（原标题：166+7！8月游戏版号来了） 8月25日，国家新闻出版署官网公布了2025年8月国产网络游戏审批信息，166款国产游戏获得版号。 同时披露的进口网络游戏审批信息显示，8月共有7款进口游戏获得版号。 据统计，此次166款国产网络游戏中，包括移动类别游戏107款，移动—休闲益智类39款，移动、客户端游戏17款，游戏机（PS5）游戏1款，客户 端游戏2款。 龙头大厂依旧"收获颇丰"。进口游戏中，哔哩哔哩的《嘟嘟脸恶作剧》、腾讯（和小明太极）的《卡厄思梦境》、世纪华通的《大航海时代：起 源》等在列。国产游戏中，网易的《天下：万象》、哔哩哔哩的《逃离鸭科夫》等在列。 A股游戏公司中，吉比特的《出动吧！库鲁》、三七互娱《超牛英雄》、恺英网络的《熊猫大作战》等产品顺利取得版号。 本月国产166款国产游戏获得版号，创下近几年来单月国产游戏版号新高。据证券时报记者统计，截至2025年8月，2025年获得版号的游戏达到 1119款，其中国产游戏版号1050个，进口游戏版号69个，同比增长明显。 近期，多家A股游戏公司披露2025年半年报，多家公司提及版号发放对行业带来利好。如宝通科技在互动平台表示，版号发放增加对国内 ...

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in August 2025, with a total of 166 domestic game licenses issued, indicating a growing trend towards multi-platform products [1][2]. Domestic Game Licenses - Out of the 166 domestic game licenses, 163 are for mobile games, 19 for client games, and 1 for console games. Additionally, 17 games received licenses for both mobile and client categories, highlighting the increasing trend of multi-platform products [1]. - A total of 1,050 domestic game licenses have been issued in 2025 as of August, with the monthly approval numbers showing a phase of growth, reaching a new high this month [2]. Imported Game Licenses - A new batch of 7 imported game licenses was also released, with 6 for mobile and 3 for client games. The frequency of issuing imported game licenses has changed from bi-monthly to monthly, maintaining relative stability without significant growth [4]. - Notable imported games include Tencent's "Kaeas Dreamland," developed by the SUPER CREATIVE team under South Korea's Smilegate, which will be co-operated by Tencent Games and Xiaoming Taiji [7]. Notable Games and Developers - Key domestic games approved include titles from major developers such as NetEase, Bilibili, and 37 Interactive Entertainment, with games like "Tianxia: Wanxiang" and "Escape from Duckkov" among the highlights [6]. - For imported games, Tencent's "Kaeas Dreamland" and other titles from companies like Shengqu and Bilibili are noteworthy, showcasing a mix of local and international collaborations [7].

网易发布二季度末持仓报告：持股拼多多和有道，其中拼多多355.5万股，约26亿元 最近网络盛传丁磊的网易增持了拼多多，事实真的如此吗？ 据网易（NTES.US）8月14号公布的13F持仓报告首次备案显示，公司分别持股网易有道（DAO.US）及拼多多（PDD.US）。 其中，公司持有网易有道约289.8万股；持有拼多多约355.5万股。根据网易5月8号发布的Q1 13F持仓报告的信息（仅持股网易有道）可以推断出，对拼多多 的建仓发生在第二季度。 | Report Summary: | | | --- | --- | | Number of Other Included Managers: | 0 | | Form 13F Information Table Entry Total: | 2 | | | The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and con | | | | | ...

Group 1 - The Hang Seng Index closed at 25,829.91 points, up 1.94% [1] - The Hang Seng Tech Index closed at 5,825.09 points, up 3.14% [1] - Dongfeng Motor Group saw a surge of over 54% [1] - NIO Inc. increased by over 15% [1] - Baidu and NetEase both rose by over 6% [1]

Core Viewpoint - The concept of "evergreen games" has emerged as a strategic focus for major Chinese gaming companies Tencent and NetEase, aiming to maintain long-term revenue and player engagement in a mature market where creating new hits is increasingly challenging [1][2][15]. Group 1: Definition and Importance of Evergreen Games - "Evergreen games" refer to titles that sustain high revenue, popularity, and a stable player base over time, serving as cash cows for gaming companies [2][3]. - The strategy of focusing on evergreen games allows companies to leverage existing successful titles while minimizing the risks associated with new game launches [15][29]. Group 2: Market Share and Competition - Tencent and NetEase dominate the evergreen game market, with 20 out of 30 titles listed in the "2024 China Evergreen Game List," accounting for over 70% of the market share and an estimated revenue of $4.85 billion [3][4]. - The competition between Tencent and NetEase is characterized by their different game genres, with Tencent focusing on MOBA and shooting games, while NetEase emphasizes MMORPGs [6][7]. Group 3: Strategic Differences - Tencent has a larger portfolio of evergreen games, with 13 titles listed compared to NetEase's 7, indicating a significant lead in both current and potential evergreen games [8][10]. - The revenue structure also differs, with Tencent generating income from both domestic and international markets, while NetEase primarily relies on domestic revenue [11][14]. Group 4: Industry Context and Challenges - The rise of evergreen games is seen as a response to the industry's "hit-driven anxiety," where companies seek stability in a market that has matured and where user growth is limited [15][16]. - Both companies are adapting to a changing landscape by focusing on cross-platform games and GaaS (Games as a Service) models, which allow for ongoing content updates and player engagement [17][18]. Group 5: Future Outlook and Strategic Focus - The ongoing competition between Tencent and NetEase in the evergreen game sector is expected to intensify, with both companies aiming to secure dominance in their respective genres while exploring international markets [19][24]. - The strategic emphasis on evergreen games is not just a defensive measure but also a proactive approach to ensure long-term growth and sustainability in a highly competitive environment [27][29].

在流动性充裕和低利率的背景下，科技股的估值优势突出。截至8月25日，恒生科技的市盈率为21.77 倍，处于指数上市以来23.11%分位。 港股上涨，恒生指数涨超2%，创2021年来新高，恒生科技指数涨近3%，恒生科技ETF易方达(513010) 今日涨3.6%，年内涨幅29.6%。 消息面上，在美联储主席鲍威尔于杰克逊霍尔研讨会发表讲话后，市场对9月降息的乐观情绪升温。 恒生科技ETF易方达(513010)跟踪恒生科技指数，一键打包中国科技核心资产，涵盖腾讯、网易、阿 里、中芯国际、小米等互联网科技龙头企业，T+0 交易，其综合费率为0.25%，费率较低。 国泰海通证券认为，后续美联储或降息，港币汇率承压现状改善，具备资产独特优势的港股继续吸引资 金流入，受益于AI周期的港股科技弹性更大。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Global Internet, Media & Video Gaming** industry, particularly the value of **first-party content IP** in a saturated digital landscape [1][8][10]. Core Insights 1. **Differentiated Content IP**: In a world of ubiquitous online distribution, unique first-party content is expected to drive user engagement and investment [1][8]. 2. **Scarcity and Resilience of IP**: Creating new content IP is challenging, but established top content IPs are long-lasting and resilient, with the average top 20 IP created 45 years ago [2][23]. 3. **Emotional Consumption Trends**: Consumers are increasingly turning to content IP for emotional satisfaction as material needs are met, leading to a rise in media consumption driven by instant gratification [3][76]. 4. **K-Pop and Transmedia Growth**: The success of K-Pop and shows like "KPop Demon Hunters" raises questions about creative industry dynamics and the potential for AI to enhance content production [4][96]. 5. **AI's Role in Content Creation**: AI is expected to accelerate content production, leading to customized experiences while original content remains premium [5][96]. 6. **Asian Content Development**: Asian video game developers and content creators are gaining traction due to lower R&D costs and productivity advantages over Western counterparts [6][102]. Investment Implications 1. **Bullish Outlook on Content IP**: The demand for differentiated first-party content is expected to rise due to plateauing internet traffic and changing consumer preferences [8][9]. 2. **Consolidation in Media and Gaming**: The media and video gaming industries are consolidating, with major players like Tencent, Sony, and Netflix likely to continue thriving [8][61]. 3. **Stock Recommendations**: Companies such as Tencent, NetEase, Sony, Nintendo, Capcom, Netflix, and Disney are rated as outperformers due to their strong content IP portfolios [9][102]. Additional Considerations 1. **Changing Definitions of IP**: The definition of content IP is evolving, encompassing a broader range of media, including memes and spontaneous trends [10][25]. 2. **Consumer Behavior Shifts**: The decline in traditional social structures (e.g., marriage, family formation) is leading consumers to seek belonging through content IP fandoms [43][44]. 3. **Global Market Dynamics**: The increasing share of non-English content in platforms like Netflix indicates a shift in global content consumption patterns, with Asian markets becoming significant contributors [105][113]. Conclusion - The conference call highlights a transformative period for the media and gaming industries, driven by the value of differentiated content IP, changing consumer behaviors, and the impact of AI on content production. The bullish outlook on Asian content creators and established IPs suggests a promising investment landscape.

Core Viewpoint - Powell hinted at a possible interest rate cut in September, leading to a significant rise in US stocks, with the Dow Jones reaching a new high [1] Market Performance - US stock market saw a substantial increase, with the Dow Jones hitting a new record high and the Chinese concept index rising by 2.73% [1] - Hong Kong stocks opened significantly higher, with the Hang Seng Index up by 1.06%, the National Index up by 1.07%, and the Hang Seng Technology Index up by 1.49% [1] Sector Performance - Major technology stocks experienced widespread gains, with Baidu rising nearly 3%, JD.com and Alibaba up over 2%, Tencent increasing by 1.42%, and other companies like NetEase, Xiaomi, and Meituan also seeing increases [1] - Automotive stocks surged, with NIO rising nearly 15% and Dongfeng Group shares opening over 69% higher due to its subsidiary, Lantu Automotive, planning to go public in Hong Kong [1] - Other sectors such as telecommunications equipment, new consumption concepts, nuclear power, logistics, and gold stocks also saw increases, with Miniso rising over 9% and ZTE Corporation increasing by nearly 4% [1] - Conversely, restaurant stocks, Tesla concept stocks, and live-streaming concept stocks declined, with Dongfang Zhenxuan dropping nearly 3% [1]

Group 1 - NetEase's "Onmyoji" undergoes significant personnel changes with Zheng Tao appointed as the new producer, aiming to inject new vitality into the long-standing game while maintaining its classic elements [1] - Zheng Tao's deep involvement in the initial stages of "Onmyoji" and his contributions to core gameplay design are expected to enhance player engagement and revenue, potentially boosting investor confidence in NetEase's stock [1] Group 2 - Tencent's new game "Chasing Kaledo" is set to launch in September on PC, iOS, and Android, targeting markets in the US and Japan, marking a strategic move in the competitive two-dimensional gaming sector [2] - The game's unique "motorcycle + beautiful girl" concept and high-quality 3D performance aim to differentiate Tencent from competitors, although high player expectations for quality and narrative may pose risks [2] Group 3 - MiHoYo's multiple nominations for the 2025 GPA Mobile Game Awards highlight its strong market presence, with "Genshin Impact" and "Honkai: Star Rail" nominated for Best Ongoing Mobile Game [3] - The nominations are expected to enhance MiHoYo's brand image and industry influence, potentially attracting more players and increasing game revenue, with award wins further solidifying its competitive advantage [3]

Core Viewpoint - NetEase Youdao is shifting its focus from traditional educational hardware to innovative products like the AI Q&A pen, indicating a strategic pivot towards broader applications of AI technology beyond education [2][3][5]. Group 1: Product Development and Market Strategy - Youdao launched the AI Q&A pen, Space X, on August 20, 2025, following the success of its first-generation product, which sold out quickly due to high demand [2][4]. - The company aims to capitalize on the growing demand for Q&A capabilities, with usage frequency for Q&A surpassing that of traditional dictionary functions by 30% [3][4]. - Youdao's AI Q&A pen is designed to provide a portable and efficient learning tool, catering to students' needs for immediate assistance in understanding concepts [5]. Group 2: Financial Performance and Revenue Streams - In Q2 2025, Youdao reported a net income of 1.42 billion yuan, a 7.2% year-on-year increase, with online marketing services showing significant growth at 23.8% [6][7]. - The online marketing services segment has become a crucial revenue driver, with the introduction of AI-driven products like Youdao's AI advertising optimizer [6][7]. Group 3: Future Outlook and Industry Positioning - Youdao is positioning itself as an AI company rather than solely an educational entity, with plans to expand into various sectors such as gaming and short video content [7][8]. - The company is actively developing new business lines, including an audio-video translation platform that significantly reduces processing costs and time, indicating a strategic move into high-growth markets [8][9].