Core Viewpoint - The article discusses the resurgence of private enterprises in China, highlighting their importance in the market and the potential for growth amid a changing regulatory environment and technological advancements [1][2]. Group 1: Importance of Private Enterprises - The significance of the private sector has been recognized by high-level policymakers [2]. - The regulatory cycle for the private economy has eased, indicating a more favorable environment for growth [2]. - Private enterprises are leading China's ambition to "go global" [2]. Group 2: Financial Performance and Valuation - Since the low point in 2022, private enterprises have seen profits and return on equity (ROE) increase by 22% and 1.2 percentage points, respectively [2]. - Compared to their historical performance and state-owned enterprises, private companies are currently undervalued [2]. - The top ten leading companies, referred to as "Chinese Prominent 10," are expected to enhance their market dominance, similar to the "Mag 7" in the U.S. [2][4]. Group 3: Growth Projections - The selected ten companies are projected to achieve a profit growth rate of 17% over the next decade, with a 13% growth expected in the next two years [5]. - Despite macroeconomic challenges, these companies are expected to maintain double-digit profit growth [5]. Group 4: Market Dynamics and Opportunities - The market concentration of the top ten companies in China is only 17%, compared to 30% in the U.S., indicating potential for growth [4]. - The article emphasizes the importance of selecting individual stocks within the private sector, as there are significant differences in returns [6]. - Many of these companies are expanding their businesses overseas, particularly in emerging markets along the "Belt and Road" initiative [6]. Group 5: Sector Focus and IPO Trends - The consumer services sector is viewed as superior, with healthcare stocks gaining attention due to past regulatory challenges [7]. - Recent interest in Hong Kong IPOs is noted, with around 60 companies planning or applying for listings, presenting further investment opportunities [7].

编辑 | 刘士武 新游速递 《捞女游戏》引发热议后更名《情感反诈模拟器》 文 | 马晓迪 《捞女游戏》于6月19日上线Steam，首日便冲上微博热搜。目前已登顶Steam销量榜，获得96%的好 评。然而，游戏因涉及敏感题材引发争议，被批评为污名化女性。游戏已更名为《情感反诈模拟器》， 其导演的社交媒体账号也被封禁。尽管争议不断，该游戏依然吸引了大量玩家关注和讨论。 图片来源：Steam 腾讯《最终幻想14：水晶世界》全平台上线 由光子工作室群研发、SE监制的FF14正版手游于6月19日上线，作为经典IP手游版，游戏延续端游世界 观剧情，开放五大种族、九大战职，优化跑图与休闲玩法，还有高难副本与技能循环。开服送坐骑、宠 物、时装，准备超多福利活动，为冒险者带来诚意满满的艾欧泽亚之旅。 《最终幻想14：水晶世界》 网易《灵兽大冒险》开启安卓万灵测试 《灵兽大冒险》付费删档测试"万灵测试"将于6月19日8点开始，仅支持Android设备。是一款竖版回合 制MMO捉宠手游，主打五大门派捉宠、自由交易与家园建设，结合社交与策略玩法。 网易雷火发布首款3A单机《归唐》，胡志鹏亲任制作人 网易雷火事业群旗下的临安24工作室 ...

高盛最近提出一个新口号，那就是以中国的"民营十巨头"对标"美股七姐妹"。高盛集团分析师说，中国民营企业中期投资价值正显著增强，尤其是"民营 十巨头"。 中国的"民营十巨头"是指腾讯、阿里巴巴、小米、比亚迪、美团、网易、美的、恒瑞医药、携程以及安踏。 "美股七姐妹"是指这两年风光无限的"科技七巨头"(Magnificent 7)：苹果、谷歌、亚马逊、微软、Meta、特斯拉、英伟达。美股的亮眼表现，大部分是七 姐妹带动的。 "民营十巨头"能带中国经济起飞吗？ "十巨头"对标"七姐妹"？ 高盛分析师有炒流量的嫌疑。但，即便是高盛炒流量，这个事情也值得国人思考。 其实在高盛之前，华尔街分析师JeffWeniger也曾炒过港股科技"十兄弟"的口号。"十兄弟"是指：小米、阿里巴巴、腾讯、美团、比亚迪、京东、网易、百 度、中芯国际、吉利。但"十兄弟"口号没炒起来。高盛只是接着炒。 你知道中国的"民营十巨头"总市值多少吗？1.6万亿美元。 拿腾讯来说，第一季度营收为1,800.2亿元人民币，同比增长13%；净利润为478.2亿元人民币，同比增长14%。阿里第一季度收入2364.54亿元，同比增长 7%；非公认会计准则净利润为 ...

6月22日，网易旗下临安24工作室表示选择"沙洲归唐"的故事题材是想表达中国人的思乡和回家的文化 内核。6月20日，网易发布旗下首部3A单机动作冒险游戏《归唐》预告片，该游戏为买断制，将登陆PC （个人电脑）及主机平台。官方声称《归唐》预告片全部是实机画面，不存在CG视频，相应预告片 由"70% 的过场动画"和"30%的战斗实机操作画面"两部分构成。 点评：网易《归唐》预告片强调实机画面，聚焦中国传统文化，强化了游戏内容吸引力，可能提升市场 对其品质认知。对公司而言，此举有助于巩固其在单机游戏领域的品牌形象。对游戏板块，高品质国风 游戏有望吸引更多关注。股市整体对具有文化内涵和创新技术的游戏项目反应更为积极。 NO.2《黑神话：悟空》公布Xbox版预购宣传视频 6月21日，游戏科学公布《黑神话：悟空》Xbox版预购宣传视频。此前官方宣布，该游戏将于8月20日 正式登陆Xbox Series X|S平台，目前玩家已可通过微软商店预购游戏。《黑神话：悟空》的PlayStation 5国行版游戏已经发售，徽章版和铁盒版两种实体版价格均为298元。 每经记者｜李宇彤 每经实习编辑｜余婷婷 ｜2025年6月23日 星期 ...

Core Viewpoint - NetEase's subsidiary, Lin'an 24 Studio, has officially entered the high-quality single-player game market with its first AAA title, "Return to Tang," which aims to present a lesser-known chapter of Chinese history through a cinematic narrative and immersive experience [1][2]. Group 1: Game Development and Features - "Return to Tang" is set against the backdrop of the late Tang Dynasty, focusing on the historical figure Zhang Yichao and the establishment of the Guiyi Army, which adds a unique narrative angle compared to more popular historical themes [2][3]. - The game is developed using Unreal Engine 5, showcasing high-quality graphics and fluid combat animations, indicating significant investment in production quality [1][3]. - The game adopts a buyout model with no in-game purchases or mobile versions, aiming to rebuild trust with players after previous controversies surrounding NetEase's single-player offerings [1][2]. Group 2: Market Context and Challenges - The success of "Black Myth: Wukong" in 2024 has highlighted the strong demand for high-quality single-player games in the Chinese market, prompting major companies like NetEase to explore this genre [2]. - The choice of a relatively obscure historical theme poses a challenge for NetEase, as it must effectively translate this complex history into an engaging entertainment product while navigating public scrutiny and the expectations of the single-player gaming community [2][3]. - The narrative of the Guiyi Army reflects deeper cultural and emotional values, emphasizing the pursuit of unity during chaotic times, which could resonate with contemporary audiences [4].

Core Viewpoint - Goldman Sachs' report indicates a significant shift in the landscape for Chinese private enterprises (POEs), which have seen a market value decline of nearly $4 trillion since the end of 2020, lagging behind state-owned enterprises by 56 percentage points. However, these companies are beginning to regain their "magic" in the stock market [1][2]. Group 1: Importance of Private Enterprises - The significance of the private sector has been recognized by high-level policymakers [2]. - Regulatory cycles concerning the private economy have shown signs of easing [2]. - Continuous advancements in artificial intelligence and technology are reshaping narratives and illuminating growth prospects for private enterprises [2]. Group 2: Financial Performance and Valuation - Since the low point in 2022, profits and return on equity (ROE) for private enterprises have increased by 22% and 1.2 percentage points, respectively, with potential for further recovery as profit margins normalize during industry consolidation [2]. - Private enterprises are currently undervalued compared to their historical ranges and state-owned enterprises [2]. Group 3: Market Concentration and Leading Companies - Goldman Sachs anticipates that the market concentration of listed private enterprises will increase over time, with the top ten leading companies, referred to as "Chinese Prominent 10," poised to enhance their dominance in the stock market, akin to the "Mag 7" in the U.S. [1][2]. - The "Chinese Prominent 10" includes Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui, Trip.com, and Anta, all rated as "buy" by Goldman Sachs analysts [2]. Group 4: Growth Projections - Despite macroeconomic challenges, the selected ten companies are expected to achieve double-digit profit growth, with an estimated annual growth rate of 17% from 2017 to 2027, and a projected 13% growth over the next two years [5]. - The valuation of these companies is attractive, with a price-to-earnings ratio of 16 times, compared to 29 times for the "Mag 7" [5]. Group 5: International Expansion and Market Dynamics - Many of the "Chinese Prominent 10" companies are expanding their businesses overseas, including in the U.S. and emerging markets along the Belt and Road Initiative, despite tariff risks [7]. - The ongoing industry consolidation is expected to favor leading companies over smaller ones, as they have stronger capabilities to invest in AI and international markets [7]. Group 6: Investment Opportunities - The healthcare sector has gained attention recently, with many companies maintaining solid fundamentals and research capabilities despite regulatory challenges [6]. - The Hong Kong IPO market is attracting significant interest, with around 60 companies planning or applying for listings, presenting further investment opportunities [6][8].

来源：人民网 非遗区集中展现了网易以游戏为载体，将 AI、3D 建模、动作捕捉等前沿技术转化为"文化画笔"。从 《一梦江湖》联动新白娘子传奇、民间宝藏，到《第五人格》携手唐三彩、龙舞非遗、川剧非遗，再到 《大话西游IP》与麦秆、毕六福油纸伞、蜀绣的精妙合作，以及《光·遇》与掐丝珐琅、《天下》与香 云纱的跨界演绎，还有《逆水寒》展现的"国宝复刻"西周宣王五年青铜兮甲盘、榉溪孔氏家庙联名护身 符、汝窑非物质文化遗产代表性传承人打造的天青釉葵瓣盏等，这些展品生动诠释了网易在非遗传承中 的创新实践。 6 月 18 日，第三十一届北京国际图书博览会（BIBF）在国家会议中心举行。网易以"科技丝路·文化出 海"为主题，携旗下游戏、有道智能学习、LOFTER社区等业务亮相。本次参展，网易围绕"科技传承非 遗、科技赋能生活、科技驱动突破"等三大维度，打造沉浸式展区，集中展示了在游戏、教育和内容生 态等多个业务领域的最新成果与实践。 观众可在游戏AI功能体验区体验与《逆水寒》的智能NPC"沈秋索"进行对话游玩（由DeepSeek技术驱动 实现），也可以体验到由《永劫无间》手游24工作室与网易伏羲实验室联合研发、利用最新AI大模 ...

近日，七麦数据发布了2025年5月热门游戏排行榜，其中包括热门游戏下载榜Top30和热门游戏收入榜Top30。 热门游戏下载榜方面，榜单Top3被"腾讯"独揽，「三角洲行动」占据榜单Top1，「王者荣耀」和「和平精英」分别位居Top2、Top3。 从手游新进榜情况来看，5月有8款游戏冲进下载榜Top30，其中有6款是5月新上线的游戏，包括「热血美职篮」「三国志幻想大陆2：枭之歌」「踏风 行」「不良人：破局」「英勇之地」「胜利女神：新的希望」。 5月，祖龙娱乐旗下的手游「踏风行」在游戏圈掀起了一股修仙热潮。据七麦数据监测，在预订转上架后，该款游戏强势冲上iOS游戏免费榜Top1，以黑 马之姿实现了火爆开局。 作为国内首款3D御灵 修仙共战手游，「踏风行」以祖龙娱乐的高品质制作为基石，采用自研"虚幻4引擎"，打造出动态天气系统与多元场景深度融合的 3D仙境。玩家置身其中，既能在云海翻腾的苍穹中御剑飞行，也可以在冰封千里的雪域中感受酷寒，还能在碧波浩渺的海底探索秘境。多种虚实交织的 沉浸式修行体验，让玩家大呼过瘾。 在玩法设计上，「踏风行」同样亮点十足。该游戏打破了传统放置游戏"挂机收菜"的单一模式，玩家可以依据境 ...

金融界6月19日消息，上证指数低开低走，中华交易服务中国香港内地指数 (中华香港内地指数， CESHKM)下跌2.13%，报6380.18点，成交额677.06亿元。 从中华交易服务中国香港内地指数持仓样本的行业来看，可选消费占比31.88%、金融占比22.33%、通 信服务占比22.21%、信息技术占比10.75%、能源占比5.92%、医药卫生占比2.58%、房地产占比2.38%、 主要消费占比1.01%、工业占比0.56%、原材料占比0.38%。 本文源自：金融界 作者：行情君 数据统计显示，中华交易服务中国香港内地指数近一个月上涨0.59%，近三个月下跌7.85%，年至今上 涨16.46%。 据了解，中华交易服务中国跨境指数系列为一系列证券价格指数，由中华交易服务中国 120 指数(中华 120)、中华交易服务中国 A80 指数(中华 A80)、中华交易服务中国香港内地指数(中华香港内地指数)以 及中华交易服务中国 280 指数(中华 280)组成，以综合反映沪深港三地上市中国大、中盘证券的整体表 现。该指数以2004年12月31日为基日，以2000.0点为基点。 从指数持仓来看，中华交易服务中国香港内 ...

以下文章来源于识局Insight ，作者识局智库研究组 识局Insight . 洞察时代之变，探寻致胜之道 作者 | 识局智库研究组 来源 | 识局Insight 导语： 高盛等外资机构历史上存在"唱多做空"争议。尽管报告高调唱多，但资金流向数据却呈 现矛盾信号。 高盛首席中国股票策略师刘劲津近日发布《中国民营企业的回归：潮流已经逆转》研究报告，将腾 讯、阿里巴巴、小米、比亚迪、美团、网易、美的、恒瑞医药、携程和安踏列为中国"民营十巨 头"。 高盛此次推出"民营十巨头"概念，本质上是在中国资本市场构建一套对标美股的叙事体系。报告开 篇即明确表示，这是"仿效美股的'七巨头'（Magnificent 7）"而提出的"中国版Prominent 10"。 这些企业占据MSCI中国指数42%的权重，日均交易额达110亿美元，展现出极强的市场影响力。高 盛预计它们未来两年盈利将实现13%的年复合增长率，平均市盈率仅16倍，显著低于美国科技七巨 头28.5倍的估值水平。 AI革命：民企主导新赛道 高盛选择了一个绝佳的时间窗口。2025年2月高层民营企业座谈会和4月《民营经济促进法》的出 台，标志着政策环境发生实质性转变。高 ...