出海方面，2024年自主研发游戏海外收入达185亿美元，同比增长13%，占全球游戏市场的10%，出海 占比超40%。手游在全球移动游戏市场占比从2018年的22%提升至2024年的28%。 游戏ETF（516010）跟踪的是动漫游戏指数，从A股市场中选取涉及动漫、游戏及相关产业链的上市公 司证券作为指数样本，以反映动漫游戏行业相关上市公司证券的整体表现。该指数具有鲜明的行业特征 和风格配置，是衡量中国动漫游戏产业发展的重要指标。 （文章来源：每日经济新闻） 消息面上，8月20日凌晨，科隆游戏展开幕之夜上，游戏科学继《黑神话：悟空》之后，正式公布了新 作《黑神话：钟馗》。截至当日下午，该先导预告在国内视频平台已突破765万次播放，评论超5万，话 题迅速登顶热搜。 相关机构表示，游戏行业需求态势良好，在经历了2010年代的玩家高增长以后，2020年代游戏行业的玩 家数量是趋于稳定的，玩家数量稳定在约6.7亿人。但是，人均消费金额持续上涨，2024年玩家人均消 费达到接近500元，录得较高水平。 ...

创新题材+Merge-2+解谜，蓝色奥义持续验证方法论 作为一款二合游戏，相较于市面上的其他竞品，《Haunted Merge》最大的亮点便是选择了中式民俗恐怖这个极为小众的题材。 就游戏出海而言，在SLG之外，合成应该是当下行业关注度、厂商参与度、爆款产出率以及收益情况最好的赛道，尤其是更为细分的Merge-2方向。 近期点点出海发现一款中式恐怖题材的Merge-2游戏《Haunted Merge: Horror Story》（《谁来救救我》），该作的出现表明了赛道正在朝着题材多元化、 玩法创新化的方向"狂奔不止"，另外其背后厂商似乎也是我们熟悉的赛道重点厂商，作为后来者他用自己的方法论实现了突围，而这种成功的突围又与赛 道的发展进程密切相关。 01 《Haunted Merge》东南亚5国开测 根据简单体验到的剧情，玩家扮演的女主沈昭昭八字极阴，父母都是精通风水之人，但就在一个月之前父母却完全失联，她翻遍家里找到一张照片，照片 指向了闹鬼严重的幸福公寓，为了追寻父母的下落，女主便以租客的身份入住了公寓，在寻找父母的同时探寻这栋不寻常的公寓的秘密。 下文中，点点出海将详细分析《Haunted Merge》是 ...

本报讯 （记者李豪悦）8月20日，全球规模最大的游戏展会科隆国际游戏展（gamescom）在德国科隆 开幕。展会官方介绍，今年有超过1500家、来自全球72个国家和地区的厂商参展，数量较去年增加 11%，包括任天堂、微软、腾讯、万代南梦宫、育碧、卡普空等知名厂商，创下科隆国际游戏展历史纪 录。 中国厂商方面，今年有超过50家参展，包括腾讯、米哈游、西山居、鹰角、叠纸、灵游坊、英雄游戏 等，整体数量上较去年增长32%。值得一提的是，当地时间8月19日晚的科隆展开幕夜直播（Opening Night Live）上，游戏科学新作《黑神话：钟馗》压轴登场，引发现场热烈掌声。除此以外，《古剑》 《王者荣耀世界》《三角洲行动》《穿越火线：虹》《命运扳机》《明日方舟：终末地》《异环》等8 款中国本土游戏产品也在开幕夜直播上发布了最新宣传片及消息。其中，由腾讯自研的《三角洲行动》 正式公布了其主机版上线的信息，成为目前首款三端数据互通、并在全球发行的国产自研FPS游戏。 作为一款专为游戏美术制作全链路而生的解决方案，VISVISE覆盖动画制作、3D模型生成、智能NPC和 数字资产管理4大管线，贯穿游戏创作的模型生成、贴图制作 ...

来源：环球网 【环球网互娱综合报道 记者 李文瑶】8月20日，全球规模最大的游戏展会之一科隆国际游戏展 （gamescom）在德国科隆开幕。展会官方介绍，今年有超过1500家、来自全球72个国家和地区的厂商 参展，数量较去年增加11%，包括任天堂、微软、腾讯、万代南梦宫、育碧、卡普空等知名厂商，创下 科隆国际游戏展历史纪录。 中国厂商方面，今年有超过50家参展，包括腾讯、米哈游、西山居、鹰角、叠纸、灵游坊、英雄游戏 等，整体数量上较去年增长32%。值得一提的是， 在当地时间8月19日晚的科隆展开幕夜直播 （Opening Night Live）上，游戏科学新作《黑神话：钟馗》压轴登场，引发现场热烈掌声。除此以 外，《古剑》《王者荣耀世界》《三角洲行动》《穿越火线：虹》《命运扳机》《明日方舟：终末地》 《异环》等8款中国本土游戏产品也在开幕夜直播上发布了最新宣传片及消息。其中，由腾讯自研的 《三角洲行动》正式公布了其主机版上线的信息，成为目前首款三端数据互通、并在全球发行的国产自 研FPS游戏。 与此同时，科隆展展会现场，几乎每一个展馆都能看到中国厂商的身影，腾讯《王者荣耀世界》展台、 Level Infini ...

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [31]. Core Insights - The Chinese gaming market saw a revenue of 29.084 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9][11]. - The mobile gaming sector generated 21.36 billion yuan in July, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performances from new and mature products [11][12]. - Globally, mobile game revenue decreased by 9.33% year-on-year, with July 2025 revenues totaling approximately 30.7 billion yuan [13][14]. - Tencent's games dominated the Chinese App Store's top revenue rankings, holding seven of the top ten spots, with titles like "Honor of Kings" and "Peacekeeper Elite" leading the charge [20][19]. - Chinese self-developed games saw overseas revenue of 1.693 billion USD in July, marking a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China achieved a revenue of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9]. - The mobile gaming market's revenue reached 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, supported by strong performances from new and established titles [11][12]. 2. Global Gaming Market - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with July revenues at approximately 30.7 billion yuan [13][14]. - "Honkai: Star Rail" topped the global revenue growth chart, benefiting from significant updates and player engagement [15]. 3. Revenue Rankings - Tencent's games occupied seven positions in the top ten revenue rankings on the Chinese App Store, with "Honor of Kings" and "Peacekeeper Elite" among the top earners [20][19]. - The top three Chinese game publishers in global revenue rankings were Tencent, Point Interactive, and NetEase, with Tencent leading the charge [19]. 4. Overseas Revenue - Chinese self-developed games generated 1.693 billion USD in overseas markets in July, reflecting a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. - "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue due to successful IP collaborations and updates [28]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent quality IP collaborations, and stable content output capabilities, as the market shows steady growth potential [29].

近月来，腾讯、网易、世纪华通、三七互娱等均在暑期上线新游戏或进行版本更新。 得益于暑期相关的运营活动，8月18日，伽马数据发布的《2025年7月中国游戏产业月度报告》显示，7 月中国游戏市场规模为290.84亿元，环比增长8.14%，同比增长4.62%。移动、客户端游戏市场均是增长 的主要驱动力。 7月，中国客户端游戏市场规模为66.37亿元，环比增长13.13%，同比增长16.56%。本月客户端游戏市场 增量主要由成熟期产品、新品及双端互通产品带来。7月双端互通（客户端与移动端在账号、数据等方 面互通）中，新品《斗罗大陆：猎魂世界》《大航海时代：传说》上线带来增量；得益于版本更新、联 动等运营活动，次新品《三角洲行动》及长线产品《崩坏：星穹铁道》流水增长显著。 7月，中国移动游戏市场规模为213.6亿元，环比增长6.36%，同比增长0.92%。移动游戏市场中，本月次 新品及成熟期产品中均有部分产品表现较佳。7月次新品中，《三角洲行动》表现较佳，得益于赛季更 新及联动活动，游戏本月流水实现环比翻倍增长；成熟期产品中，《王者荣耀》于7月展开多项运营活 动：赛季更新、联动活动、新玩法活动等，促使产品流水增长。 数 ...

Market Overview - A-shares surged, with the Shanghai Composite Index reaching a 10-year high and the total market capitalization of A-shares exceeding 100 trillion yuan for the first time in history [3][4] Media and Entertainment Sector - The media and entertainment sector is experiencing strong performance during the summer consumption peak, with the film industry seeing significant gains. The film box office for the summer season has surpassed 9.5 billion yuan, with "Nanjing Photo Studio" leading at over 2.4 billion yuan [4][7] - The overall film box office for 2025 has exceeded 36.8 billion yuan, with top films including "Nezha: Birth of the Demon Child" and "Detective Chinatown 1900" [7] - The gaming sector also showed strong growth, with actual sales revenue reaching 168 billion yuan in the first half of the year, a 14.08% increase year-on-year [9] Liquid Cooling Server Sector - The liquid cooling server sector is experiencing high demand, with the index rising over 6% and several stocks hitting their daily limit [11] - The market for liquid cooling servers in China is projected to grow significantly, with a year-on-year increase of 52.6% in 2023 and an expected 67% growth in 2024. The compound annual growth rate is anticipated to reach 45.8% by 2028 [13][14] - Companies like Feilong Co. are expanding their product lines and market reach, including overseas markets, and have seen stock prices soar following positive institutional research [13][14]

Core Insights - NetEase reported a net revenue of 27.9 billion yuan for Q2 2025, representing a year-on-year growth of 9.4% [2] - The net profit attributable to shareholders under non-GAAP was 9.5 billion yuan, with R&D investment reaching 4.4 billion yuan, indicating an R&D intensity of 15.6% [2] Group 1: Gaming Business Performance - The gaming and related value-added services segment generated a net revenue of 22.8 billion yuan, accounting for 82% of total revenue, highlighting its critical impact on overall performance [2] - The cost of the gaming business decreased to 6.8 billion yuan in Q2 from 7.5 billion yuan in Q1, indicating a clear trend of cost reduction [2] - The game "Fantasy Westward Journey" achieved a peak of 2.93 million concurrent users, marking a new high in its 22-year operation history [2] Group 2: New Game Developments - The new game "Yanyun Sixteen Sounds," set to launch by the end of 2024, is already showing strong performance metrics, exceeding pre-launch expectations in user activity and monetization [2] - Upcoming single-player games include the original ocean adventure RPG "Forgotten Sea" and a narrative-driven action-adventure game "Return to Tang" [4] Group 3: Market Position and Strategy - NetEase's localized operation strategy and diversified marketing activities have significantly improved user engagement and payment willingness for Blizzard's games, with "Hearthstone" reaching the fifth position on China's iOS bestseller list after the launch of the "Angoro Turtle Path" expansion [3] - Despite the competitive gaming market, NetEase's mobile games have not performed well in overseas revenue rankings, with only "Knives Out" and "Diablo: Immortal" making it to the top 30 in July [4] - Industry expert Zhang Yi noted that NetEase's previous over-reliance on the Japanese market has hindered its ability to capitalize on the growing potential in the European and American markets compared to competitors like Tencent and Mihayou [4]

Core Insights - The MMORPG game "热血江湖：归来" has achieved significant success in multiple markets, including topping sales charts in Thailand and Vietnam, and performing well in South Korea and traditional Chinese markets [1][3][15] - The game is developed by 凯英网络 and published by Game Lovin and Mgame, with Game Lovin being a new overseas brand established by 贪玩游戏 [3][17] - The game is based on the classic IP "热血江湖," which has a long history and was originally adapted into an online game in 2003, becoming a trendsetter in the Asian gaming market [4][5] Game Features and Innovations - "热血江湖：归来" aims to evoke nostalgia among older players by faithfully recreating the original game's martial arts, character classes, and gameplay mechanics [5][7] - The game has undergone visual upgrades, including high-definition processing of character models and environments, while maintaining a cute Q-version art style [10][12] - User experience has been enhanced with mobile-optimized features such as simplified controls and automated gameplay options, catering to casual gaming habits [13] Localization and Marketing Strategies - The game employs a robust localization strategy, incorporating local cultural elements and engaging popular local celebrities as brand ambassadors to enhance user connection [14][17] - In Thailand, the game has reached 3 million registered users, while the Taiwanese version has surpassed 1 million registrations through innovative marketing approaches, including short dramas on social media [14][15] - The Korean version has seen high pre-launch interest, with 1 million pre-registrations, marking a record for domestic mobile games in the region [15][26] Distribution and Expansion Strategy - 贪玩游戏's systematic overseas expansion strategy has prioritized culturally compatible markets, leading to rapid user acquisition in regions like Taiwan and Southeast Asia [27][29] - The company has successfully adapted its localization model for different markets, ensuring that the game resonates with local players while maintaining its core identity [29][31] - The focus on classic IPs and deep localization efforts has allowed 贪玩游戏 to carve out a niche in the competitive Korean MMO market, where established players like NCSoft and Nexon dominate [26][34]

Core Viewpoint - The article highlights the significant growth of Chinese gaming companies in the global mobile game market, particularly in July, with several leading firms experiencing substantial revenue increases from overseas operations [3][5][10]. Group 1: Industry Performance - In July, 32 domestic game companies entered the global mobile game publisher revenue ranking, collectively earning $1.95 billion, which accounts for 34% of the total revenue of the top 100 global mobile game publishers [5]. - The global mobile and PC gaming market is expected to exceed $120 billion by 2028, indicating strong growth potential for the industry [10]. Group 2: Company Highlights - Tencent's gaming revenue increased by 20% in July, driven by the strong performance of titles like "Honor of Kings" and "PUBG MOBILE," maintaining its position as the top global mobile game publisher [6]. - Century Huatong's subsidiary, DianDian Interactive, saw a 10% increase in overall revenue in July, with its games "Kingshot" and "Tasty Travels: Merge Game" experiencing revenue growth of 34% and 52%, respectively [6]. - Giant Network's game "Supernatural Action Group" gained popularity, contributing to a significant revenue increase for the company, which has seen its stock price rise by approximately 133% this year [8][10].