私募巨头景林资产的海外子公司景林资产管理香港有限公司（以下简称景林香港公司），近期向美国证券交易委员会（SEC）提交了截至2025年一季度末 的美股持仓数据，其持仓总市值为32.28亿美元（约合232.78亿元人民币），较去年底有所增加。 今年一季度，景林香港公司新进阿里巴巴、禾赛科技等，加仓了脸书母公司Meta、贝壳、台积电、新东方等，减持了谷歌、微软、Sea、好未来等，清仓 了英伟达、亚马逊、VISA等公司。 记者从渠道了解到景林资产的最新观点，公司表示，当前市场情绪有所改善，继续对中国资产保持乐观，寻找"阿尔法"的投资机会。 一季度末持有32.28亿美元 前十大重仓股占比86.24% 该公司对地产行业的贝壳的增持幅度超过777%，加仓422.80万股，持股达到477.18万股，一季度末持有市值为9586.56万美元，占组合比例的2.97%；加仓 富途控股61.87万股，持股增至190.16万股，期末持仓市值为1.95亿美元；加仓台积电32.96万股，期末持股增至157.46万股，持股市值为2.61亿美元，占组 合比例的8.10%；小幅增持科技巨头苹果，持股增至78.23万股，期末持有市值为1.74亿美元 ...

Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, effective May 15, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market [2] - The reserve requirement ratio for auto finance companies and financial leasing companies was reduced from 5% to 0%, enhancing their credit supply capabilities [2] Trade Relations - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3][4] - In response to the U.S. tariff adjustments, China has also suspended related countermeasures, including 91% of its retaliatory tariffs [10] E-commerce and Export - Following the adjustment of U.S.-China tariff policies, many cross-border e-commerce companies quickly lowered their product prices, leading to a surge in orders [5] - A Shenzhen-based company reported a significant increase in orders from previously disconnected U.S. clients, prompting them to expedite production and shipping [5] Investment Trends - Bridgewater Associates significantly increased its holdings in Alibaba by over 5.4 million shares, marking a 21-fold increase, and also initiated positions in JD.com and a gold ETF [6] - The fund reduced its stake in major holdings like the S&P 500 ETF and Nvidia, indicating a strategic shift in investment focus [6] Export Controls - The Ministry of Commerce announced a temporary suspension of export control measures on 28 U.S. entities for 90 days, allowing for potential exports of dual-use items [7] - The government emphasized the importance of controlling the export of strategic minerals to safeguard national security [8][9] Real Estate and Loans - The central bank reported a decline in the proportion of residential loans from 37% to approximately 32% over the past five years, indicating a more rational approach to housing investment by residents [15] - The manufacturing sector's share of medium to long-term loans increased from 5.1% to about 9.3%, while the real estate and construction sectors saw a decrease from 15.9% to 13% [15] Financial Support - Shenzhen Metro Group has provided nearly 12 billion yuan in direct loans to Vanke this year, with the latest loan amounting to 1.55 billion yuan [24]

Core Insights - Chinese game developers are intensifying their global market competition, with notable performances from companies like 点点互动 and 腾讯, as their games dominate the revenue rankings [2][9] - The success of games like 《崩坏：星穹铁道》 and 《Kingshot》 highlights the importance of version updates and innovative gameplay in driving revenue growth [2][9] Revenue Rankings - 点点互动's 《Whiteout Survival》 remains at the top of the revenue chart, followed by 腾讯's 《PUBG MOBILE》 in second place [2] - 《崩坏：星穹铁道》 has climbed to third place, boosted by a new version update and character releases, improving its ranking by 6 spots compared to the previous month [2] - 《Kingshot》 saw a remarkable revenue increase of 209% in April, landing at the 14th position on the revenue chart [2][9] Growth and Download Rankings - The growth rankings for April show that 益世界's new game 《Lands of Jail》 experienced a revenue surge of 342%, making it the 7th highest in growth [24] - 网易's 《巅峰极速》 has become the highest-grossing racing game globally in April, surpassing 《QQ飞车》 [25] - 腾讯's 《三角洲行动》 achieved over 10 million downloads within 10 days of its overseas launch, marking it as the game with the highest download growth [29] Market Trends - The success of SLG games like 《Kingshot》 and 《Dark War Survival》 indicates a growing interest in strategy and survival genres among players [9][17] - The performance of older titles like 《蔚蓝档案》 and 《雀魂》 demonstrates the effectiveness of continuous content updates and understanding local markets in maintaining player engagement [36][41] Conclusion - The competitive landscape for mobile games is intensifying, with companies needing to leverage their strengths and continuously improve product quality to capture market opportunities [47]

Core Viewpoint - The article discusses the recent resurgence of miHoYo in the mobile gaming market, particularly highlighting the success of its game "Honkai: Star Rail" and the shifting dynamics among major Chinese gaming companies, including Tencent and NetEase [3][8]. Group 1: Market Performance - In April 2025, Chinese mobile game publishers collectively generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue [3]. - miHoYo's "Honkai: Star Rail" regained its position as the top-grossing mobile game overseas, with revenue increasing by 192% following a version update on April 9 [3][23]. - After falling out of the top three global mobile game publishers in October 2024, miHoYo had struggled for seven months but has now returned to prominence [5][8]. Group 2: Competitor Analysis - Tencent maintained its lead in the market, with "Honor of Kings" seeing a 71% increase in global revenue in April, solidifying its position as the top mobile game [11]. - Point Interactive emerged as a strong competitor, with its new game "Kingshot" experiencing a 209% revenue increase in April, surpassing miHoYo's performance [17][19]. - NetEase ranked third in the global mobile game revenue chart, but has struggled to launch standout new titles since 2023 [20][22]. Group 3: Industry Trends - The article notes a decline in the appeal of the two-dimensional gaming genre, with the domestic two-dimensional game market revenue dropping by 7.44% year-on-year to 29.348 billion yuan in 2024 [5]. - The competitive landscape has shifted from a "Tencent, NetEase, miHoYo" narrative to a more diverse market with emerging players like Point Interactive [10][24]. - The gaming industry is experiencing increased competition, with a surge in new titles leading to market saturation and player fatigue [30][32].

Core Insights - MiHoYo has regained momentum in the mobile gaming market, with its game "Honkai: Star Rail" returning to the top of the overseas mobile game revenue growth chart after a significant update on April 9, leading to a 192% increase in revenue and a 51% overall revenue boost for the company [1][30][31] - The Chinese mobile gaming market is experiencing a shift, with MiHoYo's previous dominance waning as new competitors emerge, particularly in the strategy game segment [4][19][22] - Tencent continues to lead the market, with its flagship game "Honor of Kings" seeing a 71% increase in global revenue, while other titles like "Delta Force" and "Naruto" also show strong performance [11][18][28] Company Performance - MiHoYo has been struggling since October 2024, failing to re-enter the top three global mobile game publishers for over six months, attributed to a decline in the appeal of the two-dimensional genre and increased competition [4][7][29] - The company's flagship title "Genshin Impact" is losing its market dominance, with new releases like "Honkai: Star Rail" and "Honkai: Zero" not maintaining the same level of success [7][37] - MiHoYo's recent update and marketing efforts for "Honkai: Star Rail" have sparked renewed interest, indicating a potential recovery in its market position [8][30][31] Market Dynamics - The mobile gaming landscape is evolving, with Tencent and NetEase maintaining their stronghold while new entrants like Point Interactive are gaining traction, showcasing the industry's increasing diversity [9][19][54] - Point Interactive's new strategy game "Kingshot" has seen a remarkable 209% increase in revenue, positioning the company as a strong competitor in the market [19][22][52] - The overall revenue for Chinese mobile game publishers reached $2 billion in April 2025, with Chinese companies accounting for 38.4% of the global top 100 mobile game publishers [1][30]

Core Viewpoint - The gaming industry is undergoing significant changes, with companies like NetEase facing challenges in mobile game development and shifting focus back to PC and console games, indicating a potential market realignment. Group 1: Game Development Challenges - NetEase has shut down 12 mobile games in a year, including the short-lived "Tianqi Action," which lasted only 45 days, reflecting a negative birth rate of new games [1][3] - The company is experiencing a decline in user retention and game engagement, with "Egg Party" seeing a 40% year-on-year drop in user retention by July [5][6] - The rising costs of game development and user acquisition are making it increasingly difficult for new projects to break even, with the cost to acquire a single paying user reaching 500 yuan [6][7] Group 2: Strategic Shifts and Management Changes - The return of founder Ding Lei and the dismissal of several high-level executives signal a strategic overhaul within NetEase, reminiscent of past significant changes in the company's direction [3][4] - Ding Lei has emphasized a more rigorous approach to game projects, stating that all projects will be evaluated equally, with some being scaled up and others halted [3][4] Group 3: Performance of PC Games - Despite challenges in the mobile sector, NetEase's PC games have shown promising performance, with titles like "Yan Yun Sixteen Sounds" and "Marvel Showdown" achieving significant user engagement and revenue projections [12][13] - The PC gaming market is experiencing growth, with a compound annual growth rate of 3.88% from 2020 to 2024, outpacing the mobile gaming sector [12][20] Group 4: Industry Trends and Competitive Landscape - The gaming market is becoming increasingly competitive, with companies like Tencent and ByteDance adapting their strategies, including reducing reliance on user acquisition spending [10][20] - The trend of cross-platform games is rising, with the number of cross-platform titles increasing eightfold since 2021, indicating a shift in how games are developed and marketed [20][25]

Group 1 - The core focus of the article is on the emerging market of AI companion products, particularly the launch of the second-generation 3D AI boyfriend product "EVE" by the company "Natural Selection," which targets female users and boasts high modeling quality comparable to top-tier female-oriented 3D games [1][5][7] - The first version of the AI girlfriend product "EVE" gained significant attention, achieving over one million views on Bilibili shortly after its release, indicating strong consumer interest in AI companionship [1][5] - The new version of "EVE" includes significant upgrades, such as support for MR devices, enhancing user interaction and intimacy [1][5] Group 2 - The article discusses the rapid development of AI models globally, highlighting a generative AI revolution that is influencing the gaming industry, with a focus on AI companion games [1][5][26] - The market for AI companion products is expanding, as evidenced by the popularity of mobile AI chat and companion applications, which dominate the top charts in generative AI applications [5][26] - Companies like NetEase have also entered the AI companion space, launching products like "DeepSeek," which integrates AI NPCs into games, showcasing the industry's shift towards AI-driven emotional engagement [3][26] Group 3 - The article mentions various AI companion products and their unique features, such as "Qidian Chat," which allows players to interact with AI characters in a more immersive way, and "Broken Dimension Lover," which enables users to create their ideal companions [11][15][19] - The commercial viability of AI companions is still being explored, with early revenue figures from "Qidian Chat" indicating a modest performance, suggesting that the market is still in its infancy [13][15] - The potential for AI companions to fulfill emotional needs is discussed, with the article noting that while current products may lack depth, they still resonate with users seeking virtual relationships [36][38] Group 4 - The article raises questions about the market potential for AI companion games, suggesting that products like "Starry Sky" and "Broken Dimension Lover" demonstrate the innovative possibilities within this niche [27][28] - The technological advancements in AI companions are highlighted, with products like "EVE" and "Starry Sky" incorporating voice interaction and emotional recognition, pushing the boundaries of user experience [32][35] - The emotional fulfillment aspect of AI companions is critically examined, noting that while they provide a form of companionship, they often struggle to deliver a truly engaging emotional experience [36][38]

中国经济网北京5月13日讯 贵州电视台《百姓关注》栏目5月11日报道，五一假期期间，贵阳的张 女士发现自己家年仅9岁的女儿，在短短两天的时间之内，偷偷刷了她父亲的银行卡，为了玩游戏花了 6000多元。月月(化名)说，从5月1号开始，她用父亲的手机往网易出品的手机游戏《第五人格》，陆 续充值了4000多元钱，后来有在某APP上观看了游戏主播的直播，为了能和主播一起玩游戏，又给主 播打赏了1000多元，两天时间花了父亲银行卡上的6000余元。 张女士表示，月月(化名)注册游戏使用的是其父亲的手机号。她承认，他们作为父母确实缺失了对 月月(化名)的监管，但月月(化名)还很小，没有民事行为能力，所以希望游戏平台和直播平台都能将这 些钱退还给他们。节目播出前，张女士告诉记者，已经和游戏公司联系上并协商一致，游戏公司答应退 回她2900多元钱，已到账2500多元钱；同时，他们还向某平台提交了退款申请，目前仍在协商退款金 额中。 《第五人格》是由网易开发的非对称性对抗竞技类(Asymmetrical Battle Arena)游戏， 游戏于2018 年4月2日开启公测。网易(NASDAQ: NTES；HKEX：9999)， ...

Market Capitalization Changes - Tesla's market capitalization increased by 6.75% to $1,025.4 billion [3] - TSMC's market capitalization rose by 5.93% to $969.7 billion [3] - Tencent's market capitalization grew by 4.66% to $609.8 billion [3] - Netflix's market capitalization decreased by 2.65% to $472.3 billion [3] - Oracle's market capitalization increased by 4.58% to $440.8 billion [3] Notable Performers - Shopify saw a significant increase of 13.7% in market capitalization, reaching $136.2 billion [4] - AppLovin experienced a remarkable rise of 89% to $1.177 billion [4] - AMD's market capitalization increased by 5.13% to $175.3 billion [5] - Uber's market capitalization rose by 6.39% to $184.2 billion [5] Decliners - Pinduoduo's market capitalization fell by 6.14% to $165.2 billion [4] - Xiaomi's market capitalization decreased by 2.11% to $163.4 billion [4] - Spotify's market capitalization declined by 4.23% to $127.3 billion [4] Other Companies of Interest - Adobe's market capitalization increased by 3.3% to $168.7 billion [4] - Qualcomm's market capitalization rose by 4.78% to $167.0 billion [4] - Intel's market capitalization increased by 3.55% to $96.7 billion [5] - Airbnb's market capitalization grew by 5.64% to $828 million [5]

过去一个多月内，悬而未决的中美关税谈判终于落地。 今日下午3点，《中美日内瓦经贸会谈联合声明》（以下简称《联合声明》）正式公布，中美双方宣布大幅降低双边关税水平，相关内容被市场广 泛认为超出预期。 《联合声明》发布时A股刚收市，港股市场反响积极，应声拉升。截至下午4点收盘，恒生指数、恒生科技指数分别大涨2.98%、5.16%。面对突如 其来的"意外之喜"，各大券商研究所今日晚间纷纷进行加班解读。 中美关税谈判超预期落地 《联合声明》今日下午一经公布便引发广泛关注。商务部新闻发言人就此发表谈话指出，"本次中美经贸高层会谈取得实质性进展，大幅降低双边 关税水平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的'对等关税'，中方也相应暂停实施24%的反制关 税。这一举措符合两国生产者和消费者的期待，也符合两国利益和世界共同利益。" 每经记者｜王海慜 每经编辑｜彭水萍 一些密切关注此次关税谈判的券商分析师也深有感触。看到《联合声明》后，某券商研究所所长激动地表示，"我觉得我已经是够乐观的了，没想 到会大超预期。" "我们在4月7日坚决看多，并不依赖外部假设。今日，中美协议的积极变化 ...