游戏行业探寻系列报告（二）：展旗，AI+游戏的“风向标”渐进

Investment Rating - The report rates the gaming industry as "Positive" (First time) [4] Core Viewpoints - The gaming industry is experiencing a shift due to more favorable industry policies, the integration of AI technology, and the potential for enhanced user experiences and monetization strategies [5][12][13] - AI is expected to play a significant role in improving game development efficiency and enhancing player engagement through emotional and companion elements [13][16] - Major companies like xAI, miHoYo, Tencent, and NetEase are actively exploring AI applications in gaming, which could set industry trends [20][27][34][49] Summary by Sections AI + Gaming: What’s Different This Time? - The gaming industry is seeing clearer and more positive policy directions, with an increase in the issuance of domestic and imported game licenses [12] - AI's cost-saving benefits are not easily reflected in content industries, as it requires more refined and high-quality content [13] - The integration of AI is expected to enhance the experience of previously underperforming game types, potentially reigniting growth in the sector [13][16] Major Developments in AI Gaming - Elon Musk's xAI has established an AI gaming studio, aiming to create innovative gaming experiences [20] - miHoYo is developing an interactive space survival game called "Project Star," which emphasizes player choices affecting game outcomes [27][28] - Tencent has introduced advanced AI NPCs in games like "Honor of Kings" and "Dark Zone Breakthrough," enhancing player interaction and tactical gameplay [34][46] Key Predictions for AI + Gaming Content - Core application scenarios for AI in gaming include D&D-type games, emotional and companion games, reasoning games, and simulation games [56] - The report ranks the applicability of AI in gaming content, suggesting that PVE (Player vs. Environment) scenarios are more suitable than PVP (Player vs. Player) [70] - Subscription models and content payment systems are proposed as effective monetization strategies for AI-enhanced gaming experiences [68] Investment Recommendations - Companies to watch in the AI + gaming sector include Tencent, NetEase, miHoYo, and others focusing on female/male-oriented games [71][72] - Companies actively developing AI gaming content include KeYing Network, Giant Network, and others [74][75] - Potential AI application companies include Xindong Company and G-bits, along with cloud computing supply companies like Shunwang Technology [82][83]