Core Insights - The article discusses the measures implemented by the Zhejiang Provincial Department of Commerce to support the gaming industry's international expansion, effective from July 10, 2024 [1][2] - It highlights the success of the game "Black Myth: Wukong," which has sold over 10 million copies globally, marking a significant achievement for Chinese gaming [2] Group 1: Policy Measures - The measures cover various aspects of the gaming industry, including development, platforms, and ecosystems, with a focus on targeted and actionable initiatives [1] - The policy aims to enhance institutional openness by exploring innovative mechanisms for cross-border settlement and data flow [1] - It promotes the internationalization of the gaming industry through cultural and technological integration, marketing support, and targeted strategies for development and operation [1][2] Group 2: Industry Performance - In 2024, China's self-developed games generated overseas sales revenue of $18.557 billion, reflecting a year-on-year growth of 13.39% [2] - Guangdong Province, as the largest gaming market in China, reported gaming industry revenue of 260.4 billion yuan, accounting for nearly 80% of the national market share [2] - The emergence of "Black Myth: Wukong" has shifted perceptions of Zhejiang's gaming industry, potentially attracting more gaming companies to the region [2][4] Group 3: Future Development - Zhejiang aims to enhance the gaming industry's capabilities by optimizing the ecosystem and talent resources, focusing on the development of headquarters and benchmark enterprises [4] - The province supports the development of original high-quality games and cultural IPs, emphasizing the creation of 3A game projects with strong cultural attributes and growth potential [4]

Core Viewpoint - The Zhejiang Provincial Department of Commerce and 17 other departments have jointly issued measures to support the overseas expansion of the gaming industry, focusing on enhancing industry capabilities, platform support, ecological optimization, and resource assurance [1] Group 1: Measures Overview - The measures include 20 specific actions aimed at supporting the gaming industry's overseas expansion and empowering the construction of a strong digital trade province [1] - The initiative encourages collaboration between gaming companies and smart terminal manufacturers to promote the joint overseas expansion of gaming content with AR/VR devices [1][6] Group 2: Policy Highlights - This is the first systematic policy document specifically targeting the overseas expansion of the gaming industry in Zhejiang [2] - Previous policies, while not focused solely on gaming, have provided some support for digital trade and cultural service exports [2] - The measures cover various aspects of the gaming industry, including internationalization, regulatory innovation, and the integration of cultural and technological advancements [3] Group 3: Challenges Faced - The gaming industry faces challenges such as cultural and legal differences, high localization costs, and a lack of localized talent [4][5] - Technical standards and underlying technologies are often constrained by foreign dependencies, complicating the overseas expansion process [5] - Issues with online public opinion and frequent piracy pose additional risks for gaming companies attempting to enter international markets [5] Group 4: Future Prospects - The collaboration between gaming and smart terminal industries is expected to enhance the immersive experience of games and open new application scenarios in education, tourism, and healthcare [6] - The policy encourages global promotion of gaming content, particularly in Asia-Pacific, Europe, and regions involved in the Belt and Road Initiative, to enhance the international influence of Chinese original games [6]

Group 1 - The core viewpoint of the articles highlights the strong support from various Chinese provinces for the gaming industry to expand internationally, aiming to enhance the global influence of domestic games [1][5] - Zhejiang Province's measures, effective from July 10, 2025, focus on promoting Chinese culture abroad and improving international communication capabilities [1] - Shenzhen's plan emphasizes the development of digital trade and the establishment of public service platforms to support game companies in overseas expansion [1] - Guangdong's policies aim to create an industry cluster for game exports and encourage small and medium enterprises to participate in international markets [1] Group 2 - Data indicates that China's self-developed games are projected to generate overseas sales revenue of $18.557 billion in 2024, reflecting a year-on-year growth of 13.39% [1] - In May 2025, 33 Chinese game publishers ranked among the top 100 global mobile game publishers, collectively earning $2.02 billion, which accounts for 36.6% of the total revenue of the top 100 [3][4] - From January to May 2025, Chinese game publishers achieved a total global mobile game revenue of $10.25 billion, maintaining a revenue share of over 36% [4] Group 3 - The A-share gaming industry index has shown a year-to-date increase of 20.46%, ranking 6th among 124 secondary industry indices [5] - Companies like Glacier Network have seen significant stock price increases, with a year-to-date rise of over 42% [5] - The overall trend in the gaming sector is positive, with several indices reflecting upward movements due to supportive policies and industry growth [5][7]

Core Insights - The Chinese gaming industry has experienced significant growth over the past decade, with annual revenue increasing from 140.7 billion to 325.7 billion yuan, marking a doubling in revenue since 2015 [1] - The focus on overseas expansion and long-term operational strategies is becoming crucial for Chinese gaming companies as they navigate a more competitive global market [2] Industry Trends - The Ministry of Commerce's recent work plan emphasizes the development of overseas gaming businesses, aiming to enhance the entire industry chain from IP creation to overseas operations [2] - Chinese gaming companies have transitioned from initial overseas attempts to now consistently ranking among the top global revenue earners, with Tencent, NetEase, and miHoYo leading the way [3] - The market has shifted from rapid growth in blue ocean markets to a more refined competition in saturated markets, necessitating a focus on extending product lifecycles and maximizing commercial value [2][3] Localization and Market Adaptation - Early challenges in overseas expansion included high localization costs and the complexity of adapting to diverse player preferences in different markets [4] - Successful companies have developed their own methodologies for overseas expansion, leveraging data analysis to understand user behavior and optimize game development and operations [5] Strategic Adjustments - As major markets become saturated, companies must refine their operational strategies to enhance resource efficiency and competitiveness [6][7] - The importance of community engagement and user feedback in shaping game updates and operational strategies has increased, contributing to long-term user retention [7] Technological Empowerment - The integration of emerging technologies, particularly AI, is becoming essential for improving efficiency in game development and marketing [9][10] - AI tools are being utilized to enhance the production of promotional materials and to analyze player data, which helps in tailoring user experiences and optimizing monetization strategies [9][10] Future Outlook - The gaming industry is expected to continue evolving, with a focus on global expansion and the integration of technology driving innovation and operational improvements [11]

导读 ： 游戏出海再迎利好；黄金成全球第二大储备资产 ； 解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 2025.06.12 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1、游戏出海再迎政策助推，有望推动行业盈利能力提升 2、黄金成为全球第二大储备资产，央行增持黄金仍是大方向 1、游戏出海再迎政策助推，有望推动行业盈利能力提升 近日，浙江省商务厅等1 7部门近日印发《关于支持游戏出海的若干措施》，自2 0 2 5年7月1 0日起施行。其中提到，推动中华文化"走出去"、加强国际传播 能力建设，推进对外文化贸易高质量发展。 6月4日，深圳市商务局、市发展改革委联合印发《深圳市推动服务贸易和数字贸易高质量发展实施方案》。其中提出，拓展文创数字贸易。完善游戏出海 发展促进政策，建立游戏出海公共服务平台，支持企业建立海外研发中心和发行渠道，提升游戏品牌的国际影响力。 中信证券表示，政策支持叠加AI、云游戏等技术迭代，推动中国游戏出海收入CAGR超2 0 %，预计2 0 2 5年全球收入规模达3 2 8亿美元，国产游戏的全球市 场空间有望超预期。 广发证券指 ...

Group 1 - The core viewpoint is that Guangdong Province aims to deepen the opening of key service sectors such as telecommunications, healthcare, and finance, while encouraging the development of overseas gaming businesses [1] Group 2 - The government will support the opening and development of telecommunications services and related digital industries, exploring the expansion of value-added telecommunications pilot business scope, and promoting the establishment of cross-border service centers and technology service platforms [1] - There will be an increase in the level of openness in the healthcare and wellness sector, promoting cooperation in medical and elderly care institutions, and supporting foreign investment in research and application in areas such as human stem cells and gene diagnosis and treatment [1] - The financial sector will see a push for international cooperation, with a gradual expansion of the business scope of financial institutions and support for multinational companies registered in Shenzhen to conduct cross-border capital centralized operations in RMB [1]

Group 1 - The gaming stocks are active in early trading, with Giant Network hitting the daily limit up, and other companies like G-bits, Xunyou Technology, Perfect World, Glacier Network, Kaiying Network, Shenzhou Taiyue, and Zhangqu Technology also experiencing gains [1] - The Zhejiang Provincial Department of Commerce and 17 other departments have issued measures to support the overseas expansion of the gaming industry, which will take effect on July 10, 2025 [1]

Group 1: US-China Trade Negotiations - The US and China have reached a preliminary framework for trade negotiations, indicating a mutual desire for a stable foreign trade environment to support domestic economic development [1][2] - The US is considering lifting recent restrictions on various sectors, contingent on China easing its export restrictions on rare earths [1] Group 2: Gaming Industry Support - Zhejiang province has introduced measures to support the international expansion of the gaming industry, focusing on nurturing market players and promoting high-quality 3A game projects [3] - Local governments are increasingly implementing policies to enhance the global influence of gaming brands, reflecting a growing emphasis on the international market [3] Group 3: Automotive Industry Payment Terms - Several Chinese automotive companies, including BYD and Xiaomi, have committed to keeping payment terms within 60 days in response to new regulations aimed at improving the payment environment for small and medium enterprises [5][6] - The effectiveness of this regulation remains to be seen, especially as many new energy vehicle companies face financial pressures and may struggle to meet these terms [5][6] Group 4: Smartphone Market Trends - A UBS survey indicates that the expected replacement cycle for smartphones has extended from 29.7 months to 31.1 months, reflecting a trend towards longer device usage [7] - The decline in purchase intent for smartphones, particularly in the US market, suggests a saturation in the market with little innovation in hardware [7][8] Group 5: Cloud Services Market - According to IDC, ByteDance's Volcano Engine holds a dominant 46.4% market share in China's public cloud large model service market, significantly outpacing competitors like Baidu and Alibaba [9][10] - The competitive landscape has shifted as traditional cloud service providers face new demands from AI large models, allowing Volcano Engine to leverage its internal technology for market advantage [9][10] Group 6: Tencent Music Acquisition - Tencent Music has announced a $1.26 billion cash acquisition of Ximalaya, aiming to enhance its presence in the long audio content market [11][12] - The merger is expected to combine Tencent's music streaming capabilities with Ximalaya's strengths in audiobooks, potentially revitalizing Ximalaya's market position amid increasing competition [11][12] Group 7: Tesla's Autonomous Driving Developments - Tesla plans to deliver its first fully autonomous vehicle in Texas, marking a significant step in its autonomous driving technology, although it currently remains at Level 2 automation [13][14] - The introduction of Robotaxi services is also on the horizon, which could enhance Tesla's market confidence and performance [13][14] Group 8: Stock Market Performance - The stock market experienced a rebound, with the Shanghai Composite Index rising by 0.52% and trading volume decreasing to 1.26 trillion yuan [15] - Various sectors, including rare earths and automotive parts, showed strong performance, while others like nuclear power and biopharmaceuticals faced declines [15][16]

Group 1 - The first meeting of the China-US economic and trade consultation mechanism was held in London, where both sides reached a consensus on the framework for implementing the agreements from the recent talks between the two heads of state [3] - China will implement a 100% zero-tariff policy on products for 53 African countries that have established diplomatic relations, and has invested over 13.3 billion yuan in Africa since the Beijing summit last year [3] - In the first five months of this year, China's automobile production and sales reached 12.83 million and 12.75 million units, respectively, with new energy vehicles accounting for 44% of total new car sales [3] Group 2 - The People's Bank of China and nine departments issued a notice to enhance the role of Shanghai as an international green finance hub, proposing 20 specific measures [3] - The Zhejiang Provincial Department of Commerce and 17 other departments released measures to support the international expansion of the gaming industry, including nurturing market entities [3] - Insurance funds have been increasingly entering the market, with the number of stakes taken by insurance funds nearing the total for the previous year, focusing on sectors like banking and public utilities [3] Group 3 - Nvidia's CEO announced plans to establish AI technology centers in seven European countries and build over 20 large AI factories in Europe to enhance AI capabilities by 10 times by 2026 [4] - Apple announced that the upcoming macOS 26 Tahoe will be the last version to support Intel chips [4] - The Shanghai Stock Exchange is accelerating the inclusion of the Sci-Tech Innovation Board ETF into the fund transfer platform and optimizing market-making mechanisms [3]

Group 1: US-China Trade Negotiations - The US and China have reached a preliminary framework for trade negotiations, indicating a mutual desire for a stable foreign trade environment to support domestic economic growth [1][2] - The US is considering lifting recent restrictions on various sectors, contingent on China easing its export restrictions on rare earths [1] - Both countries have demonstrated that a cooperative relationship benefits them, while conflict leads to mutual harm [1] Group 2: Gaming Industry Support - Zhejiang province has introduced measures to support the international expansion of the gaming industry, focusing on nurturing market players and promoting high-quality 3A game projects [3] - Local governments are increasingly implementing policies to enhance the global influence of gaming brands, reflecting a growing emphasis on the international market [3] - The success of games like "Black Myth: Wukong" has prompted a stronger focus on developing high-quality games for global audiences [3] Group 3: Automotive Industry Payment Terms - Multiple automotive companies, including BYD and Xiaomi, have committed to keeping payment terms within 60 days in response to new regulations aimed at improving the payment environment for small and medium enterprises [5][6] - The new regulation is designed to address the issue of delayed payments, which has been a common practice in the industry [5] - The effectiveness of this regulation remains to be seen, especially in a competitive market where price wars are prevalent [6] Group 4: Smartphone Market Trends - A UBS survey indicates that the expected replacement cycle for smartphones has extended to 2.6 years, reflecting a mature market with limited hardware innovations [7][8] - Consumer intent to purchase new smartphones has decreased, particularly in the US, where interest dropped significantly [7] - The lack of compelling new features has led consumers to retain their devices longer, impacting sales for manufacturers [7][8] Group 5: Cloud Services Market - ByteDance's Volcano Engine has captured 46.4% of the Chinese public cloud large model service market, surpassing competitors like Baidu and Alibaba [9][10] - The company has adopted aggressive pricing strategies to attract clients from established cloud service providers [9] - The demand for AI large models has leveled the playing field among cloud service providers, allowing newer entrants to compete effectively [10] Group 6: Tencent Music Acquisition - Tencent Music has announced a $1.26 billion cash acquisition of Ximalaya, aiming to expand its presence in the long audio content market [11][12] - This acquisition is seen as a strategic move to enhance user experience and creator revenue amid increasing competition in the audio content space [11] - The integration of resources from both companies is expected to strengthen their market position, although user base differences may pose challenges [12] Group 7: Tesla's Autonomous Driving Developments - Tesla plans to deliver its first fully autonomous vehicle in Texas, marking a significant step in its self-driving technology rollout [13][14] - The vehicle will utilize Tesla's Full Self-Driving software, although it currently operates at Level 2 autonomy [13] - Safety remains a critical concern as the company navigates the challenges of achieving full autonomy [14]