从上周开始，软件股突然就崩了。 导火索来自Anthropic。这家公司发布Claude Cowork AI代理推出的法律工具。这个新工具能执行多项文 书工作，包括追踪合规事项和审阅法律文档。这些功能正是许多法律软件产品的核心所在。 受到这个消息的冲击，当日软件、金融服务和资产管理行业的股票市值总共蒸发了约2850 亿美元， LegalZoom.com暴跌近20%，汤森路透也下跌了15%。 这并非孤立事件。 同样是在上周，Google DeepMind 发布了 Project Genie。 受Project Genie影响，游戏圈行业巨头股价便迎来了一场集体跳水：Take-Two下跌7.93%，Roblox暴跌 13.17%，而曾经的游戏引擎霸主Unity更是惨烈地下跌了24.22%。 三家公司在一个交易日市值合计缩水约195亿美元！ SaaS 应用或商业应用的现有形态，很可能会在智能体时代瓦解。 站在当下看，AI所带来的直接冲击主要体现在两个方面： 第一，AI 原生公司重构旧工作流。简单来说，就是AI公司以更低成本，重构已有软件工作流，对传统 厂商形成价格和模式冲击。 这一切波动都源于一个很残酷的判断：AI要 ...

面对该情况，市场分析指出，软件龙头仍有深厚护城河。汤森路透拥有AI难以企及的Westlaw法律数据库，法律行业牌照壁垒也限制AI直接应用，Unity等游 戏龙头已嵌入AI能力，市场担忧被夸大。 消息面上，当地时间2月3日，Anthropic推出法律类AI自动化工具，直接冲击传统法律软件企业，美股汤森路透当日大跌15.67%。除了法律行业，AI对软件 生态的冲击已蔓延多领域，欧洲SAP股价近半年累跌近40%，谷歌DeepMind新工具导致游戏股Unity暴跌超20%。标普500软件成分股营收超预期比例仅 71%，显著低于科技行业85%的整体水平。 今日（2.4），港股科技再度飘绿，软件ETF汇添富(159590)收跌1.39%，全天成交额超5800万元。资金已连续第5日净流入，累计"吸金"超3600万元！ | | | | H30202.CSI 930601.CSI 399264.SZ 932094.CSI 980034.CNI | | | | --- | --- | --- | --- | --- | --- | | | 软件指数 = | 中证软件 | 创业软件 | 软件开发 | 工业软件 | | AI应用含量 ...

为什么Genie这次"炸"了？ 上周五，海豚君覆盖的三家与游戏行业息息相关的公司Unity、Applovin以及Roblox，股价均惨遭暴跌血洗，主要说法是当天谷歌新发布的世界模型Genie 对游戏行业的颠覆性影响导致。 海豚君认为，我们不否认Genie在未来通过一轮一轮的升级给游戏行业带来的变化，但放在当下，无论是从"可玩性"和"经济性"而言，都离颠覆还早。而 当天的Unity和Applovin，之所以有20%左右的暴跌，其实还有别的帮 凶 。 那么现在的问题是，这三家公司被错杀了吗？在即将到来的财报日上，它们是否具备强硬的基本面抵御"AI叙事"的负面压力？海豚君来详细聊一聊。 以下是详细分析 01 当下的Genie是一种颠覆性的互补 先说结论，Genie世界模型毫无疑问是一种颠覆性技术，长期来看将对多个行业产生深远影响。但从实操性和经济性两个角度而言，短期下Genie更适合结 合传统引擎叠加来进行开发，这样可以在保持原有产品精细度和稳定性的情况下，减少部分成本较高的人力支出： 世界模型可以激发更多的非专业人士参与到游戏创作中来，Genie完成门槛级的部分工作（如概念原型的预研、基础非重要场景的渲染、物理模 ...

我们怎么看？ 核心结论： ❶Genie不会"颠覆"游戏行业，反而利好那些玩法创新力强、用户需求洞察深刻，但是制作能力普通甚至落后的， 中小型CP。 我们怎么看Genie对游戏的影响？ 周五晚美股部分游戏股下跌，包括Unity（-24%）这类引擎公司，Roblox（-13%）这类游戏UGC平台，也包括游戏 CP，比如Taketwo（-7.9%）。 核心结论： ❶Genie不会"颠覆"游戏行业，反而利好那些玩法创新力强、用户需求洞察深刻，但是制作能力普通甚至落后的， 中小型CP。 制作真正"好玩"的游戏，需要的能力十分多维（不仅仅是Genie一键生成地图环境、角色的能力）。 ❷可能创建一个新的UGC内容分发平台，游戏版Tiktok，激发普通用户"创建世界"的能力。 ❸目前还难以替代成熟引擎的建模能力，Genie的底层不是建模3D，仍是不可预测性较高的视频生成。 1，根据我们的体验，目前Genie仅供Gemini的Ultra会员体验，提供的核心体验，是【一键生成一个"世界"和角色， 并在这个世界中游走、漫步】，目前限于60s之内，用户也可以【直接去别人生成好的世界闲逛】。 我们怎么看Genie对游戏的影响？ 周五晚 ...

以下文章来源于妙投APP ，作者丁萍&段明珠 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 丁萍 段明珠 编辑 | 丁萍 头图 | 视觉中国 这是最糟糕的时候，也是最需要冷静审视的时刻。 才两三天的时间， 金银崩完，美股崩，随后加密货币跟着崩 ， 周一开盘大A也会迎来"疾风骤雨" 。 梳理下顺序。 2026年1月30日，COMEX黄金跌破了5000美元/盎司，最大跌幅一度达到16%；白银的调整更为猛 烈，COMEX白银从高点121.785美元/盎司，最低下探至74美元/盎司，最大跌幅高达39%。疯狂之 后，金银终究还是迎来了暴跌。 同日，美股也迎来一次腥风血雨，三大股指集体收跌，大型科技股也普遍下跌。 而1月31日，比特币一度暴跌10%，跌破8万美元整数关口。这可看做一次风险预演，意味着周一资 本市场不会太平静。 为何金银突然暴跌？这是见顶还是倒车接人？美股（ 科技股 ）为何也跟着崩？对大A有何影响？普 通投资者该怎么做？本篇将一一分析。 金银为何会突然暴跌？ 导火索就是美联储降息预期出现了大反转 。 1月29日晚间，市场传出凯 ...

Core Viewpoint - The gaming sector is experiencing significant growth, with the gaming ETF (159869) rising nearly 4% and reaching a product scale of 11.16 billion yuan as of November 24, indicating strong investor interest in A-share gaming leaders [1] Group 1: Market Performance - The gaming ETF (159869) has seen all holdings in the green, with notable gains from companies like Giant Network, Kaixin Network, Mingchen Health, and G-bits [1] - The ETF tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] Group 2: Strategic Developments - Unity and Epic Games announced a strategic partnership, allowing Unity to access the ecosystem of over 500 million registered accounts from Fortnite, enabling developers to publish Unity games directly on the platform [1] - Unreal Engine developers will utilize Unity's cross-platform commercial system for pricing, promotions, and digital product management, enhancing multi-channel operations across PC, mobile, and web [1] Group 3: Industry Outlook - Huaxi Securities believes that the interconnectivity of the two major engine ecosystems will provide unprecedented user reach and commercialization efficiency for game developers, lowering the barriers for small teams to compete globally [1] - CICC notes that the gaming sector continues to meet the social demands of Generation Z, with major companies entering a product content cycle, indicating significant potential for profit and EPS growth [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, presenting investment opportunities in the gaming ETF (159869) [1]

Core Viewpoint - The article emphasizes a shift in market sentiment towards AI applications that can demonstrate tangible performance, particularly in the advertising sector, where companies like JOYY (欢聚集团) are showing significant growth in their AI-driven advertising business, BIGO Ads [3][10]. Group 1: Market Sentiment and Performance - Since October, the US tech sector has experienced significant volatility, with a shift from blind faith in AI to a focus on performance metrics [3]. - Investors are increasingly favoring companies with a safety margin, steady profitability, and clear evidence of AI adding value [3]. - The advertising technology sector is highlighted as a mature field within AI applications, with companies like JOYY entering a profit realization phase [3]. Group 2: JOYY's Performance and Growth - JOYY reported a revenue of $540 million in Q3, with BIGO Ads contributing $104 million, marking a 33.1% year-over-year growth and a 19.7% quarter-over-quarter increase [3][12]. - Following the Q3 report, JOYY's stock surged over 12%, reaching a peak of $67.85 [5]. - The company’s advertising revenue now constitutes 28.1% of total revenue, reflecting a fundamental shift in its revenue structure [12]. Group 3: Competitive Landscape in AI Advertising - The AI advertising landscape is becoming increasingly differentiated, with companies like AppLovin showing strong growth but limited valuation flexibility due to high market expectations [7]. - JOYY, categorized previously as a "live streaming platform," is now being recognized for its potential in the AI advertising space, with its stock price not yet fully reflecting its growth potential [7][14]. Group 4: BIGO Ads' Growth Dynamics - BIGO Ads has shown consistent acceleration in its advertising business, with a 30% increase in core advertiser budgets quarter-over-quarter [8]. - The platform's advertising request volume has surged, with a 228% year-over-year increase, indicating strong demand and effective scaling [9]. - BIGO Ads is expanding its verticals beyond gaming into tools, finance, and e-commerce, positioning itself as a global advertising network [10]. Group 5: Financial Health and Valuation - JOYY's financial structure is supported by its stable live streaming business, which provides a "cash cow" effect, while BIGO Ads contributes high growth momentum [12]. - The company has a net cash position of $3.32 billion, with a market capitalization of approximately $3.2 billion, indicating that its cash alone covers its market value [13]. - The current market valuation does not fully reflect JOYY's intrinsic value, suggesting a potential revaluation as the market recognizes its growth and profitability [14].

Core Viewpoint - JOYY's Q3 2025 financial report reveals a stable operational foundation with significant surprises, showcasing a revenue of $540 million, a 6.4% increase from Q2, driven by a 29.2% year-over-year growth in advertising revenue, primarily from BIGO Ads [1][3]. Group 1: Financial Performance - Q3 revenue reached $540 million, with live streaming revenue at $388 million, reflecting a 3.5% quarter-over-quarter growth [1]. - Advertising revenue was $113 million, showing a remarkable 29.2% year-over-year increase, with BIGO Ads contributing $104 million, a 33.1% year-over-year growth [1][4]. - The global monthly active users (MAU) grew by 1.4% to 266 million, indicating a recovery in the live streaming business [4][5]. Group 2: Shareholder Returns - JOYY holds a net cash position of $3.321 billion, exceeding its total market value of $3.08 billion, with Q3 operating cash flow at $73.4 million [6]. - The company has initiated a $300 million share repurchase plan, having repurchased 1.7 million ADS for $88.6 million, with $211 million remaining for future buybacks [6][7]. - A total of $600 million in dividends is planned over three years, with a Q4 2025 dividend of $0.97 per ADS announced [6]. Group 3: Growth Potential of BIGO Ads - BIGO Ads is positioned as a key growth driver, with a business model and AI applications similar to successful companies like AppLovin [8][10]. - The AI advertising market is projected to be highly lucrative, with BIGO Ads showing a 30% quarter-over-quarter growth in core advertiser budgets and a 17% increase in core advertisers [13][17]. - JOYY's global presence and technological investments provide a competitive edge in the AI advertising space, with a 228% year-over-year growth in SDK traffic [12][14]. Group 4: Market Position and Future Outlook - The global mobile application advertising market is expected to reach $534 billion by 2029, presenting substantial growth opportunities for BIGO Ads [24]. - Compared to competitors like AppLovin and Unity, JOYY's valuation appears significantly undervalued, considering its cash reserves and stable live streaming business [25][26]. - The recent financial report marks a pivotal moment for JOYY, as it begins to disclose BIGO Ads' revenue separately, indicating a strategic shift in its business model [26].

Core Insights - The interview focuses on Matthew Bromberg's career and his approach to turning around struggling companies, particularly Unity, which he currently leads [2][4][83] - Bromberg emphasizes the importance of understanding relationships and community in the gaming industry, drawing from his experiences at AOL, EA, and Zynga [21][79][80] Background - Matthew Bromberg has a diverse background, having worked in various roles across technology and gaming companies, including AOL, EA, and Zynga [2][4][19] - His early interests in athletics and complex systems have shaped his approach to leadership and problem-solving in the tech industry [10][11] Lessons From AOL - Bromberg learned critical lessons about structuring mutually beneficial relationships with partners while at AOL, which was a dominant player in the early internet landscape [21][25] - His experience at AOL provided a foundational understanding of how to navigate and leverage complex ecosystems in business [22][23] Esports - Bromberg recognized the potential of esports early on, believing that watching video games would become a mainstream activity [34][35] - He highlights the challenges of building a sustainable esports business due to fragmentation and competition for audience attention [40][42] Rescuing Knights of the Republic - At EA, Bromberg was tasked with turning around the troubled game Star Wars: The Old Republic, which was facing significant challenges shortly after its launch [44][46] - He identified the need for social connection and community engagement as key factors in revitalizing the game, leading to a successful relaunch [60][61] Zynga - Bromberg's tenure at Zynga involved significant cultural change, focusing on rebuilding a positive work environment and leveraging the company's existing strengths [75][79] - Under his leadership, Zynga transformed from a struggling company to a leading mobile game developer, demonstrating the importance of cultural alignment in business success [78][80] Taking Over Unity - Bromberg views Unity as a generational business with immense potential, despite its recent struggles [83][84] - He acknowledges the critical role Unity plays in the gaming ecosystem and emphasizes the need to rebuild trust and deliver value to its community [86]

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