◎记者 罗茂林 作为国内游戏产业一年一度的盛会，12月18日至19日，2025中国游戏产业年会第一次来到上海徐 汇。"活动从早一直排到晚，甚至还有演出，这非常'上海'。"一位北京游戏公司的负责人感慨今年大会 的与众不同。 这是属于中国游戏产业的"上海时间"。中国音像与数字出版协会常务副理事长兼秘书长敖然感触颇 深："就在此刻，在会场外不远的'元界'特色街区，游戏IP已经与城市生活深度融合，这是上海释放出来 的青年引力和澎湃消费动能。" 变化不仅在于此，不少参会嘉宾告诉记者，今年大会的议题更加丰富了，中小厂商亮相的也更多了。从 众星捧月，到群星璀璨，大会议题变化的背后，折射出中国游戏产业内部的结构性变化。而上海，无疑 是这场多元生态培育的探索者与先行者。 郭晨凯 制图 "整个游戏相关产业包含核心层、关联层和辐射层。"敖然介绍，其中：核心经济层是游戏产业本体创造 的经济规模，超过4800亿元；关联经济层，涵盖硬件、营销、渠道、云计算乃至游戏视频、衍生品、电 竞等IP衍生消费，规模约为5548亿元；辐射经济层，包含游戏与文化、旅游、教育、医疗等更多领域的 交叉融合，据不完全估算，经济贡献超过1730亿元。 "经过二 ...

Core Insights - NetEase (NTES.US) shares rose by 2%, reaching $138.08 [1] - The overseas version of NetEase's open-world martial arts game "Where Winds Meet" has surpassed 15 million players in its first month [1] - The PC version achieved over 9 million players in two weeks and ranked second on the Steam bestseller list [1] - The mobile version topped the free games chart in 60 markets on the App Store, marking it as a significant cultural export from China [1]

Core Insights - The 2025 Guangzhou Cultural Industry Trade Fair (CITF) opened on December 19, showcasing the strength and potential of Guangzhou's cultural industry [1][3]. Group 1: Event Overview - The CITF is organized by the Guangzhou Municipal Government and runs from December 19 to 21 at the China Import and Export Fair Complex [1]. - The event features a dual exhibition structure, including the Cultural, Tourism, and Sports Digital Equipment Exhibition and the International Cultural Tourism Trade Exhibition, highlighting advancements in the digital cultural industry in the Guangdong-Hong Kong-Macao Greater Bay Area [9][11]. Group 2: Awards and Recognitions - The "2025 Guangzhou Cultural Enterprises Top 30" list was released, showcasing the robust development and potential of the cultural industry in Guangzhou [3][4]. - Notable companies such as NetEase, Miniso, and KuGou were recognized in the "2025 Guangzhou Cultural Enterprises Top 30" [4]. - The awards also included categories for growth potential and international influence, with companies like Guangzhou Huaduo and Cool Dog being highlighted for their achievements [4]. Group 3: Industry Collaboration and Projects - A signing ceremony took place during the opening, including partnerships for cultural projects and international collaborations, such as the joint development of a film by Yongsheng Film and Beijing Zhonghe Qiancheng [5]. - The event aims to leverage leading cultural enterprises to foster new growth in the cultural creative industry and enhance Guangzhou's cultural presence internationally [4]. Group 4: Technological Integration - The Digital Equipment Exhibition emphasizes the integration of technology with culture and tourism, featuring interactive displays and the latest technological innovations [11]. - The exhibition includes a themed area for cultural IP, serving as a catalyst for product development and cross-industry collaboration [11]. Group 5: Global Engagement - The International Cultural Tourism Trade Exhibition focuses on innovative models for global engagement, featuring a variety of exhibitors from different sectors [13]. - Activities such as the "Colorful Trendy Play Exhibition" and "Cultural Tourism New Year Goods Festival" are designed to attract public participation and enhance consumer engagement [13][14]. Group 6: Industry Networking and Development - The CITF aims to create an efficient platform for industry transactions and networking, with over ten specialized events planned to address popular fields like digital culture and cultural heritage [15][17]. - The event has attracted participation from over 30 countries and regions, including major enterprises and government institutions, facilitating international cultural trade agreements [17].

Core Insights - The event highlighted the development journey and core perspectives of NetEase's gaming expansion overseas, emphasizing the importance of both hard work and cultural elements in achieving success [1][2]. Group 1: Game Success - The game "Yan Yun Shi Liu Sheng" has achieved significant success overseas, quickly topping bestseller lists in multiple countries, with over 15 million players in the overseas version [3][5]. - The success is attributed not only to the high quality of the game and its free-to-play model but also to the incorporation of Chinese cultural elements such as lightness and Tai Chi, which engage overseas players [3][5]. Group 2: Industry Transition - NetEase's initial success in international markets is seen as a product of both the company's efforts and the inevitable shift in the industry landscape [3][5]. - The company is transitioning from being labeled as a "world factory" reliant on cheap labor to becoming a "knowledge-intensive" global innovation engine centered around high-quality talent, which is expected to be a core advantage in the future [3][5].

Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of an intelligent financial ecosystem in the digital economy era, highlighting the increasing demand for security and compliance in the financial sector as large models are scaled up [1][3]. Group 1: Security and Compliance in Financial Models - The industry is experiencing a growing need for security and compliance as large financial models are being implemented [2][4]. - NetEase Yidun has developed a resilient defense system for multimodal large models, which encompasses risk control throughout the entire process of development, deployment, and application [2][4]. - This system aligns with domestic regulatory guidance on "coordinating security and development," adapting to compliance requirements such as algorithm filing and regular inspections [2][4]. Group 2: Implementation and Validation - The security framework clearly defines responsibilities across four layers: technology, data, business, and application [2][4]. - The system has been validated in leading banks, brokerages, and fund institutions, reinforcing compliance and security for financial models [2][4].

徐汇的产业融合不止于游戏本身，更以技术为翼拓宽产业边界。上海人工智能实验室等国家级平台提供 技术支撑、让游戏研发效率与内容创新力实现双重提升；全国首个大模型创新生态社区"模速空间"则以 轻量化、场景化的AI能力输出模式，为游戏企业提供技术解决方案。得益于徐汇区以陪伴者、赋能者 的姿态为游戏企业提供全生命周期支持，徐汇已成为上海游戏产业的核心承载区，更是游戏融合创新的 全球新高地。 本报记者 孙云 论坛会场外的展示体验区人头攒动，会场内座位全满，当大屏幕上显示出"游戏街区最高300万元、场景 支持最高1000万元、人才培育最高500万元"等徐汇区支持游戏电竞产业发展的政策时，观众们纷纷高举 手机拍下这些干货……昨天下午举行的2025年度中国游戏产业年会分论坛——徐汇游戏产业高地携手会 太火爆了！这份火爆的背后，折射出业界的普遍共识：在中国游戏产业迈向全球化、精品化的黄金时 代，徐汇力量不容小觑，"政策有温度、创业有底气、合作有平台"，以西岸和漕河泾这两个游戏集聚区 的双引擎为牵动，游戏产业新生态正在徐汇崛起。 活动期间，徐汇区文旅局局长伍彦心发布了令人振奋的最新数据：2025年前三季度，徐汇区游戏产业营 收52 ...

Group 1 - The US stock market saw a collective rise on December 18, with major technology stocks performing well, particularly the Trump Media Technology Group, which surged by 41.93% after announcing a merger agreement with TAE Technology [1][2] - Tesla's stock increased by over 3%, adding approximately $53.6 billion (around 377.4 billion RMB) to its market capitalization [2] - The merger between Trump Media Technology Group and TAE Technology will be executed through an all-stock transaction, with both companies' shareholders expected to own about 50% of the combined entity post-merger [2] Group 2 - The latest data from the US Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) for November rose by 2.7% year-on-year, which was lower than the market expectation of 3.1% [4] - The core CPI, excluding volatile food and energy prices, increased by 2.6%, marking the lowest level since early 2021 and also below the anticipated 3% [4] - Following the CPI report, there was a slight increase in the likelihood of the Federal Reserve lowering interest rates in January, with traders estimating a 28.8% chance of a 25 basis point cut, up from 26.6% prior to the inflation data release [4] Group 3 - Goldman Sachs' global co-head of fixed income and liquidity solutions, Kay Haigh, stated that the low inflation data would not impact the Federal Reserve's decision-making, as they are more focused on the December CPI data set to be released in mid-January [5]

Market Performance - The Hang Seng Index opened up 0.53% at 25,634.22 points, with the Hang Seng Tech Index rising 0.81% to 5,461.92 points, and the National Enterprises Index increasing by 0.58% to 8,893.1 points [1] - Major tech stocks saw gains, with Alibaba up 0.62%, Tencent up 0.83%, JD.com up 0.71%, Xiaomi up 0.6%, NetEase up 1.42%, Meituan up 0.79%, Kuaishou up 1.3%, and Bilibili up 1.2% [1] - New energy vehicle stocks were active, with Xpeng Motors and Li Auto showing strong performance [1] U.S. Market Overview - On the previous trading day, U.S. indices rose collectively, with the Dow Jones up 0.14% at 47,951.85 points, the S&P 500 up 0.78% at 6,774.76 points, and the Nasdaq up 1.38% at 23,006.36 points [2] - The U.S. November CPI increased by 2.7% year-on-year, significantly below the market expectation of 3.1%, while the core CPI rose by 2.6%, also lower than the expected 3% [2] - Major tech stocks in the U.S. saw collective gains, with Nvidia up 1.79%, Apple up 0.13%, Microsoft up 1.65%, Google up 1.93%, Amazon up 2.48%, Meta up 2.30%, and Tesla up 3.45% [2] Company News - Emperor Capital (00717.HK) reported total revenue of approximately HKD 730 million for the year ending September 30, 2025, representing a year-on-year increase of 37.3%, and a net profit of approximately HKD 147 million, up 121.4% year-on-year [3] - New Special Energy (01799.HK) plans to sell a 79.92% stake in Xinjiang Wind Power New Energy Partnership to facilitate a REITs issuance, with a transaction value of approximately HKD 1.337 billion [3] - Bay Area Development (00737.HK) signed a construction contract for the Shenzhen section with a contract value of RMB 1.448 billion [3]

Core Viewpoint - The 2025 Annual Game Awards revealed significant achievements in the Chinese gaming industry, highlighting innovation, cultural contributions, and operational excellence among various companies [1] Group 1: Awards and Recognitions - NetEase Games was awarded the title of "Outstanding Game Technology Innovation Enterprise" for its contributions to gaming technology [1] - Century Huatong received the "Outstanding 'Going Global' Game Enterprise" award, recognizing its efforts in expanding internationally [1] - Tencent's TiMi Studio Group J3 won the "Outstanding Game Development Team" award, showcasing its excellence in game development [1] Group 2: Game Awards - Century Huatong's "Endless Winter" was recognized as the "Outstanding Mobile Game" [1] - Tencent's "Delta Action" received the "Outstanding Client Game" award, indicating its success in the client gaming sector [1] - NetEase's "Yanyun Sixteen Sounds" was awarded the "Outstanding Traditional Chinese Culture Game," reflecting its cultural significance [1] Group 3: Special Awards - Xindong Network's "Xindong Town" was honored with the "Outstanding Social Value Game" award, emphasizing its positive societal impact [1] - Mihayou's "Honkai: Star Rail" won the "Outstanding Game Music Design" award, highlighting its achievements in music integration [1] - Paper Games' "Infinite Warmth" received the "Outstanding Game Art Design" award, showcasing its artistic contributions to gaming [1]

Group 1: Core Insights - The core viewpoint is that the ability of listed companies to achieve real profits will be the key driver for the rise of Chinese assets in 2026, shifting focus from valuation recovery to earnings realization [2][23]. - The predicted target for the CSI 300 index in 2026 is 5200 points, indicating a potential increase of approximately 13% from the closing price in December 2025, with an average market valuation of about 15.9 times earnings [2][24]. Group 2: Investment Themes - Morgan Stanley identifies four clear investment themes: curbing excessive competition, artificial intelligence (AI), global expansion, and a structural recovery in domestic demand [3][4]. - Goldman Sachs emphasizes five major investment themes: leading industry players, beneficiaries of the "14th Five-Year Plan," AI, global expansion, and curbing excessive competition [6][7]. - UBS highlights three main investment lines: self-sufficiency, curbing excessive competition, and global expansion, suggesting a focus on consumer sectors in the second half of the year [9][11]. Group 3: Earnings Growth Projections - Morgan Stanley forecasts a 6% earnings growth for listed companies in 2026, with an acceleration to 10% in 2027, driven by supportive policies and a narrowing decline in producer prices [13][41]. - Goldman Sachs expects the MSCI China index's earnings per share (EPS) growth to rise to 12% in 2026, significantly higher than previous cycles [5][29]. - UBS anticipates an increase in overall A-share earnings growth from 6% in 2025 to 8% in 2026, supported by nominal GDP growth and ongoing policy support [9][36]. Group 4: Sector-Specific Insights - The renewable energy sector is expected to benefit from policies aimed at restoring pricing power and healthy profit margins, particularly in the context of curbing excessive competition [3][8]. - The AI sector is projected to see a 30% increase in global capital expenditure for data centers in 2026, positively impacting related industries such as optical modules and power equipment [3][28]. - Consumer sectors, particularly essential goods and high-end luxury items, are expected to perform well, with the restaurant industry growing faster than overall retail [4][6]. Group 5: Policy and Economic Environment - The Chinese government is expected to implement a series of supportive fiscal and monetary policies, including increased fiscal deficits and continued monetary easing, to stimulate domestic demand and promote industrial upgrades [23][33]. - The anticipated fiscal policy for 2026 includes a budget deficit of around 4% and a significant increase in special government bonds, aimed at supporting consumption and infrastructure [33][34]. - The overall economic growth forecast for 2026 is set at 4.4%, with a gradual recovery in the real estate market expected to reduce its drag on the economy [23][41].