Core Insights - The rise of emotional consumption, particularly through services like Cosplay commissions, reflects a growing trend among young consumers seeking emotional and social fulfillment [1][2][20] - The domestic otome game industry has seen significant growth, with over 300 million female gamers in China, creating a core user base for Cosplay commission services [1][12] Group 1: Emotional Consumption Trends - Emotional consumption is becoming a new growth driver in the economy, with services like Cosplay commissions transforming virtual emotions into real-life experiences [1][2] - The phenomenon of "compensatory psychological satisfaction" drives demand for these services, allowing consumers to pay for idealized companionship [2][20] Group 2: Market Dynamics - The Chinese two-dimensional industry has experienced explosive growth, expanding from 18.9 billion yuan in 2016 to 221.9 billion yuan in 2023, with a compound annual growth rate of 42% [10] - The surrounding derivative industries, including Cosplay commissions, are expected to continue growing, with projections indicating the two-dimensional content market could reach 110.58 billion yuan by 2026 [10][12] Group 3: User Experience and Challenges - Users report mixed experiences with Cosplay commissions, with about one-third of experiences being unsatisfactory due to issues like lack of professionalism and quality [4][5] - The industry faces challenges such as the "killing familiarity" phenomenon, where service quality declines after initial positive experiences [4][5] Group 4: Safety and Regulation Concerns - The lack of industry standards and regulations raises safety concerns for consumers engaging in these services, particularly regarding personal safety and emotional well-being [20][22] - Experts emphasize the need for early legislative and regulatory attention to establish service standards and protect consumer rights [22][23] Group 5: Industry Perspectives - Service providers express concerns about the commercialization of Cosplay commissions, fearing it may lead to a decline in service quality and emotional value [19][21] - The industry is characterized by a significant disparity in service quality and pricing, with some providers charging excessively high fees without corresponding service quality [7][9]

Core Insights - The article discusses the successful launch of the new潮玩盲盒 brand DearNikki by叠纸游戏, which focuses on the暖暖 IP and has seen significant sales since its release in June 2023 [1][4][15] - The盲盒 market is growing, with projections indicating that the market size in China will reach 52 billion yuan by 2024, with潮玩盲盒 accounting for 58% of that market [14] Group 1: Product Launch and Sales Performance - DearNikki launched its first series of盲盒 on June 1, 2023, and sold over 70,000 units by June 18, generating sales exceeding 5.5 million yuan [1] - The盲盒 are priced between 59 yuan and 79 yuan, which is higher than traditional二游周边 products, yet still attracted significant consumer interest [5][11] Group 2: Market Dynamics and Consumer Behavior - The盲盒 market is not mainstream within the二游周边 market, primarily due to the random nature of盲盒, which can deter players who prefer transparency in purchasing [5][10] - Games with strong character loyalty, such as《恋与深空》 and《光与夜之恋》, have struggled with盲盒 sales, while games with less divisive character bases, like《王者荣耀》, have seen more success [8][10] Group 3: IP Strength and Future Potential - The暖暖 IP is uniquely positioned to succeed in the盲盒 market due to its lack of character disputes and the ability to create diverse designs based on the character's customizable features [11][12] - The long-standing popularity of the暖暖 series, which has been around for over a decade, provides a strong foundation for expanding into new product categories like盲盒 [11][15] Group 4: Strategic Goals and Market Expansion - The creation of DearNikki is part of叠纸游戏's strategy to enhance the暖暖 IP's recognition and reach beyond its traditional gaming audience [15] - The company aims to attract a broader consumer base, including those who may not identify as "暖妈," thereby integrating the暖暖 brand into everyday life [15]

| 机器之心报道 | | --- | 编辑：杨文 Reddit上爆火的吉卜力风「游戏」视频 。 前段时间 GPT-4o 爆火，网友拿它各种爆改吉卜力风格照片。现在，又有网友搞出了吉卜力风格的游戏视频，还一度登上了 Reddit 热榜。 a16z 合伙人 Justine Moore 也在 X 上转发该视频，短短一天时间就获得超 77 万浏览量。 她配文称，如果能够通过提示词创建自己的虚拟世界，并与由大语言模型和语音模型驱动的其他角色互动，那将会非常震撼，由此暗示了 AI 在游戏开发，特 别是生成动态、沉浸式的虚拟环境中的潜力。 网友在底下纷纷评论： 他先分别使用 Midjourney 和 Kling 2.1 生成图像和视频，再通过 Joystick png 添加一些画面中的按钮、小地图等 HUD 元素，并配上 ASMR 声音使其更 加生动。 接下来，我们就拿国产 AI 复刻一下。 第一步：生成图片。 在之前的评测文章 《实测完即梦 3.0，我后悔大学选了设计专业……》 中，我们让即梦 3.0 单挑 GPT-4o、Ideogram 3.0，丝毫不落下风。相比于之前的 版本，即梦 3.0 属实进步了一大截，不仅用色 ...

这段时间，一种新的地狱笑话类型，正在席卷社交媒体。 注意是一种，不是一个。 因为它们不仅量大活多，且风格高度统一、主题坚决聚焦，只干一件事：怒喷"地球online"。 他们正把人生比作一款超级真实、强制上线、无法退游的大型联机网络游戏。 所谓"地球online"，倒不真是款真实存在的游戏，简单说就是： 年轻人用来调侃人生的一种"网游比喻"。 然后各种喷。 如此一来，就造就了这个经久不衰的地狱笑话类型。 更有意思的是，这种喷法不仅骂出了情绪，还喷出了共识，甚至喷出了某种秩序感。 越看越合理，越看越带劲。 但后来慢慢没声了。因为更多人开始意识到一个更可怕的事实：自己也是。 这个沉下去的梗，也就这么悄悄在互联网世界里消失了。但同时，也在网络上种下了一个更大的认知种子。 一 这个奇妙流行的起点，其实非常简单：人们慢慢发现，自己的人生，真的很像一场游戏。 这一点，早几年其实就有苗头了。 当时网上就有个爆火的梗："看路人好像NPC。" 许多人那阵觉得说得老对了。瞅瞅地铁上那些路人，动作重复、眼神涣散、台词固定，一看就是脚本。 等再多一点人顺着这思路琢磨，慢慢发现：自己不仅像NPC，还真像生活在一款游戏里。 比如，大部分人 ...

编号：20250617 | | ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系 | | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | | 博道基金 高笑潇，德邦基金 江杨磊，广发证券 罗悦纯，国泰海通 陈 | | | 筱、李芓漪，华安基金 张杰伟，华泰自营 姜斌宇，惠理基金 祖皝，诺 | | 参与单位名称 | | | | 安基金 王晴，宁银理财 吴桐，磐厚动量 于昀田，鹏扬基金 黄旭，趣 | | 及人员姓名 | 石投资 葛翔，泉果基金 葛世琦，申万菱信 夏妍，上银基金 王婷，泰 | | | 康基金 翟一柠，天风证券 陈萧宇，西部利得基金 王邵哲，银河基金 | | | 杨宁，永赢基金 陈永晟，浙商证券 冯翠婷、陈磊，中信证券 叶敏婷， | | | 中银基金 崔凡平，中银证券 苏畅 | | 时 间 | 2025年6月17日下午3点 | | 地 点 | 上海久之润二楼会议室 | | 上市公司接待 | 上海久之润总经理顾懿、上海久之润高级副总裁陆志杰 | | | 电广传媒证券事务代表熊建文 | | ...

Core Viewpoint - Tencent's popular mobile game "Peacekeeper Elite" is set to upgrade its PC version, marking a significant step in its cross-platform strategy, which is becoming a trend in the gaming industry [1][2][3] Group 1: Cross-Platform Strategy - "Peacekeeper Elite" has over 80 million daily active users and is implementing a dual-platform strategy with a PC simulator set to launch on October 11, 2024 [2] - The PC version will feature enhanced graphics, sound quality, and support for native keyboard and mouse controls, allowing for data interoperability between mobile and PC platforms [2][3] - Industry analysts view this upgrade as a deepening of Tencent's dual-platform strategy, aimed at expanding its user base and enhancing the mobile ecosystem [3][4] Group 2: Industry Trends - The gaming industry is experiencing a wave of cross-platform development, with major companies like Tencent and Paper Games launching cross-platform titles [4][5] - In the past year, 610 domestic online games received approval, with 39 classified as "mobile + PC" dual-platform products, indicating a growing trend in cross-platform gaming [5] - The success of cross-platform games like miHoYo's "Genshin Impact" has encouraged other developers to pursue similar strategies to reach broader audiences [7][8] Group 3: Challenges and Opportunities - Cross-platform gaming faces challenges such as technical adaptation and performance optimization due to hardware differences between PC and mobile devices [9][10] - The potential for increased revenue exists as PC releases can bypass app store fees, improving profit margins [8] - However, issues like gameplay balance and user experience across different platforms remain significant concerns [10][11] Group 4: Player Perspectives - Players express mixed feelings about cross-platform gaming, with some appreciating the convenience of mobile access while others prefer the enhanced experience on PC [11][12] - The necessity of cross-platform features is debated, with some players feeling that having both options is beneficial but not essential [13][14] Group 5: Suitable Game Types for Cross-Platform - Games that are simple in gameplay and graphics are more suitable for cross-platform development, while complex games may struggle to adapt [13][14] - Strategy and simulation games are identified as ideal candidates for cross-platform play, as they can cater to different user preferences across devices [14]

Core Insights - WeGame has struggled to establish itself as a leading platform despite Tencent's support, and there is a consensus that a significant product is needed to revitalize its image [1][2] - The gaming market environment has shifted, with a growing focus on cross-platform and PC gaming, necessitating a new approach for WeGame to meet Tencent's gaming demands [2][4] - Tencent's recent successful titles, particularly cross-platform games, highlight the increasing importance of the PC market, which has prompted WeGame to adapt its strategy [4][5] Market Environment Changes - The gaming market has evolved, moving away from a mobile-centric focus to a more balanced approach that includes PC gaming, which presents new opportunities for WeGame [2][5] - The competitive landscape has intensified, with both Tencent and NetEase emphasizing the value of the PC market in their Q1 financial reports [5] New Positioning and Strategy - WeGame is adopting a new strategy by focusing on exclusive testing phases for certain games, which aims to enhance user engagement and platform loyalty [8][9] - The platform is not the sole option for users, as many games have their own launchers, which necessitates WeGame to differentiate itself through improved services and offerings [6][10] Service and User Experience - The ability to retain players hinges on the platform's service capabilities, with a focus on optimizing user experience and reducing loading times [10][12] - WeGame's 3.0 version aims to enhance performance and provide personalized services to both players and developers, which is crucial for its competitive edge [12]

Group 1 - The core point of the article highlights the performance of various mobile games in the market, particularly focusing on the rankings and new entries in the top charts for the week [1][2][4] - The game "Dragon City" has entered the top ten, while "Thronefall Like" tower defense game "All Out Defense" has newly entered the 20th position [1][2] - The top ten games include titles such as "Zombie Shooting," "Three Kingdoms: Ice Age," and "Endless Winter," with notable movements in rankings among them [2][3] Group 2 - The article notes that "Dragon City" and "Legend of Artifacts" have risen in rankings, moving up 4 and 3 places respectively into the top ten, while "Heroes Don't Flash" and "Master of the World" have dropped out of the top ten [1][2] - The new entry "All Out Defense" features gameplay mechanics that involve building defenses during the day and fending off enemies at night, with a unique card-drawing system for building selection [7][8] - The game "Monster Gold Finger" combines elements from the "Scary Ghost Dormitory" theme with tower defense gameplay, utilizing a currency system for character and upgrade acquisition [10][12]

游戏行业更新：A 股厂商新游周期强劲，重视产品边际催 化 20250617 Q&A 今年 A 股游戏厂商的市场环境和监管政策有何变化？ 今年（2025 年），A 股游戏厂商迎来了一个较好的新产品周期窗口期。首先， 从监管方面来看，自 2024 年起，各地政府陆续出台了扶持政策，包括研发补 助和出海补贴等，这些政策从口头鼓励转向实际落地，代表着政策端的明显转 向。此外，版号发放节奏显著加快，国产版号月均发放数量从以前不到 90 款 提升至 120-130 款，进口版号也实现了月度稳定发放。这些变化表明短中期内 监管不会对板块情绪和产品周期产生负面影响，相反，各地扶持政策对板块投 资情绪有提振作用。 当前游戏行业的景气度如何？ 今年（2025 年）上半年国内游戏市场实际销售收入达到 857 亿元，同比增长 约 18%，其中移动游戏收入为 636 亿元，同比增长 20%。伽马数据发布的 4 月份数据显示，当月整个游戏市场同比增长超过 20%，手游端同比增长 看好 AI 技术在游戏行业的应用潜力，尽管市场初期反应钝化，但随着更 多 AI 助手产品落地，预计第三季度将带来进一步利好，建议关注游戏板 块发展。 推荐关注巨 ...

Core Insights - The United Nations held a high-level expert group meeting in New York to establish an online university for Least Developed Countries (LDCs), where Dr. Liu Dejian, founder and chairman of NetDragon, presented the "AI + Education" model to promote global educational equity and quality [1] - NetDragon signed a strategic cooperation agreement with UNESCO-ICHEI to collaborate on smart classrooms, AI courseware, and micro-credential development, aiming to support the digital transformation of higher education in developing countries [1] Group 1: AI + Education Strategy - NetDragon plans to provide high-quality teaching content and immersive self-exploration learning environments through its AI production center, targeting millions of active users globally [2] - The company's AI + strategy aligns with two major trends: the evolution of the gaming industry towards digital twin infrastructure and the transformation of educational technology into a cognitive revolution [2] - The AI production center has already integrated neural network algorithms into game NPC behavior and educational content generation, enhancing efficiency by 30-60% in game production processes [3] Group 2: EDA Education Metaverse - The EDA education metaverse platform will serve as the main hub for delivering immersive educational experiences across various subjects and learning stages [3] - The platform will utilize blockchain technology to create a decentralized learning community, where participants' contributions are recorded and converted into verifiable digital rights [3] - A dual incentive system combining digital assets and achievement badges will encourage continuous engagement and growth among global education participants [3] Group 3: Broader AI + Education Initiatives - NetDragon's subsidiary Mynd.ai, which owns the Promethean brand, is positioned to become a key platform for AI + education content and software [4] - The company's investment in AR firm Rokid, which recently launched AI glasses, introduces a new paradigm of "metaverse + vocational training" [4] - Institutional investors are reassessing NetDragon's valuation based on its AI capabilities, with a current dynamic P/E ratio approximately 40% lower than the median of the Hong Kong tech sector, alongside a consistent 18-year dividend payout history [4]