2025年是中国游戏市场和中国游戏"出海"规模爆发的一年，被业内视为"游戏大年"。越来越多优秀 游戏涌现，得益于近两年版号数量的增长。2025年，我国累计发放国产网络游戏版号1676款，相比2024 年的1306款同比增长28.33%。值得一提的是，越来越多游戏厂商在申请游戏版号时，不再局限于移动 端，而是增加客户端或主机端的申请，实现多端并进。其中，2025年多端游版号数量达到了103款，相 比2024年的94款同比增长9.57%。 腾讯2025年第三季度财报显示，《三角洲行动》作为该公司首款于全球多地发行的国产自研三端互 通射击游戏，在本土市场已经进入行业流水前三，全球发行有望成为腾讯海外的新增长点；网易12月份 公布的数据显示，网易旗下三端互通武侠游戏《燕云十六声》在海外上线一个月，全球玩家已经突破 1500万，刷新了中国游戏"出海"新纪录，成为现象级爆款。此外，上述变化也契合了今年客户端及主机 市场的收入增长趋势。 每日经济新闻 12月29日，游戏板块早盘低开后震荡攀升，游戏ETF（159869）现跌幅持续收窄。近期游戏板块备 受资金青睐，游戏ETF（159869）连续六个交易日获得资金净流入，净流额 ...

Core Insights - 2025 is anticipated to be a significant year for China's gaming market and the "going global" trend, with a notable increase in the number of game approvals, reaching 1,676 titles, a 28.33% increase from 2024 [1] - The trend of multi-platform game approvals is rising, with 103 titles approved for multiple platforms in 2025, marking a 9.57% increase from 2024 [1] Group 1: Multi-Platform Game Development - Major companies are increasingly applying for game approvals across multiple platforms, including client and console versions, as seen with Tencent's "Honor of Kings World" and Perfect World's "Yihuan" [2] - Multi-platform games are contributing to revenue growth for listed companies, with Tencent's "Delta Action" and NetEase's "Yanyun Sixteen Sounds" achieving significant player engagement and sales [2] Group 2: Revenue Trends in Gaming - The client game market is experiencing a strong recovery, with sales revenue reaching 78.16 billion yuan in 2025, a 14.97% increase, while the console game market is growing rapidly with a revenue of 8.362 billion yuan, an 86.33% increase [3] - The rise of multi-platform games is attributed to broader player coverage and increased confidence in high-quality game production, particularly following the success of "Black Myth: Wukong" [3] Group 3: Channel Revenue Sharing Dynamics - The revenue-sharing model with distribution channels is becoming increasingly contentious, with Android channels taking up to 50% and Apple around 30%, impacting profit margins for game developers [4] - High distribution fees are prompting developers to explore alternative channels, with many opting to withdraw from Android platforms to mitigate costs [4][5] - The emergence of lower-cost client platforms is seen as a strategic response to high mobile game distribution fees, indicating a potential shift in the market dynamics [5]

Market Overview - The Hong Kong stock market opened high on December 29, with the Hang Seng Index briefly surpassing 26,000 points, closing at 25,886.75 points, up 0.26% [1] - The Hang Seng Tech Index rose 1.6% to 5,587.24 points, while the National Enterprises Index increased by 0.77% to 8,983.59 points [1] - Major technology stocks generally performed well, with notable gains from companies like NetEase (up 2.63%) and Meituan (up 2.23%) [1] Sector Performance - Semiconductor stocks showed strength, with Shanghai Fudan rising over 8% and SMIC increasing by over 1% [1] - Automotive stocks surged, with NIO, XPeng, and BYD all gaining over 6% [1] - Copper stocks led the non-ferrous metals sector, with Jiangxi Copper rising by 10% [1] - Brain-computer interface concepts saw significant increases, with MicroPort Robotics up over 30% [1] - Paper industry stocks also performed well, with Nine Dragons Paper rising over 4% [1] - Gaming stocks declined, with MGM China dropping over 13% to a new low [1] Company News - Kuaishou-W repurchased 464,000 shares for approximately HKD 29.99 million at prices between HKD 64.05 and HKD 64.90 [2] - Bank of China issued CNY 50 billion in tier-2 capital bonds to supplement its capital base [2] - Weisheng Holdings entered an agreement with Boyu Capital for a total investment of CNY 380 million [2] - Green Leaf Pharmaceuticals granted exclusive commercialization rights for three long-acting antipsychotic products in mainland China [2] - Tencent repurchased 1.056 million shares for approximately HKD 636 million at prices between HKD 598 and HKD 604 [2] Institutional Insights - CITIC Securities predicts that Hong Kong stocks may experience a second round of valuation recovery and performance revival by 2026, driven by internal and external economic factors [5] - Huatai Securities notes that while the market is currently in a left-side layout phase, there is strong anticipation for a spring rally, although year-end supply and demand pressures remain [6] - Galaxy Securities suggests that the technology sector remains a long-term investment focus, with potential rebounds expected due to favorable factors [6] - Qianhai Kaiyuan Fund's chief economist anticipates a slow bull market in Hong Kong stocks, driven by capital inflows and economic recovery [7]

12月29日消息，港股三大指数集体上涨。截至午间收盘，恒生指数涨0.26%，报25886.75点，恒生科技 指数涨1.60%，国企指数涨0.77%。盘面上，科网股普涨，网易、美团涨超2%，百度、联想、快手、哔 哩哔哩涨超1%；汽车股走强，蔚来涨超6%；脑机接口概念普涨，心玮医疗涨超10%；纸业股涨幅居 前，玖龙纸业涨超4%。 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 但生科技指数 | NY | 5587.24 | +1.60% | | 800700 | | | | | 国企指数 | ี | 8983.59 | +0.77% | | 800100 | | | | | 恒生指数 | 200 | 25886.75 | +0.26% | | 800000 | | | | 汽车股走强，蔚来涨超6%。方正证券发布研报称，中央经济工作会议及财政部明确优化"两新"政策， 多地遴选以旧换新平台企业。据媒体披露，2026年国补将延续，单车最高补3万元，聚焦淘汰老旧高排 放车辆，同时提升新能源补贴与混动车型纯电续航门槛。 脑机接口概念普涨，心玮医疗涨超10%。光大证券发布 ...

Group 1 - The Hong Kong stock market opened higher on December 29, with the Hang Seng Tech Index leading the gains, up by 2%, and the CSI Hong Kong Stock Connect Tech Index rising by 1.60% [1] - Key stocks in the smart driving sector, including NIO-SW, Xpeng Motors-W, Li Auto, BYD-W, and others, saw increases of over 3%, while leading stock SMIC rose by more than 2% [1] - Software application stocks also rebounded, with NetEase-S and Meituan-W both gaining over 2% [1] Group 2 - In the past two weeks, there has been a surge in the issuance of Hong Kong stock ETFs, indicating an influx of new capital into the market; three new ETFs focused on dividends and healthcare themes have been launched, raising nearly 700 million yuan [1] - Additionally, three new ETFs related to Hong Kong Stock Connect, high dividends, and biomedicine have been established, with a total fundraising scale of nearly 700 million yuan [1] - There are also 11 new ETF applications, including five related to information technology, three in the medical sector, and three focused on high dividend yields [1] Group 3 - Attention is drawn to already listed and liquid Hong Kong tech ETFs, which may experience a rebound from low levels; notable mentions include the Hang Seng Tech Index ETF (513180.SH) and the Hong Kong Stock Connect Tech ETF (159101.SZ) [1]

Market Overview - The Hong Kong stock market opened with the Hang Seng Index rising by 0.43% to 25,928.89 points and the Hang Seng Tech Index increasing by 0.88% to 5,547.79 points [1][2] New Energy Vehicle Sector - The new energy vehicle stocks showed strong performance, with Xiaopeng Motors increasing by over 5%, Li Auto and NIO rising by more than 3%, and BYD also seeing a gain of over 3% [2][3] Technology Sector - The tech sector opened positively, with Baidu Group rising by over 1%, and other companies like NetEase, Meituan, Alibaba, and JD.com also experiencing gains [2][4] Individual Stock Performance - Xiaopeng Motors (80.000, +5.12%), Li Auto (67.050, +3.07%), NIO (39.880, +3.75%), and BYD (96.900, +3.53%) were among the top performers in the new energy vehicle sector [3] - In the tech sector, Baidu Group (121.000, +1.26%), NetEase (215.200, +0.94%), and Meituan (104.000, +0.78%) also showed positive movements [4]

Group 1 - The Hong Kong stock market will resume trading on December 29 after a break from December 24 to December 26, with the Hang Seng Index and technology-related sectors showing strong performance during this period [1] - The Hong Kong Technology ETF Tianhong (159128) recorded a trading volume of nearly 280 million yuan, while the Hang Seng Technology ETF Tianhong (520920) exceeded 230 million yuan in trading volume as of last Friday [1] - On December 29, the Hang Seng Index opened up 0.43%, the Hang Seng Technology Index rose 0.88%, and the Guozheng Hong Kong Stock Connect Technology Index increased by 0.67%, with several tech stocks leading the gains [1] Group 2 - Xiaomi held a product launch event, introducing the Xiaomi 17 Ultra starting at a price of 6,999 yuan, and reported that its cumulative delivery of cars has surpassed 500,000 units this month, with over 350,000 units delivered this year [2] - According to Everbright Securities, the Hong Kong stock market is expected to experience a "Davis Double Play" driven by valuation recovery, profit growth, and a return to main themes by 2026, with the Hang Seng Technology Index anticipated to outperform the broader market [2] - Huatai Securities noted that AI investment is becoming a core engine for global economic growth, with current investments in AI still in the early stages, supported by tight computing supply and ongoing "arms races" in the industry [2]

Group 1 - The year 2025 is anticipated to be a significant year for China's gaming market and the "going global" trend, with a total of 1,676 domestic online game licenses issued, representing a 28.33% increase from 1,306 in 2024 [1] - The number of multi-platform game licenses reached 103 in 2025, up 9.57% from 94 in 2024, indicating a shift towards more diverse gaming platforms beyond mobile [1] - Major companies are increasingly applying for licenses for client and console versions alongside mobile versions, reflecting a strategic shift in the gaming industry [2] Group 2 - Tencent's game "Delta Action" has become a top performer in the domestic market and is expected to drive overseas growth, while NetEase's "Yanyun Sixteen Sounds" has set a new record with over 15 million global players within a month of its overseas launch [2] - The client game market is experiencing a strong recovery, with actual sales revenue reaching 78.16 billion yuan in 2025, a 14.97% year-on-year increase, while the console game market saw an 86.33% increase to 8.362 billion yuan [3] - The rise of multi-platform games is attributed to their broader player base and increased confidence in producing AAA games, which require higher technical standards [3] Group 3 - The revenue-sharing model with distribution channels has become increasingly contentious, with Android channels taking up to 50% and Apple around 30%, squeezing profit margins for game developers [4] - High distribution costs have led several major titles to withdraw from Android channels, marking a significant shift in the industry [4] - Many developers are now turning to client platforms, which typically have lower or zero revenue-sharing rates, as a strategic response to high mobile game distribution costs [5][6]

| 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | 小鹏汽车-W | | 80.000 | 5.12% | 0.00% | | 9868.HK | | | | | | 零跑汽车 | | 52.000 | 4.12% | -0.769 | | 9863.HK | | | | | | 厨来-SW | | 39.880 | 3.75% | 1.019 | | 9866.HK | | | | | | 比亚迪股份 | | 96.900 | 3.53% | 0.319 | | 1211.HK | | | | | | 吉利汽车 | | 17.480 | 3.31% | 1.339 | | 0175.HK | | | | | | 理想汽车-W | | 67.050 | 3.07% | 0.079 | | 2015.HK | | | | | | 均胜电子 | | 18.420 | 2.45% | -0.169 | | 0699.HK | | | | | | 耐世特 | | 6.670 | 1.21% | 0.769 | | 1316.HK | | | ...

Group 1 - The Chinese government will adjust the scope and standards of the "National Subsidy" program in 2024, expanding it to include more consumer goods and services, with a focus on stimulating consumption [4][5] - The "National Subsidy" program will continue to support the replacement of old vehicles and various household appliances, with an increase in funding from 150 billion yuan in 2024 to 300 billion yuan in 2025 [4][5] - Experts suggest shifting the focus of subsidies from goods to services and increasing cash and digital currency subsidies to better support consumer spending [5] Group 2 - Wentai Technology is pursuing legal action to reclaim its control over Nexperia, with potential claims reaching up to $8 billion if unresolved within six months [7][8] - Geely's subsidiary is suing Awin for over 2.3 billion yuan due to quality issues with battery cells supplied between June 2021 and December 2023 [9][10] - Awin has faced complaints from customers regarding battery performance, leading to a significant lawsuit that could impact its financial standing [9][10] Group 3 - Duzhi Technology announced a year-end bonus of 26 million yuan, distributing gold to all employees, reflecting its strong performance with over 100% annual growth for six consecutive years [12][13] - The company has expanded its market share in the robotic vacuum sector, ranking third globally with a 12.4% share [13] Group 4 - NetEase announced the retirement of its executive vice president Ding Yingfeng, who will continue as a consultant, highlighting a trend of "soft exits" for senior executives in Chinese tech companies [14] - Ding has been instrumental in the development of several flagship games and the establishment of a professional game development system at NetEase [14] Group 5 - BYD is undergoing a significant internal restructuring, merging its 13th division into other departments and adjusting executive roles, indicating a strategic shift in its organizational structure [20][21] - The company has also implemented substantial salary increases for technical staff, signaling a commitment to retaining talent amid competitive market conditions [21] Group 6 - Zero Run Technology aims to sell 4 million vehicles annually in the next decade, focusing on international expansion and leveraging local partnerships for market entry [23] - The company has reported significant overseas orders, positioning itself as a leader in the new energy vehicle sector [23] Group 7 - Apple, Qualcomm, and MediaTek are set to launch 2nm chips in 2026, marking a significant advancement in semiconductor technology [37][38] - TSMC is ramping up production capacity for 2nm chips, indicating strong demand from major tech companies [37][38] Group 8 - OpenAI is recruiting a new safety officer with a salary of $555,000 to address potential risks associated with its AI models, reflecting the company's focus on safety amid growing scrutiny [45][46] - The role is critical as OpenAI faces legal challenges related to the impact of its technology on user mental health [45][46]