分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 ——中东局势按下停止键 1、中东局势按下停止键。美国总统特朗普于美国东部时间6月23日在社交媒体上表示， 以色列和伊朗已就"全面彻底停火"达成一致。伊朗和以色列24日均表示接受停火。尽管 此前美国轰炸伊朗核设施，但冲突并未进一步升级，而是在特朗普声称破坏伊朗核设施 后迅速转向挺火。 分析师：郝一凡 登记编号：S0890524080002 2、6月24-25日，美联储主席鲍威尔在众议院发表半年度货币政策证词。重申不急于降 息，强调高关税带来很大的不确定性，指出美国经济很强劲，在不确定形势下有理由缓 慢行动，同时提到了可能推动降息的一些因素。 3、6月27日，美财长贝森特暗示，关税谈判期有望延后至9月1日。贝森特表示，如果能 和18个重要贸易伙伴中的10个或12个签署，后面还有20个重要贸易伙伴，他认为可能在 9月1日美国劳动节前完成贸易协议。 总体来看，中东冲突已经"翻篇"，且美国贸易谈判期有望延后，短期内市场不确定性减 弱。国内市场预计仍相对偏稳健。 (6.23-6.29) 02 周度行情回顾 债市震荡为主 权益市场表现较好叠加季末因 ...

Core Viewpoint - HaiMa Cloud Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and China Merchants International as joint sponsors [1]. Company Overview - HaiMa Cloud is the largest GPU as a Service (GPUaaS) provider for real-time cloud rendering services in China's cloud gaming sector, holding a market share of 17.9% based on projected 2024 revenues [3]. - The company offers real-time cloud rendering services and related solutions to various industries, including gaming, digital entertainment, digital tourism, and digital education, supported by self-developed integrated platform software and infrastructure hardware [3][4]. Business Strategy - The company implements a "1+1+N" strategy, which includes a core technology base (GPU-based computing infrastructure and platform software), a core application scenario (cloud gaming), and a variety of expanding application scenarios [3]. Client Base and Services - HaiMa Cloud serves a diverse client base, including digital content operators, gaming platforms, game developers, and mobile hardware manufacturers, allowing them to integrate proprietary SDKs and APIs into their products [4]. - The company's platform supports over 28,000 games, including major titles released on various devices [5]. Financial Performance - The company reported revenues of approximately RMB 290 million, RMB 337 million, and RMB 520 million for the fiscal years 2022, 2023, and 2024, respectively [5][6]. - The total comprehensive loss for the same periods was approximately RMB 246 million, RMB 218 million, and RMB 186 million [5][6]. - Gross profit margins improved from 21.2% in 2022 to 24.9% in 2024, indicating a positive trend in profitability [6].

Core Points - Riot Games has made the difficult decision to cancel the development of the sandbox game "Hytale" and will gradually close Hypixel Studios in the coming months [1][5][20] - The founder of Hypixel Studios, Noxy, stated that after years of effort and exploration, the team realized they could not deliver "Hytale" in a way that fulfilled their promises to players [3][5] - The complexity of the project increased over time due to the team's technical ambitions, leading to a situation where the game was not progressing as needed despite a major engine overhaul [5][18] Company Overview - Hypixel Studios was founded by a group that initially operated a server group within "Minecraft" and later developed "Hytale" with funding from Riot Games [12][14] - The game was first announced in December 2018, receiving over 31 million views on its teaser trailer within a month, and was fully acquired by Riot Games in April 2020 [14][20] - The project faced multiple delays due to the evolving vision and increasing standards, with a significant engine redevelopment announced in July 2022 [18][20] Community Impact - The cancellation of "Hytale" has led to disappointment among players who viewed it as a potential successor to "Minecraft" [8][22] - Community reactions have been overwhelmingly negative, reflecting a sense of loss and frustration over the long wait for the game [9][22] - Despite the cancellation, there are indications that the IP may be considered for repurchase by the founder, Simon, and interest from independent game publishers [20][22]

以下文章来源于正面连接 ，作者Luna 正面连接 . 面对复杂 金碧辉煌，9个三层的巨型水晶吊灯照亮了1500平米的会场。尖叫声和欢呼声突然爆发，王琨大步走上舞台，一身蓝紫色中山装，白色运动鞋，他站在舞台 中央，脸占满了身后4米高的大屏。 家长们的焦虑，收割者的狂欢。 文 ｜ Luna 来源｜ 正面连接（ID： zmconnect） 封面来源 ｜ francesco ciccolella "全世界没有一个国家的孩子像中国的孩子一样，玩游戏玩这么痴迷的……100年前别人都说我们中国人是东亚病夫，就是因为鸦片，100年以后的今天，人 们躺在床上玩手机的姿势，跟那一模一样。" 骂游戏是一场盛大的进军，王琨是里面的佼佼者。他在全网拥有上千万粉丝，多次在视频中反对游戏，包括上面那段话。这个队伍的背后，跟随着一大批中 国家长。他们的共通点之一是，孩子都玩游戏。 这些家长被宽慰，被贬低，被诱惑，也主动成为链条里的一环。机构提出的希望令他们无法拒绝："还您一个好孩子"。但代价是，过程中的每一步都意味着 付费和收割—— 令家长热血沸腾的线下宣讲会，入场券1000元；帮你与孩子交友的"卧底"老师，普通款12980元，督导款199 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25年6月20日，作为中国游戏产业研究院战略合作伙伴，伽马数据公布25M5中国游戏产业市场规模、中国 自研游戏出海市场规模等跟踪数据。 本土：中国游戏市场延续较高景气度，新品贡献有所增强 根据伽马数据，25M5中国游戏市场实际销售收入达280.51亿元，同比增长9.86%，环比增长2.56%。相比 25Q1（同比+17.99%）及25M4（同比+21.93%）有所放缓，但仍保持较快增长。25M5重点新品上线节奏 加快，市场驱动因素由依赖长线产品商业化逐步转向新品增量拉动，新老产品协同支撑行业增长。 25M5中国移动游戏市场实际销售收入达211.77亿元，同比增长11.96% 1）逐步开始有重点新品上线，多款月流水破千万元。据七 ...

自2019年起战略性开始GPUaaS的大规模商业化部署。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 安徽 海马云 科技股份有限公司 （以下简称 " 海马云 "）于2025年6月27日 正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和招银国际担任联席保荐人。 成立于 2013年的 海马云 作为 中国第一家自主设计和开发自己的服务器并为实时云渲染构建 GPU 集群的公司 ， 自 2019年 起 战略性开始 GPUaaS的大规模商业化部署， 现已成为 中国最大的云 游戏实时云渲染服务 GPUaaS提供商 ， 为游戏、泛娱乐、数字文旅、数字教育等行业的客户提供 实时云渲染服务和相关解决方案 。 截至 2024年12月31日，海马云为中国云游戏行业前十大市场参与者中的九名提供云游戏实时云渲 染服务，并与包括中国移动、多家知名手机硬件制造商、头部的游戏平台和头部游戏开发商在内的知 名市场参与者建立了长期合作伙伴 关系 。截至 2024年12月31日，海马云的平台承载超过28,000 款游戏 。 根据灼识 咨询 的资料，按 2024年收入计算，海 ...

Core Viewpoint - Duoyi Network plans to relocate its headquarters from Guangzhou and lay off over 1,000 employees due to dissatisfaction with recent court rulings that severely impact the company's management rights [1][2]. Group 1: Company Actions - Duoyi Network announced the decision to move its headquarters and reduce its workforce in Guangzhou as a response to four court judgments that the company claims hinder its ability to manage employees effectively [2]. - The company will enforce a mandatory pre-collection of meal fees for employees, which were previously optional, following the court's ruling [2]. - In a previous instance, Duoyi Network had announced plans to close all related companies in Chengdu within three years due to dissatisfaction with a labor arbitration case [2][3]. Group 2: Legal Context - The recent court rulings involved labor disputes and meal fee reimbursements, with the court ordering Duoyi Network to pay substantial compensation for wage arrears [1]. - The court's decisions have been described by Duoyi Network as "extremely damaging" to its operational autonomy, leading to the company's decision to relocate [2]. Group 3: Company Background - Duoyi Network, founded in 2006, has developed several popular game titles and has a notable market share in the turn-based online gaming sector [3][4]. - The company has faced challenges in its IPO attempts, having failed twice in the past [3]. - The founder, Xu Bo, has been a controversial figure due to his management style and public statements, which have drawn criticism [4].

同为真人互动影像游戏，均以男性视角切入，剧情推进依靠与其他几位由真人演员扮演的女性角色展开关系，互动体验接近"短剧+游戏"的结合体。 图片来源：《情感反诈模拟器》 从上线首日反响平平，到冲上热搜后紧急改名，《情感反诈模拟器》在不到48小时内体验了一把赛博过山车。 乍一看，《情感反诈模拟器》与2年前爆火的《完蛋！我被美女包围了！》（下文简称《完蛋！》）颇有几分相似： 只不过，《完蛋！》主打的是男性恋爱向，《情感反诈模拟器》则加入了情感反诈主题，并将镜头对准了所谓"捞女"进行叙事。 不出所料，游戏一经上线，就引发网友对于"捞女"一词是否存在污名化的争议，游戏官方迅速改名为《情感反诈模拟器》，并声明改名后"内容无删减"。 主创团队介绍，该游戏海报制作来自杂志《男人装》的御用摄影团队 即便经历了一轮改名，但《情感反诈模拟器》的热度只增不减。 发售第三天，现售价29元的《情感反诈模拟器》登顶游戏平台Steam国区热销榜首，超过首次开启全平台打折的《黑神话：悟空》与经典射击游戏 《CS2》。截至发稿前，该游戏好评率达到96%。 另据SteamDB显示，《情感反诈模拟器》24小时峰值在线人数超8万人次，而此前《完蛋！》24 ...

注：招股书按财年（截至每年的9月30日）来统计营收等数据。 近期，游戏公司黑瞳科技（DarkIris Inc.，本文简称集团）在美国SEC公开披露招股书，计划在纳斯达克上市。 此前游戏新知介绍过香港厂商盾兵科技63人团队赴美IPO，而黑瞳科技的规模甚至更小，截至2025年3月31日，集团只有23人，其中游戏研发团队及市场 共计14人。人虽不多，但业绩还可以。黑瞳科技的游戏业务面向海外，2024财年（截至2024年9月30日），集团营收为792万美元（约合人民币5682万 元），净利润约110万美元（约合人民币787万元）。 西岐网络是一家专注历史策略类游戏的公司，成立超过23年，创始人为洪志芳。团队最早是做页游的，首款产品《精忠岳飞》曾上线腾讯平台，创下月流 水超百万的成绩。后来业务逐步向手游领域拓展，推出了《我有上将》《武布天下》《王女异闻录》等产品，团队规模也发展到百人左右。 西岐网络曾于2016年4月挂牌新三板，根据早期披露文件，该公司2016~2019年的营收均超过千万元，后为了提高运营效率节省不必要的开支，公司于 2019年11月从新三板摘牌。 | | For the Financial Years ...

Core Viewpoint - The article discusses the evolution and potential future of interactive video games, also known as "影游" (interactive image games), highlighting their historical context, recent successes, and the challenges faced in the industry [1][19]. Historical Context - The first interactive movie, "A Man and His House," was released in 1967, paving the way for future interactive media [2]. - The introduction of Full-Motion Video (FMV) in games like "Dragon's Lair" in 1983 brought interactive storytelling to the forefront, achieving commercial success [2][3]. Technological Influence - The rise of CD-ROM technology in the 1990s allowed for the storage of large amounts of video content, leading to a boom in FMV games [3]. - Despite initial excitement, many FMV games failed due to poor interactivity and storytelling quality, leading to a decline in interest [4][5]. Recent Developments - The release of "The Invisible Guardian" in 2019 marked a significant return of interactive video games in China, combining live-action footage with player choices [8][11]. - The game was well-received, generating discussions about the potential of interactive storytelling in gaming [11][12]. Industry Trends - The success of "The Invisible Guardian" has inspired a wave of similar projects, including Netflix's interactive film "Black Mirror: Bandersnatch" and various interactive video initiatives from Chinese streaming platforms [11][19]. - The phenomenon of "完蛋！我被美女包围了！" (translated as "I'm Surrounded by Beautiful Women!") in 2023 further propelled the popularity of interactive games, achieving significant sales and player engagement [13][14]. Challenges and Future Outlook - The industry faces challenges in maintaining quality and creativity, as many new projects attempt to replicate successful formulas without understanding the underlying design principles [16][19]. - The integration of film and gaming industries requires collaboration among diverse professionals, including directors, writers, and game designers, to create compelling interactive experiences [20][21]. - Future developments may lead to new roles such as "interactive narrative designers" and "technical directors" to address the unique demands of interactive storytelling [21][22].