trends Identified 1. **High-Quality Development**: Supported by favorable policies, contributing to market growth [1]. 2. **Healthy Domestic Market Growth**: Driven by innovation and evergreen operations [1]. 3. **Robust Overseas Market Growth**: Particularly for self-developed games [1]. 4. **Generative AI Adoption**: Increasing usage in gaming interactions [1]. 5. **Strengthening Social Values**: Empowering the digital economy through gaming [1]. 6. **Minor Protection Measures**: Effective strategies in place to protect younger gamers [1]. 7. **Gaming Education**: Inclusion of gaming professions in senior education to foster talent development [1]. Market Performance - **Market Size**: In 2025, China's online gaming market reached **Rmb350.8 billion**, a **7.68% year-over-year increase**, marking a historical high [2]. - **Gamer Base**: Total gamers in China reached **683 million**, up **1.35% year-over-year**, with a monthly ARPU of **Rmb42.8**, reflecting a **6.2% increase** [2]. - **Domestic Game Market**: In-house developed games generated **Rmb291.1 billion**, growing **11.6% year-over-year** [2]. Mobile Gaming Insights - **Mobile Games Growth**: Increased by **7.9% year-over-year** to **Rmb257.1 billion**, accounting for **73.3%** of the market share [3]. - **Top Genres**: RPGs made up **20%**, strategy games **11%**, and card games **8%** of the top 100 mobile games [3]. - **Mini Games**: The mini game market grew **34.4% year-over-year** to **Rmb53.5 billion**, with in-app purchases contributing **68%** of the revenue mix [5]. PC and Console Gaming - **PC Games**: Grew **15.0% year-over-year** to **Rmb78.2 billion**, driven by evergreen titles and cross-platform launches [6]. - **Console Games**: Experienced significant growth of **86.3% year-over-year** to **Rmb8.4 billion** [6]. - **Web Games**: Continued decline, shrinking **6.7% year-over-year** to **Rmb4.3 billion**, marking the tenth consecutive year of decline [6]. Overseas Market Performance - **Overseas Revenues**: Grew **10.2% year-over-year** to **US$20.5 billion**, with the US, Japan, and South Korea being the top markets [7]. Company Valuations and Recommendations - **Century Huatong**: Target price set at **Rmb22.0**, based on a **20x PE** for 2026, reflecting its position as the third-largest online game company in China [9]. - **NetEase**: Target price of **US$161**, using a sum-of-the-parts valuation [11]. - **Tencent Holdings**: Target price of **HK$751**, based on a SOTP approach with various segments contributing to the valuation [13]. Risks Identified - **Century Huatong**: Risks include delayed game launches and a slowdown in the auto parts business [10]. - **NetEase**: Risks involve potential slowdowns in core titles and advertising demand [12]. - **Tencent**: Risks include revenue slowdowns in PC games, unsuccessful mobile game launches, and economic downturns affecting advertising demand [14]. Conclusion - The China online gaming industry is poised for sustainable growth, driven by innovation, policy support, and expanding overseas markets. Key players like Tencent, NetEase, and Century Huatong are recommended for investment, with specific target prices and associated risks outlined for each company.

Market Overview - The stock market struggled to gain momentum in the last trading days of the year, with the Dow futures down 0.06%, S&P 500 futures down 0.07%, and Nasdaq futures down 0.10% [1][16] - The European Stoxx 600 index rose 16% this year, reaching historical highs, with the banking sector leading gains, up 65%, potentially marking the largest annual increase since 1997 [17] Global Market Sentiment - Despite recent lackluster performance, global stock markets are expected to achieve their third consecutive annual increase, with the MSCI global stock index up approximately 21% for 2025 [3][19] - Historical data shows that the index has averaged a 1.4% increase in January over the past ten years, with six instances of growth [3][19] Currency and Economic Indicators - The US dollar is on track for its worst annual performance since 2017, with a decline of nearly 10% and a projected drop of 9.6% for the year [4][20] - The dollar index recently stood at 98.03, close to a three-month low, influenced by expectations of Federal Reserve rate cuts and concerns over fiscal deficits [4][20] Economic Projections - Goldman Sachs forecasts strong economic growth resilience in the US for 2025, with expectations for faster growth in 2026 due to tax cuts and favorable financial conditions [7][22] - Despite recent stagnation in the non-farm employment market, factors such as AI data center construction and significant tax refunds are expected to boost economic momentum [23] Company-Specific Movements - Mining stocks saw pre-market gains, with Harmony Gold up 3.76%, Pan American Silver up 3.02%, and several others also showing significant increases [23] - Tesla's stock rose over 1% in pre-market trading amid expectations for the upcoming release of its Optimus project [24] - Applied Digital surged over 30% in pre-market trading due to plans to spin off its cloud business and merge with EKSO [25] - Chinese concept stocks also saw pre-market increases, with Baidu up over 5% and Vipshop up over 2% [27]

小鹏汽车盘前涨3%，唯品会、网易涨超2%，台积电、阿里巴巴涨0.3%。 来源：滚动播报 ...

每经AI快讯，12月30日，美股热门中概股盘前多数走高，百度涨超5%，小鹏汽车涨3%，唯品会、网易 涨超2%，台积电、阿里巴巴涨0.3%。 ...

| NTES 网易 | | | | --- | --- | --- | | 139.340 ↑ +1.270 +0.92% | | 收盘价 12/29 16:00 美东 | | 142.000 ↑ 2.660 +1.91% | | 盘前价 12/30 04:51 美东 | | 一 7 24 4 8 8 8 日 0 | | ● 快捷交易 | | 最高价 139.340 | 开盘价 138.030 | 成交量 50.63万 | | 最低价 137.780 | 昨收价 138.070 | 成交额 7032.17万 | | 平均价 138.897 | 市盈率 17.30 | 总市值 882.3亿 (…) | | 振 幅 1.13% | 市盈率(静) 21.24 | 总股本 6.33亿 | | 换手率 0.14% | 市净率 3.955 | 流通值 488.85亿 | | 52周最高 158.899 委 比 -- | | 流通股 3.51亿 | | 52周最低 85.507 | 量 比 1.28 | 色 手 1股 | | 历史最高 158.899 股息TTM 2.946 | | 换股比率 5.00 | | 历史最低 - ...