2月10日热门中概股涨跌不一，纳斯达克中国金龙指数（HXC）收高%。 上涨股当中（按市值从高到低），台积电涨1.83%，阿里巴巴涨0.28%，拼多多涨0.32%，网易涨 0.50%，百度涨0.71%，日月光半导体涨6.01%，中华电信涨0.42%，富途控股涨3.10%，中通涨0.15%， 华住酒店集团涨1.66%，中国新城农村涨2.40%。 下跌股当中（按市值从高到低），京东跌0.21%，携程跌1.38%，联电跌0.05%，腾讯音乐跌0.43%，贝 壳跌0.08%，理想汽车跌3.27%，小鹏汽车跌1.17%，哔哩哔哩跌2.41%，蔚来跌2.78%。 美股周一收高，科技股领涨，道指再创历史新高。投资者正等待关键经济数据和新一批企业财报。 道指涨20.20点，涨幅为0.04%，报50135.87点；纳指涨207.46点，涨幅为0.90%，报23238.67点；标普 500指数涨32.51点，涨幅为0.47%，报6964.81点。 领涨中概股列表： | | | 美股列表 | | | --- | --- | --- | --- | | ▲热股榜 | 中概股 | 科技股 知名美股 | 全部美股 | | 热门股 | 领涨 ...

Core Insights - The gaming industry has undergone significant changes, transitioning from a phase of rapid expansion to a prolonged period of stabilization and uncertainty, leading many individuals to reconsider their career paths and explore alternative opportunities [2][3][4] - The narrative highlights the diverse experiences of former gaming professionals who have transitioned into various fields, emphasizing that a career in gaming does not have to define one's identity or future [2][3][4] Group 1: Industry Dynamics - The gaming industry has created myths and opportunities but has never guaranteed stability, with projects often being canceled and team structures frequently changing [2][3] - As of 2024, the industry is expected to move away from aggressive growth, entering a phase of reflection and adjustment, which has resulted in layoffs and voluntary departures [2][3] - The experiences of individuals in the industry reveal a common theme: the need to redefine personal and professional identities beyond the confines of gaming [2][3][4] Group 2: Individual Experiences - Janson's journey illustrates the challenges faced in large gaming companies, where project failures often stem from misalignment between company capabilities and project demands [3][4][9] - The narrative of Sweet Rice Wine highlights the toxic work environment in certain project teams, where unhealthy competition and poor management practices led to a decline in mental well-being [24][30][31] - Summer's experience reflects the pressures of the gaming industry, where high expectations and project instability can lead to burnout, prompting a shift towards a more stable career in academia [42][54][62] Group 3: Career Transitions - Many former gaming professionals have successfully transitioned to diverse fields, such as consulting, academia, and independent game development, showcasing the versatility of skills acquired in the gaming industry [21][37][56] - The stories of individuals like Janson and Sweet Rice Wine emphasize the importance of finding a work environment that aligns with personal values and well-being, rather than merely pursuing high salaries [21][37][56] - The ongoing trend of individuals leaving the gaming industry for more stable and fulfilling careers suggests a broader reevaluation of work-life balance and job satisfaction within the sector [2][3][4]

春节临近，卡牌赛道的竞争也日益升温。近日，卡游正式成为中央广播电视总台《2026年春节联欢晚 会》独家卡牌合作伙伴。 其他卡牌品牌也纷纷与央视达成合作：卡卡沃宣布与春晚联名，推出"小马奔奔卡"系列产品；吾流文化 则获得了央视86版《西游记》的卡牌独家授权。 与此同时，卡牌企业也集体在港交所外"排队"。随着Suplay向港交所递交招股书，掀开了2026年卡牌第 二梯队企业冲击上市的热潮。 比起盲盒潮玩赛道，冲击上市的卡牌企业背后站满了豪华资本阵容。闪魂由高瓴创投领投，高榕创投、 凯辉基金跟投。Hitcard背后站着红杉中国种子基金、泡泡玛特和千岛潮玩族等系列机构。而Suplay则因 为最大外部股东是米哈游，引起行业关注。 从营收规模来看，这些成立不久的卡牌企业与卡游还相距甚远。综合企业对外披露的数据以及招股书数 据来看，Hitcard2024年营收为4亿元，Suplay2024年营收为2.81亿元，到2025年前9个月，Suplay营收达 到2.83 亿元，超过2024年全年。相比之下，2024年卡游营收规模为100.57亿元，是卡游新贵们的四五十 倍。 但又因为如今卡牌企业依旧集体依赖授权IP，以及卡牌可拓展 ...

Group 1 - Industry investment rating: Buy [2] - Previous rating: Buy [2] - Report date: February 9, 2026 [2] Group 2 - The core viewpoint is that the game "异环" is expected to reshape the experience of the two-dimensional open world by enhancing player agency, allowing players to transition from being mere observers to active participants in the narrative [6][34] - The two-dimensional game market is showing signs of recovery, with significant sales growth driven by key product launches, such as "明日方舟：终末地," which achieved over 1.2 billion yuan in revenue within two weeks of launch [6][16][34] - The report emphasizes that the success of "异环" is attributed to its innovative gameplay mechanics, including first-person perspective and multi-branch storylines that significantly enhance player immersion and engagement [19][20][34] Group 3 - The two-dimensional game market has experienced a typical "supply creates demand" characteristic over the past five years, with notable growth in market size during years of key product launches [13][16] - The report highlights that "明日方舟：终末地" has a strong user base, with over 20 million pre-registrations and significant engagement metrics, indicating robust market demand for high-quality two-dimensional products [33][34] - "异环" has introduced a rich interaction experience, evolving from simple dialogue options to deeper relationship-building mechanics, enhancing the emotional and social value of character interactions [27][33]

没几天就是大年三十了。 春节，不仅是阖家团圆的日子，也是文化娱乐消费的高峰期。对于游戏行业，春节档，已经变成了一场无声无息又硝烟弥漫的战役。 各大游戏的新春版本这段时间陆陆续续开放，大把福利轮番上阵，版本活动量大管饱，玩家每天的游戏时长直线上升。 游戏外的春节发行动作更是看得人眼花缭乱，有的游戏发力线下，有的游戏线上线下两手抓，有的游戏甚至登上了地方卫视的春晚舞台。 根据公开信息，竞核整理了各大游戏的春节档发行动作（不包含游戏内版本活动），如下图所示。 | | | 游戏厂商春节档活动(不包含游戏内版本活动) | | | --- | --- | --- | --- | | ■ | 游戏 | 开启时间 | 形式 | | | 和平精英 | 1月27日 | 甘肃省文化和旅游厅、敦 煌文旅联动 | | | | 25年12月 | 欢乐谷八城联动 | | | DNF手游 | 2月4日 | 新春年货节抖音直播间 | | 腾讯, | 英雄联盟手游 | 2月6日 | 峡谷拜年秀暨英雄联盟手游 超级联赛年度总决赛 | | | 三角洲行动 | 2月6日 | 三角洲深圳红运市集 | | | | 2月7日 | 海底捞联动 | | | 无 ...

Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

Core Functions and Basic Services - The primary function of enterprise email is the sending and receiving of emails, typically using the company's own domain for a professional brand image [4] - It supports large file attachments and offers ample storage space for long-term email and file retention [4] - Built-in contact management and calendar features facilitate efficient meeting scheduling and information sharing among team members [4] Security and Stability Assurance - Information security is a top priority, with multi-layered security measures including high-strength encryption and advanced spam and virus protection [5] - Service providers deploy high-performance data centers to ensure stable and continuous access, minimizing business interruptions [5] - Strict permission management and operation log auditing enhance internal data security management [5] Collaborative Office and Mobile Applications - Modern enterprise email has evolved into a collaborative platform, allowing document sharing and real-time discussions among team members [6] - Mobile client applications enable employees to manage work emails anytime and anywhere, ensuring continuity and flexibility in work [6] Management Backend and Value-Added Services - A powerful management backend is essential for system administrators to manage email accounts, security policies, and monitor system performance [7] - Additional value-added features may include integration with existing office systems and dedicated technical support services [9] Overall Value Proposition - Enterprise email enhances professional image, ensures communication security, promotes team collaboration, and simplifies internal management [12] - Organizations should evaluate functionality and service capabilities based on their size, industry characteristics, and security needs to make informed decisions [12]

Core Insights - The game "Forgotten Sea" challenges conventional gaming logic with its unique narrative and gameplay design, emphasizing a "ocean logic" that contrasts with traditional "continent logic" [5][12][41] - The game aims to provide a sense of freedom and exploration, appealing to younger players who seek emotional value and a break from linear experiences [20][35][41] Group 1: Game Design and Narrative - "Forgotten Sea" features a fragmented and abstract narrative structure that may initially confuse players accustomed to strong guidance [5][16] - The game employs a "puppet" aesthetic to create a whimsical atmosphere, distancing players from the weight of traditional RPG narratives [12][14] - The narrative revolves around themes of memory and freedom, allowing players to experience stories as observers rather than active participants [18][20] Group 2: Gameplay Mechanics - The game introduces a high tolerance for failure, allowing players up to 30 retries before facing permanent consequences, which encourages exploration [23] - A dynamic pricing system and resource categorization enhance the gameplay experience, linking effort to tangible rewards [25][27] - The incorporation of randomness through dice mechanics adds variability to combat and exploration, enhancing player engagement [27][29] Group 3: Market Positioning and Strategy - "Forgotten Sea" represents a strategic move by NetEase to differentiate itself in the gaming market by offering a product that prioritizes emotional engagement over traditional commercial efficiency [41][42] - The game is positioned as a response to player fatigue with conventional gaming experiences, betting on the appeal of freedom and romance in gameplay [41][42] - The development team’s focus on high-quality production values reflects a commitment to creating an immersive experience that encourages players to slow down and appreciate the game world [38][40]

日本众议院选举结果受关注，美股财报季看点不少。 本周国际市场风云变幻，软件板块和加密货币市场巨震，人工智能发展溢出效应引发关注。 市场方面，美股涨跌互现，道指周涨2.50%，纳指周跌1.84%，标普500指数周跌0.10%。欧洲三大股指 全线走高，英国富时100指数周涨1.43%，德国DAX 30指数周涨0.74%，法国CAC 40指数周涨1.81%。 本周看点颇多，美国延迟发布的就业与通胀数据将成为市场核心关注点。欧洲市场需关注欧元区及英国 的国内生产总值数据（GDP），在亚洲，投资者密切关注2月8日日本众议院选举结果将如何重塑日本的 财政与货币政策，市场同时也在寻找日本央行下一次加息时点的线索。美股财报季进入后半期，应用材 料等与AI领域高相关的明星个股业绩值得留意。 美联储降息前景如何 美国1月非农就业数据将于当地时间11日发布，该数据因美国联邦政府部分停摆已由2月6日推迟至今。 作为核心经济数据，结果将引导投资者对美联储再度降息时点的判断。 近期数据显示，美国经济整体表现强劲，但劳动力市场走弱、通胀增速放缓。若此次数据表现疲软，推 升市场的降息预期。伦敦证券交易所集团（LSEG）数据显示，货币市场目前 ...

Group 1 - The core viewpoint of the article is that Morgan Stanley finds the valuation of NetEase-S (9999HK) attractive, especially after a recent pullback, with a current P/E ratio of 13 times, which is a 25% discount compared to its average over the past five years [1] - Morgan Stanley reaffirms that NetEase is their top pick in the Chinese digital entertainment sector and maintains an "overweight" rating with a target price of HKD 295 [1]