Group 1 - The game "Yao Yao Qi" has been approved for publication by the National Press and Publication Administration, with approval number Guo Xin Chu Shen [2026] 241, on January 23, 2026 [1] - The publishing unit for the game is Zhejiang Publishing Group Digital Media Co., Ltd., while the operating unit is Hangzhou NetEase Leihuo Technology Co., Ltd. [1] - Hangzhou NetEase Leihuo Technology Co., Ltd. was established in 2009 and is located in Hangzhou, with a registered capital of 10 million RMB and paid-in capital of 10 million RMB [1] Group 2 - The company has made investments in 21 enterprises and participated in 11 bidding projects [1] - It holds 41 trademark registrations and has obtained 20 administrative licenses [1]

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

短剧预期将受益于AI全栈式生产工具获得全球流量收入极高增长 东方证券发布研报称，字节文娱APP高增驱动境内娱乐大盘全盘时长增长，该行认为需要持续关注其余 大厂中台化整合效果。另认为短剧、漫剧将是在AI有声阅读后下一个大幅受益于AI能力提升的内容产 业。全栈式生产工具将让AI短剧生产方变为内容生产者主导;具备上游小说IP储备和流量积累的平台将 更容易在后期获得超额收益。该行在文娱板块建议关注类平台型公司，将获得AI对于生产能力赋能的 超额收益。 东方证券主要观点如下： 字节文娱APP高增驱动境内娱乐大盘全盘时长增长 因AIGC和AI算法驱动，增长最快的为视频(短剧)、阅读(AI有声小说)、音乐。字节在上述领域整合AI和 版权中台能力赋能子公司，市场份额持续提升。该行认为需要持续关注其余大厂中台化整合效果。 游戏新品储备充足，长青平台型产品因AI编辑器获益 游戏板块字节发展落后于市场，该行认为给各大中小企业留下更大发展空间。短期来看，2026年游戏新 品储备充足，大盘将更类似于2024年供给竞争格局。价格战或在高ARPU赛道展开，打价格战的新品容 易奇袭成功;低ARPU长青老游戏向好不动摇。长线来看，具备大DAU ...

在大厂贴身肉搏的AI战场，字节旗下AI产品豆包不久前日均活跃用户数突破1亿，成为国内首个日活破 亿的AI应用。此外，在音乐赛道，据Tech星球了解，今年1月份，字节旗下首款音乐App"汽水音乐"月 活用户已近1.4亿，跃居行业第四。 字节的流量优势愈发明显。 虽然，月活过亿含金量不如日活高，但在一个"流量永动机"的叙事里，字节"大力出奇迹"屡见奇效，几 乎包揽了移动互联网的增长想象，其他大厂已经很多年没有出现一款能打的APP。业内人士透露，抖音 月活跃用户数目前已经跃居全网第二，仅次于微信。汽水音乐月活过亿，在抖音流量灌溉下，或有望成 为字节系又一个"红果短剧"这样的现象级产品。 眼下，汽水音乐仍在逆势增长。据 QuestMobile 数据，2025年9月，汽水音乐月活跃用户为1.2 亿。同年 11月份，汽水音乐月活用户提升至1.3 亿。 到了2026年1月，汽水音乐月活用户增至近1.4亿。这款2022年推出的产品，未来能否凭借免费模式成功 复制下一个"红果"？ 01 3年突围，月活冲到1.4亿 在腾讯音乐、网易云音乐长期占据流媒体音乐行业头部位置的竞争格局下，字节系用3年时间撕开了一 个裂口。 据 Ques ...

刚刚（1月26日），国家新闻出版署公布了2026年1月份的国产版号、进口版号，以及游戏审批变更信息，公示的审批时间为1月23日。 国产版号方面，今天共有177款游戏过审获得版号。 以申报类别划分：其中"移动"类别175个（含"移动-休闲益智"类别64款）、"客户端"类别2个、"网页"类别和"游戏机"类别本月没有新版号获批。值得一提 的是，共有10款游戏同时拿到了移动和客户端版号，可见多端多平台的趋势愈发明显。 回顾2025年，国家新闻出版署下发国产游戏版号共计1676个、进口游戏版号96个、游戏审批变更信息86条。如果从近一年的每月版号下发数量来看，可见 国产版号的获批数量在阶段性增长，本月的177个是近一年以来的次高。 以下为本批次版号的完整名单： | | | 2026年1月进口网络游戏审批信息 | | | | --- | --- | --- | --- | --- | | 序号 | 名称 | 申报类别 | 出版单位 | 运营单位 | | 1 | 彩虹六号: 攻势 | 客户端 | 华东师范大学电子音 上海纳原信息技术有 | | | | | | 像出版社有限公司 | 限公司 | | 2 | 彩虹岛:爱丽丝之境 ...

Core Insights - The female-oriented gaming market is projected to reach 8 billion yuan in 2024, reflecting a year-on-year growth of 124.1%, significantly outpacing the industry average [1] - Despite the market potential, internal challenges persist, including high player expectations for visual effects, sensitivity to public opinion, and stringent quality demands for game narratives [1] - There is a disconnect between market perception and capital investment, with many publishers lacking specialization in female-oriented games, leading to difficulties in finding suitable partnerships [1] Market Performance - In 2025, 24 female-oriented games entered the iOS top 600, generating approximately 2.731 billion yuan in revenue, with 15 games making it to the top 200, accounting for only 4.79% of the total revenue of the top 200 [3] - "恋与深空" (Love and Deep Space) emerged as the biggest winner, expected to exceed 1.33 billion yuan in iOS revenue, capturing nearly half of the total revenue from the 24 games [3][5] - The game "我的花园世界" (My Garden World) launched in August 2025, quickly rose to the third position in revenue, showcasing the potential for new entrants in a competitive market [5] Company Revenue Distribution - The leading company, 叠纸 (Paper Games), generated 1.687 billion yuan in revenue, holding a 61.77% market share among the analyzed games [12] - Other notable companies include 网易 (NetEase) with 206.66 million yuan (7.57%) and 腾讯 (Tencent) with 200.22 million yuan (7.33%) [12] - The dominance of 叠纸 is attributed to its successful titles, including "恋与深空" and "无限暖暖" (Infinite Warmth) [12] User Engagement Metrics - "恋与深空" also leads in daily active users (DAU), capturing 48.64% of the DAU share among the top games [15] - The DAU rankings indicate that older games like "奇迹暖暖" (Miracle Warmth) and "偶像梦幻祭2" (Idol Dream Festival 2) still maintain significant user engagement, suggesting opportunities in niche markets [16] International Market Opportunities - In the overseas market, "浪漫餐厅" (Romantic Restaurant) generated approximately 4.543 billion yuan in revenue, accounting for 44.34% of the total revenue from the top female-oriented games [18] - The game "Tasty Travels: Merge Game" has shown promising growth, recently climbing to the top 30 in the U.S. iOS revenue rankings [23][25] - The overall market for casual games remains expansive, with significant revenue potential for companies like 柠檬微趣 (Lemon Microfun) [30] Emerging Trends - The rise of AI-driven emotional companionship products is anticipated to reshape the female-oriented gaming landscape, with several companies exploring this avenue [32][34] - Major internet companies are also investing in AI social companionship products, indicating a trend towards integrating AI into gaming experiences [36] - The female-oriented market is entering a stable phase post-restructuring, with expectations for a new wave of growth driven by AI companionship products in the next 1-2 years [38]

Group 1 - Core viewpoint: The second dimension game category is transitioning from the cycle dominated by miHoYo's "Genshin Impact" to a new prosperity cycle led by companies like NetEase and Eagle Horn [2][3] - The game industry exhibits cyclical properties, with each cycle lasting approximately 6 years, influenced by factors such as technology, population, and policy [2] - By 2026, the second dimension game sector is expected to shift towards gameplay, narrative, and character-driven models, with a focus on expanding user demographics beyond traditional fans [3] Group 2 - The future of second dimension games will revolve around three main directions: innovative gameplay, social design, and expanded nurturing cycles [4][12] - Current leading second dimension games have largely followed the gameplay design framework established by "Genshin Impact," resulting in low innovation and a tendency towards homogenization [4][11] - The introduction of social gameplay is seen as essential to address commercialization and long-term engagement challenges within the second dimension gaming sector [6][13] Group 3 - The pricing of second dimension games has reached a near-bottom level, with an increasing emphasis on cosmetic purchases to decouple gameplay from monetization [6][13] - The shift towards cosmetic monetization is expected to enhance gameplay enjoyment and allow for more creative freedom in game design [6][13] - The current social design in second dimension games faces challenges, with a need to create engaging social experiences that resonate with users [6][80] Group 4 - Player preferences are evolving, with a growing interest in content that abstracts and deconstructs reality, leading to polarized content trends [7][14] - Economic conditions influence player emotions, which in turn affect the themes and tones of second dimension game content [8][14] - To maintain long-term engagement, companies must enhance their IP ecosystems and community interactions both online and offline [8][14]

Group 1 - The Nasdaq China Golden Dragon Index increased by over 2% [1] - Popular Chinese concept stocks generally rose, with Bilibili up 6.74%, Baidu up 6.59%, and GDS Holdings up 4.98% [1] - Other notable gains include Kingsoft Cloud rising by 4.14% and Miniso increasing by 4.06% [1] Group 2 - Legend Biotech experienced a significant decline, falling by 10.76% [1] - NetEase and Luckin Coffee both dropped nearly 3% [1] - Amer Sports saw a decrease of 1.63% [1]

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

Group 1 - The global market risk appetite has significantly decreased following President Trump's renewed tariff threats towards Europe, leading to a sell-off in major stock indices [2][3] - The Dow Jones Industrial Average fell by 870.74 points, a decline of 1.76%, closing at 48,488.59 points; the S&P 500 dropped by 143.15 points, down 2.06%, at 6,796.86 points; and the Nasdaq Composite decreased by 561.07 points, a 2.39% drop, ending at 22,954.32 points, marking the worst single-day performance since October 10 of the previous year [2] - Major tech stocks experienced declines, with Nvidia down 4.32%, Apple down 3.45%, and Microsoft down 1.16%, among others [2] Group 2 - The CBOE Volatility Index (VIX), often referred to as the "fear index," rose to a two-month high, reflecting increased market anxiety [3] - Trading volume on U.S. stock markets reached approximately 20.6 billion shares, significantly above the 20-day average of 17.01 billion shares, indicating concentrated selling pressure [3] - Analysts suggest that the current geopolitical tensions regarding tariffs are more of an emotional shock rather than a fundamental change that would trigger a deep market correction [3] Group 3 - The global bond market is also experiencing spillover effects, with upward pressure on some European government bonds due to potential increases in defense spending [4] - The yield on the U.S. 10-year Treasury note reached a high of 4.313%, the highest since late August, closing at 4.287% after a rise of 5.6 basis points [5] - Market expectations for interest rate cuts by the Federal Reserve have been adjusted downward, with projections for a reduction of approximately 47 basis points in 2026, down from 53 basis points at the end of the previous year [5] Group 4 - Netflix reported fourth-quarter revenue of $12.1 billion, exceeding market expectations of $11.97 billion, with adjusted earnings per share of $0.56, also slightly above forecasts [6] - The company anticipates full-year revenue for 2026 to reach between $50.7 billion and $51.7 billion, with expectations for advertising revenue to potentially double in the future [6] - Following the announcement, Netflix's stock price fell by 4.9% in after-hours trading, influenced by merger financing and market sentiment [7] Group 5 - Gold prices surged significantly, with spot gold rising approximately 2% to $4,757.33 per ounce, reaching a historical high of $4,756.93 during the session [7] - Silver prices experienced a slight decline of 0.3%, settling at $94.38 per ounce, after hitting a record high of $95.87 [7] - Oil prices showed volatility, with light crude oil futures for February delivery rising by $0.90 to $60.34 per barrel, a 1.51% increase [8]