当地时间8月12日，美股主要指数全线高开高走，中国资产亦表现亮眼。 截至发稿，纳斯达克中国金龙指数涨幅超过1%。 热门中概股中，腾讯音乐涨超13%，中金科工业、小牛电动、奇富科技等涨幅超过5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | TME | 腾讯音乐 | 25.656 | 2.956 | 13.02% | | ZJK | 中合科工业 | 2.920 | 0.220 | 8.15% | | NIU | 小牛电动 | 4.151 | 0.301 | 7.82% | | QFIN | 奇富科技 | 34.140 | 1.770 | 5.47% | | JFIN | 嘉银科技 | 12.880 | 0.480 | 3.87% | | XYF | 小赢科技 | 14.180 | 0.510 | 3.73% | | BZ | BOSS直聘 | 21.780 | 0.680 | 3.22% | | WB | 微博 | 10.010 | 0.280 | 2.88% | | WDH | 水滴公司 | 1.900 | 0.050 | 2.7 ...

Core Viewpoint - The article highlights a significant rise in both U.S. and Chinese stock markets, with notable performances from Chinese concept stocks and a positive outlook from international institutions regarding Chinese assets [2][12][13]. Group 1: U.S. Market Performance - On August 12, major U.S. indices opened high and continued to rise, with the Dow Jones up over 1%, Nasdaq nearly 0.9%, and S&P 500 up over 0.8% [13][14]. - The U.S. July CPI data showed a month-on-month increase of 0.2%, aligning with expectations, while the year-on-year increase was 2.7%, slightly below the forecast of 2.8% [15]. Group 2: Chinese Market Performance - The Nasdaq China Golden Dragon Index rose over 1%, with Tencent Music leading the gains at over 13% [2][4]. - The FTSE China A50 Index futures also saw a rebound, indicating strong performance in the Chinese market [8]. - The Shanghai Composite Index achieved a seven-day winning streak, marking a significant milestone as the financing balance in the Shanghai and Shenzhen markets surpassed 2 trillion yuan for the first time in ten years [12]. Group 3: International Institutions' Outlook - Several international institutions have raised their ratings for the Chinese stock market, with Goldman Sachs increasing its target for the MSCI China Index from 85 to 90 points [12]. - S&P maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [12].

Core Viewpoint - Chinese concept stocks experienced a significant increase in trading, with Tencent Music rising over 12% and Qifu Technology increasing over 6% following the announcement of a joint statement from the US-China Stockholm Economic and Trade Talks [1] Group 1: Stock Performance - Tencent Music (TME.US) saw a rise of over 12% [1] - Qifu Technology (QFIN.US) increased by over 6% [1] - Other notable stocks included BOSS Zhipin (BZ.US), JD.com (JD.US), and NetEase (NTES.US), each rising by over 2% [1] Group 2: Economic Policy Announcement - A joint statement from the US-China Stockholm Economic and Trade Talks was released, indicating that from August 12, 2025, the implementation of a 24% tariff will be suspended for 90 days [1] - The statement also mentioned that the remaining 10% tariffs on these goods will still be subject to the provisions of the existing executive order [1]

Core Insights - NetEase (NTES) shares increased by 2.01% on August 12, reaching $131.465 per share, with a total market capitalization of $83.243 billion [1] - As of March 31, 2025, NetEase reported total revenue of 28.829 billion RMB, representing a year-on-year growth of 7.36%, and a net profit attributable to shareholders of 10.301 billion RMB, reflecting a year-on-year increase of 34.94% [1] Company Overview - NetEase is a leading internet and gaming service provider, focused on delivering high-quality content and continuously expanding its gaming ecosystem [2] - The company has developed and operated several popular mobile and PC games, both in China and globally, with a strong in-house development team that ranks among the industry's top [2] - In addition to gaming, NetEase's other businesses include Youdao, a smart learning company, and NetEase Cloud Music, a well-known online music platform, along with its self-operated lifestyle brand, NetEase Yanxuan [2] Upcoming Events - NetEase is scheduled to release its fiscal year 2025 interim report on August 28, with the actual disclosure date subject to company announcements [2]

Core Viewpoint - The recent controversy surrounding the AI features of NetEase's martial arts games "Yanyun Shiliusheng" and "Nishuihan" has escalated into a public dispute, with both games' communities actively engaging in discussions about potential plagiarism and originality of their respective AI functionalities [1][6]. Group 1: Company Responses - "Yanyun Shiliusheng" stated that its new feature "Xile Mode" utilizes AIxPose and AIxFace technologies developed by NetEase's AI Lab, emphasizing that the underlying training data was sourced internally and the technology was customized based on the game's needs [2][4]. - NetEase's AI Lab also issued a statement defending the originality of its technology, asserting that the algorithms provided for "Yanyun" were tailored to meet specific product requirements and that the lab has been a deep partner since the game's launch [2][4]. Group 2: Community Reactions - Following the announcement from "Nishuihan" on August 10, which claimed its AI "Film Crew Mode" was unique and not subject to copying, tensions between the two game communities intensified, with players accusing "Yanyun" of plagiarism [5][6]. - Players from both communities have engaged in heated debates regarding the originality of the features, questioning whether "Yanyun" is affiliated with "Nishuihan" and discussing the implications of potential copying in game functionalities [6]. Group 3: Background Information - Both "Yanyun Shiliusheng" and "Nishuihan" are backed by different divisions within NetEase, with "Yanyun" associated with NetEase Interactive Entertainment and "Nishuihan" linked to NetEase Leihuo, highlighting the competitive landscape within the company [7][8]. - The AI Labs of both divisions were established in 2017, focusing on different aspects of AI application in gaming, with NetEase's AI Lab concentrating on game-specific AI technologies [9][11].

编者按：为展现中国游戏出海的整体表现与市场格局，时代财经推出了"中国游戏出海常青榜"系列。该系列从国产游戏出海的角度出发，聚焦于那些在海 外市场长期保持竞争力、为中国游戏行业树立标杆的常青游戏产品，通过深入剖析这些常青游戏的成功要素，揭示其背后商业逻辑与经验，旨在为中国游 戏出海提供有益的参考和借鉴。 随着国内游戏市场竞争的加剧以及全球游戏市场的不断拓展，出海已经成为众多游戏厂商的重要战略布局。 据游戏工委与伽马数据联合发布的《2025年1-6月中国游戏产业报告》，上半年中国自主研发游戏海外实际销售收入同比增长11.07%至95.01亿美元（约合 人民币683.41亿元），主要来自长线产品收益与2024年上市新品收入。 游戏行业出海增长的背后，离不开头部大厂与中小厂商的携手奋进。头部大厂凭借技术积累、丰富经验和资源优势，通过对经典游戏的持续优化与优质续 作的推出，稳住了海外市场基本盘；中小厂商则以灵活的市场策略和创新玩法为利刃，敏锐捕捉海外新兴需求，快速在细分领域崭露头角，为行业出海注 入了源源不断的新鲜活力。 时代财经以海外上线3年以上且海外双端预估收入跻身Top50的中国手游为筛选标准，统计并发布《202 ...

Core Points - On January 23, NetEase announced the termination of Blizzard's game services in China, marking the end of a 14-year partnership [1] - As of January 24, 2023, all Blizzard games operated by NetEase, including "World of Warcraft," "Hearthstone," "Overwatch," "Diablo III," "Warcraft III: Reforged," "Heroes of the Storm," and "StarCraft," will cease operations in mainland China [1] - Blizzard will close Battle.net login and all game servers, along with the game client downloads [1] - NetEase expressed gratitude to players and emphasized the importance of their accounts and characters, promising to assist players until the last moment [1] - Refund arrangements for players will be announced after the service termination, with players advised to follow the "Blizzard Game Service Center" WeChat account for updates [1] - The partnership ended due to an inability to reach agreements on key operational terms related to sustainable operations and the core interests of the Chinese market and players [1]

中信里昂发布研报称，预期网易-S(09999)2025年第二季业绩将有所改善，总收入及经调整盈利将分别 年增12%/29%，至285亿人民币/104亿元人民币。该行预计季内网易游戏收入年增17.9%，主要受惠于端 游收入年增85%、暴雪娱乐游戏的成功回归以及新作《漫威争锋》(Marvel Rivals)和《燕云十六声》 (Where Winds Meet)的热卖，维持"跑赢大市"评级。 报告表示，手游收入主要受惠于《逆水寒》手游 (Justice Mobile)、《蛋仔派对》(Eggy Party) 及《第五 人格》(Identity V)的稳健表现、《巅峰极速》(Racing Master)的增长复苏、以及新游的推出。另外，网 易目前拥有21款已获批的游戏，该行认为这将持续推动其增长。 ...

报告表示，手游收入主要受惠于《逆水寒》手游 (Justice Mobile)、《蛋仔派对》(Eggy Party) 及《第五 人格》(Identity V)的稳健表现、《巅峰极速》(Racing Master)的增长复苏、以及新游的推出。另外，网 易目前拥有21款已获批的游戏，该行认为这将持续推动其增长。 智通财经APP获悉，中信里昂发布研报称，预期网易-S(09999)2025年第二季业绩将有所改善，总收入及 经调整盈利将分别年增12%/29%，至285亿人民币/104亿元人民币。该行预计季内网易游戏收入年增 17.9%，主要受惠于端游收入年增85%、暴雪娱乐游戏的成功回归以及新作《漫威争锋》(Marvel Rivals) 和《燕云十六声》(Where Winds Meet)的热卖，维持"跑赢大市"评级。 ...

Market Performance - US stock market showed a calm performance ahead of the July Consumer Price Index (CPI) report, with all three major indices closing slightly lower. The Dow Jones fell by 0.45% to 43975.09 points, the Nasdaq dropped by 0.3% to 21385.4 points, and the S&P 500 decreased by 0.25% to 6373.45 points [10][9][1]. Economic Indicators - The upcoming CPI report is expected to serve as a benchmark for assessing the impact of US trade policies on inflation and will provide guidance for the Federal Reserve's interest rate decisions [10][1]. - A recent Bank of America survey indicated that approximately 91% of respondents believe US stocks are overvalued, marking the highest percentage since the survey began in 2001 [10][1]. Sector Performance - Major technology stocks experienced mixed results, with Apple down 0.83%, Microsoft down 0.05%, Amazon down 0.62%, Nvidia down 0.35%, Google down 0.21%, while Tesla rose by 2.85%, Meta down 0.45%, AMD down 0.28%, and Intel up 3.51% [10][1]. International Market Movements - Japanese and South Korean stock markets showed positive movements, with the Nikkei 225 index rising over 2% to a new historical high of 42681.89 points, and the KOSPI200 index increasing by over 1% to 437.83 points [2][1]. Labor Statistics - President Trump announced the nomination of economist E.J. Antoni as the next director of the Bureau of Labor Statistics, indicating potential reforms in the agency's data reporting methods [14][13]. - The administration is also considering candidates for the upcoming vacancy of the Federal Reserve Chair, including current vice chairs and the Dallas Fed president [16][15].