智通财经APP获悉，瑞银发布研报称，网易-S(09999)有望符合港交所双重主要上市标准。据万得数据， 截至12月25日，网易香港上市股份的成交金额已占其全球(香港+ADR)成交金额的57%，高于港交所双 重主要上市交易迁移测试要求的55%门槛。瑞银重申网易"买入"评级，维持目标价288.6港元。 若网易如该行预期顺利获得双重主要上市地位，核心利好将是具备沪深港通纳入资格。但南向通纳入评 估时网易暂不符合"快速纳入规则"(目前要求为恒生指数前10大成分股)，因此预计纳入时间点大概在 2027年9月。 报告表示，南向投资者对网易兴趣浓厚，主要看好其强劲的网络游戏基本面，以及相较A股游戏公司更 具吸引力的估值水平。该行认为，网易若宣布启动双重主要上市流程，也将成为短期利好催化剂。以哔 哩哔哩-W(09626)为例，其宣布启动双重主要上市准备工作后一周内，股价表现跑赢MSCI中国指数12个 百分点。 基于对港交所相关规则的理解，并假设2025年剩余交易日网易美国市场成交量无大幅增长，该行认为， 网易有望在2026年推进港交所双重主要上市资格的合规工作，并大概于2027年初实现双重主要上市。 ...

瑞银发布研报称，网易-S(09999)有望符合港交所双重主要上市标准。据万得数据，截至12月25日，网 易香港上市股份的成交金额已占其全球(香港+ADR)成交金额的57%，高于港交所双重主要上市交易迁 移测试要求的55%门槛。瑞银重申网易"买入"评级，维持目标价288.6港元。 若网易如该行预期顺利获得双重主要上市地位，核心利好将是具备沪深港通纳入资格。但南向通纳入评 估时网易暂不符合"快速纳入规则"(目前要求为恒生指数前10大成分股)，因此预计纳入时间点大概在 2027年9月。 报告表示，南向投资者对网易兴趣浓厚，主要看好其强劲的网络游戏基本面，以及相较A股游戏公司更 具吸引力的估值水平。该行认为，网易若宣布启动双重主要上市流程，也将成为短期利好催化剂。以哔 哩哔哩-W(09626)为例，其宣布启动双重主要上市准备工作后一周内，股价表现跑赢MSCI中国指数12个 百分点。 基于对港交所相关规则的理解，并假设2025年剩余交易日网易美国市场成交量无大幅增长，该行认为， 网易有望在2026年推进港交所双重主要上市资格的合规工作，并大概于2027年初实现双重主要上市。 ...

Core Insights - The Chinese gaming industry in 2025 is characterized by a complex landscape of "recovery" and "internal competition," with market revenue exceeding 350 billion yuan and user base surpassing 680 million, indicating a year of continued recovery despite intense competition [3][4][12] - The industry is experiencing a significant market divide, with the "winner-takes-all" trend intensifying, leading to a situation where a few leading companies dominate the market, while smaller teams find new opportunities in single-player and AI-native games [3][10][12] Market Performance - In 2025, the domestic gaming market revenue is approximately 350.8 billion yuan, reflecting a year-on-year growth of 7.7%, while the user base has grown by 1.4% to over 680 million [4][5] - Self-developed games have generated overseas revenue of about 20.46 billion USD, maintaining a scale exceeding 100 billion yuan for six consecutive years [4][5] - Despite the overall upward trend in the gaming and esports industry, the market has entered a phase of stock competition, with a saturated user base and increased self-developed game output [4][5] Industry Challenges - The competition among gaming companies has intensified, with many projects failing despite significant investments, as seen with NetEase's "射雕" and Kingsoft's "解限机," which faced substantial player drop-off and negative feedback [5][6] - The cost of developing successful mobile games has increased significantly, making it harder for companies to achieve profitability [6][9] Market Dynamics - The market recovery is largely driven by a few top-tier games from leading companies like Tencent and NetEase, which dominate the revenue charts [7][9] - Tencent's gaming revenue reached 636 billion yuan in Q3 2025, with total revenue for the first three quarters exceeding 1.8 trillion yuan, solidifying its position in the market [9][10] Future Trends - The rise of single-player games is a notable trend, with companies increasingly focusing on high-quality, creative content rather than just marketing [12][13] - AI technology is emerging as a potential game-changer, offering new opportunities for smaller developers to compete by lowering development costs and enhancing creativity [11][15] - The industry is expected to enter a new "golden decade" of growth, driven by improved game quality, expanded overseas markets, and supportive policies [12][15]

Core Viewpoint - The Chinese gaming industry in 2025 is characterized by a complex landscape of "recovery" and "internal competition," with market revenue exceeding 350 billion yuan and user base surpassing 680 million, yet competition remains fierce and profitability increasingly challenging [3][4]. Market Overview - The domestic gaming market revenue for 2025 is approximately 350.8 billion yuan, reflecting a year-on-year growth of 7.7%, while the user base has grown by about 1.4% to over 680 million [4]. - Self-developed games have generated overseas revenue of approximately 20.46 billion USD, maintaining a scale exceeding 100 billion yuan for six consecutive years [4]. - The industry has entered a phase of stock competition, with a saturated user base and a significant increase in self-developed game output, leading to heightened competition among companies [4][5]. Industry Trends - The gaming industry is experiencing a trend of increasing investment in research and development, particularly in art and quality, but the risk of failure for new games is rising due to intense competition in the stock market [4][5]. - The "winner-takes-all" phenomenon is intensifying, with top companies capturing a larger market share, leading to a shift from the "80/20 rule" to a potential "90/10 rule" in the industry [8][12]. Company Performance - Tencent's gaming revenue for Q3 2025 exceeded 63.6 billion yuan, marking a significant milestone, while NetEase's gaming revenue surpassed 70 billion yuan in the same period, indicating stable growth [10][11]. - The top ten mobile games in terms of revenue are dominated by Tencent, which has seven titles in the list, showcasing its strong market position [9][10]. New Opportunities - The rise of single-player games is a notable trend, with companies increasingly investing in AAA titles following the success of "Black Myth: Wukong," indicating a structural opportunity in the gaming industry [12][13]. - AI-native games are emerging as another exploration direction, with companies like miHoYo leading the way in integrating AI into game narratives, suggesting a potential shift in game development dynamics [14][15]. Future Outlook - The gaming industry is expected to enter a new "golden decade" of growth, driven by improved game quality, expanded overseas market pathways, and supportive policies, marking a transition from rapid growth to a focus on creativity and technology [15][16].

Industry Updates - The December version number list has been released, including 144 domestic games and 3 imported games, with 7 games having changes in approval information [3][4] - The "2025 Guangdong Game Industry Report" indicates that Guangdong's game revenue will reach 283.613 billion yuan in 2025, a year-on-year increase of 8.9%, with mobile game revenue surpassing 200 billion yuan for the first time [5] - Guangzhou has issued "Eighteen Measures" to support the game and esports industry, including a special fund for the industry with a maximum annual subsidy of 10 million yuan per company [6] Company News - NetEase announced the honorary retirement of its Executive Vice President and head of the Interactive Entertainment Division, Ding Yingfeng, effective December 31, 2025 [7] - The remastered version of "The Legend of Sword and Fairy 4" has been officially previewed, developed using Unreal Engine 5 [7] - Game Science has established a new company in Hangzhou, focusing on internet game services and development [8] Notable Events - Vince Zampella, co-founder of "Call of Duty" and head of Respawn Entertainment, tragically passed away in a car accident at the age of 55 [10] - Sony has announced its first-party game release plan for 2026, confirming two single-player titles for the PS5 platform [11]

Core Insights - The Chinese gaming industry in 2025 is characterized by a complex landscape of "recovery" and "internal competition," with market revenue exceeding 350 billion yuan and user base surpassing 680 million, indicating a year of continued recovery despite intense competition [1][2] - The industry is experiencing a significant market divide, with the "winner-takes-all" trend intensifying, leading to a shift from the "80/20 rule" to a "90/10 rule," where a few dominant players capture most of the market share [1][6][8] - The industry is transitioning from a focus on quantity to quality, with an emphasis on creativity and innovation, marking the beginning of a new growth cycle for the Chinese gaming sector [1][9][10] Market Performance - In 2025, the domestic gaming market revenue is approximately 350.8 billion yuan, reflecting a year-on-year growth of 7.7%, while the user base has grown by 1.4% [2] - Self-developed games have generated overseas revenue of about 20.46 billion USD, maintaining a scale exceeding 100 billion yuan for six consecutive years [2] - Tencent and NetEase dominate the market, with their combined revenue exceeding 250 billion yuan in the first three quarters of 2025, solidifying their "duopoly" status [7] Industry Challenges - The gaming industry is facing heightened competition in a saturated market, with many new products vying for limited user attention, leading to increased failure rates for new game launches [2][3] - Major companies are investing heavily in R&D to meet rising player expectations, but the intense competition in the existing market makes success increasingly difficult [2][4] - Notable failures include NetEase's "The Legend of the Condor Heroes" mobile game, which was shut down after only 600 days of operation, highlighting the risks associated with high-budget projects [3] Trends and Opportunities - The rise of single-player and AI-native games presents new opportunities for smaller teams to break through in the competitive landscape [1][10] - The success of titles like "Black Myth: Wukong" has catalyzed a shift towards high-quality, creative gaming, with increased investment in AAA games from both startups and established companies [9][10] - AI technology is emerging as a significant factor in game development, potentially lowering costs and enhancing creativity, which could benefit smaller developers [8][11] Future Outlook - The Chinese gaming industry is poised for a new "golden decade" of growth, driven by improved game quality, expanded overseas opportunities, and supportive government policies [1][10] - The market is expected to evolve from rapid growth to a focus on creative and technological advancements, moving away from quick profits to sustained endurance [12]

Core Insights - The report by Citigroup highlights the healthy growth of China's gaming market driven by policy support, innovation, evergreen games, and the expansion of self-developed games into overseas markets [1] - The increasing application of generative AI, empowerment from the digital economy, effective measures for the protection of minors, and talent development are identified as key trends contributing to the growth of the gaming market this year [1] - Looking ahead to next year, Citigroup anticipates sustainable growth in the Chinese gaming market, fueled by the rise of generative AI interactive applications and innovative gameplay [1] Company Recommendations - Citigroup reaffirms Tencent, NetEase, and Century Huatong as preferred stocks in the sector, all receiving a "Buy" rating [1] - The target price for Tencent is set at HKD 751, while the target price for NetEase is set at USD 161 [1]

Core Insights - The Chinese gaming industry is experiencing a complex landscape of "recovery" and "internal competition," with market revenue surpassing 350 billion yuan and user base exceeding 680 million, indicating a year of continued recovery despite intense competition [2][3] - The industry is shifting from "Chinese production" to "Chinese creation," focusing on creativity rather than just sales, suggesting a new growth cycle for the gaming sector [2][12] Market Performance - In 2025, the domestic gaming market revenue is approximately 350.8 billion yuan, a year-on-year increase of 7.7%, while the user base has grown by 1.4% [3] - The self-developed games' overseas revenue reached approximately 20.46 billion USD, maintaining a scale exceeding 100 billion yuan for six consecutive years [3] Competitive Landscape - The gaming industry has entered a phase of stock competition, with a saturated user base and an exponential increase in self-developed game output, leading to heightened competition among companies [3][6] - The "80/20 rule" is evolving into a "90/10 rule," indicating that a small number of companies are capturing most of the market share, while many smaller firms struggle to survive [11] Major Players - Tencent continues to dominate the market, with its gaming revenue exceeding 636 billion yuan in Q3, and its total revenue for the first three quarters surpassing 1.8 trillion yuan [9][10] - NetEase's gaming revenue for the first three quarters is over 700 billion yuan, maintaining stable growth, but still lagging behind Tencent [10] Project Failures - High-profile game failures, such as NetEase's "射雕" and Kingsoft's "解限机," highlight the increasing difficulty of achieving success in the gaming market, even for major companies [4][5] - Kingsoft's gaming business revenue fell by 47% year-on-year to 900 million yuan, marking the largest decline since 2019 [4] Future Trends - The rise of single-player and AI-native games presents new opportunities for smaller teams to break through in the competitive landscape [2][12] - The success of "黑神话：悟空" has catalyzed a shift towards high-quality game development, with increasing investment in AAA titles [12][13] - AI technology is expected to lower development costs and enhance creativity, potentially leveling the playing field between large and small developers [11][14] Government Support - The Shanghai government is set to release policies to support the esports industry, which may further stimulate growth in the gaming sector [14]

Core Insights - The 二次元 (anime) gaming sector, once a booming market, is now facing significant challenges, with many products being discontinued and a notable slowdown in growth among leading companies [1][2]. Market Overview - In 2025, a total of 2222 products are expected to be discontinued, with a significant portion being 二次元 games, indicating a saturated market [1]. - The 二次元 gaming market is experiencing severe polarization, where top products continue to generate substantial revenue while a majority of new entrants struggle to achieve profitability [1]. Financial Performance - Among the 717 二次元 games in the domestic market, only 407 (57%) reported revenue, meaning 43% did not generate any income over the past year [1]. - Notably, one product achieved over 10 billion in revenue through iOS channels, and 14 games surpassed 100 million in revenue [1]. Product Trends - The market is characterized by a clear gradient of product performance, ranging from highly profitable top-tier products to those that fail to meet expectations or are discontinued [2]. - A total of 126 games have been confirmed to be discontinued or halted in development, highlighting the ongoing challenges in the industry [2]. Revenue Data - The revenue data for 二次元 games from January 1 to December 15, 2025, shows a diverse range of performance among various titles, with leading games from companies like Tencent and miHoYo dominating the charts [3][4][16].

Core Insights - The enterprise AI product market is expected to experience explosive growth by 2025, with SaaS companies and AI-native firms reshaping the industry landscape. The focus has shifted from trial use to large-scale implementation, integrating AI into core business processes such as finance, sales, supply chain, and customer service [4][13][41] - The boundaries of enterprise software are becoming increasingly blurred, as traditional classifications like CRM, OA, and ERP fail to accurately describe the emerging products and their functionalities [2][13][42] - AI is transitioning from a supportive role to a more active role in executing tasks, with products allowing AI to directly participate in business processes and decision-making [20][22][24] Group 1: Product Types and Features - Four core types of enterprise AI products have emerged, covering the entire application ecosystem from foundational capabilities to vertical scenarios [5][6] - AI Agent platforms serve as the foundation for developing, deploying, and operating enterprise AI agents, addressing challenges such as high development barriers and poor system integration [6][7] - Vertical AI products focus on specific job functions, providing ready-to-use tools that enhance efficiency by automating repetitive tasks [8][10] Group 2: Changes in Business and Responsibility Boundaries - The traditional business boundaries of enterprise software are diminishing, with companies increasingly organizing work around tasks rather than systems [13][17][18] - The responsibility of AI in products is shifting forward, with AI now taking on execution roles and being held accountable for outcomes, which raises questions about risk management and accountability [19][20][22] - The convergence of AI-native companies and traditional SaaS firms is leading to similar product paths, as both seek to integrate AI deeply into their core workflows [24][25] Group 3: Business Models and Market Dynamics - The commercial model for enterprise AI products is shifting from selling tools to delivering value, with a focus on measurable outcomes and task completion [26][27] - AI products are increasingly being designed for private and controllable deployment, addressing concerns about data sovereignty and transparency [28][29][30] - The role of product managers is evolving to focus on creating collaborative frameworks among humans, AI, and existing systems, rather than merely optimizing tool functionalities [31][32][34] Group 4: Unresolved Issues and Challenges - Trust barriers remain as enterprises are hesitant to allow AI to autonomously execute core tasks, often preferring a model of AI assistance with human oversight [36] - The cost of AI errors is a significant concern, as companies currently bear the full responsibility for any mistakes made by AI systems [37][38] - The risk of over-platformization in AI products could lead to complexity and inefficiency, potentially alienating users who require simpler solutions [39][40]