业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 传媒 - ⚫ 新消费因解禁密集、积累较大涨幅后产生分歧，我们认为聚焦基本面有支撑的核心标的： （1）泡泡玛特近期 Labubu3.0 搪胶毛绒补货虽导致二手市场价格有所回落 ...

这几天 ，一款名为《捞女游戏》（后改名为《情感反诈模拟器》）的互动影游在 Steam 平台上线后引发了不小的争议。 让玩家不再是单纯的操控角色，而更像是参演一部互动式电影，极大提升了玩家的参与感 和代入感。 在竞争方面，国产游戏不再局限于某个单一赛道。曾经，不少厂商扎堆在热门赛道，导致 各家 产品同质化严重。 抛开争议不谈，其上线首日国区销量冲到第二、全球销量冲到第八的成绩，反映出玩家对 这类新颖题材游戏的关注。 而在此之前，《完蛋！我被美女包围了》也曾火爆一时。 从这些游戏的热度，我们能清晰看到国产游戏在内容和形式上正迈向多样化的发展道路。 就 内容 而言 ， 之前 国产游戏的题材相对集中在仙侠、武侠、历史战争等领域。 比如早期的仙侠类游戏，玩法上多是打怪升级、副本闯关。但现在情况 完全不同 。 就拿《完蛋！我被美女包围了》来讲，它以真人互动影像为形式，打造了一个充满恋爱与 冒险元素的现代都市故事，给玩家带来了沉浸式的恋爱体验，让玩家仿若置身于一场浪漫 的爱情剧中。 而《捞女游戏》则聚焦情感反诈这一社会话题，以独特视角，揭示情感欺诈背后的套路， 这在以往游戏题材中十分罕见。 据相关数据显示，在《捞女游戏》上 ...

核心摘要： 在数字经济与实体经济深度融合的时代背景下，游戏科技正以强劲的技术势能驱动科技创新进程。从《黑神 话：悟空》实现东方神话美学的数字重生，到《哪吒之魔童闹海》突破动画工业制作边界；从DeepSeek显 著提升算力效率，到宇树机器人解锁高难度控制动作。这些现象级创新成果的背后，也有游戏科技与科技创 新深度共振的贡献。作为数字经济的核心载体，游戏产业早已超越传统娱乐范畴，其孕育的游戏科技正成为 驱动新质生产力的重要引擎。 游戏科技引擎本质在于其双重属性，既是科技创新的压力测试场，也是跨领域赋能的通用接口。在技术纵深 层面，游戏产业对图形处理器、人工智能、云计算等底层技术的极限需求，直接推动了英伟达GPU、5G 通 信网络等关键基础设施的迭代升级；在产业协同层面，虚幻引擎的实时渲染架构已融入数字孪生城市建设， 游戏AI 训练框架正应用于自动驾驶仿真系统——这种 "技术突破 – 效应外溢 - 产业重构" 的循环机制，揭 示了游戏科技与科技创新共生共荣的底层逻辑。 《2025年国务院政府工作报告》中强调"深化文化与科技融合"、" 推动文化产业创新发展 "及" 激发文化市 场主体发展活力 "，旨在推进文化产业数字 ...

Group 1 - The initial sales momentum of the Nintendo Switch 2 (NS2) indicates that early controversies did not significantly impact its market performance, with sales surpassing 3.5 million units within just four days of launch, exceeding the first-month sales of the original Nintendo Switch [1][2] - The NS2's sales trajectory suggests it may soon break the record of 4.5 million units sold within the first two months, previously held by Sony's PS4 and PS5 [1][2] - Despite the strong sales, there are concerns regarding Nintendo's shift in strategy towards physical game cartridges, which may affect the overall gaming ecosystem [3][4] Group 2 - Nintendo's introduction of the key card technology for NS2 means that physical cartridges will no longer store the game itself but will serve as activation and authentication mediums, requiring players to download the game content separately [4][5] - The majority of confirmed third-party games for NS2 will still be released in physical form as key cards, leading to a perception among players that publishers who include full games on cartridges are "heroes" [5][6] - The shift towards digital gaming has been ongoing, with significant growth in digital game sales observed during the pandemic, leading to a projected decline in physical game sales [24][25] Group 3 - The gaming industry has seen a gradual transition from physical to digital formats, with statistics indicating that by 2024, physical game revenue will account for only 4.6% of the global gaming market, while digital games will dominate at approximately 95.4% [25] - The pandemic has accelerated this transition, as more players adapted to purchasing digital games, leading to a significant increase in digital sales for companies like Nintendo, Sony, and Microsoft [23][24] - Despite the dominance of digital games, there remains a belief that physical games will not completely disappear, as they still hold value for players in terms of cost, ownership, and emotional connection [26][28] Group 4 - Nintendo's new "virtual card" feature allows digital games to mimic the experience of physical cartridges, enabling actions like lending and transferring games between devices, thus providing a sense of ownership [44][45] - This feature represents a potential compromise for Nintendo, allowing it to transition towards digital gaming while still respecting the preferences of traditional physical game users [48][49] - The ongoing evolution of gaming media suggests that the lines between physical and digital formats may continue to blur, with both formats coexisting in the future [50][51]

Core Viewpoint - The article discusses the recent announcement by NetEase's subsidiary, Li An 24 Studio, regarding the release of a new AAA single-player game titled "Gui Tang," highlighting its significance in the gaming industry and its potential impact on NetEase's market position [4][6][9]. Group 1: Game Announcement and Reception - NetEase's Li An 24 Studio released the first teaser for "Gui Tang," which quickly garnered over 8 million views on Bilibili, indicating strong interest and engagement from the gaming community [4]. - The game is set in the late Tang Dynasty during the An Lushan Rebellion, focusing on historical narratives rather than individual heroism, which is a departure from typical gaming tropes [7][16]. - The development team, led by Hu Zhipeng, aims to create a game that reflects the cultural richness of the Tang Dynasty, addressing a gap in the market for high-quality Chinese-themed AAA games [16][17]. Group 2: Financial Performance and Market Position - NetEase's stock price has surged over 80% in the past six months, reaching a closing price of 204 HKD per share, with a total market capitalization of approximately 645.9 billion HKD [5]. - Despite the financial success of mobile games, AAA games like "Gui Tang" are seen as a way for NetEase to enhance its brand image and establish itself as a leader in high-quality game development [9][10]. - The article notes that while AAA games require significant investment, their revenue potential is often limited compared to mobile games, raising questions about the financial viability of such projects [8][9]. Group 3: Industry Context and Strategic Implications - The gaming industry is witnessing a shift where major companies like NetEase and Tencent are exploring AAA game development to elevate their status in the global market [10][11]. - The success of "Black Myth: Wukong" has set a precedent for AAA games in China, creating expectations for subsequent titles like "Gui Tang" to perform similarly in terms of cultural impact and market reception [16][20]. - Analysts suggest that the move towards AAA games is not just about immediate financial returns but also about long-term brand building and cultural representation in the gaming landscape [9][10][19].

Core Viewpoint - The article discusses Tencent's potential acquisition of Nexon, a significant player in the gaming industry, for approximately $15 billion, which could mark a historic deal in China's internet sector [2][3][4]. Group 1: Tencent's Acquisition Interest - Tencent is reportedly considering acquiring Nexon, the parent company of Neople, for $15 billion (approximately 107.7 billion RMB) [2][3]. - This acquisition could surpass Tencent's previous record of acquiring 84.3% of Finnish game company Supercell for $8.6 billion, making it the largest acquisition in the history of Chinese internet companies [3][4]. Group 2: Historical Context - Tencent's relationship with Nexon dates back to 2008 when it secured the rights to operate DNF (Dungeon & Fighter) in China after a lengthy negotiation process [5][6]. - DNF became a massive success in China, generating over $500 million in revenue for Neople in 2015, which accounted for 87.6% of its total revenue [5][6]. Group 3: Nexon's Market Position - Nexon, known for classic IPs like DNF and Bubble Fighter, has a significant market presence and was valued at approximately $15.8 billion (about 114 billion RMB) as of recent reports [9][10]. - The company has a history of successful acquisitions and growth, having gone public in 2011 and becoming a major player in the gaming industry [7][9]. Group 4: Challenges and Considerations - The potential acquisition faces challenges due to the recent passing of Nexon's founder, Kim Jung-ju, and the subsequent management transition to his family, which complicates negotiations [9][10]. - The current valuation of Nexon appears reasonable given its historical performance and market position, making the acquisition an attractive opportunity for Tencent [12].

将投中网设为"星标⭐"，第一时间收获最新推送 腾讯还在等一个爆款。 作者丨 蒲凡 来源丨 投中网 如果说在很长一段时间里，搞定了 " 日本动漫 " 就意味着搞定了二次元。那么在曾经的游戏行业里，搞定 " 韩国游戏 " 就 意味着拿下了 " 半壁江山 " 。 一笔不完美的交易 从表面上看，腾讯收购 Nexon 并不算太让人感到意外。腾讯是全球首屈一指的游戏大厂，一直有买买买的传统，拳头游戏（ Riot Games ）、 Supercell 、育碧，都拿到过鹅厂的真金白银。而 Nexon 作为拥有《泡泡堂》《泡泡卡丁车》《 DNF 》 《冒险岛》等经典 IP 的世界知名游戏开发商，成为 " 并购标的 " 再正常不过了。 在我国并不算漫长的游戏发展史上， " 韩国产 " 游戏一度扮演着 " 启蒙者 " 的角色。千禧年代成长起来的玩家们不是在玩 韩国游戏的路上，就是在玩国产开发商们套壳魔改的韩国游戏，数得上名字的就包括《传奇》《奇迹 MU 》《冒险岛》《泡 泡堂》《泡泡卡丁车》《劲舞团》《龙之谷》《街头篮球》《地下城与勇士（ DNF ）》。 这些游戏教会了一代玩家什么叫 " 付费制网游 " 、什么叫 " 点卡 " 、 ...

Core Viewpoint - NetEase has announced its first AAA single-player game titled "Gui Tang," which is expected to enhance its brand image in the gaming industry despite the high investment and uncertain returns associated with AAA games [4][6][8]. Group 1: Game Announcement and Reception - NetEase's subsidiary, Lihuo Studio, released the first teaser for "Gui Tang," which quickly garnered over 8 million views on Bilibili, indicating significant interest within the gaming community [4]. - The game is set in the late Tang Dynasty and focuses on historical narratives rather than individual heroism, aiming to present a broader historical context [5][12]. - The production team is led by Hu Zhipeng, who emphasizes their dedication to creating high-quality domestic single-player games [4][17]. Group 2: Market Context and Financial Implications - Following the success of "Black Myth: Wukong," which sold 28 million copies and generated 9 billion yuan in revenue, there are questions about whether "Gui Tang" can replicate this success [7][13]. - AAA games require substantial investment with limited revenue potential compared to mobile games, which often have ongoing monetization strategies [6][8]. - Despite the financial risks, the move into AAA gaming is seen as a way for NetEase to strengthen its brand and compete globally [8][19]. Group 3: Industry Dynamics and Future Prospects - The gaming industry is witnessing a shift where major companies like NetEase and Tencent are exploring AAA titles to elevate their market position and brand reputation [8][12]. - The success of "Gui Tang" could potentially lead to the development of mobile adaptations in the future, similar to trends seen with other successful game IPs [12]. - The cultural significance of the game, focusing on lesser-known historical narratives, is viewed positively as a means of cultural transmission [14][19].

Core Viewpoint - The Chinese gaming industry is experiencing strong growth this year, supported by favorable policies and a surge in new product launches during the summer season, indicating a potential new development cycle for the industry [1][2]. Policy Support - Multiple regions, including Beijing, Shenzhen, and Zhejiang, have introduced supportive policies aimed at enhancing the competitiveness of the gaming and esports sectors [1]. - Beijing's recent policy includes 11 measures to stimulate market activity and improve the development environment [1]. - Zhejiang's measures focus on financial support for game exports and establishing a statistical mechanism for tracking game exports [1]. - Shenzhen has implemented policies offering one-time rewards of up to 10 million yuan for outstanding gaming companies and has streamlined the game license application process [1]. Market Potential - The gaming industry is showing significant potential, with the global gaming market projected to reach 1,216.335 billion yuan in 2024, reflecting a year-on-year growth of 3.31% [3]. - The domestic gaming market is expected to achieve a record revenue of 455.06 billion yuan in 2024, with a compound annual growth rate of 26.8% over the past two decades [3]. - Chinese self-developed games are accelerating their overseas sales, with actual revenue expected to reach 18.557 billion USD in 2024, marking a year-on-year increase of 13.39% [3]. Market Performance - The gaming sector has shown a steady upward trend in the secondary market, with an overall increase of 24.09% year-to-date as of June 19 [4]. - Specific ETFs related to the gaming industry have also reported significant gains, with some nearing a 20% increase this year [4]. - Experts suggest that while the short-term recovery trend is evident, long-term sustainability will require continuous innovation due to the short lifecycle of most blockbuster games [4].

Core Viewpoint - The company, Han Yi Co., Ltd. (301270), plans to establish a new subsidiary, Hangzhou Hanmi Network Technology Co., Ltd., in collaboration with Xianmi Technology, aiming to enhance the recognition of Chinese characters among younger audiences and promote traditional culture through digital economy gaming [1] Investment Details - The board meeting is scheduled for June 20, 2025, to approve the investment proposal [1] - Han Yi Co., Ltd. will contribute 1.6 million yuan in cash, representing 80% of the registered capital, while Xianmi Technology will invest 400,000 yuan, accounting for 20% [1] - The funding for this investment will come from the company's own funds [1] Strategic Objectives - The investment aims to leverage Han Yi Co., Ltd.'s intellectual property (IP) in the digital economy gaming sector [1] - The initiative is focused on increasing the awareness of Chinese character culture among the youth [1]