9月24日，网易公司发布公告称，鉴于网易公司与明河社就《射雕三部曲》IP之合作期即将结束，及游 戏运营策略的调整，《射雕》游戏将于2025年11月24日15时终止运营。网易公司表示，"我们跟您一样 对于《射雕》游戏有着难以割舍的情感，同时也对此次终止运营给您造成的不便深表歉意！" ...

Digital China Plan - In May 2025, China released its Digital China Plan, focusing on "Artificial Intelligence (AI) Plus" applications and data infrastructure development [1] - The goal is to increase China's computing power and grow the digital economy's share of GDP beyond 10% [1] - This initiative creates a favorable environment for leading tech firms to scale their platforms [1] Tencent Music Entertainment Group (TME) - In 2Q 2025, TME reported a revenue growth of nearly 18% YoY to approximately US$1.2 billion [2] - Net profits increased by 43.2% YoY to US$336 million [2] - Revenue from online music services surged by 26.4% YoY to US$957 million, with music subscription revenue climbing 17.1% YoY to US$611 million [3] - Successful product innovations, particularly for Super VIP customers, contributed to this growth [3] - TME's acquisition of Ximalaya, a leading online audio platform, is expected to enhance its long-form audio services [4] - A renewed strategic partnership with Galaxy Arena supports TME's live entertainment segment growth [5] NetEase Inc. - In 2Q 2025, NetEase reported a revenue increase of 9.4% YoY to US$3.9 billion [7] - Net profit rose by 27.3% YoY to US$1.2 billion, driven by gaming services revenue growth of 13.7% YoY to US$3.2 billion [7] - The educational technology segment, Youdao, saw a revenue increase of 7.2% YoY to US$198 million, attributed to AI integration [8] - The announcement of Blood Message, a AAA single-player title, positions NetEase competitively in the global gaming market [9] Baidu Inc. - In 2Q 2025, Baidu reported revenue of US$4.6 billion, a decline of 4% YoY, but net profits increased by 33% YoY to US$1 billion [10] - The profit increase is linked to successful AI initiatives, including the AI transformation of Baidu Search [10] - Monthly active users of the Baidu App rose by 5% YoY to 735 million [11] - Non-online marketing revenue, including Baidu AI Cloud and Apollo Go, grew by 34% YoY to US$1.4 billion [11] - Strategic partnerships with Lyft and DeepX aim to expand Baidu's AI capabilities and market access [12]

Core Insights - The conference emphasized the role of gaming technology as a key testing ground for AI, showcasing NetEase's achievements in enhancing new productivity through AI integration in game development [2] - AI is positioned not as a replacement for human labor but as a means to unlock creative and technical potential, significantly improving efficiency across various stages of game production [2][3] Group 1: AI Integration in Game Development - AI assists in creative design by generating story outlines, character settings, and dynamic adjustments, freeing up creators' time [2] - In art production, NetEase has established over 1,000 new production pipelines, achieving a 70% increase in scene design efficiency and a 30% overall improvement in animation production, with some scenes seeing efficiency gains of up to 300% [2] - AI code generation tools have improved development efficiency by 50%, with the quality of AI-generated logic reaching expert levels [2] Group 2: User-Generated Content and Community Engagement - The "Director Mode" in the game "Nirvana in Fire" allows players to take on roles such as director and screenwriter, supported by AI technologies, transforming millions of players from content consumers to creators [3] - Over 10 million UGC animations have been created, with video views reaching billions, revitalizing the gaming ecosystem [3] Group 3: AI Solutions in Traditional Industries - NetEase's "Mining Innovation Solution" addresses challenges in the mining industry through a three-step approach: game technology transformation, data collection, and gradual automation [3] - In a test at an open-pit mine in Inner Mongolia, the solution achieved 80% efficiency compared to manual labor, with 70% of processes requiring no human intervention, resulting in a 20% overall efficiency increase and a 30% cost reduction [3] Group 4: Collaborative AI Ecosystem - The "NetEase Youling Platform" aims to democratize technological benefits across industries, focusing on empowering individuals and fostering collective intelligence [4] - The AOP (Agent-Oriented Programming) paradigm promotes continuous evolution of intelligent agents to enhance human-machine collaboration [4] Group 5: Supportive AI Infrastructure - The NetEase Youling·Yisheng Zhuxiang model service platform provides integrated AIGC services, covering large language models, speech models, video models, and image models, offering cost-effective solutions for both NetEase and external users [5]

Core Viewpoint - NetEase's MMORPG game "The Legend of the Condor Heroes" will officially cease operations on November 24, 2024, after 545 days of operation, primarily due to the expiration of the "Condor Trilogy" IP copyright and adjustments in operational strategy [1][3]. Group 1: Game Development and Launch - "The Legend of the Condor Heroes" was in development for six years and was launched on March 28, 2024, with high expectations for its long-term narrative spanning 150 years [4]. - The game faced significant player criticism post-launch, including issues with character modeling, core combat experience, and severe mobile optimization problems, leading to an 80% loss of mobile users at launch [6]. Group 2: Performance and Adjustments - Initially, the game reached a peak ranking of 15 on the iOS sales chart but quickly fell out of rankings within a month, dropping to over 100 within two months [6]. - A new producer was appointed on May 24, 2024, leading to a major overhaul of the game, which included a comprehensive "reconstruction plan" addressing various aspects such as graphics, combat systems, and gameplay mechanics [8][12]. Group 3: Changes in Game Design - The game underwent a complete reset of its art style and martial arts system, shifting from a "combo chain" design to a more traditional attack and skill-based combat model, aimed at lowering the entry barrier for players [12]. - The focus of the game shifted significantly, with less emphasis on narrative and more on core gameplay elements like PVE, PVP, and character progression [14]. Group 4: Commercial Performance - The 2.0 version of the game, launched after extensive revisions, only managed to reach a peak of 64 on the iOS sales chart, indicating ongoing struggles despite improvements [16]. - Following the release of a major update, "Hua Shan Lun Jian," the game achieved a new high in commercial performance, reaching 52 on the iOS free chart and 63 on the sales chart [16]. Group 5: Industry Context - The journey of "The Legend of the Condor Heroes" reflects the intense competition and changing landscape of the gaming industry, highlighting the challenges faced by products in a saturated market [18].

Core Insights - NetEase has integrated Qwen to develop an automated game testing system, which enhances game development efficiency by 50% [1] Company Summary - NetEase is leveraging advanced AI technology through Qwen to streamline its game development process [1] - The implementation of the automated testing system is expected to significantly reduce the time and resources required for game testing [1] Industry Summary - The integration of AI in game development is becoming increasingly prevalent, indicating a trend towards automation in the gaming industry [1] - Enhanced efficiency in game testing could lead to faster game releases and improved overall quality in the gaming sector [1]

Market Overview - US stock market experienced a pullback after reaching highs, with all three major indices closing lower: Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] Banking Sector - Mixed performance in bank stocks, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Zions Bancorporation showing slight gains, while Bank of America, Citigroup, and US Bancorp recorded minor declines [3] Technology Sector - Technology stocks weakened, highlighted by Amazon's significant drop of 3.04%, Nvidia down 2.82%, and Tesla down 1.93%. Microsoft and META also saw declines exceeding 1%. Conversely, Intel rose by 2.02% and AMD increased by 0.69% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, marking a four-day losing streak with an overall drop of 2.22%. Notable declines included Baidu down 8.09%, Bilibili down 4.02%, and Tencent Music down 4.2%, while NIO and NetEase saw slight gains [3] Gold Market - COMEX gold experienced a pullback, closing up 0.42% at $3,796.9 per ounce, with intraday fluctuations showing a low of $3,772.4 and a high of $3,824.6. The market sentiment around gold remains conflicted, balancing fears of high prices against prevailing trends [3]

当你点开手机、电脑、平板，在数字世界畅游，是否曾感觉到有危险在靠近？ 上网冲浪正酣，在评论区、直播间可能遇到不良评论与图片；与AI助手聊天解闷，它也许会冒出一句价值观不正 确的"雷人言语"；兴致勃勃地玩着游戏，却感觉每一次行动都被窥屏，甚至被外挂玩家抢占先机；门票、盲盒开 售那一刻，掐点猛按却一秒失败，忍不住怀疑有人凭借黑科技抢先一步；这些不良行为与风险的背后，有一道我 们看不到却又离不开的坚实防线——数字内容安全。 而筑牢这一战线的，正是一群站在幕后、默默守护的数字世界"守夜人"——网易易盾用AI为盾，日复一日地拦截 风险、过滤恶意，从2016年至2025年坚持安全守护，正式迎来九周年。 九年一剑 磨炼四大核心能力 近二十余年，我国互联网行业进入高速发展时期，时代日新月异，市场瞬息万变。网易公司也经历了邮箱、新 闻、游戏、电商、音乐等多业务的成长，沉淀了庞大、丰富的数字内容场景。 作为网易公司的安全团队，网易易盾在经过长期的内部锤炼和技术钻研后，于2016年正式对外输出能力与服务， 至今已沉淀四大业务，为面向数字化业务的客户提供数字内容风控服务，助力客户安全合规以保障健康、稳定的 发展。四大业务分别是： 内 ...

【市场点评】 隔夜，鲍威尔在一场商会活动上发表演讲，其重申了上周利率决议后记者会上所强调的重点：在上周的 会议上，美联储将基准利率下调至4%–4.25%区间，这是2025年的首次降息。鲍威尔当时称，这一举措 是"风险管理式降息"，旨在应对劳动力市场日益明显的预警信号。 另外他还指出，近期通胀风险偏上行，就业风险则偏下行——这是一种有挑战的局面。双向风险意味着 没有毫无风险的路径。如果货币政策的放松力度过大，我们可能无法有效控制通胀，并可能需要未来为 实现2%的通胀目标而调整政策。如果货币政策收紧的时间过长，劳动力市场可能会不必要地疲软。在 这种目标存在矛盾的情况下，政策框架要求我们在实现双重使命时保持平衡。 来源：市场资讯 （来源：要闻君） 美东时间周二(9月23日)，受美联储主席鲍威尔讲话影响，美股终结连涨势头，三大股指集体收跌暂离 高位，纳指跌近1%，科技巨头普遍回调，英伟达跌近3%。鲍威尔认为，相对于历史水平，某些资产价 格偏高，从许多指标看，股市(美股)估值相当高。 截至收盘，标普500指数跌0.55%，报6656.92点；道琼斯指数跌0.19%，报46292.78点；纳斯达克指数跌 0.95%，报2 ...

Group 1 - NetEase's new game "Infinite" showcases diverse character roles and an open-world design, highlighting the company's technological accumulation and innovative strength, which may enhance investor confidence in its product pipeline [1] - The entry of leading companies into the two-dimensional and open-world segments is expected to accelerate industry competition and quality upgrades, driving the sector's valuation towards a dual-driven model of content and technology [1] - The release of innovative products sends positive signals, helping to boost market expectations for the long-term growth potential of the gaming industry [1] Group 2 - miHoYo's new IP "Star Valley" marks its strategic expansion into the simulation management genre, potentially enriching the company's revenue structure and boosting investor confidence in its diversified development [2] - The exploration of new categories by leading companies in the gaming industry is likely to activate the potential of niche markets, promoting the sector's evolution towards multi-category and high-quality offerings [2] - The continuous release of quality IP reserves strengthens market optimism regarding the long-term growth of the gaming industry [2] Group 3 - Kojima Productions' 10th-anniversary livestream revealed multiple new game projects, showcasing its layout in horror, espionage, and AR genres, with notable technological capabilities and creative reserves [3] - The integration of innovative IP and technology is expected to drive content diversification and experience upgrades, enhancing the competitiveness of the gaming sector [3] - The ongoing output of quality content is likely to boost market confidence in the long-term development potential of the gaming industry [3]

美东时间周二，因投资者对人工智能（AI）牛市趋势的可持续性产生担忧，三大指数集体收跌，纳指跌约1%，跌幅主要来自英伟达、甲骨文和亚马逊等AI 相关股票。 （三大指数日内走势图，来源：TradingView） 截至收盘，道琼斯指数跌0.19%，报46,292.78点；标普500指数跌0.55%，报6,656.92点；纳斯达克指数跌0.95%，报22,573.47点。 此前，三大指数均连续三个交易日创下历史新高。 英伟达股价下跌2.8%。此前一天，该芯片巨头宣布将向OpenAI投资最高1000亿美元，这一消息曾推高公司股价并带动整体股市上涨。 然而，部分投资者重新审视这一客户与供应商之间的交易，认为其与互联网泡沫时期的交易类似。同时，市场也对两家明星AI公司是否拥有足够能源支持 其扩张计划表示质疑。 甲骨文周二下跌4.4%，公司近三个月因乐观的AI销售预期上涨逾50%。 热门中概股普遍收跌，纳斯达克中国金龙指数跌2.22%，阿里巴巴跌0.71%，京东跌2.92%，拼多多跌0.04%，蔚来涨0.29%，小鹏汽车跌0.80%，理想汽车跌 1.65%，哔哩哔哩跌4.02%，百度跌8.09%，网易涨0.39%，腾讯音乐跌 ...