Group 1 - The core viewpoint of the article highlights the growth of China's gaming market, with the client game market reaching 6.637 billion yuan in July 2025, showing a month-on-month increase of 13.13% and a year-on-year increase of 16.56% [2] - The growth in the client game market is primarily driven by mature products, new releases, and cross-platform products, which allow account and data interoperability between client and mobile platforms [2] - Notable new releases contributing to the market growth include "Douluo Dalu: Hunting Soul World" and "The Legend of the Great Voyage," while the long-term product "Honkai: Star Rail" also saw significant revenue growth [2] Group 2 - The mobile game market in China reached 21.36 billion yuan in July 2025, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92% [2] - The new release "Delta Operation" performed well due to seasonal updates and collaborative events, achieving a month-on-month revenue doubling [2] - Mature product "Honor of Kings" implemented multiple operational activities in July, which contributed to its revenue growth [2] Group 3 - In terms of overseas sales, China's self-developed games generated actual sales revenue of 1.693 billion USD in July 2025, reflecting a month-on-month increase of 8.2% and a year-on-year increase of 6.76% [2] - The new release "Staff Sword Legend" performed notably well, ranking first on the iOS free chart in Japan for three consecutive days after its launch [2]

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]

8月13日，深圳市腾讯计算机系统有限公司（以下简称"腾讯"）公布的最新财报显示，得益于Supercell 游戏、《PUBGMOBILE》以及《沙丘：觉醒》的表现出色，今年第二季度国际市场游戏收入同比增长 35%至188亿元，连续四个季度刷新历史高点，增速创国际市场收入单独披露以来的季度新高。 腾讯游戏、点点互动等多家厂商海外表现出色，推动今年中国游戏产业出海整体回暖。根据中国音数协 游戏工委发布的《2025年1－6月中国游戏产业报告》显示，今年上半年中国自研游戏海外市场实际销售 收入同比增长11.07%至95.01亿美元，继2021年后增速再次回到10%以上。 （文章来源：证券日报） ...

责任编辑：何俊熹 新浪科技讯 8月13日下午消息，腾讯最新财报显示，得益于Supercell游戏、《PUBG MOBILE》以及 《沙丘：觉醒》的表现出色，今年第二季度国际市场游戏收入同比增长35%至188亿元，连续四个季度 刷新历史高点，增速创国际市场收入单独披露以来的季度新高。 腾讯游戏、点点互动等多家厂商海外表现出色，推动今年中国游戏产业出海整体回暖。根据中国音数协 游戏工委发布的《2025年1-6月中国游戏产业报告》显示，今年上半年中国自研游戏海外市场实际销售 收入同比增长11.07%至95.01亿美元，继2021年后增速再次回到10%以上。（罗宁） ...

近日，2025 中国国际数字娱乐产业大会（CDEC）高峰论坛在上海浦东嘉里大酒店三层上海宴会厅2召开。会上，西山居副总裁姚喆分享西山居游戏对于海 外游戏市场的认识，并通过《解限机》传递西山居对于文化出海和科技出海的认知。在出海方面，西山居用"游戏、机甲、科幻、IP打造"作为载体贴合全球 用户，实现全球"破圈"。 《解限机》自7月2日上线以来，迅速赢得全球玩家的青睐。在Steam平台上，最高同时在线人数达13.2万，创下国产科幻游戏出海新纪录。 姚喆认为，游戏出海的本质是文化出海， 而出海成功的关键在于用国际化的表达方式传递中国文化的精神内核。《流浪地球》《三体》等中国科幻IP在海 外市场的成功，印证了中国文化的现代表达，特别是科幻题材，同样能获得全球观众的共鸣。 而在过去，机甲题材的IP作品是被日本及欧美主导的。《高达》《变形金刚》 等作品对90后甚至80后产生了深远的影响。但是这也为全球的年轻人接受机 甲游戏打下了良好的基础，使之可以成为全球数字原生代共同认可的文化载体。 此外，随着互联网的发展，我们的用户触媒习惯和介质不断改变。当下，我们中国人对于信息的处理吸收和接受上还是非常领先的。在相对比较发达的中国 ...

Core Insights - The article highlights the performance and market landscape of Chinese games going overseas, emphasizing the importance of long-standing competitive products in establishing benchmarks for the industry [1] - The overseas sales revenue of Chinese self-developed games increased by 11.07% year-on-year to $9.501 billion (approximately ¥68.341 billion) in the first half of 2025, driven by long-term product revenue and new releases [2] - The collaboration between major and small game developers is crucial for the growth of the gaming industry abroad, with major companies leveraging their resources and experience while smaller firms capture emerging demands with innovative strategies [2] Group 1: Performance Metrics - In July, 25 games made it to the "Evergreen List," maintaining the same number as the first half of the year, while 13 games were included in the "Potential Evergreen List," a decrease of one from the previous half [3] - The total estimated revenue of the 25 games on the "Evergreen List" in July reached approximately $288 million (around ¥2.069 billion), with seven games exceeding ¥100 million in overseas revenue [8] - The top three games on the "Evergreen List" were "Gossip Harbor" ($41.8735 million), "PUBG MOBILE" ($34.7196 million), and "Genshin Impact" ($19.1059 million) [8] Group 2: Game Highlights - "Gossip Harbor," a female-oriented narrative merging game, topped the list with significant player engagement and content updates during its three-year anniversary [9] - "PUBG MOBILE" introduced a major update in July, enhancing gameplay with new features and social systems, contributing to its sustained popularity [9] - "Genshin Impact" launched a summer-themed update, adding new maps and events, which helped maintain its strong revenue performance [9] Group 3: Emerging Potential - The "Potential Evergreen List" featured 13 games, with "Whiteout Survival," "Honkai: Star Rail," and "Goddess of Victory: Nikke" leading in estimated revenues of $88.2839 million, $70.4912 million, and $31.5211 million respectively [12] - "Whiteout Survival" continued to lead the global SLG market with its summer update, while "Honkai: Star Rail" saw a revenue surge of 325% in July [13] - "Goddess of Victory: Nikke" capitalized on its unique gameplay and Tencent's global distribution resources to become a top-grossing title [13] Group 4: Market Trends - The global gaming market is projected to exceed $184 billion (approximately ¥1.32 trillion) in total revenue by 2024, indicating a robust growth trajectory [15] - The total revenue of the top 30 Chinese games going overseas reached $7.9 billion (approximately ¥56.74 billion) in 2024, reflecting a slight year-on-year increase and a 25% rise compared to 2019 [15]

2025开年以来港股市场表现活跃，主要指数涨势喜人。公募机构对港股的关注度显著提升，不仅主 动权益类基金、QDII基金积极布局港股，一些"固收+"基金也大举配置港股，向港股市场要收益。数据 显示，多只"固收+"基金对港股的持仓接近了合同规定的港股投资比例上限，得益于"纯债资产打底""港 股红利防御"和"科技龙头增厚"的三重配置优势，这些"固收+"基金近期普遍取得了不错的业绩。 "固收+"产品含"港"量提升 2025开年以来，港股市场表现亮眼。Wind数据显示，截至3月20日，恒生指数和恒生科技指数年内 涨幅分别超过20%和30%。 港股市场的潜在上行空间吸引了主动权益类基金和QDII基金的关注，截至去年底，在港交所挂牌 的腾讯控股成为公募基金第二大重仓股，小米集团、中芯国际等港股标的也成为公募基金增持较多的品 种；QDII基金也日益展现出配置重点转向港股的趋势。 "固收+"基金同样也在投资范围内积极配置港股。数据显示，截至去年底，全市场二级债基合计持 有的港股市值达到54.2亿元。从基金管理人来看，二级债基港股持仓市值最高的是广发基金，旗下相关 产品合计持有港股市值达7.89亿元。 从单只基金来看，7只二级债 ...

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].